Property, net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, net consists of the following:


	September 30, 2025		December 31, 2024
Land	$	1,542,172	$	1,713,296
Buildings and improvements	6,505,490		6,608,217
Tenant improvements	673,039		617,007
Equipment and furnishings(1)	169,318		170,570
Construction in progress	300,762		335,890
	9,190,781		9,444,980
Less accumulated depreciation(1)	(2,459,912)		(2,347,867)
	$	6,730,869	$	7,097,113

(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of right-of-use (" ROU") assets in connection with finance leases at December 31, 2024 (See Note 8—Leases). The Company's finance leases matured during the three months ended March 31, 2025.

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

(Loss) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2025 and 2024 consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024

Gain on property sales, net(1)	$	21,531	$	42,513	$	22,564	$	379,918
Loss on write-down of assets(2)	(95,394)		(59,340)		(121,979)		(108,123)

Gain on land sales, net(3)	1,229		222		2,309		511
	$	(72,634)	$	(16,605)	$	(97,106)	$	272,306

(1) Includes a gain of $334,285 for the nine months ended September 30, 2024, as a result of the Company no longer recognizing its investment in Chandler Fashion Center as a financing arrangement. Effective June 13, 2024, the Company accounts for its investment under the equity method of accounting (See Note 12—Financing Arrangement and Note 16—Dispositions). For the three months ended September 30, 2025, includes gains related to the sale of Lakewood Center and Valley Mall. For the three months ended September 30, 2024, includes a gain related to the sale of the Company's 50% interest in Biltmore Fashion Park. 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 16—Dispositions).

(2) Includes 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 South Park Mall, Valley Mall and Santa Monica Place. Includes impairment losses of $59,340 and $108,016 for the three and nine months ended September 30, 2024, respectively, due to the reduction of the estimated holding periods of certain properties, including The Oaks, Wilton Mall and Santa Monica Place (See Note 10—Mortgage Notes Payable).

(3) See Note 16—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 nine months ended September 30, 2025 and 2024, 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)
December 31, 2024	$	436,000	$	—	$	26,000	$	410,000
September 30, 2025	$	215,200	$	—	$	11,000	$	204,200

MACERICH CO 10-Q