Simon Property (SPG) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2023 $ / shares shares
Document Information
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-14469
Entity Tax Identification Number	04-6268599
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common stock
Document Information
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding \| shares	326,988,470
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Class B common stock
Document Information
Entity Common Stock, Shares Outstanding \| shares	8,000
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Series J Preferred stock
Document Information
Title of 12(b) Security	83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	SPGJ
Security Exchange Name	NYSE
Simon Property Group, L.P.
Document Information
Entity Registrant Name	SIMON PROPERTY GROUP, L.P.
Entity Central Index Key	0001022344
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-36110
Entity Tax Identification Number	34-1755769
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Investment properties, at cost	$ 38,505,497	$ 38,326,912
Less - accumulated depreciation	16,823,305	16,563,749
Investment properties, at cost, net	21,682,192	21,763,163
Cash and cash equivalents	1,155,423	621,628
Tenant receivables and accrued revenue, net	779,702	823,540
Right-of-use assets, net	494,591	496,930
Deferred costs and other assets	1,141,583	1,159,293
Total assets	33,297,796	33,011,274
LIABILITIES:
Mortgages and unsecured indebtedness	25,569,968	24,960,286
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,351,870	1,491,583
Cash distributions and losses in unconsolidated entities, at equity	1,703,448	1,699,828
Dividend payable	2,436	1,997
Lease liabilities	495,573	497,953
Other liabilities	497,210	535,736
Total liabilities	29,620,505	29,187,383
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	224,419	212,239
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	41,352	41,435
Capital in excess of par value	11,231,471	11,232,881
Accumulated deficit	(6,069,767)	(5,926,974)
Accumulated other comprehensive loss	(160,854)	(164,873)
Common stock held in treasury, at cost, 15,959,628 and 14,295,983 shares, respectively	(2,038,723)	(2,043,979)
Total stockholders' equity	3,003,513	3,138,524
Noncontrolling interests	449,359	473,128
Total equity	3,452,872	3,611,652
Total liabilities and equity	33,297,796	33,011,274
TRG
ASSETS:
Investment, in equity	3,062,030	3,074,345
Klepierre
ASSETS:
Investment, in equity	1,541,743	1,561,112
Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	3,440,532	3,511,263
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	38,505,497	38,326,912
Less - accumulated depreciation	16,823,305	16,563,749
Investment properties, at cost, net	21,682,192	21,763,163
Cash and cash equivalents	1,155,423	621,628
Tenant receivables and accrued revenue, net	779,702	823,540
Right-of-use assets, net	494,591	496,930
Deferred costs and other assets	1,141,583	1,159,293
Total assets	33,297,796	33,011,274
LIABILITIES:
Mortgages and unsecured indebtedness	25,569,968	24,960,286
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,351,870	1,491,583
Cash distributions and losses in unconsolidated entities, at equity	1,703,448	1,699,828
Dividend payable	2,436	1,997
Lease liabilities	495,573	497,953
Other liabilities	497,210	535,736
Total liabilities	29,620,505	29,187,383
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	224,419	212,239
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	41,352	41,435
General Partner, 326,996,470 and 326,953,791 units outstanding, respectively	2,962,161	3,097,089
Limited Partners, 47,280,516 and 47,302,958 units outstanding, respectively	428,295	448,076
Total partners' equity	3,431,808	3,586,600
Nonredeemable noncontrolling interests in properties, net	21,064	25,052
Total equity	3,452,872	3,611,652
Total liabilities and equity	33,297,796	33,011,274
Simon Property Group, L.P. \| TRG
ASSETS:
Investment, in equity	3,062,030	3,074,345
Simon Property Group, L.P. \| Klepierre
ASSETS:
Investment, in equity	1,541,743	1,561,112
Simon Property Group, L.P. \| Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	3,440,532	3,511,263
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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	15,916,949	15,959,628
Series J Preferred stock
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	342,905,419
Common stock, shares outstanding	342,905,419	342,905,419
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	326,996,470	326,953,791
Limited Partners, units outstanding	47,280,516	47,302,958

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Lease income	$ 1,248,185	$ 1,207,867
Management fees and other revenues	28,949	27,587
Other income	73,715	60,468
Total revenue	1,350,849	1,295,922
EXPENSES:
Property operating	111,748	103,664
Depreciation and amortization	307,059	310,163
Real estate taxes	111,159	111,691
Repairs and maintenance	22,174	22,304
Advertising and promotion	24,159	25,263
Home and regional office costs	56,820	52,197
General and administrative	9,107	7,833
Other	45,900	42,416
Total operating expenses	688,126	675,531
OPERATING INCOME BEFORE OTHER ITEMS	662,723	620,391
Interest expense	(199,429)	(185,159)
Income and other tax benefit	13,453	1,435
Income from unconsolidated entities	21,900	81,184
Unrealized gains (losses) in fair value of publicly traded equity instruments, net	20,608	(31,032)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		1,491
CONSOLIDATED NET INCOME	519,255	488,310
Net income (loss) attributable to noncontrolling interests	66,594	60,846
Preferred dividends	834	834
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$ 451,827	$ 426,630
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 1.38	$ 1.30
Net income attributable to common stockholders - diluted (in dollars per share)	$ 1.38	$ 1.30
Consolidated Net Income	$ 519,255	$ 488,310
Unrealized gain on derivative hedge agreements	5,672	16,833
Net gain reclassified from accumulated other comprehensive loss into earnings	(501)	(387)
Currency translation adjustments	(751)	1,305
Changes in available-for-sale securities and other	194	(521)
Comprehensive income	523,869	505,540
Comprehensive income attributable to noncontrolling interests	67,189	62,982
Comprehensive income attributable to common stockholders	456,680	442,558
Simon Property Group, L.P.
REVENUE:
Lease income	1,248,185	1,207,867
Management fees and other revenues	28,949	27,587
Other income	73,715	60,468
Total revenue	1,350,849	1,295,922
EXPENSES:
Property operating	111,748	103,664
Depreciation and amortization	307,059	310,163
Real estate taxes	111,159	111,691
Repairs and maintenance	22,174	22,304
Advertising and promotion	24,159	25,263
Home and regional office costs	56,820	52,197
General and administrative	9,107	7,833
Other	45,900	42,416
Total operating expenses	688,126	675,531
OPERATING INCOME BEFORE OTHER ITEMS	662,723	620,391
Interest expense	(199,429)	(185,159)
Income and other tax benefit	13,453	1,435
Income from unconsolidated entities	21,900	81,184
Unrealized gains (losses) in fair value of publicly traded equity instruments, net	20,608	(31,032)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		1,491
CONSOLIDATED NET INCOME	519,255	488,310
Net income (loss) attributable to noncontrolling interests	762	(996)
Preferred dividends	1,313	1,313
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	517,180	487,993
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	451,827	426,630
Limited Partners	$ 65,353	$ 61,363
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 1.38	$ 1.30
Net income attributable to common stockholders - diluted (in dollars per share)	$ 1.38	$ 1.30
Consolidated Net Income	$ 519,255	$ 488,310
Unrealized gain on derivative hedge agreements	5,672	16,833
Net gain reclassified from accumulated other comprehensive loss into earnings	(501)	(387)
Currency translation adjustments	(751)	1,305
Changes in available-for-sale securities and other	194	(521)
Comprehensive income	523,869	505,540
Comprehensive income attributable to noncontrolling interests	190	273
Comprehensive income attributable to common stockholders	$ 523,679	$ 505,267

