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Property:

9 Months Ended

Sep. 30, 2012

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.

- 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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