Property

Our property consists of the following (in thousands):



	March 31, 2016		December 31, 2015
Land	$	925,164	$	929,958
Land held for development	91,831		95,524
Land under development	15,013		17,367
Buildings and improvements	3,223,700		3,152,215
Construction in-progress	61,708		67,895
Total	$	4,317,416	$	4,262,959

During the three months ended March 31, 2016, we sold three centers and other property. Aggregate gross sales proceeds from these transactions approximated $108.4 million and generated gains of approximately $45.2 million. In February 2016, property increased by $58.7 million as a result of a business combination (see Note 17 for additional information). Also, during the three months ended March 31, 2016, we invested $6.2 million in new development projects.