COPT Defense Properties Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Properties, net (Tables)

Properties, net (Tables)

6 Months Ended

Jun. 30, 2012

Operating properties, net consisted of the following (in thousands):



	June 30, 2012			December 31, 2011
Land	$	443,319		$	472,483
Buildings and improvements	2,748,162			2,801,252
Less: accumulated depreciation	(562,345		)	(559,679		)
Operating properties, net	$	2,629,136		$	2,714,056

Schedule of projects in development or held for future development

Projects we had in development or held for future development consisted of the following (in thousands):



	June 30, 2012		December 31, 2011
Land	$	222,577	$	229,833
Construction in progress, excluding land	380,879		409,086
Projects in development or held for future development	$	603,456	$	638,919

Schedule of operating property dispositions

We sold the following operating properties during the six months ended June 30, 2012 (dollars in thousands):



Project Name	Location	Date of Sale	Number of Buildings	Total Rentable Square Feet	Sale Price		Gain on Sale
White Marsh Portfolio (1)	White Marsh, Maryland	1/30/2012	5	163,000	$	19,100	$	2,445
1101 Sentry Gateway	San Antonio, Texas	1/31/2012	1	95,000	13,500		1,747
222 and 224 Schilling Circle	Hunt Valley, Maryland	2/10/2012	2	56,000	4,400		102
15 and 45 West Gude Drive	Rockville, Maryland	5/2/2012	2	231,000	49,107		—
11800 Tech Road	Silver Spring, Maryland	6/14/2012	1	240,000	21,300		—
			11	785,000	$	107,407	$	4,294

(1) Includes three properties comprising the White Marsh Professional Center, 8615 Ridgely’s Choice and 8114 Sandpiper Circle.

Schedule of impairment losses recognized by period of recognition and by property classification

The table below sets forth the impairment losses recognized in the six months ended June 30, 2012 by period of recognition and by property classification (in thousands):



	Three Months Ended
	June 30, 2012		March 31, 2012			Total
Operating properties	$	2,354	$	11,833		$	14,187
Non-operating properties	—		(5,246		)	(5,246		)
Total	$	2,354	$	6,587		$	8,941

- Definition

Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.

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