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Properties, net | 12 Months Ended
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Dec. 31, 2014
Real Estate [Abstract] |
Properties, net | Properties, net 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 |
In 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):
| 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 |
2014 Dispositions In 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 |  |  | $ | 2,124 |
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 |  |  | $ | 5,093 |
We also sold land in 2014 for $28.3 million and recognized gains of $5.6 million on the sales. 2014 Construction Activities In 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. As of December 31, 2014, we had eight office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.2 million square feet upon completion, including four in Northern Virginia, two in the Baltimore/Washington Corridor, one in San Antonio and one in Huntsville. We also had five office properties under redevelopment that we estimate will total 344,000 square feet upon completion, including three in the Baltimore/Washington Corridor, one in Greater Philadelphia and one in St. Mary’s County, Maryland. 2013 Dispositions In April 2011, we completed a review of our portfolio and identified a number of properties that were no longer closely aligned with our strategy, and our Board of Trustees approved a plan by Management to dispose of some of these properties (the “Strategic Reallocation Plan”). In December 2011, we identified additional properties for disposal, and our Board of Trustees approved a plan by management to increase the scope of the Strategic Reallocation Plan to include the disposition of additional properties. 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 |
Each of the above dispositions represents property sales except for the December 2013 Portfolio Conveyance, the disposition of which was completed in connection with a debt extinguishment, as described further below. We also had a disposition of a non-operating property in 2013 for an aggregate transaction value of $3.5 million. In addition to the gains on dispositions reflected above, we recognized impairment losses on certain of these assets that are disclosed in Note 3. On December 23, 2013, the mortgage lender on a $146.5 million nonrecourse mortgage loan that was secured by the December 2013 Portfolio Conveyance accepted a deed in lieu of foreclosure on the properties. As a result, we transferred title to the properties to the mortgage lender and we were relieved of the debt obligation plus accrued interest. As of the transfer date, the property had an estimated fair value of $74 million. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $67.8 million, representing the excess of the mortgage loan and interest payable extinguished over the carrying values of the properties transferred as of the transfer date (which included the effect of previous impairment losses) and related closing costs. 2013 Construction Activities In 2013, we placed into service an aggregate of 812,000 square feet in eight newly constructed office properties located in the Baltimore/Washington Corridor, Northern Virginia and Huntsville.

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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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