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Properties, net | 6 Months Ended
--- | ---
Jun. 30, 2015
Real Estate [Abstract] |
Properties, net | Properties, Net Operating properties, net consisted of the following (in thousands):
| June 30, 2015 |  | December 31, 2014
Land | $ | 460,268 |  |  | $ | 439,355 |
Buildings and improvements | 3,160,011 |  |  | 3,015,216 |
Less: Accumulated depreciation | (723,470 | ) |  | (703,083 | )
Operating properties, net | $ | 2,896,809 |  |  | $ | 2,751,488 |
During the six months ended June 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, Pennsylvania (“Greater Philadelphia”) that was removed from service for redevelopment. Projects in development or held for future development consisted of the following (in thousands):
| June 30, 2015 |  | December 31, 2014
Land | $ | 221,655 |  |  | $ | 214,977 |
Construction in progress, excluding land | 300,336 |  |  | 330,449 |
Projects in development or held for future development | $ | 521,991 |  |  | $ | 545,426 |
As of June 30, 2015, we had six operating properties in Greater Baltimore and one in Northern Virginia classified as held for sale. The table below sets forth the components of assets held for sale on our consolidated balance sheet for these properties (in thousands):
| June 30, 2015
Properties, net | $ | 73,174 |
Deferred rent receivable | 1,683 |
Intangible assets on real estate acquisitions, net | 1,017 |
Deferred leasing costs, net | 977 |
Lease incentives, net | 162 |
Assets held for sale, net | $ | 77,013 |
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 six months ended June 30, 2015. 2015 Acquisitions In the six months ended June 30, 2015, we acquired the following operating properties:
• | 250 W. Pratt Street, a 367,000 square foot office property in Baltimore, Maryland that was 96.2% leased, for $61.9 million on March 19, 2015; and
• | 2600 Park Tower Drive, a 237,000 square foot office property in Vienna, Virginia (in the Northern Virginia region) that was 100% leased, for $80.5 million on April 15, 2015.
The table below sets forth the allocation of the acquisition costs of these properties (in thousands):
Land, operating properties |  | $ | 28,361 |
Building and improvements |  | 69,182 |
Intangible assets on real estate acquisitions |  | 45,940 |
Total assets |  | 143,483 |
Below-market leases |  | (1,093 | )
Total acquisition cost |  | $ | 142,390 |
Intangible assets recorded in connection with the these acquisitions included the following (dollars in thousands):
|  |  | Weighted Average Amortization Period (in Years)
Tenant relationship value | $ | 20,024 |  |  | 10
In-place lease value | 20,041 |  |  | 5
Above-market leases | 5,875 |  |  | 4
| $ | 45,940 |  |  | 7
These properties contributed revenues of $4.0 million for the three months ended June 30, 2015 and $4.3 million for the six months ended June 30, 2015, and contributed net income from continuing operations of $40,000 for the three months ended June 30, 2015 and $210,000 for the six months ended June 30, 2015. We expensed $1.4 million in operating property acquisition costs during the six months ended June 30, 2015 that are included in business development expenses and land carry costs on our consolidated statements of operations. We accounted for these acquisitions as business combinations. We included the results of operations for the acquisitions in our consolidated statements of operations from their respective purchase dates through June 30, 2015. The following table presents pro forma information for COPT and subsidiaries as if these acquisitions had occurred on January 1, 2014. This pro forma information also includes adjustments to reclassify the operating property acquisition costs disclosed above from the 2015 periods in which they were incurred to the six months ended June 30, 2014. The pro forma financial information was prepared for comparative purposes only and is not necessarily indicative of what would have occurred had these acquisitions been made at that time or of results which may occur in the future (in thousands, except per shares amounts).
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (Unaudited) |  | (Unaudited)
Pro forma total revenues | $ | 170,719 |  |  | $ | 144,098 |  |  | $ | 335,159 |  |  | $ | 294,769 |
Pro forma net income attributable to COPT common shareholders | $ | 12,620 |  |  | $ | 2,126 |  |  | $ | 22,850 |  |  | $ | 835 |
Pro forma EPS: |  |  |  |  |  |  |
Basic | $ | 0.13 |  |  | $ | 0.02 |  |  | $ | 0.24 |  |  | $ | 0.01 |
Diluted | $ | 0.13 |  |  | $ | 0.02 |  |  | $ | 0.24 |  |  | $ | 0.01 |
2015 Dispositions We sold land in the six months ended June 30, 2015 for $18.1 million and recognized gains of $4.0 million on the sales. 2015 Construction Activities During the six months ended June 30, 2015, we placed into service an aggregate of 509,000 square feet in four newly constructed office properties located in Northern Virginia, San Antonio, Texas (“San Antonio”) and Huntsville, Alabama (“Huntsville”), and 111,000 square feet of a property undergoing redevelopment in Greater Philadelphia. As of June 30, 2015, we had six office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.0 million square feet upon completion, including four in Northern Virginia and two in the Baltimore/Washington Corridor. We also had six office properties under redevelopment (including one partially operational property) that we estimate will total 309,000 square feet upon completion, including four 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 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 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 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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