Property

Our property consists of the following (in thousands):



	September 30, 2015		December 31, 2014
Land	$	913,304	$	821,614
Land held for development	100,099		103,349
Land under development	20,356		24,297
Buildings and improvements	3,171,840		3,061,616
Construction in-progress	71,535		65,218
Total	$	4,277,134	$	4,076,094

During the nine months ended September 30, 2015, we sold eight centers and other property. Aggregate gross sales proceeds from these transactions approximated $79.1 million and generated gains of approximately $43.9 million. Also, during the nine months ended September 30, 2015, we acquired five centers and other property with an aggregate gross purchase price of approximately $208.0 million and invested $22.0 million in new development projects.

At September 30, 2015, one center, totaling $6.3 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 centers qualified to be reported as discontinued operations and each was sold subsequent to the applicable reporting period.