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 519,255	$ 488,310
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	322,392	324,124
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(1,491)
Unrealized (gains) losses in fair value of equity instruments	(20,608)	31,032
Straight-line lease loss	6,912	9,254
Equity in income of unconsolidated entities	(21,900)	(81,184)
Distributions of income from unconsolidated entities	119,146	121,448
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	25,774	89,958
Deferred costs and other assets	3,981	(41,214)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	(126,271)	(148,368)
Net cash provided by operating activities	828,681	791,869
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(27,712)
Funding of loans to related parties	(6,500)	(125,357)
Repayments of loans to related parties	2,913	71,930
Capital expenditures, net	(166,070)	(154,649)
Investments in unconsolidated entities	(10,664)	(124,429)
Purchase of equity instruments		(6,390)
Proceeds from sale of equity instruments	978	25,986
Distributions of capital from unconsolidated entities and other	47,315	213,010
Net cash used in investing activities	(159,740)	(99,899)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(83)	(82)
Purchase of shares related to stock grant recipients' tax withholdings	(2,624)	(3,757)
Redemption of limited partner units	(2,858)	(147)
Distributions to noncontrolling interest holders in properties	(5,525)	(1,205)
Contributions from noncontrolling interest holders in properties	6,459	4,833
Preferred distributions of the Operating Partnership	(479)	(479)
Distributions to stockholders and preferred dividends	(590,434)	(543,010)
Distributions to limited partners	(85,163)	(78,024)
Proceeds from issuance of debt, net of transaction costs	1,412,721	2,433,167
Repayments of debt	(867,160)	(2,522,273)
Net cash used in financing activities	(135,146)	(710,977)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	533,795	(19,007)
CASH AND CASH EQUIVALENTS, beginning of period	621,628	533,936
CASH AND CASH EQUIVALENTS, end of period	1,155,423	514,929
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	519,255	488,310
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	322,392	324,124
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(1,491)
Unrealized (gains) losses in fair value of equity instruments	(20,608)	31,032
Straight-line lease loss	6,912	9,254
Equity in income of unconsolidated entities	(21,900)	(81,184)
Distributions of income from unconsolidated entities	119,146	121,448
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	25,774	89,958
Deferred costs and other assets	3,981	(41,214)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	(126,271)	(148,368)
Net cash provided by operating activities	828,681	791,869
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(27,712)
Funding of loans to related parties	(6,500)	(125,357)
Repayments of loans to related parties	2,913	71,930
Capital expenditures, net	(166,070)	(154,649)
Investments in unconsolidated entities	(10,664)	(124,429)
Purchase of equity instruments		(6,390)
Proceeds from sale of equity instruments	978	25,986
Distributions of capital from unconsolidated entities and other	47,315	213,010
Net cash used in investing activities	(159,740)	(99,899)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(83)	(82)
Purchase of shares related to stock grant recipients' tax withholdings	(2,624)	(3,757)
Redemption of limited partner units	(2,858)	(147)
Distributions to noncontrolling interest holders in properties	(5,525)	(1,205)
Contributions from noncontrolling interest holders in properties	6,459	4,833
Preferred distributions of the Operating Partnership	(676,076)	(621,513)
Proceeds from issuance of debt, net of transaction costs	1,412,721	2,433,167
Repayments of debt	(867,160)	(2,522,273)
Net cash used in financing activities	(135,146)	(710,977)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	533,795	(19,007)
CASH AND CASH EQUIVALENTS, beginning of period	621,628	533,936
CASH AND CASH EQUIVALENTS, end of period	$ 1,155,423	$ 514,929

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, 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			(82)		(82)	(82)							(82)
Limited partner units exchanged to common units	27	(27)
Stock incentive program									(6,864)		6,864
Redemption of limited partner units	(137)	(10)			(147)				(137)			(10)	(147)
Amortization of stock incentive	3,705				3,705				3,705				3,705
Long-term incentive performance units		3,895			3,895							3,895	3,895
Issuance of unit equivalents and other	(12,763)	(2)		(260)	(13,025)				1	(9,007)	(3,757)	(262)	(13,025)
Unrealized gain on hedging activities	14,715	2,118			16,833			14,715				2,118	16,833
Currency translation adjustments	1,170	135			1,305			1,170				135	1,305
Changes in available-for-sale securities and other	(455)	(66)			(521)			(455)				(66)	(521)
Net gain reclassified from accumulated other comprehensive loss into earnings	(338)	(49)			(387)			(338)				(49)	(387)
Other comprehensive income (loss)	15,092	2,138			17,230			15,092				2,138	17,230
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	3,899	(3,899)							3,899			(3,899)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(543,010)		(78,024)	(621,034)
Distributions to other noncontrolling interest partners												(60)	(60)
Distributions, excluding distributions on preferred interests classified as temporary equity	(542,176)	(78,024)	(834)	(60)	(621,094)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	426,630	61,363	834	273	489,100
Net income, excluding attributable to preferred interests in the Operating Partnership and attributable to noncontrolling redeemable interests in properties										427,464		61,636	489,100
Balance at Mar. 31, 2022						41,681	34	(170,094)	11,213,621	(5,948,261)	(1,881,334)	476,920	3,732,567
Balance at Mar. 31, 2022	3,213,966	462,726	41,681	14,194	3,732,567
Balance at Dec. 31, 2022						41,435	34	(164,873)	11,232,881	(5,926,974)	(2,043,979)	473,128	3,611,652
Balance at Dec. 31, 2022	3,097,089	448,076	41,435	25,052	3,611,652
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(83)		(83)	(83)							(83)
Stock incentive program									(7,880)		7,880
Redemption of limited partner units	(2,645)	(213)			(2,858)				(2,645)			(213)	(2,858)
Amortization of stock incentive	5,379				5,379				5,379				5,379
Long-term incentive performance units		3,382			3,382							3,382	3,382
Issuance of unit equivalents and other	(7,644)	1		188	(7,455)					(5,020)	(2,624)	189	(7,455)
Unrealized gain on hedging activities	4,959	713			5,672			4,959				713	5,672
Currency translation adjustments	(671)	(80)			(751)			(671)				(80)	(751)
Changes in available-for-sale securities and other	169	25			194			169				25	194
Net gain reclassified from accumulated other comprehensive loss into earnings	(438)	(63)			(501)			(438)				(63)	(501)
Other comprehensive income (loss)	4,019	595			4,614			4,019				595	4,614
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	3,736	(3,736)							3,736			(3,736)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(590,434)		(85,163)	(675,597)
Distributions to other noncontrolling interest partners												(4,366)	(4,366)
Distributions, excluding distributions on preferred interests classified as temporary equity	(589,600)	(85,163)	(834)	(4,366)	(679,963)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	451,827	65,353	834	190	518,204
Net income, excluding attributable to preferred interests in the Operating Partnership and attributable to noncontrolling redeemable interests in properties										452,661		65,543	518,204
Balance at Mar. 31, 2023						$ 41,352	$ 34	$ (160,854)	$ 11,231,471	$ (6,069,767)	$ (2,038,723)	$ 449,359	$ 3,452,872
Balance at Mar. 31, 2023	$ 2,962,161	$ 428,295	$ 41,352	$ 21,064	$ 3,452,872

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Exchange of limited partner units, (in shares)		2,680
Stock incentive program, shares	65,017	47,804
Redemption of Limited Partner Units	22,442	1,000
Shares repurchased	22,338	23,514
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 479	$ 479
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 572	$ (1,269)
Simon Property Group, L.P.
Limited partner units exchanged to common units		2,680
Stock incentive program, units	65,017	47,804
Redemption of Limited Partner Units	22,442	1,000
Issuance of equivalents units	22,338	72,442
Issuance of common units		23,514
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 479	$ 479
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 572	$ (1,269)

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2023
Organization
Organization	1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. According to the Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. In these condensed notes to the consolidated financial statements, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these condensed notes to consolidated financial statements apply to both Simon and the Operating Partnership. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® ®

