Quarterly report pursuant to Section 13 or 15(d)

Properties, net

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Properties, net
 3 Months Ended
Mar. 31, 2014
Real Estate [Abstract]  
Properties, net
Properties, net
 
Operating properties, net consisted of the following (in thousands): 
 
March 31,
2014
 
December 31,
2013
Land
$
436,381

 
$
430,472

Buildings and improvements
2,927,800

 
2,869,870

Less: accumulated depreciation
(635,178
)
 
(597,649
)
Operating properties, net
$
2,729,003

 
$
2,702,693


 
During the three months ended March 31, 2014, we recognized $12.9 million in additional depreciation expense resulting from our revision of the useful life of a property in Greater Philadelphia that was removed from service for redevelopment.

Projects we had in development or held for future development consisted of the following (in thousands):
 
March 31,
2014
 
December 31,
2013
Land
$
238,904

 
$
245,676

Construction in progress, excluding land
256,721

 
265,932

Projects in development or held for future development
$
495,625

 
$
511,608



2014 Construction Activities

During the three months ended March 31, 2014, we placed into service an aggregate of 355,000 square feet in two newly constructed office properties located in Northern Virginia and Huntsville, Alabama. As of March 31, 2014, we had eight office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.2 million square feet upon completion, including four in the Baltimore/Washington Corridor, three in Northern Virginia and one in San Antonio. We also had four office properties under redevelopment that we estimate will total 403,000 square feet upon completion, including two in Greater Philadelphia, one in the Baltimore/Washington Corridor and one in St. Mary’s County, Maryland.