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Properties, net | 12 Months Ended
--- | ---
Dec. 31, 2015
Real Estate [Abstract] |
Properties, net | Properties, net Operating properties, net consisted of the following (in thousands):
| December 31,
| 2015 |  | 2014
Land | $ | 463,305 |  |  | $ | 439,355 |
Buildings and improvements | 3,157,587 |  |  | 3,015,216 |
Less: accumulated depreciation | (700,363 | ) |  | (703,083 | )
Operating properties, net | $ | 2,920,529 |  |  | $ | 2,751,488 |
In 2014, we recognized $12.9 million in additional depreciation expense resulting from our shortening of the useful life of a property in Greater Philadelphia, Pennsylvania (included in our Regional Office segment) 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,
| 2015 |  | 2014
Land | $ | 207,774 |  |  | $ | 214,977 |
Development in progress, excluding land | 221,445 |  |  | 330,449 |
Projects in development or held for future development | $ | 429,219 |  |  | $ | 545,426 |
As of December 31, 2015, we had 13 operating properties in White Marsh, Maryland (included in our Regional Office segment), two operating properties in San Antonio (included in our Other segment) and land in Northern Virginia and Colorado Springs 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):
| December 31, 2015
Properties, net | $ | 90,188 |
Deferred rent receivable | 2,891 |
Intangible assets on real estate acquisitions, net | 1,591 |
Deferred leasing costs, net | 1,391 |
Lease incentives, net | 721 |
Assets held for sale, net | $ | 96,782 |
As of December 31, 2014, we had two land parcels in White Marsh, Maryland classified as held for sale with aggregate carrying amounts of $14.3 million that were sold in 2015. 2015 Acquisitions In 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 $61.8 million on March 19, 2015;
• | 2600 Park Tower Drive, a 237,000 square foot office property in Vienna, Virginia that was 100% leased, for $80.5 million on April 15, 2015; and
• | 100 Light Street, a 558,000 square foot office property in Baltimore, Maryland that was 93.5% leased, and its structured parking garage, 30 Light Street, for $121.2 million on August 7, 2015. In connection with that acquisition, we assumed a $55.0 million mortgage loan with a fair value at assumption of $55.5 million.
The table below sets forth the allocation of the aggregate purchase price of these properties to the value of the acquired assets and liabilities (in thousands):
Land, operating properties |  | $ | 55,076 |
Building and improvements |  | 139,540 |
Intangible assets on real estate acquisitions |  | 75,729 |
Total assets |  | 270,345 |
Below-market leases |  | (6,808 | )
Total acquisition cost |  | $ | 263,537 |
Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands):
|  |  | Weighted Average Amortization Period (in Years)
Tenant relationship value | $ | 31,183 |  |  | 12
In-place lease value | 35,139 |  |  | 7
Above-market leases | 6,720 |  |  | 4
Below-market cost arrangements | 2,687 |  |  | 40
| $ | 75,729 |  |  | 10
These properties contributed revenues of $20.2 million and net income from continuing operations of $1.2 million in 2015. We expensed operating property acquisition costs of $4.1 million in 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 December 31, 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 year ended December 31, 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 Year Ended December 31,
|  | 2015 |  | 2014
|  | (Unaudited)
Pro forma total revenues |  | $ | 641,982 |  |  | $ | 623,013 |
Pro forma net income attributable to COPT common shareholders |  | $ | 167,079 |  |  | $ | 20,796 |
Pro forma EPS: |  |  |  |
Basic |  | $ | 1.77 |  |  | $ | 0.23 |
Diluted |  | $ | 1.77 |  |  | $ | 0.23 |
2015 Dispositions In 2015, we completed dispositions of the following operating properties (dollars in thousands):
Project Name |  | City, State |  | Segment |  | Date of Disposition |  | Number of Buildings |  | Total Rentable Square Feet |  | Transaction Value (1) |  | Gain on Disposition
1550 Westbranch Drive |  | McLean, VA |  | Regional Office |  | 7/27/2015 |  | 1 |  |  | 160,000 |  |  | $ | 27,800 |  |  | $ | — |
15000 and 15010 Conference Center Drive |  | Chantilly, VA |  | Northern VA Defense/IT |  | 8/28/2015 |  | 2 |  |  | 665,000 |  |  | 167,335 |  |  | — |
13200 Woodland Park Road |  | Herndon, VA |  | Regional Office |  | 10/27/2015 |  | 1 |  |  | 397,000 |  |  | 84,000 |  |  | 42,515 |
9900, 9910 and 9920 Franklin Square Drive |  | White Marsh, MD |  | Regional Office |  | 11/9/2015 |  | 3 |  |  | 135,000 |  |  | 24,150 |  |  | 6,468 |
9690 Deereco Road and 375 W. Padonia Road |  | Timonium, MD |  | Regional Office |  | 12/17/2015 |  | 2 |  |  | 240,000 |  |  | 44,500 |  |  | 15,050 |
|  |  |  |  |  |  |  | 9 |  |  | 1,597,000 |  |  | $ | 347,785 |  |  | $ | 64,033 |
(1) | Each of these properties were sold except for 15000 and 15010 Conference Center Drive, the disposition of which was completed in connection with a debt extinguishment, as discussed further below.
