Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Document Information | |||
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, 2022 | ||
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 | $ 30,812 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Indianapolis, Indiana | ||
Common stock | |||
Document Information | |||
Title of 12(b) Security | Common stock, $0.0001 par value | ||
Trading Symbol | SPG | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 326,923,453 | ||
Entity Listing, Par Value Per Share | $ 0.0001 | ||
Class B common stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 8,000 | ||
Entity Listing, Par Value Per Share | $ 0.0001 | ||
Series J Preferred stock | |||
Document Information | |||
Title of 12(b) Security | 83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value | ||
Trading Symbol | SPGJ | ||
Security Exchange Name | NYSE | ||
Simon Property Group, L.P. | |||
Document Information | |||
Entity Registrant Name | SIMON PROPERTY GROUP, L.P. | ||
Entity Central Index Key | 0001022344 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Entity File Number | 001-36110 | ||
Entity Tax Identification Number | 34-1755769 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 225 West Washington Street | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46204 | ||
City Area Code | 317 | ||
Local Phone Number | 636-1600 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Indianapolis, Indiana |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Investment properties, at cost | $ 38,326,912 | $ 37,932,366 |
Less - accumulated depreciation | 16,563,749 | 15,621,127 |
Investment properties, at cost, net | 21,763,163 | 22,311,239 |
Cash and cash equivalents | 621,628 | 533,936 |
Tenant receivables and accrued revenue, net | 823,540 | 919,654 |
Right-of-use assets, net | 496,930 | 504,119 |
Investments held in trust - special purpose acquisition company | 345,000 | |
Deferred costs and other assets | 1,159,293 | 1,121,011 |
Total assets | 33,011,274 | 33,777,379 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 24,960,286 | 25,321,022 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,491,583 | 1,433,216 |
Cash distributions and losses in unconsolidated entities, at equity | 1,699,828 | 1,573,105 |
Dividend payable | 1,997 | 1,468 |
Lease liabilities | 497,953 | 506,931 |
Other liabilities | 535,736 | 540,912 |
Total liabilities | 29,187,383 | 29,376,654 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 212,239 | 547,740 |
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 | 41,435 | 41,763 |
Capital in excess of par value | 11,232,881 | 11,212,990 |
Accumulated deficit | (5,926,974) | (5,823,708) |
Accumulated other comprehensive loss | (164,873) | (185,186) |
Common stock held in treasury, at cost, 15,959,628 and 14,295,983 shares, respectively | (2,043,979) | (1,884,441) |
Total stockholders' equity | 3,138,524 | 3,361,452 |
Noncontrolling interests | 473,128 | 491,533 |
Total equity | 3,611,652 | 3,852,985 |
Total liabilities and equity | 33,011,274 | 33,777,379 |
TRG | ||
ASSETS: | ||
Investment, in equity | 3,074,345 | 3,305,102 |
Klepierre | ||
ASSETS: | ||
Investment, in equity | 1,561,112 | 1,661,943 |
Unconsolidated Investments excluding Klepierre and TRG | ||
ASSETS: | ||
Investment, in equity | 3,511,263 | 3,075,375 |
Simon Property Group, L.P. | ||
ASSETS: | ||
Investment properties, at cost | 38,326,912 | 37,932,366 |
Less - accumulated depreciation | 16,563,749 | 15,621,127 |
Investment properties, at cost, net | 21,763,163 | 22,311,239 |
Cash and cash equivalents | 621,628 | 533,936 |
Tenant receivables and accrued revenue, net | 823,540 | 919,654 |
Right-of-use assets, net | 496,930 | 504,119 |
Investments held in trust - special purpose acquisition company | 345,000 | |
Deferred costs and other assets | 1,159,293 | 1,121,011 |
Total assets | 33,011,274 | 33,777,379 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 24,960,286 | 25,321,022 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,491,583 | 1,433,216 |
Cash distributions and losses in unconsolidated entities, at equity | 1,699,828 | 1,573,105 |
Dividend payable | 1,997 | 1,468 |
Lease liabilities | 497,953 | 506,931 |
Other liabilities | 535,736 | 540,912 |
Total liabilities | 29,187,383 | 29,376,654 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 212,239 | 547,740 |
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 | 41,435 | 41,763 |
General Partner, 326,953,791 and 328,619,625 units outstanding, respectively | 3,097,089 | 3,319,689 |
Limited Partners, 47,302,958 and 47,247,936 units outstanding, respectively | 448,076 | 477,292 |
Total partners' equity | 3,586,600 | 3,838,744 |
Nonredeemable noncontrolling interests in properties, net | 25,052 | 14,241 |
Total equity | 3,611,652 | 3,852,985 |
Total liabilities and equity | 33,011,274 | 33,777,379 |
Simon Property Group, L.P. | TRG | ||
ASSETS: | ||
Investment, in equity | 3,074,345 | 3,305,102 |
Simon Property Group, L.P. | Klepierre | ||
ASSETS: | ||
Investment, in equity | 1,561,112 | 1,661,943 |
Simon Property Group, L.P. | Unconsolidated Investments excluding Klepierre and TRG | ||
ASSETS: | ||
Investment, in equity | 3,511,263 | 3,075,375 |
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 | 34 | 34 |
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, 2022 | Dec. 31, 2021 | |
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 | 15,959,628 | 14,295,983 |
Series J Preferred stock | ||
Preferred stock stated dividend rate (as a percent) | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series J 8 3/8% cumulative redeemable preferred stock, shares issued | 796,948 | 796,948 |
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding | 796,948 | 796,948 |
Preferred units, Liquidation value (in dollars) | $ 39,847 | $ 39,847 |
Common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 511,990,000 | 511,990,000 |
Common stock, shares issued | 342,905,419 | 342,907,608 |
Common stock, shares outstanding | 342,905,419 | 342,907,608 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 8,000 | 8,000 |
Common stock, shares outstanding | 8,000 | 8,000 |
Simon Property Group, L.P. | ||
Preferred units, units outstanding | 796,948 | 796,948 |
Preferred units, Liquidation value (in dollars) | $ 39,847 | $ 39,847 |
General Partner, units outstanding | 326,953,791 | 328,619,625 |
Limited Partners, units outstanding | 47,302,958 | 47,247,936 |
Simon Property Group, L.P. | Series J Preferred stock | ||
Preferred stock stated dividend rate (as a percent) | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE: | |||
Lease income | $ 4,905,175 | $ 4,736,719 | $ 4,302,367 |
Management fees and other revenues | 116,904 | 106,483 | 96,882 |
Other income | 269,368 | 273,587 | 208,254 |
Total revenue | 5,291,447 | 5,116,789 | 4,607,503 |
EXPENSES: | |||
Property operating | 464,135 | 415,720 | 349,154 |
Depreciation and amortization | 1,227,371 | 1,262,715 | 1,318,008 |
Real estate taxes | 443,224 | 458,953 | 457,142 |
Repairs and maintenance | 93,595 | 96,391 | 80,858 |
Advertising and promotion | 107,793 | 114,303 | 98,613 |
Home and regional office costs | 184,592 | 184,660 | 171,668 |
General and administrative | 34,971 | 30,339 | 22,572 |
Other | 152,213 | 140,518 | 137,679 |
Total operating expenses | 2,707,894 | 2,703,599 | 2,635,694 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,583,553 | 2,413,190 | 1,971,809 |
Interest expense | (761,253) | (795,712) | (784,400) |
Loss on extinguishment of debt | (51,841) | ||
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6) | 121,177 | 178,672 | |
Income and other tax (expense) benefit | (83,512) | (157,199) | 4,637 |
Income from unconsolidated entities | 647,977 | 782,837 | 219,870 |
Unrealized losses in fair value of publicly traded equity instruments, net | (61,204) | (8,095) | (19,632) |
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,647 | 206,855 | (114,960) |
CONSOLIDATED NET INCOME | 2,452,385 | 2,568,707 | 1,277,324 |
Net income attributable to noncontrolling interests | 312,850 | 319,076 | 164,760 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 2,136,198 | $ 2,246,294 | $ 1,109,227 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Net income attributable to common stockholders - basic (in dollars per share) | $ 6.52 | $ 6.84 | $ 3.59 |
Consolidated Net Income | $ 2,452,385 | $ 2,568,707 | $ 1,277,324 |
Unrealized gain (loss) on derivative hedge agreements | 54,808 | 51,114 | (106,548) |
Net gain reclassified from accumulated other comprehensive loss into earnings | (1,595) | (7,285) | (106) |
Currency translation adjustments | (28,119) | (38,772) | 27,288 |
Changes in available-for-sale securities and other | (2,009) | (1,014) | 180 |
Comprehensive income | 2,475,470 | 2,572,750 | 1,198,138 |
Comprehensive income attributable to noncontrolling interests | 315,622 | 319,629 | 155,646 |
Comprehensive income attributable to common stockholders | 2,159,848 | 2,253,121 | 1,042,492 |
Simon Property Group, L.P. | |||
REVENUE: | |||
Lease income | 4,905,175 | 4,736,719 | 4,302,367 |
Management fees and other revenues | 116,904 | 106,483 | 96,882 |
Other income | 269,368 | 273,587 | 208,254 |
Total revenue | 5,291,447 | 5,116,789 | 4,607,503 |
EXPENSES: | |||
Property operating | 464,135 | 415,720 | 349,154 |
Depreciation and amortization | 1,227,371 | 1,262,715 | 1,318,008 |
Real estate taxes | 443,224 | 458,953 | 457,142 |
Repairs and maintenance | 93,595 | 96,391 | 80,858 |
Advertising and promotion | 107,793 | 114,303 | 98,613 |
Home and regional office costs | 184,592 | 184,660 | 171,668 |
General and administrative | 34,971 | 30,339 | 22,572 |
Other | 152,213 | 140,518 | 137,679 |
Total operating expenses | 2,707,894 | 2,703,599 | 2,635,694 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,583,553 | 2,413,190 | 1,971,809 |
Interest expense | (761,253) | (795,712) | (784,400) |
Loss on extinguishment of debt | (51,841) | ||
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6) | 121,177 | 178,672 | |
Income and other tax (expense) benefit | (83,512) | (157,199) | 4,637 |
Income from unconsolidated entities | 647,977 | 782,837 | 219,870 |
Unrealized losses in fair value of publicly traded equity instruments, net | (61,204) | (8,095) | (19,632) |
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,647 | 206,855 | (114,960) |
CONSOLIDATED NET INCOME | 2,452,385 | 2,568,707 | 1,277,324 |
Net income attributable to noncontrolling interests | 2,738 | (6,053) | (4,378) |
Preferred dividends | 5,252 | 5,252 | 5,252 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 2,444,395 | 2,569,508 | 1,276,450 |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: | |||
General Partner | 2,136,198 | 2,246,294 | 1,109,227 |
Limited Partners | $ 308,197 | $ 323,214 | $ 167,223 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Net income attributable to common stockholders - basic (in dollars per share) | $ 6.52 | $ 6.84 | $ 3.59 |
Consolidated Net Income | $ 2,452,385 | $ 2,568,707 | $ 1,277,324 |
Unrealized gain (loss) on derivative hedge agreements | 54,808 | 51,114 | (106,548) |
Net gain reclassified from accumulated other comprehensive loss into earnings | (1,595) | (7,285) | (106) |
Currency translation adjustments | (28,119) | (38,772) | 27,288 |
Changes in available-for-sale securities and other | (2,009) | (1,014) | 180 |
Comprehensive income | 2,475,470 | 2,572,750 | 1,198,138 |
Comprehensive income attributable to noncontrolling interests | 1,572 | (2,634) | 1,666 |
Comprehensive income attributable to common stockholders | $ 2,473,898 | $ 2,575,384 | $ 1,196,472 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $ 2,452,385 | $ 2,568,707 | $ 1,277,324 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,292,113 | 1,325,895 | 1,354,991 |
Loss on debt extinguishment | 51,841 | ||
(Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (5,647) | (206,855) | 114,960 |
Gain on disposal, exchange, or revaluation of equity interests, net | (121,177) | (178,672) | |
Unrealized losses in fair value of publicly traded equity instruments, net | 61,204 | 8,095 | 19,632 |
Straight-line lease loss | 25,234 | 22,619 | 19,950 |
Equity in income of unconsolidated entities | (647,977) | (782,837) | (219,870) |
Distributions of income from unconsolidated entities | 561,583 | 436,881 | 184,733 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | 63,350 | 265,352 | (415,911) |
Deferred costs and other assets | (104,567) | (77,592) | (28,191) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other | 190,103 | 203,968 | 19,080 |
Net cash provided by operating activities | 3,766,604 | 3,637,402 | 2,326,698 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (203,364) | (257,080) | (3,606,694) |
Funding of loans to related parties | (132,857) | (15,848) | (8,236) |
Repayments of loans to related parties | 82,371 | 14,027 | |
Capital expenditures, net | (650,024) | (527,935) | (484,119) |
Cash impact from the consolidation of properties | 20,988 | 5,595 | |
Net proceeds from sale of assets | 59,658 | 3,000 | 33,418 |
Investments in unconsolidated entities | (235,792) | (56,901) | (191,368) |
Purchase of equity instruments | (66,140) | (33,605) | (32,955) |
Proceeds from sales of equity instruments | 26,086 | 65,504 | 30,000 |
Insurance proceeds for property restoration | 7,200 | 31,198 | |
Distributions of capital from unconsolidated entities and other | 472,510 | 243,279 | 250,358 |
Net cash used in investing activities | (626,564) | (552,764) | (3,978,398) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | (328) | (328) | 1,556,148 |
Purchase of shares related to stock grant recipients' tax withholdings | (6,788) | (2,318) | (854) |
Redemption of limited partner units | (1,852) | (2,220) | (16,106) |
Purchase of treasury stock | (180,387) | (152,589) | |
Proceeds from the special purpose acquisition company IPO, net of transaction costs | 338,121 | ||
Proceeds from (establishment of) trust account for special purpose acquisition company | 345,000 | (345,000) | |
Liquidation of special purpose acquisition company | (345,000) | ||
Distributions to noncontrolling interest holders in properties | (27,741) | (5,024) | (8,271) |
Contributions from noncontrolling interest holders in properties | 29,681 | 20,902 | 220 |
Preferred distributions of the Operating Partnership | (1,915) | (1,915) | (1,915) |
Distributions to stockholders and preferred dividends | (2,264,007) | (2,351,764) | (1,443,183) |
Distributions to limited partners | (326,550) | (337,021) | (219,095) |
Cash paid to extinguish debt | (50,156) | ||
Proceeds from issuance of debt, net of transaction costs | 3,449,403 | 9,251,217 | 15,234,860 |
Repayments of debt | (3,721,864) | (10,076,809) | (12,955,275) |
Net cash used in financing activities | (3,052,348) | (3,562,315) | 1,993,940 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 87,692 | (477,677) | 342,240 |
CASH AND CASH EQUIVALENTS, beginning of period | 533,936 | 1,011,613 | 669,373 |
CASH AND CASH EQUIVALENTS, end of period | 621,628 | 533,936 | 1,011,613 |
Simon Property Group, L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | 2,452,385 | 2,568,707 | 1,277,324 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,292,113 | 1,325,895 | 1,354,991 |
Loss on debt extinguishment | 51,841 | ||
(Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (5,647) | (206,855) | 114,960 |
Gain on disposal, exchange, or revaluation of equity interests, net | (121,177) | (178,672) | |
Unrealized losses in fair value of publicly traded equity instruments, net | 61,204 | 8,095 | 19,632 |
Straight-line lease loss | 25,234 | 22,619 | 19,950 |
Equity in income of unconsolidated entities | (647,977) | (782,837) | (219,870) |
Distributions of income from unconsolidated entities | 561,583 | 436,881 | 184,733 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | 63,350 | 265,352 | (415,911) |
Deferred costs and other assets | (104,567) | (77,592) | (28,191) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other | 190,103 | 203,968 | 19,080 |
Net cash provided by operating activities | 3,766,604 | 3,637,402 | 2,326,698 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (203,364) | (257,080) | (3,606,694) |
Funding of loans to related parties | (132,857) | (15,848) | (8,236) |
Proceeds on loans to related parties | 82,371 | 14,027 | |
Capital expenditures, net | (650,024) | (527,935) | (484,119) |
Cash impact from the consolidation of properties | 20,988 | 5,595 | |
Net proceeds from sale of assets | 59,658 | 3,000 | 33,418 |
Investments in unconsolidated entities | (235,792) | (56,901) | (191,368) |
Purchase of equity instruments | (66,140) | (33,605) | (32,955) |
Proceeds from sales of equity instruments | 26,086 | 65,504 | 30,000 |
Insurance proceeds for property restoration | 7,200 | 31,198 | |
Distributions of capital from unconsolidated entities and other | 472,510 | 243,279 | 250,358 |
Net cash used in investing activities | (626,564) | (552,764) | (3,978,398) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | (328) | (328) | 1,556,148 |
Purchase of shares related to stock grant recipients' tax withholdings | (6,788) | (2,318) | (854) |
Redemption of limited partner units | (1,852) | (2,220) | (16,106) |
Purchase of general partner units | (180,387) | (152,589) | |
Proceeds from the special purpose acquisition company IPO, net of transaction costs | 338,121 | ||
Proceeds from (establishment of) trust account for special purpose acquisition company | 345,000 | (345,000) | |
Liquidation of special purpose acquisition company | (345,000) | ||
Distributions to noncontrolling interest holders in properties | (27,741) | (5,024) | (8,271) |
Contributions from noncontrolling interest holders in properties | 29,681 | 20,902 | 220 |
Preferred distributions of the Operating Partnership | (2,592,472) | (2,690,700) | (1,664,193) |
Cash paid to extinguish debt | (50,156) | ||
Proceeds from issuance of debt, net of transaction costs | 3,449,403 | 9,251,217 | 15,234,860 |
Repayments of debt | (3,721,864) | (10,076,809) | (12,955,275) |
Net cash used in financing activities | (3,052,348) | (3,562,315) | 1,993,940 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 87,692 | (477,677) | 342,240 |
CASH AND CASH EQUIVALENTS, beginning of period | 533,936 | 1,011,613 | 669,373 |
CASH AND CASH EQUIVALENTS, end of period | $ 621,628 | $ 533,936 | $ 1,011,613 |
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 Stock Series 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, 2019 | $ 42,420 | $ 32 | $ (118,604) | $ 9,756,073 | $ (5,379,952) | $ (1,773,571) | $ 384,852 | $ 2,911,250 | |||||
Balance at Dec. 31, 2019 | $ 2,483,978 | $ 378,339 | $ 42,420 | $ 6,513 | $ 2,911,250 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units | 2,028 | (2,028) | |||||||||||
Issuance of limited partner units | 79,601 | 79,601 | 79,601 | 79,601 | |||||||||
Public offering of common stock | 2 | 1,556,477 | 1,556,479 | ||||||||||
Series J preferred stock premium amortization | (329) | (329) | (329) | (329) | |||||||||
Limited partner units exchanged to common units | 2,028 | (2,028) | |||||||||||
Issuance of units related to Simon's public offering of its common stock | 1,556,479 | 1,556,479 | |||||||||||
Stock incentive program | (35,662) | 35,662 | |||||||||||
Redemption of limited partner units | (15,163) | (943) | (16,106) | (15,163) | (943) | (16,106) | |||||||
Amortization of stock incentive | 11,660 | 11,660 | 11,660 | 11,660 | |||||||||
Treasury stock purchase | (152,590) | (152,590) | |||||||||||
Treasury unit purchase | (152,590) | (152,590) | |||||||||||
Long-term incentive performance units | 2,331 | 2,331 | 2,331 | 2,331 | |||||||||
Issuance of unit equivalents and other | 34,071 | (3,582) | 30,489 | 30 | 34,894 | (853) | (3,582) | 30,489 | |||||
Unrealized gain on hedging activities | (92,834) | (13,714) | (106,548) | (92,834) | (13,714) | (106,548) | |||||||
Currency translation adjustments | 22,694 | 4,594 | 27,288 | 22,694 | 4,594 | 27,288 | |||||||
Changes in available-for-sale securities and other | 162 | 18 | 180 | 162 | 18 | 180 | |||||||
Net gain reclassified from accumulated other comprehensive loss into earnings | (93) | (13) | (106) | (93) | (13) | (106) | |||||||
Other comprehensive income | (70,071) | (9,115) | (79,186) | (70,071) | (9,115) | (79,186) | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | (95,755) | 95,755 | (95,755) | 95,755 | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (1,869,820) | (279,379) | (2,149,199) | ||||||||||
Distributions to other noncontrolling interest partners | (3,507) | (3,507) | |||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (1,866,483) | (279,379) | (3,337) | (3,507) | (2,152,706) | ||||||||
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties | 1,109,227 | 167,223 | 3,337 | 1,666 | 1,281,453 | ||||||||
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties | 1,112,564 | 168,889 | 1,281,453 | ||||||||||
Balance at Dec. 31, 2020 | 42,091 | 34 | (188,675) | 11,179,688 | (6,102,314) | (1,891,352) | 432,874 | 3,472,346 | |||||
Balance at Dec. 31, 2020 | 2,997,381 | 431,784 | 42,091 | 1,090 | 3,472,346 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units | 539 | (539) | |||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to common units | 539 | (539) | |||||||||||
Stock incentive program | (9,229) | 9,229 | |||||||||||
Redemption of limited partner units | (2,061) | (159) | (2,220) | (2,061) | (159) | (2,220) | |||||||
Amortization of stock incentive | 19,673 | 19,673 | 19,673 | 19,673 | |||||||||
Long-term incentive performance units | 17,755 | 17,755 | 17,755 | 17,755 | |||||||||
Issuance of unit equivalents and other | (40,877) | 1 | 18,493 | (22,383) | 5,760 | (44,319) | (2,318) | 18,494 | (22,383) | ||||
Unrealized gain on hedging activities | 44,676 | 6,438 | 51,114 | 44,676 | 6,438 | 51,114 | |||||||
Currency translation adjustments | (33,932) | (4,840) | (38,772) | (33,932) | (4,840) | (38,772) | |||||||
Changes in available-for-sale securities and other | (886) | (128) | (1,014) | (886) | (128) | (1,014) | |||||||
Net gain reclassified from accumulated other comprehensive loss into earnings | (6,369) | (916) | (7,285) | (6,369) | (916) | (7,285) | |||||||
Other comprehensive income | 3,489 | 554 | 4,043 | 3,489 | 554 | 4,043 | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 18,620 | (18,620) | 18,620 | (18,620) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (1,926,706) | (276,698) | (2,203,404) | ||||||||||
Distributions to other noncontrolling interest partners | (2,708) | (2,708) | |||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (1,923,369) | (276,698) | (3,337) | (2,708) | (2,206,112) | ||||||||
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties | 2,246,294 | 323,214 | 3,337 | (2,634) | 2,570,211 | ||||||||
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties | 2,249,631 | 320,580 | 2,570,211 | ||||||||||
Balance at Dec. 31, 2021 | 41,763 | 34 | (185,186) | 11,212,990 | (5,823,708) | (1,884,441) | 491,533 | 3,852,985 | |||||
Balance at Dec. 31, 2021 | 3,319,689 | 477,292 | 41,763 | 14,241 | 3,852,985 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units | 27 | (27) | |||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to common units | 27 | (27) | |||||||||||
Stock incentive program | (27,637) | 27,637 | |||||||||||
Redemption of limited partner units | (1,708) | (144) | (1,852) | (1,708) | (144) | (1,852) | |||||||
Amortization of stock incentive | 23,670 | 23,670 | 23,670 | 23,670 | |||||||||
Treasury stock purchase | (180,387) | (180,387) | |||||||||||
Treasury unit purchase | (180,387) | (180,387) | |||||||||||
Long-term incentive performance units | 14,845 | 14,845 | 14,845 | 14,845 | |||||||||
Issuance of unit equivalents and other | 11,649 | (1) | 10,601 | 22,249 | (2,769) | 21,206 | (6,788) | 10,600 | 22,249 | ||||
Unrealized gain on hedging activities | 47,888 | 6,920 | 54,808 | 47,888 | 6,920 | 54,808 | |||||||
Currency translation adjustments | (24,427) | (3,692) | (28,119) | (24,427) | (3,692) | (28,119) | |||||||
Changes in available-for-sale securities and other | (1,755) | (254) | (2,009) | (1,755) | (254) | (2,009) | |||||||
Net gain reclassified from accumulated other comprehensive loss into earnings | (1,393) | (202) | (1,595) | (1,393) | (202) | (1,595) | |||||||
Other comprehensive income | 20,313 | 2,772 | 23,085 | 20,313 | 2,772 | 23,085 | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 28,308 | (28,308) | 28,308 | (28,308) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,264,007) | (326,550) | (2,590,557) | ||||||||||
Distributions to other noncontrolling interest partners | (1,362) | (1,362) | |||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (2,260,670) | (326,550) | (3,337) | (1,362) | (2,591,919) | ||||||||
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties | 2,136,198 | 308,197 | 3,337 | 1,572 | 2,449,304 | ||||||||
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties | 2,139,535 | 309,769 | 2,449,304 | ||||||||||
Balance at Dec. 31, 2022 | $ 41,435 | $ 34 | $ (164,873) | $ 11,232,881 | $ (5,926,974) | $ (2,043,979) | $ 473,128 | $ 3,611,652 | |||||
Balance at Dec. 31, 2022 | $ 3,097,089 | $ 448,076 | $ 41,435 | $ 25,052 | $ 3,611,652 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exchange of limited partner units, (in shares) | 2,680 | 58,571 | 293,204 |
Issuance of limited partner, units | 955,705 | ||
Public offering of common stock, shares | 22,137,500 | ||
Stock incentive program, shares, net | 208,063 | 80,012 | 462,967 |
Redemption of Limited Partner Units | 14,740 | 15,705 | 116,658 |
Treasury stock purchase, shares | 1,830,022 | 1,245,654 | |
Shares repurchased | 46,555 | 20,374 | 15,561 |
Net income attributable to preferred interests in the Operating Partnership (in dollars) | $ 1,915 | $ 1,915 | $ 1,915 |
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars) | $ (1,166) | $ 3,419 | $ 6,044 |
Simon Property Group, L.P. | |||
Limited partner units exchanged to common units | 2,680 | 58,571 | 293,204 |
Issuance of limited partner, units | 955,705 | ||
Public offering of common stock, shares | 22,137,500 | ||
Stock incentive program, units, net | 208,063 | 80,012 | 462,967 |
Redemption of Limited Partner Units | 14,740 | 15,705 | 116,658 |
Treasury unit purchase, units | 1,830,022 | 1,245,654 | |
Issuance of equivalents units | 72,442 | 20,374 | 36,252 |
Issuance of common units | 46,555 | 15,561 | |
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars) | $ 1,915 | $ 1,915 | $ 1,915 |
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars) | $ (1,166) | $ 3,419 | $ 6,044 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
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 malls, Premium Outlets®, and The Mills®. As of December 31, 2022, we owned or held an interest in 196 income-producing properties in the United States, which consisted of 94 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in the Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2022, we had ownership interests in 34 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2022, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 14 countries in Europe. We 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, 2022 | |
