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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 improvements5,915,516 6,070,367 
Tenant improvements673,214 724,427 
Equipment and furnishings(1)183,762 186,717 
Construction in progress394,616 340,496 
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,
20242023
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 MeasurementQuoted Prices in Active Markets for Identical AssetsSignificant Other Unobservable InputsSignificant 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.