Guarantor and Non-Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2013 |
Guarantor and Non-Guarantor Financial Information [Abstract] | ' |
Guarantor and Non-Guarantor Financial Information | ' |
Guarantor and Non-Guarantor Financial Information |
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The following condensed consolidating financial information for Piedmont Operating Partnership, LP (the "Issuer"), Piedmont Office Realty Trust, Inc. (the "Guarantor"), and the other directly and indirectly owned subsidiaries of the Guarantor (the "Non-Guarantor Subsidiaries") is provided pursuant to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed registered securities. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Non-Guarantor Subsidiaries. Additionally, certain reclassifications have been made to the statements presented below to reflect investments in subsidiaries, which had previously been presented on a net basis, on a gross basis. As all investments in subsidiaries are eliminated in consolidation, none of these reclassifications affect the total financial position or net income attributable to Piedmont as presented in previous periods. |
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Condensed Consolidated Balance Sheets |
As of September 30, 2013 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Assets: | | | | | | | | | |
Real estate assets, at cost: | | | | | | | | | |
Land | $ | 88,054 | | | $ | — | | | $ | 587,227 | | | $ | — | | | $ | 675,281 | |
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Buildings and improvements, less accumulated depreciation | 492,098 | | | — | | | 2,558,107 | | | (300 | ) | | 3,049,905 | |
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Intangible lease assets, less accumulated amortization | 2,547 | | | — | | | 64,323 | | | — | | | 66,870 | |
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Construction in progress | 2,546 | | | — | | | 58,616 | | | — | | | 61,162 | |
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Real estate assets held for sale, net | 19,734 | | | — | | | — | | | — | | | 19,734 | |
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Total real estate assets | 604,979 | | | — | | | 3,268,273 | | | (300 | ) | | 3,872,952 | |
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Investments in and amounts due from unconsolidated joint ventures | 18,668 | | | — | | | — | | | — | | | 18,668 | |
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Cash and cash equivalents | 12,096 | | | 146 | | | 3,730 | | | — | | | 15,972 | |
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Tenant and straight-line rent receivables, net | 35,914 | | | — | | | 130,579 | | | — | | | 166,493 | |
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Advances to affiliates | 5,110,420 | | | 1,293,461 | | | (1,086,177 | ) | | (5,317,704 | ) | | — | |
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Investment in subsidiary | — | | | 4,035,964 | | | 199 | | | (4,036,163 | ) | | — | |
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Notes receivable | 160,000 | | | 2,000 | | | 23,890 | | | (185,890 | ) | | — | |
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Prepaid expenses, restricted cash, escrows, and other assets | 5,671 | | | 47 | | | 13,218 | | | (941 | ) | | 17,995 | |
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Goodwill | 180,097 | | | — | | | — | | | — | | | 180,097 | |
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Interest rate swaps | 19,192 | | | — | | | — | | | — | | | 19,192 | |
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Deferred financing costs, net | 6,703 | | | — | | | 1,287 | | | — | | | 7,990 | |
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Deferred lease costs, net | 36,293 | | | — | | | 238,941 | | | — | | | 275,234 | |
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Other assets held for sale, net | 1,960 | | | — | | | — | | | — | | | 1,960 | |
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Total assets | $ | 6,191,993 | | | $ | 5,331,618 | | | $ | 2,593,940 | | | $ | (9,540,998 | ) | | $ | 4,576,553 | |
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Liabilities: | | | | | | | | | |
Secured and unsecured debt | $ | 859,540 | | | $ | — | | | $ | 1,149,525 | | | $ | (185,890 | ) | | $ | 1,823,175 | |
