Property, net:

Property, net consists of the following:



	September 30, 2016			December 31, 2015
Land	$	1,635,074		$	1,894,717
Buildings and improvements	6,502,900			7,752,892
Tenant improvements	593,970			637,355
Equipment and furnishings	170,647			169,841
Construction in progress	282,223			234,851
	9,184,814			10,689,656
Less accumulated depreciation	(1,808,046		)	(1,892,744		)
	$	7,376,768		$	8,796,912

Depreciation expense was $68,792 and $90,540 for the three months ended September 30, 2016 and 2015, respectively, and $206,870 and $271,861 for the nine months ended September 30, 2016 and 2015, respectively.

The (loss) gain on sale or write down of assets, net was $(19,321) and $(3,342) for the three months ended September 30, 2016 and 2015, respectively, and $426,050 and $(7,078) for the nine months ended September 30, 2016 and 2015, respectively.

The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2016 includes a gain of $24,897 on the sale of Capitola Mall and a loss of $3,066 on the sale of a former Mervyns' store (See Note 14—Dispositions).

The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2016 includes a gain of $104,259 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures) and $340,745 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).

The (loss) gain on sale or write down of assets, net for the three and nine months ended September 30, 2016 includes an impairment loss of $23,335 on Promenade at Casa Grande. The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2016 also includes an impairment loss of $7,188 on The Marketplace at Flagstaff. The gain (loss) on sale or write down of assets, net for the three and nine months ended September 30, 2015 includes an impairment loss of $4,078 on Flagstaff Mall. The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2015 also includes an impairment loss of $4,566 on a freestanding store. The above impairment losses were due to to the reduction of the estimated holding period of the respective properties.

In addition, the Company recorded a gain (loss) of $2,570 and $(12,180) for the three and nine months ended September 30, 2016, respectively, for adjustments to a contingent consideration obligation (See Note 13—Acquisitions).