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Properties, Net | 3 Months Ended
--- | ---
Mar. 31, 2022
Real Estate [Abstract] |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands):
| March 31, 2022 |  | December 31, 2021
Land | $ | 584,878 |  |  | $ | 572,900 |
Buildings and improvements | 3,765,625 |  |  | 3,670,133 |
Less: Accumulated depreciation | (1,182,652) |  |  | (1,152,523) |
Operating properties, net | $ | 3,167,851 |  |  | $ | 3,090,510 |
2022 Dispositions and Discontinued Operations On January 25, 2022, we sold 9651 Hornbaker Road in Manassas, Virginia, our sole wholesale data center investment, for $222.5 million, resulting in a gain on sale of $28.6 million. This property, a separate reportable segment, is reported herein as discontinued operations. The table below sets forth the components of the property’s assets classified as held for sale on our consolidated balance sheet as of December 31, 2021 (in thousands):
Properties, net |  |  | $ | 191,857 |
Deferred rent receivable |  |  | 462 |
Intangible assets on property acquisitions, net |  |  | 73 |
Deferred leasing costs, net |  |  | 307 |
Assets held for sale, net |  |  | $ | 192,699 |
The table below sets forth the property’s results of operations included in discontinued operations on our consolidated statements of operations and its operating and investing cash flows included on our consolidated statements of cash flows (in thousands):
| For the Three Months Ended March 31,
| 2022 |  | 2021 |  |
| (in thousands)
Revenues from real estate operations | $ | 1,980 |  |  | $ | 7,334 |  |  |
Property operating expenses | (971) |  |  | (3,698) |  |  |
Depreciation and amortization associated with real estate operations | — |  |  | (2,821) |  |  |
Gain on sale of real estate | 28,564 |  |  | — |  |  |
Discontinued operations | 29,573 |  |  | 815 |  |  |
Cash flows from operating activities | $ | 4,463 |  |  | $ | 4,387 |  |  |
Cash flows from investing activities | $ | 220,569 |  |  | $ | (297) |  |  |
2022 Development Activities During the three months ended March 31, 2022, we placed into service 283,000 square feet in two newly-developed properties. As of March 31, 2022, we had 11 properties under development, including two partially-operational properties, that we estimate will total 1.7 million 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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