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 2022 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, 2022, we consolidated 130 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 apply the equity method of accounting to the other 82 properties (the joint venture properties) and our investments in Klépierre (a publicly traded, Paris-based real estate company), TRG, and Jamestown (a global real estate investment and management company), as well as our investments (collectively, our other platform investments) in retail operations (J.C. Penney and SPARC Group); intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); and an e-commerce venture (Rue Gilt Groupe, or RGG). We manage the day-to-day operations of 51 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, Canada, Spain, Thailand, and the United Kingdom comprise 24 of the remaining 31 properties. These international properties and TRG are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to 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, 2022 2021 2020 Weighted average ownership interest 87.4 % 87.4 % 86.9 % As of December 31, 2022 and 2021, our ownership interest in the Operating Partnership was 87.4%. 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, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Investment Properties Investment properties consist of the following as of December 31: 2022 2021 Land $ 3,632,943 $ 3,639,353 Buildings and improvements 34,246,835 33,857,863 Total land, buildings and improvements 37,879,778 37,497,216 Furniture, fixtures and equipment 447,134 435,150 Investment properties at cost 38,326,912 37,932,366 Less — accumulated depreciation 16,563,749 15,621,127 Investment properties at cost, net $ 21,763,163 $ 22,311,239 Construction in progress included above $ 587,644 $ 797,519 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, 2022 2021 2020 Capitalized interest $ 35,482 $ 31,204 $ 22,917 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 operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. 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, and, if applicable, on a probability weighted basis, 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 our estimate of 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 the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. 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, 2022 and 2021, we had equity instruments with readily determinable fair values of $73.0 million and $142.2 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized losses in fair value of publicly traded equity instruments, net in our consolidated statements of operations and comprehensive income. At December 31, 2022 and 2021, we had equity instruments without readily determinable fair values of $236.2 million and $217.2 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer. We recorded a reduction in the carrying value of these investments of $27.5 million and nil for the years ended December 31, 2022 and 2021, respectively. Changes in the fair value of these equity instruments are recorded in gain on disposal, exchange, or revaluation of equity interests, net in our consolidated statements of operations and comprehensive income. 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, 2022 and 2021, we held debt securities of $52.3 million and $60.9 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, 2022 and 2021 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate cap and swap agreements with a gross asset balance of $15.8 million at December 31, 2022 and $6.2 million at December 31, 2021, and a gross liability balance of $8.6 million and $1.5 million at December 31, 2022 and 2021, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates. Gains or losses 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, 2022, approximately 6.9% of our consolidated long-lived assets and 3.5% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2021, approximately 7.1% 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: 2022 2021 Deferred lease costs, net $ 97,553 $ 109,155 In-place lease intangibles, net 7,076 14,107 Acquired above market lease intangibles, net 10,696 19,171 Marketable securities of our captive insurance companies 52,325 60,855 Goodwill 20,098 20,098 Other marketable and non-marketable securities 309,212 359,459 Prepaids, notes receivable and other assets, net 662,333 538,166 $ 1,159,293 $ 1,121,011 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: 2022 2021 Deferred lease costs $ 312,464 $ 358,287 Accumulated amortization (214,911) (249,132) Deferred lease costs, net $ 97,553 $ 109,155 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, 2022 2021 2020 Amortization of deferred leasing costs $ 39,606 $ 43,028 $ 51,349 Intangibles The average remaining life of in-place lease intangibles is approximately 2.9 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 2.5 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 $15.3 million and $21.6 million as of December 31, 2022 and 2021, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2022, 2021, and 2020, was $1.7 million, $2.7 million and $1.3 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2022 2021 In-place lease intangibles $ 67,935 $ 115,550 Accumulated amortization (60,859) (101,443) In-place lease intangibles, net $ 7,076 $ 14,107 2022 2021 Acquired above market lease intangibles $ 130,556 $ 133,224 Accumulated amortization (119,860) (114,053) Acquired above market lease intangibles, net $ 10,696 $ 19,171 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2022 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2023 $ 4,352 $ (5,235) $ (883) 2024 3,421 (3,525) (104) 2025 2,318 (1,477) 841 2026 1,553 (433) 1,120 2027 1,246 (26) 1,220 Thereafter 2,451 — 2,451 $ 15,341 $ (10,696) $ 4,645 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 generally formally designate instruments 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, 2022, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 1 € 128.0 million Interest Rate Caps 5 € 319.0 million As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 2 $ 375.0 million The carrying value of our interest rate cap and swap agreements, at fair value, as of December 31, 2022 and December 31, 2021 was a net asset balance of $1.3 million and $0.6 million, respectively, and is included in deferred costs and other assets. Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments 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 was $10.9 million and $6.9 million as of December 31, 2022 and 2021, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and nonderivative instruments such as 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, 2022 and 2021 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2022 2021 € 60.0 March 15, 2022 — 2.8 € 62.0 September 15, 2022 — 2.8 € 44.5 September 15, 2022 — (0.3) € 44.5 September 15, 2022 — (0.4) € 89.0 December 16, 2022 — (0.8) € 50.0 January 13, 2023 (2.9) — € 15.0 March 15, 2023 0.7 — € 15.0 March 15, 2023 0.7 — € 50.0 December 15, 2023 (2.8) — € 30.0 March 15, 2024 1.3 — € 51.0 March 15, 2024 (2.8) — € 45.0 April 12, 2023 (0.2) — € 44.0 September 15, 2023 (0.1) — Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We have designated certain derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the years ended December 31, 2022, 2021, and 2020 we recorded gains (losses) of $131.7 million, $176.0 million, and ($198.7 million), respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these instruments are offset by changes in the underlying hedged Euro investments. The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $36.5 million and ($10.0) million as of December 31, 2022 and 2021, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was $41.8 million and ($11.4) million as of December 31, 2022 and 2021, respectively. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2022 2021 Limited partners’ interests in the Operating Partnership $ 448,076 $ 477,292 Nonredeemable noncontrolling interests in properties, net 25,052 14,241 Total noncontrolling interests reflected in equity $ 473,128 $ 491,533 Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. Accumulated Other Comprehensive Income (Loss) Simon The total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($199.5) million, ($175.1) million and ($136.2) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (712) 219 Net income attributable to noncontrolling interests $ — $ 4,948 (1,520) Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense (202) (204) (232) Net income attributable to noncontrolling interests $ 1,393 $ 1,421 $ 1,613 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($228.3) million, ($200.2) million and ($155.8) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense 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 when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. 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. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable o |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2022 | |
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 (loss) on acquisition of controlling interest, 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 2022, 2021, and 2020. Refer to Note 6 for disclosure of unconsolidated joint venture acquisitions and dispositions. Our acquisition and disposition activity for the periods presented are as follows: 2022 Acquisitions On June 17, 2022, we acquired an additional interest in Gloucester Premium Outlets from a joint venture partner for $14.0 million in cash consideration, including a pro-rata share of working capital, resulting in the consolidation of this property. The property is subject to an $85.7 million 3.29% variable interest 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. 2022 Dispositions During 2022, we disposed of our interest in one consolidated retail property. The proceeds from this transaction were $59.0 million, resulting in a loss of $15.6 million. 2021 Dispositions During 2021, we recorded net gains of $176.8 million primarily related to disposition activity which included the foreclosure of three consolidated retail properties in satisfaction of their respective $180.0 million, $120.9 million and $100.0 million non-recourse mortgage loans, and this non-cash investing and financing activity is excluded from our consolidated statement of cash flows. 2020 Dispositions On October 1, 2020, we disposed of our interest in one consolidated retail property. A portion of the gross proceeds on this transaction of $33.4 million was used to partially repay a cross-collateralized mortgage. Our share of the $12.3 million gain is included in (loss) gain on sale or disposed of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operation and comprehensive income. |
Per Share and Per Unit Data
Per Share and Per Unit Data | 12 Months Ended |
Dec. 31, 2022 | |
Per Share and Per Unit Data | |
Per Share and Per Unit Data | 5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Year Ended December 31, 2022 2021 2020 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,136,198 $ 2,246,294 $ 1,109,227 Weighted Average Shares Outstanding — Basic and Diluted 327,816,695 328,587,137 308,737,625 For the year ended December 31, 2022, 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, 2022, 2021, and 2020. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Year Ended December 31, 2022 2021 2020 Net Income attributable to Unitholders — Basic and Diluted $ 2,444,395 $ 2,569,508 $ 1,276,450 Weighted Average Units Outstanding — Basic and Diluted 375,111,997 375,866,759 355,281,882 For the year ended December 31, 2022, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2022, 2021, and 2020. We accrue distributions when they are declared. The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows: For the Year Ended December 31, 2022 2021 2020 Total dividends/distributions paid per common share/unit $ 6.90 $ 5.85 $ 6.00 Percent taxable as ordinary income 98.60 % 93.10 % 97.40 % Percent taxable as long-term capital gains 1.40 % 6.90 % 2.60 % 100.00 % 100.00 % 100.00 % |
Investments in Unconsolidated E
Investments in Unconsolidated Entities and International Investments | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 84 properties as of December 31, 2021. 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, 2022 and 2021, we had construction loans and other advances to these related parties totaling $112.0 million and $88.4 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. On December 19, 2022, we completed the acquisition of a 50% noncontrolling legal ownership interest in Jamestown, a global real estate investment and asset management company, as well as separate interests in certain real estate and working capital, for total cash consideration of $173.4 million. Given the timing of the transaction, there was no impact on our financial results for the year ended December 31, 2022. In addition, allocation of the excess investment to the underlying assets and liabilities acquired at the venture level is preliminary at December 31, 2022. During 2022, we recorded a non-cash gain of $19.9 million related to the disposition and foreclosure of two unconsolidated properties in satisfaction of the respective $99.6 million and $83.1 million non-recourse mortgage loans, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows. During the fourth quarter of 2021, we disposed of our interest in an unconsolidated property resulting in a gain of $3.4 million which is included in (gain) loss on acquisition of controlling interest, 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 the proceeds from this transaction was $3.0 million. During the second quarter of 2021, we sold our interest in one multi-family residential investment. Our share of the gross proceeds from this transaction was $27.1 million. The gain of $14.9 million on the sale is included in other income in the accompanying consolidated statement of operations and comprehensive income. In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. Additionally, in the third quarter of 2020 and in the fourth quarter of 2019, we recorded an other-than-temporary impairment charge of $36.1 million and $47.2 million, respectively, related to an investment, which is included in gain (loss) on acquisition of controlling interest, 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. Taubman Realty Group On December 29, 2020, we completed the acquisition of an 80% noncontrolling ownership interest in TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Under the terms of the transaction, we, through the Operating Partnership, acquired all of Taubman Centers, Inc., or Taubman, common stock for $43.00 per share in cash. Total consideration for the acquisition, including the redemption of Taubman’s $192.5 million 6.5% Series J Cumulative Preferred Shares and its $170.0 million 6.25% Series K Cumulative Preferred Shares, and the issuance of 955,705 Operating Partnership units, was approximately $3.5 billion. Our investment includes the 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. In connection with the finalization of the purchase price allocation, we recorded additional amortization of our excess investment of $52.4 million in the fourth quarter of 2021 as a revision to the preliminary amortization previously recorded. Substantially all of our investment has been allocated to investment property based upon fair values determined at the acquisition date using Level 2 and 3 inputs. The tables below represent summary financial information of TRG. December 31, December 31, 2022 2021 Total assets $ 3,555,686 $ 3,981,054 Total liabilities 4,356,406 4,785,011 Noncontrolling interests 163,293 155,868 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 693,835 $ 600,426 $ — Operating income before other items 254,395 197,074 — Consolidated net income 164,072 97,361 — Our share of net income 129,065 78,370 — Amortization of excess investment (189,629) (196,072) — Other Platform Investments During the fourth quarter of 2022, we sold to ABG all of our interests in the licensing venture of Eddie Bauer for additional interests in ABG. As a result, in the fourth quarter of 2022, we recognized a non-cash pre-tax gain of $159.0 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net, representing the difference between the fair value of the interests received determined using Level 3 inputs and the $98.8 million carrying value of the intellectual property licensing venture less costs to sell. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $39.7 million. At December 31, 2022, our interest in ABG was approximately 12.3%. On July 1, 2021, we sold to ABG all of our interests in both the Forever 21 and Brooks Brothers licensing ventures for additional interests in ABG. As a result, in the third quarter of 2021, we recognized a non-cash pre-tax gain of $159.8 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net, representing the difference between the fair value of the interests received determined using Level 3 inputs and the carrying value of $102.7 million of the intellectual property licensing ventures less costs to sell. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $47.9 million. On December 20, 2021, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $18.8 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net, in the consolidated statement of operations. In connection with this transaction, we recorded tax expense of $8.0 million which is included in income and other tax (expense) benefit in the consolidated statements of operations and comprehensive income. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. On June 1, 2021, we and our partner, ABG, acquired the intellectual property of Eddie Bauer. Our noncontrolling interest in the licensing venture is 49% and was acquired for cash consideration of $100.8 million. On December 7, 2020, we and a group of co-investors acquired certain assets and liabilities of J.C. Penney, a department store retailer, out of bankruptcy. Our noncontrolling interest in the venture is 41.67% and was acquired for cash consideration of $125.0 million. On February 19, 2020, we and a group of co-investors acquired certain assets and liabilities of Forever 21, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. Our aggregate investment in the ventures was $67.6 million. In connection with the acquisition of our interest, the Forever 21 joint venture recorded a non-cash bargain purchase gain in the second quarter of 2020, of which our share of $35.0 million pre-tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income. In the first 2021 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 and subsequently renamed SPARC Group. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. During the third quarter of 2020, SPARC acquired certain assets and operations of Brooks Brothers and Lucky Brands out of bankruptcy. During the second quarter of 2021, SPARC Group acquired certain assets and operations of Eddie Bauer. During the first quarter of 2022, SPARC Group acquired certain assets and operations of Reebok and entered into a long-term strategic partnership agreement with ABG to become the core licensee and operating partner for Reebok in the United States. At December 31, 2022, our noncontrolling equity method interest in SPARC Group was 50.0%. The tables below represent combined summary financial information, after intercompany eliminations, of our other platform investments. December 31, December 31, 2022 2021 Total assets $ 12,897,980 $ 9,083,440 Total liabilities 10,521,772 6,916,595 Noncontrolling interests 362,652 281,024 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 14,895,379 $ 14,454,661 $ 3,450,029 Operating income before other items 972,360 1,550,358 397,845 Consolidated net income 738,255 1,400,632 323,887 Our share of net income 238,412 402,658 46,984 Amortization of excess investment (6,659) (7,546) (7,442) 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, 2022, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $23.04 per share. The tables below represent summary financial information with respect to our investment in Klépierre. This information is based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP. December 31, December 31, 2022 2021 Total assets $ 16,016,137 $ 18,137,100 Total liabilities 10,074,502 11,854,151 Noncontrolling interests 1,226,734 1,320,001 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 1,308,409 $ 1,240,277 $ 1,306,221 Operating income before other items 590,829 380,470 327,331 Consolidated net income 581,075 848,104 211,153 Our share of net income 116,084 164,575 36,832 Amortization of excess investment (13,937) (19,444) (10,289) During the years ended December 31, 2022 and 2021, we recorded net gains of $1.3 million and $1.2 million, respectively, related to the disposition of certain assets of Klépierre. During the year ended December 31, 2020, we recorded a 4.3 million net loss related to the impairment and disposition of certain assets of Klépierre. These transactions are included in gain (loss) on acquisition of controlling interest, 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. During the year ended December 31, 2021, Klépierre elected to step-up the tax basis of certain assets in Italy, which triggered a one-time payment at a significantly reduced tax rate. As a result of the step-up in tax basis, a previously established deferred tax liability was reversed resulting in a non-cash gain, of which our share was $118.4 million. We have an interest in a European investee that had interests in 11 Designer Outlet properties as of December 31, 2022, 11 Designer Outlet properties as of December 31, 2021, and ten Designer Outlet properties as of December 31, 2020. Seven of these Designer Outlets are consolidated by us as of December 31, 2022. As of December 31, 2022, our legal percentage ownership interests in these properties ranged from 23% 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 January 1, 2021 our European investee gained control of Ochtrup Designer Outlets as a result of the expiration of certain participating rights held by a venture partner. This resulted in the consolidation of the property and related mortgage of $47.1 million, requiring a remeasurement of our previously held equity interest, which had a carrying value of $48.7 million, to fair value and the recognition of a non-cash gain of $3.7 million in earnings during the first quarter of 2021, which includes amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The non-cash gain is included in gain (loss) on acquisition of controlling interest, 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, and this non-cash investing and financing activity is excluded from our consolidated statement of cash flows. The determination of the fair value consisted of Level 2 and 3 inputs and was predominately allocated to investment property. 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, 2022 and 2021, 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 $206.3 million and $206.1 million as of December 31, 2022 and 2021, 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 $199.5 million and $194.9 million as of December 31, 2022 and 2021, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information The following tables present a summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding our investments in Jamestown, Klépierre and TRG, as well as our other platform investments. COMBINED BALANCE SHEETS December 31, December 31, 2022 2021 Assets: Investment properties, at cost $ 19,256,108 $ 19,724,242 Less - accumulated depreciation 8,490,990 8,330,891 10,765,118 11,393,351 Cash and cash equivalents 1,445,353 1,481,287 Tenant receivables and accrued revenue, net 546,025 591,369 Right-of-use assets, net 143,526 154,561 Deferred costs and other assets 482,375 394,691 Total assets $ 13,382,397 $ 14,015,259 Liabilities and Partners’ Deficit: Mortgages $ 14,569,921 $ 15,223,710 Accounts payable, accrued expenses, intangibles, and deferred revenue 961,984 995,392 Lease liabilities 133,096 158,372 Other liabilities 446,064 383,018 Total liabilities 16,111,065 16,760,492 Preferred units 67,450 67,450 Partners’ deficit (2,796,118) (2,812,683) Total liabilities and partners’ deficit $ 13,382,397 $ 14,015,259 Our Share of: Partners’ deficit $ (1,232,086) $ (1,207,396) Add: Excess Investment 1,219,117 1,283,645 Our net (deficit) Investment in unconsolidated entities, at equity $ (12,969) $ 76,249 “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, 2022, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows: 2023 $ 1,277,532 2024 2,756,370 2025 1,853,644 2026 2,989,001 2027 2,306,171 Thereafter 3,424,158 Total principal maturities 14,606,876 Debt issuance costs (36,955) Total mortgages $ 14,569,921 This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.16% to 13.92% and a weighted average interest rate of 4.32% at December 31, 2022. COMBINED STATEMENTS OF OPERATIONS December 31, 2022 2021 2020 REVENUE: Lease income $ 2,894,611 $ 2,797,221 $ 2,544,134 Other income 341,923 319,956 300,634 Total revenue 3,236,534 3,117,177 2,844,768 OPERATING EXPENSES: Property operating 605,018 575,584 519,979 Depreciation and amortization 666,762 686,790 692,424 Real estate taxes 246,707 263,325 262,351 Repairs and maintenance 81,522 79,300 68,722 Advertising and promotion 74,776 72,441 67,434 Other 205,405 200,899 163,710 Total operating expenses 1,880,190 1,878,339 1,774,620 Operating Income Before Other Items 1,356,344 1,238,838 1,070,148 Interest expense (599,245) (605,591) (616,332) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 50,336 34,814 — Net Income $ 807,435 $ 668,061 $ 453,816 Third-Party Investors’ Share of Net Income $ 423,816 $ 333,304 $ 226,364 Our Share of Net Income $ 383,619 $ 334,757 $ 227,452 Amortization of Excess Investment (60,109) (64,974) (82,097) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements — (14,941) — Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (2,532) (541) — Income from Unconsolidated Entities $ 320,978 $ 254,301 $ 145,355 Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Jamestown, Klépierre and TRG, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain (loss) on acquisition of controlling interest, 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, 2022 | |
Debt | |
