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Property, net | 6 Months Ended
--- | ---
Jun. 30, 2021
Real Estate [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| June 30, 2021 |  | December 31, 2020
Land | $ | 1,462,406 |  |  | $ | 1,538,270 |
Buildings and improvements | 6,332,882 |  |  | 6,620,708 |
Tenant improvements | 733,681 |  |  | 750,250 |
Equipment and furnishings(1) | 190,807 |  |  | 194,231 |
Construction in progress | 253,768 |  |  | 153,253 |
| 8,973,544 |  |  | 9,256,712 |
Less accumulated depreciation(1) | (2,540,667) |  |  | (2,562,133) |
| $ | 6,432,877 |  |  | $ | 6,694,579 |
(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2021 and December 31, 2020 (See Note 8—Leases). Depreciation expense was $70,762 and $72,519 for the three months ended June 30, 2021 and 2020, respectively, and $142,426 and $145,205 for the six months ended June 30, 2021 and 2020, respectively. Loss on sale or write-down of assets, net for the three and six months ended June 30, 2021 and 2020 consist of the following:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Loss on property sales, net(1) |  | $ | (10,895) |  |  | $ | — |  |  | $ | (6,666) |  |  | $ | — |
Write-down of assets(2) |  | (8,754) |  |  | (3,907) |  |  | (38,362) |  |  | (40,610) |
Gain on land sales, net(3) |  | 15,722 |  |  | 40 |  |  | 19,818 |  |  | 40 |
|  | $ | (3,927) |  |  | $ | (3,867) |  |  | $ | (25,210) |  |  | $ | (40,570) |
(1) Includes $4,229 of gain related to the sale of Paradise Valley Mall (See Note 15-Dispositions). (2) Includes impairment loss of $27,281 on Estrella Falls during the six months ended June 30, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the 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 six months ended June 30, 2021 mainly pertain to the write off of development costs. (3) Includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions). 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, 2021 and 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 |  |  | $ | — |
June 30, 2021 |  | $ | 23,690 |  |  | $ | — |  |  | $ | 4,720 |  |  | $ | 18,970 |
The fair values relating to the 2020 impairments and a portion of the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2021 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.

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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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