View Filing Data

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2015 $ / shares shares
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	0001063761
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Common stock
Entity Common Stock, Shares Outstanding \| shares	309,409,637
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding \| shares	8,000
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS:
Investment properties at cost	$ 32,898,773	$ 31,318,532
Less - accumulated depreciation	9,409,100	8,950,747
Investment properties, net	23,489,673	22,367,785
Cash and cash equivalents	565,657	612,282
Tenant receivables and accrued revenue, net	537,172	580,197
Investment in unconsolidated entities, at equity	2,353,339	2,378,800
Investment in Klepierre, at equity	1,803,746	1,786,477
Deferred costs and other assets	1,333,944	1,806,789
Total assets	30,083,531	29,532,330
LIABILITIES:
Mortgages and unsecured indebtedness	22,070,777	20,852,993
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,215,444	1,259,681
Cash distributions and losses in partnerships and joint ventures, at equity	1,344,028	1,167,163
Other liabilities	248,596	275,451
Total liabilities	24,878,845	23,555,288
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership	25,537	25,537
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $ 39,847	43,898	44,062
Capital in excess of par value	9,357,567	9,422,237
Accumulated deficit	(4,274,289)	(4,208,183)
Accumulated other comprehensive loss	(246,575)	(61,041)
Common stock held in treasury at cost, 5,397,729 and 3,540,754 shares, respectively	(437,751)	(103,929)
Total stockholders' equity	4,442,881	5,093,177
Noncontrolling interests	736,268	858,328
Total equity	5,179,149	5,951,505
Total liabilities and equity	30,083,531	29,532,330
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	31	31
Class B common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Series J 8 3/8% cumulative redeemable preferred stock, shares issued	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock held in treasury, shares	5,397,729	3,540,754
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	314,807,366	314,320,664
Common stock, shares outstanding	314,807,366	314,320,664
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

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUE:
Minimum rent	$ 768,138	$ 728,486	$ 1,521,583	$ 1,450,768
Overage rent	37,029	39,160	75,986	70,834
Tenant reimbursements	364,309	342,250	704,479	667,721
Management fees and other revenues	40,027	34,142	75,106	64,749
Other income	139,607	37,944	188,191	84,932
Total revenue	1,349,110	1,181,982	2,565,345	2,339,004
EXPENSES:
Property operating	99,841	92,630	199,598	187,577
Depreciation and amortization	295,778	287,214	583,883	567,708
Real estate taxes	106,487	99,396	213,374	193,699
Repairs and maintenance	22,676	21,656	52,410	51,421
Advertising and promotion	41,215	38,149	59,971	60,768
Provision for credit losses	2,685	2,442	6,533	6,866
Home and regional office costs	39,346	44,958	75,250	80,246
General and administrative	15,345	15,599	30,344	30,454
Other	23,352	18,407	42,426	37,769
Total operating expenses	646,725	620,451	1,263,789	1,216,508
OPERATING INCOME	702,385	561,531	1,301,556	1,122,496
Interest expense	(230,974)	(254,930)	(463,147)	(509,164)
Income and other taxes	(3,420)	(6,626)	(9,781)	(13,489)
Income from unconsolidated entities	70,196	55,764	135,068	112,842
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	16,339	133,870	16,339	136,525
Consolidated income from continuing operations	554,526	489,609	980,035	849,210
Discontinued operations and gain on disposal		26,022		67,524
Discontinued operations transaction expenses		(38,163)		(38,163)
CONSOLIDATED NET INCOME	554,526	477,468	980,035	878,571
Net income attributable to noncontrolling interests	80,748	70,047	143,248	128,667
Preferred dividends	834	834	1,669	1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 472,944	$ 406,587	$ 835,118	$ 748,235
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Income from continuing operations (in dollars per share)	$ 1.52	$ 1.34	$ 2.69	$ 2.33
Discontinued operations (in dollars per share)		(0.03)		0.08
Net income attributable to common stockholders (in dollars per share)	$ 1.52	$ 1.31	$ 2.69	$ 2.41
Consolidated Net Income	$ 554,526	$ 477,468	$ 980,035	$ 878,571
Unrealized gain (loss) on derivative hedge agreements	9,240	(8)	19,339	(7,541)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(77,536)	2,577	(74,909)	5,274
Currency translation adjustments	(14,282)	4,046	(138,793)	17,779
Changes in available-for-sale securities and other	(27,721)	202	(22,084)	682
Comprehensive income	444,227	484,285	763,588	894,765
Comprehensive income attributable to noncontrolling interests	65,193	71,020	112,335	130,802
Comprehensive income attributable to common stockholders	$ 379,034	$ 413,265	$ 651,253	$ 763,963

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 980,035	$ 878,571
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	615,249	670,714
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(16,339)	(136,767)
Gain on sale of marketable securities	(80,187)
Straight-line rent	(27,206)	(23,165)
Equity in income of unconsolidated entities	(135,068)	(113,494)
Distributions of income from unconsolidated entities	120,918	105,087
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	70,426	63,647
Deferred costs and other assets	(40,841)	(45,761)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(3,681)	(127,695)
Net cash provided by operating activities	1,483,306	1,271,137
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(1,231,381)	(85,459)
Funding of loans to related parties		(33,236)
Repayments of loans to related parties		4,092
Capital expenditures, net	(488,950)	(366,034)
Cash impact from the consolidation of properties		5,402
Investments in unconsolidated entities	(153,663)	(115,827)
Purchase of marketable and non-marketable securities	(17,450)	(9,201)
Proceeds from sale of marketable and non-marketable securities	454,012
Distributions of capital from unconsolidated entities and other	583,626	287,870
Net cash used in investing activities	(853,806)	(312,393)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(3,465)	(71)
Cash impact of Washington Prime spin-off		(33,776)
Purchase of preferred stock, limited partner units and treasury stock	(505,691)
Purchase of noncontrolling interest in consolidated properties		(89,818)
Distributions to noncontrolling interest holders in properties	(4,049)	(18,164)
Contributions from noncontrolling interest holders in properties	613	388
Preferred distributions of the Operating Partnership	(958)	(957)
Preferred dividends and distributions to stockholders	(902,815)	(793,892)
Distributions to limited partners	(151,318)	(133,858)
Proceeds from issuance of debt, net of transaction costs	4,058,658	1,405,336
Repayments of debt	(3,167,100)	(2,348,113)
Proceeds from issuance of debt related to Washington Prime properties, net		1,003,135
Net cash used in financing activities	(676,125)	(1,009,790)
DECREASE IN CASH AND CASH EQUIVALENTS	(46,625)	(51,046)
CASH AND CASH EQUIVALENTS, beginning of period	612,282	1,716,863
CASH AND CASH EQUIVALENTS, end of period	$ 565,657	$ 1,665,817

Organization	6 Months Ended
Organization	Jun. 30, 2015
Organization
Organization	1. Organization Simon Property Group, Inc., or Simon, 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. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries. We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2015, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 110 malls, 68 Premium Outlets, 14 Mills, three community centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of June 30, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of June 30, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of June 30, 2015, as further discussed in Note 5, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2015
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 period ended June 30, 2015, 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 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 our 2014 Annual Report on Form 10-K. As of June 30, 2015, we consolidated 135 wholly-owned properties and 13 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 80 properties, or the joint venture properties, as well as our investment in Klépierre, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 58 of the 80 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, and the five European outlet properties comprise 19 of the remaining 22 properties. These international properties are managed locally 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 held by limited partners, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was 85.6% and 85.5% for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, our ownership interest in the Operating Partnership was 85.7% and 85.5%, respectively. 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.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2015

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 FDIC and SIPC insurance limits.

Marketable and Non-Marketable Securities

Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2015, we had marketable securities of $184.2 million generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were approximately $1.7 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities.

The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established.

Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.

On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2015.

At June 30, 2015 and December 31, 2014, we had investments of $177.3 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.

Fair Value Measurements

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

The marketable securities we held at June 30, 2015 and December 31, 2014 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 interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $0.7 million and $2.1 million at June 30, 2015 and December 31, 2014, respectively, and a gross asset value of $24.5 million and $20.1 million at June 30, 2015 and December 31, 2014, respectively.

Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 9 and 5 include a discussion of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests

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

	As of June 30, 2015			As of December 31, 2014
Limited partners' interests in the Operating Partnership	$	736,679		$	858,557
Nonredeemable noncontrolling deficit interests in properties, net		(411	)		(229	)

Total noncontrolling interests reflected in equity	$	736,268		$	858,328

Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

A rollforward of noncontrolling interests reflected in equity is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Noncontrolling interests, beginning of period	$	828,618		$	989,988		$	858,328		$	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		80,269			70,060			142,290			127,710
Distributions to noncontrolling interest holders		(78,488	)		(74,029	)		(153,398	)		(151,465	)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements		1,380			(17	)		2,861			(1,253	)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(11,126	)		376			(10,745	)		768
Currency translation adjustments		(1,667	)		586			(19,665	)		2,518
Changes in available-for-sale securities and other		(4,141	)		30			(3,364	)		102

		(15,554	)		975			(30,913	)		2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership		(75,905	)		(121,454	)		(81,529	)		(188,680	)
Units issued to limited partners		—			—			—			84,910
Units exchanged for common shares		(56	)		(279	)		(7,905	)		(1,190	)
Units redeemed		(14,843	)		—			(14,843	)		—
Long-term incentive performance units		11,812			12,484			23,640			24,969
Purchase and disposition of noncontrolling interests, net, and other		415			4,599			598			10,729

Noncontrolling interests, end of period	$	736,268		$	882,344		$	736,268		$	882,344

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:

	Currency translation adjustments			Accumulated derivative losses, net			Net unrealized gains (losses) on marketable securities			Total
Beginning balance	$	(110,722	)	$	(39,161	)	$	88,842		$	(61,041	)
Other comprehensive loss before reclassifications		(119,129	)		16,479			(18,720	)		(121,370	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			4,521			(68,685	)		(64,164	)

Net current-period other comprehensive income (loss)		(119,129	)		21,000			(87,405	)		(185,534	)

Ending balance	$	(229,851	)	$	(18,161	)	$	1,437		$	(246,575	)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of June 30, 2015 and 2014:

	June 30, 2015			June 30, 2014
Details about accumulated other comprehensive income (loss) components:	Amount reclassified from accumulated other comprehensive income (loss)			Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
Accumulated derivative losses, net	$	(5,278	)	$	(5,274	)	Interest expense
		757			768		Net income attributable to noncontrolling interests

	$	(4,521	)	$	(4,506	)


Realized gain on sale of marketable securities	$	80,187		$	—		Other income
		(11,502	)		—		Net income attributable to noncontrolling interests

	$	68,685		$	—

Derivative Financial Instruments

We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative		Number of Instruments		Notional Amount
Interest Rate Swaps		2		$375.0 million

The carrying value of our interest rate swap agreements, at fair value, as of June 30, 2015, was a net asset balance of $0.9 million, of which $1.6 million is included in deferred costs and other assets and $0.6 million is included in other liabilities. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets.

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date.

As of June 30, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained at December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.

In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter, one forward contract with a €50.0 million notional value was settled. The June 30, 2015 asset balance related to the remaining €100.0 million forward contracts was $22.9 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and was included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.

The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $21.2 million and $45.8 million as of June 30, 2015 and December 31, 2014, respectively.

New Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early-adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, as further discussed below. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation.

In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB decided to delay the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our Consolidated Balance Sheet for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements.

Discontinued Operations

On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime.

The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties.

Summarized financial information for discontinued operations for the three and six month periods ended June 30, 2014 is presented below.

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
TOTAL REVENUE	$	104,683		$	262,652
Property Operating		17,035			43,175
Depreciation and amortization		31,024			76,992
Real estate taxes		12,526			32,474
Repairs and maintenance		3,181			10,331
Advertising and promotion		1,388			3,340
Provision for credit losses		708			1,494
Other		910			2,028

Total operating expenses		66,772			169,834
OPERATING INCOME		37,911			92,818
Interest expense		(12,159	)		(26,076	)
Income and other taxes		(37	)		(112	)
Income from unconsolidated entities		307			652
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net		—			242

CONSOLIDATED NET INCOME		26,022			67,524
Net income attributable to noncontrolling interests		3,792			9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	22,230		$	57,743

Capital expenditures on a cash basis for the three and six month periods ended June 30, 2014 were $7.1 million and $31.9 million, respectively.

We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice.

We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. Transitional services fees earned for the three and six months ended June 30, 2015 were approximately $1.6 million and $2.9 million, respectively.

Per Share Data

6 Months Ended

Jun. 30, 2015

Per Share Data

Per Share Data

4. Per Share Data

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
Net Income attributable to Common Stockholders — Basic and Diluted	$	472,944	$	406,587	$	835,118	$	748,235


Weighted Average Shares Outstanding — Basic and Diluted		310,498,911		310,743,242		310,798,814		310,683,240

For the six months ended June 30, 2015, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance, 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 dilutive effect for the three and six months ended June 30, 2015 and 2014. We accrue dividends when they are declared.

Investment in Unconsolidated Entities

6 Months Ended

Jun. 30, 2015

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

5. Investment in Unconsolidated Entities

Real Estate Joint Ventures and Investments

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 80 properties as of June 30, 2015.

Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of June 30, 2015 and December 31, 2014, we had construction loans and other advances to related parties totaling $14.6 million and $14.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Property Transactions

On January 30, 2014, as discussed in Note 9, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property.

On February 24, 2015, Houston Galleria, in which we own a 50.4% noncontrolling interest, refinanced its $821.0 million mortgage with a $1.2 billion mortgage that matures on March 1, 2025. The fixed interest rate was reduced from 5.44% to 3.55% as a result. Excess proceeds from the financing were distributed to the venture partners in February 2015.

On April 13, 2015, we announced we had formed a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the newly formed joint venture in exchange for a 50% noncontrolling interest in this joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in this joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, a public REIT recently formed by Sears, which now holds their previous interest in the newly formed joint venture.

On April 23, 2015, we announced a partnership with Swire Properties Inc. and Whitman Family Development to jointly develop the approximately 500,000 square foot shopping center component of Brickell City Centre, a mixed-use development in downtown Miami. We own a 25% interest in the retail component of this project which is scheduled to open in September 2016. Our share of the estimated cost of this project including development fees is approximately $100.0 million.

On July 22, 2015, we closed on our previously announced joint venture with Hudson's Bay Company, or HBC, whereby HBC contributed 42 properties and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed joint venture. We may contribute up to an additional $178.5 million in the newly formed joint venture. Upon the closing of the joint venture, we funded $1.0 million of our commitment. On June 15, 2015 HBC announced it is acquiring Galeria Holding, the parent company of Germany's leading department store, Kaufhof. This joint venture has agreed to purchase at least 40 Kaufhof properties from HBC. This transaction is expected to close in 2015.

European Investments

At June 30, 2015, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.29 per share. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%. On May 11, 2015 we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to the purchase has been allocated to investment property. Our share of net income, net of amortization of our excess investment, was $9.6 million and $135.9 million for the six months ended June 30, 2015 and 2014, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total revenues, operating income and consolidated net income were approximately $740.3 million, $277.6 million and $96.9 million, respectively, for the six months ended June 30, 2015 and $654.8 million, $281.1 million and $1.2 billion, respectively, for the six months ended June 30, 2014. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre's group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in "Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net" in the accompanying consolidated statements of operations and comprehensive income.

Our joint venture in Europe has interests in five outlet properties, one development project as well as a property management and development company. As of June 30, 2015 our legal percentage ownership interests in these entities range from 45% to 90%. The carrying amount of our investment in these joint ventures, including all related components of accumulated other comprehensive income (loss) as well as subsequent capital contributions for development, was $605.8 million and $677.1 million as of June 30, 2015 and December 31, 2014, respectively. In December 2014, Roermond Designer Outlet phases 2 and 3, in which we own a 90% interest, refinanced its $85.1 million mortgage maturing in 2017 with a $218.9 million mortgage that matures in 2021. The fixed interest rate was reduced from 5.12% to 1.86% as a result. Excess proceeds from the financing were distributed to the venture partners in January 2015.

We also have a minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. Our investment in these centers is accounted for under the cost method. At each of June 30, 2015 and December 31, 2014, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets.

On March 19, 2015 we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. The gain includes $0.8 million that was reclassified from accumulated other comprehensive income (loss).

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% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $229.8 million as of June 30, 2015 and December 31, 2014, 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% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $110.4 million and $104.5 million as of June 30, 2015 and December 31, 2014, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

A summary of our equity method investments and share of income from such investments, excluding Klépierre, follows. As discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests in the accompanying summary financial information for the six months ended June 30, 2014.

BALANCE SHEETS

	June 30, 2015			December 31, 2014
Assets:
Investment properties, at cost	$	16,790,264		$	16,087,282
Less — accumulated depreciation		5,611,016			5,457,899

		11,179,248			10,629,383
Cash and cash equivalents		885,430			993,178
Tenant receivables and accrued revenue, net		333,033			362,201
Investment in unconsolidated entities, at equity		—			11,386
Deferred costs and other assets		533,447			536,600

Total assets	$	12,931,158		$	12,532,748


Liabilities and Partners' Deficit:
Mortgages	$	13,801,561		$	13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenue		940,309			1,015,334
Other liabilities		386,277			493,718

Total liabilities		15,128,147			14,781,609
Preferred units		67,450			67,450
Partners' deficit		(2,264,439	)		(2,316,311	)

Total liabilities and partners' deficit	$	12,931,158		$	12,532,748


Our Share of:
Partners' deficit	$	(820,782	)	$	(663,700	)
Add: Excess Investment		1,830,093			1,875,337

Our net Investment in unconsolidated entities, at equity	$	1,009,311		$	1,211,637

"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 is allocated on a fair value basis primarily to investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

STATEMENT OF OPERATIONS

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Revenue:
Minimum rent	$	443,485		$	427,899		$	877,266		$	852,684
Overage rent		41,342			41,589			92,522			90,386
Tenant reimbursements		199,142			193,006			393,629			385,799
Other income		61,545			61,929			115,539			174,635

Total revenue		745,514			724,423			1,478,956			1,503,504
Operating Expenses:
Property operating		132,257			131,643			263,061			293,064
Depreciation and amortization		148,607			142,047			290,265			294,195
Real estate taxes		56,477			52,797			115,051			107,588
Repairs and maintenance		17,086			15,944			37,447			35,585
Advertising and promotion		17,388			17,113			34,090			35,923
Provision for credit losses		1,296			970			3,149			4,078
Other		38,924			44,554			83,351			97,483

Total operating expenses		412,035			405,068			826,414			867,916

Operating Income		333,479			319,355			652,542			635,588
Interest expense		(149,041	)		(150,059	)		(296,062	)		(301,696	)

Income from Continuing Operations		184,438			169,296			356,480			333,892
Income from operations of discontinued joint venture interests		—			2,094			—			5,079
Gain on sale or disposal of assets and interests in unconsolidated entities		35,779			—			35,779			—

Net Income	$	220,217		$	171,390		$	392,259		$	338,971


Third-Party Investors' Share of Net Income	$	112,763		$	88,217		$	201,877		$	177,530


Our Share of Net Income		107,454			83,173			190,382			161,441
Amortization of Excess Investment		(24,387	)		(24,383	)		(48,541	)		(49,981	)
Our Share of Loss from Unconsolidated Discontinued Operations		—			(307	)		—			(652	)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(16,339	)		—			(16,339	)		—

Income from Unconsolidated Entities	$	66,728		$	58,483		$	125,502		$	110,808

Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income.

