Property, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, net:

Property, net consists of the following:


	March 31, 2023		December 31, 2022
Land	$	1,396,148	$	1,425,211
Buildings and improvements	6,244,208		6,378,736
Tenant improvements	720,786		711,007
Equipment and furnishings(1)	184,937		186,767
Construction in progress	368,905		218,859
	8,914,984		8,920,580
Less accumulated depreciation(1)	(2,823,070)		(2,792,790)
	$	6,091,914	$	6,127,790

(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2023 and December 31, 2022 (See Note 8—Leases).

Depreciation expense was $67,064 and $67,786 for the three months ended March 31, 2023 and 2022, respectively.

Gain on sale or write-down of assets, net for the three months ended March 31, 2023 and 2022 consist of the following:


	For the Three Months Ended March 31,
		2023		2022


Loss on write-down of assets		(595)		(8,629)

Gain on land sales, net		4,374		15,082
		$	3,779	$	6,453

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, 2023 and 2022, 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, 2022	$	830	$	—	$	830	$	—

The fair values relating to the 2022 impairment was based on a sales contract and is classified within Level 2 of the fair value hierarchy.