XML 47 R37.htm IDEA: XBRL DOCUMENT v3.25.3
Property, net (Tables)
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Net
Property, net consists of the following:    
September 30,
2025		December 31,
2024
Land$1,542,172 $1,713,296 
Buildings and improvements6,505,490 6,608,217 
Tenant improvements673,039 617,007 
Equipment and furnishings(1)169,318 170,570 
Construction in progress300,762 335,890 
9,190,781 9,444,980 
Less accumulated depreciation(1)(2,459,912)(2,347,867)
$6,730,869 $7,097,113 
(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of right-of-use (" 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) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2025 and 2024 consist of the following:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Gain on property sales, net(1)$21,531 $42,513 $22,564 $379,918 
Loss on write-down of assets(2)(95,394)(59,340)(121,979)(108,123)
Gain on land sales, net(3)1,229 222 2,309 511 
$(72,634)$(16,605)$(97,106)$272,306 
(1)    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). For the three months ended September 30, 2025, includes gains related to the sale of Lakewood Center and Valley Mall. For the three months ended September 30, 2024, includes a gain related to the sale of the Company's 50% interest in Biltmore Fashion Park. For the nine months ended September 30, 2025, includes gains related to the sale of Lakewood Center, Valley Mall, 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 $95,385 and $121,670 for the three and nine months ended September 30, 2025, respectively, due to the reduction of the estimated holding periods of certain properties, including South Park Mall, Valley Mall and Santa Monica Place. 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, including The Oaks, Wilton Mall and Santa Monica Place (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 and nine months ended September 30, 2025 and 2024, as described above:
Total Fair Value MeasurementQuoted Prices in Active Markets for Identical AssetsSignificant Other Unobservable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)
December 31, 2024$436,000 $— $26,000 $410,000 
September 30, 2025$215,200 $— $11,000 $204,200