Property, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, net:

Property, net at December 31, 2021 and 2020 consists of the following:


	2021		2020
Land	$	1,441,858	$	1,538,270
Buildings and improvements	6,306,764		6,620,708
Tenant improvements	685,242		750,250
Equipment and furnishings(1)	191,266		194,231
Construction in progress	222,420		153,253
	8,847,550		9,256,712
Less accumulated depreciation(1)	(2,563,344)		(2,562,133)
	$	6,284,206	$	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 December 31, 2021 and 2020 (See Note 8—Leases).

Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $282,158, $287,925 and $287,846, respectively.

The gain (loss) on sale or write down of assets, net for the years ended December 31, 2021, 2020 and 2019 consist of the following:


	2021		2020		2019
Property sales(1)	$	113,657	$	—	$	—
Write-down of assets(2)	(67,344)		(76,705)		(16,285)
Land sales(3)	29,427		8,593		4,376

	$	75,740	$	(68,112)	$	(11,909)

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(1)Includes gains related to the sale of La Encantada and Paradise Valley Mall (See Note 16-Dispositions).

(2)Includes a loss of $28,276 in 2021 in connection with the assignment of the Company's partnership interest in The Shops at North Bridge (See Note 4—Investments in Unconsolidated Joint Ventures). Includes impairment loss of $27,281 on Estrella Falls during the year ended December 31, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the year ended December 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the years ended December 31, 2021, 2020 and 2019 mainly pertain to the write off of development costs.

(3)Includes $1,334 related to the sale of Paradise Valley Mall (See Note 16-Dispositions).

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, 2021 and 2020 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)
2021	$	4,720	$	—	$	4,720	$	—
2020	$	151,875	$	—	151,875		$	—

The fair value relating to the 2020 impairments and the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy.