Property, net:

Property, net consists of the following:



	June 30, 2017			December 31, 2016
Land	$	1,582,191		$	1,607,590
Buildings and improvements	6,408,362			6,511,741
Tenant improvements	610,084			622,878
Equipment and furnishings	180,735			177,036
Construction in progress	321,142			289,966
	9,102,514			9,209,211
Less accumulated depreciation	(1,904,231		)	(1,851,901		)
	$	7,198,283		$	7,357,310

Depreciation expense was $69,364 and $68,175 for the three months ended June 30, 2017 and 2016, respectively, and $138,320 and $138,078 for the six months ended June 30, 2017 and 2016, respectively.

The (loss) gain on sale or write down of assets, net was $(477) and $10,915 for the three months ended June 30, 2017 and 2016, respectively, and $49,088 and $445,371 for the six months ended June 30, 2017 and 2016, respectively.

The (loss) gain on sale or write down of assets, net for the six months ended June 30, 2017 includes a gain of $59,698 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 (loss) gain on sale or write down of assets, net for the three and six months ended June 30, 2016 includes a gain of $24,894 on the sale of Capitola Mall (See Note 14—Dispositions), a loss of $3,066 on the sale of a former Mervyn's store (See Note 14—Dispositions) and an impairment loss of $7,188 due to the reduction of the estimated holding period of The Marketplace at Flagstaff.

The (loss) gain on sale or write down of assets, net for the six months ended June 30, 2016 also includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $14,750 on an adjustment to contingent consideration (See Note 13—Acquisitions).