Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 17, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Piedmont Office Realty Trust, Inc. | ' | ' |
Entity Central Index Key | '0001042776 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 154,288,003 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,965,463,289 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Land | $688,761 | $629,536 |
Buildings and improvements, less accumulated depreciation of $979,934 and $883,957 as of December 31, 2013 and December 31, 2012, respectively | 3,164,575 | 2,908,078 |
Intangible lease assets, less accumulated amortization of $71,820 and $67,940 as of December 31, 2013 and December 31, 2012, respectively | 74,377 | 54,745 |
Construction in progress | 24,270 | 20,373 |
Total real estate assets | 3,951,983 | 3,612,732 |
Investments in unconsolidated joint ventures | 14,122 | 37,226 |
Cash and cash equivalents | 6,973 | 12,957 |
Tenant receivables, net of allowance for doubtful accounts of $346 and $346 as of December 31, 2013 and December 31, 2012, respectively | 31,145 | 25,038 |
Straight-line rent receivables | 139,406 | 122,299 |
Due from unconsolidated joint ventures | 266 | 463 |
Restricted cash and escrows | 394 | 334 |
Prepaid expenses and other assets | 24,771 | 21,283 |
Goodwill | 180,097 | 180,097 |
Interest rate swaps | 24,176 | 1,075 |
Deferred financing costs, less accumulated amortization of $13,041 and $10,479 as of December 31, 2013 and December 31, 2012, respectively | 8,759 | 6,454 |
Deferred lease costs, less accumulated amortization of $126,465 and $108,380 as of December 31, 2013 and December 31, 2012, respectively | 283,996 | 234,917 |
Total assets | 4,666,088 | 4,254,875 |
Liabilities: | ' | ' |
Unsecured debt | 1,014,680 | 429,000 |
Secured debt | 987,525 | 987,525 |
Accounts payable, accrued expenses, and accrued capital expenditures | 128,818 | 127,263 |
Deferred income | 22,267 | 21,552 |
Intangible lease liabilities, less accumulated amortization of $44,256 and $40,931 as of December 31, 2013 and December 31, 2012, respectively | 47,113 | 40,805 |
Interest rate swaps | 4,526 | 8,235 |
Total liabilities | 2,204,929 | 1,614,380 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity: | ' | ' |
Shares-in-trust, 150,000,000 shares authorized, none outstanding as of December 31, 2013 or December 31, 2012 | 0 | 0 |
Preferred stock, no par value, 100,000,000 shares authorized, none outstanding as of December 31, 2013 or December 31, 2012 | 0 | 0 |
Common stock, $.01 par value; 750,000,000 shares authorized, 157,460,903 shares issued and outstanding as of December 31, 2013; and 167,556,001 shares issued and outstanding at December 31, 2012 | 1,575 | 1,676 |
Additional paid-in capital | 3,668,906 | 3,667,051 |
Cumulative distributions in excess of earnings | -1,231,209 | -1,022,681 |
Other comprehensive income/(loss) | 20,278 | -7,160 |
Piedmont stockholders’ equity | 2,459,550 | 2,638,886 |
Noncontrolling interest | 1,609 | 1,609 |
Total stockholders’ equity | 2,461,159 | 2,640,495 |
Total liabilities and stockholders’ equity | $4,666,088 | $4,254,875 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Intangible lease assets, accumulated amortization | $71,820 | $67,940 |
Tenant receivables, allowance for doubtful accounts | 346 | 346 |
Deferred financing costs, accumulated amortization | 13,041 | 10,479 |
Deferred lease costs, accumulated amortization | 126,465 | 108,380 |
Liabilities: | ' | ' |
Intangible Lease Liabilities Accumulated Amortization | 44,256 | 40,931 |
Stockholders' Equity: | ' | ' |
Shares-in-trust, shares authorized | 150,000,000 | 150,000,000 |
Shares-in-trust, shares outstanding | 0 | 0 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares outstanding | 157,460,903 | 167,556,001 |
Building and building improvements [Member] | ' | ' |
Assets: | ' | ' |
Buildings and improvements, accumulated depreciation | $979,934 | $883,957 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income | $447,687 | $415,972 | $409,711 |
Tenant reimbursements | 104,567 | 106,754 | 113,813 |
Property management fee revenue | 2,251 | 2,318 | 1,584 |
Total revenues | 554,505 | 525,044 | 525,108 |
Expenses: | ' | ' | ' |
Property operating costs | 222,979 | 208,280 | 202,531 |
Depreciation | 122,562 | 110,359 | 100,686 |
Amortization | 45,651 | 49,562 | 54,008 |
Impairment loss | 1,242 | 0 | 0 |
General and administrative | 21,883 | 20,765 | 25,072 |
Operating Expenses | 414,317 | 388,966 | 382,297 |
Real estate operating income | 140,188 | 136,078 | 142,811 |
Other income (expense): | ' | ' | ' |
Interest expense | -73,583 | -65,023 | -65,817 |
Interest income and other income/(expense) | -2,352 | 833 | 2,866 |
Litigation settlement recovery/(expense) | 1,250 | -7,500 | 0 |
Net casualty recoveries/(loss) | 10,561 | -5,170 | 0 |
Equity in income/(loss) of unconsolidated joint ventures | -3,676 | 923 | 1,619 |
Loss on consolidation | -898 | 0 | 1,532 |
Gain on extinguishment of debt | 0 | 0 | 1,039 |
Nonoperating Income (Expense) | -68,698 | -75,937 | -58,761 |
Income from continuing operations | 71,490 | 60,141 | 84,050 |
Discontinued operations: | ' | ' | ' |
Operating income, excluding impairment loss | 2,363 | 5,501 | 18,349 |
Impairment loss | -6,402 | 0 | 0 |
Gain on sale of real estate assets | 31,292 | 27,577 | 122,657 |
Income from discontinued operations | 27,253 | 33,078 | 141,006 |
Net income | 98,743 | 93,219 | 225,056 |
Less: Net income attributable to noncontrolling interest | -15 | -15 | -15 |
Net income attributable to Piedmont | $98,728 | $93,204 | $225,041 |
Per share information— basic and diluted: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.44 | $0.35 | $0.49 |
Income from discontinued operations (in dollars per share) | $0.16 | $0.20 | $0.81 |
Net income available to common stockholders (in dollars per share) | $0.60 | $0.55 | $1.30 |
Weighted-average common shares outstanding - basic (in shares) | 165,012,713 | 170,312,328 | 172,764,838 |
Weighted-average common shares outstanding - diluted (in shares) | 165,137,482 | 170,441,223 | 172,980,947 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income attributable to Piedmont | $98,728 | $93,204 | $225,041 |
Other comprehensive income/(loss): | ' | ' | ' |
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 7) | 24,312 | -7,656 | -3,064 |
Reclassification of previously recorded loss included in net income (See Note 7) | 3,126 | 3,033 | 1,218 |
Other comprehensive income/(loss) | 27,438 | -4,623 | -1,846 |
Comprehensive income attributable to Piedmont | $126,166 | $88,581 | $223,195 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Cumulative Distributions in Excess of Earnings [Member] | Other Comprehensive Income/ (Loss) [Member] | Non-controlling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance, value at Dec. 31, 2010 | $2,773,454 | $1,727 | $3,661,308 | ($895,122) | ($691) | $6,232 |
Balance (in shares) at Dec. 31, 2010 | ' | 172,658,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Share repurchases as part of an announced plan | -3,244 | -2 | ' | -3,242 | ' | ' |
Stock repurchases as part of an announced plan (in shares) | ' | -199,000 | ' | ' | ' | ' |
Offering costs associated with issuance of common stock | -479 | ' | -479 | ' | ' | ' |
Attribution of asset sales proceeds to noncontrolling interest | -2,684 | ' | ' | ' | ' | -2,684 |
Dividends to common stockholders, distributions to noncontrolling interest, and dividends reinvested | -220,365 | ' | -249 | -217,709 | ' | -2,407 |
Shares issued under the 2007 Omnibus Incentive Plan, net of tax | 3,083 | 1 | 3,082 | ' | ' | ' |
Shares issued under the 2007 Omnibus Incentive Plan, net of tax, shares | ' | 171,000 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | 468 | ' | ' | ' | ' | 468 |
Net income attributable to Piedmont | 225,041 | ' | ' | 225,041 | ' | ' |
Other comprehensive income | -1,846 | ' | ' | ' | -1,846 | ' |
Balance, value at Dec. 31, 2011 | 2,773,428 | 1,726 | 3,663,662 | -891,032 | -2,537 | 1,609 |
Balance, (in shares) at Dec. 31, 2011 | ' | 172,630,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Share repurchases as part of an announced plan | -88,737 | -52 | ' | -88,685 | ' | ' |
Stock repurchases as part of an announced plan (in shares) | ' | -5,255,000 | ' | ' | ' | ' |
Offering costs associated with issuance of common stock | 567 | ' | 567 | ' | ' | ' |
Dividends to common stockholders, distributions to noncontrolling interest, and dividends reinvested | -136,378 | ' | -195 | -136,168 | ' | -15 |
Shares issued under the 2007 Omnibus Incentive Plan, net of tax | 3,019 | 2 | 3,017 | ' | ' | ' |
Shares issued under the 2007 Omnibus Incentive Plan, net of tax, shares | ' | 181,000 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | 15 | ' | ' | ' | ' | 15 |
Net income attributable to Piedmont | 93,204 | ' | ' | 93,204 | ' | ' |
Other comprehensive income | -4,623 | ' | ' | ' | -4,623 | ' |
Balance, value at Dec. 31, 2012 | 2,640,495 | 1,676 | 3,667,051 | -1,022,681 | -7,160 | 1,609 |
Balance, (in shares) at Dec. 31, 2012 | 167,556,001 | 167,556,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Share repurchases as part of an announced plan | -175,269 | -102 | ' | -175,167 | ' | ' |
Stock repurchases as part of an announced plan (in shares) | ' | -10,246,000 | ' | ' | ' | ' |
Offering costs associated with issuance of common stock | -91 | ' | -91 | ' | ' | ' |
Dividends to common stockholders, distributions to noncontrolling interest, and dividends reinvested | -132,301 | ' | -197 | -132,089 | ' | -15 |
Shares issued under the 2007 Omnibus Incentive Plan, net of tax | 2,144 | 1 | 2,143 | ' | ' | ' |
Shares issued under the 2007 Omnibus Incentive Plan, net of tax, shares | 150,852 | 151,000 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | 15 | ' | ' | ' | ' | 15 |
Net income attributable to Piedmont | 98,728 | ' | ' | 98,728 | ' | ' |
Other comprehensive income | 27,438 | ' | ' | ' | 27,438 | ' |
Balance, value at Dec. 31, 2013 | $2,461,159 | $1,575 | $3,668,906 | ($1,231,209) | $20,278 | $1,609 |
Balance, (in shares) at Dec. 31, 2013 | 157,460,903 | 157,461,000 | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends to common stockholders per share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.80 | $0.80 | $1.26 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $98,743 | $93,219 | $225,056 |
Operating distributions received from unconsolidated joint ventures | 1,475 | 2,338 | 2,932 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Income attributable to noncontrolling interest- discontinued operations | 0 | 0 | 453 |
Depreciation | 123,566 | 113,650 | 109,730 |
Amortization of deferred financing costs and fair market value adjustments on notes payable | 2,620 | 2,648 | 4,777 |
Settlement of forward starting interest rate swaps | 672 | 0 | 0 |
Other amortization | 43,939 | 47,479 | 56,688 |
Impairment loss on wholly-owned properties | 7,644 | 0 | 0 |
Gain on extinguishment of debt | 0 | 0 | -1,041 |
Accretion of discount on notes receivable | 0 | 0 | -482 |
Stock compensation expense | 1,590 | 2,246 | 4,705 |
Reduction of long-lived assets due to casualty event | 0 | 1,980 | 0 |
Equity in income of unconsolidated joint ventures | 3,676 | -923 | -1,609 |
Loss/(gain) on consolidation | 898 | 0 | -1,532 |
