Properties, Net

6 Months Ended

Jun. 30, 2021

Operating properties, net consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Land	$	527,994	$	528,269
Buildings and improvements	3,753,620		3,711,264
Less: Accumulated depreciation	(1,182,432)		(1,124,253)
Operating properties, net	$	3,099,182	$	3,115,280

2021 Dispositions

On June 2, 2021, we sold a 90% interest in two data center shell properties in Northern Virginia based on an aggregate property value of $118.8 million and retained a 10% interest in the properties through B RE COPT DC JV III LLC, a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $106.9 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 $40.3 million.

2021 Development Activities

During the six months ended June 30, 2021, we placed into service 243,000 square feet in four newly-developed properties. As of June 30, 2021, we had 13 properties under development, including three partially-operational properties, that we estimate will total 1.9 million square feet upon completion and one property under redevelopment that we estimate will total 57,000 square feet upon completion.