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Property, net | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| June 30, 2020 |  | December 31, 2019
Land | $ | 1,510,368 |  |  | $ | 1,520,678 |
Buildings and improvements | 6,422,525 |  |  | 6,389,458 |
Tenant improvements | 729,975 |  |  | 726,533 |
Equipment and furnishings(1) | 201,653 |  |  | 230,215 |
Construction in progress | 89,245 |  |  | 126,165 |
| 8,953,766 |  |  | 8,993,049 |
Less accumulated depreciation(1) | (2,452,247) |  |  | (2,349,536) |
| $ | 6,501,519 |  |  | $ | 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 June 30, 2020 and December 31, 2019 (See Note 8—Leases). Depreciation expense was $72,519 and $71,453 for the three months ended June 30, 2020 and 2019, respectively, and $145,205 and $142,170 for the six months ended June 30, 2020 and 2019, respectively. The loss on sale or write-down of assets, net for the three and six months ended June 30, 2020 and 2019 consist of the following:
|  | For the Three Months Ended June 30, |  |  |  | For the Six Months Ended June 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Write-down of assets(1) |  | (3,907) |  |  | (9,059) |  |  | $ | (40,610) |  |  | $ | (15,909) |
Land sales |  | 40 |  |  | — |  |  | 40 |  |  | 534 |
|  | $ | (3,867) |  |  | $ | (9,059) |  |  | $ | (40,570) |  |  | $ | (15,375) |
(1) Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the six months ended June 30, 2020 and a loss of $2,793 on the write-down of non-real estate assets during the three and six months ended June 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and six months ended June 30, 2020 and 2019 mainly pertain to 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 six months ended June 30, 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)
June 30, 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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