Property

Our property consisted of the following (in thousands):



	December 31,
	2014		2013
Land	$	821,614	$	854,409
Land held for development	103,349		116,935
Land under development	24,297		4,262
Buildings and improvements	3,061,616		3,238,817
Construction in-progress	65,218		74,853
Total	$	4,076,094	$	4,289,276

During the year ended December 31, 2014, we sold 26 centers and other property. Aggregate gross sales proceeds from these transactions approximated $362.4 million and generated gains of approximately $167.6 million. Included in these transactions is the exercise of a purchase option by a holder of our ground leases in Texas that resulted in the disposition of three properties. Also, during the year ended December 31, 2014, we acquired one center with a gross purchase price of approximately $43.8 million and invested $47.4 million in new development projects.

At December 31, 2014, we classified one property as held for sale totaling $9.4 million before accumulated depreciation that did not qualify to be reported as discontinued operations. Subsequent to December 31, 2014, the property classified as held for sale was sold. We classified eight properties as held for sale as of December 31, 2013, totaling $155.0 million before accumulated depreciation (see Note 15 for additional information).