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Property, net (Tables) | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Schedule of Components of Property, Net | Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:
Buildings and improvements | 5 - 40 years
Tenant improvements | 5 - 7 years
Equipment and furnishings | 5 - 7 years
Property, net at December 31, 2024 and 2023 consists of the following:
| 2024 |  | 2023
Land | $ | 1,713,296 |  |  | $ | 1,388,345 |
Buildings and improvements | 6,608,217 |  |  | 6,070,367 |
Tenant improvements | 617,007 |  |  | 724,427 |
Equipment and furnishings(1) | 170,570 |  |  | 186,717 |
Construction in progress | 335,890 |  |  | 340,496 |
| 9,444,980 |  |  | 8,710,352 |
Less accumulated depreciation(1) | (2,347,867) |  |  | (2,809,863) |
| $ | 7,097,113 |  |  | $ | 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 December 31, 2024 and 2023 (See Note 8—Leases).
Schedule of (Loss) Gain on Sale or Write Down of Assets | The gain (loss) on sale or write down of assets, net for the years ended December 31, 2024, 2023 and 2022 consist of the following:
| 2024 |  | 2023 |  | 2022
Property sales(1) | $ | 372,149 |  |  | $ | 13,380 |  |  | $ | 386 |
Write-down of assets(2) | (334,375) |  |  | (153,495) |  |  | (15,045) |
Land sales(3) | 1,185 |  |  | 5,592 |  |  | 22,357 |
| $ | 38,959 |  |  | $ | (134,523) |  |  | $ | 7,698 |
_______________________________________________________________________________ (1)For the year ended December 31, 2024, includes a gain of $334,285 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). Also includes a gain of $42,815 from the sale of the Company's interest in Biltmore Fashion Park (See Note 4—Investments in Unconsolidated Joint Ventures). For the year ended December 31, 2023, includes gains related to the sale of The Marketplace at Flagstaff and Superstition Springs Power Center (See Note 16—Dispositions). (2)For the year ended December 31, 2024, includes impairment losses of $334,265 due to the reduction of the estimated holding periods of certain properties, including Fashion District Philadelphia, The Oaks, Santa Monica Place and Wilton Mall. For the year ended December 31, 2023, includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall. For the year ended December 31, 2022, includes impairment loss of $5,471 relating to the Company's investment in MS Portfolio LLC (See Note 4—Investments in Unconsolidated Joint Ventures) and impairment loss of $5,140 on Towne Mall. 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, 2024, 2023 and 2022 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 impairment charges recorded for the years ended December 31, 2024, 2023 and 2022 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)
2024 |  | $ | 436,000 |  |  | $ | — |  |  | $ | 26,000 |  |  | $ | 410,000 |
2023 |  | $ | 63,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,200 |
2022 |  | $ | 18,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,250 |

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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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- 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
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