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Property, net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, net Property, net:
Property, net at December 31, 2024 and 2023 consists of the following:
20242023
Land$1,713,296 $1,388,345 
Buildings and improvements6,608,217 6,070,367 
Tenant improvements617,007 724,427 
Equipment and furnishings(1)170,570 186,717 
Construction in progress335,890 340,496 
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).
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $269,020, $265,140 and $271,494, respectively.
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:
202420232022
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 
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(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.

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 MeasurementQuoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant 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 
The fair value (Level 2 measurement) relating to a portion of the 2024 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2024, 2023 and 2022 impairments were based upon an income approach, using an estimated terminal capitalization rate in the range of 7.3% to 13.0%, a discount rate in the range of 9.0% and 14.5% and market rents per square foot of $8 to $500. The fair value is sensitive to these significant unobservable inputs.