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Property, net | 3 Months Ended
--- | ---
Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, net | Property, net: Property, net consists of the following:
| March 31, 2024 |  | December 31, 2023
Land | $ | 1,373,767 |  |  | $ | 1,388,345 |
Buildings and improvements | 5,915,516 |  |  | 6,070,367 |
Tenant improvements | 673,214 |  |  | 724,427 |
Equipment and furnishings(1) | 183,762 |  |  | 186,717 |
Construction in progress | 394,616 |  |  | 340,496 |
| 8,540,875 |  |  | 8,710,352 |
Less accumulated depreciation(1) | (2,702,053) |  |  | (2,809,863) |
| $ | 5,838,822 |  |  | $ | 5,900,489 |
(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2024 and December 31, 2023 (See Note 8—Leases). Depreciation expense was $64,759 and $67,064 for the three months ended March 31, 2024 and 2023, respectively. (Loss) gain on sale or write-down of assets, net for the three months ended March 31, 2024 and 2023 consist of the following:
|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Loss on write-down of assets(1) |  |  |  |  |  | (36,085) |  |  | (595) |
Gain on land sales, net(2) |  |  |  |  |  | — |  |  | 4,374 |
|  |  |  |  |  | $ | (36,085) |  |  | $ | 3,779 |
(1) Includes impairment loss of $35,987 on Santa Monica Place for the three months ended March 31, 2024. The impairment loss was due to the reduction of the estimated holding period of the property (See Note 10—Mortgage Notes Payable). The remaining amounts for the three months ended March 31, 2024 and 2023 mainly pertain to the write off of development costs. (2) See Note 16—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 three months ended March 31, 2024 and 2023, 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, 2024 |  | $ | 297,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 297,600 |
The fair value (Level 3 measurement) related to the 2024 impairment is based upon an income approach, using an estimated terminal capitalization rate of 7.3%, a discount rate of 9.0% and market rents per square foot of $20 to $200. The fair value is sensitive to these significant unobservable inputs.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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