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Properties, Net | 12 Months Ended
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Dec. 31, 2018
Real Estate [Abstract] |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands):
| December 31,
| 2018 |  | 2017
Land | $ | 503,274 |  |  | $ | 455,680 |
Buildings and improvements | 3,241,894 |  |  | 3,068,124 |
Less: Accumulated depreciation | (897,903 | ) |  | (786,193 | )
Operating properties, net | $ | 2,847,265 |  |  | $ | 2,737,611 |
Properties we had in development or held for future development consisted of the following (in thousands):
| December 31,
| 2018 |  | 2017
Land | $ | 207,760 |  |  | $ | 240,825 |
Development in progress, excluding land | 195,601 |  |  | 162,669 |
Projects in development or held for future development | $ | 403,361 |  |  | $ | 403,494 |
Our property held for sale as of December 31, 2017 was 11751 Meadowville Lane, an operating property totaling 193,000 square feet in Chester, Virginia (in our Data Center Shells sub-segment). We contractually closed on the sale of this property on October 27, 2017 for $44.0 million. 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 December 31, 2017 in the line entitled “deferred property sale.” In the fourth quarter of 2018, we recognized a gain on this sale of $1.5 million. The table below sets forth the components of this property’s assets as of 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 In 2018, we placed into service 666,000 square feet in six newly-constructed properties (including two partially- operational properties), 22,000 square feet in one redeveloped property and land under a long-term contract. As of December 31, 2018, we had nine properties under construction (including two partially-operational properties), or which we were contractually committed to construct, that we estimate will total 1.1 million square feet upon completion and one property under redevelopment that we estimate will total 106,000 square feet upon completion. In the fourth quarter of 2018, we abandoned plans to redevelop a property in our Fort Meade/BW Corridor sub-segment after we completed leasing on the property that did not require any redevelopment. Accordingly, we recognized an impairment loss of $2.4 million representing pre-development costs associated with the property. 2017 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. We also sold other land for $14.3 million and recognized a gain on sale of $4.2 million. 2017 Construction Activities In 2017, we placed into service 1.1 million square feet in eight newly-constructed properties (including a partially- operational property) and 94,000 square feet in three redeveloped properties. 2016 Dispositions 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. We also sold:
• | a 50% interest in six triple-net leased, single-tenant data center properties in Virginia by contributing them into a newly-formed joint venture, GI-COPT DC Partnership LLC (“GI-COPT”), for an aggregate property value of $147.6 million on July 21, 2016. We obtained $60.0 million in non-recourse mortgage loans on the properties through the joint venture immediately prior to the sale of our interest and received the net proceeds. Our partner in the joint venture acquired the 50% interest in the joint venture from us for $44.3 million. We account for our 50% interest in the joint venture using the equity method of accounting as described further in Note 6. We recognized a gain on the sale of our interest of $17.9 million; and
• | other land for $21.8 million and recognized a gain on sale of $7.2 million.
2016 Construction Activities In 2016, we placed into service 639,000 square feet in six newly constructed properties and 61,000 square feet in three redeveloped properties.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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