Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

Schedule III Real Estate and Accumulated Depreciation

Schedule III Real Estate and Accumulated Depreciation

SCHEDULE III

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2023

(Dollars in thousands)

								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Malls
Barton Creek Square	Austin, TX	$	-	$	2,903	$	20,929	$	7,983	$	102,725	$	10,886	$	123,654	$	134,540	$	74,778	1981
Battlefield Mall	Springfield, MO		-		3,919		27,231		3,000		75,194		6,919		102,425		109,344		79,589	1970
Bay Park Square	Green Bay, WI		-		6,278		25,623		4,106		31,266		10,384		56,889		67,273		37,561	1980
Brea Mall	Brea (Los Angeles), CA		-		39,500		209,202		2,993		152,680		42,493		361,882		404,375		181,185	1998	(4)
Broadway Square	Tyler, TX		-		11,306		32,431		-		53,337		11,306		85,768		97,074		47,966	1994	(4)
Burlington Mall	Burlington (Boston), MA		-		46,600		303,618		27,458		274,055		74,058		577,673		651,731		299,755	1998	(4)
Castleton Square	Indianapolis, IN		-		26,250		98,287		7,434		80,809		33,684		179,096		212,780		134,960	1972
Cielo Vista Mall	El Paso, TX		-		1,005		15,262		608		60,651		1,613		75,913		77,526		55,648	1974
College Mall	Bloomington, IN		-		1,003		16,245		720		70,621		1,723		86,866		88,589		54,602	1965
Columbia Center	Kennewick, WA		-		17,441		66,580		-		47,860		17,441		114,440		131,881		73,685	1987
Copley Place	Boston, MA		-		-		378,045		-		223,754		-		601,799		601,799		309,545	2002	(4)
Coral Square	Coral Springs (Miami), FL		-		12,282		93,630		-		21,950		12,282		115,580		127,862		94,681	1984
Cordova Mall	Pensacola, FL		-		18,626		73,091		7,321		74,034		25,947		147,125		173,072		93,917	1998	(4)
Domain, The	Austin, TX		210,000		40,436		197,010		-		177,949		40,436		374,959		415,395		209,234	2005
Empire Mall	Sioux Falls, SD		173,340		35,998		192,186		-		38,858		35,998		231,044		267,042		91,459	1998	(5)
Fashion Mall at Keystone, The	Indianapolis, IN		-		-		120,579		29,145		121,669		29,145		242,248		271,393		154,689	1997	(4)
Firewheel Town Center	Garland (Dallas), TX		-		8,438		82,716		-		31,640		8,438		114,356		122,794		72,689	2004
Forum Shops at Caesars Palace, The	Las Vegas, NV		-		-		276,567		-		321,684		-		598,251		598,251		347,664	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		-		2,423		23,445		5,253		129,609		7,676		153,054		160,730		102,162	1979
Haywood Mall	Greenville, SC		-		11,585		133,893		6		52,543		11,591		186,436		198,027		128,138	1998	(4)
King of Prussia	King of Prussia (Philadelphia), PA		-		175,063		1,128,236		-		423,302		175,063		1,551,538		1,726,601		618,066	2003	(5)
La Plaza Mall (13)	McAllen, TX		-		87,912		9,828		6,569		186,677		94,481		196,505		290,986		68,784	1976
Lakeline Mall	Cedar Park (Austin), TX		-		10,088		81,568		14		24,261		10,102		105,829		115,931		73,327	1995
Lenox Square	Atlanta, GA		-		37,216		492,411		-		163,947		37,216		656,358		693,574		430,323	1998	(4)
Mall of Georgia	Buford (Atlanta), GA		-		47,492		326,633		-		17,697		47,492		344,330		391,822		229,290	1999	(5)
McCain Mall	N. Little Rock, AR		-		-		9,515		10,142		30,317		10,142		39,832		49,974		21,324	1973
Menlo Park Mall	Edison (New York), NJ		-		65,684		223,252		-		98,361		65,684		321,613		387,297		217,348	1997	(4)
Midland Park Mall	Midland, TX		-		687		9,213		1,196		46,028		1,883		55,241		57,124		25,891	1980
Miller Hill Mall	Duluth, MN		-		2,965		18,092		1,811		47,572		4,776		65,664		70,440		49,323	1973
North East Mall	Hurst (Dallas), TX		-		128		12,966		19,010		131,533		19,138		144,499		163,637		111,962	1971
Ocean County Mall	Toms River (New York), NJ		-		20,404		124,945		3,277		89,518		23,681		214,463		238,144		121,920	1998	(4)
Orland Square	Orland Park (Chicago), IL		-		35,439		129,906		-		83,352		35,439		213,258		248,697		137,026	1997	(4)
Penn Square Mall	Oklahoma City, OK		310,000		2,043		155,958		-		65,326		2,043		221,284		223,327		157,301	2002	(4)
Pheasant Lane Mall	Nashua, NH		-		3,902		155,068		550		52,307		4,452		207,375		211,827		134,735	2004	(5)
Phipps Plaza	Atlanta, GA	$	-	$	15,005	$	210,610	$	-	$	273,596	$	15,005	$	484,206	$	499,211	$	208,454	1998	(4)
Plaza Carolina	Carolina (San Juan), PR		-		15,493		279,560		-		82,280		15,493		361,840		377,333		203,715	2004	(4)
Prien Lake Mall	Lake Charles, LA		-		1,842		2,813		3,053		68,987		4,895		71,800		76,695		32,815	1972
Rockaway Townsquare	Rockaway (New York), NJ		-		41,918		212,257		-		75,109		41,918		287,366		329,284		185,363	1998	(4)
Roosevelt Field	Garden City (New York), NY		-		163,160		702,008		1,246		400,105		164,406		1,102,113		1,266,519		635,668	1998	(4)
Ross Park Mall	Pittsburgh, PA		-		23,541		90,203		5,815		154,274		29,356		244,477		273,833		149,510	1986
Santa Rosa Plaza	Santa Rosa, CA		-		10,400		87,864		-		30,351		10,400		118,215		128,615		77,046	1998	(4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		94,621		449		25,102		38,864		106,961		39,313		132,063		171,376		57,062	2002	(5)