Indebtedness | 7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2022 2021 Fixed-Rate Debt: Mortgage notes, including $2,436 and $2,892 of net premiums and $11,194 and $14,619 of debt issuance costs, respectively. Weighted average interest and maturity of 3.75% and 3.7 years at December 31, 2022. $ 4,580,799 $ 4,546,614 Unsecured notes, including $32,421 and $30,964 of net discounts and $76,058 and $83,147 of debt issuance costs, respectively. Weighted average interest and maturity of 2.99% and 9.1 years at December 31, 2022. 18,029,459 18,254,507 Commercial Paper (see below) — 500,000 Total Fixed-Rate Debt 22,610,258 23,301,121 Variable-Rate Debt: Mortgage notes, including $5,336 and $4,354 of debt issuance costs, respectively. Weighted average interest and maturity of 5.14% and 1.7 years at December 31, 2022. 874,442 803,495 Unsecured Notes and Credit Facilities (see below), including $15,622 and $22,039 of debt issuance costs, respectively. 1,412,141 1,152,961 Total Variable-Rate Debt 2,286,583 1,956,456 Other Debt Obligations 63,445 63,445 Total Mortgages and Unsecured Indebtedness $ 24,960,286 $ 25,321,022 General. At December 31, 2022, our consolidated subsidiaries were the borrowers under 38 non-recourse mortgage notes secured by mortgages on 41 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, 2022, 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, 2022, our unsecured debt consisted of $18.6 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 $802.8 million (U.S. dollar equivalent) of Euro-denominated borrowings outstanding under the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility. The Credit Facility also included an additional single, delayed-draw $2.0 billion term loan facility, or Term Facility, or together with the Credit Facility and the Supplemental Facility, the Credit Facilities, which the Operating Partnership drew on December 15, 2020, and repaid in 2021. The Credit Facility can be increased in the form of additional commitments in an aggregate not to exceed $1.0 billion, for a total aggregate size of $5.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2024. The Credit Facility can be extended for two additional six-month periods to June 30, 2025, at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. The Supplemental Facility’s 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, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 100% of the maximum revolving credit amount, as defined. The initial maturity date of the Supplemental Facility is January 31, 2026 and can be extended for an additional year to January 31, 2027 at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Supplemental Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. On December 31, 2022 we had an aggregate available borrowing capacity of $6.6 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2022 was $1.2 billion and the weighted average outstanding balance was $260.7 million. Letters of credit of $10.0 million were outstanding under the Facilities as of December 31, 2022. 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 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, 2022, we had no outstanding balance under the Commercial Paper program. Borrowings under the Commercial Paper program reduce amounts otherwise available under the Credit Facilities. On January 21, 2021 the Operating Partnership completed the issuance of the following senior unsecured notes: $800 million with a fixed interest rate of 1.750%, and $700 million with a fixed interest rate of 2.20%, with maturity dates of February 2028 and 2031, respectively. On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further, on February 2, 2021 the Operating Partnership repaid $750 million under the Term Facility. On March 19, 2021, the Operating Partnership completed the issuance of €750 million ($893.0 million U.S. dollar equivalent as of the issuance date) of senior unsecured notes at a fixed rate of 1.125% with a maturity date of March 19, 2033, the proceeds of which were used on March 23, 2021 to repay the remaining $1.25 billion under the Term Facility reducing it to zero. On August 18, 2021, the Operating Partnership completed the issuance of the following senior unsecured notes: $550 million with a fixed interest rate of 1.375%, and $700 million with a fixed interest rate of 2.250%, with maturity dates of January 15, 2027, and 2032, respectively. In the third quarter of 2021, the Operating Partnership completed the optional redemption of all of its outstanding $550 million 2.350% notes due on January 30, 2022, $600 million 2.625% notes due on June 15, 2022, and $500 million 2.750% notes due on February 1, 2023. We recorded a $28.6 million loss on extinguishment of debt as a result on the optional redemptions. On December 14, 2021, the Operating Partnership drew $1.05 billion under the Supplemental Facility, the proceeds of which funded the early extinguishment of 9 mortgages with a principal balance of $1.16 billion. We recorded a $20.3 million loss on extinguishment of debt as a result of this transaction. On January 11, 2022, the Operating Partnership completed the issuance of the following senior unsecured notes: $500 million with a floating interest rate of SOFR plus 43 basis points, and $700 million with a fixed interest rate of 2.650%, with maturity dates of January 11, 2024 and February 1, 2032, respectively. The proceeds were used to repay $1.05 billion outstanding under the Supplemental Facility on January 12, 2022. On November 16, 2022, the Operating Partnership drew €750.0 million ($779.0 million U.S. dollar equivalent) under the Supplemental Facility and used the proceeds on November 17, 2022 to repay €750.0 million ($777.1 million U.S. dollar equivalent) of senior unsecured notes at maturity. Subsequent to December 31, 2022, the Operating Partnership completed interest rate swap agreements with a combined notional value at €750.0 million to swap the interest rate of the Euro denominated borrowings outstanding under the Supplemental Facility to an all-in fixed rate of 3.81%. This interest rate swap matures on January 17, 2024. Mortgage Debt Total mortgage indebtedness was $5.5 billion and $5.4 billion at December 31, 2022 and 2021, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2022, assuming the obligations remain outstanding through the initial maturities, are as follows: 2023 $ 1,342,656 2024 3,331,015 2025 2,657,375 2026 3,936,750 2027 3,265,832 Thereafter 10,501,408 Total principal maturities 25,035,036 Net unamortized debt premium 20,909 Net unamortized debt discount (50,894) Debt issuance costs, net (108,210) Other Debt Obligations 63,445 Total mortgages and unsecured indebtedness $ 24,960,286 Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2022 2021 2020 Cash paid for interest $ 763,203 $ 822,182 $ 754,306 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: 2022 2021 Debt issuance costs $ 210,893 $ 227,774 Accumulated amortization (102,683) (103,615) Debt issuance costs, net $ 108,210 $ 124,159 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, 2022 2021 2020 Amortization of debt issuance costs $ 26,113 $ 24,794 $ 23,076 Amortization of debt discounts/(premiums) 7 168 174 Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness including commercial paper was $22.6 billion and $23.3 billion as of December 31, 2022 and 2021, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: 2022 2021 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 20,020 $ 24,597 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 6.10 % 3.17 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 5.87 % 3.33 % |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
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 2022, Simon issued 2,680 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, 2022, the Operating Partnership redeemed 14,740 units from three limited partners for $1.9 million. In 2021, Simon issued 58,571 shares of common stock to seven 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, 2021, the Operating Partnership redeemed 15,705 units from seven limited partners for $2.2 million. These transactions increased Simon’s ownership interest in the Operating Partnership. On December 29, 2020, the Operating Partnership issued 955,705 units in connection with the acquisition of an 80% ownership interest in TRG, as discussed in Note 6. On November 18, 2020, we issued 22,137,500 shares of common stock in a public offering at a price of $72.50 per share, before underwriting discounts and commissions. The Operating Partnership issued an equal number of units to Simon. A portion of the $1.6 billion proceeds from the offering, net of issue costs, were used to fund the Operating Partnership’s acquisition of an 80% ownership interest in TRG. On May 9, 2022, Simon's Board of Directors authorized a common stock repurchase plan. Under the plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year period commencing on May 16, 2022 and ending on May 16, 2024 in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2022, Simon purchased 1,830,022 shares at an average price of $98.57 per share. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. On February 11, 2019, Simon's Board of Directors authorized a common stock repurchase plan. Under the plan, Simon was authorized to repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Simon repurchased the shares in the open market or in privately negotiated transactions as market conditions warranted. During the year ended December 31, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. As Simon repurchased shares under this program, the Operating Partnership repurchased 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, 2022 and 2021. 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. 2022 2021 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 186,702 522,203 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 212,239 $ 547,740 Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC. 7.50% Cumulative Redeemable Preferred Units. November 10, 2006 These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2022 and 2021. 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 2022 2021 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 186,702 522,203 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 212,239 $ 547,740 Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC. 7.50% Cumulative Redeemable Preferred Units November 10, 2006 Permanent Equity Simon Preferred Stock. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. 3 8 unamortized premium included in the carrying value of the preferred stock at December 31, 2022 and 2021 was $1.6 million and $1.9 million, respectively. The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. 3 8 3 8 outstanding Other Equity Activity The Simon Property Group, L.P. 2019 Stock Incentive Plan. The 2019 Plan is administered by the Compensation and Human Capital Committee. The Compensation and Human Capital 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 and Human Capital 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 and Human Capital 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 Human Capital, and Governance and Nominating Committee of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Human Capital, 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 Our long-term incentive compensation awards under our stock-based compensation plans primarily take the form of LTIP units, restricted stock units, and restricted stock. The substantial majority of these awards are market condition or performance-based, and are based on various market, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP units are a form of limited partnership interest issued by the Operating Partnership, which are subject to the participant maintaining employment with us through certain dates and other conditions as described in the applicable award agreements. Awarded LTIP units not earned in accordance with the conditions set forth in the applicable award agreements are forfeited. Earned and fully vested LTIP units are equivalent to units of the Operating Partnership. Participants are entitled to receive distributions on the awarded LTIP units, as defined, equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two class method of computing earnings per share. These are granted under The Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan. The grant date fair values of any LTIP units that are market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the participant performs the required service period. The grant date fair values of the market-based awards are being amortized into expense over the performance period, which is the grant date through the date at which the awards, if earned, become vested. The expense of the performance-based award is recorded over the performance period, which is the grant date through the date at which the awards, if earned, become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods. The grant date fair values of any restricted stock unit awards are recognized as expense over the vesting period. 2019 LTIP Program 2020 LTI Program. 2021 LTI Program. 2022 LTI Program. achieved during the applicable three-year measurement period. Any units determined to be earned LTIP units under the 2022 LTI Program will vest on January 1, 2026. The 2022 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination that Simon’s FFO performance and achievement of certain objective criteria goals and has a maximum potential fair value at grant date of $20.6 million. As part of the 2022 LTI Program, on March 11, 2022 and March 18, 2022, the Compensation and Human Capital Committee also established grants of 52,673 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $130.05 and $130.84 per share. These awards will vest on March 11, 2025 and March 18, 2025. The $6.9 million grant date fair value of these restricted stock unit awards is being recognized as expense over the three-year vesting period. The Compensation and Human Capital Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were determined by the Compensation and Human Capital Committee to have been 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 2019 LTIP program 72,442 $9.5 million $14.7 million 2021 LTIP program To be determined in 2024 $5.7 million $12.2 million 2022 LTIP program To be determined in 2025 — $13.7 million We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $24.7 million, $24.8 million, and $1.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Restricted Stock and Restricted Stock Units. Information regarding restricted stock awards is summarized in the following table for each of the years presented: For the Year Ended December 31, 2022 2021 2020 Shares of restricted stock awarded during the year, net of forfeitures 160,259 42,036 150,703 Weighted average fair value of shares granted during the year $ 129.62 $ 117.52 $ 50.31 Compensation expense, net of capitalization $ 9,583 $ 8,817 $ 10,305 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, 2022, Simon had reserved 54,305,552 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, 2022 | |
Lease Income | |
Lease Income | 9. Lease Income 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 including negative variable lease income as discussed in Note 3. For the Year Ended December 31, 2022 2021 2020 Fixed lease income $ 3,858,592 $ 3,701,991 $ 3,871,395 Variable lease income 1,046,583 1,034,728 430,972 Total lease income $ 4,905,175 $ 4,736,719 $ 4,302,367 Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $546.5 million and $568.7 million at December 31, 2022 and 2021, respectively. 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, 2022, is as follows: 2023 $ 3,068,299 2024 2,498,364 2025 2,009,998 2026 1,574,836 2027 1,234,707 Thereafter 3,200,933 $ 13,587,137 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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. Lease Commitments As of December 31, 2022, we are subject to ground leases that cover all or a portion of 23 of our consolidated properties with termination dates extending through 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2023 to 2025. 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, 2022 2021 2020 Operating Lease Cost Fixed lease cost $ 30,257 $ 32,492 $ 31,404 Variable lease cost 17,593 15,454 13,270 Sublease income — (705) (746) Total operating lease cost $ 47,850 $ 47,241 $ 43,928 For the Year Ended December 31, 2022 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 47,754 $ 47,824 $ 44,570 Weighted-average remaining lease term - operating leases 32.7 years 33.6 years 34.4 years Weighted-average discount rate - operating leases 4.87% 4.87% 4.86% 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: 2023 $ 33,163 2024 30,716 2025 30,727 2026 30,740 2027 30,770 Thereafter 828,521 $ 984,637 Impact of discounting (486,684) Operating lease liabilities $ 497,953 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 as well as cyber coverage. The initial portion of coverage not provided by third-party carriers may be insured through our wholly-owned captive insurance company, 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 insurance policy with us. A similar insurance 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. 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 $84.0 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $48.3 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2021 and 2020, we recorded $2.1 million and $5.2 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income. During the third quarter of 2020, one of our properties located in Texas experienced property damage and business interruption as a result of Hurricane Hanna. We wrote-off assets of approximately $9.6 million, and recorded an insurance recovery receivable, and have received $14.0 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the year ended December 31, 2021, we recorded a $3.5 million gain During the third quarter of 2020, one of our properties located in Louisiana experienced property damage and business interruption as a result of Hurricane Laura. We wrote-off assets of approximately $11.1 million and recorded an insurance recovery receivable, and have received $27.5 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the year ended December 31, 2021, we recorded a $17.5 million gain 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, 2022 and 2021, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $128.0 million and $209.9 million, respectively. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which 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. COVID-19 On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic had a material negative impact on economic and market conditions around the world. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have at times imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. As a result of the COVID-19 pandemic and these measures, the Company has experienced and may continue to experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties and investments. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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 2022, 2021 and 2020. 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 $3.8 million, $3.5 million, and $3.3 million in 2022, 2021, and 2020, 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 $112.1 million, $102.1 million, and $92.7 million in 2022, 2021, and 2020, respectively. During 2022, 2021, and 2020, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $12.1 million, $12.4 million, and $13.1 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. We have investments in retailers including J.C. Penney and SPARC Group, and these retailers are lessees at certain of our operating properties. Lease income from the date of our investments in our consolidated statements of operations and comprehensive income related to these retailers was $83.8 million, $82.5 million, and $54.1 million for the years ended December 31, 2022, 2021, and 2020, respectively, net of elimination. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | 12. Quarterly Financial Data (Unaudited) Quarterly 2022 and 2021 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 2022 Total revenue $ 1,295,922 $ 1,279,842 $ 1,315,786 $ 1,399,898 Operating income before other items 620,391 626,761 652,196 684,205 Consolidated net income 488,310 569,480 621,847 772,748 Simon Property Group, Inc. Net income attributable to common stockholders $ 426,630 $ 496,743 $ 539,038 $ 673,786 Net income per share — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average shares outstanding — Basic and Diluted 328,606,352 328,444,627 327,286,003 326,953,791 Simon Property Group, L.P. Net income attributable to unitholders $ 487,993 $ 568,289 $ 616,918 $ 771,195 Net income per unit — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average units outstanding — Basic and Diluted 375,870,183 375,754,363 374,589,771 374,257,136 2021 Total revenue $ 1,239,951 $ 1,254,146 $ 1,296,554 $ 1,326,138 Operating income before other items 604,612 604,723 612,324 591,533 Consolidated net income 510,460 705,869 778,648 573,730 Simon Property Group, Inc. Net income attributable to common stockholders $ 445,860 $ 617,257 $ 679,936 $ 503,241 Net income per share — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average shares outstanding — Basic and Diluted 328,514,497 328,594,136 328,619,163 328,619,248 Simon Property Group, L.P. Net income attributable to unitholders $ 510,085 $ 706,087 $ 777,740 $ 575,596 Net income per unit — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average units outstanding — Basic and Diluted 375,836,653 375,875,290 375,882,318 375,872,212 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 (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 $ 99,476 $ 10,886 $ 120,405 $ 131,291 $ 71,152 1981 Battlefield Mall Springfield, MO — 3,919 27,231 3,000 74,037 6,919 101,268 108,187 76,934 1970 Bay Park Square Green Bay, WI — 6,278 25,623 4,106 30,618 10,384 56,241 66,625 35,700 1980 Brea Mall Brea (Los Angeles), CA — 39,500 209,202 2,993 85,111 42,493 294,313 336,806 173,612 1998 (4) Broadway Square Tyler, TX — 11,306 32,431 — 52,306 11,306 84,737 96,043 45,488 1994 (4) Burlington Mall Burlington (Boston), MA — 46,600 303,618 27,458 264,439 74,058 568,057 642,115 279,954 1998 (4) Castleton Square Indianapolis, IN — 26,250 98,287 7,434 79,280 33,684 177,567 211,251 130,761 1972 Cielo Vista Mall El Paso, TX — 1,005 15,262 608 58,850 1,613 74,112 75,725 53,194 1974 College Mall Bloomington, IN — 1,003 16,245 720 70,259 1,723 86,504 88,227 52,189 1965 Columbia Center Kennewick, WA — 17,441 66,580 — 46,061 17,441 112,641 130,082 70,410 1987 Copley Place Boston, MA — — 378,045 — 199,240 — 577,285 577,285 290,117 2002 (4) Coral Square Coral Springs (Miami), FL — 12,282 93,630 — 20,939 12,282 114,569 126,851 92,780 1984 Cordova Mall Pensacola, FL — 18,626 73,091 7,321 72,858 25,947 145,949 171,896 89,398 1998 (4) Domain, The Austin, TX 210,000 40,436 197,010 — 158,512 40,436 355,522 395,958 198,288 2005 Empire Mall Sioux Falls, SD 176,974 35,998 192,186 — 34,503 35,998 226,689 262,687 83,868 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN — — 120,579 29,145 119,620 29,145 240,199 269,344 147,069 1997 (4) Firewheel Town Center Garland (Dallas), TX — 8,438 82,716 — 31,697 8,438 114,413 122,851 70,476 2004 Forum Shops at Caesars, The Las Vegas, NV — — 276,567 — 298,134 — 574,701 574,701 328,535 1992 Greenwood Park Mall Greenwood (Indianapolis), IN — 2,423 23,445 5,253 125,190 7,676 148,635 156,311 98,393 1979 Haywood Mall Greenville, SC — 11,585 133,893 6 47,688 11,591 181,581 193,172 122,689 1998 (4) King of Prussia King of Prussia (Philadelphia), PA — 175,063 1,128,236 — 425,373 175,063 1,553,609 1,728,672 569,204 2003 (5) La Plaza Mall McAllen, TX — 87,912 9,828 6,569 187,169 94,481 196,997 291,478 62,054 1976 Lakeline Mall Cedar Park (Austin), TX — 10,088 81,568 14 24,070 10,102 105,638 115,740 69,976 1995 Lenox Square Atlanta, GA — 37,447 492,411 — 151,495 37,447 643,906 681,353 409,736 1998 (4) Mall of Georgia Buford (Atlanta), GA — 47,492 326,633 — 14,648 47,492 341,281 388,773 218,406 1999 (5) McCain Mall N. Little Rock, AR — — 9,515 10,142 29,293 10,142 38,808 48,950 19,990 1973 Menlo Park Mall Edison (New York), NJ — 65,684 223,252 — 92,628 65,684 315,880 381,564 207,511 1997 (4) Midland Park Mall Midland, TX — 687 9,213 1,196 42,929 1,883 52,142 54,025 24,232 1980 Miller Hill Mall Duluth, MN — 2,965 18,092 1,811 43,580 4,776 61,672 66,448 48,055 1973 North East Mall Hurst (Dallas), TX — 128 12,966 19,010 129,458 19,138 142,424 161,562 108,694 1971 Ocean County Mall Toms River (New York), NJ — 20,404 124,945 3,277 88,119 23,681 213,064 236,745 115,269 1998 (4) Orland Square Orland Park (Chicago), IL — 35,439 129,906 — 81,221 35,439 211,127 246,566 130,503 1997 (4) Oxford Valley Mall Langhorne (Philadelphia), PA 23,109 18,355 100,287 — 19,706 18,355 119,993 138,348 89,269 2003 (4) Penn Square Mall Oklahoma City, OK 310,000 2,043 155,958 — 63,163 2,043 219,121 221,164 149,853 2002 (4) 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 Pheasant Lane Mall Nashua, NH $ — $ 3,902 $ 155,068 $ 550 $ 51,969 $ 4,452 $ 207,037 $ 211,489 $ 128,851 2004 (5) Phipps Plaza Atlanta, GA — 15,005 210,610 — 266,743 15,005 477,353 492,358 190,110 1998 (4) Plaza Carolina Carolina (San Juan), PR 225,000 15,493 279,560 — 81,174 15,493 360,734 376,227 193,404 2004 (4) Prien Lake Mall Lake Charles, LA — 1,842 2,813 3,053 69,272 4,895 72,085 76,980 31,107 1972 Rockaway Townsquare Rockaway (New York), NJ — 41,918 212,257 — 73,502 41,918 285,759 327,677 176,651 1998 (4) Roosevelt Field Garden City (New York), NY — 163,160 702,008 1,246 379,764 164,406 1,081,772 1,246,178 601,111 1998 (4) Ross Park Mall Pittsburgh, PA — 23,541 90,203 5,815 132,564 29,356 222,767 252,123 143,279 1986 Santa Rosa Plaza Santa Rosa, CA — 10,400 87,864 — 27,609 10,400 115,473 125,873 73,545 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 120,000 449 25,102 38,864 106,476 39,313 131,578 170,891 52,332 2002 (5) Shops at Nanuet, The Nanuet, NY — 28,125 142,860 — 8,213 28,125 151,073 179,198 52,197 2013 Shops at Riverside, The Hackensack (New York), NJ — 13,521 238,746 — 266,760 13,521 505,506 519,027 137,209 2007 (4) (5) South Hills Village Pittsburgh, PA — 23,445 125,840 1,472 91,381 24,917 217,221 242,138 121,075 1997 (4) South Shore Plaza Braintree (Boston), MA — 101,200 301,495 1,972 165,796 103,172 467,291 570,463 295,152 1998 (4) Southdale Mall Edina (Minneapolis), MN — 41,430 184,967 — 84,587 41,430 269,554 310,984 84,297 2007 (4) (5) SouthPark Charlotte, NC — 42,092 188,055 100 220,434 42,192 408,489 450,681 248,104 2002 (4) St. Charles Towne Center Waldorf (Washington, DC), MD — 7,710 52,934 1,180 27,436 8,890 80,370 89,260 64,589 1990 Stanford Shopping Center Palo Alto (San Jose), CA — — 339,537 — 209,906 — 549,443 549,443 246,596 2003 (4) Summit Mall Akron, OH 85,000 15,374 51,137 — 55,830 15,374 106,967 122,341 71,924 1965 Tacoma Mall Tacoma (Seattle), WA — 37,113 125,826 — 178,479 37,113 304,305 341,418 164,784 1987 Tippecanoe Mall Lafayette, IN — 2,897 8,439 5,517 49,477 8,414 57,916 66,330 46,026 1973 Town Center at Boca Raton Boca Raton (Miami), FL — 64,200 307,317 — 256,935 64,200 564,252 628,452 341,902 1998 (4) Towne East Square Wichita, KS — 8,024 18,479 4,108 60,066 12,132 78,545 90,677 48,830 1975 Treasure Coast Square Jensen Beach, FL — 10,750 72,990 3,067 27,229 13,817 100,219 114,036 69,695 1987 Tyrone Square St. Petersburg (Tampa), FL — 15,638 120,962 1,459 50,657 17,097 171,619 188,716 122,388 1972 University Park Mall Mishawaka, IN — 10,762 118,164 7,000 58,825 17,762 176,989 194,751 150,567 1996 (4) Walt Whitman Shops Huntington Station (New York), NY — 51,700 111,258 3,789 138,245 55,489 249,503 304,992 145,033 1998 (4) White Oaks Mall Springfield, IL 40,191 2,907 35,692 2,468 68,119 5,375 103,811 109,186 64,640 1977 Wolfchase Galleria Memphis, TN 155,152 16,407 128,276 — 17,550 16,407 145,826 162,233 106,449 2002 (4) Woodland Hills Mall Tulsa, OK — 34,211 187,123 13,811 46,363 48,022 233,486 281,508 160,791 2004 (5) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — 3,900 97,059 — 9,653 3,900 106,712 110,612 58,945 2004 (4) 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 Allen Premium Outlets Allen (Dallas), TX $ — $ 20,932 $ 69,788 $ — $ 44,310 $ 20,932 $ 114,098 $ 135,030 $ 43,412 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — 2,370 24,326 — 9,363 2,370 33,689 36,059 26,001 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI 123,000 11,477 77,856 — 8,785 11,477 86,641 98,118 42,560 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — 16,599 224,721 395 76,461 16,994 301,182 318,176 165,120 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — 12,890 184,990 96 11,086 12,986 196,076 209,062 98,511 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC — 3,175 59,863 5,311 8,149 8,486 68,012 76,498 40,891 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL — 659 118,005 13,050 97,030 13,709 215,035 228,744 94,851 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — 14,117 71,520 — 3,843 14,117 75,363 89,480 40,069 2008 Clinton Crossing Premium Outlets Clinton, CT — 2,060 107,556 1,532 6,970 3,592 114,526 118,118 68,416 2004 (4) Denver Premium Outlets Thornton (Denver), CO — 10,779 45,335 10 73,942 10,789 119,277 130,066 23,899 2018 Desert Hills Premium Outlets Cabazon (Palm Springs), CA — 3,440 338,679 — 115,793 3,440 454,472 457,912 213,075 2004 (4) Ellenton Premium Outlets Ellenton (Tampa), FL 178,000 15,807 182,412 — 8,578 15,807 190,990 206,797 125,341 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA — 9,060 50,281 — 6,477 9,060 56,758 65,818 35,713 2004 (4) Gilroy Premium Outlets Gilroy (San Jose), CA — 9,630 194,122 — 17,044 9,630 211,166 220,796 115,388 2004 (4) Gloucester Premium Outlets Blackwood, NJ 85,054 14,389 107,685 — 153 14,389 107,838 122,227 28,589 2015 (5) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX — 9,497 194,245 — 1,332 9,497 195,577 205,074 67,362 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA 140,000 6,421 121,880 — 9,932 6,421 131,812 138,233 85,007 2010 (4) Gulfport Premium Outlets Gulfport, MS 50,000 — 27,949 — 8,215 — 36,164 36,164 20,627 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD 70,430 3,560 85,883 — 1,690 3,560 87,573 91,133 45,565 2010 (4) Houston Premium Outlets Cypress (Houston), TX — 8,695 69,350 — 42,986 8,695 112,336 121,031 