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Property, net (Tables) | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
Schedule of Components of Property, Net | Property, net consists of the following:
| September 30, 2024 |  | December 31, 2023
Land | $ | 1,394,531 |  |  | $ | 1,388,345 |
Buildings and improvements | 5,768,611 |  |  | 6,070,367 |
Tenant improvements | 609,685 |  |  | 724,427 |
Equipment and furnishings(1) | 168,609 |  |  | 186,717 |
Construction in progress | 444,913 |  |  | 340,496 |
| 8,386,349 |  |  | 8,710,352 |
Less accumulated depreciation(1) | (2,326,155) |  |  | (2,809,863) |
| $ | 6,060,194 |  |  | $ | 5,900,489 |
(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at September 30, 2024 and December 31, 2023 (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, 2024 and 2023 consist of the following:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Gain on property sales, net(1) |  | $ | 42,513 |  |  | $ | 3,031 |  |  | $ | 379,918 |  |  | $ | 13,381 |
Loss on write-down of assets(2) |  | (59,340) |  |  | (152,798) |  |  | (108,123) |  |  | (153,464) |
Gain on land sales, net(3) |  | 222 |  |  | 480 |  |  | 511 |  |  | 4,854 |
|  | $ | (16,605) |  |  | $ | (149,287) |  |  | $ | 272,306 |  |  | $ | (135,229) |
(1) This includes a gain of $334,285 for the nine months ended September 30, 2024, as a result of the Company no longer recognizing its investment in Chandler Fashion Center as a financing arrangement. Effective June 13, 2024, the Company accounts for its investment under the equity method of accounting (See Note 12—Financing Arrangement and Note 16—Dispositions). Includes a gain of $42,815 for the three and nine months ended September 30, 2024 from the sale of the Company's interest in Biltmore Fashion Park (See Note 4—Investments in Unconsolidated Joint Ventures). For the three and nine months ended September 30, 2023, the gain is from the sales of Marketplace at Flagstaff and Superstition Springs Power Center (See Note 16—Dispositions). (2) Includes impairment losses of $59,340 and $108,016 for the three and nine months ended September 30, 2024, respectively, due to the reduction of the estimated holding periods of certain properties. 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 due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and nine months ended September 30, 2024 and 2023 mainly pertain to the write off of development costs. (3) See Note 16—Dispositions.
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 three and nine months ended September 30, 2024 and 2023, 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, 2023 |  | $ | 72,700 |  |  | $ | — |  |  | $ | 9,500 |  |  | $ | 63,200 |
September 30, 2024 |  | $ | 503,917 |  |  | $ | — |  |  | $ | 189,907 |  |  | $ | 314,010 |

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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 -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
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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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