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Accounts payable, accrued expenses, and accrued capital expenditures | 20,937 | | | 1,360 | | | 138,319 | | | (941 | ) | | 159,675 | |
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Advances from affiliates | 306,636 | | | 4,807,113 | | | 244,499 | | | (5,358,248 | ) | | — | |
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Deferred income | 8,533 | | | — | | | 18,042 | | | — | | | 26,575 | |
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Intangible lease liabilities, net | 6 | | | — | | | 41,429 | | | — | | | 41,435 | |
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Interest rate swaps | 5,010 | | | — | | | — | | | — | | | 5,010 | |
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Total liabilities | 1,200,662 | | | 4,808,473 | | | 1,591,814 | | | (5,545,079 | ) | | 2,055,870 | |
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Stockholders’ Equity: | | | | | | | | | |
Common stock | — | | | 1,613 | | | — | | | — | | | 1,613 | |
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Additional paid-in capital | 4,035,964 | | | 3,668,424 | | | 199 | | | (4,036,163 | ) | | 3,668,424 | |
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Retained/(cumulative distributions in excess of) earnings | 940,540 | | | (3,146,892 | ) | | 1,000,314 | | | 40,244 | | | (1,165,794 | ) |
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Other comprehensive loss | 14,827 | | | — | | | — | | | — | | | 14,827 | |
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Piedmont stockholders’ equity | 4,991,331 | | | 523,145 | | | 1,000,513 | | | (3,995,919 | ) | | 2,519,070 | |
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Noncontrolling interest | — | | | — | | | 1,613 | | | — | | | 1,613 | |
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Total stockholders’ equity | 4,991,331 | | | 523,145 | | | 1,002,126 | | | (3,995,919 | ) | | 2,520,683 | |
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Total liabilities and stockholders’ equity | $ | 6,191,993 | | | $ | 5,331,618 | | | $ | 2,593,940 | | | $ | (9,540,998 | ) | | $ | 4,576,553 | |
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Condensed Consolidated Balance Sheets |
As of December 31, 2012 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Assets: | | | | | | | | | |
Real estate assets, at cost: | | | | | | | | | |
Land | $ | 91,782 | | | $ | — | | | $ | 535,569 | | | $ | — | | | $ | 627,351 | |
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Buildings and improvements, less accumulated depreciation | 511,793 | | | — | | | 2,379,530 | | | — | | | 2,891,323 | |
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Intangible lease assets, less accumulated amortization | 3,265 | | | — | | | 51,479 | | | — | | | 54,744 | |
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Construction in progress | 1,056 | | | — | | | 19,317 | | | — | | | 20,373 | |
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Real estate assets held for sale, net | 18,941 | | | — | | | — | | | — | | | 18,941 | |
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Total real estate assets | 626,837 | | | — | | | 2,985,895 | | | — | | | 3,612,732 | |
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Investments in and amounts due from unconsolidated joint ventures | 37,689 | | | — | | | — | | | — | | | 37,689 | |
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Cash and cash equivalents | 62,371 | | | 238 | | | (49,652 | ) | | — | | | 12,957 | |
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Tenant receivables, net | 33,495 | | | — | | | 113,049 | | | — | | | 146,544 | |
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Advances to affiliates | 4,623,173 | | | 1,300,158 | | | (908,506 | ) | | (5,014,825 | ) | | — | |
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Investment in subsidiary | — | | | 4,068,844 | | | 200 | | | (4,069,044 | ) | | — | |
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Notes receivable | 160,000 | | | 2,500 | | | 23,890 | | | (186,390 | ) | | — | |
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Prepaid expenses, restricted cash, escrows, and other assets | 4,218 | | | 15 | | | 10,071 | | | (948 | ) | | 13,356 | |
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Goodwill | 180,097 | | | — | | | — | | | — | | | 180,097 | |
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Interest rate swaps | 1,075 | | | — | | | — | | | — | | | 1,075 | |
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Deferred financing costs, net | 4,292 | | | — | | | 2,162 | | | — | | | 6,454 | |
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Deferred lease costs, net | 31,357 | | | — | | | 211,821 | | | — | | | 243,178 | |
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Other assets held for sale, net | 793 | | | — | | | — | | | — | | | 793 | |
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Total assets | $ | 5,765,397 | | | $ | 5,371,755 | | | $ | 2,388,930 | | | $ | (9,271,207 | ) | | $ | 4,254,875 | |
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Liabilities: | | | | | | | | | |
Secured and unsecured debt | $ | 452,890 | | | $ | — | | | $ | 1,150,025 | | | $ | (186,390 | ) | | $ | 1,416,525 | |
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Accounts payable, accrued expenses, and accrued capital expenditures | 20,443 | | | 645 | | | 107,123 | | | (948 | ) | | 127,263 | |
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Advances from affiliates | 274,159 | | | 4,636,936 | | | 135,940 | | | (5,047,035 | ) | | — | |
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Deferred income | 5,991 | | | — | | | 15,561 | | | — | | | 21,552 | |
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Intangible lease liabilities, net | 24 | | | — | | | 40,781 | | | | | 40,805 | |
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Interest rate swaps | 8,235 | | | — | | | — | | | — | | | 8,235 | |
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Total liabilities | 761,742 | | | 4,637,581 | | | 1,449,430 | | | (5,234,373 | ) | | 1,614,380 | |
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Stockholders’ Equity: | | | | | | | | | |
Common stock | — | | | 1,676 | | | — | | | — | | | 1,676 | |
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Additional paid-in capital | 4,068,844 | | | 3,667,051 | | | 200 | | | (4,069,044 | ) | | 3,667,051 | |
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Retained/(cumulative distributions in excess of) earnings | 941,971 | | | (2,934,553 | ) | | 937,691 | | | 32,210 | | | (1,022,681 | ) |
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Other comprehensive loss | (7,160 | ) | | — | | | — | | | — | | | (7,160 | ) |
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Piedmont stockholders’ equity | 5,003,655 | | | 734,174 | | | 937,891 | | | (4,036,834 | ) | | 2,638,886 | |
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Noncontrolling interest | — | | | — | | | 1,609 | | | — | | | 1,609 | |
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Total stockholders’ equity | 5,003,655 | | | 734,174 | | | 939,500 | | | (4,036,834 | ) | | 2,640,495 | |
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Total liabilities and stockholders’ equity | $ | 5,765,397 | | | $ | 5,371,755 | | | $ | 2,388,930 | | | $ | (9,271,207 | ) | | $ | 4,254,875 | |
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Condensed Consolidated Statements of Income |
For the three months ended September 30, 2013 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenues: | | | | | | | | | |
Rental income | $ | 20,700 | | | $ | — | | | $ | 97,492 | | | $ | (1,382 | ) | | $ | 116,810 | |
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Tenant reimbursements | 4,035 | | | — | | | 23,452 | | | (69 | ) | | 27,418 | |
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Property management fee revenue | — | | | — | | | 4,003 | | | (3,113 | ) | | 890 | |
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| 24,735 | | | — | | | 124,947 | | | (4,564 | ) | | 145,118 | |
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Expenses: | | | | | | | | | |
Property operating costs | 10,939 | | | — | | | 52,597 | | | (4,769 | ) | | 58,767 | |
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Depreciation | 6,068 | | | — | | | 24,717 | | | — | | | 30,785 | |
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Amortization | 1,353 | | | — | | | 12,525 | | | — | | | 13,878 | |
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General and administrative | 5,624 | | | 64 | | | 6,469 | | | (6,316 | ) | | 5,841 | |
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| 23,984 | | | 64 | | | 96,308 | | | (11,085 | ) | | 109,271 | |