61,726 2007 Indiana Premium Outlets Edinburgh (Indianapolis), IN — 2,857 47,309 — 20,840 2,857 68,149 71,006 39,528 2004 (4) Jackson Premium Outlets Jackson (New York), NJ — 6,413 104,013 3 8,133 6,416 112,146 118,562 57,955 2004 (4) 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 Jersey Shore Premium Outlets Tinton Falls (New York), NJ $ — $ 15,390 $ 50,979 $ — $ 79,970 $ 15,390 $ 130,949 $ 146,339 $ 75,410 2007 Johnson Creek Premium Outlets Johnson Creek, WI — 2,800 39,546 — 7,462 2,800 47,008 49,808 25,817 2004 (4) Kittery Premium Outlets Kittery, ME — 11,832 94,994 — 11,786 11,832 106,780 118,612 52,721 2004 (4) Las Americas Premium Outlets San Diego, CA — 45,168 251,878 — 12,562 45,168 264,440 309,608 117,971 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV — 25,435 134,973 16,536 151,175 41,971 286,148 328,119 151,504 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV — 13,085 160,777 — 32,331 13,085 193,108 206,193 96,980 2004 (4) Lee Premium Outlets Lee, MA 47,480 9,167 52,212 — 5,032 9,167 57,244 66,411 35,216 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — 7,190 162,023 — 23,110 7,190 185,133 192,323 97,510 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — 6,630 94,138 — 13,395 6,630 107,533 114,163 64,427 2004 (4) Merrimack Premium Outlets Merrimack, NH — 14,975 118,428 — 2,357 14,975 120,785 135,760 51,702 2012 Napa Premium Outlets Napa, CA — 11,400 45,023 — 7,626 11,400 52,649 64,049 30,812 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA — 2,143 36,197 — 5,209 2,143 41,406 43,549 21,911 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — 4,300 137,020 — 2,048 4,300 139,068 143,368 73,213 2004 (4) Orlando International Premium Outlets Orlando, FL — 31,998 472,815 — 19,475 31,998 492,290 524,288 214,107 2010 (4) Orlando Vineland Premium Outlets Orlando, FL — 14,040 382,949 36,023 26,484 50,063 409,433 459,496 203,390 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — 13,322 13,710 — 3,434 13,322 17,144 30,466 11,469 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — 16,676 105,249 — 25,411 16,676 130,660 147,336 81,825 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ — — 63,082 — 569 — 63,651 63,651 28,604 2013 Pismo Beach Premium Outlets Pismo Beach, CA 32,124 4,317 19,044 — 3,329 4,317 22,373 26,690 15,087 2010 (4) Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI 145,000 16,823 126,686 — 8,736 16,823 135,422 152,245 64,986 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR 160,000 20,586 114,021 — 9,146 20,586 123,167 143,753 59,184 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD 56,432 8,129 61,950 — 5,463 8,129 67,413 75,542 33,658 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — 12,229 41,547 — 27,130 12,229 68,677 80,906 44,789 2005 Round Rock Premium Outlets Round Rock (Austin), TX — 13,485 82,252 — 5,510 13,485 87,762 101,247 56,850 2005 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 San Francisco Premium Outlets Livermore (San Francisco), CA $ — $ 21,925 $ 308,694 $ 46,177 $ 75,086 $ 68,102 $ 383,780 $ 451,882 $ 122,532 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — 13,180 287,179 — 20,474 13,180 307,653 320,833 136,166 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA — — 103,722 — 55,814 — 159,536 159,536 85,199 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — 6,090 57,670 2 15,333 6,092 73,003 79,095 41,368 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL — 14,298 97,188 121 5,174 14,419 102,362 116,781 30,385 2015 The Crossings Premium Outlets Tannersville, PA — 7,720 172,931 — 19,724 7,720 192,655 200,375 98,720 2004 (4) Tucson Premium Outlets Marana (Tucson), AZ — 12,508 69,677 — 4,710 12,508 74,387 86,895 21,786 2015 Vacaville Premium Outlets Vacaville, CA — 9,420 84,850 — 18,873 9,420 103,723 113,143 61,181 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI — 22,630 77,316 — 19,799 22,630 97,115 119,745 53,428 2004 (4) Waterloo Premium Outlets Waterloo, NY — 3,230 75,277 — 15,100 3,230 90,377 93,607 52,247 2004 (4) Williamsburg Premium Outlets Williamsburg, VA 185,000 10,323 223,789 — 9,377 10,323 233,166 243,489 102,609 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR — 9,414 150,414 — 3,579 9,414 153,993 163,407 55,767 2013 (4) Woodbury Common Premium Outlets Central Valley (New York), NY — 11,010 862,559 1,779 276,348 12,789 1,138,907 1,151,696 511,320 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — 4,900 282,031 — 52,369 4,900 334,400 339,300 164,647 2004 (4) The Mills Arizona Mills Tempe (Phoenix), AZ 97,775 41,285 297,289 — 15,200 41,285 312,489 353,774 95,928 2007 (4) (5) Great Mall Milpitas (San Jose), CA — 69,853 463,101 — 61,938 69,853 525,039 594,892 193,404 2007 (4) (5) Gurnee Mills Gurnee (Chicago), IL 257,710 41,133 297,911 — 32,630 41,133 330,541 371,674 124,874 2007 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ — 120,417 865,605 — 23,872 120,417 889,477 1,009,894 259,860 2015 (4) Opry Mills Nashville, TN 375,000 51,000 327,503 — 22,928 51,000 350,431 401,431 122,261 2007 (4) (5) Outlets at Orange, The Orange (Los Angeles), CA 215,000 64,973 211,322 — 4,890 64,973 216,212 281,185 33,960 2007 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA 416,000 61,608 425,370 — 39,420 61,608 464,790 526,398 180,509 2007 (4) (5) Sawgrass Mills Sunrise (Miami), FL — 192,981 1,641,153 5,395 234,488 198,376 1,875,641 2,074,017 654,797 2007 (4) (5) Designer Outlets La Reggia Designer Outlet Marcianise (Naples), Italy 171,255 37,220 233,179 — 40,717 37,220 273,896 311,116 72,822 2013 (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy 297,121 38,793 309,283 — 75,765 38,793 385,048 423,841 90,117 2013 (4) (5) (7) 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 Ochtrup Designer Outlet Ochtrup, Germany $ 53,517 $ 11,770 $ 98,276 $ — $ — $ 11,770 $ 98,276 $ 110,046 $ 12,478 2016 (4) (5) (7) Parndorf Designer Outlet Vienna, Austria 195,869 14,903 223,156 — 9,698 14,903 232,854 247,757 68,785 2013 (4) (5) (7) Provence Designer Outlet Provence, France 101,405 41,321 80,199 6,169 — 47,490 80,199 127,689 37,182 2017 (4) (5) (7) Roermond Designer Outlet Roermond, Netherlands 246,178 15,035 400,094 — 18,916 15,035 419,010 434,045 127,159 2013 (4) (5) (7) Roosendaal Designer Outlet Roosendaal, Netherlands 63,820 22,191 108,069 — 8,770 22,191 116,839 139,030 33,580 2017 (4) (5) (7) Lifestyle Centers ABQ Uptown Albuquerque, NM — 6,374 75,333 4,054 10,140 10,428 85,473 95,901 36,053 2011 (4) Northgate Station Seattle, WA — 23,610 115,992 13,557 104,529 37,167 220,521 257,688 60,743 1987 University Park Village Fort Worth, TX 52,352 18,031 100,523 — 9,245 18,031 109,768 127,799 30,500 2015 (4) Other Properties Calhoun Marketplace Calhoun, GA 17,146 1,745 12,529 — 2,139 1,745 14,668 16,413 11,396 2010 (4) Florida Keys Outlet Center Florida City, FL 17,000 1,112 1,748 — 5,855 1,112 7,603 8,715 4,313 2010 (4) Gaffney Marketplace Gaffney (Greenville/Charlotte), SC 27,696 4,056 32,371 — 6,259 4,056 38,630 42,686 24,201 2010 (4) Orlando Outlet Marketplace Orlando, FL — 3,367 1,557 — 4,334 3,367 5,891 9,258 3,370 2010 (4) Osage Beach Marketplace Osage Beach, MO — 1,397 8,874 — 16 1,397 8,890 10,287 2,666 2004 (4) Southridge Mall Greendale (Milwaukee), WI 112,087 12,359 130,111 1,939 12,244 14,298 142,355 156,653 64,232 2007 (4) (5) Other pre-development costs 109,458 102,451 374,062 959 — 103,410 374,062 477,472 1,882 Other 25,000 3,537 269,940 267 — 3,804 269,940 273,744 23,756 Currency Translation Adjustment — (5,882) (43,932) — (16,661) (5,882) (60,593) (66,475) (58,224) $ 5,469,335 $ 3,246,051 $ 25,215,197 $ 386,892 $ 9,031,638 $ 3,632,943 $ 34,246,835 $ 37,879,778 $ 16,224,050 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2022 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 Balance, beginning of year $ 37,497,216 $ 37,608,638 $ 37,356,739 Acquisitions and consolidations (7) 122,074 121,250 — Improvements 688,173 569,483 401,202 Disposals and deconsolidations (308,030) (655,482) (320,328) Currency Translation Adjustment (119,655) (146,673) 171,025 Balance, close of year $ 37,879,778 $ 37,497,216 $ 37,608,638 The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2022 was $20,977,712. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 Balance, beginning of year $ 15,304,461 $ 14,592,867 $ 13,622,433 Depreciation expense (7) 1,075,391 1,083,705 1,226,611 Disposals and deconsolidations (180,091) (403,582) (236,123) Currency Translation Adjustment 24,289 31,471 (20,054) Balance, close of year $ 16,224,050 $ 15,304,461 $ 14,592,867 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, 2022 | |
Summary of Significant Accounting Policies | |
Investment Properties | Investment Properties Investment properties consist of the following as of December 31: 2022 2021 Land $ 3,632,943 $ 3,639,353 Buildings and improvements 34,246,835 33,857,863 Total land, buildings and improvements 37,879,778 37,497,216 Furniture, fixtures and equipment 447,134 435,150 Investment properties at cost 38,326,912 37,932,366 Less — accumulated depreciation 16,563,749 15,621,127 Investment properties at cost, net $ 21,763,163 $ 22,311,239 Construction in progress included above $ 587,644 $ 797,519 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, 2022 2021 2020 Capitalized interest $ 35,482 $ 31,204 $ 22,917 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 operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. 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, and, if applicable, on a probability weighted basis, 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 our estimate of 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 the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. |
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, 2022 and 2021, we had equity instruments with readily determinable fair values of $73.0 million and $142.2 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized losses in fair value of publicly traded equity instruments, net in our consolidated statements of operations and comprehensive income. At December 31, 2022 and 2021, we had equity instruments without readily determinable fair values of $236.2 million and $217.2 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer. We recorded a reduction in the carrying value of these investments of $27.5 million and nil for the years ended December 31, 2022 and 2021, respectively. Changes in the fair value of these equity instruments are recorded in gain on disposal, exchange, or revaluation of equity interests, net in our consolidated statements of operations and comprehensive income. 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, 2022 and 2021, we held debt securities of $52.3 million and $60.9 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, 2022 and 2021 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate cap and swap agreements with a gross asset balance of $15.8 million at December 31, 2022 and $6.2 million at December 31, 2021, and a gross liability balance of $8.6 million and $1.5 million at December 31, 2022 and 2021, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates. |
Gains or losses on Issuances of Stock by Equity Method Investees | Gains or losses 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, 2022, approximately 6.9% of our consolidated long-lived assets and 3.5% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2021, approximately 7.1% 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: 2022 2021 Deferred lease costs, net $ 97,553 $ 109,155 In-place lease intangibles, net 7,076 14,107 Acquired above market lease intangibles, net 10,696 19,171 Marketable securities of our captive insurance companies 52,325 60,855 Goodwill 20,098 20,098 Other marketable and non-marketable securities 309,212 359,459 Prepaids, notes receivable and other assets, net 662,333 538,166 $ 1,159,293 $ 1,121,011 |
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: 2022 2021 Deferred lease costs $ 312,464 $ 358,287 Accumulated amortization (214,911) (249,132) Deferred lease costs, net $ 97,553 $ 109,155 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, 2022 2021 2020 Amortization of deferred leasing costs $ 39,606 $ 43,028 $ 51,349 |
Intangibles | Intangibles The average remaining life of in-place lease intangibles is approximately 2.9 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 2.5 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 $15.3 million and $21.6 million as of December 31, 2022 and 2021, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2022, 2021, and 2020, was $1.7 million, $2.7 million and $1.3 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2022 2021 In-place lease intangibles $ 67,935 $ 115,550 Accumulated amortization (60,859) (101,443) In-place lease intangibles, net $ 7,076 $ 14,107 2022 2021 Acquired above market lease intangibles $ 130,556 $ 133,224 Accumulated amortization (119,860) (114,053) Acquired above market lease intangibles, net $ 10,696 $ 19,171 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2022 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2023 $ 4,352 $ (5,235) $ (883) 2024 3,421 (3,525) (104) 2025 2,318 (1,477) 841 2026 1,553 (433) 1,120 2027 1,246 (26) 1,220 Thereafter 2,451 — 2,451 $ 15,341 $ (10,696) $ 4,645 |
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 generally formally designate instruments 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, 2022, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 1 € 128.0 million Interest Rate Caps 5 € 319.0 million As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 2 $ 375.0 million The carrying value of our interest rate cap and swap agreements, at fair value, as of December 31, 2022 and December 31, 2021 was a net asset balance of $1.3 million and $0.6 million, respectively, and is included in deferred costs and other assets. Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments 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 was $10.9 million and $6.9 million as of December 31, 2022 and 2021, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and nonderivative instruments such as 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, 2022 and 2021 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2022 2021 € 60.0 March 15, 2022 — 2.8 € 62.0 September 15, 2022 — 2.8 € 44.5 September 15, 2022 — (0.3) € 44.5 September 15, 2022 — (0.4) € 89.0 December 16, 2022 — (0.8) € 50.0 January 13, 2023 (2.9) — € 15.0 March 15, 2023 0.7 — € 15.0 March 15, 2023 0.7 — € 50.0 December 15, 2023 (2.8) — € 30.0 March 15, 2024 1.3 — € 51.0 March 15, 2024 (2.8) — € 45.0 April 12, 2023 (0.2) — € 44.0 September 15, 2023 (0.1) — Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We have designated certain derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the years ended December 31, 2022, 2021, and 2020 we recorded gains (losses) of $131.7 million, $176.0 million, and ($198.7 million), respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these instruments are offset by changes in the underlying hedged Euro investments. The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $36.5 million and ($10.0) million as of December 31, 2022 and 2021, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was $41.8 million and ($11.4) million as of December 31, 2022 and 2021, respectively. |
Noncontrolling Interests | Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2022 2021 Limited partners’ interests in the Operating Partnership $ 448,076 $ 477,292 Nonredeemable noncontrolling interests in properties, net 25,052 14,241 Total noncontrolling interests reflected in equity $ 473,128 $ 491,533 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 accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($199.5) million, ($175.1) million and ($136.2) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (712) 219 Net income attributable to noncontrolling interests $ — $ 4,948 (1,520) Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense (202) (204) (232) Net income attributable to noncontrolling interests $ 1,393 $ 1,421 $ 1,613 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($228.3) million, ($200.2) million and ($155.8) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense |
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 when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. 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. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination. Additionally, our assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant. When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms. 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, 2022 and 2021 approximated $85.7 million and $77.2 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, 2022 and 2021, we had net deferred tax liabilities of $278.3 million and $259.3 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 assets 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 deferred tax asset in included in deferred costs and other assets and the 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. Our cash paid for taxes in each period was as follows: For the Year Ended December 31, 2022 2021 2020 Cash paid for taxes $ 53,241 $ 102,454 $ 20,046 |
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. |
Simon Property Group Acquisition Holdings, Inc. | Simon Property Group Acquisition Holdings, Inc. The Company sponsored, through a wholly-owned subsidiary, a special purpose acquisition corporation, or SPAC, named Simon Property Group Acquisition Holdings, Inc. On February 18, 2021, the SPAC announced the pricing of its initial public offering, which was consummated on February 23, 2021, generating gross proceeds of $345.0 million, which have been placed in a trust account and is included in the accompanying consolidated balance sheet in Investments held in trust – special purpose acquisition company. The SPAC is a consolidated VIE which was formed for the purpose of effecting a business combination. The Company accounts for the noncontrolling interest in the SPAC as noncontrolling redeemable interests as these instruments are redeemable at the option of the holder and are classified as temporary equity at their redemption value in Simon’s accompanying consolidated balance sheet in Limited partners preferred interest in the Operating Partnership and noncontrolling redeemable interests and in the Operating Partnership’s accompanying consolidated balance sheet in Preferred units, various series, at liquidation value, and noncontrolling redeemable interests. In December 2022, the SPAC was liquidated and dissolved, resulting in the recognition of a $10.2 million loss recorded in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income, representing our investment in the SPAC. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions, and clarifications were created in ASU 2021-01. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. We elected the expedients in conjunction with transitioning certain debt instruments, as discussed in Note 7, to alternative benchmark indexes. There was no impact on our consolidated financial statements at adoption. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation and Consolidation | |
Schedule of weighted average ownership interest in the operating partnership | For the Year Ended December 31, 2022 2021 2020 Weighted average ownership interest 87.4 % 87.4 % 86.9 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Schedule of investment properties | 2022 2021 Land $ 3,632,943 $ 3,639,353 Buildings and improvements 34,246,835 33,857,863 Total land, buildings and improvements 37,879,778 37,497,216 Furniture, fixtures and equipment 447,134 435,150 Investment properties at cost 38,326,912 37,932,366 Less — accumulated depreciation 16,563,749 15,621,127 Investment properties at cost, net $ 21,763,163 $ 22,311,239 Construction in progress included above $ 587,644 $ 797,519 |
Schedule of interest capitalized | For the Year Ended December 31, 2022 2021 2020 Capitalized interest $ 35,482 $ 31,204 $ 22,917 |
Schedule of deferred costs and other assets | 2022 2021 Deferred lease costs, net $ 97,553 $ 109,155 In-place lease intangibles, net 7,076 14,107 Acquired above market lease intangibles, net 10,696 19,171 Marketable securities of our captive insurance companies 52,325 60,855 Goodwill 20,098 20,098 Other marketable and non-marketable securities 309,212 359,459 Prepaids, notes receivable and other assets, net 662,333 538,166 $ 1,159,293 $ 1,121,011 |
Schedule of deferred lease costs | 2022 2021 Deferred lease costs $ 312,464 $ 358,287 Accumulated amortization (214,911) (249,132) Deferred lease costs, net $ 97,553 $ 109,155 |
Schedule of amortization of deferred leasing costs | For the Year Ended December 31, 2022 2021 2020 Amortization of deferred leasing costs $ 39,606 $ 43,028 $ 51,349 |
Schedule of intangible assets | 2022 2021 In-place lease intangibles $ 67,935 $ 115,550 Accumulated amortization (60,859) (101,443) In-place lease intangibles, net $ 7,076 $ 14,107 2022 2021 Acquired above market lease intangibles $ 130,556 $ 133,224 Accumulated amortization (119,860) (114,053) Acquired above market lease intangibles, net $ 10,696 $ 19,171 |
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 2023 $ 4,352 $ (5,235) $ (883) 2024 3,421 (3,525) (104) 2025 2,318 (1,477) 841 2026 1,553 (433) 1,120 2027 1,246 (26) 1,220 Thereafter 2,451 — 2,451 $ 15,341 $ (10,696) $ 4,645 |
Schedule of Interest Rate Derivatives | Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 1 € 128.0 million Interest Rate Caps 5 € 319.0 million Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 2 $ 375.0 million |
Schedule of Euro:USD forward contracts | Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2022 2021 € 60.0 March 15, 2022 — 2.8 € 62.0 September 15, 2022 — 2.8 € 44.5 September 15, 2022 — (0.3) € 44.5 September 15, 2022 — (0.4) € 89.0 December 16, 2022 — (0.8) € 50.0 January 13, 2023 (2.9) — € 15.0 March 15, 2023 0.7 — € 15.0 March 15, 2023 0.7 — € 50.0 December 15, 2023 (2.8) — € 30.0 March 15, 2024 1.3 — € 51.0 March 15, 2024 (2.8) — € 45.0 April 12, 2023 (0.2) — € 44.0 September 15, 2023 (0.1) — |
Schedule of carrying amount of noncontrolling interests | 2022 2021 Limited partners’ interests in the Operating Partnership $ 448,076 $ 477,292 Nonredeemable noncontrolling interests in properties, net 25,052 14,241 Total noncontrolling interests reflected in equity $ 473,128 $ 491,533 |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (712) 219 Net income attributable to noncontrolling interests $ — $ 4,948 (1,520) Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense (202) (204) (232) Net income attributable to noncontrolling interests $ 1,393 $ 1,421 $ 1,613 |
Schedule of cash paid for taxes | For the Year Ended December 31, 2022 2021 2020 Cash paid for taxes $ 53,241 $ 102,454 $ 20,046 |
Simon Property Group, L.P. | |
Significant Accounting Policies | |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense |
Per Share and Per Unit Data (Ta
Per Share and Per Unit Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,136,198 $ 2,246,294 $ 1,109,227 Weighted Average Shares Outstanding — Basic and Diluted 327,816,695 328,587,137 308,737,625 |
Schedule of taxable nature of dividends and distributions declared | For the Year Ended December 31, 2022 2021 2020 Total dividends/distributions paid per common share/unit $ 6.90 $ 5.85 $ 6.00 Percent taxable as ordinary income 98.60 % 93.10 % 97.40 % Percent taxable as long-term capital gains 1.40 % 6.90 % 2.60 % 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, 2022 2021 2020 Net Income attributable to Unitholders — Basic and Diluted $ 2,444,395 $ 2,569,508 $ 1,276,450 Weighted Average Units Outstanding — Basic and Diluted 375,111,997 375,866,759 355,281,882 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities and International Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of equity method investments and share of income from such investments, balance sheet | December 31, December 31, 2022 2021 Assets: Investment properties, at cost $ 19,256,108 $ 19,724,242 Less - accumulated depreciation 8,490,990 8,330,891 10,765,118 11,393,351 Cash and cash equivalents 1,445,353 1,481,287 Tenant receivables and accrued revenue, net 546,025 591,369 Right-of-use assets, net 143,526 154,561 Deferred costs and other assets 482,375 394,691 Total assets $ 13,382,397 $ 14,015,259 Liabilities and Partners’ Deficit: Mortgages $ 14,569,921 $ 15,223,710 Accounts payable, accrued expenses, intangibles, and deferred revenue 961,984 995,392 Lease liabilities 133,096 158,372 Other liabilities 446,064 383,018 Total liabilities 16,111,065 16,760,492 Preferred units 67,450 67,450 Partners’ deficit (2,796,118) (2,812,683) Total liabilities and partners’ deficit $ 13,382,397 $ 14,015,259 Our Share of: Partners’ deficit $ (1,232,086) $ (1,207,396) Add: Excess Investment 1,219,117 1,283,645 Our net (deficit) Investment in unconsolidated entities, at equity $ (12,969) $ 76,249 |
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness | 2023 $ 1,277,532 2024 2,756,370 2025 1,853,644 2026 2,989,001 2027 2,306,171 Thereafter 3,424,158 Total principal maturities 14,606,876 Debt issuance costs (36,955) Total mortgages $ 14,569,921 |
Summary of equity method investments and share of income from such investments, statements of operations | December 31, 2022 2021 2020 REVENUE: Lease income $ 2,894,611 $ 2,797,221 $ 2,544,134 Other income 341,923 319,956 300,634 Total revenue 3,236,534 3,117,177 2,844,768 OPERATING EXPENSES: Property operating 605,018 575,584 519,979 Depreciation and amortization 666,762 686,790 692,424 Real estate taxes 246,707 263,325 262,351 Repairs and maintenance 81,522 79,300 68,722 Advertising and promotion 74,776 72,441 67,434 Other 205,405 200,899 163,710 Total operating expenses 1,880,190 1,878,339 1,774,620 Operating Income Before Other Items 1,356,344 1,238,838 1,070,148 Interest expense (599,245) (605,591) (616,332) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 50,336 34,814 — Net Income $ 807,435 $ 668,061 $ 453,816 Third-Party Investors’ Share of Net Income $ 423,816 $ 333,304 $ 226,364 Our Share of Net Income $ 383,619 $ 334,757 $ 227,452 Amortization of Excess Investment (60,109) (64,974) (82,097) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements — (14,941) — Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (2,532) (541) — Income from Unconsolidated Entities $ 320,978 $ 254,301 $ 145,355 |
TRG | |
Summary of financial information of other platform investments | December 31, December 31, 2022 2021 Total assets $ 3,555,686 $ 3,981,054 Total liabilities 4,356,406 4,785,011 Noncontrolling interests 163,293 155,868 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 693,835 $ 600,426 $ — Operating income before other items 254,395 197,074 — Consolidated net income 164,072 97,361 — Our share of net income 129,065 78,370 — Amortization of excess investment (189,629) (196,072) — |
Other Platform Investments | |
Summary of financial information of other platform investments | December 31, December 31, 2022 2021 Total assets $ 12,897,980 $ 9,083,440 Total liabilities 10,521,772 6,916,595 Noncontrolling interests 362,652 281,024 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 14,895,379 $ 14,454,661 $ 3,450,029 Operating income before other items 972,360 1,550,358 397,845 Consolidated net income 738,255 1,400,632 323,887 Our share of net income 238,412 402,658 46,984 Amortization of excess investment (6,659) (7,546) (7,442) |
Europe | Klepierre | |
Summary of financial information of other platform investments | December 31, December 31, 2022 2021 Total assets $ 16,016,137 $ 18,137,100 Total liabilities 10,074,502 11,854,151 Noncontrolling interests 1,226,734 1,320,001 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 1,308,409 $ 1,240,277 $ 1,306,221 Operating income before other items 590,829 380,470 327,331 Consolidated net income 581,075 848,104 211,153 Our share of net income 116,084 164,575 36,832 Amortization of excess investment (13,937) (19,444) (10,289) |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt | |
Schedule of mortgages and unsecured indebtedness | 2022 2021 Fixed-Rate Debt: Mortgage notes, including $2,436 and $2,892 of net premiums and $11,194 and $14,619 of debt issuance costs, respectively. Weighted average interest and maturity of 3.75% and 3.7 years at December 31, 2022. $ 4,580,799 $ 4,546,614 Unsecured notes, including $32,421 and $30,964 of net discounts and $76,058 and $83,147 of debt issuance costs, respectively. Weighted average interest and maturity of 2.99% and 9.1 years at December 31, 2022. 18,029,459 18,254,507 Commercial Paper (see below) — 500,000 Total Fixed-Rate Debt 22,610,258 23,301,121 Variable-Rate Debt: Mortgage notes, including $5,336 and $4,354 of debt issuance costs, respectively. Weighted average interest and maturity of 5.14% and 1.7 years at December 31, 2022. 874,442 803,495 Unsecured Notes and Credit Facilities (see below), including $15,622 and $22,039 of debt issuance costs, respectively. 1,412,141 1,152,961 Total Variable-Rate Debt 2,286,583 1,956,456 Other Debt Obligations 63,445 63,445 Total Mortgages and Unsecured Indebtedness $ 24,960,286 $ 25,321,022 |
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2022, assuming the obligations remain outstanding through the initial maturities, are as follows: 2023 $ 1,342,656 2024 3,331,015 2025 2,657,375 2026 3,936,750 2027 3,265,832 Thereafter 10,501,408 Total principal maturities 25,035,036 Net unamortized debt premium 20,909 Net unamortized debt discount (50,894) Debt issuance costs, net (108,210) Other Debt Obligations 63,445 Total mortgages and unsecured indebtedness $ 24,960,286 |
Schedule of cash paid for interest in each period, net of any amounts capitalized | For the Year Ended December 31, 2022 2021 2020 Cash paid for interest $ 763,203 $ 822,182 $ 754,306 |
Schedule of debt issuance costs | 2022 2021 Debt issuance costs $ 210,893 $ 227,774 Accumulated amortization (102,683) (103,615) Debt issuance costs, net $ 108,210 $ 124,159 |
Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2022 2021 2020 Amortization of debt issuance costs $ 26,113 $ 24,794 $ 23,076 Amortization of debt discounts/(premiums) 7 168 174 |
Schedule of fair value of financial instruments and the related discount rate assumptions | 2022 2021 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 20,020 $ 24,597 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 6.10 % 3.17 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 5.87 % 3.33 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2022 2021 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 186,702 522,203 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 212,239 $ 547,740 |
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 2019 LTIP program 72,442 $9.5 million $14.7 million 2021 LTIP program To be determined in 2024 $5.7 million $12.2 million 2022 LTIP program To be determined in 2025 — $13.7 million |
Schedule of restricted stock awards | For the Year Ended December 31, 2022 2021 2020 Shares of restricted stock awarded during the year, net of forfeitures 160,259 42,036 150,703 Weighted average fair value of shares granted during the year $ 129.62 $ 117.52 $ 50.31 Compensation expense, net of capitalization $ 9,583 $ 8,817 $ 10,305 |
Simon Property Group, L.P. | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2022 2021 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 186,702 522,203 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 212,239 $ 547,740 |
Lease Income (Tables)
Lease Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease Income | |
Schedule of lease income | For the Year Ended December 31, 2022 2021 2020 Fixed lease income $ 3,858,592 $ 3,701,991 $ 3,871,395 Variable lease income 1,046,583 1,034,728 430,972 Total lease income $ 4,905,175 $ 4,736,719 $ 4,302,367 |
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, 2022, is as follows: 2023 $ 3,068,299 2024 2,498,364 2025 2,009,998 2026 1,574,836 2027 1,234,707 Thereafter 3,200,933 $ 13,587,137 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies. | |
Schedule of lease cost | For the Year Ended December 31, 2022 2021 2020 Operating Lease Cost Fixed lease cost $ 30,257 $ 32,492 $ 31,404 Variable lease cost 17,593 15,454 13,270 Sublease income — (705) (746) Total operating lease cost $ 47,850 $ 47,241 $ 43,928 |
Schedule of other lease information | For the Year Ended December 31, 2022 2021 2020 Operating Lease Cost Fixed lease cost $ 30,257 $ 32,492 $ 31,404 Variable lease cost 17,593 15,454 13,270 Sublease income — (705) (746) Total operating lease cost $ 47,850 $ 47,241 $ 43,928 For the Year Ended December 31, 2022 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 47,754 $ 47,824 $ 44,570 Weighted-average remaining lease term - operating leases 32.7 years 33.6 years 34.4 years Weighted-average discount rate - operating leases 4.87% 4.87% 4.86% |
Schedule of future minimum lease payments due | 2023 $ 33,163 2024 30,716 2025 30,727 2026 30,740 2027 30,770 Thereafter 828,521 $ 984,637 Impact of discounting (486,684) Operating lease liabilities $ 497,953 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Data (Unaudited) | |
Schedule of quarterly financial data | First Second Third Fourth Quarter Quarter Quarter Quarter 2022 Total revenue $ 1,295,922 $ 1,279,842 $ 1,315,786 $ 1,399,898 Operating income before other items 620,391 626,761 652,196 684,205 Consolidated net income 488,310 569,480 621,847 772,748 Simon Property Group, Inc. Net income attributable to common stockholders $ 426,630 $ 496,743 $ 539,038 $ 673,786 Net income per share — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average shares outstanding — Basic and Diluted 328,606,352 328,444,627 327,286,003 326,953,791 Simon Property Group, L.P. Net income attributable to unitholders $ 487,993 $ 568,289 $ 616,918 $ 771,195 Net income per unit — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average units outstanding — Basic and Diluted 375,870,183 375,754,363 374,589,771 374,257,136 2021 Total revenue $ 1,239,951 $ 1,254,146 $ 1,296,554 $ 1,326,138 Operating income before other items 604,612 604,723 612,324 591,533 Consolidated net income 510,460 705,869 778,648 573,730 Simon Property Group, Inc. Net income attributable to common stockholders $ 445,860 $ 617,257 $ 679,936 $ 503,241 Net income per share — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average shares outstanding — Basic and Diluted 328,514,497 328,594,136 328,619,163 328,619,248 Simon Property Group, L.P. Net income attributable to unitholders $ 510,085 $ 706,087 $ 777,740 $ 575,596 Net income per unit — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average units outstanding — Basic and Diluted 375,836,653 375,875,290 375,882,318 375,872,212 |
Organization (Details)
Organization (Details) | Dec. 31, 2022 property country state | Dec. 29, 2020 property |
TRG | ||
Real Estate Properties | ||
Ownership percentage | 80% | |
Number of regional, super regional and outlet malls | 24 | 24 |
U.S. and Puerto Rico | ||
Real Estate Properties | ||
Number of properties | 196 | |
Number of U.S. states containing property locations | state | 37 | |
U.S. and Puerto Rico | Malls | ||
Real Estate Properties | ||
Number of properties | 94 | |
U.S. and Puerto Rico | Premium Outlets | ||
Real Estate Properties | ||
Number of properties | 69 | |
U.S. and Puerto Rico | The Mills | ||
Real Estate Properties | ||
Number of properties | 14 | |
U.S. and Puerto Rico | Lifestyle Centers [Member] | ||
Real Estate Properties | ||
Number of properties | 6 | |
U.S. and Puerto Rico | Other shopping centers or outlet centers | ||
Real Estate Properties | ||
Number of properties | 13 | |
Asia, Europe and Canada | Premium and Designer Outlets | ||
Real Estate Properties | ||
Number of properties | 34 | |
Europe | Klepierre | ||
Real Estate Properties | ||
Ownership percentage | 22.40% | |
Number of countries | country | 14 |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation (Details) - property | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties | |||
Total number of joint venture properties | 82 | 84 | |
Number of joint venture properties managed by the entity | 51 | ||
Number of International joint venture properties | 24 | ||
Number of joint venture properties managed by others | 31 | ||
Simon Property Group, L.P. | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 87.40% | 87.40% | |
Simon Property Group, L.P. | Weighted average | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 87.40% | 87.40% | 86.90% |
Wholly owned properties | |||
Real Estate Properties | |||
Number of properties | 130 | ||
Partially owned properties | |||
Real Estate Properties | |||
Number of properties | 18 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investment Properties (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 USD ($) item | Sep. 30, 2020 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate Properties [Line Items] | |||||
Land | $ 3,632,943 | $ 3,639,353 | |||
Buildings and improvements | 34,246,835 | 33,857,863 | |||
Total land, buildings and improvements | 37,879,778 | 37,497,216 | |||
Furniture, fixtures and equipment | 447,134 | 435,150 | |||
Investment properties at cost | 38,326,912 | 37,932,366 | |||
Less - accumulated depreciation | 16,563,749 | 15,621,127 | |||
Investment properties, at cost, net | 21,763,163 | 22,311,239 | |||
Construction in progress, included above | 587,644 | 797,519 | |||
Capitalized interest | $ 35,482 | $ 31,204 | $ 22,917 | ||
Buildings and improvements | Minimum | |||||
Real Estate Properties [Line Items] | |||||
Useful life | 10 years | ||||
Buildings and improvements | Maximum | |||||
Real Estate Properties [Line Items] | |||||
Useful life | 35 years | ||||
Equipment and fixtures | Minimum | |||||
Real Estate Properties [Line Items] | |||||
Useful life | 7 years | ||||
Equipment and fixtures | Maximum | |||||
Real Estate Properties [Line Items] | |||||
Useful life | 10 years | ||||
Consolidated properties | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate | $ 34,400 | ||||
Number of properties impaired | item | 1 | ||||
Unconsolidated properties | |||||
Real Estate Properties [Line Items] | |||||
Impairment charge to reduce investment to its estimated fair value | $ 55,200 | ||||
Number of joint ventures properties impaired | item | 3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Instruments and Investments | ||
Equity instruments with readily determinable fair value | $ 73,000 | $ 142,200 |
Equity instruments without readily determinable fair values | 236,200 | 217,200 |
Reduction in carrying value | 27,500 | 0 |
Debt securities of our captive insurance companies | $ 52,325 | $ 60,855 |
Debt Securities | Securities in captive insurance subsidiary portfolio | Maximum | ||
Equity Instruments and Investments | ||
Short-term investment maturity period | 1 year | |
Investment maturity period | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) |
Fair Value Measurements | ||
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs | item | 0 | |
Level 2 | Recurring | ||
Fair Value Measurements | ||
Interest rate swap agreements and foreign currency forward contracts, gross asset balance | $ 15.8 | $ 6.2 |
Interest rate swap agreements and foreign currency forward contracts, gross liability balance | $ 8.6 | $ 1.5 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Disclosure | ||
Number of reportable segments | 1 | |
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US | ||
Segment Disclosure | ||
Percentage of consolidated long lived assets | 6.90% | 7.10% |
Geographic Concentration Risk | Consolidated revenues | Non-US | ||
Segment Disclosure | ||
Percentage of consolidated total revenue | 3.50% | 3% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred costs and other assets | |||
Deferred lease costs, net | $ 97,553 | $ 109,155 | |
In-place lease intangibles, net | 7,076 | 14,107 | |
Acquired above market lease intangibles, net | 10,696 | 19,171 | |
Marketable securities of our captive insurance companies | 52,325 | 60,855 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 309,212 | 359,459 | |
Prepaids, notes receivable and other assets, net | 662,333 | 538,166 | |
Deferred costs and other assets | 1,159,293 | 1,121,011 | |
Deferred Lease Costs | |||
Deferred lease costs | 312,464 | 358,287 | |
Accumulated amortization | (214,911) | (249,132) | |
Deferred lease costs, net | 97,553 | 109,155 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred leasing costs | $ 39,606 | $ 43,028 | $ 51,349 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $ 15,300 | $ 21,600 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2023 | 4,352 | ||
2024 | 3,421 | ||
2025 | 2,318 | ||
2026 | 1,553 | ||
2027 | 1,246 | ||
Thereafter | 2,451 | ||
Lease intangibles assets, net | 15,341 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2023 | (883) | ||
2024 | (104) | ||
2025 | 841 | ||
2026 | 1,120 | ||
2027 | 1,220 | ||
Thereafter | 2,451 | ||
Lease intangibles assets, net | $ 4,645 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 2 years 10 months 24 days | ||
Amount of amortization expenses | $ 1,700 | 2,700 | $ 1,300 |
Lease intangibles assets, gross | 67,935 | 115,550 | |
Accumulated amortization | (60,859) | (101,443) | |
Lease intangibles assets, net | $ 7,076 | 14,107 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 2 years 6 months | ||
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | $ 130,556 | 133,224 | |
Accumulated amortization | (119,860) | (114,053) | |
Lease intangibles assets, net | 10,696 | $ 19,171 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2023 | (5,235) | ||
2024 | (3,525) | ||
2025 | (1,477) | ||
2026 | (433) | ||
2027 | (26) | ||
Lease intangibles assets, net | $ (10,696) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) DerivativeInstrument | Dec. 31, 2020 USD ($) | Dec. 31, 2022 EUR (€) DerivativeInstrument | Dec. 31, 2022 USD ($) DerivativeInstrument | |
Derivative Financial Instruments | |||||
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument | 0 | 0 | |||
Unamortized gain on treasury locks and terminated hedges | $ 6.9 | $ 10.9 | |||
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year | 1 | ||||
Gross accumulated other comprehensive income (loss) related to derivative activities | (10) | $ 36.5 | |||
Gains (losses) of cumulative translation adjustment | $ 131.7 | $ 176 | $ (198.7) | ||
Interest rate swap | |||||
Derivative Financial Instruments | |||||
Number of Instruments | DerivativeInstrument | 2 | 1 | 1 | ||
Notional Amount | $ 375 | € 128 | |||
Interest rate swap | Deferred costs and other assets | |||||
Derivative Financial Instruments | |||||
Interest rate derivative liabilities, fair value | 0.6 | $ 1.3 | |||
Interest rate cap | |||||
Derivative Financial Instruments | |||||
Number of Instruments | DerivativeInstrument | 5 | 5 | |||
Notional Amount | € | € 319 | ||||
USD-Euro currency forward contract | March 15, 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 60 | ||||
Forward contract net, fair value | 2.8 | ||||
USD-Euro currency forward contract | September 15, 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 62 | ||||
Forward contract net, fair value | 2.8 | ||||
USD-Euro currency forward contract | September 15,2022. | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 44.5 | ||||
Forward contract net, fair value | (0.3) | ||||
USD-Euro currency forward contract | September 15 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 44.5 | ||||
Forward contract net, fair value | (0.4) | ||||
USD-Euro currency forward contract | December 16, 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 89 | ||||
Forward contract net, fair value | (0.8) | ||||
USD-Euro currency forward contract | January 13, 2023 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 50 | ||||
Forward contract net, fair value | $ (2.9) | ||||
USD-Euro currency forward contract | March 15, 2023 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 15 | ||||
Forward contract net, fair value | 0.7 | ||||
USD-Euro currency forward contract | March 15, 2023. | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 15 | ||||
Forward contract net, fair value | 0.7 | ||||
USD-Euro currency forward contract | December 15, 2023 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 50 | ||||
Forward contract net, fair value | (2.8) | ||||
USD-Euro currency forward contract | March 15, 2024 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 30 | ||||
Forward contract net, fair value | 1.3 | ||||
USD-Euro currency forward contract | March 15, 2024. | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 51 | ||||
Forward contract net, fair value | (2.8) | ||||
USD-Euro currency forward contract | April 12, 2023 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | 45 | ||||
Forward contract net, fair value | (0.2) | ||||
USD-Euro currency forward contract | September 15, 2023 | Net Investment Hedging | Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Notional Amount | € | € 44 | ||||
Forward contract net, fair value | (0.1) | ||||
Simon Property Group, L.P. | |||||
Derivative Financial Instruments | |||||
Gross accumulated other comprehensive income (loss) related to derivative activities | $ (11.4) | $ 41.8 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of Significant Accounting Policies | ||
Limited partners' interests in the Operating Partnership | $ 448,076 | $ 477,292 |
Nonredeemable noncontrolling interests in properties, net | 25,052 | 14,241 |
Total noncontrolling interests reflected in equity | $ 473,128 | $ 491,533 |
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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies | |||||||||||
Total accumulated other comprehensive income (loss) | $ (199,500) | $ (175,100) | $ (199,500) | $ (175,100) | $ (136,200) | ||||||
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,647 | 206,855 | (114,960) | ||||||||
Interest expense | (761,253) | (795,712) | (784,400) | ||||||||
Loss on extinguishment of debt | (51,841) | ||||||||||
Net income attributable to noncontrolling interests | (312,850) | (319,076) | (164,760) | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 673,786 | $ 539,038 | $ 496,743 | $ 426,630 | $ 503,241 | $ 679,936 | $ 617,257 | $ 445,860 | 2,136,198 | 2,246,294 | 1,109,227 |
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,660 | (1,739) | |||||||||
Currency translation adjustments, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (712) | 219 | |||||||||
Currency translation adjustments. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 4,948 | (1,520) | |||||||||
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | 1,595 | 1,625 | 1,845 | ||||||||
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (202) | (204) | (232) | ||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 1,393 | $ 1,421 | $ 1,613 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies | |||
Total accumulated other comprehensive income (loss) | $ (199,500) | $ (175,100) | $ (136,200) |
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,647 | 206,855 | (114,960) |
Interest expense | (761,253) | (795,712) | (784,400) |
Simon Property Group, L.P. | |||
Significant Accounting Policies | |||
Total accumulated other comprehensive income (loss) | (228,300) | (200,200) | (155,800) |
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,647 | 206,855 | (114,960) |
Interest expense | (761,253) | (795,712) | (784,400) |
Currency translation adjustments. | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||
Significant Accounting Policies | |||
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,660 | (1,739) | |
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||
Significant Accounting Policies | |||
Interest expense | $ 1,595 | $ 1,625 | $ 1,845 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Management Fees and Other Revenues | |||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $ 85,700 | $ 77,200 | |
Income Taxes | |||
Provision for federal income taxes for REIT entities | 0 | ||
Deferred Tax Liabilities, Net | 278,300 | 259,300 | |
Cash paid income taxes | $ 53,241 | $ 102,454 | $ 20,046 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Simon Property Group Acquisition Holdings, Inc. - (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 23, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Holdings [Line Items] | ||||
Gain (loss) on exchange of equity interests | $ (10,200) | $ 121,177 | $ 178,672 | |
Simon Property Group Acquisition Holdings, Inc | ||||
Investment Holdings [Line Items] | ||||
Gross proceeds from the special purpose acquisition company IPO | $ 345,000 |
Real Estate Acquisitions and _2
Real Estate Acquisitions and Dispositions (Details) $ in Thousands | 12 Months Ended | |||
Jun. 17, 2022 USD ($) | Oct. 01, 2020 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | |
Acquisitions | ||||
Variable mortgage loan | $ 2,286,583 | $ 1,956,456 | ||
Dispositions | ||||
Mortgages and unsecured indebtedness | 24,960,286 | 25,321,022 | ||
Simon Property Group, L.P. | ||||
Dispositions | ||||
Mortgages and unsecured indebtedness | $ 24,960,286 | 25,321,022 | ||
Gloucester Premium Outlets | ||||
Acquisitions | ||||
Cash purchase price for acquisition | $ 14,000 | |||
Gloucester Premium Outlets | Mortgage 3.29 Percent Interest | ||||
Acquisitions | ||||
Variable mortgage loan | $ 85,700 | |||
Variable rate of interest | 3.29% | |||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | ||||
Dispositions | ||||
Nets gains on disposition | $ 176,800 | |||
Number of properties disposed of during the period | property | 3 | |||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $180M Mortgage | ||||
Dispositions | ||||
Mortgages and unsecured indebtedness | $ 180,000 | |||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $120.9M Mortgage | ||||
Dispositions | ||||
Mortgages and unsecured indebtedness | 120,900 | |||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $100M Mortgage | ||||
Dispositions | ||||
Mortgages and unsecured indebtedness | $ 100,000 | |||
Consolidated properties | Retail properties | Disposed by Sales | ||||
Dispositions | ||||
Number of properties disposed of during the period | property | 1 | 1 | ||
Proceeds from sale and disposal | $ 59,000 | |||
Gain (loss) on disposition of interest in properties | $ 12,300 | $ (15,600) | ||
Consolidated properties | Retail properties | Disposed by Sales | Cross Collateralized Mortgage | ||||
Dispositions | ||||
Debt repaid | $ 33,400 |
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 | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Per Share And Per Unit Data | |||||||||||
Net Income attributable to Common Stockholders - Basic | $ 673,786 | $ 539,038 | $ 496,743 | $ 426,630 | $ 503,241 | $ 679,936 | $ 617,257 | $ 445,860 | $ 2,136,198 | $ 2,246,294 | $ 1,109,227 |
Net Income attributable to Common Stockholders - Diluted | $ 2,136,198 | $ 2,246,294 | $ 1,109,227 | ||||||||
Weighted Average Shares Outstanding - Basic | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 327,816,695 | 328,587,137 | 308,737,625 |
Weighted Average Shares Outstanding - Diluted | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 327,816,695 | 328,587,137 | 308,737,625 |
Dividends | |||||||||||
Total dividends/distributions paid per common share/unit | $ 6.90 | $ 5.85 | $ 6 | ||||||||
Percent taxable as ordinary income | 98.60% | 93.10% | 97.40% | ||||||||
Percent taxable as long-term capital gains | 1.40% | 6.90% | 2.60% | ||||||||
Total percentage of dividends paid | 100% | 100% | 100% | ||||||||
Simon Property Group, L.P. | |||||||||||
Per Share And Per Unit Data | |||||||||||
Net Income attributable to Common Stockholders - Basic | $ 771,195 | $ 616,918 | $ 568,289 | $ 487,993 | $ 575,596 | $ 777,740 | $ 706,087 | $ 510,085 | $ 2,444,395 | $ 2,569,508 | $ 1,276,450 |
Net Income attributable to Common Stockholders - Diluted | $ 2,444,395 | $ 2,569,508 | $ 1,276,450 | ||||||||
Weighted Average Shares Outstanding - Basic | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 375,111,997 | 375,866,759 | 355,281,882 |
Weighted Average Shares Outstanding - Diluted | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 375,111,997 | 375,866,759 | 355,281,882 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property |
Investment in Unconsolidated Entities | ||
Total number of joint venture properties | property | 82 | 84 |
Construction and other related party loans | ||
Investment in Unconsolidated Entities | ||
Loans to related party | $ | $ 112 | $ 88.4 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 19, 2022 USD ($) | Dec. 20, 2021 USD ($) | Jun. 01, 2021 USD ($) | Dec. 29, 2020 USD ($) property $ / shares shares | Dec. 07, 2020 USD ($) | Feb. 19, 2020 USD ($) item | Dec. 31, 2022 USD ($) property | Jan. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) property | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) item | Mar. 31, 2021 USD ($) | Sep. 30, 2020 USD ($) item | Dec. 31, 2019 USD ($) | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2016 item | |
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Mortgages | $ 24,960,286 | $ 24,960,286 | $ 25,321,022 | $ 24,960,286 | $ 25,321,022 | |||||||||||||||||
Payments for acquisitions | 203,364 | 257,080 | $ 3,606,694 | |||||||||||||||||||
Total assets | 33,011,274 | 33,011,274 | 33,777,379 | 33,011,274 | 33,777,379 | |||||||||||||||||
Total liabilities | 29,187,383 | 29,187,383 | 29,376,654 | 29,187,383 | 29,376,654 | |||||||||||||||||
Noncontrolling interests | 473,128 | 473,128 | 491,533 | 473,128 | 491,533 | |||||||||||||||||
Total revenue | 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | 5,291,447 | 5,116,789 | 4,607,503 | |||||||||||
Operating income before other items | 684,205 | 652,196 | 626,761 | 620,391 | 591,533 | 612,324 | 604,723 | 604,612 | 2,583,553 | 2,413,190 | 1,971,809 | |||||||||||
Consolidated net income | 772,748 | $ 621,847 | $ 569,480 | $ 488,310 | 573,730 | 778,648 | 705,869 | $ 510,460 | 2,452,385 | 2,568,707 | 1,277,324 | |||||||||||
Gain (loss) on exchange of equity interests | (10,200) | 121,177 | 178,672 | |||||||||||||||||||
TRG | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Total assets | 3,555,686 | 3,555,686 | 3,981,054 | 3,555,686 | 3,981,054 | |||||||||||||||||
Total liabilities | 4,356,406 | 4,356,406 | 4,785,011 | 4,356,406 | 4,785,011 | |||||||||||||||||
Noncontrolling interests | 163,293 | 163,293 | 155,868 | 163,293 | 155,868 | |||||||||||||||||
Total revenue | 693,835 | 600,426 | ||||||||||||||||||||
Operating income before other items | 254,395 | 197,074 | ||||||||||||||||||||
Consolidated net income | 164,072 | 97,361 | ||||||||||||||||||||
Our Share of Net Income | 129,065 | 78,370 | ||||||||||||||||||||
Amortization of Excess Investment | (189,629) | (196,072) | ||||||||||||||||||||
Other Platform Investments | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Total assets | 12,897,980 | 12,897,980 | 9,083,440 | 12,897,980 | 9,083,440 | |||||||||||||||||
Total liabilities | 10,521,772 | 10,521,772 | 6,916,595 | 10,521,772 | 6,916,595 | |||||||||||||||||
Noncontrolling interests | 362,652 | 362,652 | 281,024 | 362,652 | 281,024 | |||||||||||||||||
Total revenue | 14,895,379 | 14,454,661 | 3,450,029 | |||||||||||||||||||
Operating income before other items | 972,360 | 1,550,358 | 397,845 | |||||||||||||||||||
Consolidated net income | 738,255 | 1,400,632 | 323,887 | |||||||||||||||||||
Our Share of Net Income | 238,412 | 402,658 | 46,984 | |||||||||||||||||||
Amortization of Excess Investment | (6,659) | (7,546) | (7,442) | |||||||||||||||||||
Simon Property Group, L.P. | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Mortgages | 24,960,286 | 24,960,286 | 25,321,022 | 24,960,286 | 25,321,022 | |||||||||||||||||
Payments for acquisitions | 203,364 | 257,080 | 3,606,694 | |||||||||||||||||||
Total assets | 33,011,274 | 33,011,274 | 33,777,379 | 33,011,274 | 33,777,379 | |||||||||||||||||
Total liabilities | $ 29,187,383 | $ 29,187,383 | 29,376,654 | 29,187,383 | 29,376,654 | |||||||||||||||||