Gain on sale of real estate assets | -31,292 | -27,577 | -122,657 |
Changes in assets and liabilities: | ' | ' | ' |
Increase in tenant and straight-line rent receivables, net | -29,101 | -21,720 | -13,295 |
(Increase)/decrease in restricted cash and escrows | -60 | 8,705 | 18,720 |
Increase in prepaid expenses and other assets | -3,427 | -3,837 | -2,727 |
(Decrease)/increase in accounts payable and accrued expenses | -6,434 | 8,486 | 3,511 |
Increase/(decrease) in deferred income | 570 | -5,769 | -16,134 |
Net cash provided by operating activities | 215,079 | 220,925 | 267,095 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisition of real estate assets and related intangibles | -366,182 | -4,225 | -161,576 |
Capitalized expenditures, net of accruals | -175,988 | -104,262 | -54,033 |
Acquisition of unconsolidated joint ventures, net of cash assumed | -14,242 | 0 | 0 |
Cash assumed upon consolidation of variable interest entity | 0 | 0 | 5,063 |
Net sale proceeds from wholly-owned properties and consolidated joint venture | 95,671 | 93,839 | 291,785 |
Net sale proceeds received from unconsolidated joint ventures | 0 | 0 | 3,036 |
Investments in unconsolidated joint ventures | -793 | -136 | -151 |
Liquidation of noncontrolling interest upon sale of consolidated joint venture | 0 | 0 | -95 |
Deferred lease costs paid | -34,298 | -48,692 | -47,049 |
Net cash provided/(used in) by investing activities | -495,832 | -63,476 | 36,980 |
Cash Flows from Financing Activities: | ' | ' | ' |
Deferred financing costs paid | -4,892 | -3,125 | -3,367 |
Proceeds from debt | 1,085,604 | 409,000 | 829,000 |
Repayments of debt | -500,000 | -465,000 | -822,875 |
Net costs of issuance of common stock | -91 | -229 | -252 |
Repurchases of common stock as part of announced plan | -173,551 | -88,450 | -3,244 |
Dividends paid and discount on dividend reinvestments | -132,301 | -136,378 | -220,365 |
Net cash provided by/(used in) financing activities | 274,769 | -284,182 | -221,103 |
Net increase/(decrease) in cash and cash equivalents | -5,984 | -126,733 | 82,972 |
Cash and cash equivalents, beginning of year | 12,957 | 139,690 | 56,718 |
Cash and cash equivalents, end of year | $6,973 | $12,957 | $139,690 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
Organization | |
Piedmont Office Realty Trust, Inc. (“Piedmont”) (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes and engages in the acquisition and ownership of commercial real estate properties throughout the United States, including properties that are under construction, are newly constructed, or have operating histories. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business primarily through Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont owns 99.9% of, and is the sole general partner of, Piedmont OP and as such, possesses full legal control and authority over the operations of Piedmont OP. The remaining 0.1% ownership interest of Piedmont OP is held indirectly by Piedmont through its wholly-owned subsidiary, Piedmont Office Holdings, Inc ("POH"), the sole limited partner of Piedmont OP. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through both consolidated and unconsolidated joint ventures. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. | |
As of December 31, 2013, Piedmont owned 78 office properties, as well as interests in two office buildings through an unconsolidated joint venture. Piedmont's consolidated office properties comprise 21.5 million square feet (unaudited) of primarily Class A commercial office space, and were 87.2% leased (unaudited) as of December 31, 2013. As of December 31, 2013, approximately 90% of our annualized lease revenue ("ALR") (unaudited) was generated from our primary markets: Atlanta, Boston, Chicago, Los Angeles, Minneapolis, the New York Metropolitan Statistical Area ("MSA"), Texas (Dallas, Houston and Austin), and Washington, D.C. | |
Piedmont internally evaluates all of the real estate assets as one operating segment, and accordingly, does not report segment information. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||
Basis of Presentation and Principles of Consolidation | ||||||||||||||||
Piedmont’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity of which Piedmont or any of its wholly-owned subsidiaries is considered the primary beneficiary, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. | ||||||||||||||||
Piedmont owns interests in three real properties through its ownership in Piedmont Washington Properties, Inc. Piedmont has evaluated this entity based on the criteria outlined above and concluded that it is not a variable interest entity (“VIE”) and that Piedmont has a controlling interest in Piedmont Washington Properties, Inc. Accordingly, Piedmont’s consolidated financial statements include the accounts of Piedmont Washington Properties, Inc. | ||||||||||||||||
In addition, during the three years ended December 31, 2013, Piedmont owned interests in certain properties through its ownership in various unconsolidated joint venture partnerships. Although Piedmont is currently or was the majority equity participant in these joint ventures, Piedmont and its co-venturer exercised joint control over the properties held by the joint ventures. As a result, in accordance with GAAP, the accounts of these joint ventures are not consolidated, but rather accounted for using the equity method of accounting in Piedmont’s consolidated financial statements. | ||||||||||||||||
Please refer to Note 6 for a summary of Piedmont’s interests in and consolidation treatment of its various VIEs as of December 31, 2013. | ||||||||||||||||
Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity and consequently the assets of the special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only. | ||||||||||||||||
All inter-company balances and transactions have been eliminated upon consolidation. | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from those estimates. | ||||||||||||||||
Real Estate Assets | ||||||||||||||||
Real estate assets are stated at cost, as adjusted for any impairment, less accumulated depreciation. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, any tenant improvements or major improvements, and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Piedmont capitalizes interest while the development of a real estate asset is in progress. Approximately $31,000, $0, and $0 of interest was capitalized for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives: | ||||||||||||||||
Buildings | 40 years | |||||||||||||||
Building improvements | 5-25 years | |||||||||||||||
Land improvements | 20-25 years | |||||||||||||||
Tenant improvements | Shorter of economic life or lease term | |||||||||||||||
Furniture, fixtures, and equipment | 3-5 years | |||||||||||||||
Intangible lease assets | Lease term | |||||||||||||||
Piedmont continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of both operating properties and properties under construction in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present for wholly-owned properties, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or with the estimated fair values, less costs to sell, for assets held for sale. Piedmont generally considers assets to be held for sale at the point at which a sale contract is executed and earnest money has become non-refundable. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates). | ||||||||||||||||
For properties owned as part of an investment in unconsolidated joint ventures, Piedmont assesses the fair value of its investment as compared to its carrying amount. If Piedmont determines that the carrying value is greater than the fair value at any measurement date, Piedmont must also determine if such a difference is temporary in nature. Value fluctuations which are “other than temporary” in nature are then recorded to adjust the carrying value to the fair value amount. | ||||||||||||||||
Allocation of Purchase Price of Acquired Assets | ||||||||||||||||
Upon the acquisition of real properties, Piedmont allocates the purchase price of properties to acquired tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values. | ||||||||||||||||
The fair values of the tangible assets of an acquired property (which includes land and building) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions. | ||||||||||||||||
The fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. | ||||||||||||||||
The fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant, estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||||||||||||||||
Gross intangible assets and liabilities recorded at acquisition as of December 31, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||||||||
31-Dec-13 | December 31, 2012 | |||||||||||||||
Intangible Lease Assets: | ||||||||||||||||
Above-Market In-Place Lease Assets | $ | 21,137 | $ | 21,468 | ||||||||||||
Absorption Period Costs | $ | 125,060 | $ | 101,217 | ||||||||||||
Intangible Lease Origination Costs (included in Deferred Lease Costs) | $ | 158,427 | $ | 116,995 | ||||||||||||
Intangible Lease Liabilities (Below-Market In-Place Leases) | $ | 91,369 | $ | 81,736 | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Amortization expense related to Intangible Lease Origination Costs and Absorption Period Costs | $ | 30,409 | $ | 36,151 | $ | 48,013 | ||||||||||
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues | $ | 5,278 | $ | 5,678 | $ | 7,065 | ||||||||||
Net intangible assets and liabilities as of December 31, 2013 will be amortized as follows (in thousands): | ||||||||||||||||
Intangible Lease Assets | ||||||||||||||||
Above-Market | Absorption | Intangible Lease | Below-Market | |||||||||||||
In-place | Period Costs | Origination Costs(1) | In-place Lease | |||||||||||||
Lease Assets | Liabilities | |||||||||||||||
For the year ending December 31: | ||||||||||||||||
2014 | $ | 2,050 | $ | 15,046 | $ | 18,882 | $ | 6,825 | ||||||||
2015 | 1,891 | 13,789 | 17,490 | 6,328 | ||||||||||||
2016 | 1,662 | 10,996 | 14,652 | 6,205 | ||||||||||||
2017 | 886 | 8,241 | 11,671 | 6,300 | ||||||||||||
2018 | 309 | 5,687 | 8,726 | 5,702 | ||||||||||||
Thereafter | 131 | 13,689 | 21,449 | 15,753 | ||||||||||||
$ | 6,929 | $ | 67,448 | $ | 92,870 | $ | 47,113 | |||||||||
Weighted-Average Amortization Period (in years) | 4 | 6 | 6 | 8 | ||||||||||||
-1 | Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. | |||||||||||||||
Investments in Unconsolidated Joint Ventures | ||||||||||||||||
Piedmont’s investments in unconsolidated joint ventures are recorded using the equity method of accounting, whereby original investments are recorded at cost and subsequently adjusted for contributions, distributions, net income/(loss), and "other than temporary" impairments, if any, attributable to such joint ventures. Pursuant to the terms of the unconsolidated joint venture agreements, all income and distributions are allocated to the joint venture partners in accordance with their respective ownership interests. Distributions of net cash from operations are generally distributed to the joint venture partners on a quarterly basis, and are classified as cash inflows from operating activities, as they are presumed to be returns on Piedmont’s investment in the respective joint venture. Proceeds received as the result of a sale of an asset from an unconsolidated joint venture are considered a return of Piedmont’s investment in the joint venture and classified as cash inflows from investing activities. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Piedmont considers all highly-liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value, and consist of investments in money market accounts. | ||||||||||||||||