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Real estate operating income/(loss) | 751 | | | (64 | ) | | 28,639 | | | 6,521 | | | 35,847 | |
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Other income (expense): | | | | | | | | | |
Interest expense | (6,444 | ) | | — | | | (16,028 | ) | | 3,141 | | | (19,331 | ) |
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Interest and other income/(expense) | 2,262 | | | 42 | | | 226 | | | (3,141 | ) | | (611 | ) |
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Net casualty (loss)/recoveries | (85 | ) | | — | | | 4,004 | | | — | | | 3,919 | |
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Equity in income of unconsolidated joint ventures | 46 | | | — | | | — | | | — | | | 46 | |
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Loss on consolidation | (898 | ) | | — | | | — | | | — | | | (898 | ) |
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| (5,119 | ) | | 42 | | | (11,798 | ) | | — | | | (16,875 | ) |
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Income/(loss) from continuing operations | (4,368 | ) | | (22 | ) | | 16,841 | | | 6,521 | | | 18,972 | |
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Discontinued operations: | | | | | | | | | |
Operating income/(loss) | 131 | | | — | | | (3 | ) | | — | | | 128 | |
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Income/(loss) from discontinued operations | 131 | | | — | | | (3 | ) | | — | | | 128 | |
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Net income/(loss) | (4,237 | ) | | (22 | ) | | 16,838 | | | 6,521 | | | 19,100 | |
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Less: Net income attributable to noncontrolling interest | — | | | — | | | (4 | ) | | — | | | (4 | ) |
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Net income/(loss) attributable to Piedmont | $ | (4,237 | ) | | $ | (22 | ) | | $ | 16,834 | | | $ | 6,521 | | | $ | 19,096 | |
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Condensed Consolidated Statements of Income |
For the three months ended September 30, 2012 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenues: | | | | | | | | | |
Rental income | $ | 18,889 | | | $ | — | | | $ | 87,448 | | | $ | (1,389 | ) | | $ | 104,948 | |
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Tenant reimbursements | 4,655 | | | — | | | 22,547 | | | (70 | ) | | 27,132 | |
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Property management fee revenue | — | | | — | | | 3,634 | | | (3,114 | ) | | 520 | |
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| 23,544 | | | — | | | 113,629 | | | (4,573 | ) | | 132,600 | |
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Expenses: | | | | | | | | | |
Property operating costs | 11,279 | | | — | | | 44,006 | | | (4,802 | ) | | 50,483 | |
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Depreciation | 6,200 | | | — | | | 21,721 | | | — | | | 27,921 | |
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Amortization | 1,378 | | | — | | | 13,787 | | | — | | | 15,165 | |
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General and administrative | 4,895 | | | 84 | | | 6,503 | | | (5,974 | ) | | 5,508 | |
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| 23,752 | | | 84 | | | 86,017 | | | (10,776 | ) | | 99,077 | |
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Real estate operating income/(loss) | (208 | ) | | (84 | ) | | 27,612 | | | 6,203 | | | 33,523 | |
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Other income (expense): | | | | | | | | | |
Interest expense | (3,360 | ) | | — | | | (16,041 | ) | | 3,154 | | | (16,247 | ) |
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Interest and other income/(expense) | 3,245 | | | — | | | 292 | | | (3,154 | ) | | 383 | |
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Litigation settlement expense | (7,500 | ) | | — | | | — | | | — | | | (7,500 | ) |
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Equity in income of unconsolidated joint ventures | 323 | | | — | | | — | | | — | | | 323 | |
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| (7,292 | ) | | — | | | (15,749 | ) | | — | | | (23,041 | ) |
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Income/(loss) from continuing operations | (7,500 | ) | | (84 | ) | | 11,863 | | | 6,203 | | | 10,482 | |
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Discontinued operations: | | | | | | | | | |