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim periods ended March 31, 2023, are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2022 Annual Report on Form 10-K of Simon and the Operating Partnership. Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations. As of March 31, 2023, 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 and TRG, as well as our investments (collectively, our other platform investments) in retail operations (J.C. Penney and SPARC Group); an intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); an e-commerce venture (Rue Gilt Groupe, or RGG); and Jamestown (a global real estate investment and management company). 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, Thailand, Canada, Spain, 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 Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 87.4% for both the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, Simon’s ownership interest in the Operating Partnership was 87.4%. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2023
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At March 31, 2023 and December 31, 2022, we had equity instruments with readily determinable fair values of $94.1 million and $73.0 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized gains (losses) in fair value of publicly traded equity instruments, net in our consolidated statements of operations and comprehensive income. At March 31, 2023 and December 31, 2022, we had equity instruments without readily determinable fair values of $237.2 million and $236.2 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three months ended March 31, 2023 and 2022. 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 March 31, 2023 and December 31, 2022, we held debt securities of $51.5 million and $52.3 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 March 31, 2023 and December 31, 2022 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, interest rate swap and cap agreements with an asset balance of $16.2 million at March 31, 2023 and $15.8 million at December 31, 2022, and a liability balance of $8.4 million and $8.6 million at March 31, 2023 and December 31, 2022, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows: As of As of March 31, December 31, 2023 2022 Limited partners’ interests in the Operating Partnership $ 428,295 $ 448,076 Nonredeemable noncontrolling interests in properties, net 21,064 25,052 Total noncontrolling interests reflected in equity $ 449,359 $ 473,128 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 ($200.2) million and ($199.5) million as of March 31, 2023 and December 31, 2022, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: For the Three Months Ended March 31, Affected line item where 2023 2022 net income is presented Accumulated derivative gains, net $ 501 $ 387 Interest expense (63) (49) Net income attributable to noncontrolling interests $ 438 $ 338 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($229.1) million and ($228.3) million as of March 31, 2023 and December 31, 2022, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: For the Three Months Ended March 31, Affected line item where 2023 2022 net income is presented Accumulated derivative gains, net $ 501 $ 387 Interest expense New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions, and clarifications were created in ASU 2021-01. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. We elected the expedients in conjunction with transitioning certain debt instruments, as discussed in note 7, to alternative benchmark indices. There was no impact on our consolidated financial statements at adoption.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	3 Months Ended
Real Estate Acquisitions and Dispositions	Mar. 31, 2023
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions Unless otherwise noted, gains and losses on property transactions are included in gain 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 the three months ended March 31, 2023 and 2022. 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 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 On June 17, 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.

Per Share and Per Unit Data

Per Share and Per Unit Data	3 Months Ended
Per Share and Per Unit Data	Mar. 31, 2023
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 Three Months Ended March 31, 2023 2022 Net Income attributable to Common Stockholders — Basic and Diluted $ 451,827 $ 426,630 Weighted Average Shares Outstanding — Basic and Diluted 326,954,294 328,606,352 For the three months ended March 31, 2023, 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 three months ended March 31, 2023 and 2022. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Three Months Ended March 31, 2023 2022 Net Income attributable to Unitholders — Basic and Diluted $ 517,180 $ 487,993 Weighted Average Units Outstanding — Basic and Diluted 374,245,604 375,870,183 For the three months ended March 31, 2023, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the three months ended March 31, 2023 and 2022. We accrue distributions when they are declared.

Investments in Unconsolidated E

Investments in Unconsolidated Entities and International Investments	3 Months Ended
	Mar. 31, 2023
Investments in Unconsolidated Entities and International Investments
Investments in Unconsolidated Entities and International Investments	6. Investment in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in note 2, we held joint venture interests in 82 properties as of March 31, 2023. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint venture properties primarily in the form of interest bearing construction loans. As of March 31, 2023 and December 31, 2022, we had construction loans and other advances to these related parties totaling $109.4 million and $112.0 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. 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. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows. Taubman Realty Group We own 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. Our investment includes 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. The table below represents summary financial information of TRG. For the Three Months Ended March 31, 2023 2022 Total revenues $ 169,728 $ 162,609 Operating income before other items 74,778 61,853 Consolidated net income 44,953 38,669 Our share of net income 34,848 30,543 Amortization of excess investment (47,390) (49,025) Other Platform Investments As of March 31, 2023, we own a 41.67% non-controlling interest in J.C. Penney, a department store retailer. We also own a 50% non-controlling interest in SPARC Group. 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 March 31, 2023, our interest in ABG was approximately 12.3%. On December 1, 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, 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. On July 1, 2021, we sold to ABG all of our interests in both the Forever 21 and Brooks Brothers licensing ventures in exchange 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 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. In connection with this transaction, we recorded tax expense of $8.0 million. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. As of March 31, 2023, we own a 45% non-controlling interest in Rue Gilt Groupe. On December 19, 2022, we completed the acquisition of a 50% non-controlling 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. Allocation of the excess investment to the underlying assets and liabilities acquired at the venture level is preliminary at March 31, 2023. The table below represents combined summary financial information, after intercompany eliminations, of our other platform investments. For the Three Months Ended March 31, 2023 2022 Total revenues $ 2,956,722 $ 3,140,858 Operating income before other items (17,869) (115,221) Consolidated net income (118,966) (159,412) Our share of net income (loss) (37,789) 9,889 Amortization of excess investment (1,665) (1,665) European Investments At March 31, 2023, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $22.68 per share. The table below represents 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. For the Three Months Ended March 31, 2023 2022 Total revenues $ 322,557 $ 293,349 Operating income before other items 105,308 75,895 Consolidated net income 82,719 46,416 Our share of net income 17,858 11,507 Amortization of excess investment (3,253) (2,796) We have an interest in a European investee that had interests in 11 Designer Outlet properties as of March 31, 2023 and December 31, 2022, seven of which are consolidated by us as of March 31, 2023. As of March 31, 2023, our legal percentage ownership interests in these properties ranged from 23% to 94%. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we also have a direct minority ownership in three of those outlets. At March 31, 2023 and December 31, 2022, 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 $217.5 million and $206.3 million as of March 31, 2023 and December 31, 2022, 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 $204.0 million and $199.5 million as of March 31, 2023 and December 31, 2022, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information A summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding our investments in Klépierre and TRG as well as our other platform investments, follows. COMBINED BALANCE SHEETS March 31, December 31, 2023 2022 Assets: Investment properties, at cost $ 19,281,318 $ 19,256,108 Less - accumulated depreciation 8,615,876 8,490,990 10,665,442 10,765,118 Cash and cash equivalents 1,442,100 1,445,353 Tenant receivables and accrued revenue, net 504,883 546,025 Right-of-use assets, net 138,209 143,526 Deferred costs and other assets 445,744 482,375 Total assets $ 13,196,378 $ 13,382,397 Liabilities and Partners’ Deficit: Mortgages $ 14,544,401 $ 14,569,921 Accounts payable, accrued expenses, intangibles, and deferred revenue 881,365 961,984 Lease liabilities 127,840 133,096 Other liabilities 403,041 446,064 Total liabilities 15,956,647 16,111,065 Preferred units 67,450 67,450 Partners’ deficit (2,827,719) (2,796,118) Total liabilities and partners’ deficit $ 13,196,378 $ 13,382,397 Our Share of: Partners’ deficit $ (1,234,120) $ (1,232,086) Add: Excess Investment 1,212,729 1,219,117 Our net (deficit) Investment in unconsolidated entities, at equity $ (21,391) $ (12,969) “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. COMBINED STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 2023 2022 REVENUE: Lease income $ 735,048 $ 717,768 Other income 90,046 112,585 Total revenue 825,094 830,353 OPERATING EXPENSES: Property operating 154,922 149,515 Depreciation and amortization 164,473 170,562 Real estate taxes 64,004 65,324 Repairs and maintenance 18,774 21,481 Advertising and promotion 20,710 19,318 Other 53,310 48,843 Total operating expenses 476,193 475,043 Operating Income Before Other Items 348,901 355,310 Interest expense (168,206) (144,448) Net Income $ 180,695 $ 210,862 Third-Party Investors’ Share of Net Income $ 90,259 $ 104,657 Our Share of Net Income 90,436 106,205 Amortization of Excess Investment (14,921) (15,139) Income from Unconsolidated Entities $ 75,515 $ 91,066 Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Klépierre and TRG as well as our other platform investments, before any applicable taxes, 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 acquisition of controlling interest sale or disposal of assets and interests in unconsolidated entities, net is reflected within gain 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.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2023
Debt
Debt	7. Debt Unsecured Debt At March 31, 2023, our unsecured debt consisted of $20.4 billion of senior unsecured notes of the Operating Partnership and $125.0 million outstanding under the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or Credit Facility and $815.8 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, or together with the Credit Facility, the Credit Facilities. At March 31, 2023, we had an aggregate available borrowing capacity of $7.6 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities, during the three months ended March 31, 2023 was $940.8 million and the weighted average outstanding balance was $940.8 million. Letters of credit of $9.9 million were outstanding under the Credit Facilities as of March 31, 2023. On March 14, 2023, we amended, restated, extended, and increased our existing $4.0 billion unsecured revolving credit facility. The Credit Facility has an initial borrowing capacity of $5.0 billion which may be increased in the form of additional commitments in the aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 97% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2027. The Credit Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. The 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 the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. The Operating Partnership also has available a global unsecured commercial paper note program, or Commercial Paper program of, $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes are sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership’s other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and, if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On March 31, 2023, we had no outstanding balance under the Commercial Paper program. Borrowings reduce amounts otherwise available under the Credit Facilities. On March 8, 2023, the Operating Partnership completed the issuance of the following senior unsecured notes: $650 million with a fixed interest rate 5.50%, and $650 million with a fixed interest rate of 5.85%, with maturity dates of March 8, 2033 and March 8, 2053, respectively. The Operating Partnership used a portion of the net proceeds of the offering to fund the optional redemption of its $500 million floating rate notes due January 2024 on March 13, 2023. On November 16, 2022, the Operating Partnership drew €750.0 million ($779.0 million U.S. dollar equivalent as of the issuance date) under the Supplemental facility and used the proceeds on November 17, 2022, to repay €750.0 million ($777.1 million U.S. dollar equivalent as of the payoff date) of senior unsecured notes at maturity. 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. Mortgage Debt Total mortgage indebtedness was $5.3 billion and $5.5 billion at March 31, 2023 and December 31, 2022, respectively. Covenants Our unsecured debt agreements contain financial covenants and other non-financial covenants. The Credit Facilities contain ongoing covenants relating to total and secured leverage to capitalization value, minimum earnings before interest, taxes, depreciation, and amortization, or EBITDA, and unencumbered EBITDA coverage requirements. Payment under the Credit Facilities can be accelerated if the Operating Partnership or Simon is subject to bankruptcy proceedings or upon the occurrence of certain other events. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of March 31, 2023, we were in compliance with all covenants of our unsecured debt. At March 31, 2023, 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 March 31, 2023, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed rate mortgages and unsecured indebtedness including commercial paper was $25.0 billion and $22.6 billion as of March 31, 2023 and December 31, 2022. The fair values of these financial instruments and the related discount rate assumptions as of March 31, 2023 and December 31, 2022 are summarized as follows: March 31, December 31, 2023 2022 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 22,669 $ 20,020 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 5.94 % 6.10 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 5.87 % 5.87 %

