Property

Our property consists of the following (in thousands):



	March 31, 2015		December 31, 2014
Land	$	878,994	$	821,614
Land held for development	103,163		103,349
Land under development	23,137		24,297
Buildings and improvements	3,089,778		3,061,616
Construction in-progress	68,459		65,218
Total	$	4,163,531	$	4,076,094

During the three months ended March 31, 2015, we sold three centers and other property. Aggregate gross sales proceeds from these transactions approximated $34.6 million and generated gains of approximately $22.5 million. Also, during the three months ended March 31, 2015, we acquired two centers with a gross purchase price of approximately $92.1 million and invested $7.5 million in new development projects.

At March 31, 2015 , one center, totaling $5.0 million before accumulated depreciation, was classified as held for sale. At December 31, 2014, one center, totaling $9.4 million before accumulated depreciation, was classified as held for sale. Neither of these properties qualified to be reported as discontinued operations and each has been sold subsequent to the applicable reporting period.