Tenant Receivables, net and Straight-line Rent Receivables | ||||||||||||||||
Tenant receivables are comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables represent the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the collectibility of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. Piedmont adjusted the allowance for doubtful accounts by recording provisions for/(recoveries of) bad debts of approximately $0.2, $0, and ($0.4) million for the years ended December 31, 2013, 2012, and 2011, respectively, which are included in general and administrative expenses in the accompanying consolidated statements of income. | ||||||||||||||||
Due from Unconsolidated Joint Ventures | ||||||||||||||||
Due from unconsolidated joint ventures represents operating distributions due to Piedmont from its investments in unconsolidated joint ventures which have been declared but not received as of period end. | ||||||||||||||||
Restricted Cash and Escrows | ||||||||||||||||
Restricted cash and escrows principally relate to the following types of items: | ||||||||||||||||
• | escrow accounts held by lenders to pay future real estate taxes, insurance, debt service, and tenant improvements; | |||||||||||||||
• | net sales proceeds from property sales held by qualified intermediary for potential Section 1031 exchange; | |||||||||||||||
• | earnest money paid in connection with future acquisitions; and | |||||||||||||||
• | security and utility deposits paid by tenants per the terms of their respective leases. | |||||||||||||||
Restricted cash and escrows are generally reclassified to other asset or liability accounts upon being used to purchase assets, satisfy obligations, or settle tenant obligations. | ||||||||||||||||
Prepaid Expenses and Other Assets | ||||||||||||||||
Prepaid expenses and other assets are primarily comprised of the following items: | ||||||||||||||||
• | prepaid property taxes, insurance and operating costs; | |||||||||||||||
• | deferred common area maintenance costs which will be reimbursed by tenants over specified time periods; | |||||||||||||||
• | receivables which are unrelated to tenants, for example, insurance proceeds receivable from insurers related to casualty losses; and | |||||||||||||||
• | equipment, furniture and fixtures, and tenant improvements for Piedmont’s corporate office space, net of accumulated depreciation. | |||||||||||||||
Prepaid expenses and other assets will be expensed as utilized or reclassified to other asset accounts upon being put into service in future periods. Balances without a future economic benefit are expensed as they are identified. Deferred common area maintenance costs are amortized to property operating costs as the related reimbursement income is recognized over the period specified in the respective lease. | ||||||||||||||||
Goodwill | ||||||||||||||||
Goodwill is the excess of cost of an acquired entity over the amounts specifically assigned to assets acquired and liabilities assumed in purchase accounting for business combinations. Piedmont tests the carrying value of its goodwill for impairment on an annual basis, or on an interim basis if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Such interim circumstances may include, but are not limited to, significant adverse changes in legal factors or in the general business climate, adverse action or assessment by a regulator, unanticipated competition, the loss of key personnel, or persistent declines in an entity’s stock price below carrying value of the entity. Piedmont first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, Piedmont concludes that the estimated fair value is greater than the carrying amount, then performing a further two-step impairment test is unnecessary. However, if Piedmont chooses to forgo the availability of the qualitative analysis, the test prescribed by authoritative accounting guidance is a two-step test. The first step involves comparing the estimated fair value of the entity to its carrying value, including goodwill. Fair value is determined by adjusting the trading price of the stock for various factors including, but not limited to: (i) liquidity or transferability considerations, (ii) control premiums, and/or (iii) fully distributed premiums, if necessary, multiplied by the common shares outstanding. If such calculated fair value exceeds the carrying value, no further procedures or analysis is required. However, if the carrying value exceeds the calculated fair value, goodwill is potentially impaired and step two of the analysis would be required. Step two of the test involves calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the entity from the entity’s fair value calculated in step one of the test. If the implied value of the goodwill (the remainder left after deducting the fair values of the entity from its calculated overall fair value in step one of the test) is less than the carrying value of goodwill, an impairment loss would be recognized. | ||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||
Piedmont periodically enters into interest rate derivative agreements to hedge its exposure to changing interest rates. Piedmont records all derivatives on the balance sheet at fair value. Piedmont reassesses the effectiveness of its derivatives designated as cash flow hedges on a regular basis to determine if they continue to be highly effective and also to determine if the forecasted transactions remain highly probable. Currently, Piedmont does not use derivatives for trading or speculative purposes. | ||||||||||||||||
The changes in fair value of interest rate swap agreements designated as effective cash flow hedges are recorded in other comprehensive income (“OCI”), and subsequently reclassified to earnings when the hedged transactions occur. Changes in the fair values of derivatives designated as cash flow hedges that do not qualify for hedge accounting treatment, if any, would be recorded as gain/(loss) on interest rate swap in the consolidated statements of income. The fair value of the interest rate derivative agreement is recorded as interest rate derivative asset or as interest rate derivative liability in the accompanying consolidated balance sheets. Amounts received or paid under interest rate derivative agreements are recorded as interest expense in the consolidated income statements as incurred. All of Piedmont's interest rate derivative agreements as of December 31, 2013 are designated as cash flow hedges. | ||||||||||||||||
Deferred Financing Costs | ||||||||||||||||
Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders including amounts paid directly to lenders and are capitalized and amortized to interest expense on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Piedmont recognized amortization of deferred financing costs for the years ended December 31, 2013, 2012, and 2011 of approximately $2.6 million, $2.6 million, and $3.2 million, respectively, which is included in interest expense in the accompanying consolidated statements of income. | ||||||||||||||||
Deferred Lease Costs | ||||||||||||||||
Deferred lease costs are comprised of costs and incentives incurred to acquire operating leases. In addition to direct costs, deferred lease costs also include intangible lease origination costs related to in-place leases acquired as part of a property acquisition and direct payroll costs incurred related to negotiating and executing specific leases. For the years ended December 31, 2013, 2012, or 2011, Piedmont capitalized approximately $0.1 million, $0, and $0, respectively, of internal leasing costs. | ||||||||||||||||
Deferred lease costs are amortized on a straight-line basis over the terms of the related underlying leases in the accompanying consolidated statements of income as follows: | ||||||||||||||||
• | Approximately $34.0 million, $29.8 million, and $30.0 million of deferred lease costs for the years ended December 31, 2013, 2012, and 2011, respectively, are included in amortization expense; and | |||||||||||||||
• | Approximately $3.5 million, $2.5 million, and $3.7 million, of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2013, 2012, and 2011, respectively, was included as an offset to rental income. | |||||||||||||||
Upon receipt of a lease termination notice, Piedmont adjusts any unamortized deferred lease costs to their net realizable value ratably over the revised remaining term of the lease after giving effect to the termination notice. If there is no remaining lease term and no other obligation to provide the tenant space in the property, then any unamortized tenant-specific costs are recognized immediately upon termination. | ||||||||||||||||
Debt | ||||||||||||||||
When mortgage debt is assumed upon the acquisition of real property, Piedmont adjusts the loan to fair value with a corresponding adjustment to building and other intangible assets assumed as part of the purchase. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. Amortization of such fair value adjustments was approximately $0, $0, and $1.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
Deferred income | ||||||||||||||||
Deferred income is primarily comprised of the following items: | ||||||||||||||||
• | prepaid rent from tenants; and | |||||||||||||||
• | tenant reimbursements related to operating expense or property tax expenses which may be due to tenants as part of an annual operating expense reconciliation. | |||||||||||||||
Deferred income related to prepaid rents from tenants will be recognized as income in the period it is earned. Amounts related to operating expense reconciliations or property tax expense are relieved when the tenant's reconciliation is completed in accordance with the underlying lease, and payment is issued to the tenant. | ||||||||||||||||
Shares-in-trust | ||||||||||||||||
To date, Piedmont has not issued any shares-in-trust; however, under Piedmont’s charter, it has authority to issue a total of 150,000,000 shares-in-trust, which would be issued only in the event that there is a purported transfer of, or other change in or affecting the ownership of, Piedmont’s capital stock that would result in a violation of the ownership limits that are included in Piedmont’s charter to protect its REIT status. | ||||||||||||||||
Preferred Stock | ||||||||||||||||
To date, Piedmont has not issued any shares of preferred stock; however, Piedmont is authorized to issue up to 100,000,000 shares of one or more classes or series of preferred stock. Piedmont’s board of directors may determine the relative rights, preferences, and privileges of any class or series of preferred stock that may be issued, and can be more beneficial than the rights, preferences, and privileges attributable to Piedmont’s common stock. | ||||||||||||||||
Common Stock | ||||||||||||||||