Debt

6 Months Ended

Jun. 30, 2015

Debt

Debt

6. Debt

Unsecured Debt

At June 30, 2015, our unsecured debt consisted of $13.0 billion of senior unsecured notes of the Operating Partnership, net of discounts, $1.4 billion outstanding under the Operating Partnership's $4.0 billion unsecured revolving credit facility, or Credit Facility, $240.0 million outstanding under an unsecured term loan, and $803.0 million outstanding under the Operating Partnership's global unsecured commercial paper note program, or the Commercial Paper program. The June 30, 2015 balance on the Credit Facility included $1.0 billion (U.S. dollar equivalent) of Euro-denominated borrowings and $181.5 million (U.S. dollar equivalent) of Yen-denominated borrowings. At June 30, 2015 the outstanding amount under the Commercial Paper program was $803.0 million, of which $193.0 million was related to U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments.

On June 30, 2015, we had an aggregate available borrowing capacity of $4.5 billion under the Credit Facility and the Operating Partnership's $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility. The maximum aggregate outstanding balance under the two credit facilities during the six months ended June 30, 2015 was $1.8 billion and the weighted average outstanding balance was $1.2 billion. Letters of credit of $37.2 million were outstanding under the two credit facilities as of June 30, 2015.

The Credit Facility's initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. Dollars, Euros, Yen, Sterling, Canadian Dollars and Australian Dollars. Borrowings in currencies other than the U.S. Dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points.

On March 2, 2015, the Operating Partnership amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion has been increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option. The base interest rate on the amended Supplemental Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. Dollars, Euro, Yen, Sterling, Canadian Dollars and Australian Dollars.

On March 2, 2015, the Operating Partnership increased the maximum aggregate program size of its Commercial Paper program from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S and Euro commercial paper note markets and will rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. Our Commercial Paper program is supported by our Credit Facility and Supplemental Facility and if necessary or appropriate, we may make one or more draws under either the Credit Facility or Supplemental Facility to pay amounts outstanding from time to time on the Commercial Paper program. At June 30, 2015, we had $803.0 million outstanding under the Commercial Paper program, comprised of $610.0 million outstanding in U.S. dollar denominated notes and $193.0 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.22% and 0.05%, respectively. The borrowings mature on various dates from July 1, 2015 to September 25, 2015.

During the six months ended June 30, 2015, we used cash on hand to repay at maturity $326.8 million of senior unsecured notes with a fixed rate of 5.10%.

Mortgage Debt

Total mortgage indebtedness was $6.6 billion and $6.2 billion at June 30, 2015 and December 31, 2014, respectively.

On January 15, 2015, as discussed in Note 9, we acquired two properties — Jersey Gardens in Elizabeth, New Jersey (renamed "The Mills at Jersey Gardens") and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively. The loans mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively.

Covenants

Our unsecured debt agreements contain financial and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of June 30, 2015, we were in compliance with all covenants of our unsecured debt.

At June 30, 2015, we or our subsidiaries are the borrowers under 40 non-recourse mortgage notes secured by mortgages on 54 properties, including five separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 21 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At June 30, 2015, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows.

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 was $19.0 billion as of June 30, 2015 and December 31, 2014. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2015 and December 31, 2014 are summarized as follows:

	June 30, 2015		December 31, 2014
Fair value of fixed-rate mortgages and unsecured indebtedness	$	20,135	$	20,558
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		2.77%		3.02%

Equity

6 Months Ended

Jun. 30, 2015

Equity

Equity

7. Equity

During the six months ended June 30, 2015, we issued 486,702 shares of common stock to eight limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership.

On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over the next twenty-four months as market conditions warrant. We may repurchase the shares in the open market or in privately negotiated transactions. During the second quarter of 2015, we repurchased 1,903,340 shares at an average price of $180.19 per share as part of this program.

On May 14, 2015, the Operating Partnership redeemed 944,359 units from a limited partner for $162.7 million.

Stock Based Compensation

Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants made under The Simon Property Group, L.P. 1998 Stock Incentive Plan, as amended, or the Plan. Restricted stock and awards under the LTIP programs are all performance based and are based on various 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 consolidated statements of operations and comprehensive income.

LTIP Programs. Every year since 2010, the Compensation Committee of the Board of Directors, or Compensation Committee, has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the 2nd and 3rd years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share.

From 2010 to 2015, the Compensation Committee approved LTIP grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows:

LTIP Program	LTIP Units Earned	Grant Date Fair Value
2010 LTIP Program
1-year 2010 LTIP Program	133,673	1-year program — $7.2 million
2-year 2010 LTIP Program	337,006	2-year program — $14.8 million
3-year 2010 LTIP Program	489,654	3-year program — $23.0 million
2011-2013 LTIP Program	469,848	$35.0 million
2012-2014 LTIP Program	401,203	$35.0 million
2013-2015 LTIP Program	To be determined in 2016	$29.5 million
2014-2016 LTIP Program	To be determined in 2017	$30.0 million
2015-2017 LTIP Program	To be determined in 2018	$29.9 million

We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $12.4 million and $13.6 million for the six months ended June 30, 2015 and 2014, respectively.

Restricted Stock.

The Compensation Committee awarded 1,989 and 58,083 shares of restricted stock to employees on February 26, 2015 and April 1, 2015, respectively, under the Plan, at a fair market value of $187.14 per share and $197.99 per share, respectively. On May 14, 2015, our non-employee Directors were awarded an aggregate of 3,323 shares of restricted stock under the Plan at a fair market value of $184.76 per share. The grant date fair value of the employee restricted stock awards is being recognized as expense over the three-year vesting service period. The grant date fair value of the Director restricted stock awards is being recognized as expense over the one-year vesting service period.

We recorded compensation expense, net of capitalization, related to restricted stock of approximately $4.2 million and $7.4 million for the six months ended June 30, 2015 and 2014, respectively.

Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an eight year employment agreement, the Compensation Committee granted David Simon, our Chairman and CEO, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company-based performance goals, in addition to the service-based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP Units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A Units, 360,000 LTIP units, or the B Units, and 280,000 LTIP units, or the C Units, may become earned December 31, 2015, 2016 and 2017, respectively. The earned A Units will vest on January 1, 2018, earned B Units will vest on January 1, 2019 and earned C Units will vest on June 30, 2019, subject to Mr. Simon's continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis through the applicable vesting periods of the A Units, B Units and C Units.

Changes in Equity

The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests:

	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 Equity
January 1, 2015	$	44,062		$	31	$	(61,041	)	$	9,422,237		$	(4,208,183	)	$	(103,929	)	$	858,328		$	5,951,505
Exchange of limited partner units for common shares										7,905									(7,905	)		—
Redemption of limited partner units										(147,841	)								(14,843	)		(162,684	)
Treasury stock purchase																(343,007	)					(343,007	)
LTIP units																			23,640			23,640
Purchase and disposition of noncontrolling interests, net and other		(164	)							(6,263	)		(78	)		9,185			598			3,278
Adjustment to limited partners' interest from change in ownership in the Operating Partnership										81,529									(81,529	)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests													(902,815	)					(151,318	)		(1,054,133	)
Distributions to other noncontrolling interest partners																			(2,080	)		(2,080	)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership							(185,534	)					836,787						111,377			762,630

June 30, 2015	$	43,898		$	31	$	(246,575	)	$	9,357,567		$	(4,274,289	)	$	(437,751	)	$	736,268		$	5,179,149

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies Litigation We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers and remediation work has been completed. The property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July 2015, trial on the damages portion of our claim began. We and our lenders are continuing our efforts through pending litigation to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful. 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 June 30, 2015 and December 31, 2014, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $319.9 million and $223.5 million, respectively (of which we have a right of recovery from our joint venture partners of $96.7 million and $78.7 million, respectively). Mortgages guaranteed by us 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 heavily upon anchor tenants to attract customers; however anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

Real Estate Acquisitions and Dispositions	6 Months Ended
Real Estate Acquisitions and Dispositions	Jun. 30, 2015
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	9. Real Estate Acquisitions and Dispositions During the second quarter of 2015, we disposed of our interests in two unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $16.3 million. On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date, the majority of which was allocated to the investment property. The purchase price allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition. On April 10, 2014, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units of the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property. On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated. Unless otherwise noted, gains and losses on the above transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during the first six months of 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during the six months ended June 30, 2015 and 2014.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

Significant Accounting Policies

Cash and Cash Equivalents

Marketable and Non-Marketable Securities

Fair Value Measurements

Noncontrolling Interests

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

	As of June 30, 2015			As of December 31, 2014
Limited partners' interests in the Operating Partnership	$	736,679		$	858,557
Nonredeemable noncontrolling deficit interests in properties, net		(411	)		(229	)

