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Property, net
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, net Property, net:
Property, net consists of the following:    
September 30,
2026		December 31,
2025
Land$1,552,830 $1,538,916 
Buildings and improvements6,655,451 6,492,487 
Tenant improvements738,786 675,233 
Equipment and furnishings174,218 170,869 
Construction in progress334,041 323,142 
9,455,326 9,200,647 
Less accumulated depreciation(2,599,570)(2,512,519)
$6,855,756 $6,688,128 

Depreciation expense was $75,544 and $75,253 for the three months ended September 30, 2026 and 2025, respectively, and $221,402 and $221,949 for the nine months ended September 30, 2026 and 2025, respectively.
Gain (loss) on sale or write-down of assets, net for the three and nine months ended September 30, 2026 and 2025 consists of the following:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Gain on property sales, net(1)$13,578 $21,531 $20,104 $22,564 
Loss on write-down of assets(2)(1,978)(95,394)(5,097)(121,979)
Gain on land sales, net(3)3,110 1,229 13,146 2,309 
$14,710 $(72,634)$28,153 $(97,106)
(1)    For the three months ended September 30, 2026, includes a gain of $13,843 from the sale of Pacific View (See Note 15—Dispositions). For the nine months ended September 30, 2026, includes gains related to the sale of Pacific View and $6,565 from the sale of the Company's interest in West Acres (See Note 4—Investments in Unconsolidated Joint Ventures). For the three months ended September 30, 2025, includes gains related to the sale of Lakewood Center and Valley Mall. 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 15—Dispositions).

(2)    Includes $5,097 related to the write off of development costs for the nine months ended September 30, 2026 and 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 SouthPark Mall, Valley Mall and Santa Monica Place.
(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 nine months ended September 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)
September 30, 2025$215,200 $— $11,000 $204,200 
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. The fair value (Level 3 measurement) related to the remaining 2025 impairments was based upon an income approach, using an estimated terminal capitalization rate in the range of 7.3% to 9.0%, a discount rate of 9.0% to 11.0% and market rents per square foot of $15 to $200. The fair value is sensitive to these significant unobservable inputs.