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Properties, Net | 3 Months Ended
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Mar. 31, 2018
Real Estate [Abstract] |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands):
| March 31, 2018 |  | December 31, 2017
Land | $ | 457,459 |  |  | $ | 455,680 |
Buildings and improvements | 3,096,262 |  |  | 3,068,124 |
Less: Accumulated depreciation | (813,457 | ) |  | (786,193 | )
Operating properties, net | $ | 2,740,264 |  |  | $ | 2,737,611 |
Projects in development or held for future development consisted of the following (in thousands):
| March 31, 2018 |  | December 31, 2017
Land | $ | 239,141 |  |  | $ | 240,825 |
Development in progress, excluding land | 178,874 |  |  | 162,669 |
Projects in development or held for future development | $ | 418,015 |  |  | $ | 403,494 |
Our property held for sale is 11751 Meadowville Lane, a property in our Data Center Shells sub-segment, the sale of which was not recognized for accounting purposes. We provided a financial guaranty to the buyer under which we provide an indemnification for up to $20 million in losses it could incur related to a potential defined capital event occurring on the property by June 30, 2019. We account for this transaction as a financing arrangement. Accordingly, we did not recognize the sale of this property for accounting purposes (and will not until the guaranty expires) and we reported the sales proceeds as a liability on the consolidated balance sheets as of March 31, 2018 and December 31, 2017 on the line entitled deferred property sale. We do not expect to incur any losses under this financial guaranty. The table below sets forth the components of this property’s assets as of March 31, 2018 and December 31, 2017 (in thousands):
Properties, net | $ | 38,670 |
Deferred rent receivable | 3,237 |
Deferred leasing costs, net | 319 |
Assets held for sale, net | $ | 42,226 |
2018 Construction Activities During the three months ended March 31, 2018, we placed into service 74,000 square feet in one newly-constructed property and 11,000 square feet in one partially-operational property under redevelopment. As of March 31, 2018, we had six properties under construction, or which we were contractually committed to construct, that we estimate will total 597,000 square feet upon completion and one partially-operational property under redevelopment that we estimate will total 22,000 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 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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