Under Piedmont’s charter, it has authority to issue a total of 750,000,000 shares of common stock with a par value of $0.01 per share. Each share of common stock is entitled to one vote and participates in distributions equally. On October 31, 2013, the board of directors of Piedmont authorized the repurchase and retirement of up to $150 million of Piedmont's common stock through October 2015. Piedmont may repurchase the shares from time to time, in accordance with applicable securities laws, in the open market or in privately negotiated transactions. Repurchases will depend upon market conditions and other factors, and repurchases may be commenced or suspended from time to time in Piedmont's discretion, without prior notice. As of December 31, 2013, approximately $89.8 million is available for share repurchases through October 2015. | ||||||||||||||||
Dividends | ||||||||||||||||
As a REIT, Piedmont is required by the Internal Revenue Code of 1986, as amended (the “Code”), to make distributions to stockholders each taxable year equal to at least 90% of its taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders (“REIT taxable income”). Piedmont sponsors a dividend reinvestment plan ("DRP") pursuant to which common stockholders may elect (if their brokerage agreements allow) to reinvest an amount equal to the dividends declared on their common shares into additional shares of Piedmont’s common stock in lieu of receiving cash dividends. Under the DRP, Piedmont has the option to either issue shares purchased in the open market or issue shares directly from Piedmont's authorized but unissued shares, in both cases at a 2% discount for the stockholder. Such election takes place at the settlement of each quarterly dividend in which there are participants in the DRP, and may change from quarter to quarter based on management's judgment of the best use of proceeds for Piedmont. | ||||||||||||||||
Noncontrolling Interest | ||||||||||||||||
Noncontrolling interest is the equity interest of consolidated entities that are not owned by Piedmont. Noncontrolling interest is adjusted for contributions, distributions, and earnings (losses) attributable to the noncontrolling interest partners of the consolidated joint ventures. All earnings and distributions are allocated to the partners of the consolidated joint ventures in accordance with their respective partnership agreements. Earnings allocated to such noncontrolling interest partners are recorded as income attributable to noncontrolling interest in the accompanying consolidated statements of income. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
All leases of real estate assets held by Piedmont are classified as operating leases, and the related base rental income is recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred. Rents and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination revenues are recognized ratably as rental revenue over the revised remaining lease term after giving effect to the termination notice. Contingent rental income recognition is deferred until the specific lease-related targets are achieved. | ||||||||||||||||
Gains on the sale of real estate assets are recognized upon completing the sale and, among other things, determining the sale price and transferring all of the risks and rewards of ownership without significant continuing involvement with the purchaser. Recognition of all or a portion of the gain would be deferred until both of these conditions are met. Losses are primarily recognized through impairment charges when identified. | ||||||||||||||||
Stock-based Compensation | ||||||||||||||||
Piedmont has issued stock-based compensation in the form of restricted stock to its employees and directors. For employees, such compensation has been issued pursuant to Piedmont's Long-term Incentive Compensation ("LTIC") program. The LTIC program is comprised of an annual restricted stock grant component and a multi-year performance share component. Awards granted pursuant to the annual restricted stock component are considered equity awards and expensed straight-line over the vesting period, with issuances recorded as a reduction to additional paid in capital. Awards granted pursuant to the performance share component are considered liability awards and are expensed over the service period, with issuances recorded as a reduction to accrued expense. The compensation expense recognized related to both of these award types is recorded as property operating costs for those employees whose job is related to property operation and as general and administrative expense for all other employees and directors in the accompanying consolidated statements of income. Additionally, Piedmont has adopted a nonqualified deferred compensation plan which allows certain employees to elect to defer their receipt of compensation, including but not limited to any stock-based compensation, until future taxable years. | ||||||||||||||||
Legal Fees and Related Insurance Recoveries | ||||||||||||||||
Piedmont recognizes legal expenses in the period in which services are rendered as a component of general and administrative expense for routine corporate matters or as property operating costs for legal expenses attributable to operating properties. Insurance reimbursements related to ongoing legal matters are recorded as a reduction of legal expense in the period that the insurance company definitively notifies Piedmont of its intent to issue payment. | ||||||||||||||||
Litigation Settlement Expense and Related Insurance Recoveries | ||||||||||||||||
During the year ended December 31, 2012, Piedmont settled two separate securities class action lawsuits and recorded $7.5 million in litigation settlement expense. During the year ended December 31, 2013, Piedmont received and recognized approximately $1.3 million of insurance recoveries related to the settlement. | ||||||||||||||||
Net Casualty Loss/(Gain) | ||||||||||||||||
From time to time, specific assets may be damaged or destroyed by natural disasters. Such damages may result in significant expenses related to the destruction of fixed assets or costs to clean, repair, and establish emergency operations at the building or buildings affected by the casualty event. In addition, Piedmont may recognize expenses as a result of issuing rent abatements to tenants for business interruptions caused by the tenants' inability to access the space that they lease from Piedmont. Losses related to the above items are estimated and recorded in the period incurred without regard to whether the loss may be ultimately recoverable under Piedmont's various insurance policies. Any insurance recoveries related to such losses, if applicable, are recorded as income in the period receipt is determined to be probable. Insurance recoveries in excess of losses recognized or related to business interruption are recorded as income in the period that the insurance company definitively notifies Piedmont of its intent to issue payment. During the years ended December 31, 2013, 2012, and 2011, Piedmont recognized $1.5 million, $0, and $0 in business interruption insurance recoveries, respectively. Casualty losses are presented net of insurance recovery income recorded during the period. During the years ended December 31, 2013 and 2012, substantially all of the net casualty loss recorded related to losses incurred in Piedmont's New York/New Jersey portfolio as a result of Hurricane Sandy which occurred in October 2012. | ||||||||||||||||
Net Income Available to Common Stockholders Per Share | ||||||||||||||||
Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including the dilutive effect of nonvested restricted stock. The dilutive effect of nonvested restricted stock is calculated using the treasury stock method to determine the number of additional common shares that would become outstanding if the remaining unvested restricted stock awards vested. Outstanding stock options have been excluded from the diluted earnings per share calculation, as their impact would be anti-dilutive. | ||||||||||||||||
Income Taxes | ||||||||||||||||
Piedmont has elected to be taxed as a REIT under the Code, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes. Accordingly, neither a provision nor a benefit for federal income taxes has been made in the accompanying consolidated financial statements. Piedmont is subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in general and administrative expenses in the accompanying consolidated financial statements. Additionally, Piedmont conducts certain operations through its taxable REIT subsidiary, Piedmont Office Holdings, Inc. These operations resulted in recording a provision for income taxes of approximately $0, $9 thousand and $5 thousand for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
Reclassifications | ||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The reclassifications relate to the required presentation of income from discontinued operations for properties sold during the years ended December 31, 2013, 2012, and 2011 (see Note 14), as well as reclassifying deferred common area maintenance costs from deferred lease costs to prepaid and other assets. None of these reclassifications affect net income or net equity attributable to Piedmont as presented in previous periods. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Acquisitions [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
Acquisitions | ||||||||||||||||
During the year ended December 31, 2013, Piedmont acquired the following properties and parcel of undeveloped land: | ||||||||||||||||
Property | Metropolitan Statistical Area | Date of Acquisition | Rentable Square Feet (Unaudited) | Percentage Leased as of Acquisition (Unaudited) | Contractual Purchase Price (in millions) | |||||||||||
Arlington Gateway | Washington, D.C. | March 4, 2013 | 333,948 | 99 | % | $ | 175.6 | |||||||||
5 & 15 Wayside Road | Boston, MA | March 22, 2013 | 271,434 | 95 | % | $ | 69.3 | |||||||||
2020 W. 89th Street | (1) | Kansas City, KS | August 12, 2013 | 68,376 | 85 | % | $ | 4.3 | ||||||||
5301 Maryland Way | (1) | Nashville, TN | August 12, 2013 | 201,237 | 100 | % | $ | 18.5 | ||||||||
4685 Investment Drive | (1) | Detroit, MI | August 12, 2013 | 77,045 | 100 | % | $ | 10 | ||||||||
6565 MacArthur Blvd | Dallas, TX | December 5, 2013 | 259,819 | 93 | % | $ | 46.6 | |||||||||
One Lincoln Park | Dallas, TX | December 20, 2013 | 261,826 | 79 | % | $ | 56.7 | |||||||||
161 Corporate Center | Dallas, TX | December 30, 2013 | 104,895 | 91 | % | $ | 16 | |||||||||
Land Parcel | Metropolitan Statistical Area | Date of Acquisition | Acreage | Purchase Price (in millions) | ||||||||||||
Royal Lane | Dallas, TX | August 1, 2013 | 10.59 | $ | 2.6 | |||||||||||
(1) | On August 12, 2013, Piedmont purchased all of the remaining interests in three office properties previously held through two unconsolidated joint ventures for approximately $14.7 million in cash. |
Unconsolidated_Joint_Ventures
Unconsolidated Joint Ventures | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||
Unconsolidated Joint Ventures | ' | |||||||||||||
Unconsolidated Joint Ventures | ||||||||||||||
Investments in Unconsolidated Joint Ventures | ||||||||||||||
As of December 31, 2013 and 2012, Piedmont owned interests in the following unconsolidated joint ventures (in thousands): | ||||||||||||||