								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Shops at Nanuet, The	Nanuet, NY		-		28,125		142,860		-		6,308		28,125		149,168		177,293		54,691	2013
Shops at Riverside, The	Hackensack (New York), NJ		-		13,521		238,746		-		270,285		13,521		509,031		522,552		161,202	2007	(4) (5)
South Hills Village	Pittsburgh, PA		-		23,445		125,840		1,472		96,842		24,917		222,682		247,599		127,019	1997	(4)
South Shore Plaza	Braintree (Boston), MA		-		101,200		301,495		1,972		171,947		103,172		473,442		576,614		309,138	1998	(4)
Southdale Center	Edina (Minneapolis), MN		-		41,430		184,967		-		137,095		41,430		322,062		363,492		94,908	2007	(4) (5)
SouthPark	Charlotte, NC		-		42,092		188,055		100		237,808		42,192		425,863		468,055		260,793	2002	(4)
St. Charles Towne Center	Waldorf (Washington, DC), MD		-		7,710		52,934		1,180		25,133		8,890		78,067		86,957		64,468	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		-		-		339,537		-		225,220		-		564,757		564,757		265,717	2003	(4)
Summit Mall	Akron, OH		85,000		15,374		51,137		-		59,527		15,374		110,664		126,038		75,798	1965
Tacoma Mall	Tacoma (Seattle), WA		-		37,113		125,826		-		182,349		37,113		308,175		345,288		174,436	1987
Tippecanoe Mall	Lafayette, IN		-		2,897		8,439		5,517		50,403		8,414		58,842		67,256		47,270	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		-		64,200		307,317		-		260,458		64,200		567,775		631,975		355,321	1998	(4)
Towne East Square	Wichita, KS		-		8,024		18,479		4,108		63,374		12,132		81,853		93,985		50,914	1975
Treasure Coast Square	Jensen Beach, FL		-		10,750		72,990		3,067		29,099		13,817		102,089		115,906		72,848	1987
Tyrone Square	St. Petersburg (Tampa), FL		-		15,638		120,962		1,459		50,818		17,097		171,780		188,877		127,567	1972
University Park Mall	Mishawaka, IN		-		10,762		118,164		7,000		59,781		17,762		177,945		195,707		151,940	1996	(4)
Walt Whitman Shops	Huntington Station (New York), NY		-		51,700		111,258		3,789		140,821		55,489		252,079		307,568		151,368	1998	(4)
White Oaks Mall	Springfield, IL		38,857		2,907		35,692		2,468		68,576		5,375		104,268		109,643		67,871	1977
Wolfchase Galleria	Memphis, TN		155,152		16,407		128,276		-		19,483		16,407		147,759		164,166		111,185	2002	(4)
Woodland Hills Mall	Tulsa, OK		-		34,211		187,123		13,811		48,401		48,022		235,524		283,546		168,906	2004	(5)
Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		-		3,900		97,059		-		10,940		3,900		107,999		111,899		73,966	2004	(4)
Allen Premium Outlets	Allen (Dallas), TX		-		20,932		69,788		-		44,954		20,932		114,742		135,674		47,407	2004	(4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH	$	-	$	2,370	$	24,326	$	-	$	9,508	$	2,370	$	33,834	$	36,204	$	26,658	2004	(4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		123,000		11,477		77,856		-		8,961		11,477		86,817		98,294		45,226	2010	(4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		-		16,599		224,721		395		77,302		16,994		302,023		319,017		174,626	2004	(4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		-		12,890		184,990		96		13,170		12,986		198,160		211,146		103,603	2004	(4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		-		3,175		59,863		5,311		9,055		8,486		68,918		77,404		42,720	2004	(4)
Chicago Premium Outlets	Aurora (Chicago), IL		-		659		118,005		13,050		97,832		13,709		215,837		229,546		100,774	2004	(4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		-		14,117		71,520		-		4,525		14,117		76,045		90,162		42,495	2008
Clinton Premium Outlets	Clinton, CT		-		2,060		107,556		1,532		7,445		3,592		115,001		118,593		72,086	2004	(4)
Denver Premium Outlets	Thornton (Denver), CO		-		10,779		45,335		10		73,846		10,789		119,181		129,970		29,568	2018
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		-		3,440		338,679		-		119,704		3,440		458,383		461,823		226,809	2004	(4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		178,000		15,807		182,412		-		9,254		15,807		191,666		207,473		133,909	2010	(4)
Finger Lakes Premium Outlets	Waterloo, NY		-		3,230		75,277		-		16,032		3,230		91,309		94,539		54,801	2004	(4)
Folsom Premium Outlets	Folsom (Sacramento), CA		-		9,060		50,281		-		6,544		9,060		56,825		65,885		37,129	2004	(4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		-		9,630		194,122		-		17,128		9,630		211,250		220,880		121,249	2004	(4)
Gloucester Premium Outlets	Blackwood (Philadelphia). NJ		75,000		14,389		107,685		-		975		14,389		108,660		123,049		32,886	2015	(5)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		-		9,497		194,245		-		1,476		9,497		195,721		205,218		72,720	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		140,000		6,421		121,880		-		10,349		6,421		132,229		138,650		91,064	2010	(4)
Gulfport Premium Outlets	Gulfport, MS		50,000		-		27,949		-		8,143		-		36,092		36,092		21,858	2010	(4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		69,532		3,560		85,883		-		1,655		3,560		87,538		91,098		48,137	2010	(4)