Operating income | 509 | | | — | | | 98 | | | — | | | 607 | |
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Loss on sale of real estate assets | (254 | ) | | — | | | — | | | — | | | (254 | ) |
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Income from discontinued operations | 255 | | | — | | | 98 | | | — | | | 353 | |
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Net income/(loss) | (7,245 | ) | | (84 | ) | | 11,961 | | | 6,203 | | | 10,835 | |
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Less: Net income attributable to noncontrolling interest | — | | | — | | | (4 | ) | | — | | | (4 | ) |
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Net income/(loss) attributable to Piedmont | $ | (7,245 | ) | | $ | (84 | ) | | $ | 11,957 | | | $ | 6,203 | | | $ | 10,831 | |
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Condensed Consolidated Statements of Income |
For the nine months ended September 30, 2013 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenues: | | | | | | | | | |
Rental income | $ | 57,754 | | | $ | — | | | $ | 279,931 | | | $ | (3,830 | ) | | $ | 333,855 | |
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Tenant reimbursements | 12,018 | | | — | | | 65,357 | | | (207 | ) | | 77,168 | |
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Property management fee revenue | — | | | — | | | 11,392 | | | (9,358 | ) | | 2,034 | |
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| 69,772 | | | — | | | 356,680 | | | (13,395 | ) | | 413,057 | |
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Expenses: | | | | | | | | | |
Property operating costs | 31,107 | | | — | | | 147,014 | | | (13,701 | ) | | 164,420 | |
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Depreciation | 18,074 | | | — | | | 72,614 | | | — | | | 90,688 | |
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Amortization | 3,926 | | | — | | | 30,318 | | | — | | | 34,244 | |
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General and administrative | 16,024 | | | 249 | | | 18,896 | | | (18,491 | ) | | 16,678 | |
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| 69,131 | | | 249 | | | 268,842 | | | (32,192 | ) | | 306,030 | |
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Real estate operating income/(loss) | 641 | | | (249 | ) | | 87,838 | | | 18,797 | | | 107,027 | |
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Other income (expense): | | | | | | | | | |
Interest expense | (15,478 | ) | | — | | | (47,879 | ) | | 9,425 | | | (53,932 | ) |
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Interest and other income/(expense) | 7,834 | | | 128 | | | (497 | ) | | (9,425 | ) | | (1,960 | ) |
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Litigation settlement recovery | 1,250 | | | — | | | — | | | — | | | 1,250 | |
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Net casualty (loss)/recoveries | (239 | ) | | — | | | 6,300 | | | — | | | 6,061 | |
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Equity in income of unconsolidated joint ventures | 604 | | | — | | | — | | | — | | | 604 | |
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Loss on consolidation | (898 | ) | | — | | | — | | | — | | | (898 | ) |
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| (6,927 | ) | | 128 | | | (42,076 | ) | | — | | | (48,875 | ) |
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Income/(loss) from continuing operations | (6,286 | ) | | (121 | ) | | 45,762 | | | 18,797 | | | 58,152 | |
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Discontinued operations: | | | | | | | | | |
Operating income, excluding impairment loss | 503 | | | — | | | 606 | | | | | 1,109 | |
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Impairment loss | (6,402 | ) | | — | | | — | | | — | | | (6,402 | ) |
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Gain/(loss) on sale of real estate assets | (9 | ) | | — | | | 16,267 | | | — | | | 16,258 | |
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Income/(loss) from discontinued operations | (5,908 | ) | | — | | | 16,873 | | | — | | | 10,965 | |
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Net income/(loss) | (12,194 | ) | | (121 | ) | | 62,635 | | | 18,797 | | | 69,117 | |
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Less: Net income attributable to noncontrolling interest | — | | | — | | | (12 | ) | | — | | | (12 | ) |
