Quarterly report pursuant to Section 13 or 15(d)

Properties, Net

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Properties, Net
9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
Properties, Net Properties, Net
 
Operating properties, net consisted of the following (in thousands): 
September 30,
2022
December 31, 2021
Land $ 584,878  $ 572,900 
Buildings and improvements 3,830,427  3,670,133 
Less: Accumulated depreciation (1,245,313) (1,152,523)
Operating properties, net $ 3,169,992  $ 3,090,510 

2022 Dispositions and Discontinued Operations

On January 25, 2022, we sold 9651 Hornbaker Road in Manassas, Virginia, our sole wholesale data center investment, for $222.5 million, resulting in a gain on sale of $28.6 million. This property, a separate reportable segment, is reported herein as discontinued operations. The table below sets forth the components of the property’s assets classified as held for sale on our consolidated balance sheet as of December 31, 2021 (in thousands):
Properties, net $ 191,857 
Deferred rent receivable 462 
Intangible assets on property acquisitions, net 73 
Deferred leasing costs, net 307 
Assets held for sale, net $ 192,699 

The table below sets forth the property’s results of operations included in discontinued operations on our consolidated statements of operations and its operating and investing cash flows included on our consolidated statements of cash flows (in thousands):
  For the Three Months Ended September 30, For the Nine Months Ended September 30,
  2022 2021 2022 2021
  (in thousands)
Revenues from real estate operations $ —  $ 7,717  $ 1,980  $ 22,255 
Property operating expenses —  (4,462) (971) (11,862)
Depreciation and amortization associated with real estate operations —  (2,804) —  (8,448)
Gain on sale of real estate —  —  28,564  — 
Discontinued operations $ —  $ 451  $ 29,573  $ 1,945 
Cash flows from operating activities $ 5,759  $ 11,593 
Cash flows from investing activities $ 220,566  $ (882)
2022 Development ActivitiesDuring the nine months ended September 30, 2022, we placed into service 363,000 square feet in three newly-developed properties. As of September 30, 2022, we had 12 properties under development, including one partially-operational property, and an expansion of one fully-operational property that we estimate will total 1.9 million square feet upon completion.