Property

Our property consists of the following (in thousands):



	September 30, 2016		December 31, 2015
Land	$	1,044,622	$	929,958
Land held for development	85,563		95,524
Land under development	13,776		17,367
Buildings and improvements	3,505,911		3,152,215
Construction in-progress	75,843		67,895
Total	$	4,725,715	$	4,262,959

During the nine months ended September 30, 2016, we sold seven centers and other property. Aggregate gross sales proceeds from these transactions approximated $181.6 million and generated gains of approximately $68.3 million. Also, during the nine months ended September 30, 2016, we acquired three centers and other property with an aggregate gross purchase price of approximately $443.7 million, which included the consolidation of a property from the acquisition of a partner's 50% interest in an unconsolidated tenancy-in-common arrangement, and we invested $19.6 million in new development projects. Also during 2016, property increased by $58.7 million as a result of a business combination (see Note 17 for additional information).

At September 30, 2016, one center, totaling $9.1 million before accumulated depreciation, was classified as held for sale. This center did not qualify to be reported in discontinued operations and has been sold subsequent to September 30, 2016.