Total noncontrolling interests reflected in equity	$	736,268		$	858,328

A rollforward of noncontrolling interests reflected in equity is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Noncontrolling interests, beginning of period	$	828,618		$	989,988		$	858,328		$	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		80,269			70,060			142,290			127,710
Distributions to noncontrolling interest holders		(78,488	)		(74,029	)		(153,398	)		(151,465	)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements		1,380			(17	)		2,861			(1,253	)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(11,126	)		376			(10,745	)		768
Currency translation adjustments		(1,667	)		586			(19,665	)		2,518
Changes in available-for-sale securities and other		(4,141	)		30			(3,364	)		102

		(15,554	)		975			(30,913	)		2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership		(75,905	)		(121,454	)		(81,529	)		(188,680	)
Units issued to limited partners		—			—			—			84,910
Units exchanged for common shares		(56	)		(279	)		(7,905	)		(1,190	)
Units redeemed		(14,843	)		—			(14,843	)		—
Long-term incentive performance units		11,812			12,484			23,640			24,969
Purchase and disposition of noncontrolling interests, net, and other		415			4,599			598			10,729

Noncontrolling interests, end of period	$	736,268		$	882,344		$	736,268		$	882,344

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:

	Currency translation adjustments			Accumulated derivative losses, net			Net unrealized gains (losses) on marketable securities			Total
Beginning balance	$	(110,722	)	$	(39,161	)	$	88,842		$	(61,041	)
Other comprehensive loss before reclassifications		(119,129	)		16,479			(18,720	)		(121,370	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			4,521			(68,685	)		(64,164	)

Net current-period other comprehensive income (loss)		(119,129	)		21,000			(87,405	)		(185,534	)

Ending balance	$	(229,851	)	$	(18,161	)	$	1,437		$	(246,575	)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of June 30, 2015 and 2014:

	June 30, 2015			June 30, 2014
Details about accumulated other comprehensive income (loss) components:	Amount reclassified from accumulated other comprehensive income (loss)			Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
Accumulated derivative losses, net	$	(5,278	)	$	(5,274	)	Interest expense
		757			768		Net income attributable to noncontrolling interests

	$	(4,521	)	$	(4,506	)


Realized gain on sale of marketable securities	$	80,187		$	—		Other income
		(11,502	)		—		Net income attributable to noncontrolling interests

	$	68,685		$	—

Derivative Financial Instruments

As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative		Number of Instruments		Notional Amount
Interest Rate Swaps		2		$375.0 million

New Accounting Pronouncements

Discontinued Operations

Summarized financial information for discontinued operations for the three and six month periods ended June 30, 2014 is presented below.

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
TOTAL REVENUE	$	104,683		$	262,652
Property Operating		17,035			43,175
Depreciation and amortization		31,024			76,992
Real estate taxes		12,526			32,474
Repairs and maintenance		3,181			10,331
Advertising and promotion		1,388			3,340
Provision for credit losses		708			1,494
Other		910			2,028

Total operating expenses		66,772			169,834
OPERATING INCOME		37,911			92,818
Interest expense		(12,159	)		(26,076	)
Income and other taxes		(37	)		(112	)
Income from unconsolidated entities		307			652
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net		—			242

CONSOLIDATED NET INCOME		26,022			67,524
Net income attributable to noncontrolling interests		3,792			9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	22,230		$	57,743

Capital expenditures on a cash basis for the three and six month periods ended June 30, 2014 were $7.1 million and $31.9 million, respectively.

- Definition

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

+ References + Details

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2015

Significant Accounting Policies

Schedule of carrying amount of noncontrolling interests

	As of June 30, 2015			As of December 31, 2014
Limited partners' interests in the Operating Partnership	$	736,679		$	858,557
Nonredeemable noncontrolling deficit interests in properties, net		(411	)		(229	)

Total noncontrolling interests reflected in equity	$	736,268		$	858,328

Schedule of rollforward of noncontrolling interests

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Noncontrolling interests, beginning of period	$	828,618		$	989,988		$	858,328		$	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		80,269			70,060			142,290			127,710
Distributions to noncontrolling interest holders		(78,488	)		(74,029	)		(153,398	)		(151,465	)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements		1,380			(17	)		2,861			(1,253	)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(11,126	)		376			(10,745	)		768
Currency translation adjustments		(1,667	)		586			(19,665	)		2,518
Changes in available-for-sale securities and other		(4,141	)		30			(3,364	)		102

		(15,554	)		975			(30,913	)		2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership		(75,905	)		(121,454	)		(81,529	)		(188,680	)
Units issued to limited partners		—			—			—			84,910
Units exchanged for common shares		(56	)		(279	)		(7,905	)		(1,190	)
Units redeemed		(14,843	)		—			(14,843	)		—
Long-term incentive performance units		11,812			12,484			23,640			24,969
Purchase and disposition of noncontrolling interests, net, and other		415			4,599			598			10,729

Noncontrolling interests, end of period	$	736,268		$	882,344		$	736,268		$	882,344

Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest

The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:

	Currency translation adjustments			Accumulated derivative losses, net			Net unrealized gains (losses) on marketable securities			Total
Beginning balance	$	(110,722	)	$	(39,161	)	$	88,842		$	(61,041	)
Other comprehensive loss before reclassifications		(119,129	)		16,479			(18,720	)		(121,370	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			4,521			(68,685	)		(64,164	)

Net current-period other comprehensive income (loss)		(119,129	)		21,000			(87,405	)		(185,534	)

Ending balance	$	(229,851	)	$	(18,161	)	$	1,437		$	(246,575	)

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

	June 30, 2015			June 30, 2014
Details about accumulated other comprehensive income (loss) components:	Amount reclassified from accumulated other comprehensive income (loss)			Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
Accumulated derivative losses, net	$	(5,278	)	$	(5,274	)	Interest expense
		757			768		Net income attributable to noncontrolling interests

	$	(4,521	)	$	(4,506	)


Realized gain on sale of marketable securities	$	80,187		$	—		Other income
		(11,502	)		—		Net income attributable to noncontrolling interests

	$	68,685		$	—

Schedule of outstanding interest rate derivatives related to interest rate risk

As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative		Number of Instruments		Notional Amount
Interest Rate Swaps		2		$375.0 million

Summarized financial information for discontinued operations

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
TOTAL REVENUE	$	104,683		$	262,652
Property Operating		17,035			43,175
Depreciation and amortization		31,024			76,992
Real estate taxes		12,526			32,474
Repairs and maintenance		3,181			10,331
Advertising and promotion		1,388			3,340
Provision for credit losses		708			1,494
Other		910			2,028

Total operating expenses		66,772			169,834
OPERATING INCOME		37,911			92,818
Interest expense		(12,159	)		(26,076	)
Income and other taxes		(37	)		(112	)
Income from unconsolidated entities		307			652
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net		—			242

CONSOLIDATED NET INCOME		26,022			67,524
Net income attributable to noncontrolling interests		3,792			9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	22,230		$	57,743

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

Per Share Data (Tables)

6 Months Ended

Jun. 30, 2015

Per Share Data

Schedule of computation of basic and diluted earnings per share

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
Net Income attributable to Common Stockholders — Basic and Diluted	$	472,944	$	406,587	$	835,118	$	748,235


Weighted Average Shares Outstanding — Basic and Diluted		310,498,911		310,743,242		310,798,814		310,683,240

Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2015

Investment in Unconsolidated Entities

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

	June 30, 2015			December 31, 2014
Assets:
Investment properties, at cost	$	16,790,264		$	16,087,282
Less — accumulated depreciation		5,611,016			5,457,899

		11,179,248			10,629,383
Cash and cash equivalents		885,430			993,178
Tenant receivables and accrued revenue, net		333,033			362,201
Investment in unconsolidated entities, at equity		—			11,386
Deferred costs and other assets		533,447			536,600

Total assets	$	12,931,158		$	12,532,748


Liabilities and Partners' Deficit:
Mortgages	$	13,801,561		$	13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenue		940,309			1,015,334
Other liabilities		386,277			493,718

Total liabilities		15,128,147			14,781,609
Preferred units		67,450			67,450
Partners' deficit		(2,264,439	)		(2,316,311	)

Total liabilities and partners' deficit	$	12,931,158		$	12,532,748


Our Share of:
Partners' deficit	$	(820,782	)	$	(663,700	)
Add: Excess Investment		1,830,093			1,875,337

Our net Investment in unconsolidated entities, at equity	$	1,009,311		$	1,211,637

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Revenue:
Minimum rent	$	443,485		$	427,899		$	877,266		$	852,684
Overage rent		41,342			41,589			92,522			90,386
Tenant reimbursements		199,142			193,006			393,629			385,799
Other income		61,545			61,929			115,539			174,635

Total revenue		745,514			724,423			1,478,956			1,503,504
Operating Expenses:
Property operating		132,257			131,643			263,061			293,064
Depreciation and amortization		148,607			142,047			290,265			294,195
Real estate taxes		56,477			52,797			115,051			107,588
Repairs and maintenance		17,086			15,944			37,447			35,585
Advertising and promotion		17,388			17,113			34,090			35,923
Provision for credit losses		1,296			970			3,149			4,078
Other		38,924			44,554			83,351			97,483

Total operating expenses		412,035			405,068			826,414			867,916

Operating Income		333,479			319,355			652,542			635,588
Interest expense		(149,041	)		(150,059	)		(296,062	)		(301,696	)