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2023
Equity
Equity	8. Equity During the three months ended March 31, 2023, the Operating Partnership redeemed 22,442 units from four limited partners for $2.9 million. These transactions increased Simon’s ownership interest in the Operating Partnership. 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 these programs, the Operating Partnership repurchases an equal number of units from Simon. We paid a common stock dividend of $1.80 per share for the first quarter of 2023 2022 May 2, 2023 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 redeemable at amounts in excess of fair value as of March 31, 2023 and December 31, 2022. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as follows: As of As of March 31, December 31, 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 198,882 186,702 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 224,419 $ 212,239 The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as follows: As of As of March 31, December 31, 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized , 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 198,882 186,702 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 224,419 $ 212,239 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. One-third 2021 LTI Program. 2022 LTI Program. 2023 LTI Program. units under the 2019 Plan at a grant date fair market value of $121.25 per share. These awards will vest on March 1, 2026. The $7.9 million grant date fair value of these awards is being recognized as expense over the three-year vesting period. The Compensation and Human Capital Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were determined by the Compensation and Human Capital Committee’s to have been earned, and the aggregate grant date fair value, are as follows: LTIP Awards LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2021 LTIP Awards To be determined in 2024 $5.7 million $12.2 million 2022 LTIP Awards To be determined in 2025 — $13.7 million 2023 LTIP Awards To be determined in 2026 — $23.6 million We recorded compensation expense, net of capitalization, related to the aforementioned LTIP and LTI programs of approximately $6.3 million and $5.8 million for the three months ended March 31, 2023 and 2022, respectively. Restricted Stock. We recorded compensation expense, net of capitalization, related to restricted stock of approximately $3.4 million and $2.4 million for the three months ended March 31, 2023 and 2022, respectively.