								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Houston Premium Outlets	Cypress (Houston), TX		-		8,695		69,350		-		41,889		8,695		111,239		119,934		63,879	2007
Indiana Premium Outlets	Edinburgh (Indianapolis), IN		-		2,857		47,309		-		22,726		2,857		70,035		72,892		41,426	2004	(4)
Jackson Premium Outlets	Jackson (New York), NJ		-		6,413		104,013		3		8,189		6,416		112,202		118,618		60,875	2004	(4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ	$	-	$	15,390	$	50,979	$	-	$	81,246	$	15,390	$	132,225	$	147,615	$	79,626	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		-		2,800		39,546		-		8,562		2,800		48,108		50,908		27,114	2004	(4)
Kittery Premium Outlets	Kittery, ME		-		11,832		94,994		-		12,081		11,832		107,075		118,907		55,572	2004	(4)
Las Americas Premium Outlets	San Diego, CA		-		52,969		283,081		-		13,203		52,969		296,284		349,253		125,895	2007	(4)
Las Vegas North Premium Outlets	Las Vegas, NV		-		25,435		134,973		16,536		152,536		41,971		287,509		329,480		159,707	2004	(4)
Las Vegas South Premium Outlets	Las Vegas, NV		-		13,085		160,777		-		34,268		13,085		195,045		208,130		102,082	2004	(4)
Lee Premium Outlets	Lee, MA		46,307		9,167		52,212		-		5,397		9,167		57,609		66,776		37,493	2010	(4)
Leesburg Premium Outlets	Leesburg (Washington, DC), VA		-		7,190		162,023		-		23,540		7,190		185,563		192,753		102,794	2004	(4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		-		6,630		94,138		-		14,140		6,630		108,278		114,908		67,123	2004	(4)
Merrimack Premium Outlets	Merrimack, NH		-		14,975		118,428		-		7,189		14,975		125,617		140,592		55,293	2012
Napa Premium Outlets	Napa, CA		-		11,400		45,023		-		7,774		11,400		52,797		64,197		32,399	2004	(4)
North Bend Premium Outlets	North Bend (Seattle), WA		-		2,012		36,036		-		-		2,012		36,036		38,048		23,263	2004	(4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		-		4,300		137,020		-		3,303		4,300		140,323		144,623		77,321	2004	(4)
Orlando International Premium Outlets	Orlando, FL		-		31,998		472,815		-		20,742		31,998		493,557		525,555		229,251	2010	(4)
Orlando Vineland Premium Outlets	Orlando, FL		-		14,040		382,949		36,023		33,369		50,063		416,318		466,381		215,984	2004	(4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		-		13,322		13,710		-		3,319		13,322		17,029		30,351		11,727	2004	(4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		-		16,676		105,249		-		26,545		16,676		131,794		148,470		84,855	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		-		-		63,082		-		996		-		64,078		64,078		30,738	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		31,242		4,317		19,044		-		4,577		4,317		23,621		27,938		16,048	2010	(4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		145,000		16,823		126,686		-		9,681		16,823		136,367		153,190		69,525	2010	(4)
Pocono Premium Outlets	Tannersville, PA		-		7,720		172,931		-		31,506		7,720		204,437		212,157		103,792	2004	(4)
Puerto Rico Premium Outlets	Barceloneta, PR		-		20,586		114,021		-		10,275		20,586		124,296		144,882		63,145	2010	(4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		54,885		8,129		61,950		-		5,740		8,129		67,690		75,819		35,302	2010	(4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		-		12,229		41,547		-		27,400		12,229		68,947		81,176		46,487	2005
Round Rock Premium Outlets	Round Rock (Austin), TX	$	-	$	12,985	$	82,252	$	-	$	6,234	$	12,985	$	88,486	$	101,471	$	58,640	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		-		21,925		308,694		46,177		74,922		68,102		383,616		451,718		134,396	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		-		13,180		287,179		-		29,370		13,180		316,549		329,729		146,720	2010	(4)
Seattle Premium Outlets	Tulalip (Seattle), WA		-		-		103,722		-		56,577		-		160,299		160,299		89,466	2004	(4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		-		6,090		57,670		2		16,302		6,092		73,972		80,064		43,541	2004	(4)
Tampa Premium Outlets	Lutz (Tampa), FL		-		14,298		97,188		121		5,976		14,419		103,164		117,583		34,293	2015
Tucson Premium Outlets	Marana (Tucson), AZ		-		12,508		69,677		-		4,743		12,508		74,420		86,928		24,344	2015