Income from Continuing Operations		184,438			169,296			356,480			333,892
Income from operations of discontinued joint venture interests		—			2,094			—			5,079
Gain on sale or disposal of assets and interests in unconsolidated entities		35,779			—			35,779			—

Net Income	$	220,217		$	171,390		$	392,259		$	338,971


Third-Party Investors' Share of Net Income	$	112,763		$	88,217		$	201,877		$	177,530


Our Share of Net Income		107,454			83,173			190,382			161,441
Amortization of Excess Investment		(24,387	)		(24,383	)		(48,541	)		(49,981	)
Our Share of Loss from Unconsolidated Discontinued Operations		—			(307	)		—			(652	)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(16,339	)		—			(16,339	)		—

Income from Unconsolidated Entities	$	66,728		$	58,483		$	125,502		$	110,808

Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt

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

	June 30, 2015		December 31, 2014
Fair value of fixed-rate mortgages and unsecured indebtedness	$	20,135	$	20,558
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		2.77%		3.02%

Equity (Tables)

6 Months Ended

Jun. 30, 2015

Equity

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

LTIP Program	LTIP Units Earned	Grant Date Fair Value
2010 LTIP Program
1-year 2010 LTIP Program	133,673	1-year program — $7.2 million
2-year 2010 LTIP Program	337,006	2-year program — $14.8 million
3-year 2010 LTIP Program	489,654	3-year program — $23.0 million
2011-2013 LTIP Program	469,848	$35.0 million
2012-2014 LTIP Program	401,203	$35.0 million
2013-2015 LTIP Program	To be determined in 2016	$29.5 million
2014-2016 LTIP Program	To be determined in 2017	$30.0 million
2015-2017 LTIP Program	To be determined in 2018	$29.9 million

Reconciliation of carrying amounts of equity

	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 Equity
January 1, 2015	$	44,062		$	31	$	(61,041	)	$	9,422,237		$	(4,208,183	)	$	(103,929	)	$	858,328		$	5,951,505
Exchange of limited partner units for common shares										7,905									(7,905	)		—
Redemption of limited partner units										(147,841	)								(14,843	)		(162,684	)
Treasury stock purchase																(343,007	)					(343,007	)
LTIP units																			23,640			23,640
Purchase and disposition of noncontrolling interests, net and other		(164	)							(6,263	)		(78	)		9,185			598			3,278
Adjustment to limited partners' interest from change in ownership in the Operating Partnership										81,529									(81,529	)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests													(902,815	)					(151,318	)		(1,054,133	)
Distributions to other noncontrolling interest partners																			(2,080	)		(2,080	)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership							(185,534	)					836,787						111,377			762,630

June 30, 2015	$	43,898		$	31	$	(246,575	)	$	9,357,567		$	(4,274,289	)	$	(437,751	)	$	736,268		$	5,179,149

Organization (Details)	Jun. 30, 2015 state country property	May 11, 2015	Mar. 31, 2015	Dec. 31, 2014
Premium Outlets \| European Joint Venture
Real Estate Properties
Number of properties	5
U.S. and Puerto Rico
Real Estate Properties
Number of properties	207
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	110
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	68
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community Centers
Real Estate Properties
Number of properties	3
U.S. and Puerto Rico \| Other
Real Estate Properties
Number of properties	12
Japan \| Premium Outlets
Real Estate Properties
Number of properties	9
South Korea \| Premium Outlets
Real Estate Properties
Number of properties	3
Canada \| Premium Outlets
Real Estate Properties
Number of properties	2
Mexico \| Premium Outlets
Real Estate Properties
Number of properties	1
Malaysia \| Premium Outlets
Real Estate Properties
Number of properties	1
Europe \| Klepierre
Real Estate Properties
Joint venture ownership percentage	20.30%	20.30%	18.30%	28.90%
Number of countries \| country	16
Italy \| Premium Outlets
Real Estate Properties
Number of properties	2
Austria \| Premium Outlets
Real Estate Properties
Number of properties	1
Netherlands \| Premium Outlets
Real Estate Properties
Number of properties	1
United Kingdom \| Premium Outlets
Real Estate Properties
Number of properties	1

Basis of Presentation (Details) - property	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Real Estate Properties
Total number of joint venture properties	80
Number of joint venture properties managed by the entity	58
Number of International joint venture properties	19
Number of joint venture properties managed by others	22
Ownership interest:
Ownership percentage in the Operating Partnership	85.70%	85.50%
European Joint Venture \| Premium Outlets
Real Estate Properties
Number of properties	5
Weighted average
Ownership interest:
Ownership percentage in the Operating Partnership	85.60%		85.50%
Wholly owned properties
Real Estate Properties
Number of properties	135
Partially owned properties
Real Estate Properties
Number of properties	13

Significant Accounting Policies (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 24, 2015	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Marketable and Non-Marketable Securities
Marketable Securities		$ 184,200	$ 184,200
Net unrealized gains (losses) recorded in other comprehensive income (loss)		1,700	1,700	$ 103,900
Carrying value of investments under the cost method		177,300	177,300	$ 167,100
Gain on sale of investment			80,187
Other-than-temporary non-cash charges			$ 0
Available for sale securities
Marketable and Non-Marketable Securities
Number of shares owned	5,710
Proceeds received from the sale of investments	$ 454,000
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Minimum
Marketable and Non-Marketable Securities
Investment maturity period			1 year
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Maximum
Marketable and Non-Marketable Securities
Investment maturity period			10 years
Available for sale securities \| Other Income.
Marketable and Non-Marketable Securities
Gain on sale of investment		$ 80,200	$ 80,200

Significant Accounting Policies (Details 2) - Recurring - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Level 2
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 0.7	$ 2.1
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	24.5	$ 20.1
Level 3
Fair Value Measurements
Investments	$ 0.0

Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Noncontrolling interests, carrying amounts, reclassified to permanent equity:
Limited partners' interests in the Operating Partnership	$ 736,679	$ 858,557
Nonredeemable noncontrolling (deficit) interests in properties, net	(411)	(229)
Total noncontrolling interests reflected in equity	$ 736,268	$ 858,328

Significant Accounting Policies (Details 4) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Noncontrolling interests:
Balance			$ 5,951,505
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements	$ 9,240	$ (8)	19,339	$ (7,541)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(77,536)	2,577	(74,909)	5,274
Currency translation adjustments	(14,282)	4,046	(138,793)	17,779
Changes in available-for-sale securities and other	(27,721)	202	(22,084)	682
Purchase and dispositions of noncontrolling interests, net and other			3,278
Balance	5,179,149		5,179,149
Noncontrolling Interests
Noncontrolling interests:
Balance	828,618	989,988	858,328	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	80,269	70,060	142,290	127,710
Distributions to noncontrolling interest holders	(78,488)	(74,029)	(153,398)	(151,465)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements	1,380	(17)	2,861	(1,253)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(11,126)	376	(10,745)	768
Currency translation adjustments	(1,667)	586	(19,665)	2,518
Changes in available-for-sale securities and other	(4,141)	30	(3,364)	102
Other comprehensive income (loss)	(15,554)	975	(30,913)	2,135
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(75,905)	(121,454)	(81,529)	(188,680)
Units issued to limited partners				84,910
Exchange of limited partner units for common shares	(56)	(279)	(7,905)	(1,190)
Units Redeemed	(14,843)		(14,843)
Long-term incentive performance units	11,812	12,484	23,640	24,969
Purchase and dispositions of noncontrolling interests, net and other	415	4,599	598	10,729
Balance	$ 736,268	$ 882,344	$ 736,268	$ 882,344

Significant Accounting Policies (Details 5) $ in Thousands	6 Months Ended
Significant Accounting Policies (Details 5) $ in Thousands	Jun. 30, 2015 USD ($)
Changes in accumulated other comprehensive income (loss)
Balance at beginning of period	$ 5,093,177
Balance at end of period	4,442,881
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Balance at beginning of period	(61,041)
Other comprehensive (loss) before reclassifications	(121,370)
Amounts reclassified from accumulated other comprehensive income (loss)	(64,164)
Net current-period other comprehensive income (loss)	(185,534)
Balance at end of period	(246,575)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Balance at beginning of period	(110,722)
Other comprehensive (loss) before reclassifications	(119,129)
Net current-period other comprehensive income (loss)	(119,129)
Balance at end of period	(229,851)
Accumulated derivative losses, net
Changes in accumulated other comprehensive income (loss)
Balance at beginning of period	(39,161)
Other comprehensive (loss) before reclassifications	16,479
Amounts reclassified from accumulated other comprehensive income (loss)	4,521
Net current-period other comprehensive income (loss)	21,000
Balance at end of period	(18,161)
Net gains (losses) on marketable securities
Changes in accumulated other comprehensive income (loss)
Balance at beginning of period	88,842
Other comprehensive (loss) before reclassifications	(18,720)
Amounts reclassified from accumulated other comprehensive income (loss)	(68,685)
Net current-period other comprehensive income (loss)	(87,405)
Balance at end of period	$ 1,437

Significant Accounting Policies (Details 6) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Significant Accounting Policies
Interest expense	$ (230,974)	$ (254,930)	$ (463,147)	$ (509,164)
Other Income	139,607	37,944	188,191	84,932
Net income attributable to noncontrolling interests	(80,748)	(70,047)	(143,248)	(128,667)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 472,944	$ 406,587	835,118	748,235
Accumulated Net Gain (Loss) from Derivatives Including Portion Attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense			(5,278)	(5,274)
Accumulated Net Gain (Loss) from Derivatives Attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests			757	768
Accumulated derivative losses, net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS			(4,521)	$ (4,506)
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income			80,187
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests			(11,502)
Net gains (losses) on marketable securities \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS			$ 68,685

