Property:

Property consists of the following:



	June 30, 2014			December 31, 2013
Land	$	1,716,154		$	1,707,005
Buildings and improvements	6,508,046			6,555,212
Tenant improvements	539,313			537,754
Equipment and furnishings	155,094			152,198
Construction in progress	285,816			229,169
	9,204,423			9,181,338
Less accumulated depreciation	(1,648,359		)	(1,559,572		)
	$	7,556,064		$	7,621,766

Depreciation expense was $68,017 and $65,737 for the three months ended June 30, 2014 and 2013, respectively, and $136,495 and $131,633 for the six months ended June 30, 2014 and 2013, respectively.

The (loss) gain on remeasurement, sale or write down of assets, net, for the three and six months ended June 30, 2014 includes an impairment loss of $8,516 due to the reduction of the estimated holding periods of three freestanding stores.

The (loss) gain on remeasurement, sale or write down of assets, net, for the six months ended June 30, 2014 includes the loss of $1,685 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 (loss) gain on remeasurement, sale or write down of assets, net, includes the gains on the sale of land of $238 for the three and six months ended June 30, 2014 and $5,401 for the six months ended June 30, 2013.

In addition, the (loss) gain on remeasurement, sale or write down of assets, net, includes the write-off of development costs of $1,177 and $798 for the three months ended June 30, 2014 and 2013, respectively, and $1,102 and $1,371 for the six months ended June 30, 2014 and 2013, respectively.