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Properties, Net (Tables) | 9 Months Ended
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Sep. 30, 2016
Real Estate [Abstract] |
Schedule of operating properties, net | Operating properties, net consisted of the following (in thousands):
| September 30, 2016 |  | December 31, 2015
Land | $ | 424,627 |  |  | $ | 463,305 |
Buildings and improvements | 2,888,918 |  |  | 3,157,587 |
Less: Accumulated depreciation | (681,476 | ) |  | (700,363 | )
Operating properties, net | $ | 2,632,069 |  |  | $ | 2,920,529 |
Schedule of projects in development or held for future development | Projects in development or held for future development consisted of the following (in thousands):
| September 30, 2016 |  | December 31, 2015
Land | $ | 199,038 |  |  | $ | 207,774 |
Development in progress, excluding land | 197,231 |  |  | 221,445 |
Projects in development or held for future development | $ | 396,269 |  |  | $ | 429,219 |
Components of assets 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):
| September 30, 2016 |  | December 31, 2015
Properties, net | $ | 147,236 |  |  | $ | 90,188 |
Deferred rent receivable | 6,642 |  |  | 2,891 |
Intangible assets on real estate acquisitions, net | 1,540 |  |  | 1,591 |
Deferred leasing costs, net | 4,901 |  |  | 1,391 |
Lease incentives, net | 1,135 |  |  | 721 |
Assets held for sale, net | $ | 161,454 |  |  | $ | 96,782 |
Pro Forma results | 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 September 30, 2015 |  | For the Nine Months Ended September 30, 2015
| (Unaudited)
Pro forma total revenues | $ | 152,736 |  |  | $ | 498,657 |
Pro forma net income attributable to COPT common shareholders | $ | 88,836 |  |  | $ | 112,941 |
Pro forma EPS: |  |  |
Basic | $ | 0.94 |  |  | $ | 1.20 |
Diluted | $ | 0.94 |  |  | $ | 1.20 |
Schedule of operating property dispositions | During the nine months ended September 30, 2016, 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 |  | Gain on Disposition
Arborcrest Corporate Campus (1) |  | Philadelphia, PA |  | Regional Office |  | 8/4/2016 |  | 4 |  |  | 654,000 |  |  | $ | 142,800 |  |  | $ | 4,742 |
8003 Corporate Drive |  | White Marsh, MD |  | Regional Office |  | 8/17/2016 |  | 1 |  |  | 18,000 |  |  | 2,400 |  |  | — |
1341 & 1343 Ashton Road |  | Hanover, MD |  | Fort Meade/BW Corridor |  | 9/9/2016 |  | 2 |  |  | 25,000 |  |  | 2,900 |  |  | 848 |
8007, 8013, 8015, 8019 and 8023-8027 Corporate Drive (1) |  | White Marsh, MD |  | Regional Office |  | 9/21/2016 |  | 5 |  |  | 130,000 |  |  | 14,513 |  |  | 1,906 |
1302, 1304 and 1306 Concourse Drive |  | Linthicum, MD |  | Fort Meade/BW Corridor |  | 9/29/2016 |  | 3 |  |  | 299,000 |  |  | 48,100 |  |  | 8,683 |
|  |  |  |  |  |  |  | 15 |  |  | 1,126,000 |  |  | $ | 210,713 |  |  | $ | 16,179 |
(1) This disposition also included land.

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