Total revenue | 5,291,447 | 5,116,789 | 4,607,503 | |||||||||||||||||||
Operating income before other items | 2,583,553 | 2,413,190 | 1,971,809 | |||||||||||||||||||
Consolidated net income | 2,452,385 | 2,568,707 | $ 1,277,324 | |||||||||||||||||||
Gain (loss) on exchange of equity interests | $ 121,177 | 178,672 | ||||||||||||||||||||
Jamestown | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest acquired (as a percent) | 50% | |||||||||||||||||||||
Payments for acquisitions | $ 173,400 | |||||||||||||||||||||
TRG | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest acquired (as a percent) | 80% | |||||||||||||||||||||
Ownership interest (as a percent) | 80% | 80% | 80% | |||||||||||||||||||
Number of regional, super regional and outlet malls | property | 24 | 24 | 24 | 24 | ||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 43 | |||||||||||||||||||||
Payments for acquisitions | $ 3,500,000 | |||||||||||||||||||||
Aggregate investment in ventures | $ 3,074,345 | $ 3,074,345 | 3,305,102 | $ 3,074,345 | 3,305,102 | |||||||||||||||||
Amortization of Excess Investment | 52,400 | |||||||||||||||||||||
TRG | Series J Cumulative Preferred Shares | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Redemption of preferred shares | $ 192,500 | |||||||||||||||||||||
Preferred stock stated dividend rate (as a percent) | 6.50% | |||||||||||||||||||||
TRG | Series K Cumulative Preferred Shares | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Redemption of preferred shares | $ 170,000 | |||||||||||||||||||||
Preferred stock stated dividend rate (as a percent) | 6.25% | |||||||||||||||||||||
TRG | Series A Cumulative Preferred Shares | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Preferred stock stated dividend rate (as a percent) | 6.38% | |||||||||||||||||||||
Issuance of preferred units | $ 362,500 | |||||||||||||||||||||
TRG | Simon Property Group, L.P. | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Number of units issued in connection with acquisition | shares | 955,705 | |||||||||||||||||||||
Aggregate investment in ventures | $ 3,074,345 | $ 3,074,345 | 3,305,102 | $ 3,074,345 | $ 3,305,102 | |||||||||||||||||
Eddie Bauer | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest (as a percent) | 49% | |||||||||||||||||||||
Payments for acquisitions | $ 100,800 | |||||||||||||||||||||
J.C. Penny Department Store | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest (as a percent) | 41.67% | |||||||||||||||||||||
Payments for acquisitions | $ 125,000 | |||||||||||||||||||||
Three Joint Venture Properties | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Number of joint ventures properties impaired | item | 3 | |||||||||||||||||||||
Impairment charge to reduce investment to its estimated fair value | $ 55,200 | |||||||||||||||||||||
Forever 21 | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest (as a percent) | 50% | |||||||||||||||||||||
Payments for acquisitions | $ 56,300 | |||||||||||||||||||||
Number of joint ventures | item | 2 | |||||||||||||||||||||
Aggregate investment in ventures | $ 67,600 | |||||||||||||||||||||
Bargain purchase gain | $ 35,000 | |||||||||||||||||||||
Additional noncontrolling interest purchased | 12.50% | |||||||||||||||||||||
Forever 21 | ABG | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest (as a percent) | 50% | |||||||||||||||||||||
Additional noncontrolling interest purchased | 12.50% | |||||||||||||||||||||
SPARC Group | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Number of joint ventures | item | 2 | |||||||||||||||||||||
SPARC Group Retail Operations | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest (as a percent) | 50% | 50% | 50% | |||||||||||||||||||
Payments for acquisitions | $ 6,700 | |||||||||||||||||||||
Additional noncontrolling interest purchased | 5.05% | |||||||||||||||||||||
ABG | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Ownership interest (as a percent) | 12.30% | 12.30% | 12.30% | |||||||||||||||||||
Payments for acquisitions | $ 100,000 | $ 33,500 | ||||||||||||||||||||
Aggregate investment in ventures | 98,800 | 102,700 | ||||||||||||||||||||
Additional noncontrolling interest purchased | 1.37% | |||||||||||||||||||||
Gain (loss) on exchange of equity interests | $ 159,000 | 159,800 | ||||||||||||||||||||
Deferred Taxes | $ 39,700 | 39,700 | $ 47,900 | $ 39,700 | ||||||||||||||||||
Pre-tax gain | 18,800 | |||||||||||||||||||||
Tax expense | $ 8,000 | |||||||||||||||||||||
HBS | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Impairment charge to reduce investment to its estimated fair value | $ 36,100 | $ 47,200 | ||||||||||||||||||||
Unconsolidated properties | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Number of joint ventures properties impaired | item | 3 | |||||||||||||||||||||
Impairment charge to reduce investment to its estimated fair value | $ 55,200 | |||||||||||||||||||||
Unconsolidated properties | Disposed by Sales | Retail properties | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Proceeds from sale or disposal of real estate assets | 3,000 | |||||||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 3,400 | |||||||||||||||||||||
Unconsolidated properties | Disposed by Sales | Multi family residential property | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Proceeds from sale or disposal of real estate assets | 27,100 | |||||||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 14,900 | |||||||||||||||||||||
Number of properties disposed of during the period | item | 1 | |||||||||||||||||||||
Unconsolidated properties | Discontinued Operations, Disposed of by Means Other than Sale [Member] | Retail properties | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Number of properties disposed of during the period | property | 2 | |||||||||||||||||||||
Gain on interest in unconsolidated entities | $ 19,900 | |||||||||||||||||||||
Unconsolidated properties | Discontinued Operations, Disposed of by Means Other than Sale [Member] | Retail properties | Non-recourse $99.6M Mortgage | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Mortgages | 99,600 | 99,600 | 99,600 | |||||||||||||||||||
Unconsolidated properties | Discontinued Operations, Disposed of by Means Other than Sale [Member] | Retail properties | Non-recourse $83.1M Mortgage | ||||||||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||||||
Mortgages | $ 83,100 | $ 83,100 | $ 83,100 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) property $ / shares shares | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) property $ / shares shares | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) property | Jan. 01, 2021 USD ($) | |
Investment in Unconsolidated Entities | ||||||||||||
Total assets | $ 33,011,274 | $ 33,777,379 | $ 33,011,274 | $ 33,777,379 | ||||||||
Total liabilities | 29,187,383 | 29,376,654 | 29,187,383 | 29,376,654 | ||||||||
Noncontrolling interests | 473,128 | 491,533 | 473,128 | 491,533 | ||||||||
Total revenue | 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | 5,291,447 | 5,116,789 | $ 4,607,503 | |
Operating income before other items | 684,205 | 652,196 | 626,761 | 620,391 | 591,533 | 612,324 | 604,723 | 604,612 | 2,583,553 | 2,413,190 | 1,971,809 | |
Consolidated Net Income | 772,748 | $ 621,847 | $ 569,480 | $ 488,310 | 573,730 | $ 778,648 | $ 705,869 | 510,460 | 2,452,385 | 2,568,707 | $ 1,277,324 | |
Klepierre | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Investment, in equity | $ 1,561,112 | $ 1,661,943 | $ 1,561,112 | $ 1,661,943 | ||||||||
European Joint Venture | Designer Outlet properties | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Number of properties | property | 11 | 11 | 11 | 11 | 10 | |||||||
European Joint Venture | Designer Outlet properties | Minimum | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interest (as a percent) | 23% | 23% | ||||||||||
European Joint Venture | Designer Outlet properties | Maximum | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interest (as a percent) | 94% | 94% | ||||||||||
European Property Management and Development | Designer Outlet properties | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interest (as a percent) | 50% | 50% | ||||||||||
Europe | Klepierre | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Total assets | $ 16,016,137 | $ 18,137,100 | $ 16,016,137 | $ 18,137,100 | ||||||||
Total liabilities | 10,074,502 | 11,854,151 | 10,074,502 | 11,854,151 | ||||||||
Noncontrolling interests | $ 1,226,734 | 1,320,001 | 1,226,734 | 1,320,001 | ||||||||
Total revenue | 1,308,409 | 1,240,277 | $ 1,306,221 | |||||||||
Operating income before other items | 590,829 | 380,470 | 327,331 | |||||||||
Consolidated Net Income | 581,075 | 848,104 | 211,153 | |||||||||
Our Share of Net Income | 116,084 | 164,575 | 36,832 | |||||||||
Amortization of Excess Investment | $ (13,937) | (19,444) | (10,289) | |||||||||
Europe | Outlet Center In Ochtrup | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Investment, in equity | $ 48,700 | |||||||||||
Non-cash gain on remeasurement of equity interest to fair value | $ 3,700 | |||||||||||
Mortgage debt assumed | $ 47,100 | |||||||||||
Europe | Designer Outlet properties | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Number of properties consolidated by entity | property | 7 | 7 | ||||||||||
Europe | Klepierre | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Shares owned | shares | 63,924,148 | 63,924,148 | ||||||||||
Ownership interest (as a percent) | 22.40% | 22.40% | ||||||||||
Quoted market price per share (in dollars per share) | $ / shares | $ 23.04 | $ 23.04 | ||||||||||
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities | $ 1,300 | 1,200 | $ (4,300) | |||||||||
Non cash gain due to setup of tax basis of assets | 118,400 | |||||||||||
Europe | Value Retail PLC | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Number of luxury outlets owned and operated | property | 9 | 9 | ||||||||||
Number of outlets in which the entity has a minority direct ownership | property | 3 | 3 | ||||||||||
Europe | Value Retail PLC | Deferred costs and other assets | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Value of equity instruments | $ 140,800 | $ 140,800 | $ 140,800 | $ 140,800 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Japan | Mitsubishi Estate Co., Ltd. | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 40% | 40% |
Our net (deficit) Investment in unconsolidated entities, at equity | $ 206.3 | $ 206.1 |
South Korea | Shinsegae International Co | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 50% | 50% |
Our net (deficit) Investment in unconsolidated entities, at equity | $ 199.5 | $ 194.9 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS: | ||
Investment properties, at cost | $ 38,326,912 | $ 37,932,366 |
Less - accumulated depreciation | 16,563,749 | 15,621,127 |
Investment properties, at cost, net | 21,763,163 | 22,311,239 |
Cash and cash equivalents | 621,628 | 533,936 |
Tenant receivables and accrued revenue, net | 823,540 | 919,654 |
Right-of-use assets, net | 496,930 | 504,119 |
Deferred costs and other assets | 1,159,293 | 1,121,011 |
Total assets | 33,011,274 | 33,777,379 |
Liabilities and Partners' Deficit: | ||
Mortgages | 24,960,286 | 25,321,022 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,491,583 | 1,433,216 |
Lease liabilities | 497,953 | 506,931 |
Other liabilities | 535,736 | 540,912 |
Total liabilities | 29,187,383 | 29,376,654 |
Preferred units | 212,239 | 547,740 |
Total liabilities and equity | 33,011,274 | 33,777,379 |
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | ||
Our Share of: | ||
Partners' deficit | (1,232,086) | (1,207,396) |
Add: Excess Investment | 1,219,117 | 1,283,645 |
Our net (deficit) Investment in unconsolidated entities, at equity | (12,969) | 76,249 |
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | ||
ASSETS: | ||
Investment properties, at cost | 19,256,108 | 19,724,242 |
Less - accumulated depreciation | 8,490,990 | 8,330,891 |
Investment properties, at cost, net | 10,765,118 | 11,393,351 |
Cash and cash equivalents | 1,445,353 | 1,481,287 |
Tenant receivables and accrued revenue, net | 546,025 | 591,369 |
Right-of-use assets, net | 143,526 | 154,561 |
Deferred costs and other assets | 482,375 | 394,691 |
Total assets | 13,382,397 | 14,015,259 |
Liabilities and Partners' Deficit: | ||
Mortgages | 14,569,921 | 15,223,710 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 961,984 | 995,392 |
Lease liabilities | 133,096 | 158,372 |
Other liabilities | 446,064 | 383,018 |
Total liabilities | 16,111,065 | 16,760,492 |
Preferred units | 67,450 | 67,450 |
Partners' deficit | (2,796,118) | (2,812,683) |
Total liabilities and equity | $ 13,382,397 | $ 14,015,259 |
Unconsolidated properties | Maximum | ||
Our Share of: | ||
Estimated life of investment property | 40 years |
Investments in Unconsolidated_8
Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Scheduled principal repayments on mortgage indebtedness | ||
2023 | $ 1,342,656 | |
2024 | 3,331,015 | |
2025 | 2,657,375 | |
2026 | 3,936,750 | |
2027 | 3,265,832 | |
Thereafter | 10,501,408 | |
Total principal maturities | 25,035,036 | |
Debt issuance costs | (108,210) | $ (124,159) |
Total mortgages | 24,960,286 | 25,321,022 |
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | Unconsolidated properties | ||
Scheduled principal repayments on mortgage indebtedness | ||
2023 | 1,277,532 | |
2024 | 2,756,370 | |
2025 | 1,853,644 | |
2026 | 2,989,001 | |
2027 | 2,306,171 | |
Thereafter | 3,424,158 | |
Total principal maturities | 14,606,876 | |
Debt issuance costs | (36,955) | |
Total mortgages | $ 14,569,921 | $ 15,223,710 |
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | Unconsolidated properties | ||
Scheduled principal repayments on mortgage indebtedness | ||
Weighted average interest rate (as a percent) | 4.32% | |
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | Unconsolidated properties | Minimum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 0.16% | |
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | Unconsolidated properties | Maximum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 13.92% |
Investments in Unconsolidated_9
Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE: | |||||||||||
Lease income | $ 4,905,175 | $ 4,736,719 | $ 4,302,367 | ||||||||
Other income | 269,368 | 273,587 | 208,254 | ||||||||
Total revenue | $ 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | $ 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | 5,291,447 | 5,116,789 | 4,607,503 |
EXPENSES: | |||||||||||
Property operating | 464,135 | 415,720 | 349,154 | ||||||||
Depreciation and amortization | 1,227,371 | 1,262,715 | 1,318,008 | ||||||||
Real estate taxes | 443,224 | 458,953 | 457,142 | ||||||||
Repairs and maintenance | 93,595 | 96,391 | 80,858 | ||||||||
Advertising and promotion | 107,793 | 114,303 | 98,613 | ||||||||
Other | 152,213 | 140,518 | 137,679 | ||||||||
Total operating expenses | 2,707,894 | 2,703,599 | 2,635,694 | ||||||||
OPERATING INCOME BEFORE OTHER ITEMS | 684,205 | 652,196 | 626,761 | 620,391 | 591,533 | 612,324 | 604,723 | 604,612 | 2,583,553 | 2,413,190 | 1,971,809 |
Interest expense | (761,253) | (795,712) | (784,400) | ||||||||
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | 5,647 | 206,855 | (114,960) | ||||||||
CONSOLIDATED NET INCOME | $ 772,748 | $ 621,847 | $ 569,480 | $ 488,310 | $ 573,730 | $ 778,648 | $ 705,869 | $ 510,460 | 2,452,385 | 2,568,707 | 1,277,324 |
Income from Unconsolidated Entities | 647,977 | 782,837 | 219,870 | ||||||||
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | |||||||||||
EXPENSES: | |||||||||||
Third-Party Investors' Share of Net Income | 423,816 | 333,304 | 226,364 | ||||||||
Our Share of Net Income | 383,619 | 334,757 | 227,452 | ||||||||
Amortization of Excess Investment | (60,109) | (64,974) | (82,097) | ||||||||
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements | (14,941) | ||||||||||
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net | (2,532) | (541) | |||||||||
Income from Unconsolidated Entities | 320,978 | 254,301 | 145,355 | ||||||||
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | |||||||||||
REVENUE: | |||||||||||
Lease income | 2,894,611 | 2,797,221 | 2,544,134 | ||||||||
Other income | 341,923 | 319,956 | 300,634 | ||||||||
Total revenue | 3,236,534 | 3,117,177 | 2,844,768 | ||||||||
EXPENSES: | |||||||||||
Property operating | 605,018 | 575,584 | 519,979 | ||||||||
Depreciation and amortization | 666,762 | 686,790 | 692,424 | ||||||||
Real estate taxes | 246,707 | 263,325 | 262,351 | ||||||||
Repairs and maintenance | 81,522 | 79,300 | 68,722 | ||||||||
Advertising and promotion | 74,776 | 72,441 | 67,434 | ||||||||
Other | 205,405 | 200,899 | 163,710 | ||||||||
Total operating expenses | 1,880,190 | 1,878,339 | 1,774,620 | ||||||||
OPERATING INCOME BEFORE OTHER ITEMS | 1,356,344 | 1,238,838 | 1,070,148 | ||||||||
Interest expense | (599,245) | (605,591) | (616,332) | ||||||||
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | 50,336 | 34,814 | |||||||||
CONSOLIDATED NET INCOME | $ 807,435 | $ 668,061 | $ 453,816 |
Indebtedness - Narrative (Detai
Indebtedness - Narrative (Details) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Nov. 17, 2022 USD ($) | Nov. 17, 2022 EUR (€) | Nov. 16, 2022 USD ($) | Nov. 16, 2022 EUR (€) | Jan. 12, 2022 USD ($) | Jan. 11, 2022 USD ($) | Dec. 14, 2021 USD ($) item | Mar. 23, 2021 USD ($) | Feb. 02, 2021 USD ($) | Jan. 27, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) property item | Dec. 31, 2021 USD ($) | Jan. 01, 2023 EUR (€) | Dec. 31, 2022 EUR (€) property item | Aug. 18, 2021 USD ($) | Mar. 19, 2021 USD ($) | Mar. 19, 2021 EUR (€) | Jan. 21, 2021 USD ($) | Dec. 15, 2020 USD ($) | |
Debt | ||||||||||||||||||||
Debt issuance costs | $ 108,210 | $ 124,159 | ||||||||||||||||||
Other Debt Obligations | 63,445 | 63,445 | ||||||||||||||||||
Long-term debt | 24,960,286 | 25,321,022 | ||||||||||||||||||
Loss on debt extinguishment | 51,841 | |||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate debt | 22,610,258 | 23,301,121 | ||||||||||||||||||
Net unamortized debt premium | 20,909 | |||||||||||||||||||
Net discounts | 50,894 | |||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | 2,286,583 | 1,956,456 | ||||||||||||||||||
Interest rate swap | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Notional Amount | 375,000 | € 128 | ||||||||||||||||||
Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | 24,960,286 | 25,321,022 | ||||||||||||||||||
Loss on debt extinguishment | 51,841 | |||||||||||||||||||
Supplemental Facility | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Extinguishment of debt, amount | $ 1,160,000 | |||||||||||||||||||
Number of mortgages extinguished | item | 9 | |||||||||||||||||||
Loss on debt extinguishment | $ 20,300 | |||||||||||||||||||
Secured Debt | Mortgages | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | $ 5,500,000 | 5,400,000 | ||||||||||||||||||
Debt covenants | ||||||||||||||||||||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item | 38 | |||||||||||||||||||
Number of properties pledged as collateral | property | 41 | |||||||||||||||||||
Number of cross-defaulted and cross-collateralized mortgage pools | item | 2 | 2 | ||||||||||||||||||
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property | 5 | 5 | ||||||||||||||||||
Secured Debt | Fixed Rate Mortgages | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | $ 11,194 | 14,619 | ||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate debt | 4,580,799 | 4,546,614 | ||||||||||||||||||
Net unamortized debt premium | $ 2,436 | 2,892 | ||||||||||||||||||
Weighted average maturity period, fixed-rate debt | 3 years 8 months 12 days | |||||||||||||||||||
Secured Debt | Fixed Rate Mortgages | Weighted average | ||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate of interest | 3.75% | 3.75% | ||||||||||||||||||
Secured Debt | Variable Rate Mortgages | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | $ 5,336 | 4,354 | ||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | $ 874,442 | 803,495 | ||||||||||||||||||
Weighted average maturity period, variable-rate debt | 1 year 8 months 12 days | |||||||||||||||||||
Secured Debt | Variable Rate Mortgages | Weighted average | ||||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable rate of interest | 5.14% | 5.14% | ||||||||||||||||||
Unsecured Debt | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Loss on debt extinguishment | $ 28,600 | |||||||||||||||||||
Unsecured Debt | Senior unsecured notes | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | $ 76,058 | 83,147 | ||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate debt | 18,029,459 | 18,254,507 | ||||||||||||||||||
Net discounts | $ 32,421 | 30,964 | ||||||||||||||||||
Weighted average maturity period, fixed-rate debt | 9 years 1 month 6 days | |||||||||||||||||||
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | $ 18,600,000 | |||||||||||||||||||
Debt repaid | $ 777,100 | € 750 | ||||||||||||||||||
Unsecured Debt | Senior unsecured notes | Weighted average | ||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate of interest | 2.99% | 2.99% | ||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.50% due 2021 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount of debt redeemed | $ 550,000 | |||||||||||||||||||
Interest rate (as a percent) | 2.50% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing February 2032 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 700,000 | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 500,000 | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 43% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing February 2028 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 800,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 1.75% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing February 2031 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 700,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 2.20% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2027 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 550,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 1.375% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2032 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 700,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 2.65% | 2.25% | ||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.35% Due January 30, 2022 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount of debt redeemed | $ 550,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 2.35% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.625% Due June 15, 2022 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount of debt redeemed | $ 600,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 2.625% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.75% Due February 1, 2023 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount of debt redeemed | $ 500,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 2.75% | |||||||||||||||||||
Unsecured Debt | Senior unsecured notes 1.125% due March 19,2033 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 893,000 | € 750 | ||||||||||||||||||
Interest rate on debt (as a percent) | 1.125% | 1.125% | ||||||||||||||||||
Unsecured Debt | Commercial Paper | ||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate debt | 500,000 | |||||||||||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | $ 0 | |||||||||||||||||||
Maximum borrowing capacity | 2,000,000 | |||||||||||||||||||
Unsecured Debt | Credit Facilities | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | 15,622 | 22,039 | ||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | 1,412,141 | $ 1,152,961 | ||||||||||||||||||
Unsecured Debt | Credit Facilities | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Available borrowing capacity | 6,600,000 | |||||||||||||||||||
Maximum amount outstanding during period | 1,200,000 | |||||||||||||||||||
Letters of credit outstanding | 10,000 | |||||||||||||||||||
Unsecured Debt | Term loan | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | $ 0 | |||||||||||||||||||
Delayed-draw term loan | $ 2,000,000 | |||||||||||||||||||
Debt repaid | $ 1,250,000 | $ 750,000 | ||||||||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Credit facility, amount outstanding | 125,000 | |||||||||||||||||||
Maximum borrowing capacity | 4,000,000 | |||||||||||||||||||
Additional borrowing capacity | $ 1,000,000 | |||||||||||||||||||
Additional extension period | item | 2 | |||||||||||||||||||
Debt extension period | 6 months | |||||||||||||||||||
Optional expanded maximum borrowing capacity | $ 5,000,000 | |||||||||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | Fed Funds Effective Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.50% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | Adjusted Term One-Month SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 1% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.725% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.65% | |||||||||||||||||||
Facility fee (in percentage) | 0.10% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 95% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.40% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 1.40% | |||||||||||||||||||
Facility fee (in percentage) | 0.30% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount drawn | $ 779,000 | € 750 | $ 1,050,000 | |||||||||||||||||
Credit facility, amount outstanding | $ 802,800 | |||||||||||||||||||
Maximum borrowing capacity | 3,500,000 | |||||||||||||||||||
Credit facility, amount repaid | $ 1,050,000 | |||||||||||||||||||
Optional expanded maximum borrowing capacity | $ 4,500,000 | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Interest rate swap | Subsequent Event | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Notional Amount | € | € 750 | |||||||||||||||||||
Fixed exchange rate | 3.81% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Fed Funds Effective Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate on debt (as a percent) | 0.50% | 0.50% | ||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Adjusted Term One-Month SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 1% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.725% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0% | |||||||||||||||||||
Facility fee (in percentage) | 0.10% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.65% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 100% | |||||||||||||||||||
Interest rate (as a percent) | 0.40% | |||||||||||||||||||
Facility fee (in percentage) | 0.30% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 1.40% | |||||||||||||||||||
Supplemental Facility | Credit Facilities | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Credit facility, weighted average amount outstanding | $ 260,700 |
Indebtedness - Maturity (Detail
Indebtedness - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Maturity and Other | ||
2023 | $ 1,342,656 | |
2024 | 3,331,015 | |
2025 | 2,657,375 | |
2026 | 3,936,750 | |
2027 | 3,265,832 | |
Thereafter | 10,501,408 | |
Total principal maturities | 25,035,036 | |
Net unamortized debt premium | 20,909 | |
Net unamortized debt discount | (50,894) | |
Debt issuance costs, net | (108,210) | $ (124,159) |
Other Debt Obligations | 63,445 | 63,445 |
Total mortgages | $ 24,960,286 | $ 25,321,022 |
Indebtedness - Debt Issuance Co
Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt | |||
Cash paid for interest | $ 763,203 | $ 822,182 | $ 754,306 |
Debt issuance cost | |||
Debt issuance costs | 210,893 | 227,774 | |
Accumulated amortization | (102,683) | (103,615) | |
Debt issuance costs | 108,210 | 124,159 | |
Amortization of Debt Issuance Costs and Discounts | |||
Amortization of debt issuance costs | 26,113 | 24,794 | 23,076 |
Amortization of debt discounts/(premiums) | $ 7 | $ 168 | $ 174 |
Indebtedness - Fair Value (Deta
Indebtedness - Fair Value (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fixed rate mortgages and unsecured indebtedness | Book value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 22,600 | $ 23,300 |
