Property, net:

Property, net consists of the following:



	September 30, 2015			December 31, 2014
Land	$	2,238,048		$	2,242,291
Buildings and improvements	9,524,581			9,479,337
Tenant improvements	628,014			600,436
Equipment and furnishings	166,632			152,554
Construction in progress	409,631			303,264
	12,966,906			12,777,882
Less accumulated depreciation	(1,935,430		)	(1,709,992		)
	$	11,031,476		$	11,067,890

Depreciation expense was $90,540 and $68,663 for the three months ended September 30, 2015 and 2014, respectively, and $271,861 and $205,158 for the nine months ended September 30, 2015 and 2014, respectively.

The (loss) gain on sale or write down of assets, net includes an impairment loss of $4,318 and $238 for the three months ended September 30, 2015 and 2014, respectively, and $10,234 and $8,754 for the nine months ended September 30, 2015 and 2014, respectively. The impairment losses were due to the reduction of the estimated holding periods of Flagstaff Mall, a regional shopping center in Flagstaff, Arizona and a freestanding store in 2015 and three freestanding stores in 2014.

The (loss) gain on sale or write down of assets, net includes the gain on the sale of assets of $1,080 and $8,872 for the three months ended September 30, 2015 and 2014, respectively, and $2,402 and $7,187 for the nine months ended September 30, 2015 and 2014, respectively. The gain on sale of assets, net for the three and nine months ended September 30, 2014 includes the $9,033 gain on the sale of the Company's 30% ownership interest in Wilshire Boulevard (See Note 4—Investments in Unconsolidated Joint Ventures). The gain on the sale of assets for the nine months ended September 30, 2014 also includes the loss from the sales of Rotterdam Square, Somersville Towne Center and Lake Square Mall in 2014 (See Note 14—Dispositions).

The (loss) gain on sale or write down of assets, net includes the gain on the sale of land of $1,056 for the nine months ended September 30, 2015, and $927 and $1,165 for the three and nine months ended September 30, 2014, respectively.

The (loss) gain on sale or write down of assets, net also includes the write off of development costs of $104 for the three months ended September 30, 2015, and $302 and $1,102 for the nine months ended September 30, 2015 and 2014, respectively.