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Property, net | 3 Months Ended
--- | ---
Mar. 31, 2020
Real Estate [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| March 31, 2020 |  | December 31, 2019
Land | $ | 1,510,948 |  |  | $ | 1,520,678 |
Buildings and improvements | 6,423,348 |  |  | 6,389,458 |
Tenant improvements | 720,414 |  |  | 726,533 |
Equipment and furnishings(1) | 227,117 |  |  | 230,215 |
Construction in progress | 92,042 |  |  | 126,165 |
| 8,973,869 |  |  | 8,993,049 |
Less accumulated depreciation(1) | (2,415,794) |  |  | (2,349,536) |
| $ | 6,558,075 |  |  | $ | 6,643,513 |
(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2020 and December 31, 2019 (See Note 8—Leases). Depreciation expense was $72,687 and $70,717 for the three months ended March 31, 2020 and 2019, respectively. The loss on sale or write down of assets, net for the three months ended March 31, 2020 and 2019 consist of the following:
|  |  |  |  |  | For the Three Months Ended March 31, |  |
|  |  |  |  |  | 2020 |  | 2019
Write-down of assets(1) |  |  |  |  |  | $ | (36,703) |  |  | $ | (6,850) |
Land sales |  |  |  |  |  | — |  |  | 534 |
|  |  |  |  |  | $ | (36,703) |  |  | $ | (6,316) |
(1) Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the three months ended March 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amount for the three months ended March 31, 2019 represents the write off of development costs. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three months ended March 31, 2020, 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, 2020 |  | $ | 140,000 |  |  | $ | — |  |  | $ | 140,000 |  |  | $ | — |
The fair values relating to the impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy.

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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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