| Schedule of operating properties, net |
Operating properties, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2013 |
|
2012 |
Land |
$ |
430,472 |
|
|
$ |
427,766 |
|
Buildings and improvements |
2,869,870 |
|
|
2,725,875 |
|
Less: accumulated depreciation |
(597,649 |
) |
|
(555,975 |
) |
Operating properties, net |
$ |
2,702,693 |
|
|
$ |
2,597,666 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2013 |
|
2012 |
Land |
$ |
245,676 |
|
|
$ |
236,324 |
|
Construction in progress, excluding land |
265,932 |
|
|
329,054 |
|
Projects in development or held for future development |
$ |
511,608 |
|
|
$ |
565,378 |
|
|
| Schedule of operating property dispositions |
We completed dispositions of the following properties in 2013 primarily in connection with the Strategic Reallocation Plan (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Name |
|
Location |
|
Date of Sale |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value |
|
Gain on Disposition |
920 Elkridge Landing Road |
|
Linthicum, MD |
|
6/25/2013 |
|
1 |
|
|
103,000 |
|
|
$ |
6,900 |
|
|
$ |
— |
|
4230 Forbes Boulevard |
|
Lanham, MD |
|
12/11/2013 |
|
1 |
|
|
56,000 |
|
|
5,600 |
|
|
1,507 |
|
December 2013 Colorado Springs Portfolio Disposition |
|
Colorado Springs, CO |
|
12/12/2013 |
|
15 |
|
|
1,165,000 |
|
|
133,925 |
|
|
1,164 |
|
December 2013 Portfolio Conveyance |
|
Colorado Springs, CO and Linthicum, MD |
|
12/23/2013 |
|
14 |
|
|
1,021,000 |
|
|
146,876 |
|
|
— |
|
|
|
|
|
|
|
31 |
|
|
2,345,000 |
|
|
$ |
293,301 |
|
|
$ |
2,671 |
|
We completed dispositions of the following properties in 2012 primarily in connection with the Strategic Reallocation Plan (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Name |
|
Location |
|
Date of Sale |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value |
|
Gain on Disposition |
White Marsh Portfolio Disposition |
|
White Marsh, MD |
|
1/30/2012 |
|
5 |
|
|
163,000 |
|
|
$ |
19,100 |
|
|
$ |
2,445 |
|
1101 Sentry Gateway |
|
San Antonio, TX |
|
1/31/2012 |
|
1 |
|
|
95,000 |
|
|
13,500 |
|
|
1,739 |
|
222 and 224 Schilling Circle |
|
Hunt Valley, MD |
|
2/10/2012 |
|
2 |
|
|
56,000 |
|
|
4,400 |
|
|
102 |
|
15 and 45 West Gude Drive |
|
Rockville, MD |
|
5/2/2012 |
|
2 |
|
|
231,000 |
|
|
49,107 |
|
|
— |
|
11800 Tech Road |
|
Silver Spring, MD |
|
6/14/2012 |
|
1 |
|
|
240,000 |
|
|
21,300 |
|
|
— |
|
400 Professional Drive |
|
Gaithersburg, MD |
|
7/2/2012 |
|
1 |
|
|
130,000 |
|
|
16,198 |
|
|
— |
|
July 2012 Portfolio Disposition |
|
Baltimore/Washington Corridor and Greater Baltimore |
|
7/24/2012 |
|
23 |
|
|
1,387,000 |
|
|
161,901 |
|
|
16,900 |
|
|
|
|
|
|
|
35 |
|
|
2,302,000 |
|
|
$ |
285,506 |
|
|
$ |
21,186 |
|
|
| Schedule of operating property allocation costs |
The table below sets forth the allocation of the acquisition costs of this property (in thousands):
|
|
|
|
|
|
Land, operating properties |
|
$ |
3,507 |
|
Building and improvements |
|
30,177 |
|
Intangible assets on real estate acquisitions |
|
14,993 |
|
Total assets |
|
48,677 |
|
Below-market leases |
|
(369 |
) |
Total acquisition cost |
|
$ |
48,308 |
|
|