Property, net:

Property, net consists of the following:



	March 31, 2019			December 31, 2018
Land	$	1,506,232		$	1,506,678
Buildings and improvements	6,292,157			6,288,308
Tenant improvements	682,655			678,110
Equipment and furnishings(1)	210,709			206,398
Construction in progress	200,893			199,326
	8,892,646			8,878,820
Less accumulated depreciation(1)	(2,155,448		)	(2,093,044		)
	$	6,737,198		$	6,785,776


(1)	Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2019 (See Note 8—Leases).

Depreciation expense was $70,717 and $67,944 for the three months ended March 31, 2019 and 2018, respectively.

The loss on sale or write down of assets, net was $6,316 and $37,512 for the three months ended March 31, 2019 and 2018, respectively. The loss on sale or write down of assets, net for the three months ended March 31, 2019 consists of a write down of development costs of $6,850 offset in part by a gain of $534 on the sale of land. The loss on sale or write down of assets, net for the three months ended March 31, 2018 includes impairment losses of $36,338 on SouthPark Mall and $1,043 on Promenade at Casa Grande. The impairment losses were due to the reduction of the estimated holding periods of the properties.

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment losses recorded for the three months ended March 31, 2018, as described above:



	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
	Total Fair Value Measurement		(Level 1)		(Level 2)		(Level 3)
March 31, 2018	$	49,000	$	—	$	49,000	$	—

The fair values relating to the impairments were based on sales contracts.