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Properties, Net | 9 Months Ended
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Sep. 30, 2018
Real Estate [Abstract] |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands):
| September 30, 2018 |  | December 31, 2017
Land | $ | 481,527 |  |  | $ | 455,680 |
Buildings and improvements | 3,182,709 |  |  | 3,068,124 |
Less: Accumulated depreciation | (867,659 | ) |  | (786,193 | )
Operating properties, net | $ | 2,796,577 |  |  | $ | 2,737,611 |
Projects in development or held for future development consisted of the following (in thousands):
| September 30, 2018 |  | December 31, 2017
Land | $ | 220,468 |  |  | $ | 240,825 |
Development in progress, excluding land | 190,382 |  |  | 162,669 |
Projects in development or held for future development | $ | 410,850 |  |  | $ | 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 provided an indemnification for up to $20 million in losses it could incur related to a potential defined capital event occurring on the property; our financial guaranty to the buyer expired on October 1, 2018, resulting in no losses to us. We accounted for this transaction as a financing arrangement. Accordingly, we did not recognize the sale of this property for accounting purposes until the expiration of the guaranty on October 1, 2018, and we reported the sales proceeds as a liability on the consolidated balance sheets as of September 30, 2018 and December 31, 2017 in the line entitled “deferred property sale.” The table below sets forth the components of this property’s assets as of September 30, 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 nine months ended September 30, 2018, we placed into service 432,000 square feet in four newly-constructed properties and 18,000 square feet in one redeveloped property. As of September 30, 2018, we had nine properties under construction (including one partially-operational property), or which we were contractually committed to construct, that we estimate will total 1.3 million square feet upon completion and two properties under redevelopment (including one partially-operational property) that we estimate will total 128,000 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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