Property, net:

Property, net consists of the following:



	March 31, 2016			December 31, 2015
Land	$	1,658,466		$	1,894,717
Buildings and improvements	6,595,692			7,752,892
Tenant improvements	573,863			637,355
Equipment and furnishings	161,891			169,841
Construction in progress	264,431			234,851
	9,254,343			10,689,656
Less accumulated depreciation	(1,727,691		)	(1,892,744		)
	$	7,526,652		$	8,796,912

Depreciation expense was $69,903 and $90,197 for the three months ended March 31, 2016 and 2015, respectively.

The gain on sale or write down of assets, net for the three months ended March 31, 2016 includes a gain of $104,293 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures), $340,741 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures) and a gain of $2,412 on the sale of land offset in part by a $12,294 adjustment to contingent consideration (See Note 13—Acquisitions) and $696 on the write-off of development costs.

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.