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Property:

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property consists of the following:



	March 31, 2015			December 31, 2014
Land	$	2,259,288		$	2,242,291
Buildings and improvements	9,545,712			9,479,337
Tenant improvements	612,411			600,436
Equipment and furnishings	155,285			152,554
Construction in progress	328,905			303,264
	12,901,601			12,777,882
Less accumulated depreciation	(1,790,760		)	(1,709,992		)
	$	11,110,841		$	11,067,890

Depreciation expense was $90,197 and $68,478 for the three months ended March 31, 2015 and 2014, respectively.

The gain on sale or write down of assets, net for the three months ended March 31, 2015 includes a gain of $1,056 on the sale of land offset in part by a loss of $121 on the sale of assets.

The loss on the sale or write down of assets, net for the three months ended March 31, 2014 is due to the loss of $1,611 from the sales of Rotterdam Square, Somersville Towne Center and Lake Square Mall (See Note 14—Dispositions).

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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