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Property, net | 9 Months Ended
--- | ---
Sep. 30, 2023
Property, Plant and Equipment [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| September 30, 2023 |  | December 31, 2022
Land | $ | 1,383,176 |  |  | $ | 1,425,211 |
Buildings and improvements | 6,125,673 |  |  | 6,378,736 |
Tenant improvements | 734,389 |  |  | 711,007 |
Equipment and furnishings(1) | 185,104 |  |  | 186,767 |
Construction in progress | 427,771 |  |  | 218,859 |
| 8,856,113 |  |  | 8,920,580 |
Less accumulated depreciation(1) | (2,906,024) |  |  | (2,792,790) |
| $ | 5,950,089 |  |  | $ | 6,127,790 |
(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at September 30, 2023 and December 31, 2022 (See Note 8—Leases). Depreciation expense was $66,390 and $67,631 for the three months ended September 30, 2023 and 2022, respectively, and $199,615 and $202,804 for the nine months ended September 30, 2023 and 2022, respectively. (Loss) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2023 and 2022 consist of the following:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Gain on property sales, net(1) |  | $ | 3,031 |  |  | $ | 313 |  |  | $ | 13,381 |  |  | $ | 386 |
Loss on write-down of assets(2) |  | (152,798) |  |  | (5,148) |  |  | (153,464) |  |  | (15,006) |
Gain on land sales, net(1) |  | 480 |  |  | 6,240 |  |  | 4,854 |  |  | 21,387 |
|  | $ | (149,287) |  |  | $ | 1,405 |  |  | $ | (135,229) |  |  | $ | 6,767 |
(1) See Note 16—Dispositions. (2) Includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall for the three and nine months ended September 30, 2023. Includes $5,140 on Towne Mall during the three and nine months ended September 30, 2022. The impairment losses were due to the reduction of the estimated holding periods of the properties (See Note 10—Mortgage Notes Payable). The remaining amounts for the three and nine months ended September 30, 2023 and 2022 mainly pertain to 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 the impairment losses recorded for the nine months ended September 30, 2023 and 2022, 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)
September 30, 2022 |  | $ | 18,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,250 |
September 30, 2023 |  | $ | 72,700 |  |  | $ | — |  |  | $ | 9,500 |  |  | $ | 63,200 |
The fair value (Level 2 measurement) relating to a portion of the 2023 impairment was based on a sales contract and is classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2022 and remaining 2023 impairments were based upon an income approach, using an estimated terminal capitalization rate of 9.5% and 13.0%, respectively, a discount rate of 10.5% and 14.5%, respectively, and market rents per square foot of $12 to $250. The fair value is sensitive to these significant unobservable inputs.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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