Property, net (Tables)

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

Components of property

Property, net consists of the following:

	June 30, 2020		December 31, 2019
Land	$	1,510,368	$	1,520,678
Buildings and improvements	6,422,525		6,389,458
Tenant improvements	729,975		726,533
Equipment and furnishings(1)	201,653		230,215
Construction in progress	89,245		126,165
	8,953,766		8,993,049
Less accumulated depreciation(1)	(2,452,247)		(2,349,536)
	$	6,501,519	$	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 June 30, 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 and six months ended June 30, 2020 and 2019 consist of the following:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
Write-down of assets(1)	(3,907)		(9,059)		$	(40,610)	$	(15,909)
Land sales	40		—		40		534
	$	(3,867)	$	(9,059)	$	(40,570)	$	(15,375)

(1)      Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the six months ended June 30, 2020 and a loss of $2,793 on the write-down of non-real estate assets during the three and six months ended June 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and six months ended June 30, 2020 and 2019 mainly pertain to 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 six months ended June 30, 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)
June 30, 2020	$	140,000	$	—	$	140,000	$	—