Property

Our property consisted of the following (in thousands):



	December 31,
	2012		2011
Land	$	881,156	$	918,627
Land held for development	121,294		124,528
Land under development	6,155		20,281
Buildings and improvements	3,325,793		3,557,173
Construction in-progress	65,452		67,917
Total	$	4,399,850	$	4,688,526

The following carrying charges were capitalized (in thousands):



	Year Ended December 31,
	2012		2011		2010
Interest	$	3,125	$	2,329	$	3,405
Real estate taxes	370		399		344
Total	$	3,495	$	2,728	$	3,749

During the year ended December 31, 2012, we acquired four shopping centers and other property for approximately $232.3 million, which includes the acquisition of a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement, and invested $29.5 million for new development projects.

During the year ended December 31, 2012, we sold 27 shopping centers, 54 industrial properties and other retail property. We also assigned a 75% consolidated joint venture interest to our partner. Aggregate gross sales proceeds, including the assumption of debt by the buyer, from these transactions totaled $620.7 million and generated gains of $69.5 million.

Also, seven properties totaling $94.8 million before accumulated depreciation were classified as held for sale as of December 31, 2011, with no properties classified as of December 31, 2012. Additionally, two shopping centers classified as held for sale at December 31, 2011 were reclassified to operations totaling $18.1 million before accumulated depreciation at December 31, 2012. See Note 15 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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