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Properties, Net | 6 Months Ended
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Jun. 30, 2019
Real Estate [Abstract] |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands):
| June 30, 2019 |  | December 31, 2018
Land | $ | 460,138 |  |  | $ | 503,274 |
Buildings and improvements | 3,208,558 |  |  | 3,241,894 |
Less: Accumulated depreciation | (949,111 | ) |  | (897,903 | )
Operating properties, net | $ | 2,719,585 |  |  | $ | 2,847,265 |
Properties we had in development or held for future development consisted of the following (in thousands):
| June 30, 2019 |  | December 31, 2018
Land | $ | 296,809 |  |  | $ | 207,760 |
Development in progress, excluding land | 177,978 |  |  | 195,601 |
Projects in development or held for future development | $ | 474,787 |  |  | $ | 403,361 |
As of June 30, 2019, we were under contract to sell controlling interests in two data center shell properties in Virginia; we expect this sale to occur in the fourth quarter of 2019. The table below sets forth the components of assets held for sale on our consolidated balance sheet as of June 30, 2019 for these properties (in thousands):
Properties, net | $ | 53,386 |
Deferred rent receivable | 1,028 |
Deferred leasing costs, net | 34 |
Assets held for sale, net | $ | 54,448 |
2019 Dispositions On June 20, 2019, through a series of transactions, we sold a 90% interest in seven data center shell properties in Virginia based on an aggregate property value of $265.0 million and retained a 10% interest in the properties through BREIT COPT DC JV LLC (“BREIT-COPT”), a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $238.5 million. We account for our interest in the joint venture using the equity method of accounting as described further in Note 6. We recognized a gain on sale of $84.5 million. 2019 Construction Activities During the six months ended June 30, 2019, we placed into service 777,000 square feet in seven newly-constructed properties (including two partially-operational properties) and 10,000 in one partially-operational property under redevelopment. As of June 30, 2019, we had 13 properties under construction (including two partially-operational properties), or which we were contractually committed to construct, that we estimate will total 2.1 million square feet upon completion and one partially-operational property under redevelopment that we estimate will total 106,000 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://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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