Fixed rate mortgages and unsecured indebtedness | Fair value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 20,020 | $ 24,597 |
Discount Rate | Weighted average | Fixed rate mortgages | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 6.10 | 3.17 |
Discount Rate | Weighted average | Unsecured Debt | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 5.87 | 3.33 |
Equity - Common Stock and Unit
Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
May 16, 2022 USD ($) | Dec. 29, 2020 shares | Nov. 18, 2020 USD ($) $ / shares shares | Feb. 11, 2019 USD ($) | Dec. 31, 2022 USD ($) Vote item director person $ / shares shares | Dec. 31, 2021 USD ($) person shares | Dec. 31, 2020 $ / shares shares | |
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) | 2,680 | 58,571 | 293,204 | ||||
Redemption of units | 14,740 | 15,705 | 116,658 | ||||
Public offering of common stock, shares | 22,137,500 | 22,137,500 | |||||
Proceeds from issuance of common stock | $ | $ 1,600 | ||||||
Share Price | $ / shares | $ 72.50 | ||||||
Common stock authorized for repurchase | $ | $ 2,000 | $ 2,000 | |||||
Period common stock is authorized to repurchase | 2 years | 2 years | |||||
Shares repurchased (in shares) | 1,830,022 | 1,245,654 | |||||
Average share price repurchased (in dollars per share) | $ / shares | $ 98.57 | $ 122.50 | |||||
Simon Property Group, L.P. | |||||||
Equity | |||||||
Redemption of units | 14,740 | 15,705 | 116,658 | ||||
Public offering of common stock, shares | 22,137,500 | ||||||
TRG | |||||||
Equity | |||||||
Ownership interest acquired (as a percent) | 80% | ||||||
TRG | Simon Property Group, L.P. | |||||||
Equity | |||||||
Number of units issued in connection with acquisition | 955,705 | ||||||
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 | Vote | 2 | ||||||
Common Stock. | |||||||
Equity | |||||||
Number of votes entitled per share to holders of common stock | Vote | 1 | ||||||
Limited Partners | Simon Property Group, L.P. | |||||||
Equity | |||||||
Exchange of limited partner units, (in shares) | 2,680 | 58,571 | |||||
Redemption of units | 14,740 | 15,705 | |||||
Number of limited partners whose common stock redeemed | person | 3 | 7 | |||||
Value of units redeemed | $ | $ 1.9 | $ 2.2 | |||||
Number of limited partners who received common stock | person | 2 | 7 | |||||
Maximum | Class B common stock | |||||||
Equity | |||||||
Number of members of board of directors elected under entitlement of right | director | 4 |
Equity - Temporary Equity (Deta
Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) item $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 212,239 | $ 547,740 |
Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 212,239 | $ 547,740 |
7.5% Cumulative Redeemable Preferred Units | ||
Redeemable preferred stock | ||
Number of series of units classified into temporary equity | item | 1 | |
Noncontrolling interests redeemable at amounts in excess of fair value | 0 | 0 |
Preferred stock stated dividend rate (as a percent) | 7.50% | 7.50% |
Temporary equity, shares authorized | shares | 260,000 | 260,000 |
Temporary equity, shares issued | shares | 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 | $ 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 (as a percent) | 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 | $ 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 | $ 186,702 | 522,203 |
Other noncontrolling redeemable interest | Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 186,702 | $ 522,203 |
Equity - Permanent Equity (Deta
Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate (as a percent) | 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 | $ 1.6 | $ 1.9 |
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 (as a percent) | 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 | $ 1.6 | $ 1.9 |
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) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 18, 2022 $ / shares | Mar. 11, 2022 $ / shares | Mar. 31, 2022 shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2022 USD ($) item $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Exchange Rights | |||||||
Limited partners units, exchange ratio | item | 1 | ||||||
Common stock reserved for possible conversion (in shares) | shares | 54,305,552 | ||||||
Restricted stock | |||||||
Stock-based incentive plan awards | |||||||
Shares of restricted stock awarded during the year, net of forfeitures | shares | 160,259 | 42,036 | 150,703 | ||||
Weighted average fair value of shares granted during the year (in dollars per share) | $ / shares | $ 129.62 | $ 117.52 | $ 50.31 | ||||
Compensation expense, net of capitalization | $ 9,583,000 | $ 8,817,000 | $ 10,305,000 | ||||
Restricted Stock and Restricted Stock Units | Minimum | |||||||
Stock-based incentive plan awards | |||||||
Vesting service period | 3 years | ||||||
Restricted Stock and Restricted Stock Units | Maximum | |||||||
Stock-based incentive plan awards | |||||||
Vesting service period | 4 years | ||||||
1998 Stock Incentive Plan | Restricted Stock and Restricted Stock Units | |||||||
Stock-based incentive plan awards | |||||||
Total number of shares awarded, net of forfeiture | shares | 5,858,453 | ||||||
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% | ||||||
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 | Automatic Awards for Eligible Directors | |||||||
Stock-based incentive plan awards | |||||||
Retainer fee paid in restricted shares (as a percent) | 50% | ||||||
Vesting service period | 1 year | ||||||
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 | |||||||
Expiration period | 10 years | ||||||
Vesting service period | 3 years | ||||||
2019 Stock Incentive Plan | Restricted Stock and Restricted Stock Units | |||||||
Stock-based incentive plan awards | |||||||
Total number of shares awarded, net of forfeiture | shares | 769,912 | ||||||
2019 Stock Incentive Plan | Time Based Restricted Stock Units | |||||||
Stock-based incentive plan awards | |||||||
Vesting service period | 3 years | 3 years | 3 years | ||||
Awards granted (in units) | shares | 52,673 | 37,976 | 312,263 | ||||
Grant date fair value | $ 6,900,000 | $ 4,300,000 | $ 26,300,000 | ||||
Weighted average fair value of shares granted during the year (in dollars per share) | $ / shares | $ 130.84 | $ 130.05 | $ 112.92 | $ 84.37 | |||
LTIP programs | |||||||
Stock-based incentive plan awards | |||||||
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period | 10% | ||||||
Compensation expense, net of capitalization | $ 24,700,000 | $ 24,800,000 | $ 1,900,000 | ||||
2019 LTIP program | LTIP Units | |||||||
Stock-based incentive plan awards | |||||||
Performance period | 3 years | ||||||
Awards granted (in units) | shares | 72,442 | 72,442 | |||||
Grant date fair value | $ 9,500,000 | ||||||
Grant date target value | $ 14,700,000 | ||||||
2021 LTIP program | LTIP Units | |||||||
Stock-based incentive plan awards | |||||||
Performance period | 3 years | ||||||
Grant date fair value | $ 5,700,000 | ||||||
Grant date target value | $ 12,200,000 | ||||||
2021 LTIP program | Time Based Restricted Stock Units | Maximum | |||||||
Stock-based incentive plan awards | |||||||
Grant date fair value | $ 18,400,000 | ||||||
2022 LTIP program | LTIP Units | |||||||
Stock-based incentive plan awards | |||||||
Performance period | 3 years | ||||||
Grant date target value | $ 13,700,000 | ||||||
2022 LTIP program | LTIP Units | Maximum | |||||||
Stock-based incentive plan awards | |||||||
Grant date fair value | $ 20,600,000 |
Lease Income (Details)
Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | |||
Fixed-lease income | $ 3,858,592 | $ 3,701,991 | $ 3,871,395 |
Variable lease income | 1,046,583 | 1,034,728 | 430,972 |
Total lease income | 4,905,175 | 4,736,719 | $ 4,302,367 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |||
2023 | 3,068,299 | ||
2024 | 2,498,364 | ||
2025 | 2,009,998 | ||
2026 | 1,574,836 | ||
2027 | 1,234,707 | ||
Thereafter | 3,200,933 | ||
Future minimum rental receivables | 13,587,137 | ||
Tenant receivables and accrued revenue | |||
Lessor, Lease, Description [Line Items] | |||
Straight-line receivables | $ 546,500 | $ 568,700 |
Commitments and Contingencies -
Commitments and Contingencies - Lease Commitments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lease Commitments | |||
Properties subject to ground leases | property | 23 | ||
Lease Cost | |||
Fixed lease cost | $ 30,257 | $ 32,492 | $ 31,404 |
Variable lease cost | 17,593 | 15,454 | 13,270 |
Sublease income | (705) | (746) | |
Total operating lease cost | 47,850 | 47,241 | 43,928 |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 47,754 | $ 47,824 | $ 44,570 |
Weighted-average remaining lease term - operating leases | 32 years 8 months 12 days | 33 years 7 months 6 days | 34 years 4 months 24 days |
Weighted-average discount rate - operating leases | 4.87% | 4.87% | 4.86% |
Operating Lease Liabilities | |||
2023 | $ 33,163 | ||
2024 | 30,716 | ||
2025 | 30,727 | ||
2026 | 30,740 | ||
2027 | 30,770 | ||
Thereafter | 828,521 | ||
Future minimum gross lease payments | 984,637 | ||
Impact of discounting | (486,684) | ||
Operating lease liabilities | $ 497,953 | $ 506,931 |
Commitments and Contingencies_2
Commitments and Contingencies - Insurance (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and Contingencies. | |
Insurance coverage, acts of terrorism | $ 1 |
Commitments and Contingencies_3
Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 USD ($) property | Dec. 31, 2017 USD ($) | Sep. 30, 2017 property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Hurricane Impact | |||||
Insurance proceeds for property restoration | $ 7,200 | $ 31,198 | |||
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | |||||
Hurricane Impact | |||||
Number of properties significantly damaged | property | 2 | ||||
Total insurance proceeds received | $ 84,000 | ||||
Insurance proceeds for property restoration | $ 48,300 | ||||
Gain related to property insurance recovery | $ 2,100 | $ 5,200 | |||
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Income. | Other Income. | |||
Loss from Catastrophes | TEXAS | |||||
Hurricane Impact | |||||
Number of properties significantly damaged | property | 1 | ||||
Asset write-offs | $ 9,600 | ||||
Insurance proceeds for property restoration | $ 14,000 | ||||
Gain related to property insurance recovery | $ 3,500 | ||||
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Acquisition Of Controlling Interest Sale Or Disposal Of Or Recovery On Assets And Interests In Unconsolidated Entities Gain Or Loss And Impairment Net | ||||
Loss from Catastrophes | LOUISIANA | |||||
Hurricane Impact | |||||
Number of properties significantly damaged | property | 1 | ||||
Asset write-offs | $ 11,100 | ||||
Insurance proceeds for property restoration | $ 27,500 | ||||
Gain related to property insurance recovery | $ 17,500 | ||||
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Acquisition Of Controlling Interest Sale Or Disposal Of Or Recovery On Assets And Interests In Unconsolidated Entities Gain Or Loss And Impairment Net |
Commitments and Contingencies_4
Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Joint Venture Mortgage and Indebtedness | ||
Guarantees of Joint Venture Indebtedness: | ||
Loan guarantee | $ 128 | $ 209.9 |
Commitments and Contingencies_5
Commitments and Contingencies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated revenues | Concentration of credit risk | Maximum | |
Concentration of Credit Risk | |
Percentage of Consolidated Total Revenue | 5% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
JC Penney And SPARC Group | Lease_Income. | |||
Related Party Transactions | |||
Amounts charged to related party | $ 83.8 | $ 82.5 | $ 54.1 |
Unconsolidated joint ventures | 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 | $ 3.8 | 3.5 | 3.3 |
Unconsolidated Joint Ventures | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | 112.1 | 102.1 | 92.7 |
Unconsolidated Joint Ventures | Development, royalty and other fees | |||
Related Party Transactions | |||
Amounts charged to related party | $ 12.1 | $ 12.4 | $ 13.1 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenue | $ 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | $ 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | $ 5,291,447 | $ 5,116,789 | $ 4,607,503 |
Operating income before other items | 684,205 | 652,196 | 626,761 | 620,391 | 591,533 | 612,324 | 604,723 | 604,612 | 2,583,553 | 2,413,190 | 1,971,809 |
Consolidated net income | 772,748 | 621,847 | 569,480 | 488,310 | 573,730 | 778,648 | 705,869 | 510,460 | 2,452,385 | 2,568,707 | 1,277,324 |
Net Income attributable to common stockholders or unitholders | $ 673,786 | $ 539,038 | $ 496,743 | $ 426,630 | $ 503,241 | $ 679,936 | $ 617,257 | $ 445,860 | $ 2,136,198 | $ 2,246,294 | $ 1,109,227 |
Weighted Average Shares Outstanding - Basic | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 327,816,695 | 328,587,137 | 308,737,625 |
Net income per share - Basic | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | $ 6.52 | $ 6.84 | $ 3.59 |
Net income per share - Diluted | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | |||
Weighted average shares outstanding - basic | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 327,816,695 | 328,587,137 | 308,737,625 |
Weighted average shares outstanding - diluted | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 327,816,695 | 328,587,137 | 308,737,625 |
Simon Property Group, L.P. | |||||||||||
Total revenue | $ 5,291,447 | $ 5,116,789 | $ 4,607,503 | ||||||||
Operating income before other items | 2,583,553 | 2,413,190 | 1,971,809 | ||||||||
Consolidated net income | 2,452,385 | 2,568,707 | 1,277,324 | ||||||||
Net Income attributable to common stockholders or unitholders | $ 771,195 | $ 616,918 | $ 568,289 | $ 487,993 | $ 575,596 | $ 777,740 | $ 706,087 | $ 510,085 | $ 2,444,395 | $ 2,569,508 | $ 1,276,450 |
Weighted Average Shares Outstanding - Basic | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 375,111,997 | 375,866,759 | 355,281,882 |
Net income per share - Basic | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | $ 6.52 | $ 6.84 | $ 3.59 |
Net income per share - Diluted | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | |||
Weighted average shares outstanding - basic | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 375,111,997 | 375,866,759 | 355,281,882 |
Weighted average shares outstanding - diluted | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 375,111,997 | 375,866,759 | 355,281,882 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $ 5,469,335 | |||
Initial Cost | ||||
Land | 3,246,051 | |||
Buildings and Improvements | 25,215,197 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 386,892 | |||
Buildings and Improvements | 9,031,638 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,632,943 | |||
Buildings and Improvements | 34,246,835 | |||
Total | 37,879,778 | $ 37,497,216 | $ 37,608,638 | $ 37,356,739 |
Accumulated Depreciation | 16,224,050 | $ 15,304,461 | $ 14,592,867 | $ 13,622,433 |
Other pre-development costs | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 109,458 | |||
Initial Cost | ||||
Land | 102,451 | |||
Buildings and Improvements | 374,062 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 959 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 103,410 | |||
Buildings and Improvements | 374,062 | |||
Total | 477,472 | |||
Accumulated Depreciation | 1,882 | |||
Other | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 25,000 | |||
Initial Cost | ||||
Land | 3,537 | |||
Buildings and Improvements | 269,940 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 267 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,804 | |||
Buildings and Improvements | 269,940 | |||
Total | 273,744 | |||
Accumulated Depreciation | 23,756 | |||
Currency Translation Adjustment | ||||
Initial Cost | ||||
Land | (5,882) | |||
Buildings and Improvements | (43,932) | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | (16,661) | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | (5,882) | |||
Buildings and Improvements | (60,593) | |||
Total | (66,475) | |||
Accumulated Depreciation | (58,224) | |||
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 | 99,476 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 120,405 | |||
Total | 131,291 | |||
Accumulated Depreciation | 71,152 | |||
Malls | Battlefield Mall, Springfield, MO | ||||
Initial Cost | ||||
Land | 3,919 | |||
Buildings and Improvements | 27,231 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,000 | |||
Buildings and Improvements | 74,037 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 101,268 | |||
Total | 108,187 | |||
Accumulated Depreciation | 76,934 | |||
Malls | Bay Park Square, Green Bay, WI | ||||
Initial Cost | ||||
Land | 6,278 | |||
Buildings and Improvements | 25,623 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,106 | |||
Buildings and Improvements | 30,618 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,384 | |||
Buildings and Improvements | 56,241 | |||
Total | 66,625 | |||
Accumulated Depreciation | 35,700 | |||
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 | 85,111 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,493 | |||
Buildings and Improvements | 294,313 | |||
Total | 336,806 | |||
Accumulated Depreciation | 173,612 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 52,306 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 84,737 | |||
Total | 96,043 | |||
Accumulated Depreciation | 45,488 | |||
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 | 264,439 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 74,058 | |||
Buildings and Improvements | 568,057 | |||
Total | 642,115 | |||
Accumulated Depreciation | 279,954 | |||
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 | 79,280 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 177,567 | |||
Total | 211,251 | |||
Accumulated Depreciation | 130,761 | |||
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 | 58,850 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 74,112 | |||
Total | 75,725 | |||
Accumulated Depreciation | 53,194 | |||
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 | 70,259 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 86,504 | |||
Total | 88,227 | |||
Accumulated Depreciation | 52,189 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 46,061 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 112,641 | |||
Total | 130,082 | |||
Accumulated Depreciation | 70,410 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 199,240 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 577,285 | |||
Total | 577,285 | |||
Accumulated Depreciation | 290,117 | |||
Malls | Coral Square, Coral Springs (Miami), FL | ||||
Initial Cost | ||||
Land | 12,282 | |||
Buildings and Improvements | 93,630 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,939 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,282 | |||
Buildings and Improvements | 114,569 | |||
Total | 126,851 | |||
Accumulated Depreciation | 92,780 | |||
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 | 72,858 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 145,949 | |||
Total | 171,896 | |||
Accumulated Depreciation | 89,398 | |||
Malls | Domain, The, Austin, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 210,000 | |||
Initial Cost | ||||
Land | 40,436 | |||
Buildings and Improvements | 197,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 158,512 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 355,522 | |||
Total | 395,958 | |||
Accumulated Depreciation | 198,288 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 176,974 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 34,503 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 226,689 | |||
Total | 262,687 | |||
Accumulated Depreciation | 83,868 | |||
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 | 119,620 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 240,199 | |||
Total | 269,344 | |||
Accumulated Depreciation | 147,069 | |||
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 | 31,697 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,438 | |||
Buildings and Improvements | 114,413 | |||
Total | 122,851 | |||
Accumulated Depreciation | 70,476 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 298,134 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 574,701 | |||
Total | 574,701 | |||
Accumulated Depreciation | 328,535 | |||
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 | 125,190 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 148,635 | |||
Total | 156,311 | |||
Accumulated Depreciation | 98,393 | |||
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 | 47,688 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 181,581 | |||
Total | 193,172 | |||
Accumulated Depreciation | 122,689 | |||
Malls | King of Prussia, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,128,236 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 425,373 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,553,609 | |||
Total | 1,728,672 | |||
Accumulated Depreciation | 569,204 | |||
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 | 187,169 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 94,481 | |||
Buildings and Improvements | 196,997 | |||
Total | 291,478 | |||
Accumulated Depreciation | 62,054 | |||
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 | 24,070 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 105,638 | |||
Total | 115,740 | |||
Accumulated Depreciation | 69,976 | |||
Malls | Lenox Square, Atlanta, GA | ||||
Initial Cost | ||||
Land | 37,447 | |||
Buildings and Improvements | 492,411 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 151,495 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,447 | |||
Buildings and Improvements | 643,906 | |||
Total | 681,353 | |||
Accumulated Depreciation | 409,736 | |||
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 | 14,648 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 341,281 | |||
Total | 388,773 | |||
Accumulated Depreciation | 218,406 | |||
Malls | McCain Mall, N. Little Rock, AR | ||||
Initial Cost | ||||
Buildings and Improvements | 9,515 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10,142 | |||
Buildings and Improvements | 29,293 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,142 | |||
Buildings and Improvements | 38,808 | |||
Total | 48,950 | |||
Accumulated Depreciation | 19,990 | |||
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 | 92,628 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 315,880 | |||
Total | 381,564 | |||
Accumulated Depreciation | 207,511 | |||
Malls | Midland Park Mall, Midland, TX | ||||
Initial Cost | ||||
Land | 687 | |||
Buildings and Improvements | 9,213 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,196 | |||
Buildings and Improvements | 42,929 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,883 | |||
Buildings and Improvements | 52,142 | |||
Total | 54,025 | |||
Accumulated Depreciation | 24,232 | |||
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 | 43,580 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 61,672 | |||
Total | 66,448 | |||
Accumulated Depreciation | 48,055 | |||
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 | 129,458 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 142,424 | |||
Total | 161,562 | |||
Accumulated Depreciation | 108,694 | |||
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 | 88,119 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,681 | |||
Buildings and Improvements | 213,064 | |||
Total | 236,745 | |||
Accumulated Depreciation | 115,269 | |||
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 | 81,221 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,439 | |||
Buildings and Improvements | 211,127 | |||
Total | 246,566 | |||
Accumulated Depreciation | 130,503 | |||
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 23,109 | |||
Initial Cost | ||||
Land | 18,355 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,706 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,355 | |||
Buildings and Improvements | 119,993 | |||
Total | 138,348 | |||
Accumulated Depreciation | 89,269 | |||
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 | 63,163 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 219,121 | |||
Total | 221,164 | |||
Accumulated Depreciation | 149,853 | |||
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 | 51,969 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 207,037 | |||
Total | 211,489 | |||
Accumulated Depreciation | 128,851 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 15,005 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 266,743 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,005 | |||
Buildings and Improvements | 477,353 | |||
Total | 492,358 | |||
Accumulated Depreciation | 190,110 | |||
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 | 81,174 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 360,734 | |||
Total | 376,227 | |||
Accumulated Depreciation | 193,404 | |||
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 | 69,272 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 72,085 | |||
Total | 76,980 | |||
Accumulated Depreciation | 31,107 | |||
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 | 73,502 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 285,759 | |||
Total | 327,677 | |||
Accumulated Depreciation | 176,651 | |||
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 | 379,764 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 164,406 | |||
Buildings and Improvements | 1,081,772 | |||
Total | 1,246,178 | |||
Accumulated Depreciation | 601,111 | |||
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 | 132,564 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,356 | |||
Buildings and Improvements | 222,767 | |||
Total | 252,123 | |||
Accumulated Depreciation | 143,279 | |||
Malls | Santa Rosa Plaza, Santa Rosa, CA | ||||
Initial Cost | ||||
Land | 10,400 | |||
Buildings and Improvements | 87,864 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,609 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 115,473 | |||
Total | 125,873 | |||
Accumulated Depreciation | 73,545 | |||
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 | 106,476 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,313 | |||
Buildings and Improvements | 131,578 | |||
Total | 170,891 | |||
Accumulated Depreciation | 52,332 | |||
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 | 8,213 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 151,073 | |||
Total | 179,198 | |||
Accumulated Depreciation | 52,197 | |||
Malls | Shops at Riverside, The, Hackensack (New York), NJ | ||||
Initial Cost | ||||
Land | 13,521 | |||
Buildings and Improvements | 238,746 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 266,760 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 505,506 | |||
Total | 519,027 | |||
Accumulated Depreciation | 137,209 | |||
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 | 91,381 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 217,221 | |||
Total | 242,138 | |||
Accumulated Depreciation | 121,075 | |||
Malls | South Shore Plaza, Braintree (Boston), MA | ||||
Initial Cost | ||||
Land | 101,200 | |||
Buildings and Improvements | 301,495 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,972 | |||
Buildings and Improvements | 165,796 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 103,172 | |||
Buildings and Improvements | 467,291 | |||
Total | 570,463 | |||
Accumulated Depreciation | 295,152 | |||
Malls | Southdale Mall, Edina (Minneapolis), MN | ||||
Initial Cost | ||||
Land | 41,430 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 84,587 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,430 | |||
Buildings and Improvements | 269,554 | |||
Total | 310,984 | |||
Accumulated Depreciation | 84,297 | |||