Name of Joint Venture | Properties Held by Joint Venture | Piedmont’s | Net Book Value | |||||||||||
Approximate | ||||||||||||||
Ownership | ||||||||||||||
Percentage | ||||||||||||||
2013 | 2012 | |||||||||||||
Fund XIII and REIT Joint Venture | 8560 Upland Drive | 72 | % | $ | 14,122 | $ | 18,814 | |||||||
Two Park Center | ||||||||||||||
Fund XII and REIT Joint Venture | (1) | 4685 Investment Drive | 55 | % | — | 15,813 | ||||||||
5301 Maryland Way | ||||||||||||||
Fund XI, XII and REIT Joint Venture | (1) | 2020 W. 89th Street | 57 | % | — | 2,599 | ||||||||
$ | 14,122 | $ | 37,226 | |||||||||||
(1) | On August 12, 2013, Piedmont purchased all of the remaining interests in three office properties previously held through these two unconsolidated joint ventures for approximately $14.7 million in cash, representing the estimated fair value of the respective property, less Piedmont's existing investment in the respective unconsolidated joint ventures. Such estimated fair value was derived by reference to a credible, unrelated third-party offer and verified using discounted cash flow analysis. Under the terms of the respective joint venture agreements, Piedmont exercised its dissenter's right to buy out each of its co-venturers' interests based upon the terms of the third-party offer. The $0.9 million difference between the fair value of the properties acquired and the sum of Piedmont's previously recorded book value in investment in unconsolidated joint ventures plus cash consideration paid for the interests was recorded as a loss on consolidation in Piedmont's consolidated statement of operations for the year ended December 31, 2013. |
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt | ' | |||||||||||||||
Debt | ||||||||||||||||
During the year ended December 31, 2013, Piedmont entered into two new debt facilities as detailed below. | ||||||||||||||||
On May 9, 2013, Piedmont OP issued $350 million in aggregate principal amount of 3.40% Senior Notes (the “$350 Million Senior Notes”), which mature on June 1, 2023, pursuant to an indenture, dated as of May 9, 2013, by and among Piedmont OP, Piedmont, as guarantor, and U.S. Bank National Association, as trustee. Interest on the $350 Million Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, and the $350 Million Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by Piedmont. Piedmont OP may, at its option, redeem the $350 Million Senior Notes, in whole at any time or in part from time to time, in each case prior to March 1, 2023, at a redemption price equal to the greater of (i) 100% of the principal amount of the $350 Million Senior Notes to be redeemed and (ii) a “make-whole” amount, plus unpaid interest, if any. In addition, at any time on or after March 1, 2023, Piedmont OP may, at its option, redeem the $350 Million Senior Notes, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the $350 Million Senior Notes to be redeemed plus unpaid interest, if any. | ||||||||||||||||
The $350 Million Senior Notes contain certain covenants that, subject to certain exceptions, limit the ability of Piedmont and Piedmont OP to, among other things, incur additional secured and unsecured indebtedness and to merge, consolidate, sell, lease or otherwise dispose of their properties and assets substantially as an entirety. Additionally, these covenants require Piedmont to maintain a pool of unencumbered assets. The $350 Million Senior Notes contain customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the $350 Million Senior Notes to be declared due and payable. Piedmont used the proceeds from the $350 Million Senior Notes to partially repay outstanding amounts under its $500 Million Unsecured Line of Credit, which had been used to purchase properties and repurchase shares of its common stock. | ||||||||||||||||
Additionally, on December 18, 2013, Piedmont OP entered into a $300 million unsecured delayed draw term loan facility (the “$300 Million Unsecured 2013 Term Loan”) with a consortium of lenders. The term of the facility is five years with a maturity date of January 31, 2019. Piedmont OP paid customary arrangement and upfront fees to the lenders in connection with the closing of the facility. On January 30, 2014, Piedmont OP drew down the entire $300 million in principal under the facility. Of the proceeds, $225 million was used to repay the maturing mortgage on Aon Center, and $75 million was used to pay down a portion of the balance outstanding under the $500 Million Unsecured Line of Credit. | ||||||||||||||||
The $300 Million Unsecured 2013 Term Loan has the option to bear interest at varying levels based on the sum of (i) the London Interbank Offered Rate (“LIBOR”) or Base Rate (defined as the greater of the prime rate, the federal funds rate plus one-half of one percent, or 30-day LIBOR plus one percent), and (ii) a spread which can vary from 0% to 1.95% based on the credit rating levels issued for Piedmont or Piedmont OP. As of December 31, 2013, the stated interest rate spread was 1.20% based on the Piedmont's then current credit rating. | ||||||||||||||||
Under the terms of the $300 Million Unsecured 2013 Term Loan, Piedmont OP is subject to certain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75, an unencumbered leverage ratio of at least 1.60, a fixed charge coverage ratio of at least 1.50, a leverage ratio of no more than 0.60, and a secured debt ratio of no more than 0.40. | ||||||||||||||||
The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
Facility | Collateral | Rate(1) | Maturity | Amount Outstanding | ||||||||||||
as of December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Secured (Fixed) | ||||||||||||||||
$200.0 Million Mortgage Note | Aon Center | 4.87 | % | 5/1/14 | $ | 200,000 | (10) | $ | 200,000 | |||||||
$25.0 Million Mortgage Note | Aon Center | 5.7 | % | 5/1/14 | 25,000 | (10) | 25,000 | |||||||||
$350.0 Million Secured Pooled Facility | Nine Property Collateralized Pool(2) | 4.84 | % | 6/7/14 | 350,000 | 350,000 | ||||||||||
$105.0 Million Fixed-Rate Loan | US Bancorp Center | 5.29 | % | 5/11/15 | 105,000 | 105,000 | ||||||||||
$125.0 Million Fixed-Rate Loan | Four Property Collateralized Pool(3) | 5.5 | % | 4/1/16 | 125,000 | 125,000 | ||||||||||
$42.5 Million Fixed-Rate Loan | Las Colinas Corporate Center I & II | 5.7 | % | 10/11/16 | 42,525 | 42,525 | ||||||||||
$140.0 Million WDC Mortgage Notes | 1201 & 1225 Eye Street | 5.76 | % | 11/1/17 | 140,000 | 140,000 | ||||||||||
Subtotal/Weighted Average(4) | 5.17 | % | 987,525 | 987,525 | ||||||||||||
Unsecured (Variable and Fixed) | ||||||||||||||||
$300 Million Unsecured 2011 Term Loan | LIBOR + 1.45% | (5) | 11/22/16 | 300,000 | 300,000 | |||||||||||
$500 Million Unsecured Line of Credit | 1.35 | % | (6) | 8/19/16 | (7) | 366,000 | 129,000 | |||||||||
$350 Million Senior Notes | 3.4 | % | (8) | 6/1/23 | 348,680 | — | ||||||||||
$300 Million Unsecured 2013 Term Loan | LIBOR + 1.20% | (9) | 1/31/19 | — | — | |||||||||||
Subtotal/Weighted Average(4) | 2.46 | % | 1,014,680 | 429,000 | ||||||||||||
Total/ Weighted Average(4) | 3.8 | % | $ | 2,002,205 | $ | 1,416,525 | ||||||||||
(1) | All of Piedmont’s outstanding debt as of December 31, 2013 and 2012 is interest-only debt. | |||||||||||||||
(2) | Nine property collateralized pool includes:1200 Crown Colony Drive in Quincy, Massachusetts, Braker Pointe III in Austin, Texas, 2 Gatehall Drive in Parsippany, New Jersey, the One and Two Independence Square buildings in Washington, DC, 2120 West End Avenue in Nashville, Tennessee, 400 Bridgewater Crossing in Bridgewater, New Jersey, 200 Bridgewater Crossing in Bridgewater, New Jersey, and Fairway Center II in Brea, California. | |||||||||||||||
(3) | Four property collateralized pool includes 1430 Enclave Parkway in Houston, Texas, Windy Point I and II in Schaumburg, Illinois, and 1055 East Colorado Boulevard in Pasadena, California. | |||||||||||||||
(4) | Weighted average is based on the net book value of outstanding debt and interest rates in the table (or as footnoted) as of December 31, 2013. | |||||||||||||||
(5) | The $300 Million Unsecured 2011 Term Loan has a stated variable rate; however, Piedmont entered into interest rate swap agreements which effectively fix, exclusive of changes to Piedmont's credit rating, the rate on this facility to 2.69% through maturity. | |||||||||||||||
(6) | Piedmont may select from multiple interest rate options with each draw, including the prime rate and various length LIBOR locks. All LIBOR selections are subject to an additional spread (1.175% as of December 31, 2013) over the selected rate based on Piedmont’s current credit rating. The outstanding balance as of December 31, 2013 consists of LIBOR draws at an average rate of 0.17% (subject to the additional spread mentioned above). Further, for the year ended December 31, 2013, Piedmont incurred net borrowings of approximately $237.0 million on its outstanding line of credit. | |||||||||||||||
(7) | Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of August 21, 2017) provided Piedmont is not then in default and upon payment of extension fees. | |||||||||||||||
(8) | The $350 Million Senior Notes have a fixed coupon rate of 3.40%, however, as a result of the issuance of the notes at a discount, Piedmont recognizes an effective interest rate on this debt issuance of 3.45%. | |||||||||||||||
(9) | On January 30, 2014, Piedmont drew the full commitment of the $300 Million Unsecured 2013 Term Loan. Additionally, Piedmont entered into four interest rate swap agreements with a total notional value of $200 million to effectively fix the interest rate for this portion of the debt at 2.79%. | |||||||||||||||
(10) | On January 31, 2014, Piedmont used the proceeds of the $300 Million Unsecured 2013 Term Loan mentioned above to fully repay the $200 Million Mortgage Note and the $25 Million Mortgage Note. | |||||||||||||||
A summary of the aggregate maturities of Piedmont’s indebtedness as of December 31, 2013, is provided below (in thousands): | ||||||||||||||||
2014 | $ | 575,000 | ||||||||||||||
2015 | 105,000 | |||||||||||||||
2016 | 833,525 | (1) | ||||||||||||||
2017 | 140,000 | |||||||||||||||
2018 | — | |||||||||||||||
Thereafter | 350,000 | |||||||||||||||
Total | $ | 2,003,525 | ||||||||||||||
-1 | Includes the balance outstanding as of December 31, 2013 of the $500 Million Unsecured Line of Credit. However, Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of August 21, 2017) provided Piedmont is not then in default and upon payment of extension fees. | |||||||||||||||
Piedmont’s weighted-average interest rate as of December 31, 2013 and 2012, for aforementioned borrowings was approximately 3.80% and 4.30%, respectively. Piedmont made interest payments on all indebtedness, including interest rate swap cash settlements and net of capitalized interest, of approximately $69.8 million, $62.6 million, and $66.7 million during the years ended December 31, 2013, 2012, and 2011, respectively. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Variable Interest Entities [Abstract] | ' | ||||||||||||||||
Variable Interest Entities and Equity Participation Rights | ' | ||||||||||||||||
Variable Interest Entities and Equity Participation Rights | |||||||||||||||||