Significant Accounting Policies (Details 7) € in Millions, ¥ in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2015 EUR (€) DerivativeInstrument	Jun. 30, 2015 USD ($) DerivativeInstrument item	Jun. 30, 2015 JPY (¥) DerivativeInstrument item	Jun. 30, 2015 EUR (€) DerivativeInstrument item	Dec. 31, 2014 USD ($) DerivativeInstrument	Dec. 31, 2014 JPY (¥) DerivativeInstrument	Sep. 30, 2014 EUR (€)
Derivative financial instruments
Number of credit-risk-related hedging or derivative activities \| item		0	0	0
Gross accumulated other comprehensive income or loss related to derivative activities		$ 21.2			$ 45.8
Interest rate swap \| Designated as Hedging Instrument
Derivative financial instruments
Number of Instruments \| DerivativeInstrument		2	2	2	2	2
Notional Amount		$ 375.0			$ 375.0
Interest rate net, fair value		0.9			(1.2)
Interest rate swap \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative financial instruments
Interest rate derivative asset, fair value		1.6			0.9
Interest rate swap \| Other liabilities. \| Designated as Hedging Instrument
Derivative financial instruments
Interest rate derivative liabilities, fair value		0.6			2.1
USD-Yen currency forward contract \| Designated as Hedging Instrument
Derivative financial instruments
Notional Amount \| ¥			¥ 0.0			¥ 14.7
USD-Yen currency forward contract \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative financial instruments
Forward contract net, fair value					0.1
USD-Euro currency forward contract \| Designated as Hedging Instrument
Derivative financial instruments
Number of contracts settled \| DerivativeInstrument	1
Notional contract settled during period \| €	€ 50.0
Notional Amount \| €				€ 100.0			€ 150.0
USD-Euro currency forward contract \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative financial instruments
Forward contract net, fair value		$ 22.9			$ 19.1

Significant Accounting Policies (Details 8) $ in Thousands		3 Months Ended		6 Months Ended
Significant Accounting Policies (Details 8) $ in Thousands	May 28, 2014 USD ($) property	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Discontinued Operations
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off					$ 1,003,135
Transaction Expenses
Discontinued operations transaction expenses			$ 38,163		38,163
Spinoff \| Strip Center Business and Small Malls
Discontinued Operations
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT \| property	98
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off	$ 1,000,000
Transaction Expenses
Discontinued operations transaction expenses					38,200
Summarized financial information for discontinued operations
TOTAL REVENUE			104,683		262,652
Property operating			17,035		43,175
Depreciation and amortization			31,024		76,992
Real estate taxes			12,526		32,474
Repairs and maintenance			3,181		10,331
Advertising and promotion			1,388		3,340
Provision for credit losses			708		1,494
Other			910		2,028
Total operating expenses			66,772		169,834
OPERATING INCOME			37,911		92,818
Interest expense			(12,159)		(26,076)
Income and other taxes			(37)		(112)
Income from unconsolidated entities			307		652
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net					242
CONSOLIDATED NET INCOME			26,022		67,524
Net income attributable to noncontrolling interests			3,792		9,781
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS			22,230		57,743
Additional disclosures
Capital expenditures on a cash basis			$ 7,100		$ 31,900
Washington Prime Group Inc \| Transitional Services
Additional disclosures
Transition services fees earned		$ 1,600		$ 2,900
Washington Prime Group Inc \| Spinoff \| Strip Center Business and Small Malls
Additional disclosures
Term of property management agreement	2 years
Renewal term of property management agreement	1 year
Termination period of property management agreement	2 years
Period of prior written notice for termination of property management agreement	180 days
Termination period of transition services agreement	2 years
Minimum notice period for transition services agreement	180 days
Minimum notice period as percentage of original service period	50.00%
Exchange ratio of common shares for entity's stockholders to receive under spin off	0.50
Washington Prime Group Inc \| Minimum
Additional disclosures
Annual fixed rate property management fees (as a percent)				2.50%
Washington Prime Group Inc \| Maximum
Additional disclosures
Annual fixed rate property management fees (as a percent)				4.00%
Washington Prime Group LP \| Spinoff \| Strip Center Business and Small Malls
Additional disclosures
Exchange ratio of common units for entity's stockholders to receive under spin off	0.50

Per Share Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Per Share Data (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Per Share Data
Net Income attributable to Common Stockholders - Basic	$ 472,944	$ 406,587	$ 835,118	$ 748,235
Net Income attributable to Common Stockholders - Diluted	$ 472,944	$ 406,857	$ 835,118	$ 748,235
Weighted Average Number of Shares Outstanding - Basic and Diluted	310,498,911	310,743,242	310,798,814	310,683,240
Effect of dilutive securities:
Securities with dilutive effect	$ 0	$ 0	$ 0	$ 0

Investment in Unconsolidated Entities (Details) $ in Millions	Jun. 30, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Schedule of Equity Method Investments
Total number of joint venture properties \| property	80
Construction and other related party loans
Schedule of Equity Method Investments
Loans to related party \| $	$ 14.6	$ 14.9

Investment in Unconsolidated Entities (Details 2) - Arizona Mills - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Jan. 30, 2014
Business acquisition
Ownership interests acquired (as a percent)		50.00%
Gain due to acquisition of controlling interest	$ 2.7
Ownership interest after acquisition (as a percent)		100.00%

Investment in Unconsolidated Entities (Details 3) $ / shares in Units, $ in Thousands, € in Millions										1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 22, 2015 USD ($) property	Jul. 07, 2015 USD ($) shares	May 11, 2015 USD ($) shares	Apr. 23, 2015 USD ($) ft²	Apr. 13, 2015 USD ($) property	Feb. 24, 2015 USD ($)	Jan. 15, 2015	Apr. 16, 2014 USD ($) property	Apr. 16, 2014 EUR (€) property	Dec. 31, 2014 USD ($)	Jun. 30, 2015 USD ($) property $ / shares shares	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) property $ / shares shares	Jun. 30, 2014 USD ($)	Dec. 31, 2015 property	Mar. 31, 2015
Schedule of Equity Method Investments
Share of net income, net of amortization of our excess investment											$ 70,196	$ 55,764	$ 135,068	$ 112,842
Equity investment										$ 2,378,800	2,353,339		2,353,339
Development project \| Brickell City Centre
Schedule of Equity Method Investments
Area of property (in square feet) \| ft²				500,000
Property ownership interest (as a percent)				25.00%
Estimated cost of project, including development fees				$ 100,000
Houston Galleria
Schedule of Equity Method Investments
Joint venture ownership percentage						50.40%
Houston Galleria \| Mortgages
Schedule of Equity Method Investments
Debt refinanced						$ 821,000
Interest rate on debt (as a percent)						5.44%
Houston Galleria \| Mortgage Maturing March 2025
Schedule of Equity Method Investments
Debt issued to refinance previous mortgage						$ 1,200,000
Interest rate on debt (as a percent)						3.55%
Hudson's Bay Company (HBC) Joint Venture
Schedule of Equity Method Investments
Committed amount to contribute	$ 100,000
Contributions for improvements to properties	1,000
Hudson's Bay Company (HBC) Joint Venture \| Maximum
Schedule of Equity Method Investments
Contribution to form joint venture	$ 178,500
Hudson's Bay Company (HBC) Joint Venture \| Hudson Bay Company
Schedule of Equity Method Investments
Number of properties contributed to form joint venture \| property	42
Hudson's Bay Company (HBC) Joint Venture \| Hudson Bay Company \| Forecast
Schedule of Equity Method Investments
Number of Kaufhof properties to be purchased by the joint venture \| property															40
Sears Joint Venture
Schedule of Equity Method Investments
Contribution to form joint venture					$ 114,000
Joint venture ownership percentage					50.00%
Sears Joint Venture \| Minimum
Schedule of Equity Method Investments
Percentage of property space subject to recapture					50.00%
Sears Joint Venture \| Sears
Schedule of Equity Method Investments
Number of properties contributed to form joint venture \| property					10
Number of property being leased back \| property					10
Joint venture ownership percentage					50.00%
Klepierre \| Corio
Schedule of Equity Method Investments
Ordinary share conversion ratio							1.14
European Joint Venture
Schedule of Equity Method Investments
Equity investment										$ 677,100	$ 605,800		$ 605,800
European Joint Venture \| Minimum
Schedule of Equity Method Investments
Joint venture ownership percentage											45.00%		45.00%
European Joint Venture \| Maximum
Schedule of Equity Method Investments
Joint venture ownership percentage											90.00%		90.00%
European Joint Venture \| Roermond Designer Outlet
Schedule of Equity Method Investments
Joint venture ownership percentage										90.00%
European Joint Venture \| Roermond Designer Outlet \| Mortgage Maturing 2017
Schedule of Equity Method Investments
Debt refinanced										$ 85,100
Interest rate on debt (as a percent)										5.12%
European Joint Venture \| Roermond Designer Outlet \| Mortgage Maturing 2021
Schedule of Equity Method Investments
Debt issued to refinance previous mortgage										$ 218,900
Interest rate on debt (as a percent)										1.86%
European Joint Venture \| Premium Outlets
Schedule of Equity Method Investments
Number of properties \| property											5		5
European Joint Venture \| Development project
Schedule of Equity Method Investments
Number of properties \| property											1		1
Seritage Growth Properties
Schedule of Equity Method Investments
Additional shares acquired (in shares) \| shares		1,125,760
Payments to acquire equity method investment		$ 33,000
Europe \| Klepierre
Schedule of Equity Method Investments
Shares owned \| shares											63,924,148		63,924,148
Joint venture ownership percentage			20.30%							28.90%	20.30%		20.30%			18.30%
Quoted market price per share (in dollars per share) \| $ / shares											$ 44.29		$ 44.29
Additional shares acquired (in shares) \| shares			6,290,000
Payments to acquire equity method investment			$ 279,400
Share of net income, net of amortization of our excess investment													$ 9,600	135,900
Total revenues													740,300	654,800
Total operating income													277,600	281,100
Consolidated net income													$ 96,900	$ 1,200,000
Europe \| Klepierre \| Disposed by Sales
Schedule of Equity Method Investments
Number of properties disposed of during the period \| property								126	126
Total gross consideration \| €									€ 1,980
Group's share of total consideration \| €									€ 1,650
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net								$ 133,900