Lease Income

Lease Income	3 Months Ended
Lease Income	Mar. 31, 2023
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 below. For the Three Months Ended March 31, 2023 2022 Fixed lease income $ 1,013,164 $ 959,630 Variable lease income 235,021 248,237 Total lease income $ 1,248,185 $ 1,207,867 Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $539.5 million and $546.5 million on March 31, 2023, and December 31, 2022, respectively. 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
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 March 31, 2023, 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 taxes, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Three Months Ended March 31, 2023 2022 Operating Lease Cost Fixed lease cost $ 8,123 $ 8,095 Variable lease cost 4,986 4,269 Total operating lease cost $ 13,109 $ 12,364 For the Three Months Ended March 31, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 13,090 $ 12,339 Weighted-average remaining lease term - operating leases 32.5 years 33.3 years Weighted-average discount rate - operating leases 4.88% 4.87% Minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: 2023 $ 33,264 2024 30,850 2025 30,861 2026 30,875 2027 30,904 Thereafter 835,263 $ 992,017 Impact of discounting (496,444) Operating lease liabilities $ 495,573 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 March 31, 2023 and December 31, 2022, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $132.0 million and $128.0 million, respectively Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Significant Accounting Policies
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.
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 March 31, 2023 and December 31, 2022, we had equity instruments with readily determinable fair values of $94.1 million and $73.0 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized gains (losses) in fair value of publicly traded equity instruments, net in our consolidated statements of operations and comprehensive income. At March 31, 2023 and December 31, 2022, we had equity instruments without readily determinable fair values of $237.2 million and $236.2 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three months ended March 31, 2023 and 2022. 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 March 31, 2023 and December 31, 2022, we held debt securities of $51.5 million and $52.3 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 March 31, 2023 and December 31, 2022 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, interest rate swap and cap agreements with an asset balance of $16.2 million at March 31, 2023 and $15.8 million at December 31, 2022, and a liability balance of $8.4 million and $8.6 million at March 31, 2023 and December 31, 2022, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows: As of As of March 31, December 31, 2023 2022 Limited partners’ interests in the Operating Partnership $ 428,295 $ 448,076 Nonredeemable noncontrolling interests in properties, net 21,064 25,052 Total noncontrolling interests reflected in equity $ 449,359 $ 473,128 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 ($200.2) million and ($199.5) million as of March 31, 2023 and December 31, 2022, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: For the Three Months Ended March 31, Affected line item where 2023 2022 net income is presented Accumulated derivative gains, net $ 501 $ 387 Interest expense (63) (49) Net income attributable to noncontrolling interests $ 438 $ 338 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($229.1) million and ($228.3) million as of March 31, 2023 and December 31, 2022, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: For the Three Months Ended March 31, Affected line item where 2023 2022 net income is presented Accumulated derivative gains, net $ 501 $ 387 Interest expense
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of March 31, 2023, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 3 $ 500.0 Million Interest Rate Swaps 3 € 878.0 million Interest Rate Caps 3 € 119.7 million 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 The carrying value of our interest rate swap and cap agreements, at fair value, as of March 31, 2023 and December 31, 2022 was an asset balance of $14.3 million and $13.1 million, respectively, and is included in deferred costs and other assets. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments that had been recorded as part of accumulated other comprehensive income (loss) is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $22.2 million as of March 31, 2023, compared to an unamortized gain of $10.9 million as of December 31, 2022. Within the next 12 months, we expect to reclassify to earnings approximately $1.1 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at March 31, 2023 and December 31, 2022 (in millions): Asset (Liability) Value as of March 31, December 31, Notional Value Maturity Date 2023 2022 € 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 (3.2) (2.8) € 30.0 March 15, 2024 1.1 1.3 € 51.0 March 15, 2024 (3.1) (2.8) € 45.0 April 12, 2023 (0.5) (0.2) € 44.0 September 15, 2023 (0.4) (0.1) € 50.0 January 17, 2024 (0.1) — € 30.0 September 15, 2023 (0.4) — € 30.7 May 2, 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 three months ended March 31, 2023 and 2022, we recorded gains (loss) of ($32.4) million and $44.3 million, respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investments. The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $ 41.0 million and $36.5 million as of March 31, 2023 and December 31, 2022, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $ 47.0 million and $41.8 million as of March 31, 2023 and December 31, 2022, respectively.
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 indices. There was no impact on our consolidated financial statements at adoption.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
Significant Accounting Policies (Tables)	Mar. 31, 2023
Significant Accounting Policies
Schedule of carrying amount of noncontrolling interests	As of As of March 31, December 31, 2023 2022 Limited partners’ interests in the Operating Partnership $ 428,295 $ 448,076 Nonredeemable noncontrolling interests in properties, net 21,064 25,052 Total noncontrolling interests reflected in equity $ 449,359 $ 473,128
Schedule of reclassifications out of accumulated other comprehensive income (loss)	For the Three Months Ended March 31, Affected line item where 2023 2022 net income is presented Accumulated derivative gains, net $ 501 $ 387 Interest expense (63) (49) Net income attributable to noncontrolling interests $ 438 $ 338
Schedule of Interest Rate Derivatives	Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 3 $ 500.0 Million Interest Rate Swaps 3 € 878.0 million Interest Rate Caps 3 € 119.7 million Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 1 € 128.0 million Interest Rate Caps 5 € 319.0 million
Schedule of Euro:USD forward contracts	We had the following Euro:USD forward contracts designated as net investment hedges at March 31, 2023 and December 31, 2022 (in millions): Asset (Liability) Value as of March 31, December 31, Notional Value Maturity Date 2023 2022 € 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 (3.2) (2.8) € 30.0 March 15, 2024 1.1 1.3 € 51.0 March 15, 2024 (3.1) (2.8) € 45.0 April 12, 2023 (0.5) (0.2) € 44.0 September 15, 2023 (0.4) (0.1) € 50.0 January 17, 2024 (0.1) — € 30.0 September 15, 2023 (0.4) — € 30.7 May 2, 2023 0.1 —
Simon Property Group, L.P.
Significant Accounting Policies
Schedule of reclassifications out of accumulated other comprehensive income (loss)	For the Three Months Ended March 31, Affected line item where 2023 2022 net income is presented Accumulated derivative gains, net $ 501 $ 387 Interest expense

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	3 Months Ended
Per Share and Per Unit Data (Tables)	Mar. 31, 2023
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended March 31, 2023 2022 Net Income attributable to Common Stockholders — Basic and Diluted $ 451,827 $ 426,630 Weighted Average Shares Outstanding — Basic and Diluted 326,954,294 328,606,352
Simon Property Group, L.P.
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended March 31, 2023 2022 Net Income attributable to Unitholders — Basic and Diluted $ 517,180 $ 487,993 Weighted Average Units Outstanding — Basic and Diluted 374,245,604 375,870,183

Investments in Unconsolidated_2

Investments in Unconsolidated Entities and International Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of equity method investments and share of income from such investments, balance sheet	March 31, December 31, 2023 2022 Assets: Investment properties, at cost $ 19,281,318 $ 19,256,108 Less - accumulated depreciation 8,615,876 8,490,990 10,665,442 10,765,118 Cash and cash equivalents 1,442,100 1,445,353 Tenant receivables and accrued revenue, net 504,883 546,025 Right-of-use assets, net 138,209 143,526 Deferred costs and other assets 445,744 482,375 Total assets $ 13,196,378 $ 13,382,397 Liabilities and Partners’ Deficit: Mortgages $ 14,544,401 $ 14,569,921 Accounts payable, accrued expenses, intangibles, and deferred revenue 881,365 961,984 Lease liabilities 127,840 133,096 Other liabilities 403,041 446,064 Total liabilities 15,956,647 16,111,065 Preferred units 67,450 67,450 Partners’ deficit (2,827,719) (2,796,118) Total liabilities and partners’ deficit $ 13,196,378 $ 13,382,397 Our Share of: Partners’ deficit $ (1,234,120) $ (1,232,086) Add: Excess Investment 1,212,729 1,219,117 Our net (deficit) Investment in unconsolidated entities, at equity $ (21,391) $ (12,969)
Summary of equity method investments and share of income from such investments, statements of operations	For the Three Months Ended March 31, 2023 2022 REVENUE: Lease income $ 735,048 $ 717,768 Other income 90,046 112,585 Total revenue 825,094 830,353 OPERATING EXPENSES: Property operating 154,922 149,515 Depreciation and amortization 164,473 170,562 Real estate taxes 64,004 65,324 Repairs and maintenance 18,774 21,481 Advertising and promotion 20,710 19,318 Other 53,310 48,843 Total operating expenses 476,193 475,043 Operating Income Before Other Items 348,901 355,310 Interest expense (168,206) (144,448) Net Income $ 180,695 $ 210,862 Third-Party Investors’ Share of Net Income $ 90,259 $ 104,657 Our Share of Net Income 90,436 106,205 Amortization of Excess Investment (14,921) (15,139) Income from Unconsolidated Entities $ 75,515 $ 91,066
TRG
Summary of financial information of other platform investments	For the Three Months Ended March 31, 2023 2022 Total revenues $ 169,728 $ 162,609 Operating income before other items 74,778 61,853 Consolidated net income 44,953 38,669 Our share of net income 34,848 30,543 Amortization of excess investment (47,390) (49,025)
Other Platform Investments
Summary of financial information of other platform investments	For the Three Months Ended March 31, 2023 2022 Total revenues $ 2,956,722 $ 3,140,858 Operating income before other items (17,869) (115,221) Consolidated net income (118,966) (159,412) Our share of net income (loss) (37,789) 9,889 Amortization of excess investment (1,665) (1,665)
Europe \| Klepierre
Summary of financial information of other platform investments	For the Three Months Ended March 31, 2023 2022 Total revenues $ 322,557 $ 293,349 Operating income before other items 105,308 75,895 Consolidated net income 82,719 46,416 Our share of net income 17,858 11,507 Amortization of excess investment (3,253) (2,796)

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2023
Debt
Schedule of fair value of financial instruments and the related discount rate assumptions	March 31, December 31, 2023 2022 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 22,669 $ 20,020 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 5.94 % 6.10 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 5.87 % 5.87 %

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2023
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of March 31, December 31, 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 198,882 186,702 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 224,419 $ 212,239
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures	LTIP Awards LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2021 LTIP Awards To be determined in 2024 $5.7 million $12.2 million 2022 LTIP Awards To be determined in 2025 — $13.7 million 2023 LTIP Awards To be determined in 2026 — $23.6 million
Simon Property Group, L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of March 31, December 31, 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized , 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 198,882 186,702 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 224,419 $ 212,239

