XML 46 R37.htm IDEA: XBRL DOCUMENT v3.23.3

Property, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of 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).

Schedule of Gain (Loss) on Sale or Write-Down of Assets

(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.

Schedule of 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 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

X

- 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
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480091/360-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-2

+ Details

Name:	us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

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

Name:	us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration