Property, net:

Property, net consists of the following:



	March 31, 2017			December 31, 2016
Land	$	1,581,578		$	1,607,590
Buildings and improvements	6,394,643			6,511,741
Tenant improvements	606,974			622,878
Equipment and furnishings	176,545			177,036
Construction in progress	286,364			289,966
	9,046,104			9,209,211
Less accumulated depreciation	(1,839,506		)	(1,851,901		)
	$	7,206,598		$	7,357,310

Depreciation expense was $68,956 and $69,903 for the three months ended March 31, 2017 and 2016, respectively.

The gain on sale or write down of assets, net was $49,565 and $434,456 for the three months ended March 31, 2017 and 2016, respectively.

The gain on sale or write down of assets, net for the three months ended March 31, 2017 includes a gain of $59,713 on the sale of Cascade Mall and Northgate Mall (See Note 14—Dispositions) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets.

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 $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 down of development costs.