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Property, net (Tables) | 3 Months Ended
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Mar. 31, 2021
Real Estate [Abstract] |
Components of property | Property, net consists of the following:
| March 31, 2021 |  | December 31, 2020
Land | $ | 1,496,749 |  |  | $ | 1,538,270 |
Buildings and improvements | 6,427,670 |  |  | 6,620,708 |
Tenant improvements | 730,077 |  |  | 750,250 |
Equipment and furnishings(1) | 191,664 |  |  | 194,231 |
Construction in progress | 174,077 |  |  | 153,253 |
| 9,020,237 |  |  | 9,256,712 |
Less accumulated depreciation(1) | (2,502,385) |  |  | (2,562,133) |
| $ | 6,517,852 |  |  | $ | 6,694,579 |
(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2021 and December 31, 2020 (See Note 8—Leases).
Schedule of loss (gain) on sale or write down of assets | The gain (loss) on sale or write-down of assets, net for the three months ended March 31, 2021 and 2020 consist of the following:
|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  | 2021 |  | 2020
Gain on property sales(1) |  |  |  |  |  | $ | 4,229 |  |  | $ | — |
Write-down of assets(2) |  |  |  |  |  | (29,608) |  |  | (36,703) |
Gain on land sales(3) |  |  |  |  |  | 4,096 |  |  | — |
|  |  |  |  |  | $ | (21,283) |  |  | $ | (36,703) |
(1) Related to Paradise Valley Mall (See Note 15-Dispositions). (2) Includes impairment loss of $27,281 on Estrella Falls during the three months ended March 31, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the three months ended March 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three months ended March 31, 2021 mainly pertain to the write off of development costs. (3) This includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions).
Assets measured on a nonrecurring basis | The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three months ended March 31, 2021 and 2020, as described above:
|  | Total Fair Value Measurement |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Unobservable Inputs |  | Significant Unobservable Inputs
|  | (Level 1) |  | (Level 2) |  | (Level 3)
March 31, 2020 |  | $ | 140,000 |  |  | $ | — |  |  | $ | 140,000 |  |  | $ | — |
March 31, 2021 |  | $ | 18,970 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,970 |

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- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2921-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -URI http://asc.fasb.org/extlink&oid=27011434&loc=d3e125687-122742 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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