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Properties, net | 9 Months Ended
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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.

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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 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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