Investment in Unconsolidated Entities (Details 4) $ in Millions	Jun. 30, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Cost method investments
Cost method investments included in deferred costs and other assets \| $	$ 177.3	$ 167.1
Europe \| Value Retail PLC
Cost method investments
Number of luxury outlets owned and operated \| property	9
Number of outlets in which the entity has a minority direct ownership \| property	3
Cost method investments included in deferred costs and other assets \| $	$ 115.4	$ 115.4

Investment in Unconsolidated Entities (Details 5) - Pre-Development Europe Projects Joint Venture - Disposed by Sales $ in Millions	Mar. 19, 2015 USD ($)
Schedule of Equity Method Investments
Aggregate proceeds received	$ 19.0
Gain on disposal of equity method investment	8.3
Amounts reclassified from accumulated other comprehensive income (loss)	$ 0.8

Investment in Unconsolidated Entities (Details 6) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments
Equity investment	$ 2,353,339	$ 2,378,800
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Schedule of Equity Method Investments
Joint venture ownership percentage	40.00%
Equity investment	$ 229,800	229,800
South Korea \| Shinsegae International Co \| Premium Outlets
Schedule of Equity Method Investments
Joint venture ownership percentage	50.00%
Equity investment	$ 110,400	$ 104,500

Investment in Unconsolidated Entities (Details 7) $ in Thousands		6 Months Ended
	May 28, 2014 property	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Assets:
Investment properties, at cost		$ 32,898,773	$ 31,318,532
Less - accumulated depreciation		9,409,100	8,950,747
Investment properties, net		23,489,673	22,367,785
Cash and cash equivalents		565,657	612,282
Tenant receivables and accrued revenue, net		537,172	580,197
Deferred costs and other assets		1,333,944	1,806,789
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness		22,070,777	20,852,993
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,215,444	1,259,681
Other liabilities		248,596	275,451
Total liabilities		24,878,845	23,555,288
Partners' deficit		(4,274,289)	(4,208,183)
Total liabilities and equity		30,083,531	29,532,330
Our Share of:
Our net investment in unconsolidated entities, at equity		2,353,339	2,378,800
Unconsolidated properties
Our Share of:
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT \| property	10
Equity Method Investments \| Unconsolidated properties
Assets:
Investment properties, at cost		16,790,264	16,087,282
Less - accumulated depreciation		5,611,016	5,457,899
Investment properties, net		11,179,248	10,629,383
Cash and cash equivalents		885,430	993,178
Tenant receivables and accrued revenue, net		333,033	362,201
Investment in unconsolidated entities, at equity			11,386
Deferred costs and other assets		533,447	536,600
Total assets		12,931,158	12,532,748
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness		13,801,561	13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenues		940,309	1,015,334
Other liabilities		386,277	493,718
Total liabilities		15,128,147	14,781,609
Preferred units		67,450	67,450
Partners' deficit		(2,264,439)	(2,316,311)
Total liabilities and equity		12,931,158	12,532,748
Our Share of:
Partners' deficit		(820,782)	(663,700)
Add: Excess investment		1,830,093	1,875,337
Our net investment in unconsolidated entities, at equity		$ 1,009,311	$ 1,211,637
Equity Method Investments \| Unconsolidated properties \| Maximum
Our Share of:
Life of joint ventures with excess investment		40 years

Investment in Unconsolidated Entities (Details 8) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Minimum rent	$ 768,138	$ 728,486	$ 1,521,583	$ 1,450,768
Overage rent	37,029	39,160	75,986	70,834
Tenant reimbursements	364,309	342,250	704,479	667,721
Other income	139,607	37,944	188,191	84,932
Total revenue	1,349,110	1,181,982	2,565,345	2,339,004
Operating Expenses:
Property operating	99,841	92,630	199,598	187,577
Depreciation and amortization	295,778	287,214	583,883	567,708
Real estate taxes	106,487	99,396	213,374	193,699
Repairs and maintenance	22,676	21,656	52,410	51,421
Advertising and promotion	41,215	38,149	59,971	60,768
Provision for credit losses	2,685	2,442	6,533	6,866
Other	23,352	18,407	42,426	37,769
Total operating expenses	646,725	620,451	1,263,789	1,216,508
OPERATING INCOME	702,385	561,531	1,301,556	1,122,496
Interest expense	(230,974)	(254,930)	(463,147)	(509,164)
Income from Unconsolidated Entities	70,196	55,764	135,068	112,842
Equity Method Investments \| Unconsolidated properties
Revenue:
Minimum rent	443,485	427,899	877,266	852,684
Overage rent	41,342	41,589	92,522	90,386
Tenant reimbursements	199,142	193,006	393,629	385,799
Other income	61,545	61,929	115,539	174,635
Total revenue	745,514	724,423	1,478,956	1,503,504
Operating Expenses:
Property operating	132,257	131,643	263,061	293,064
Depreciation and amortization	148,607	142,047	290,265	294,195
Real estate taxes	56,477	52,797	115,051	107,588
Repairs and maintenance	17,086	15,944	37,447	35,585
Advertising and promotion	17,388	17,113	34,090	35,923
Provision for credit losses	1,296	970	3,149	4,078
Other	38,924	44,554	83,351	97,483
Total operating expenses	412,035	405,068	826,414	867,916
OPERATING INCOME	333,479	319,355	652,542	635,588
Interest expense	(149,041)	(150,059)	(296,062)	(301,696)
Income from Continuing Operations	184,438	169,296	356,480	333,892
Income from operations of discontinued joint venture interests		2,094		5,079
Gain on sale or disposal of assets and interests in unconsolidated entities	35,779		35,779
Net Income	220,217	171,390	392,259	338,971
Third-Party Investors' Share of Net Income	112,763	88,217	201,877	177,530
Our Share of Net Income	107,454	83,173	190,382	161,441
Amortization of Excess Investment	(24,387)	(24,383)	(48,541)	(49,981)
Our Share of Loss from Unconsolidated Discontinued Operations		(307)		(652)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net	(16,339)		(16,339)
Income from Unconsolidated Entities	$ 66,728	$ 58,483	$ 125,502	$ 110,808

Debt (Details) $ in Thousands			6 Months Ended	12 Months Ended
Debt (Details) $ in Thousands	Mar. 02, 2015 USD ($)	Jan. 15, 2015 USD ($) property	Jun. 30, 2015 USD ($) item property	Dec. 31, 2014 USD ($)
Debt
Total Mortgages and Other Indebtedness			$ 22,070,777	$ 20,852,993
Fair value of debt
Carrying value of fixed-rate mortgages and unsecured indebtedness			19,000,000	19,000,000
Fair value of fixed-rate mortgages and unsecured indebtedness			$ 20,135,000	$ 20,558,000
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent)			2.77%	3.02%
Jersey Gardens and University Park Village
Debt
Number of properties in which interest is acquired \| property		2
Mortgage Maturing November 1, 2020 \| Jersey Gardens (The Mills at Jersey Gardens)
Debt
Total Mortgages and Other Indebtedness		$ 350,000
Interest rate on debt (as a percent)		3.83%
Mortgage Maturing May 1, 2028 \| University Park Village
Debt
Total Mortgages and Other Indebtedness		$ 55,000
Interest rate on debt (as a percent)		3.85%
Unsecured Debt \| Senior unsecured notes \| Operating Partnership
Debt
Total Mortgages and Other Indebtedness			$ 13,000,000
Interest rate on debt (as a percent)			5.10%
Debt repaid			$ 326,800
Unsecured Debt \| Credit Facility and the Supplemental Facility \| Operating Partnership
Debt
Available borrowing capacity			4,500,000
Maximum amount outstanding during period			1,800,000
Credit facility, weighted average amount outstanding			1,200,000
Letters of credit outstanding			$ 37,200
Number of credit facilities \| item			2
Unsecured Debt \| Credit Facility \| Operating Partnership
Debt
Credit facility, amount outstanding			$ 1,400,000
Maximum borrowing capacity			4,000,000
Optional expanded maximum borrowing capacity			$ 5,000,000
Additional facility fee (as a percent)			0.10%
Unsecured Debt \| Credit Facility \| Operating Partnership \| Euro
Debt
Credit facility, amount outstanding			$ 1,000,000
Unsecured Debt \| Credit Facility \| Operating Partnership \| Yen
Debt
Credit facility, amount outstanding			$ 181,500
Unsecured Debt \| Credit Facility \| Maximum \| Operating Partnership
Debt
Percentage of borrowings in currencies other than the U.S. Dollar			75.00%
Unsecured Debt \| Credit Facility \| LIBOR \| Operating Partnership
Debt
Interest added to reference rate (as a percent)			0.80%
Unsecured Debt \| Supplemental Facility \| Operating Partnership
Debt
Maximum borrowing capacity	$ 2,000,000
Unsecured Debt \| Amended Supplemental Facility \| Operating Partnership
Debt
Maximum borrowing capacity	2,750,000
Optional expanded maximum borrowing capacity	$ 3,500,000
Additional facility fee (as a percent)	0.10%
Unsecured Debt \| Amended Supplemental Facility \| LIBOR \| Operating Partnership
Debt
Interest added to reference rate (as a percent)	0.80%
Unsecured Debt \| Term loan
Debt
Total Mortgages and Other Indebtedness			$ 240,000
Unsecured Debt \| Commercial Paper \| Operating Partnership
Debt
Credit facility, amount outstanding			803,000
Maximum borrowing capacity	$ 500,000
Expanded maximum borrowing capacity	$ 1,000,000
Unsecured Debt \| Commercial Paper \| Operating Partnership \| USD
Debt
Credit facility, amount outstanding			$ 610,000
Weighted average interest rate (as a percent)			0.22%
Unsecured Debt \| Commercial Paper \| Operating Partnership \| Euro
Debt
Credit facility, amount outstanding			$ 193,000
Weighted average interest rate (as a percent)			0.05%
Secured Debt \| Mortgages
Debt
Total Mortgages and Other Indebtedness			$ 6,600,000	$ 6,200,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item			40
Number of properties secured by non-recourse mortgage notes \| property			54
Number of cross-defaulted and cross-collateralized mortgage pools \| item			5
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property			21