We also sold land in 2015 for $18.1 million and recognized gains of $4.0 million on the sales. On August 28, 2015, ownership in 15000 and 15010 Conference Center Drive was transferred to the mortgage lender on a $150.0 million nonrecourse mortgage loan that was secured by the properties and we removed the debt obligation and accrued interest from our balance sheet. Upon completion of this transfer, we recognized a gain on early extinguishment of debt of $84.8 million, representing the difference between the mortgage loan and accrued interest payable extinguished over the carrying value of the properties transferred as of the transfer date and related closing costs. 2015 Construction Activities In 2015, we placed into service an aggregate of 897,000 square feet in seven newly constructed office properties and 170,000 square feet in two redeveloped properties. As of December 31, 2015, we had nine office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.3 million square feet upon completion and four office properties under redevelopment that we estimate will total 156,000 square feet upon completion. 2014 Dispositions In 2014, we completed dispositions of the following operating properties (dollars in thousands):
Project Name |  | City, State |  | Segment |  | Date of Sale |  | Number of Buildings |  | Total Rentable Square Feet |  | Transaction Value |  | Gain on Disposition
4969 and 4979 Mercantile Road |  | White Marsh, MD |  | Regional Office |  | 7/14/2014 |  | 2 |  |  | 96,721 |  |  | $ | 5,960 |  |  | $ | 2,124 |
9930 and 9940 Franklin Square |  | White Marsh, MD |  | Regional Office |  | 7/30/2014 |  | 2 |  |  | 71,992 |  |  | 10,475 |  |  | 2,303 |
5020, 5022, 5024 and 5026 Campbell Boulevard |  | White Marsh, MD |  | Regional Office |  | 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. 2013 Dispositions In 2013, we completed dispositions of the following operating properties (dollars in thousands):
Project Name |  | City, State |  | Segment |  | Date of Sale |  | Number of Buildings |  | Total Rentable Square Feet |  | Transaction Value (1) |  | Gain on Disposition
920 Elkridge Landing Road |  | Linthicum, MD |  | Fort Meade/BW Corridor |  | 6/25/2013 |  | 1 |  |  | 103,000 |  |  | $ | 6,900 |  |  | $ | — |
4230 Forbes Boulevard |  | Lanham, MD |  | Regional Office |  | 12/11/2013 |  | 1 |  |  | 56,000 |  |  | 5,600 |  |  | 1,507 |
December 2013 Colorado Springs Portfolio Disposition |  | Colorado Springs, CO |  | Colorado Defense/IT and Regional Office |  | 12/12/2013 |  | 15 |  |  | 1,165,000 |  |  | 133,925 |  |  | 1,164 |
December 2013 Portfolio Conveyance |  | Colorado Springs, CO and Linthicum, MD |  | Various (2) |  | 12/23/2013 |  | 14 |  |  | 1,021,000 |  |  | 146,876 |  |  | — |
|  |  |  |  |  |  |  | 31 |  |  | 2,345,000 |  |  | $ | 293,301 |  |  | $ | 2,671 |
(1) | Each of these properties were sold except for the December 2013 Portfolio Conveyance, the disposition of which was completed in connection with a debt extinguishment, as described further below.
(2) | Included properties in our Fort Meade/BW Corridor, Colorado Defense/IT and Regional Office segments.
We also disposed 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. 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.

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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 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 4: 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 5: 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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