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Property, net (Tables) | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Schedule of Components of Property, Net | Property, net consists of the following:
| March 31, 2025 |  | December 31, 2024
Land | $ | 1,685,953 |  |  | $ | 1,713,296 |
Buildings and improvements | 6,602,451 |  |  | 6,608,217 |
Tenant improvements | 629,258 |  |  | 617,007 |
Equipment and furnishings(1) | 169,883 |  |  | 170,570 |
Construction in progress | 321,906 |  |  | 335,890 |
| 9,409,451 |  |  | 9,444,980 |
Less accumulated depreciation(1) | (2,387,993) |  |  | (2,347,867) |
| $ | 7,021,458 |  |  | $ | 7,097,113 |
(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 (See Note 8—Leases). The Company's finance leases matured during the three months ended March 31, 2025.
Schedule of Gain (Loss) on Sale or Write-Down of Assets | Loss on sale or write-down of assets, net for the three months ended March 31, 2025 and 2024 consist of the following:
|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Loss on property sales, net(1) |  |  |  |  |  | $ | (1,567) |  |  | $ | — |
Loss on write-down of assets(2) |  |  |  |  |  | (13,343) |  |  | (36,085) |
Gain on land sales, net(3) |  |  |  |  |  | 923 |  |  | — |
|  |  |  |  |  | $ | (13,987) |  |  | $ | (36,085) |
(1) Includes loss related to the sale of Wilton Mall for $2,912 (See Note 16—Dispositions). (2) Includes impairment loss of $13,343 for the three months ended March 31, 2025 due to the reduction of the estimated holding periods of certain properties, including SouthPark Mall. Includes impairment loss of $35,987 on Santa Monica Place for the three months ended March 31, 2024 due to the reduction of the estimated holding period of the property (See Note 10—Mortgage Notes Payable). (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 months ended March 31, 2025 and 2024, 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)
March 31, 2024 |  | $ | 297,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 297,600 |
March 31, 2025 |  | $ | 35,000 |  |  | $ | — |  |  | $ | 35,000 |  |  | $ | — |

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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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