XML 86 R14.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Property, net | 12 Months Ended
--- | ---
Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
Property, net | Property, net: Property, net at December 31, 2019 and 2018 consists of the following:
| 2019 |  | 2018
Land | $ | 1,520,678 |  |  | $ | 1,506,678 |
Buildings and improvements | 6,389,458 |  |  | 6,288,308 |
Tenant improvements | 726,533 |  |  | 678,110 |
Equipment and furnishings(1) | 230,215 |  |  | 206,398 |
Construction in progress | 126,165 |  |  | 199,326 |
| 8,993,049 |  |  | 8,878,820 |
Less accumulated depreciation | (2,349,536) |  |  | (2,093,044) |
| $ | 6,643,513 |  |  | $ | 6,785,776 |
(1)Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2019 (See Note 8—Leases). Depreciation expense for the years ended December 31, 2019, 2018 and 2017 was $287,846, $275,236 and $277,917, respectively. The (loss) gain on sale or write down of assets, net for the years ended December 31, 2019, 2018 and 2017 consist of the following:
| 2019 |  | 2018 |  | 2017
Property sales(1) | $ | — |  |  |  | $ | 45,931 |  |  |  | $ | 74,174 |
Write-down of assets(2) | (16,285) |  |  | (82,745) |  |  | (23,154) |
Land sales | 4,376 |  |  | 4,989 |  |  | 1,564 |
Non-real estate disposition | — |  |  | — |  |  | (10,138) |
| $ | (11,909) |  |  | $ | (31,825) |  |  | $ | 42,446 |
_______________________________________________________________________________ (1)Property sales during the year ended December 31, 2018 includes a $46,242 gain on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $311 on the sale of Promenade at Casa Grande (See Note 16—Dispositions). Gain on sale of properties during the year ended December 31, 2017 includes a gain of $59,577 on the sale of Cascade Mall and Northgate Mall (See Note 16—Dispositions) and $14,597 on the sale of 500 North Michigan Avenue (See Note 16—Dispositions). (2)Includes impairment losses of $36,338 on SouthPark Mall, $7,907 on La Cumbre Plaza, $7,494 on two freestanding stores, $1,697 on Southridge Center and $1,043 on Promenade at Casa Grande during the year ended December 31, 2018 and $12,036 on Southridge Center and $10,072 on Promenade at Casa Grande during the year ended December 31, 2017. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining balances represent the write off of development costs. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2018 and 2017 as described above:
Years ended December, 31 |  | Total Fair Value Measurement |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
|  |  |  | (Level 1) |  | (Level 2) |  | (Level 3)
2018 |  | $ | 104,700 |  |  | $ | — |  |  | $ | 104,700 |  |  | $ | — |
2017 |  | $ | 38,000 |  |  | $ | — |  |  | 38,000 |  |  | $ | — |
The fair value relating to impairments that were based on sales contracts were classified within Level 2 of the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration