Property, net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, net consists of the following:


	June 30, 2026		December 31, 2025
Land	$	1,560,061	$	1,538,916
Buildings and improvements	6,781,642		6,492,487
Tenant improvements	736,017		675,233
Equipment and furnishings	171,548		170,869
Construction in progress	305,687		323,142
	9,554,955		9,200,647
Less accumulated depreciation	(2,645,053)		(2,512,519)
	$	6,909,902	$	6,688,128

Schedule of Gain (Loss) on Sale or Write-Down of Assets

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,
	2026		2025		2026		2025

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.

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 six months ended June 30, 2026 and 2025, as described above:


	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)

June 30, 2025	$	22,000	$	—	$	22,000	$	—