v3.26.1
Property, net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, net Property, net:
Property, net consists of the following:    
June 30,
2026		December 31,
2025
Land$1,560,061 $1,538,916 
Buildings and improvements6,781,642 6,492,487 
Tenant improvements736,017 675,233 
Equipment and furnishings171,548 170,869 
Construction in progress305,687 323,142 
9,554,955 9,200,647 
Less accumulated depreciation(2,645,053)(2,512,519)
$6,909,902 $6,688,128 

Depreciation expense was $74,202 and $73,250 for the three months ended June 30, 2026 and 2025, respectively, and $145,858 and $146,696 for the six months ended June 30, 2026 and 2025, respectively.
Gain (loss) on sale or write-down of assets, net for the three and six months ended June 30, 2026 and 2025 consists of the following:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Gain on property sales, net(1)$6,705 $2,581 $6,527 $1,033 
Loss on write-down of assets(2)(43)(13,222)(3,119)(26,585)
(Loss) gain on land sales, net(3)(59)157 10,035 1,080 
$6,603 $(10,484)$13,443 $(24,472)
(1)    For the three and six months ended June 30, 2026, includes a gain of $6,565 from the sale of the Company's interest in West Acres (See Note 4—Investments in Unconsolidated Joint Ventures). 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 15—Dispositions).

(2)    Includes $3,119 related to the write off of development costs for the six months ended June 30, 2026 and impairment losses of $12,942 and $26,285 for the three and six months ended June 30, 2025 due to the reduction of the estimated holding periods of certain properties, including SouthPark Mall and Valley Mall.
(3)    See Note 15—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, 2026 and 2025, as described above:
Total Fair Value MeasurementQuoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)
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.