Variable interest holders who have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and have the obligation to absorb the majority of losses of the entity or the right to receive significant benefits of the entity are considered to be the primary beneficiary and must consolidate the VIE. | |||||||||||||||||
A summary of Piedmont’s interests in and consolidation treatment of its VIEs as of December 31, 2013 is as follows, (net carrying amount in millions): | |||||||||||||||||
Entity | Piedmont’s | Related | Consolidated/ | Net Carrying Amount as of | Net Carrying Amount as of | Primary Beneficiary | |||||||||||
% | Building | Unconsolidated | December 31, | December 31, | Considerations | ||||||||||||
Ownership | 2013 | 2012 | |||||||||||||||
of Entity | |||||||||||||||||
1201 Eye Street NW Associates, LLC | 49.5 | % | 1201 Eye | Consolidated | $ | (5.3 | ) | $ | (5.7 | ) | In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. | ||||||
Street | |||||||||||||||||
1225 Eye Street NW Associates, LLC | 49.5 | % | 1225 Eye | Consolidated | $ | (0.9 | ) | $ | (0.1 | ) | In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. | ||||||
Street | |||||||||||||||||
Piedmont 500 W. Monroe Fee, LLC | 100 | % | 500 W. Monroe | Consolidated | $ | 228.3 | $ | 194 | The Omnibus Agreement with the previous owner includes equity participation rights for the previous owner, if certain financial returns are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
Suwanee Gateway One, LLC | 100 | % | Suwanee | Consolidated | $ | 7.4 | $ | 7.6 | The fee agreement includes equity participation rights for the incentive manager, if certain returns on investment are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
Gateway | |||||||||||||||||
One | |||||||||||||||||
Medici Atlanta, LLC | 100 | % | The Medici | Consolidated | $ | 14.4 | $ | 13.7 | The fee agreement includes equity participation rights for the incentive manager, if certain returns on investment are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
400 TownPark, LLC | 100 | % | 400 TownPark | Consolidated | $ | 22.3 | $ | 23.5 | The fee agreement includes equity participation rights for the incentive manager, if certain returns on investment are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
Each of the VIEs described above has the sole purpose of holding office buildings and their resulting operations, and are classified in the accompanying consolidated balance sheets in the same manner as Piedmont's wholly-owned properties. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Derivative Instruments | ' | |||||||||||
Derivative Instruments | ||||||||||||
Risk Management Objective of Using Derivatives | ||||||||||||
In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, Piedmont has entered into derivative financial instruments such as interest rate swap agreements and other similar agreements to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. | ||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for Piedmont making fixed-rate payments over the life of the agreements without changing the underlying notional amount. During the year ended December 31, 2013, Piedmont used four interest rate swap agreements with a total notional value of $300 million to hedge the variable cash flows associated with its $300 Million Unsecured Term Loan. | ||||||||||||
During 2012 and 2013, Piedmont entered into six forward starting interest rate swap agreements with a total notional value of $530 million to hedge the risk of changes in the interest-related cash flows associated with various potential issuances of long-term debt. In conjunction with the issuance of the $350 Million Senior Notes (see Note 5), Piedmont settled two of the forward starting swap agreements with a total notional value of $250 million for a gain of approximately $0.7 million. The gain was recorded as accumulated other comprehensive income and is being amortized as an offset to interest expense over the ten-year term of the $350 Million Senior Notes. As of December 31, 2013, Piedmont continues to hold the remaining $280 million of forward starting interest rate swaps to hedge its exposure to the variability in future cash flows for additional potential future debt issuances over a maximum period of 123 months. | ||||||||||||
A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2013 is as follows: | ||||||||||||
Interest Rate Derivatives: | Notional Amount | Effective Date | Maturity Date | |||||||||
(in millions) | ||||||||||||
Interest rate swap | $ | 125 | 11/22/11 | 11/22/16 | ||||||||
Interest rate swap | 75 | 11/22/11 | 11/22/16 | |||||||||
Interest rate swap | 50 | 11/22/11 | 11/22/16 | |||||||||
Interest rate swap | 50 | 11/22/11 | 11/22/16 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Total | $ | 580 | ||||||||||
Piedmont has elected to present its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2013 and December 31, 2012, respectively, is as follows (in thousands): | ||||||||||||
Interest rate swaps classified as: | December 31, 2013 | December 31, 2012 | ||||||||||
Gross derivative assets | $ | 24,176 | $ | 1,075 | ||||||||
Gross derivative liabilities | (4,526 | ) | (8,235 | ) | ||||||||
Net derivative asset/(liability) | $ | 19,650 | $ | (7,160 | ) | |||||||
All of Piedmont's interest rate derivative agreements outstanding for the periods presented were designated as cash flow hedges of interest rate risk. As such, the effective portion of changes in the fair value of these derivatives designated as, and that qualify as, cash flow hedges is recorded in OCI and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings. The effective portion of Piedmont's interest rate derivatives that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2013, 2012, and 2011, respectively, was as follows (in thousands): | ||||||||||||
Derivative in | 2013 | 2012 | 2011 | |||||||||
Cash Flow Hedging | ||||||||||||
Relationships (Interest Rate Swaps and Caps) | ||||||||||||
Amount of loss/(gain) recognized in OCI on derivatives | $ | (24,312 | ) | $ | 7,656 | $ | 3,064 | |||||
Amount of previously recorded loss reclassified from accumulated OCI into interest expense | $ | (3,126 | ) | $ | (3,033 | ) | $ | (1,218 | ) | |||
Piedmont estimates that an additional $7.3 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on Piedmont’s cash flow hedges during the years ended December 31, 2013, 2012, or 2011. | ||||||||||||
Additionally, see Note 8 for fair value disclosures of Piedmont's derivative instruments. | ||||||||||||
Credit-risk-related Contingent Features | ||||||||||||
Piedmont has agreements with its derivative counterparties that contain a provision whereby if Piedmont defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Piedmont could also be declared in default on its derivative obligations. If Piedmont breached any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value plus accrued interest, or approximately $4.7 million. Additionally, Piedmont has rights of set-off under certain of its derivative agreements related to potential termination fees and amounts payable under the agreements, if a termination were to occur. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Measurement of Financial Instruments [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Piedmont considers its cash, tenant receivables, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments as of December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Financial Instrument | Carrying Value | Estimated | Level Within Fair Value Hierarchy | Carrying Value | Estimated | Level Within Fair Value Hierarchy | ||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents(1) | $ | 6,973 | $ | 6,973 | Level 1 | $ | 12,957 | $ | 12,957 | Level 1 | ||||||||||
Tenant receivables, net(1) | $ | 31,145 | $ | 31,145 | Level 1 | $ | 25,038 | $ | 25,038 | Level 1 | ||||||||||
Restricted cash and escrows(1) | $ | 394 | $ | 394 | Level 1 | $ | 334 | $ | 334 | Level 1 | ||||||||||
Interest rate swap asset | $ | 24,176 | $ | 24,176 | Level 2 | $ | 1,075 | $ | 1,075 | Level 2 | ||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued expenses(1) | $ | 16,680 | $ | 16,680 | Level 1 | $ | 23,113 | $ | 23,113 | Level 1 | ||||||||||
Interest rate swap liability | $ | 4,526 | $ | 4,526 | Level 2 | $ | 8,235 | $ | 8,235 | Level 2 | ||||||||||
Debt | $ | 2,002,205 | $ | 2,004,870 | Level 2 | $ | 1,416,525 | $ | 1,470,002 | Level 2 | ||||||||||
(1) | For the periods presented, the carrying value approximates estimated fair value due to its short-term maturity. | |||||||||||||||||||
Piedmont's debt was carried at book value as of December 31, 2013 and 2012; however, Piedmont's estimate of its fair value is disclosed in the table above. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the debt facilities, including the period to maturity of each instrument, and uses observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the fair values determined are considered to be based on significant other observable inputs (Level 2). Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's outstanding debt. Piedmont has not changed its valuation technique for estimating the fair value of its debt. | ||||||||||||||||||||
Piedmont’s interest rate swap and forward starting interest rate swap agreements presented above, and further discussed in Note 7 above are classified as “Interest rate swap” assets and liabilities in the accompanying consolidated balance sheets and were carried at fair value as of December 31, 2013 and 2012. The valuation of these derivative instruments was determined using widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the derivatives, including the period to maturity of each instrument, and uses observable market-based inputs, including interest rate curves and implied volatilities. Therefore, the fair values determined are considered to be based on significant other observable inputs (Level 2). In addition, Piedmont considered both its own and the respective counterparties’ risk of nonperformance in determining the fair value of its derivative financial instruments by estimating the current and potential future exposure under the derivative financial instruments that both Piedmont and the counterparties were at risk for as of the valuation date. The credit risk of Piedmont and its counterparties was factored into the calculation of the estimated fair value of the interest rate swaps; however, as of December 31, 2013 and 2012, this credit valuation adjustment did not comprise a material portion of the estimated fair value. Therefore, Piedmont believes that any unobservable inputs used to determine the fair values of its derivative financial instruments are not significant to the fair value measurements in their entirety, and does not consider any of its derivative financial instruments to be Level 3 assets or liabilities. |
Impairment_of_Certain_Real_Est
Impairment of Certain Real Estate Assets | 12 Months Ended |
Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' |
