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Property:

3 Months Ended

Mar. 31, 2013

5. Property:

Property consists of the following:

	March 31, 2013			December 31, 2012

Land	$	1,723,388		$	1,572,621
Buildings and improvements		6,715,582			6,417,674
Tenant improvements		534,354			496,203
Equipment and furnishings		150,559			149,959
Construction in progress		408,860			376,249

		9,532,743			9,012,706
Less accumulated depreciation		(1,600,180	)		(1,533,160	)

	$	7,932,563		$	7,479,546

Depreciation expense was $71,098 and $57,322 for the three months ended March 31, 2013 and 2012, respectively.

The gain on remeasurement, sale or write down of assets, net includes the write off of development costs of $591 and $1,034 during the three months ended March 31, 2013 and 2012, respectively. In addition, the gain on remeasurement, sale or write down of assets, net includes the gain of $5,419 on the sale of assets during the three months ended March 31, 2013.

- 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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