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Property, net (Tables)

9 Months Ended

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.

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