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Property, net | 3 Months Ended
--- | ---
Mar. 31, 2018
Real Estate [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| March 31, 2018 |  | December 31, 2017
Land | $ | 1,527,460 |  |  | $ | 1,567,152 |
Buildings and improvements | 6,164,004 |  |  | 6,385,035 |
Tenant improvements | 616,955 |  |  | 620,352 |
Equipment and furnishings | 183,434 |  |  | 187,998 |
Construction in progress | 391,222 |  |  | 366,996 |
| 8,883,075 |  |  | 9,127,533 |
Less accumulated depreciation | (1,974,659 | ) |  | (2,018,303 | )
| $ | 6,908,416 |  |  | $ | 7,109,230 |
Depreciation expense was $67,944 and $68,956 for the three months ended March 31, 2018 and 2017, respectively. The (loss) gain on sale or write down of assets, net was $(37,512) and $49,565 for the three months ended March 31, 2018 and 2017, respectively. The loss on sale or write down of assets, net for the three months ended March 31, 2018 includes an impairment loss of $36,338 on SouthPark Mall and $1,043 on Promenade at Casa Grande. The impairment losses are due to the reduction of the estimated holding period of the properties. 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 15—Dispositions) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment losses recorded for the three months ended March 31, 2018 as described above:
|  | Total Fair Value Measurement |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Unobservable Inputs |  | Significant Unobservable Inputs
|  | (Level 1) |  | (Level 2) |  | (Level 3)
2018 |  | $ | 49,000 |  |  | $ | — |  |  | $ | 49,000 |  |  | $ | — |
The fair values relating to the impairments were based on sales contracts.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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