								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Vacaville Premium Outlets	Vacaville, CA		-		9,420		84,850		-		19,464		9,420		104,314		113,734		63,832	2004	(4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		-		22,630		77,316		-		20,530		22,630		97,846		120,476		56,366	2004	(4)
Williamsburg Premium Outlets	Williamsburg, VA		185,000		10,323		223,789		-		10,468		10,323		234,257		244,580		110,029	2010	(4)
Woodburn Premium Outlets	Woodburn (Portland), OR		-		9,414		150,414		-		5,032		9,414		155,446		164,860		61,079	2013	(4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		-		11,010		862,559		1,779		279,990		12,789		1,142,549		1,155,338		542,173	2004	(4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		-		4,900		282,031		-		54,569		4,900		336,600		341,500		174,638	2004	(4)
The Mills
Arizona Mills	Tempe (Phoenix), AZ		95,919		41,285		297,289		-		17,328		41,285		314,617		355,902		106,882	2007	(4) (5)
Great Mall	Milpitas (San Jose), CA		-		69,853		463,101		-		63,991		69,853		527,092		596,945		212,143	2007	(4) (5)
Gurnee Mills	Gurnee (Chicago), IL		257,710		41,133		297,911		-		37,612		41,133		335,523		376,656		136,653	2007	(4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		-		120,417		865,605		-		29,832		120,417		895,437		1,015,854		291,546	2015	(4)
Opry Mills	Nashville, TN		375,000		51,000		327,503		-		29,078		51,000		356,581		407,581		132,165	2007	(4) (5)
Outlets at Orange, The	Orange (Los Angeles), CA		215,000		64,973		211,322		-		6,688		64,973		218,010		282,983		41,757	2007	(4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		416,000		61,608		425,370		-		41,736		61,608		467,106		528,714		197,214	2007	(4) (5)
Sawgrass Mills	Sunrise (Miami), FL		-		192,981		1,641,153		5,395		248,797		198,376		1,889,950		2,088,326		719,018	2007	(4) (5)
Designer Outlets
La Reggia Designer Outlet	Marcianise (Naples), Italy		176,595		37,220		233,179		-		42,921		37,220		276,100		313,320		85,304	2013	(4) (5) (7)
Noventa Di Piave Designer Outlet	Venice, Italy		306,384		38,793		309,283		-		78,683		38,793		387,966		426,759		103,603	2013	(4) (5) (7)
Ochtrup Designer Outlet	Ochtrup, Germany		55,186		11,770		97,941		-		-		11,770		97,941		109,711		15,529	2016	(4) (5) (7)
Paris-Giverny Designer Outlets	Normandy, France	$	110,373	$	16,312	$	226,625	$	-	$	-	$	16,312	$	226,625	$	242,937	$	9,599	2023
Parndorf Designer Outlet	Vienna, Austria		199,594		14,903		223,156		-		11,610		14,903		234,766		249,669		78,821	2013	(4) (5) (7)
Provence Designer Outlet	Provence, France		104,898		41,321		84,637		6,169		-		47,490		84,637		132,127		45,537	2017	(4) (5) (7)
Roermond Designer Outlet	Roermond, Netherlands		309,042		15,035		400,094		-		25,567		15,035		425,661		440,696		142,737	2013	(4) (5) (7)
Roosendaal Designer Outlet	Roosendaal, Netherlands		63,908		22,191		108,069		-		11,689		22,191		119,758		141,949		39,762	2017	(4) (5) (7)
Lifestyle Centers
ABQ Uptown	Albuquerque, NM		-		6,374		75,333		4,054		12,246		10,428		87,579		98,007		38,715	2011	(4)
Northgate Station	Seattle, WA		-		23,610		115,992		15,964		152,440		39,574		268,432		308,006		67,239	1987
University Park Village	Fort Worth, TX		51,254		18,031		100,523		-		9,670		18,031		110,193		128,224		34,875	2015	(4)
Other Properties
Calhoun Outlet Marketplace	Calhoun, GA		16,722		1,745		12,529		-		2,188		1,745		14,717		16,462		12,021	2010	(4)
Florida Keys Outlet Marketplace	Florida City, FL		17,000		1,112		1,748		-		6,577		1,112		8,325		9,437		4,771	2010	(4)
Gaffney Outlet Marketplace	Gaffney (Greenville/Charlotte), SC		27,012		4,056		32,371		-		6,718		4,056		39,089		43,145		25,860	2010	(4)
Orlando Outlet Marketplace	Orlando, FL		-		3,367		1,557		-		4,415		3,367		5,972		9,339		3,725	2010	(4)
Osage Beach Outlet Marketplace	Osage Beach, MO		-		1,397		8,874		-		46		1,397		8,920		10,317		3,959	2004	(4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		-		18,355		100,287		-		22,240		18,355		122,527		140,882		91,821	2003	(4)

