Property, net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net at December 31, 2019 and 2018 consists of the following:

	2019		2018
Land	$	1,520,678	$	1,506,678
Buildings and improvements	6,389,458		6,288,308
Tenant improvements	726,533		678,110
Equipment and furnishings(1)	230,215		206,398
Construction in progress	126,165		199,326
	8,993,049		8,878,820
Less accumulated depreciation	(2,349,536)		(2,093,044)
	$	6,643,513	$	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 December 31, 2019 (See Note 8—Leases).

Depreciation expense for the years ended December 31, 2019, 2018 and 2017 was $287,846, $275,236 and $277,917, respectively.

The (loss) gain on sale or write down of assets, net for the years ended December 31, 2019, 2018 and 2017 consist of the following:

	2019		2018		2017
Property sales(1)	$	—	$	45,931	$	74,174
Write-down of assets(2)	(16,285)		(82,745)		(23,154)
Land sales	4,376		4,989		1,564
Non-real estate disposition	—		—		(10,138)
	$	(11,909)	$	(31,825)	$	42,446

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(1)Property sales during the year ended December 31, 2018 includes a $46,242 gain on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $311 on the sale of Promenade at Casa Grande (See Note 16—Dispositions). Gain on sale of properties during the year ended December 31, 2017 includes a gain of $59,577 on the sale of Cascade Mall and Northgate Mall (See Note 16—Dispositions) and $14,597 on the sale of 500 North Michigan Avenue (See Note 16—Dispositions).

(2)Includes impairment losses of $36,338 on SouthPark Mall, $7,907 on La Cumbre Plaza, $7,494 on two freestanding stores, $1,697 on Southridge Center and $1,043 on Promenade at Casa Grande during the year ended December 31, 2018 and $12,036 on Southridge Center and $10,072 on Promenade at Casa Grande during the year ended December 31, 2017. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining balances represent the write off of development costs.

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2018 and 2017 as described above:

Years ended December, 31	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
2018	$	104,700	$	—	$	104,700	$	—
2017	$	38,000	$	—	38,000		$	—

The fair value relating to impairments that were based on sales contracts were classified within Level 2 of the fair value hierarchy.