Lease Income (Tables)

Lease Income (Tables)	3 Months Ended
Lease Income (Tables)	Mar. 31, 2023
Lease Income
Schedule of lease income	For the Three Months Ended March 31, 2023 2022 Fixed lease income $ 1,013,164 $ 959,630 Variable lease income 235,021 248,237 Total lease income $ 1,248,185 $ 1,207,867

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments and Contingencies.
Schedule of lease cost	For the Three Months Ended March 31, 2023 2022 Operating Lease Cost Fixed lease cost $ 8,123 $ 8,095 Variable lease cost 4,986 4,269 Total operating lease cost $ 13,109 $ 12,364
Schedule of other lease information	For the Three Months Ended March 31, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 13,090 $ 12,339 Weighted-average remaining lease term - operating leases 32.5 years 33.3 years Weighted-average discount rate - operating leases 4.88% 4.87%
Schedule of future minimum lease payments due	2023 $ 33,264 2024 30,850 2025 30,861 2026 30,875 2027 30,904 Thereafter 835,263 $ 992,017 Impact of discounting (496,444) Operating lease liabilities $ 495,573

Organization (Details)

Organization (Details)	Mar. 31, 2023 property country state
TRG
Real Estate Properties
Ownership percentage	80%
TRG \| TRG
Real Estate Properties
Number of regional, super regional and outlet malls	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	93
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	69
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community/Lifestyle Centers
Real Estate Properties
Number of properties	6
U.S. and Puerto Rico \| Other shopping centers or outlet centers
Real Estate Properties
Number of properties	14
Asia, Europe and Canada \| Premium and Designer Outlets
Real Estate Properties
Number of properties \| state	34
Europe \| Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries \| country	14

Basis of Presentation (Details)

Basis of Presentation (Details) - property	3 Months Ended		12 Months Ended
Basis of Presentation (Details) - property	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Real Estate Properties
Total number of joint venture properties	82
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%
Wholly owned properties
Real Estate Properties
Number of properties	130
Partially owned properties
Real Estate Properties
Number of properties	18

Significant Accounting Polici_4

Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 94.1	$ 73
Equity instruments without readily determinable fair values	237.2	236.2
Debt securities of our captive insurance companies	$ 51.5	$ 52.3
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

Significant Accounting Polici_5

Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
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	$ 16.2	$ 15.8
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 8.4	$ 8.6

Significant Accounting Polici_6

Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 428,295	$ 448,076
Nonredeemable noncontrolling interests in properties, net	21,064	25,052
Total noncontrolling interests reflected in equity	$ 449,359	$ 473,128

Significant Accounting Polici_7

Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (200,200)		$ (199,500)
Interest expense	(199,429)	$ (185,159)
Net income attributable to noncontrolling interests	(66,594)	(60,846)
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	451,827	426,630
Accumulated derivative losses, net, including noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	501	387
Accumulated derivative losses, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests	(63)	(49)
Accumulated derivative gains (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$ 438	$ 338

Significant Accounting Polici_8

Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (200,200)		$ (199,500)
Interest expense	(199,429)	$ (185,159)
Simon Property Group, L.P.
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	(229,100)		$ (228,300)
Interest expense	(199,429)	(185,159)
Accumulated derivative gains (losses), net \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	$ 501	$ 387

Significant Accounting Polici_9

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) DerivativeInstrument	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€) DerivativeInstrument	Dec. 31, 2022 USD ($) DerivativeInstrument	Dec. 31, 2022 EUR (€) DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities \| DerivativeInstrument	0		0
Unamortized gain on treasury locks and terminated hedges	$ 22.2			$ 10.9
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	1.1
Gross accumulated other comprehensive income (loss) related to derivative activities	41			36.5
Gains (losses) of cumulative translation adjustment	(32.4)	$ 44.3
Interest rate swap \| Deferred costs and other assets
Derivative Financial Instruments
Interest rate derivative liabilities, fair value	14.3			13.1
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		50
Forward contract net, fair value	(3.2)			(2.8)
USD-Euro currency forward contract \| March 15, 2024 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			30		30
Forward contract net, fair value	1.1			1.3
USD-Euro currency forward contract \| March 15, 2024. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			51		51
Forward contract net, fair value	(3.1)			(2.8)
USD-Euro currency forward contract \| April 12, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			45		45
Forward contract net, fair value	(0.5)			(0.2)
USD-Euro currency forward contract \| September 15, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			44		€ 44
Forward contract net, fair value	(0.4)			$ (0.1)
USD-Euro currency forward contract \| January 17, 2024 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			50
Forward contract net, fair value	(0.1)
USD-Euro currency forward contract \| September 15, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			30
Forward contract net, fair value	(0.4)
USD-Euro currency forward contract \| May 2, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			€ 30.7
Forward contract net, fair value	$ 0.1
USD \| Interest rate swap
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	3		3
Notional Amount	$ 500
Euro \| Interest rate swap
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	3		3	1	1
Notional Amount \| €			€ 878		€ 128
Euro \| Interest rate cap
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	3		3	5	5
Notional Amount \| €			€ 119.7		€ 319
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income (loss) related to derivative activities	$ 47			$ 41.8

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Details) $ in Millions	Jun. 17, 2022 USD ($) property
Gloucester Premium Outlets
Acquisitions
Cash purchase price for acquisition	$ 14
Gloucester Premium Outlets \| Mortgage bearing 3.29% Interest
Acquisitions
Variable mortgage loan	$ 85.7
Variable rate of interest	3.29%
Consolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property	1
Proceeds from sale and disposal	$ 59
Loss on disposition of interest in properties	$ 15.6

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 451,827	$ 426,630
Net Income attributable to Common Stockholders - Diluted	$ 451,827	$ 426,630
Weighted Average Shares Outstanding - Basic	326,954,294	328,606,352
Weighted Average Shares Outstanding - Diluted	326,954,294	328,606,352
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 517,180	$ 487,993
Net Income attributable to Common Stockholders - Diluted	$ 517,180	$ 487,993
Weighted Average Shares Outstanding - Basic	374,245,604	375,870,183
Weighted Average Shares Outstanding - Diluted	374,245,604	375,870,183

Investments in Unconsolidated_3

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Mar. 31, 2023 USD ($) property
Investment in Unconsolidated Entities
Total number of joint venture properties \| property		82
Mortgages and unsecured indebtedness	$ 24,960,286	$ 25,569,968
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 \| Non-recourse $99.6M Mortgage \| Discontinued Operations, Disposed of by Means Other than Sale [Member] \| Retail properties
Investment in Unconsolidated Entities
Mortgages and unsecured indebtedness	99,600
Unconsolidated properties \| Non-recourse $83.1M Mortgage \| Discontinued Operations, Disposed of by Means Other than Sale [Member] \| Retail properties
Investment in Unconsolidated Entities
Mortgages and unsecured indebtedness	83,100
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party	$ 112,000	$ 109,400

