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Properties, net | 3 Months Ended
--- | ---
Mar. 31, 2012
Properties, net |
Properties, net |
4. Properties, net Operating properties, net consisted of the following (in thousands):
|  | March 31, |  | December 31, |
|  | 2012 |  | 2011 |
Land |  | $ | 471,995 |  | $ | 472,483 |
Buildings and improvements |  | 2,802,570 |  | 2,801,252 |
Less: accumulated depreciation |  | (570,242 | ) | (559,679 | )
Operating properties, net |  | $ | 2,704,323 |  | $ | 2,714,056 |
Projects we had in development or held for future development consisted of the following (in thousands):
|  | March 31, |  | December 31, |
|  | 2012 |  | 2011 |
Land |  | $ | 225,085 |  | $ | 229,833 |
Construction in progress, excluding land |  | 408,883 |  | 409,086 |
Projects in development or held for future development |  | $ | 633,968 |  | $ | 638,919 |
Dispositions and Impairments We sold the following operating properties during the three months ended March 31, 2012 (dollars in thousands):
|  |  |  |  |  | Number |  | Total |  |  |  |  |
|  |  |  | Date of |  | of |  | Rentable |  |  |  | Gain on |
Project Name |  | Location |  | Sale |  | Buildings |  | Square Feet |  | Sale Price |  | Sale |
White Marsh Portfolio (1) |  | White Marsh, Maryland |  | 1/30/2012 |  | 5 |  | 163,000 |  | $ | 19,100 |  | $ | 2,445 |
1101 Sentry Gateway |  | San Antonio, Texas |  | 1/31/2012 |  | 1 |  | 95,000 |  | 13,500 |  | 1,750 |
222 and 224 Schilling Circle |  | Hunt Valley, Maryland |  | 2/10/2012 |  | 2 |  | 56,000 |  | 4,400 |  | 202 |
|  |  |  |  |  | 8 |  | 314,000 |  | $ | 37,000 |  | $ | 4,397 |
(1) Includes three properties comprising the White Marsh Professional Center, 8615 Ridgely’s Choice and 8114 Sandpiper Circle. We also sold non-operating properties during the three months ended March 31, 2012 for aggregate sale prices totaling $25.7 million; in addition to the gain on sales reflected above, we also recognized impairment losses on certain of these sales that are disclosed below. As discussed in our 2011 Annual Report on Form 10-K, we implemented a plan in 2011 to dispose of office properties and land that are no longer closely aligned with our strategy (the “Strategic Reallocation Plan”). During the three months ended March 31, 2012, we recognized aggregate net impairment losses in connection with the Strategic Reallocation Plan of $6.6 million (including $1.5 million classified as discontinued operations and $1.1 million in exit costs). Approximately $5.1 million of these losses related to our expected disposition of an additional property. The expected cash flows from the resulting shortened holding period for this property are not sufficient to recover its carrying value. 2012 Construction Activities As of March 31, 2012, we had construction underway on six office properties that we estimate will total 789,000 square feet upon completion, including three in the Baltimore/Washington Corridor, one in Greater Baltimore, one in Northern Virginia and one in Huntsville, Alabama, and redevelopment underway on one office property in Greater Philadelphia that we estimate will total 113,000 square feet upon completion.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 67 -Paragraph 4, 5, 6, 7 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 04-2 -Paragraph 41, 63, 64 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Chapter V -Section 563c.102 -Paragraph 11 -Subsection I -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy. 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Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 66 -Paragraph 4, 5, 37, 50, 59, 65, 95, 97 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 75-2 -Paragraph 47, 51, 52 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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