Quarterly report pursuant to Section 13 or 15(d)

Properties, Net

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Properties, Net
 3 Months Ended
Mar. 31, 2023
Real Estate [Abstract]  
Properties, Net Properties, Net
 
Operating properties, net consisted of the following (in thousands): 
March 31,
2023		 December 31, 2022
Land $ 540,037  $ 539,809 
Buildings and improvements 4,033,266  3,986,524 
Less: Accumulated depreciation (1,300,430) (1,267,434)
Operating properties, net $ 3,272,873  $ 3,258,899 

2023 Dispositions

On January 10, 2023, we sold a 90% interest in three data center shell properties in Northern Virginia based on an aggregate property value of $211.3 million and retained a 10% interest in the properties through Redshift JV LLC, a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $190.2 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 $49.4 million. The table below sets forth the components of the properties’ assets, which were classified as held for sale on our consolidated balance sheet as of December 31, 2022 (in thousands):

Properties, net $ 156,691 
Deferred rent receivable 4,595 
Assets held for sale, net $ 161,286