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Property:

3 Months Ended

Mar. 31, 2012

6. Property:

Property consists of the following:

	March 31, 2012			December 31, 2011

Land	$	1,253,072		$	1,273,649
Building improvements		5,367,670			5,440,394
Tenant improvements		443,979			442,862
Equipment and furnishings		122,716			123,098
Construction in progress		320,655			209,732

		7,508,092			7,489,735
Less accumulated depreciation		(1,417,530	)		(1,410,692	)

	$	6,090,562		$	6,079,043

Depreciation expense was $58,746 and $52,052 for the three months ended March 31, 2012 and 2011, respectively.

The gain on remeasurement, sale or write down of assets for the three months ended March 31, 2012 includes the write off of development costs of $1,964. The gain on remeasurement, sale or write down of assets for the three months ended March 31, 2011 consists of the remeasurement gain of $1,838 on the purchase of a 50% ownership interest in Desert Sky Mall (See Note 15—Acquisitions) offset in part by the write-off of development costs of $38.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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