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Property: | 9 Months Ended
--- | ---
Sep. 30, 2012
Property: |
Property: |
6. Property: Property consists of the following:
|  | September 30, 2012 |  | December 31, 2011 |
--- | --- | --- | --- | --- | ---
Land |  | $ | 1,228,267 |  | $ | 1,273,649 |
Buildings and improvements |  |  | 5,234,773 |  |  | 5,440,394 |
Tenant improvements |  |  | 443,625 |  |  | 442,862 |
Equipment and furnishings |  |  | 124,560 |  |  | 123,098 |
Construction in progress |  |  | 385,619 |  |  | 209,732 |
|  |  | 7,416,844 |  |  | 7,489,735 |
Less accumulated depreciation |  |  | (1,474,703 | ) |  | (1,410,692 | )
|  | $ | 5,942,141 |  | $ | 6,079,043 |
Depreciation expense was $57,861 and $53,165 for the three months ended September 30, 2012 and 2011, respectively, and $172,798 and $154,826 for the nine months ended September 30, 2012 and 2011, respectively. The gain on remeasurement, sale or write down of assets, net includes the write off of development costs of $2,626 and $1,011 during the three months ended September 30, 2012 and 2011, respectively, and $7,884 and $526 during the nine months ended September 30, 2012 and 2011, respectively. The Company recognized a gain of $1,734 on the purchase of Superstition Springs Land (See Note 15—Acquisitions) in connection with the GGP Exchange (See Note 4—Investments in Unconsolidated Joint Ventures) during the three and nine months ended September 30, 2011. In addition, the Company recognized a gain of $30 and $1,868 on the purchase of a 50% ownership interest in Desert Sky Mall (See Note 15—Acquisitions) during the three and nine months ended September 30, 2011, respectively.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 + Details
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