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Properties, Net | 3 Months Ended
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Mar. 31, 2017
Real Estate [Abstract] |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands):
| March 31, 2017 |  | December 31, 2016
Land | $ | 430,364 |  |  | $ | 433,311 |
Buildings and improvements | 2,972,164 |  |  | 2,944,905 |
Less: Accumulated depreciation | (732,371 | ) |  | (706,385 | )
Operating properties, net | $ | 2,670,157 |  |  | $ | 2,671,831 |
Projects in development or held for future development consisted of the following (in thousands):
| March 31, 2017 |  | December 31, 2016
Land | $ | 195,727 |  |  | $ | 195,521 |
Development in progress, excluding land | 227,130 |  |  | 206,010 |
Projects in development or held for future development | $ | 422,857 |  |  | $ | 401,531 |
Our properties held for sale included:
• | as of March 31, 2017: six operating properties in White Marsh, Maryland (included in our Regional Office segment); one operating property in our Fort Meade/BW Corridor sub-segment; and land in White Marsh; and
• | as of December 31, 2016: eight operating properties in White Marsh (included primarily in our Regional Office segment); one operating property in our Northern Virginia Defense/IT sub-segment; and land in White Marsh and Northern Virginia.
The table below sets forth the components of assets held for sale on our consolidated balance sheet for these properties (in thousands):
| March 31, 2017 |  | December 31, 2016
Properties, net | $ | 38,018 |  |  | $ | 85,402 |
Deferred rent receivable | 1,546 |  |  | 4,241 |
Intangible assets on real estate acquisitions, net | 338 |  |  | 338 |
Deferred leasing costs, net | 1,109 |  |  | 3,636 |
Lease incentives, net | 380 |  |  | 1,037 |
Assets held for sale, net | $ | 41,391 |  |  | $ | 94,654 |
2017 Dispositions On February 15, 2017, we completed the disposition of 3120 Fairview Park Drive, an operating property totaling 190,000 square feet in Falls Church, Virginia (in our Northern Virginia Defense/IT sub-segment), for $39.0 million, with no gain recognized. We also sold land in the three months ended March 31, 2017 for $14.3 million and recognized a gain on sale of $4.2 million. 2017 Construction Activities During the three months ended March 31, 2017, we placed into service 86,000 square feet in three redeveloped properties (including a partially operational property). As of March 31, 2017, we had eight 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 (including two properties completed but held for future lease to the United States Government) and one office property under redevelopment that we estimate will total 14,000 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 946 -SubTopic 210 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-06(1)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e604059-122996 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 235 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-24) -URI http://asc.fasb.org/extlink&oid=34714203&loc=d3e608456-123001 + Details
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