Property:

Property consists of the following:



	March 31, 2014			December 31, 2013
Land	$	1,697,973		$	1,707,005
Buildings and improvements	6,499,863			6,555,212
Tenant improvements	533,650			537,754
Equipment and furnishings	153,177			152,198
Construction in progress	253,113			229,169
	9,137,776			9,181,338
Less accumulated depreciation	(1,583,797		)	(1,559,572		)
	$	7,553,979		$	7,621,766

Depreciation expense was $68,478 and $65,896 for the three months ended March 31, 2014 and 2013, respectively.

The loss on remeasurement, sale or write down of assets, net, of $1,611 for the three months ended March 31, 2014 is due to the loss on the sales of Rotterdam Square, a 585,000 square foot regional shopping center in Schenectady, New York; Somersville Towne Center, a 348,000 square foot regional shopping center in Antioch, California; and Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida.

The gain on the remeasurement, sale or write down of assets, net, of $4,828 for the three months ended March 31, 2013 consists of the gain on the sales of land of $5,419 offset in part by the loss on the write off of development costs of $591.