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Property, net | 3 Months Ended
--- | ---
Mar. 31, 2019
Real Estate [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| March 31, 2019 |  | December 31, 2018
Land | $ | 1,506,232 |  |  | $ | 1,506,678 |
Buildings and improvements | 6,292,157 |  |  | 6,288,308 |
Tenant improvements | 682,655 |  |  | 678,110 |
Equipment and furnishings(1) | 210,709 |  |  | 206,398 |
Construction in progress | 200,893 |  |  | 199,326 |
| 8,892,646 |  |  | 8,878,820 |
Less accumulated depreciation(1) | (2,155,448 | ) |  | (2,093,044 | )
| $ | 6,737,198 |  |  | $ | 6,785,776 |
(1) | Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2019 (See Note 8—Leases).
Depreciation expense was $70,717 and $67,944 for the three months ended March 31, 2019 and 2018, respectively. The loss on sale or write down of assets, net was $6,316 and $37,512 for the three months ended March 31, 2019 and 2018, respectively. The loss on sale or write down of assets, net for the three months ended March 31, 2019 consists of a write down of development costs of $6,850 offset in part by a gain of $534 on the sale of land. The loss on sale or write down of assets, net for the three months ended March 31, 2018 includes impairment losses of $36,338 on SouthPark Mall and $1,043 on Promenade at Casa Grande. The impairment losses were due to the reduction of the estimated holding periods of the properties. 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)
March 31, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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