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Property, net | 6 Months Ended
--- | ---
Jun. 30, 2025
Property, Plant and Equipment [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| June 30, 2025 |  | December 31, 2024
Land | $ | 1,690,612 |  |  | $ | 1,713,296 |
Buildings and improvements | 6,692,565 |  |  | 6,608,217 |
Tenant improvements | 677,761 |  |  | 617,007 |
Equipment and furnishings(1) | 167,949 |  |  | 170,570 |
Construction in progress | 354,800 |  |  | 335,890 |
| 9,583,687 |  |  | 9,444,980 |
Less accumulated depreciation(1) | (2,418,324) |  |  | (2,347,867) |
| $ | 7,165,363 |  |  | $ | 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. Depreciation expense was $73,250 and $67,421 for the three months ended June 30, 2025 and 2024, respectively, and $146,696 and $132,180 for the six months ended June 30, 2025 and 2024, respectively. (Loss) gain on sale or write-down of assets, net for the three and six months ended June 30, 2025 and 2024 consist of the following:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gain on property sales, net(1) |  | $ | 2,581 |  |  | $ | 337,405 |  |  | $ | 1,033 |  |  | $ | 337,405 |
Loss on write-down of assets(2) |  | (13,222) |  |  | (12,698) |  |  | (26,585) |  |  | (48,783) |
Gain on land sales, net(3) |  | 157 |  |  | 289 |  |  | 1,080 |  |  | 289 |
|  | $ | (10,484) |  |  | $ | 324,996 |  |  | $ | (24,472) |  |  | $ | 288,911 |
(1) Includes a gain of $334,285 for the three and six months ended June 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). For the three and six months ended June 30, 2025, includes gains related to the sale of 1010-1016 Market Street parcels and a former department store parcel located in Petaluma, California offset in part by losses related to the sale of Wilton Mall and the Company's partnership's interest in Paradise Valley Mall (See Note 4—Investments in Unconsolidated Joint Ventures and Note 16—Dispositions). (2) Includes impairment losses of $12,942 and $26,285 for the three and six months ended June 30, 2025, respectively, due to the reduction of the estimated holding periods of certain properties, including SouthPark Mall and Valley Mall. Includes impairment losses of $12,692 and $48,679 for the three and six months ended June 30, 2024, due to the reduction of the estimated holding periods of certain properties, including Santa Monica Place (See Note 10—Mortgage Notes Payable). (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 the impairment losses recorded for the three and six months ended June 30, 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)
June 30, 2024 |  | $ | 314,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 314,010 |
June 30, 2025 |  | $ | 22,000 |  |  | $ | — |  |  | $ | 22,000 |  |  | $ | — |
The fair value (Level 2 measurement) related to the 2025 impairments are based on sales contracts and are classified within level 2 of the hierarchy. The fair value (Level 3 measurement) related to the 2024 impairment was based upon an income approach, using an estimated terminal capitalization rate of 7.3%, a discount rate of 9.0% and market rents per square foot of $20 to $200. The fair value is sensitive to these significant unobservable inputs.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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