Malls | SouthPark, Charlotte, NC | ||||
Initial Cost | ||||
Land | 42,092 | |||
Buildings and Improvements | 188,055 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 100 | |||
Buildings and Improvements | 220,434 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,192 | |||
Buildings and Improvements | 408,489 | |||
Total | 450,681 | |||
Accumulated Depreciation | 248,104 | |||
Malls | St. Charles Towne Center, Waldorf (Washington, D.C.), MD | ||||
Initial Cost | ||||
Land | 7,710 | |||
Buildings and Improvements | 52,934 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,180 | |||
Buildings and Improvements | 27,436 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 80,370 | |||
Total | 89,260 | |||
Accumulated Depreciation | 64,589 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 209,906 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 549,443 | |||
Total | 549,443 | |||
Accumulated Depreciation | 246,596 | |||
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 | 55,830 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 106,967 | |||
Total | 122,341 | |||
Accumulated Depreciation | 71,924 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,113 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 178,479 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,113 | |||
Buildings and Improvements | 304,305 | |||
Total | 341,418 | |||
Accumulated Depreciation | 164,784 | |||
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 | 49,477 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 57,916 | |||
Total | 66,330 | |||
Accumulated Depreciation | 46,026 | |||
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 | 256,935 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 564,252 | |||
Total | 628,452 | |||
Accumulated Depreciation | 341,902 | |||
Malls | Towne East Square, Wichita, KS | ||||
Initial Cost | ||||
Land | 8,024 | |||
Buildings and Improvements | 18,479 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,108 | |||
Buildings and Improvements | 60,066 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,132 | |||
Buildings and Improvements | 78,545 | |||
Total | 90,677 | |||
Accumulated Depreciation | 48,830 | |||
Malls | Treasure Coast Square, Jensen Beach, FL | ||||
Initial Cost | ||||
Land | 10,750 | |||
Buildings and Improvements | 72,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,067 | |||
Buildings and Improvements | 27,229 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,817 | |||
Buildings and Improvements | 100,219 | |||
Total | 114,036 | |||
Accumulated Depreciation | 69,695 | |||
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 | 50,657 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 171,619 | |||
Total | 188,716 | |||
Accumulated Depreciation | 122,388 | |||
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 | 58,825 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,762 | |||
Buildings and Improvements | 176,989 | |||
Total | 194,751 | |||
Accumulated Depreciation | 150,567 | |||
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 | 138,245 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 249,503 | |||
Total | 304,992 | |||
Accumulated Depreciation | 145,033 | |||
Malls | White Oaks Mall, Springfield, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 40,191 | |||
Initial Cost | ||||
Land | 2,907 | |||
Buildings and Improvements | 35,692 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,468 | |||
Buildings and Improvements | 68,119 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,375 | |||
Buildings and Improvements | 103,811 | |||
Total | 109,186 | |||
Accumulated Depreciation | 64,640 | |||
Malls | Wolfchase Galleria, Memphis, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 155,152 | |||
Initial Cost | ||||
Land | 16,407 | |||
Buildings and Improvements | 128,276 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 17,550 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,407 | |||
Buildings and Improvements | 145,826 | |||
Total | 162,233 | |||
Accumulated Depreciation | 106,449 | |||
Malls | Woodland Hills Mall, Tulsa, OK | ||||
Initial Cost | ||||
Land | 34,211 | |||
Buildings and Improvements | 187,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 13,811 | |||
Buildings and Improvements | 46,363 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 48,022 | |||
Buildings and Improvements | 233,486 | |||
Total | 281,508 | |||
Accumulated Depreciation | 160,791 | |||
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 | 9,653 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 106,712 | |||
Total | 110,612 | |||
Accumulated Depreciation | 58,945 | |||
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 | 44,310 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,932 | |||
Buildings and Improvements | 114,098 | |||
Total | 135,030 | |||
Accumulated Depreciation | 43,412 | |||
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 | 9,363 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 33,689 | |||
Total | 36,059 | |||
Accumulated Depreciation | 26,001 | |||
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 | 8,785 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,477 | |||
Buildings and Improvements | 86,641 | |||
Total | 98,118 | |||
Accumulated Depreciation | 42,560 | |||
Premium Outlets | Camarillo Premium Outlets, Camarillo (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 16,599 | |||
Buildings and Improvements | 224,721 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 395 | |||
Buildings and Improvements | 76,461 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,994 | |||
Buildings and Improvements | 301,182 | |||
Total | 318,176 | |||
Accumulated Depreciation | 165,120 | |||
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 | 11,086 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 196,076 | |||
Total | 209,062 | |||
Accumulated Depreciation | 98,511 | |||
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC | ||||
Initial Cost | ||||
Land | 3,175 | |||
Buildings and Improvements | 59,863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,311 | |||
Buildings and Improvements | 8,149 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 68,012 | |||
Total | 76,498 | |||
Accumulated Depreciation | 40,891 | |||
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 | 97,030 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 215,035 | |||
Total | 228,744 | |||
Accumulated Depreciation | 94,851 | |||
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 | 3,843 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 75,363 | |||
Total | 89,480 | |||
Accumulated Depreciation | 40,069 | |||
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 | 6,970 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 114,526 | |||
Total | 118,118 | |||
Accumulated Depreciation | 68,416 | |||
Premium Outlets | Denver Premium Outlets, Thornton (Denver), CO | ||||
Initial Cost | ||||
Land | 10,779 | |||
Buildings and Improvements | 45,335 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10 | |||
Buildings and Improvements | 73,942 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,789 | |||
Buildings and Improvements | 119,277 | |||
Total | 130,066 | |||
Accumulated Depreciation | 23,899 | |||
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 | 115,793 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,440 | |||
Buildings and Improvements | 454,472 | |||
Total | 457,912 | |||
Accumulated Depreciation | 213,075 | |||
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 | 8,578 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 190,990 | |||
Total | 206,797 | |||
Accumulated Depreciation | 125,341 | |||
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 | 6,477 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 56,758 | |||
Total | 65,818 | |||
Accumulated Depreciation | 35,713 | |||
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 | 17,044 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 211,166 | |||
Total | 220,796 | |||
Accumulated Depreciation | 115,388 | |||
Premium Outlets | Gloucester Premium Outlets, Blackwood, NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 85,054 | |||
Initial Cost | ||||
Land | 14,389 | |||
Buildings and Improvements | 107,685 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 153 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,389 | |||
Buildings and Improvements | 107,838 | |||
Total | 122,227 | |||
Accumulated Depreciation | 28,589 | |||
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | ||||
Initial Cost | ||||
Land | 9,497 | |||
Buildings and Improvements | 194,245 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,332 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 195,577 | |||
Total | 205,074 | |||
Accumulated Depreciation | 67,362 | |||
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 | 9,932 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 131,812 | |||
Total | 138,233 | |||
Accumulated Depreciation | 85,007 | |||
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 | 8,215 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 36,164 | |||
Total | 36,164 | |||
Accumulated Depreciation | 20,627 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, D.C.), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 70,430 | |||
Initial Cost | ||||
Land | 3,560 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,690 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,560 | |||
Buildings and Improvements | 87,573 | |||
Total | 91,133 | |||
Accumulated Depreciation | 45,565 | |||
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 | 42,986 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 112,336 | |||
Total | 121,031 | |||
Accumulated Depreciation | 61,726 | |||
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 | 20,840 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,857 | |||
Buildings and Improvements | 68,149 | |||
Total | 71,006 | |||
Accumulated Depreciation | 39,528 | |||
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 | 8,133 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 112,146 | |||
Total | 118,562 | |||
Accumulated Depreciation | 57,955 | |||
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 | 79,970 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 130,949 | |||
Total | 146,339 | |||
Accumulated Depreciation | 75,410 | |||
Premium Outlets | Johnson Creek Premium Outlets, Johnson Creek, WI | ||||
Initial Cost | ||||
Land | 2,800 | |||
Buildings and Improvements | 39,546 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,462 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 47,008 | |||
Total | 49,808 | |||
Accumulated Depreciation | 25,817 | |||
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 | 11,786 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 106,780 | |||
Total | 118,612 | |||
Accumulated Depreciation | 52,721 | |||
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 | 12,562 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 45,168 | |||
Buildings and Improvements | 264,440 | |||
Total | 309,608 | |||
Accumulated Depreciation | 117,971 | |||
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 | 151,175 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 286,148 | |||
Total | 328,119 | |||
Accumulated Depreciation | 151,504 | |||
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 | 32,331 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 193,108 | |||
Total | 206,193 | |||
Accumulated Depreciation | 96,980 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 47,480 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,032 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 57,244 | |||
Total | 66,411 | |||
Accumulated Depreciation | 35,216 | |||
Premium Outlets | Leesburg Corner Premium Outlets, Leesburg (Washington, D.C.), VA | ||||
Initial Cost | ||||
Land | 7,190 | |||
Buildings and Improvements | 162,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 23,110 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 185,133 | |||
Total | 192,323 | |||
Accumulated Depreciation | 97,510 | |||
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 | 13,395 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 107,533 | |||
Total | 114,163 | |||
Accumulated Depreciation | 64,427 | |||
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH | ||||
Initial Cost | ||||
Land | 14,975 | |||
Buildings and Improvements | 118,428 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,357 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,975 | |||
Buildings and Improvements | 120,785 | |||
Total | 135,760 | |||
Accumulated Depreciation | 51,702 | |||
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 | 7,626 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 52,649 | |||
Total | 64,049 | |||
Accumulated Depreciation | 30,812 | |||
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 | 5,209 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,143 | |||
Buildings and Improvements | 41,406 | |||
Total | 43,549 | |||
Accumulated Depreciation | 21,911 | |||
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 | 2,048 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 139,068 | |||
Total | 143,368 | |||
Accumulated Depreciation | 73,213 | |||
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 | 19,475 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 492,290 | |||
Total | 524,288 | |||
Accumulated Depreciation | 214,107 | |||
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 | 26,484 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 50,063 | |||
Buildings and Improvements | 409,433 | |||
Total | 459,496 | |||
Accumulated Depreciation | 203,390 | |||
Premium Outlets | Petaluma Village Premium Outlets, Petaluma (San Francisco), CA | ||||
Initial Cost | ||||
Land | 13,322 | |||
Buildings and Improvements | 13,710 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,434 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 17,144 | |||
Total | 30,466 | |||
Accumulated Depreciation | 11,469 | |||
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 | 25,411 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 130,660 | |||
Total | 147,336 | |||
Accumulated Depreciation | 81,825 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,082 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 569 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 63,651 | |||
Total | 63,651 | |||
Accumulated Depreciation | 28,604 | |||
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 32,124 | |||
Initial Cost | ||||
Land | 4,317 | |||
Buildings and Improvements | 19,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,329 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 22,373 | |||
Total | 26,690 | |||
Accumulated Depreciation | 15,087 | |||
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 | 8,736 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 135,422 | |||
Total | 152,245 | |||
Accumulated Depreciation | 64,986 | |||
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 | 9,146 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 123,167 | |||
Total | 143,753 | |||
Accumulated Depreciation | 59,184 | |||
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 56,432 | |||
Initial Cost | ||||
Land | 8,129 | |||
Buildings and Improvements | 61,950 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,463 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 67,413 | |||
Total | 75,542 | |||
Accumulated Depreciation | 33,658 | |||
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 | 27,130 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 68,677 | |||
Total | 80,906 | |||
Accumulated Depreciation | 44,789 | |||
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX | ||||
Initial Cost | ||||
Land | 13,485 | |||
Buildings and Improvements | 82,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,510 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,485 | |||
Buildings and Improvements | 87,762 | |||
Total | 101,247 | |||
Accumulated Depreciation | 56,850 | |||
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 | 75,086 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 68,102 | |||
Buildings and Improvements | 383,780 | |||
Total | 451,882 | |||
Accumulated Depreciation | 122,532 | |||
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 | 20,474 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 307,653 | |||
Total | 320,833 | |||
Accumulated Depreciation | 136,166 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 55,814 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 159,536 | |||
Total | 159,536 | |||
Accumulated Depreciation | 85,199 | |||
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 | 15,333 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 73,003 | |||
Total | 79,095 | |||
Accumulated Depreciation | 41,368 | |||
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 | 5,174 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,419 | |||
Buildings and Improvements | 102,362 | |||
Total | 116,781 | |||
Accumulated Depreciation | 30,385 | |||
Premium Outlets | The Crossings Premium Outlets, Tannersville, PA | ||||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,724 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 192,655 | |||
Total | 200,375 | |||
Accumulated Depreciation | 98,720 | |||
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 | 4,710 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,508 | |||
Buildings and Improvements | 74,387 | |||
Total | 86,895 | |||
Accumulated Depreciation | 21,786 | |||
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 | 18,873 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 103,723 | |||
Total | 113,143 | |||
Accumulated Depreciation | 61,181 | |||
Premium Outlets | Waikele Premium Outlets, Waipahu (Honolulu), HI | ||||
Initial Cost | ||||
Land | 22,630 | |||
Buildings and Improvements | 77,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,799 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 97,115 | |||
Total | 119,745 | |||
Accumulated Depreciation | 53,428 | |||
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 | 15,100 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 90,377 | |||
Total | 93,607 | |||
Accumulated Depreciation | 52,247 | |||
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 | 9,377 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 233,166 | |||
Total | 243,489 | |||
Accumulated Depreciation | 102,609 | |||
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 | 3,579 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 153,993 | |||
Total | 163,407 | |||
Accumulated Depreciation | 55,767 | |||
Premium Outlets | Woodbury Common Premium Outlets, Central Valley (New York), NY | ||||
Initial Cost | ||||
Land | 11,010 | |||
Buildings and Improvements | 862,559 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,779 | |||
Buildings and Improvements | 276,348 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,789 | |||
Buildings and Improvements | 1,138,907 | |||
Total | 1,151,696 | |||
Accumulated Depreciation | 511,320 | |||
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 | 52,369 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 334,400 | |||
Total | 339,300 | |||
Accumulated Depreciation | 164,647 | |||
The Mills | Arizona Mills, Tempe (Phoenix), AZ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 97,775 | |||
Initial Cost | ||||
Land | 41,285 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 15,200 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,285 | |||
Buildings and Improvements | 312,489 | |||
Total | 353,774 | |||
Accumulated Depreciation | 95,928 | |||
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 | 61,938 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 69,853 | |||
Buildings and Improvements | 525,039 | |||
Total | 594,892 | |||
Accumulated Depreciation | 193,404 | |||
The Mills | Gurnee Mills, Gurnee (Chicago), IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 257,710 | |||
Initial Cost | ||||
Land | 41,133 | |||
Buildings and Improvements | 297,911 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 32,630 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 330,541 | |||
Total | 371,674 | |||
Accumulated Depreciation | 124,874 | |||
The Mills | Mills at Jersey Gardens, The, Elizabeth, NJ | ||||
Initial Cost | ||||
Land | 120,417 | |||
Buildings and Improvements | 865,605 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 23,872 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 120,417 | |||
Buildings and Improvements | 889,477 | |||
Total | 1,009,894 | |||
Accumulated Depreciation | 259,860 | |||
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 | 22,928 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 350,431 | |||
Total | 401,431 | |||
Accumulated Depreciation | 122,261 | |||
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 | 4,890 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,973 | |||
Buildings and Improvements | 216,212 | |||
Total | 281,185 | |||
Accumulated Depreciation | 33,960 | |||
The Mills | Potomac Mills, Woodbridge (Washington, D.C.), VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 416,000 | |||
Initial Cost | ||||
Land | 61,608 | |||
Buildings and Improvements | 425,370 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 39,420 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,608 | |||
Buildings and Improvements | 464,790 | |||
Total | 526,398 | |||
Accumulated Depreciation | 180,509 | |||
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 | 234,488 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 198,376 | |||
Buildings and Improvements | 1,875,641 | |||
Total | 2,074,017 | |||
Accumulated Depreciation | 654,797 | |||
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 171,255 | |||
Initial Cost | ||||
Land | 37,220 | |||
Buildings and Improvements | 233,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 40,717 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,220 | |||
Buildings and Improvements | 273,896 | |||
Total | 311,116 | |||
Accumulated Depreciation | 72,822 | |||
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 297,121 | |||
Initial Cost | ||||
Land | 38,793 | |||
Buildings and Improvements | 309,283 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 75,765 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,793 | |||
Buildings and Improvements | 385,048 | |||
Total | 423,841 | |||
Accumulated Depreciation | 90,117 | |||
Designer Outlets | Ochtrup Designer Outlet, Ochtrup, Germany | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 53,517 | |||
Initial Cost | ||||
Land | 11,770 | |||
Buildings and Improvements | 98,276 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,770 | |||
Buildings and Improvements | 98,276 | |||
Total | 110,046 | |||
Accumulated Depreciation | 12,478 | |||
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 195,869 | |||
Initial Cost | ||||
Land | 14,903 | |||
Buildings and Improvements | 223,156 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,698 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,903 | |||
Buildings and Improvements | 232,854 | |||
Total | 247,757 | |||
Accumulated Depreciation | 68,785 | |||
Designer Outlets | Provence Designer Outlet, Provence, France | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 101,405 | |||
Initial Cost | ||||
Land | 41,321 | |||
Buildings and Improvements | 80,199 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,169 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,490 | |||
Buildings and Improvements | 80,199 | |||
Total | 127,689 | |||
Accumulated Depreciation | 37,182 | |||
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 246,178 | |||
Initial Cost | ||||
Land | 15,035 | |||
Buildings and Improvements | 400,094 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,916 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,035 | |||
Buildings and Improvements | 419,010 | |||
Total | 434,045 | |||
Accumulated Depreciation | 127,159 | |||
Designer Outlets | Roosendaal Designer Outlet, Roosendaal, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 63,820 | |||
Initial Cost | ||||
Land | 22,191 | |||
Buildings and Improvements | 108,069 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,770 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,191 | |||
Buildings and Improvements | 116,839 | |||
Total | 139,030 | |||
Accumulated Depreciation | 33,580 | |||
Lifestyle Centers [Member] | 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 | 10,140 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 85,473 | |||
Total | 95,901 | |||
Accumulated Depreciation | 36,053 | |||
Lifestyle Centers [Member] | Northgate Station, Seattle, WA | ||||
Initial Cost | ||||
Land | 23,610 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 13,557 | |||
Buildings and Improvements | 104,529 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,167 | |||
Buildings and Improvements | 220,521 | |||
Total | 257,688 | |||
Accumulated Depreciation | 60,743 | |||
Lifestyle Centers [Member] | University Park Village, Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 52,352 | |||
Initial Cost | ||||
Land | 18,031 | |||
Buildings and Improvements | 100,523 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,245 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,031 | |||
Buildings and Improvements | 109,768 | |||
Total | 127,799 | |||
Accumulated Depreciation | 30,500 | |||
Other Properties | Calhoun Marketplace, Calhoun, GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 17,146 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,139 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 14,668 | |||
Total | 16,413 | |||
Accumulated Depreciation | 11,396 | |||
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 | 5,855 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,112 | |||
Buildings and Improvements | 7,603 | |||
Total | 8,715 | |||
Accumulated Depreciation | 4,313 | |||
Other Properties | Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 27,696 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,259 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 38,630 | |||
Total | 42,686 | |||
Accumulated Depreciation | 24,201 | |||
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 | 4,334 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 5,891 | |||
Total | 9,258 | |||
Accumulated Depreciation | 3,370 | |||
Other Properties | Osage Beach Marketplace, Osage Beach, MO | ||||
Initial Cost | ||||
Land | 1,397 | |||
Buildings and Improvements | 8,874 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,397 | |||
Buildings and Improvements | 8,890 | |||
Total | 10,287 | |||
Accumulated Depreciation | 2,666 | |||
Other Properties | Southridge Mall, Greendale (Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 112,087 | |||
Initial Cost | ||||
Land | 12,359 | |||
Buildings and Improvements | 130,111 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,939 | |||
Buildings and Improvements | 12,244 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,298 | |||
Buildings and Improvements | 142,355 | |||
Total | 156,653 | |||
Accumulated Depreciation | $ 64,232 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $ 37,497,216 | $ 37,608,638 | $ 37,356,739 |
Acquisitions and consolidations | 122,074 | 121,250 | |
Improvements | 688,173 | 569,483 | 401,202 |
Disposals and deconsolidations | (308,030) | (655,482) | (320,328) |
Currency Translation Adjustment | (119,655) | (146,673) | 171,025 |
Balance, close of year | 37,879,778 | 37,497,216 | 37,608,638 |
Unaudited aggregate cost of real estate for federal income tax purposes | 20,977,712 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 15,304,461 | 14,592,867 | 13,622,433 |
Depreciation expense (7) | 1,075,391 | 1,083,705 | 1,226,611 |
Disposals and deconsolidations | (180,091) | (403,582) | (236,123) |
Currency Translation Adjustment | 24,289 | 31,471 | (20,054) |
Balance, close of year | $ 16,224,050 | $ 15,304,461 | $ 14,592,867 |
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 |