								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Southridge Mall	Greendale (Milwaukee), WI		112,087		12,359		130,111		1,939		12,244		14,298		142,355		156,653		69,585	2007	(4) (5)
Other pre-development costs			84,047		78,139		326,594		959		-		79,098		326,594		405,692		1,882
Other			15,152		6,513		330,177		266		-		6,779		330,177		336,956		42,745
Currency Translation Adjustment			-		286		(14,017)		-		5,874		286		(8,143)		(7,857)		(45,592)
		$	5,173,819	$	3,254,134	$	25,519,651	$	389,298	$	9,621,835	$	3,643,432	$	35,141,486	$	38,784,918	$	17,351,320

Simon Property Group, Inc.

Simon Property Group, L.P.

Notes to Schedule III as of December 31, 2023

(Dollars in thousands)

(1) Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2023, 2022, and 2021 are as follows:

	2023		2022		2021
Balance, beginning of year	$	37,879,778	$	37,497,216	$	37,608,638
Acquisitions and consolidations (7)		78,410		122,074		121,250
Improvements		823,705		688,173		569,483
Disposals and deconsolidations		(55,593)		(308,030)		(655,482)
Currency Translation Adjustment		58,618		(119,655)		(146,673)
Balance, close of year	$	38,784,918	$	37,879,778	$	37,497,216

The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2023 was $23,409,301.

(2) Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2023, 2022, and 2021 are as follows:

	2023		2022		2021
Balance, beginning of year	$	16,224,050	$	15,304,461	$	14,592,867
Depreciation expense (7)		1,193,391		1,075,391		1,083,705
Disposals and deconsolidations		(53,489)		(180,091)		(403,582)
Currency Translation Adjustment		(12,632)		24,289		31,471
Balance, close of year	$	17,351,320	$	16,224,050	$	15,304,461

Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below.

● Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

● Tenant Allowances and Improvements — shorter of lease term or useful life.

(3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.

(5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.

(6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs.

(7) Represents the original cost and does not include subsequent currency translation adjustments.