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Properties, Net | 3 Months Ended
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Mar. 31, 2016
Real Estate [Abstract] |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands):
| March 31, 2016 |  | December 31, 2015
Land | $ | 464,674 |  |  | $ | 463,305 |
Buildings and improvements | 3,111,871 |  |  | 3,157,587 |
Less: Accumulated depreciation | (713,283 | ) |  | (700,363 | )
Operating properties, net | $ | 2,863,262 |  |  | $ | 2,920,529 |
Projects in development or held for future development consisted of the following (in thousands):
| March 31, 2016 |  | December 31, 2015
Land | $ | 220,834 |  |  | $ | 207,774 |
Development in progress, excluding land | 195,335 |  |  | 221,445 |
Projects in development or held for future development | $ | 416,169 |  |  | $ | 429,219 |
Our properties held for sale included:
• | as of March 31, 2016: 13 operating properties in White Marsh, Maryland (included in our Regional Office segment); four operating properties in Greater Philadelphia (included in our Regional Office segment); two operating properties in Hanover, Maryland (included in our Fort Meade/BW Corridor sub-segment); two operating properties in San Antonio (included in our Other segment); and land in Northern Virginia, Colorado Springs and Greater Philadelphia; and
• | as of December 31, 2015: 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.
The table below sets forth the components of assets held for sale on our consolidated balance sheet for these properties (in thousands):
| March 31, 2016 |  | December 31, 2015
Properties, net | $ | 199,481 |  |  | $ | 90,188 |
Deferred rent receivable | 12,542 |  |  | 2,891 |
Intangible assets on real estate acquisitions, net | 1,591 |  |  | 1,591 |
Deferred leasing costs, net | 9,228 |  |  | 1,391 |
Lease incentives, net | 3,055 |  |  | 721 |
Assets held for sale, net | $ | 225,897 |  |  | $ | 96,782 |
Acquisitions We acquired the following operating properties in 2015:
• | 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 (in the Northern Virginia region) 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.
These properties contributed revenues of $9.2 million for the three months ended March 31, 2016 and $332,000 for the three months ended March 31, 2015, and net income from continuing operations of $942,000 for the three months ended March 31, 2016 and $170,000 for the three months ended March 31, 2015. 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 March 31, 2016. 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 operating property acquisition costs to the three months ended March 31, 2014 from the 2015 periods in which they were actually incurred. 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 share amounts).
| For the Three Months Ended March 31, 2015
| (Unaudited)
Pro forma total revenues | $ | 169,925 |
Pro forma net income attributable to COPT common shareholders | $ | 10,847 |
Pro forma EPS: |
Basic | $ | 0.11 |
Diluted | $ | 0.11 |
2016 Dispositions We sold land in the three months ended March 31, 2016 for $5.7 million, with no gain recognized. 2016 Construction Activities During the three months ended March 31, 2016, we placed into service 149,000 square feet in one newly constructed office property and 51,000 square feet in a redeveloped property. As of March 31, 2016, 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 a property completed but held for future lease to the United States Government) and three office properties under redevelopment that we estimate will total 104,000 square feet upon completion.

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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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