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Properties, net | 3 Months Ended
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Mar. 31, 2015
Real Estate [Abstract] |
Properties, net | Properties, Net Operating properties, net consisted of the following (in thousands):
| March 31, 2015 |  | December 31, 2014
Land | $ | 455,639 |  |  | $ | 439,355 |
Buildings and improvements | 3,157,434 |  |  | 3,015,216 |
Less: Accumulated depreciation | (724,539 | ) |  | (703,083 | )
Operating properties, net | $ | 2,888,534 |  |  | $ | 2,751,488 |
During the three months ended March 31, 2014, we recognized $12.9 million in additional depreciation expense resulting from our revision of the useful life of a property in Greater Philadelphia, Pennsylvania (“Greater Philadelphia”) that was removed from service for redevelopment. Projects in development or held for future development consisted of the following (in thousands):
| March 31, 2015 |  | December 31, 2014
Land | $ | 219,852 |  |  | $ | 214,977 |
Construction in progress, excluding land | 269,766 |  |  | 330,449 |
Projects in development or held for future development | $ | 489,618 |  |  | $ | 545,426 |
As of December 31, 2014, we had two land parcels in the Greater Baltimore region classified as held for sale with a cost basis of $14.3 million that were sold during the three months ended March 31, 2015. 2015 Acquisition On March 19, 2015, we acquired 250 W. Pratt Street, a 367,000 square foot office property in Baltimore, Maryland that was 96.2% leased, for $61.9 million. The table below sets forth the allocation of the acquisition costs of this property (in thousands):
Land, operating properties |  | $ | 8,057 |
Building and improvements |  | 34,740 |
Intangible assets on real estate acquisitions |  | 20,183 |
Total assets |  | 62,980 |
Below-market leases |  | (1,093 | )
Total acquisition cost |  | $ | 61,887 |
Intangible assets recorded in connection with the above acquisition included the following (dollars in thousands):
|  |  | Weighted Average Amortization Period (in Years)
Tenant relationship value | $ | 7,252 |  |  | 11
In-place lease value | 10,218 |  |  | 7
Above-market leases | 2,713 |  |  | 4
| $ | 20,183 |  |  | 8
We expensed $1.0 million in operating property acquisition costs during the three months ended March 31, 2015 that are included in business development expenses and land carry costs on our consolidated statements of operations. 2015 Dispositions We sold land in the three months ended March 31, 2015 for $18.1 million and recognized gains of $4.0 million on the sales. 2015 Construction Activities During the three months ended March 31, 2015, we placed into service an aggregate of 440,000 square feet in three newly constructed office properties located in Northern Virginia and San Antonio, Texas (“San Antonio”), and 111,000 square feet of a property undergoing redevelopment in Greater Philadelphia. As of March 31, 2015, we had seven office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.1 million square feet upon completion, including four in Northern Virginia, two in the Baltimore/Washington Corridor and one in Huntsville, Alabama (“Huntsville”). We also had five office properties under redevelopment (including one partially operational property) 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.

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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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