Impairment of Certain Real Estate Assets | 'Impairment of Certain Real Estate AssetsPiedmont recorded the following impairment charges for the years ended December 31, 2013, 2012, and 2011 (in thousands):  2013 2012 2011Impairment losses included in continuing operations:      Impairment losses recorded in real estate operating expenses:      11107 and 11109 Sunset Hills Road $1,242 $— $—Impairment losses recorded in equity in loss of unconsolidated joint ventures:      Piedmont's Investment in Fund 13 and REIT JV (at Piedmont's approximate 72% ownership) $4,402 $— $—Impairment losses recorded in discontinued operations:      1111 Durham Avenue $6,402 $— $—During the year ended December 31, 2013, Piedmont reduced its intended holding period for the 11107 and 11109 Sunset Hills Road buildings in Reston, Virginia which resulted in the recording of an impairment loss of approximately $1.2 million to reduce the carrying value of the assets to their estimated fair value. The decision to reduce the holding period was prompted by the loss of prospective replacement tenants for the 11109 building and indications of value from brokers familiar with the buildings and expressions of interest from various potential third party buyers.During the year ended December 31, 2013, Piedmont also recorded a $4.4 million impairment charge related to a decline in the value of its equity method investment in Fund 13 and REIT Joint Venture ("Fund 13/REIT") that Piedmont deemed "other than temporary". Fund 13/REIT owns and operates two commercial office buildings: 8560 Upland Drive, located in Parker, Colorado, and Two Park Center, located in Hoffman Estates, Illinois. The decline in value of Piedmont's equity investment in Fund13/REIT is attributable to the expiration of the sole tenant of Two Park Center as of December 31, 2013, Piedmont's pessimism regarding the near-term identification of a replacement tenant given the current state of the Hoffman Estates commercial office market, and the implications of those events on Piedmont's ability to recover its basis in its equity method investment. In accordance with GAAP regarding fair value measurements, Piedmont valued the 11107 and 11109 Sunset Hills Road buildings using a Level 1 fair value measurement, as there are direct observations and transactions involving the asset by unrelated, potential third-party purchasers. The fair value measurement used in the evaluation of Fund 13/REIT is considered to be a Level 3 fair value measurement within the prescribed fair value hierarchy. During the year ended December 31, 2013, Piedmont sold the 1111 Durham Avenue building in South Plainfield, New Jersey and recorded an impairment charge of $6.4 million based on the difference between carrying value and fair value of the asset at the time it was reclassified from real estate assets held-for-use (at cost) to real estate assets held for sale (at estimated fair value). The fair value measurement used in the evaluation of this non-financial asset was based upon the amount set forth in the purchaser's original letter of intent which approximated the land value of the asset due to the age of construction and lack of near term leasing prospects for the building. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
Commitments and Contingencies | ||||||
Commitments Under Existing Lease Agreements | ||||||
Certain lease agreements include provisions that may obligate Piedmont to provide funding for tenant or building improvements and/or leasing commissions. Piedmont classifies such tenant and building improvements into two categories: (i) improvements which maintain the building's existing asset value and its revenue generating capacity (“non-incremental capital expenditures”); and (ii) improvements which incrementally enhance the building's asset value by expanding its revenue generating capacity (“incremental capital expenditures”). As of December 31, 2013, Piedmont anticipates funding potential non-incremental capital expenditures of approximately $85.1 million related to its existing lease portfolio over the respective lease terms. The timing of the actual funding of these tenant improvements is largely dependent upon tenant requests for reimbursement, and in some cases, these obligations may expire with the underlying lease without further recourse to Piedmont. As of December 31, 2013, commitments for incremental capital expenditures associated with new leases, totaled approximately $19.5 million. In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for such capital improvements or other financial obligations. | ||||||
Contingencies Related to Tenant Audits/Disputes | ||||||
Certain lease agreements include provisions that grant tenants the right to engage independent auditors to audit their annual operating expense reconciliations. Such audits may result in the re-interpretation of language in the lease agreements which could result in the refund of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. Piedmont recorded additional expense related to such tenant audits/disputes of approximately $1.2 million, $0.2 million and $0.7 million during the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||
Letters of Credit | ||||||
As of December 31, 2013, Piedmont was subject to the following letters of credit, which reduce the total outstanding capacity under its $500 Million Unsecured Line of Credit: | ||||||
Amount | Expiration of Letter of Credit (1) | |||||
$ | 1,805,480 | (2) | Jul-14 | |||
$ | 9,033,164 | (2) | Jul-14 | |||
$ | 382,556 | Jul-14 | ||||
(1) | All of Piedmont's outstanding letter of credit agreements contain an “evergreen” clause, which automatically renews for consecutive, one-year periods each anniversary, subject to certain limitations. | |||||
(2) | These letter of credit agreements were terminated in conjunction with repaying the notes payable secured by the Aon Center building in Chicago, Illinois on February 3, 2014. | |||||
Operating Lease Obligations | ||||||
Two properties including the 2001 NW 64th Street building in Ft. Lauderdale, Florida and the River Corporate Center building in Tempe, Arizona were subject to ground leases during the year with expiration dates of 2048 and 2101, respectively. The aggregate payments required under the terms of these operating leases as of December 31, 2013 are presented below (in thousands): | ||||||
2014 | $ | 451 | ||||
2015 | 451 | |||||
2016 | 451 | |||||
2017 | 451 | |||||
2018 | 451 | |||||
Thereafter | 41,071 | |||||
Total | $ | 43,326 | ||||
Ground rent expense was approximately $0.8 million, $0.8 million, and $0.6 million for the years ended December 31, 2013, 2012, and 2011, respectively, and is included in property operating costs in the accompanying consolidated statements of income. The net book value of the real estate assets of the related office buildings subject to operating ground leases is approximately $21.9 million and $31.8 million as of December 31, 2013 and 2012, respectively. | ||||||
Litigation | ||||||
Piedmont is from time to time a party to legal proceedings, which arise in the ordinary course of its business. None of these ordinary course legal proceedings are reasonably likely to have a material adverse effect on results of operations or financial condition. Piedmont is not aware of any such legal proceedings contemplated by governmental authorities. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||
Stock Based Compensation | |||||||||||||||||
Deferred Stock Awards | |||||||||||||||||
Piedmont has granted deferred stock awards in the form of restricted stock to its employees. The awards are determined by the Compensation Committee of the board of directors of Piedmont on an annual basis and typically vest over a three-year period beginning on the grant date. In addition, Piedmont has adopted a multi-year performance share program for certain of its employees. Restricted shares are earned based on the relative performance of Piedmont's total stockholder return as compared with a predetermined peer group's total stockholder return over a three-year period. Shares are not awarded until after the end of the third year in the performance period and vest immediately upon award. | |||||||||||||||||
A rollforward of Piedmont's deferred stock award activity for the year ended December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Unvested Deferred Stock Awards as of December 31, 2012 | 318,893 | $ | 18.41 | ||||||||||||||
Deferred Stock Awards Granted During Fiscal Year 2013 | 161,257 | $ | 19.47 | ||||||||||||||
Deferred Stock Awards Vested During Fiscal Year 2013 | (209,284 | ) | $ | 18.91 | |||||||||||||
Deferred Stock Awards Forfeited During Fiscal Year 2013 | (5,727 | ) | $ | 18.62 | |||||||||||||
Unvested Deferred Stock Awards as of December 31, 2013 | 265,139 | $ | 18.65 | ||||||||||||||
The following table provides additional information regarding stock award activity during the years ended December 31, 2013, 2012, and 2011 (in thousands except for per share data): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-Average Grant Date Fair Value for Shares Granted During the Year (per share) | $ | 19.47 | $ | 17.53 | $ | 19.03 | |||||||||||
Total Grant Date Fair Value of Shares Vested During the Year | $ | 3,957 | $ | 5,331 | $ | 5,405 | |||||||||||
Share-based Liabilities Paid(1) | $ | 103 | $ | 798 | $ | 851 | |||||||||||
(1) | Amounts reflect the issuance of performance share awards during the period. | ||||||||||||||||
A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2013 is as follows: | |||||||||||||||||
Date of grant | Type of Award | Net Shares | Grant | Vesting Schedule | Unvested Shares as of | ||||||||||||
Granted (1) | Date Fair | December 31, 2013 | |||||||||||||||
Value | |||||||||||||||||
5-Apr-11 | Annual Deferred Stock Award | 116,116 | $ | 19.4 | Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on April 5, 2012, 2013, and 2014, respectively. | 36,835 | |||||||||||
5-Apr-11 | Fiscal Year 2011-2013 Performance Share Program | — | $ | 18.27 | Shares awarded, if any, will vest immediately upon determination of award in 2014. | — | (2 | ) | |||||||||
4-Apr-12 | Annual Deferred Stock Award | 190,134 | $ | 17.53 | Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on April 4, 2013, 2014, and 2015, respectively. | 110,184 | |||||||||||
4-Apr-12 | Fiscal Year 2012-2014 Performance Share Program | — | $ | 17.42 | Shares awarded, if any, will vest immediately upon determination of award in 2015. | — | (2 | ) | |||||||||
2-Apr-13 | Annual Deferred Stock Award | 146,679 | $ | 19.47 | Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on April 2, 2014, 2015, and 2016, respectively. | 118,120 | |||||||||||
2-Apr-13 | Fiscal Year 2013-2015 Performance Share Program | — | $ | 18.91 | Shares awarded, if any, will vest immediately upon determination of award in 2016. | — | (2 | ) | |||||||||
Total | 265,139 | ||||||||||||||||
(1) | Amounts reflect the total grant to employees, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2013. | ||||||||||||||||
(2) | Estimated based on Piedmont's cumulative total stockholder return ("TSR") for the respective performance period through December 31, 2013. As of December 31, 2013, Piedmont's TSR for each of these respective plans was below threshold. Such estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid. | ||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, Piedmont recognized approximately $3.1 million, $3.9 million and $6.5 million of compensation expense related to stock awards, of which approximately $2.0 million, $2.5 million and $5.3 million, related to the amortization of nonvested shares, respectively. During the year ended December 31, 2013, a total of 150,852 shares were issued to employees, directors and officers. As of December 31, 2013, approximately $1.9 million of unrecognized compensation cost related to nonvested, annual deferred stock awards remained, which Piedmont will record in its statements of income over a weighted-average vesting period of approximately one year. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