Investments in Unconsolidated_4

Investments in Unconsolidated Entities and International Investments - Unconsolidated Property Transactions (Details) $ in Thousands			3 Months Ended
	Dec. 19, 2022 USD ($)	Dec. 20, 2021 USD ($)	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)
Investment in Unconsolidated Entities
Payments for acquisitions			$ 27,712
Total assets			33,297,796	$ 33,011,274
Total liabilities			29,620,505	29,187,383
Noncontrolling interests			449,359	473,128
Total revenue			1,350,849		$ 1,295,922
Operating income before other items			662,723		620,391
Consolidated net income			519,255		488,310
TRG
Investment in Unconsolidated Entities
Total revenue			169,728		162,609
Operating income before other items			74,778		61,853
Consolidated net income			44,953		38,669
Our share of net income (loss)			34,848		30,543
Amortization of Excess Investment			(47,390)		(49,025)
Other Platform Investments
Investment in Unconsolidated Entities
Total revenue			2,956,722		3,140,858
Operating income before other items			(17,869)		(115,221)
Consolidated net income			(118,966)		(159,412)
Our share of net income (loss)			(37,789)		9,889
Amortization of Excess Investment			(1,665)		(1,665)
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Payments for acquisitions			27,712
Total assets			33,297,796	33,011,274
Total liabilities			29,620,505	29,187,383
Total revenue			1,350,849		1,295,922
Operating income before other items			662,723		620,391
Consolidated net income			$ 519,255		$ 488,310
Jamestown
Investment in Unconsolidated Entities
Ownership interest (as a percent)	50%
Payments for acquisitions	$ 173,400
TRG
Investment in Unconsolidated Entities
Ownership interest (as a percent)			80%
Aggregate investment in ventures			$ 3,062,030	3,074,345
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
Aggregate investment in ventures			$ 3,062,030	3,074,345
TRG \| TRG
Investment in Unconsolidated Entities
Number of regional, super regional and outlet malls \| property			24
JC Penney [Member]
Investment in Unconsolidated Entities
Ownership interest (as a percent)			41.67%
SPARC Group
Investment in Unconsolidated Entities
Ownership interest (as a percent)			50%
ABG
Investment in Unconsolidated Entities
Ownership interest (as a percent)			12.30%
Payments for acquisitions		$ 100,000
Aggregate investment in ventures				98,800		$ 102,700
Gain (Loss) on Exchange of Equity Interests				159,000		159,800
Deferred Taxes				$ 39,700		$ 47,900
Pre-tax gain		18,800
Tax expense		$ 8,000
RGG
Investment in Unconsolidated Entities
Ownership interest (as a percent)			45%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) property
Investment in Unconsolidated Entities
Total revenue	$ 1,350,849	$ 1,295,922
Operating income before other items	662,723	620,391
Consolidated Net Income	519,255	488,310
Klepierre
Investment in Unconsolidated Entities
Investment, in equity	$ 1,541,743		$ 1,561,112
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property	11		11
European Joint Venture \| Designer Outlet properties \| Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	23%
European Joint Venture \| Designer Outlet properties \| Maximum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	94%
European Property Management and Development \| Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)	50%
Europe \| Klepierre
Investment in Unconsolidated Entities
Total revenue	$ 322,557	293,349
Operating income before other items	105,308	75,895
Consolidated Net Income	82,719	46,416
Our Share of Net Income	17,858	11,507
Amortization of Excess Investment	$ (3,253)	$ (2,796)
Europe \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties consolidated by entity \| property	7
Europe \| Klepierre
Investment in Unconsolidated Entities
Shares owned \| shares	63,924,148
Ownership interest (as a percent)	22.40%
Quoted market price per share (in dollars per share) \| $ / shares	$ 22.68
Europe \| Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated \| property	9
Number of outlets in which the entity has a minority direct ownership \| property	3
Europe \| Value Retail PLC \| Deferred costs and other assets
Investment in Unconsolidated Entities
Value of equity instruments	$ 140,800		$ 140,800

Investments in Unconsolidated_6

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Japan \| Mitsubishi Estate Co., Ltd.
Investment in Unconsolidated Entities
Ownership percentage	40%	40%
Our net (deficit) Investment in unconsolidated entities, at equity	$ 217.5	$ 206.3
South Korea \| Shinsegae International Co
Investment in Unconsolidated Entities
Ownership percentage	50%	50%
Our net (deficit) Investment in unconsolidated entities, at equity	$ 204	$ 199.5

Investments in Unconsolidated_7

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Investment properties, at cost	$ 38,505,497	$ 38,326,912
Less - accumulated depreciation	16,823,305	16,563,749
Investment properties, at cost, net	21,682,192	21,763,163
Cash and cash equivalents	1,155,423	621,628
Tenant receivables and accrued revenue, net	779,702	823,540
Right-of-use assets, net	494,591	496,930
Deferred costs and other assets	1,141,583	1,159,293
Total assets	33,297,796	33,011,274
Liabilities and Partners' Deficit:
Mortgages	25,569,968	24,960,286
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,351,870	1,491,583
Lease liabilities	495,573	497,953
Other liabilities	497,210	535,736
Total liabilities	29,620,505	29,187,383
Preferred units	224,419	212,239
Total liabilities and equity	33,297,796	33,011,274
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
Our Share of:
Partners' deficit	(1,234,120)	(1,232,086)
Add: Excess Investment	1,212,729	1,219,117
Our net (deficit) Investment in unconsolidated entities, at equity	(21,391)	(12,969)
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
ASSETS:
Investment properties, at cost	19,281,318	19,256,108
Less - accumulated depreciation	8,615,876	8,490,990
Investment properties, at cost, net	10,665,442	10,765,118
Cash and cash equivalents	1,442,100	1,445,353
Tenant receivables and accrued revenue, net	504,883	546,025
Right-of-use assets, net	138,209	143,526
Deferred costs and other assets	445,744	482,375
Total assets	13,196,378	13,382,397
Liabilities and Partners' Deficit:
Mortgages	14,544,401	14,569,921
Accounts payable, accrued expenses, intangibles, and deferred revenues	881,365	961,984
Lease liabilities	127,840	133,096
Other liabilities	403,041	446,064
Total liabilities	15,956,647	16,111,065
Preferred units	67,450	67,450
Partners' deficit	(2,827,719)	(2,796,118)
Total liabilities and equity	$ 13,196,378	$ 13,382,397
Unconsolidated properties \| Maximum
Our Share of:
Estimated life of investment property	40 years

Investments in Unconsolidated_8

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Lease income	$ 1,248,185	$ 1,207,867
Other income	73,715	60,468
Total revenue	1,350,849	1,295,922
EXPENSES:
Property operating	111,748	103,664
Depreciation and amortization	307,059	310,163
Real estate taxes	111,159	111,691
Repairs and maintenance	22,174	22,304
Advertising and promotion	24,159	25,263
Other	45,900	42,416
Total operating expenses	688,126	675,531
OPERATING INCOME BEFORE OTHER ITEMS	662,723	620,391
Interest expense	(199,429)	(185,159)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		1,491
CONSOLIDATED NET INCOME	519,255	488,310
Income from Unconsolidated Entities	21,900	81,184
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
EXPENSES:
Third-Party Investors' Share of Net Income	90,259	104,657
Our Share of Net Income	90,436	106,205
Amortization of Excess Investment	(14,921)	(15,139)
Income from Unconsolidated Entities	75,515	91,066
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
REVENUE:
Lease income	735,048	717,768
Other income	90,046	112,585
Total revenue	825,094	830,353
EXPENSES:
Property operating	154,922	149,515
Depreciation and amortization	164,473	170,562
Real estate taxes	64,004	65,324
Repairs and maintenance	18,774	21,481
Advertising and promotion	20,710	19,318
Other	53,310	48,843
Total operating expenses	476,193	475,043
OPERATING INCOME BEFORE OTHER ITEMS	348,901	355,310
Interest expense	(168,206)	(144,448)
CONSOLIDATED NET INCOME	$ 180,695	$ 210,862

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands, € in Millions

3 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 ($)

Mar. 31, 2023 USD ($) property item

Mar. 14, 2023 USD ($)

Mar. 13, 2023 USD ($)

Mar. 08, 2023 USD ($)

Jan. 10, 2023 EUR (€)

Dec. 31, 2022 USD ($)

Debt

Long-term debt

$ 25,569,968

$ 24,960,286

Simon Property Group, L.P.

Debt

Long-term debt

25,569,968

24,960,286

Secured Debt | Mortgages

Debt

Long-term debt

$ 5,300,000

$ 5,500,000

Debt covenants

Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item

Number of properties pledged as collateral | item

Number of cross-defaulted and cross-collateralized mortgage pools | item

Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property

Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P.

