Quarterly report pursuant to Section 13 or 15(d)

Properties, net

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Properties, net
 6 Months Ended
Jun. 30, 2013
Real Estate [Abstract]  
Properties, net
Properties, net
 
Operating properties, net consisted of the following (in thousands):
 
 
June 30, 2013
 
December 31,
2012
Land
$
431,466

 
$
427,766

Buildings and improvements
2,869,326

 
2,725,875

Less: accumulated depreciation
(597,783
)
 
(555,975
)
Operating properties, net
$
2,703,009

 
$
2,597,666


 
Projects we had in development or held for future development consisted of the following (in thousands):
 
June 30, 2013
 
December 31,
2012
Land
$
231,357

 
$
236,324

Construction in progress, excluding land
276,938

 
329,054

Projects in development or held for future development
$
508,295

 
$
565,378



During the six months ended June 30, 2013, we sold 920 Elkridge Landing Road, a 103,000 square foot office property in Linthicum, Maryland (in the Baltimore/Washington Corridor), for $6.9 million.

2013 Construction Activities

During the six months ended June 30, 2013, we placed into service an aggregate of 236,000 square feet in three newly constructed office properties located in the Baltimore/Washington Corridor, Northern Virginia and Huntsville, Alabama. As of June 30, 2013, we had 11 office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.5 million square feet upon completion, including five in Northern Virginia, three in the Baltimore/Washington Corridor and three in Huntsville, Alabama. We also had redevelopment underway on one office property in Greater Philadelphia that we estimate will total 183,000 square feet upon completion.