Property

Our property consists of the following (in thousands):



	September 30, 2012		December 31, 2011
Land	$	873,448	$	918,627
Land held for development	123,615		124,528
Land under development	16,485		20,281
Buildings and improvements	3,314,307		3,557,173
Construction in-progress	64,173		67,917
Total	$	4,392,028	$	4,688,526

The following carrying charges were capitalized (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Interest	$	800	$	831	$	2,394	$	1,485
Real estate taxes	60		160		306		243
Total	$	860	$	991	$	2,700	$	1,728

During the nine months ended September 30, 2012, we acquired four shopping centers and other retail property for approximately $232.3 million, which includes the acquisition of a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement.

During the nine months ended September 30, 2012, we sold 21 shopping centers, 53 industrial properties and other retail property. We also assigned a 75% consolidated joint venture interest to a partner. Aggregate gross sales proceeds, including the assumption of debt by the buyer, from these transactions totaled $509.8 million and generated gains of $50.5 million.

Also, property before accumulated depreciation for six properties totaling $94.5 million and seven properties totaling $94.8 million have been classified as held for sale as of September 30, 2012 and December 31, 2011, respectively. See Note 10 for additional information.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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