Quarterly report pursuant to Section 13 or 15(d)

Properties, net

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Properties, net
 6 Months Ended
Jun. 30, 2014
Real Estate [Abstract]  
Properties, net
Properties, net
 
Operating properties, net consisted of the following (in thousands): 
 
June 30,
2014
 
December 31,
2013
Land
$
433,362

 
$
430,472

Buildings and improvements
2,946,094

 
2,869,870

Less: accumulated depreciation
(655,214
)
 
(597,649
)
Operating properties, net
$
2,724,242

 
$
2,702,693


 
During the six months ended June 30, 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):
 
June 30,
2014
 
December 31,
2013
Land
$
250,694

 
$
245,676

Construction in progress, excluding land
279,306

 
265,932

Projects in development or held for future development
$
530,000

 
$
511,608



2014 Construction Activities

During the six months ended June 30, 2014, we placed into service an aggregate of 457,000 square feet in three newly constructed office properties located in the Baltimore/Washington Corridor, Northern Virginia and Huntsville, Alabama. As of June 30, 2014, we had eight office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.1 million square feet upon completion, including three in the Baltimore/Washington Corridor, three in Northern Virginia, one in San Antonio and one in Huntsville. We also had four office properties under redevelopment that we estimate will total 276,000 square feet upon completion, including two in the Baltimore/Washington Corridor, one in Greater Philadelphia and one in St. Mary’s County, Maryland.