Equity (Details) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
Equity (Details) $ / shares in Units, $ in Millions	May 14, 2015 USD ($) shares	Apr. 02, 2015 USD ($)	Jun. 30, 2015 $ / shares shares	Jun. 30, 2015 item shares
Equity
Period common stock is authorized to repurchase		24 months
Shares repurchased (in shares)			1,903,340
Average share price repurchased (in dollars per share) \| $ / shares			$ 180.19
Operating Partnership \| Limited Partner
Equity
Units Redeemed (in units)	944,359
Value of units redeemed \| $	$ 162.7
Partnership agreement of Operating Partnership \| Limited Partner
Equity
Exchange of limited partner units, common shares				486,702
Number of limited partners who received common stock \| item				8
Maximum
Equity
Common stock authorized for repurchase \| $		$ 2,000.0

Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	6 Months Ended
	May 14, 2015	Apr. 01, 2015	Feb. 26, 2015	Jul. 31, 2011	Jun. 30, 2015	Jun. 30, 2014
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization					$ 4.2	$ 7.4
Restricted stock \| Employees
Stock-based incentive plan awards
Award of restricted stock (in shares)		58,083	1,989
Weighted average fair value of shares granted during the period (in dollars per share)		$ 197.99	$ 187.14
Vesting period					3 years
Restricted stock \| Non-employee Directors
Stock-based incentive plan awards
Award of restricted stock (in shares)	3,323
Weighted average fair value of shares granted during the period (in dollars per share)	$ 184.76
Vesting period					1 year
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Award of restricted stock (in shares)				1,000,000
Aggregate grant date fair value				$ 120.3
Service period				8 years
LTIP Retention Award to Chairman and CEO \| A Units \| Maximum
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares)					360,000
LTIP Retention Award to Chairman and CEO \| B Units \| Maximum
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares)					360,000
LTIP Retention Award to Chairman and CEO \| C Units \| Maximum
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares)					280,000
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period					10.00%
Compensation expense, net of capitalization					$ 12.4	$ 13.6
Vesting period					2 years
Vesting rights percentage					50.00%
One-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period					1 year
Units earned under LTIP program (in shares)					133,673
Aggregate grant date fair value					$ 7.2
Two-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period					2 years
Units earned under LTIP program (in shares)					337,006
Aggregate grant date fair value					$ 14.8
Three-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period					3 years
Units earned under LTIP program (in shares)					489,654
Aggregate grant date fair value					$ 23.0
2011-2013 LTIP Program
Stock-based incentive plan awards
Units earned under LTIP program (in shares)					469,848
Aggregate grant date fair value					$ 35.0
2012-2014 LTIP Program
Stock-based incentive plan awards
Units earned under LTIP program (in shares)					401,203
Aggregate grant date fair value					$ 35.0
2013-2015 LTIP program
Stock-based incentive plan awards
Aggregate grant date fair value					29.5
2014-2016 LTIP program
Stock-based incentive plan awards
Aggregate grant date fair value					30.0
2015-2017 LTIP program
Stock-based incentive plan awards
Aggregate grant date fair value					$ 29.9

Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Equity (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) in Stockholders' Equity
Balance			$ 5,951,505
Redemption of limited partner units			(162,684)
Treasury stock purchase			(343,007)
LTIP units			23,640
Purchase and dispositions of noncontrolling interests, net and other			3,278
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests			(1,054,133)
Distributions to other noncontrolling interest partners			(2,080)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			762,630
Balance	$ 5,179,149		5,179,149
Preferred Stock
Increase (Decrease) in Stockholders' Equity
Balance			44,062
Purchase and dispositions of noncontrolling interests, net and other			(164)
Balance	43,898		43,898
Preferred Stock \| Operating Partnership
Increase (Decrease) in Stockholders' Equity
Comprehensive income attributable to preferred interests			958
Common Stock.
Increase (Decrease) in Stockholders' Equity
Balance			31
Balance	31		31
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance			(61,041)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			(185,534)
Balance	(246,575)		(246,575)
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity
Balance			9,422,237
Exchange of limited partner units for common shares			7,905
Redemption of limited partner units			(147,841)
Purchase and dispositions of noncontrolling interests, net and other			(6,263)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			81,529
Balance	9,357,567		9,357,567
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance			(4,208,183)
Purchase and dispositions of noncontrolling interests, net and other			(78)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests			(902,815)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			836,787
Balance	(4,274,289)		(4,274,289)
Common Stock Held in Treasury
Increase (Decrease) in Stockholders' Equity
Balance			(103,929)
Treasury stock purchase			(343,007)
Purchase and dispositions of noncontrolling interests, net and other			9,185
Balance	(437,751)		(437,751)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	828,618	$ 989,988	858,328	$ 973,226
Exchange of limited partner units for common shares	(56)	(279)	(7,905)	(1,190)
Redemption of limited partner units			(14,843)
LTIP units			23,640
Purchase and dispositions of noncontrolling interests, net and other	415	4,599	598	10,729
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(75,905)	(121,454)	(81,529)	(188,680)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests			(151,318)
Distributions to other noncontrolling interest partners			(2,080)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			111,377
Balance	$ 736,268	$ 882,344	$ 736,268	$ 882,344

Commitments and Contingencies (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2010	Mar. 31, 2015
Insurance
Insurance proceeds funded by insurers	$ 50
Minimum insurance coverage	50
Additional insurance proceeds	$ 150
Positive Outcome of Litigation \| Maximum
Insurance
Summary judgment of additional insurance coverage available under excess insurance policy		$ 150

Commitments and Contingencies (Details 2) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 319.9	$ 223.5
Loan guarantees recoverable	$ 96.7	$ 78.7

Commitments and Contingencies (Details 3)	6 Months Ended
Commitments and Contingencies (Details 3)	Jun. 30, 2015
Consolidated revenues \| Concentration of credit risk \| Minimum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Real Estate Acquisitions and Dispositions (Details) $ in Thousands						3 Months Ended			6 Months Ended
	Jan. 15, 2015 USD ($) property	Apr. 10, 2014	Jan. 30, 2014 USD ($) a shares	Jan. 10, 2014 USD ($) item	Jan. 10, 2014 item property	Jun. 30, 2015 USD ($) property	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Real Estate Properties
Discontinued operations transaction expenses							$ 38,163			$ 38,163
Strip Center Business and Small Malls \| Spinoff
Real Estate Properties
Discontinued operations transaction expenses										$ 38,200
Ashford Designer Outlets \| European Joint Venture
Real Estate Properties
Joint venture ownership percentage before transaction		22.50%
Joint venture ownership percentage after transactions		45.00%
Jersey Gardens and University Park Village
Real Estate Properties
Number of properties in which interest is acquired \| property	2
Mortgage debt including debt premiums	$ 405,000
Ownership interests acquired (as a percent)	100.00%
Cash purchase price for acquisition	$ 677,900
Transaction costs									$ 4,400
Arizona Mills
Real Estate Properties
Area of land acquired (in acre) in Oyster Bay, New York \| a			39
Consideration paid			$ 145,800
Mortgage debt including debt premiums			$ 166,900
Gain due to acquisition of controlling interest								$ 2,700
Ownership interests acquired (as a percent)			50.00%
Ownership interest after acquisition (as a percent)			100.00%
Arizona Mills \| Operating Partnership
Real Estate Properties
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills \| shares			555,150
Portfolio of ten properties
Real Estate Properties
Number of properties in which interest is acquired \| item				10
Consideration paid				$ 114,400
Number of partner's interest acquired \| item				1	1
Unconsolidated properties \| Retail properties \| Disposed by Sales
Real Estate Properties
Number of properties disposed of during the period \| property						2
Gain (loss) on disposition of interest in properties						$ 16,300
Consolidated properties \| Portfolio of ten properties
Real Estate Properties
Number of properties in which interest is acquired \| property					7