COPT Defense Properties Annual report pursuant to Section 13 and 15(d)

Properties, net (Tables)

12 Months Ended

Dec. 31, 2014

Operating properties, net consisted of the following (in thousands):



	December 31,
	2014			2013
Land	$	439,355		$	430,472
Buildings and improvements	3,015,216			2,869,870
Less: accumulated depreciation	(703,083		)	(597,649		)
Operating properties, net	$	2,751,488		$	2,702,693

Projects we had in development or held for future development consisted of the following (in thousands):



	December 31,
	2014		2013
Land	$	214,977	$	245,676
Construction in progress, excluding land	330,449		265,932
Projects in development or held for future development	$	545,426	$	511,608

In 2014, we completed dispositions of the following operating properties (dollars in thousands):

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