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Properties, Net (Tables) | 12 Months Ended
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Dec. 31, 2017
Real Estate [Abstract] |
Schedule of operating properties, net | Operating properties, net consisted of the following (in thousands):
| December 31,
| 2017 |  | 2016
Land | $ | 455,680 |  |  | $ | 433,311 |
Buildings and improvements | 3,068,124 |  |  | 2,944,905 |
Less: Accumulated depreciation | (786,193 | ) |  | (706,385 | )
Operating properties, net | $ | 2,737,611 |  |  | $ | 2,671,831 |
Schedule of projects in development or held for future development | Projects we had in development or held for future development consisted of the following (in thousands):
| December 31,
| 2017 |  | 2016
Land | $ | 240,825 |  |  | $ | 195,521 |
Development in progress, excluding land | 162,669 |  |  | 206,010 |
Projects in development or held for future development | $ | 403,494 |  |  | $ | 401,531 |
Components of assets held for sale | The table below sets forth the components of assets held for sale (in thousands):
| December 31,
| 2017 |  | 2016
Properties, net | $ | 38,670 |  |  | $ | 85,402 |
Deferred rent receivable | 3,237 |  |  | 4,241 |
Intangible assets on real estate acquisitions, net | — |  |  | 338 |
Deferred leasing costs, net | 319 |  |  | 3,636 |
Lease incentives, net | — |  |  | 1,037 |
Assets held for sale, net | $ | 42,226 |  |  | $ | 94,654 |
Schedule of operating property dispositions | In 2017, we sold 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 Sale
3120 Fairview Park Drive |  | Falls Church, VA |  | Northern Virginia Defense/IT |  | 2/15/2017 |  | 1 |  |  | 190,000 |  |  | $ | 39,000 |  |  | $ | — |
1334 Ashton Road |  | Hanover, MD |  | Fort Meade/BW Corridor |  | 6/9/2017 |  | 1 |  |  | 37,000 |  |  | 2,300 |  |  | — |
Remaining White Marsh Properties (1) |  | White Marsh, MD |  | Regional Office and Other |  | 7/28/2017 |  | 8 |  |  | 412,000 |  |  | 47,500 |  |  | 1,180 |
201 Technology Drive |  | Lebanon, VA |  | Data Center Shells |  | 10/27/2017 |  | 1 |  |  | 103,000 |  |  | 29,500 |  |  | 3,625 |
7320 Parkway Drive |  | Hanover, MD |  | Fort Meade/BW Corridor |  | 12/15/2017 |  | 1 |  |  | 57,000 |  |  | 7,529 |  |  | 831 |
|  |  |  | 12 |  |  | 799,000 |  |  | $ | 125,829 |  |  | $ | 5,636 |
(1) This sale also included land 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 Virginia 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.
In 2016, we sold 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 Sale
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 |  |  | 8,375 |
2900 Towerview Road |  | Herndon, VA |  | Northern Virginia Defense/IT |  | 10/19/2016 |  | 1 |  |  | 151,000 |  |  | 12,100 |  |  | — |
4940 Campbell Boulevard |  | White Marsh, MD |  | Regional Office |  | 11/17/2016 |  | 1 |  |  | 50,000 |  |  | 5,200 |  |  | — |
1560 A and B Cable Ranch Road |  | San Antonio, TX |  | Other |  | 11/30/2016 |  | 2 |  |  | 120,000 |  |  | 10,300 |  |  | — |
1331 Ashton Road |  | Hanover, MD |  | Fort Meade/BW Corridor |  | 12/19/2016 |  | 1 |  |  | 29,000 |  |  | 2,625 |  |  | — |
900 Elkridge Landing Road |  | Linthicum, MD |  | Fort Meade/BW Corridor |  | 12/22/2016 |  | 1 |  |  | 101,000 |  |  | 7,800 |  |  | — |
|  |  |  |  |  |  |  | 21 |  |  | 1,577,000 |  |  | $ | 248,738 |  |  | $ | 15,871 |
(1) This sale also included land.
Schedule of allocation of acquisition costs | 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 |
Schedule of intangible assets recorded in connection with acquisition | 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
Pro Forma information | 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
|  | (Unaudited)
Pro forma total revenues |  | $ | 641,982 |
Pro forma net income attributable to COPT common shareholders |  | $ | 167,079 |
Pro forma EPS: |  |
Basic |  | $ | 1.77 |
Diluted |  | $ | 1.77 |

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