Property:

Property consists of the following:



	September 30, 2013			December 31, 2012
Land	$	1,751,611		$	1,572,621
Buildings and improvements	6,642,696			6,417,674
Tenant improvements	554,528			496,203
Equipment and furnishings	153,146			149,959
Construction in progress	239,106			376,249
	9,341,087			9,012,706
Less accumulated depreciation	(1,607,158		)	(1,533,160		)
	$	7,733,929		$	7,479,546

Depreciation expense was $71,136 and $55,086 for the three months ended September 30, 2013 and 2012, respectively, and $207,877 and $164,369 for the nine months ended September 30, 2013 and 2012, respectively.

The gain on remeasurement, sale or write down of assets, net includes the write off of development costs of $126 and $2,623 during the three months ended September 30, 2013 and 2012, respectively, and $1,497 and $8,549 during the nine months ended September 30, 2013 and 2012, respectively.

The gain on remeasurement, sale or write down of assets, net for the three and nine months ended September 30, 2013 includes a remeasurement gain of $36,341 on the Camelback Colonnade Restructuring (See Note 14—Acquisitions) offset in part by an impairment loss of $34,452 due to the reduction in the estimated holding period of the long-lived assets of Great Northern Mall and two former Mervyn's stores.

In addition, the gain on remeasurement, sale or write down of assets, net includes the gain on the sale of assets of $5,401 during the nine months ended September 30, 2013.