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Net income/(loss) attributable to Piedmont | $ | (12,194 | ) | | $ | (121 | ) | | $ | 62,623 | | | $ | 18,797 | | | $ | 69,105 | |
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Condensed Consolidated Statements of Income |
For the nine months ended September 30, 2012 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenues: | | | | | | | | | |
Rental income | $ | 55,272 | | | $ | — | | | $ | 260,287 | | | $ | (3,552 | ) | | $ | 312,007 | |
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Tenant reimbursements | 12,774 | | | — | | | 67,727 | | | (211 | ) | | 80,290 | |
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Property management fee revenue | — | | | — | | | 10,705 | | | (8,985 | ) | | 1,720 | |
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| 68,046 | | | — | | | 338,719 | | | (12,748 | ) | | 394,017 | |
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Expenses: | | | | | | | | | |
Property operating costs | 31,416 | | | — | | | 136,444 | | | (13,292 | ) | | 154,568 | |
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Depreciation | 17,439 | | | — | | | 64,282 | | | — | | | 81,721 | |
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Amortization | 3,981 | | | — | | | 35,114 | | | — | | | 39,095 | |
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General and administrative | 14,930 | | | 224 | | | 18,057 | | | (17,582 | ) | | 15,629 | |
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| 67,766 | | | 224 | | | 253,897 | | | (30,874 | ) | | 291,013 | |
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Real estate operating income/(loss) | 280 | | | (224 | ) | | 84,822 | | | 18,126 | | | 103,004 | |
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Other income (expense): | | | | | | | | | |
Interest expense | (9,120 | ) | | — | | | (48,965 | ) | | 9,358 | | | (48,727 | ) |
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Interest and other income/(expense) | 9,268 | | | — | | | 855 | | | (9,358 | ) | | 765 | |
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Litigation settlement expense | (7,500 | ) | | — | | | — | | | — | | | (7,500 | ) |
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Equity in income of unconsolidated joint ventures | 739 | | | — | | | — | | | — | | | 739 | |
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| (6,613 | ) | | — | | | (48,110 | ) | | — | | | (54,723 | ) |
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Income/(loss) from continuing operations | (6,333 | ) | | (224 | ) | | 36,712 | | | 18,126 | | | 48,281 | |
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Discontinued operations: | | | | | | | | | |
Operating income | 2,795 | | | — | | | 119 | | | — | | | 2,914 | |
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Gain on sale of real estate assets | 27,582 | | | — | | | 1 | | | — | | | 27,583 | |
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Income from discontinued operations | 30,377 | | | — | | | 120 | | | — | | | 30,497 | |
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Net income/(loss) | 24,044 | | | (224 | ) | | 36,832 | | | 18,126 | | | 78,778 | |
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Less: Net income attributable to noncontrolling interest | — | | | — | | | (12 | ) | | — | | | (12 | ) |
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Net income/(loss) attributable to Piedmont | $ | 24,044 | | | $ | (224 | ) | | $ | 36,820 | | | $ | 18,126 | | | $ | 78,766 | |
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Condensed Consolidated Statements of Cash Flows |
For the nine months ended September 30, 2013 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net Cash Provided by Operating Activities | $ | 18,325 | | | $ | 1,363 | | | $ | 129,863 | | | $ | 18,797 | | | $ | 168,348 | |
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Cash Flows from Investing Activities: | | | | | | | | | |
Investment in real estate assets and real estate related intangibles, net of accruals | (5,858 | ) | | — | | | (357,055 | ) | | 300 | | | (362,613 | ) |
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Intercompany note receivable | — | | | 500 | | | — | | | (500 | ) | | — | |
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Assets assumed upon acquisition of joint ventures | 18,045 | | | — | | | (32,287 | ) | | — | | | (14,242 | ) |
