Property:

Property at December 31, 2013 and 2012 consists of the following:



	2013			2012
Land	$	1,707,005		$	1,572,621
Buildings and improvements	6,555,212			6,417,674
Tenant improvements	537,754			496,203
Equipment and furnishings	152,198			149,959
Construction in progress	229,169			376,249
	9,181,338			9,012,706
Less accumulated depreciation	(1,559,572		)	(1,533,160		)
	$	7,621,766		$	7,479,546

Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $269,790, $216,447 and $189,555, respectively.

The (loss) gain on remeasurement, sale or write down of assets, net for the year ended December 31, 2013, includes a remeasurement gain of $36,341 on the Camelback Colonnade Restructuring (See Note 15—Acquisitions), a remeasurement gain of $14,864 on the purchase of a 33.3% interest in Superstition Springs Center (See Note 15—Acquisitions) and a $5,390 gain on the sale of assets. These gains were offset in part by a loss on impairment of $82,197 due to the reduction in the estimated holding period of the long lived assets of Promenade at Casa Grande, Rotterdam Square, Lake Square Mall and Somersville Towne Center. In addition, the Company recognized a loss of $1,250 on the write off of development costs.

The (loss) gain on remeasurement, sale or write down of assets, net for the year ended December 31, 2012, includes a remeasurement gain of $84,227 on the purchase of a 75% interest in FlatIron Crossing (See Note 15—Acquisitions), a remeasurement gain of $115,729 on the purchase of a 33.3% interest in Arrowhead Towne Center (See Note 15—Acquisitions) and a $48,484 gain on the sales of Chandler Village Center, Chandler Festival, Chandler Gateway and NorthPark Center (See Note 4—Investments in Unconsolidated Joint Ventures). This was offset in part by a loss of $19,360 on the write off of development costs and a loss of $390 on sale of assets.

The (loss) gain on remeasurement, sale or write down of assets, net for the year ended December 31, 2011, includes a loss on impairment of $25,216 and a loss on the sale of assets $423. The losses were offset in part by a remeasurement 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) and a remeasurement gain of $1,868 on the purchase of a 50% interest in Desert Sky Mall (See Note 15—Acquisitions). The loss on impairment was due to the decision to abandon a development project in Arizona.