Note 3.

Property

Our property consisted of the following (in thousands):


	March 31,		December 31,
	2012		2011
Land	$	854,805	$	918,627
Land held for development		125,435		124,528
Land under development		18,493		20,281
Buildings and improvements		3,201,315		3,557,173
Construction in-progress		63,174		67,917


Total	$	4,263,222	$	4,688,526

The following carrying charges were capitalized (in thousands):


	Three Months Ended
	March 31,
	2012		2011
Interest	$	783	$	337
Real estate taxes		123		11


Total	$	906	$	348

During the three months ended March 31, 2012, we acquired one shopping center and other retail property for approximately $19.4 million.

During the three months ended March 31, 2012, we sold four shopping centers and other retail property. We also assigned a 75% consolidated joint venture interest to our partner. Aggregate gross sales proceeds including the assumption of debt from these transactions totaled $16.2 million and generated gains of $4.1 million.

Also, sixty and seven properties totaling $536.6 million and $94.8 million before accumulated depreciation have been classified as held for sale as of March 31, 2012 and December 31, 2011, respectively. See Note 10 for additional information.