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Net sales proceeds from wholly-owned properties | 3,752 | | | — | | | 45,574 | | | — | | | 49,326 | |
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Investments in unconsolidated joint ventures | (793 | ) | | — | | | — | | | — | | | (793 | ) |
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Deferred lease costs paid | (10,015 | ) | | — | | | (18,334 | ) | | — | | | (28,349 | ) |
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Net cash (used in)/provided by investing activities | 5,131 | | | 500 | | | (362,102 | ) | | (200 | ) | | (356,671 | ) |
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Cash Flows from Financing Activities: | | | | | | | | | |
Deferred financing costs paid | (3,447 | ) | | — | | | — | | | — | | | (3,447 | ) |
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Proceeds from debt | 832,603 | | | — | | | — | | | — | | | 832,603 | |
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Repayments of debt | (426,000 | ) | | — | | | — | | | — | | | (426,000 | ) |
|
Intercompany note payable | — | | | — | | | (500 | ) | | 500 | | | — | |
|
Costs of issuance of common stock | — | | | (91 | ) | | — | | | — | | | (91 | ) |
|
Repurchases of common stock as part of announced plan | — | | | (111,625 | ) | | — | | | — | | | (111,625 | ) |
|
Distributions to/repayments from affiliates | (476,887 | ) | | 209,855 | | | 286,129 | | | (19,097 | ) | | — | |
|
Dividends paid and discount on dividend reinvestments | — | | | (100,094 | ) | | (8 | ) | | — | | | (100,102 | ) |
|
Net cash provided by/(used in) financing activities | (73,731 | ) | | (1,955 | ) | | 285,621 | | | (18,597 | ) | | 191,338 | |
|
Net increase/(decrease) in cash and cash equivalents | (50,275 | ) | | (92 | ) | | 53,382 | | | — | | | 3,015 | |
|
Cash and cash equivalents, beginning of period | 62,371 | | | 238 | | | (49,652 | ) | | — | | | 12,957 | |
|
Cash and cash equivalents, end of period | $ | 12,096 | | | $ | 146 | | | $ | 3,730 | | | $ | — | | | $ | 15,972 | |
|
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Condensed Consolidated Statements of Cash Flows |
For the nine months ended September 30, 2012 |
(in thousands) | Issuer | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net Cash Provided by Operating Activities | $ | 748 | | | $ | 1,527 | | | $ | 122,202 | | | $ | 18,126 | | | $ | 142,603 | |
|
| | | | | | | | | |
Cash Flows from Investing Activities: | | | | | | | | | |
Investment in real estate assets and real estate related intangibles, net of accruals | (16,558 | ) | | — | | | (57,878 | ) | | — | | | (74,436 | ) |
|
Intercompany note receivable | (3,100 | ) | | — | | | — | | | 3,100 | | | — | |
|
Net sales proceeds from wholly-owned properties | 74,845 | | | — | | | — | | | — | | | 74,845 | |
|
Deferred lease costs paid | (2,837 | ) | | — | | | (36,482 | ) | | — | | | (39,319 | ) |
|
Net cash provided by/(used in) investing activities | 52,350 | | | — | | | (94,360 | ) | | 3,100 | | | (38,910 | ) |
|
Cash Flows from Financing Activities: | | | | | | | | | |
Deferred financing costs paid | (2,991 | ) | | — | | | — | | | — | | | (2,991 | ) |
|
Proceeds from debt | 365,000 | | | — | | | — | | | — | | | 365,000 | |
|
Repayments of debt | (216,500 | ) | | — | | | (185,000 | ) | | — | | | (401,500 | ) |
|
Intercompany note payable | — | | | — | | | 3,100 | | | (3,100 | ) | | — | |
|
Costs of issuance of common stock | — | | | (229 | ) | | — | | | — | | | (229 | ) |
|
Repurchases of common stock as part of announced plan | — | | | (80,130 | ) | | — | | | — | | | (80,130 | ) |
|
Distributions to/repayments from affiliates | (305,743 | ) | | 181,605 | | | 142,264 | | | (18,126 | ) | | — | |
|
Dividends paid and discount on dividend reinvestments | — | | | (102,762 | ) | | (8 | ) | | — | | | (102,770 | ) |
|
Net cash used in financing activities | (160,234 | ) | | (1,516 | ) | | (39,644 | ) | | (21,226 | ) | | (222,620 | ) |
Net (decrease)/increase in cash and cash equivalents | (107,136 | ) | | 11 | | | (11,802 | ) | | — | | | (118,927 | ) |
|
Cash and cash equivalents, beginning of period | 166,920 | | | 139 | | | (27,369 | ) | | — | | | 139,690 | |
|
Cash and cash equivalents, end of period | $ | 59,784 | | | $ | 150 | | | $ | (39,171 | ) | | $ | — | | | $ | 20,763 | |
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