REAL ESTATE

The Company owns and operates industrial and office properties. The carrying value of these properties by type as of December 31, 2015 and 2014 is as follows (in thousands):



	Land		Building
	and Land		and				Accumulated
	Improvements		Improvements		Total		Depreciation
2015
Industrial properties	$	824,140	$	3,637,484	$	4,461,624	$	698,456
Office properties	360,787		1,494,164		1,854,951		450,472

2015 Total	$	1,184,927	$	5,131,648	$	6,316,575	$	1,148,928

2014
Industrial properties	$	773,874	$	3,513,534	$	4,287,408	$	620,967
Office properties	414,900		1,825,780		2,240,680		561,162

2014 Total	$	1,188,774	$	5,339,314	$	6,528,088	$	1,182,129

Depreciation expense was $181.0 million, $179.1 million and $162.5 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Information on the operating properties the Company sold during the years ended December 31, 2015 and 2014 is as follows:

2015 Sales



Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Gross Proceeds (in thousands)
Minnesota	2	—	222,642	$	25,700
Orlando	1	—	713,585	35,500
Richmond/Hampton Roads	22	3	1,319,299	110,054
South Florida	1	—	99,740	14,700
Southeastern PA	46	20	2,724,489	316,583
Tampa	2	—	60,800	5,225
Other	7	—	569,618	37,371
Total	81	23	5,710,173	$	545,133

2014 Sales



Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Gross Proceeds (in thousands)
Houston	5	—	553,510	$	29,721
Maryland	23	19	1,367,569	185,460
Minnesota	1	—	191,336	41,000
New Jersey	27	51	1,790,893	164,767
Orlando	4	—	588,678	116,750
Southeastern PA	3	—	113,833	12,225
Other	2	—	134,510	8,655
Total	65	70	4,740,329	$	558,578

Included in the sales for the year ended December 31, 2015 are 22 properties and three acres of land in the Richmond/Hampton Roads segment that the Company sold for $110.3 million to a firm in which the brother of David L. Lingerfelt, a member of the Company's Board of Trustees, has an equity interest.

During the three months ended December 31, 2015, The Company completed a portfolio sale consisting of 41 properties and 20 acres of land in the Southeastern PA segment. The Company has deferred gain recognition related to this sale in the amount of $14.3 million which is recorded in other liabilities on the accompanying consolidated balance sheets.

For the year ended December 31, 2015, $100.3 million in gains were included in gain on property dispositions in the Company's consolidated statements of comprehensive income. For the year ended December 31, 2014, $45.1 million in gains were included in gain on property dispositions and $46.6 million in gains were included in discontinued operations in the Company's consolidated statements of comprehensive income. For the year ended December 31, 2013, $96.3 million in gains were included in discontinued operations in the Company's consolidated statements of comprehensive income.

Information on the operating properties and land parcels the Company acquired during the years ended December 31, 2015 and 2014 is as follows:

2015 Acquisitions



Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Purchase Price
				(in thousands)
Houston	3	139	921,196	$	86,497
Lehigh/Central PA	—	281	—	62,402
Minnesota	1	188	197,956	24,541
Richmond/Hampton Roads	—	94	—	1,727
Other	1	56	410,059	45,248
Total	5	758	1,529,211	$	220,415

2014 Acquisitions



Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Purchase Price
				(in thousands)
Carolinas	7	104	947,365	$	61,293
Chicago/Milwaukee	—	16	—	7,914
Houston	—	110	—	26,210
Lehigh/Central PA	—	85	—	15,307
Minnesota	—	24	—	2,966
South Florida	—	69	—	12,027
Other	3	94	981,243	86,476
Total	10	502	1,928,608	$	212,193