Debt

Long-term debt

$ 20,400,000

Amount of debt redeemed

$ 500,000

Debt repaid

$ 777,100

€ 750

Unsecured Debt | Senior Unsecured Notes Maturing March 2033 | Simon Property Group, L.P.

Debt

Debt issued

$ 650,000

Interest rate on debt (as a percent)

5.50%

Unsecured Debt | Senior Unsecured Notes Maturing March 2053 | Simon Property Group, L.P.

Debt

Debt issued

$ 650,000

Interest rate on debt (as a percent)

5.85%

Unsecured Debt | Senior Unsecured Notes Maturing February 2032 | Simon Property Group, L.P.

Debt

Debt issued

$ 700,000

Interest rate on debt (as a percent)

2.65%

Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | SOFR

Debt

Interest rate (as a percent)

0.43%

Debt issued

$ 500,000

Unsecured Debt | Commercial Paper | Simon Property Group, L.P.

Debt

Long-term debt

Maximum borrowing capacity

2,000,000

Unsecured Debt | Credit Facilities | Simon Property Group, L.P.

Debt

Available borrowing capacity

7,600,000

Maximum amount outstanding during period

940,800

Credit facility, weighted average amount outstanding

940,800

Letters of credit outstanding

9,900

Unsecured Debt | Credit Facility and Term Facility | Simon Property Group, L.P.

Debt

Maximum borrowing capacity

6,000,000

Additional borrowing capacity

1,000,000

Unsecured Debt | Credit Facility | Simon Property Group, L.P.

Debt

Credit facility, amount outstanding

125,000

Maximum borrowing capacity

$ 5,000,000

$ 4,000,000

Additional extension period | item

Debt extension period

6 months

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)

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.

Debt

Facility fee (in percentage)

0.10%

Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | SOFR

Debt

Interest rate (as a percent)

0.65%

Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P.

Debt

Percentage of borrowings in currencies other than the U.S. dollar

97%

Facility fee (in percentage)

0.30%

Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

0.40%

Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | SOFR

Debt

Interest rate (as a percent)

1.40%

Unsecured Debt | Supplemental Facility | Simon Property Group, L.P.

Debt

Amount drawn

$ 779,000

€ 750

Credit facility, amount outstanding

$ 815,800

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

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 (as a percent)

0.50%

Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Adjusted Term One-Month SOFR

Debt

Interest rate (as a percent)

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

Facility fee (in percentage)

0.10%

Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

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%

Facility fee (in percentage)

0.30%

Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

0.40%

Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | SOFR

Debt

Interest rate (as a percent)

1.40%

Debt - Fair Value (Details)

Debt - Fair Value (Details) $ in Millions	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Fixed rate mortgages and unsecured indebtedness \| Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness \| $	$ 25,000	$ 22,600
Fixed rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness \| $	$ 22,669	$ 20,020
Discount Rate \| Weighted average \| Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input \| item	0.0594	0.0610
Discount Rate \| Weighted average \| Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input \| item	0.0587	0.0587

Equity - Shares or Units Activi

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Thousands			3 Months Ended		12 Months Ended
	May 02, 2023 $ / shares	May 09, 2022 USD ($)	Mar. 31, 2023 USD ($) item $ / shares shares	Mar. 31, 2022 $ / shares shares	Dec. 31, 2022 $ / shares shares
Equity
Common Stock, Dividends, Per Share, Cash Paid			$ 1.80	$ 1.65
Redemption of units \| shares			22,442	1,000
Common stock authorized for repurchase \| $		$ 2,000,000
Period common stock is authorized to repurchase		2 years
Shares repurchased (in shares) \| shares					1,830,022
Average share price repurchased (in dollars per share)					$ 98.57
Subsequent Event
Equity
Dividends declared per common share (in dollars per share)	$ 1.85
Simon Property Group, L.P.
Equity
Redemption of units \| shares			22,442	1,000
Distributions paid per unit (in dollars per unit)			$ 1.80	$ 1.65
Simon Property Group, L.P. \| Subsequent Event
Equity
Distribution declared per unit (in dollars per share)	$ 1.85
Simon Property Group, L.P. \| Limited Partners
Equity
Redemption of units \| shares			22,442
Number of limited partners whose common stock redeemed \| item			4
Value of units redeemed \| $			$ 2,900

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) $ in Thousands	3 Months Ended	12 Months Ended
Equity - Temporary Equity (Details) $ in Thousands	Mar. 31, 2023 USD ($) item shares	Dec. 31, 2022 USD ($) item shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests \| $	$ 224,419	$ 212,239
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests \| $	$ 224,419	$ 212,239
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 \| item	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
7.5% Cumulative Redeemable Preferred Units \| Simon Property Group, L.P.
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1	1
Preferred stock stated dividend rate (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
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests \| $	198,882	186,702
Other noncontrolling redeemable interest \| Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests \| $	$ 198,882	$ 186,702

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions						1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 01, 2023	Mar. 28, 2023	Mar. 01, 2023	Mar. 18, 2022	Mar. 11, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization							$ 3.4	$ 2.4
Restricted stock \| Employees
Stock-based incentive plan awards
Vesting service period	3 years
Awards granted (in units)	218,456
Weighted average fair value of shares granted during the year (in dollars per share)	$ 111.97
Restricted stock \| Non-employee Director
Stock-based incentive plan awards
Vesting service period		1 year
Awards granted (in units)		165
Weighted average fair value of shares granted during the year (in dollars per share)		$ 103.30
2019 Stock Incentive Plan \| Time Based Restricted Stock Units
Stock-based incentive plan awards
Vesting rights each year beginning 2022 (as a percent)										33.33%
Vesting service period			3 years					3 years	3 years	3 years
Awards granted (in units)			64,852					52,673	37,976	312,263
Grant date fair value			$ 7.9					$ 6.9	$ 4.3	$ 26.3
Weighted average fair value of shares granted during the year (in dollars per share)			$ 121.25	$ 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							$ 6.3	$ 5.8
2019 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period											3 years
Units earned (in shares)						72,442
2021 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period									3 years
Grant date fair value							5.7
Grant date target value							12.2
2021 LTIP program \| Time Based Restricted Stock Units \| Maximum
Stock-based incentive plan awards
Grant date fair value									$ 18.4
2022 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period								3 years
Grant date target value							$ 13.7
2022 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant date fair value								$ 20.6
2023 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period							3 years
Grant date target value							$ 23.6
2023 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant date fair value							$ 42.5

Lease Income (Details)

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
Lease Income (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Fixed lease income	$ 1,013,164	$ 959,630
Variable lease income	235,021	248,237
Total lease income	1,248,185	$ 1,207,867
Tenant receivables and accrued revenue
Lessor, Lease, Description [Line Items]
Straight-line receivables	$ 539,500		$ 546,500

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lease Commitments
Properties subject to ground leases \| property	23
Lease Cost
Fixed lease cost	$ 8,123	$ 8,095
Variable lease cost	4,986	4,269
Total operating lease cost	13,109	12,364
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 13,090	$ 12,339
Weighted-average remaining lease term - operating leases	32 years 6 months	33 years 3 months 18 days
Weighted-average discount rate - operating leases	4.88%	4.87%
Operating Lease Liabilities
2023	$ 33,264
2024	30,850
2025	30,861
2026	30,875
2027	30,904
Thereafter	835,263
Future minimum gross lease payments	992,017
Impact of discounting	(496,444)
Operating lease liabilities	$ 495,573		$ 497,953

Commitments and Contingencies_2

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 132	$ 128

Commitments and Contingencies_3

Commitments and Contingencies - Concentration of Credit Risk (Details)	3 Months Ended
	Mar. 31, 2023
Consolidated revenues \| Concentration of credit risk \| Maximum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5%