Property

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Property

Note 3.     Property

Our property consists of the following (in thousands):

	December 31,
	2020		2019
Land	$	948,622	$	911,521
Land held for development		39,936		40,667
Land under development		19,830		53,076
Buildings and improvements		3,082,509		2,898,867
Construction in-progress		155,437		241,118
Total	$	4,246,334	$	4,145,249

During the year ended December 31, 2020, we sold seven centers and other property. Aggregate gross sales proceeds from these transactions approximated $194.2 million and generated gains of approximately $65.4 million, which includes the December 2020 transaction discussed below. In addition, for the year ended December 31, 2020, we acquired one center, our partner’s interest in a center and other property with an aggregate gross purchase price of approximately $166.6 million, including the December 2020 transaction discussed below, and we invested $79.4 million in new development projects. In December 2020, we acquired our partner’s 42.25% interest in a center in an unconsolidated joint venture and redeemed our 57.75% interest in the related unconsolidated joint venture while simultaneously disposing of a wholly owned center to our former partner. The transaction resulted in the consolidation of the property in our consolidated financial statements. See Note 16 for additional information.