Property

Our property consists of the following (in thousands):



	June 30, 2016		December 31, 2015
Land	$	952,879	$	929,958
Land held for development	90,064		95,524
Land under development	14,942		17,367
Buildings and improvements	3,318,140		3,152,215
Construction in-progress	70,510		67,895
Total	$	4,446,535	$	4,262,959

During the six months ended June 30, 2016, we sold three centers and other property. Aggregate gross sales proceeds from these transactions approximated $110.4 million and generated gains of approximately $46.2 million. Also, during the six months ended June 30, 2016, we acquired one center and other property with an aggregate gross purchase price of approximately $93.2 million and invested $16.5 million in new development projects. In February 2016, property increased by $58.7 million as a result of a business combination (see Note 17 for additional information).