Quarterly report pursuant to Section 13 or 15(d)

Properties, net

v2.4.0.8
Properties, net
 9 Months Ended
Sep. 30, 2014
Real Estate [Abstract]  
Properties, net
Properties, net
 
Operating properties, net consisted of the following (in thousands): 
 
September 30,
2014
 
December 31,
2013
Land
$
439,355

 
$
430,472

Buildings and improvements
2,997,450

 
2,869,870

Less: accumulated depreciation
(679,598
)
 
(597,649
)
Operating properties, net
$
2,757,207

 
$
2,702,693


 
During the nine months ended September 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 in development or held for future development consisted of the following (in thousands):
 
September 30,
2014
 
December 31,
2013
Land
$
229,286

 
$
245,676

Construction in progress, excluding land
284,663

 
265,932

Projects in development or held for future development
$
513,949

 
$
511,608



2014 Dispositions

During the nine months ended September 30, 2014, we completed dispositions of the following operating properties (dollars in thousands):
Project Name
 
Location
 
Date of Sale
 
Number of Buildings
 
Total Rentable Square Feet
 
Transaction Value
 
Gain on Disposition
4969 and 4979 Mercantile Road
 
White Marsh, MD
 
7/14/2014
 
2

 
96,721

 
$
5,960

 
$
2,126

9930 and 9940 Franklin Square
 
White Marsh, MD
 
7/30/2014
 
2

 
71,992

 
10,475

 
2,303

5020, 5022, 5024 and 5026 Campbell Boulevard
 
White Marsh, MD
 
8/4/2014
 
4

 
134,245

 
12,400

 
666

 
 
 
 
 
 
8

 
302,958

 
$
28,835

 
$
5,095



We also sold land in the third quarter of 2014 for $28.3 million and recognized a $5.5 million gain on the sales.

2014 Construction Activities

During the nine months ended September 30, 2014, we placed into service an aggregate of 692,000 square feet in five newly constructed office properties located in the Baltimore/Washington Corridor, Northern Virginia and Huntsville, Alabama. As of September 30, 2014, we had six office properties under construction, or for which we were contractually committed to construct, that we estimate will total 861,000 square feet upon completion, including two in Northern Virginia, two in the Baltimore/Washington Corridor, 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.