Property, net (Tables)

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Components of property

Property, net consists of the following:

	March 31, 2020		December 31, 2019
Land	$	1,510,948	$	1,520,678
Buildings and improvements	6,423,348		6,389,458
Tenant improvements	720,414		726,533
Equipment and furnishings(1)	227,117		230,215
Construction in progress	92,042		126,165
	8,973,869		8,993,049
Less accumulated depreciation(1)	(2,415,794)		(2,349,536)
	$	6,558,075	$	6,643,513

(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2020 and December 31, 2019 (See Note 8—Leases).

Schedule of Loss (Gain) on Sale or Write down of Assets

The loss on sale or write down of assets, net for the three months ended March 31, 2020 and 2019 consist of the following:

	For the Three Months Ended March 31,
	2020		2019
Write-down of assets(1)	$	(36,703)	$	(6,850)
Land sales	—		534
	$	(36,703)	$	(6,316)

(1)     Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the three months ended March 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amount for the three months ended March 31, 2019 represents the write off of development costs.

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, 2020, 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, 2020	$	140,000	$	—	$	140,000	$	—