Quarterly report pursuant to Section 13 or 15(d)

Properties, Net

Properties, Net
6 Months Ended
Jun. 30, 2021
Real Estate [Abstract]  
Properties, Net Properties, Net
Operating properties, net consisted of the following (in thousands): 
June 30,
December 31, 2020
Land $ 527,994  $ 528,269 
Buildings and improvements 3,753,620  3,711,264 
Less: Accumulated depreciation (1,182,432) (1,124,253)
Operating properties, net $ 3,099,182  $ 3,115,280 

2021 Dispositions

On June 2, 2021, we sold a 90% interest in two data center shell properties in Northern Virginia based on an aggregate property value of $118.8 million and retained a 10% interest in the properties through B RE COPT DC JV III LLC, a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $106.9 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 $40.3 million.

2021 Development Activities

During the six months ended June 30, 2021, we placed into service 243,000 square feet in four newly-developed properties. As of June 30, 2021, we had 13 properties under development, including three partially-operational properties, that we estimate will total 1.9 million square feet upon completion and one property under redevelopment that we estimate will total 57,000 square feet upon completion.