Properties, Net |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Properties, Net |
Properties, Net Operating properties, net consisted of the following (in thousands):
As of September 30, 2019, we were under contract to sell controlling interests in two data center shell properties in Virginia; we expect this sale to occur in the fourth quarter of 2019. The table below sets forth the components of assets held for sale on our consolidated balance sheet as of September 30, 2019 for these properties (in thousands):
2019 Dispositions
On June 20, 2019, through a series of transactions, we sold a 90% interest in seven data center shell properties in Virginia based on an aggregate property value of $265.0 million and retained a 10% interest in the properties through BREIT COPT DC JV LLC (“BREIT-COPT”), a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $238.5 million. We account for our interest in the joint venture using the equity method of accounting as described further in Note 6. We recognized a gain on sale of $84.5 million.
2019 Construction Activities
During the nine months ended September 30, 2019, we placed into service 794,000 square feet in seven newly-constructed properties (including one partially-operational property) and 10,000 in one partially-operational property under redevelopment. As of September 30, 2019, we had 14 properties under construction (including one partially-operational property), or which we were contractually committed to construct, that we estimate will total 2.5 million square feet upon completion and one partially-operational property under redevelopment that we estimate will total 106,000 square feet upon completion.
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