Property

Our property consists of the following (in thousands):



	September 30, 2014		December 31, 2013
Land	$	822,989	$	854,409
Land held for development	103,078		116,935
Land under development	24,702		4,262
Buildings and improvements	3,104,806		3,238,817
Construction in-progress	85,242		74,853
Total	$	4,140,817	$	4,289,276

During the nine months ended September 30, 2014, we sold 13 centers and other property. Aggregate gross sales proceeds from these transactions approximated $201.9 million and generated gains of approximately $92.7 million. Included in these transactions is the exercise of a purchase option by a holder of our ground leases in Texas that resulted in the disposition of three properties. Also, during the nine months ended September 30, 2014, we invested $41.1 million in new development projects.

At September 30, 2014, we classified seven properties as held for sale totaling $73.0 million before accumulated depreciation that did not qualify to be reported as discontinued operations. Subsequent to September 30, 2014, five of these properties classified as held for sale have been sold. We classified eight properties as held for sale as of December 31, 2013, totaling $155.0 million before accumulated depreciation that did qualify to be reported as discontinued operations (see Note 9 for additional information).