There are no adjustments to “Net income attributable to Piedmont” or “Income from continuing operations” for the diluted earnings per share computations. | |||||||||
Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including nonvested restricted stock. Diluted weighted average number of common shares is calculated to reflect the potential dilution under the treasury stock method that would occur as if the remaining unvested restricted stock awards has vested and resulted in additional common shares outstanding. | |||||||||
The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||
2013 | 2012 | 2011 | |||||||
Weighted-average common shares—basic | 165,013 | 170,312 | 172,765 | ||||||
Plus incremental weighted-average shares resulting from the assumed conversion of time-vested restricted stock awards | 124 | 129 | 216 | ||||||
Weighted-average common shares—diluted | 165,137 | 170,441 | 172,981 | ||||||
Operating_Leases
Operating Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Operating Leases | ' | ||||
Operating Leases | |||||
Piedmont’s real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease term, options for early terminations subject to specified penalties, and other terms and conditions as negotiated. Piedmont retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, however, generally they are not significant. Exposure to credit risk is limited to the extent that tenant receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. | |||||
As of December 31, 2013, approximately 90% of our ALR (unaudited) is generated from our primary markets: Atlanta, Boston, Chicago, Los Angeles, Minneapolis, the New York MSA, Texas (Dallas, Houston and Austin), and Washington, D.C. Furthermore, almost 10% of Piedmont's ALR (unaudited) is generated from federal governmental agencies. | |||||
The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases, excluding unconsolidated joint ventures, as of December 31, 2013, is presented below (in thousands): | |||||
Years ending December 31: | |||||
2014 | $ | 386,504 | |||
2015 | 394,329 | ||||
2016 | 372,684 | ||||
2017 | 352,014 | ||||
2018 | 321,294 | ||||
Thereafter | 1,446,082 | ||||
Total | $ | 3,272,907 | |||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations | |||||||||||||
Piedmont has classified the results of operations related to the following properties as discontinued operations (in thousands): | |||||||||||||
Building Sold | Location | Date of Sale | Gain/(Loss) on Sale | Net Sales Proceeds | |||||||||
Eastpointe Corporate Center | Issaquah, Washington | July 1, 2011 | $ | 12,152 | $ | 31,704 | |||||||
5000 Corporate Court | Holtsville, New York | August 31, 2011 | $ | 14,367 | $ | 36,100 | |||||||
35 West Wacker Drive | (1) | Chicago, Illinois | December 15, 2011 | $ | 96,138 | $ | 223,981 | ||||||
Portland Portfolio | (2) | Beaverton, Oregon | March 19, 2012 | $ | 17,823 | $ | 43,832 | ||||||
26200 Enterprise Way | Lake Forest, California | May 31, 2012 | $ | 10,013 | $ | 24,412 | |||||||
110 & 112 Hidden Lake Circle Buildings | Duncan, South Carolina | September 21, 2012 | $ | (259 | ) | $ | 25,595 | ||||||
1111 Durham Avenue | South Plainfield, New Jersey | March 28, 2013 | $ | (9 | ) | $ | 3,752 | ||||||
1200 Enclave Parkway | Houston, Texas | May 1, 2013 | $ | 16,246 | $ | 45,552 | |||||||
350 Spectrum Loop | Colorado Springs, Colorado | November 1, 2013 | $ | 7,959 | $ | 29,676 | |||||||
8700 South Price Road | Tempe, Arizona | December 30, 2013 | $ | 7,096 | $ | 16,691 | |||||||
(1) | Piedmont sold its approximate 96.5% ownership in the property. Transaction data above is presented at Piedmont's ownership percentage. | ||||||||||||
(2) | The Portland Portfolio consisted of four office properties known as the Deschutes building, the Rhein building, the Rogue building, and the Willamette building, as well as 18.19 acres of adjoining, undeveloped land. | ||||||||||||
Income from Discontinued Operations | |||||||||||||
The details comprising income from discontinued operations are presented below (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues: | |||||||||||||
Rental income | $ | 4,678 | $ | 13,215 | $ | 45,306 | |||||||
Tenant reimbursements | 757 | 1,528 | 20,632 | ||||||||||
5,435 | 14,743 | 65,938 | |||||||||||
Expenses: | |||||||||||||
Property operating costs | 1,900 | 5,216 | 26,243 | ||||||||||
Depreciation | 1,004 | 3,291 | 9,044 | ||||||||||
Amortization | 209 | 690 | 5,995 | ||||||||||
General and administrative | 2 | 45 | (168 | ) | |||||||||
3,115 | 9,242 | 41,114 | |||||||||||
Other income (expense): | |||||||||||||
Interest expense | — | — | (5,931 | ) | |||||||||
Interest income and other income/(expense) | 26 | — | (91 | ) | |||||||||
Net casualty recoveries | 17 | — | — | ||||||||||
Net loss attributable to noncontrolling interest | — | — | (453 | ) | |||||||||
43 | — | (6,475 | ) | ||||||||||
Operating income, excluding impairment loss and gain on sale of real estate assets | 2,363 | 5,501 | 18,349 | ||||||||||
Impairment loss | (6,402 | ) | — | — | |||||||||
Gain on sale of real estate assets | 31,292 | 27,577 | 122,657 | ||||||||||
Income from discontinued operations | $ | 27,253 | $ | 33,078 | $ | 141,006 | |||||||
Supplemental_Disclosures_of_No
Supplemental Disclosures of Noncash Activities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Disclosures of Noncash Activities | ' | |||||||||||
Supplemental Disclosures of Noncash Activities | ||||||||||||
Significant noncash investing and financing activities for the years ended December 31, 2013, 2012, and 2011 (in thousands) are outlined below: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Accrued capital expenditures and deferred lease costs | $ | 12,460 | $ | 12,598 | $ | 8,218 | ||||||
Change in accrued offering costs related to issuance of common stock | $ | — | $ | (567 | ) | $ | 227 | |||||
Net assets assumed upon consolidation of variable interest entity, net of notes receivable previously recorded | $ | — | $ | — | $ | 188,283 | ||||||
Liabilities assumed upon consolidation of variable interest entity | $ | — | $ | — | $ | 191,814 | ||||||
Change in accrued share repurchases as part of an announced plan | $ | 1,718 | $ | 287 | $ | — | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Piedmont’s income tax basis net income for the years ended December 31, 2013, 2012, and 2011, is calculated as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
GAAP basis financial statement net income | $ | 98,728 | $ | 93,204 | $ | 225,041 | |||||||
Increase (decrease) in net income resulting from: | |||||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 42,374 | 35,125 | 47,346 | ||||||||||
Rental income accrued for income tax purposes less than amounts for financial reporting purposes | (25,964 | ) | (10,422 | ) | (9,380 | ) | |||||||
Net amortization of above/below-market lease intangibles for financial reporting purposes in excess of amounts for income tax purposes | (4,701 | ) | (5,324 | ) | (6,605 | ) | |||||||
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes | (35,153 | ) | (7,967 | ) | (66,410 | ) | |||||||
Taxable income of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes | — | 2,662 | 4,515 | ||||||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 9,045 | 14,361 | (2,072 | ) | |||||||||
Income tax basis net income, prior to dividends paid deduction | $ | 84,329 | $ | 121,639 | $ | 192,435 | |||||||
For income tax purposes, dividends to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder’s invested capital. The composition of Piedmont’s distributions per common share is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Ordinary income | 64 | % | 73 | % | 61 | % | |||||||
Return of capital | 36 | % | 11 | % | 12 | % | |||||||
Capital gains | — | % | 16 | % | 27 | % | |||||||
100 | % | 100 | % | 100 | % | ||||||||
At December 31, 2013 and 2012, the tax basis carrying value of Piedmont’s total assets was approximately $4.5 billion and $4.1 billion, respectively. | |||||||||||||
Accrued interest and penalties related to uncertain tax positions are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets and the tax liability recorded, including the interest and penalties, was approximately $6.7 million as of December 31, 2013 and 2012. Piedmont recorded no additional expense during the years ended December 31, 2013, 2012, and 2011, respectively, related to such positions. The tax years 2010 to 2013 remain open to examination by various federal and state taxing authorities. |
Quarterly_Results_unaudited
Quarterly Results (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results (unaudited) | ' | ||||||||||||||||
Quarterly Results (unaudited) | |||||||||||||||||
A summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012, is presented below (in thousands, except per-share data). The amounts presented may have been restated from previous period presentations due to reclassifications related to discontinued operations (see Note 14 for further detail). | |||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 133,293 | $ | 133,713 | $ | 144,631 | $ | 142,868 | |||||||||
Real estate operating income | $ | 37,781 | $ | 32,863 | $ | 35,563 | $ | 33,981 | |||||||||
Income from continuing operations | $ | 20,365 | $ | 18,279 | $ | 18,688 | $ | 14,158 | |||||||||
Income/(loss) from discontinued operations | $ | (5,710 | ) | $ | 17,083 | $ | 412 | $ | 15,468 | ||||||||
Net income attributable to Piedmont | $ | 14,651 | $ | 35,358 | $ | 19,096 | $ | 29,623 | |||||||||
Basic and diluted earnings per share | $ | 0.09 | $ | 0.21 | $ | 0.12 | $ | 0.18 | |||||||||
Dividends per share | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 129,960 | $ | 130,556 | $ | 132,149 | $ | 132,379 | |||||||||
Real estate operating income | $ | 33,978 | $ | 34,991 | $ | 33,263 | $ | 33,846 | |||||||||
Income from continuing operations | $ | 17,707 | $ | 19,579 | $ | 10,222 | $ | 12,633 | |||||||||
Income from discontinued operations | $ | 19,524 | $ | 11,133 | $ | 612 | $ | 1,809 | |||||||||
Net income attributable to Piedmont | $ | 37,228 | $ | 30,708 | $ | 10,830 | $ | 14,438 | |||||||||
Basic and diluted earnings per share | $ | 0.22 | $ | 0.18 | $ | 0.06 | $ | 0.09 | |||||||||
Dividends per share | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||
Guarantor_Financials
Guarantor Financials | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantor and Non-Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Guarantor and Non-Guarantor Financial Information | ' | |||||||||||||||||||
Guarantor and Non-Guarantor Financial Information | ||||||||||||||||||||
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. | ||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | 88,054 | $ | — | $ | 600,707 | $ | — | $ | 688,761 | ||||||||||
Buildings and improvements, less accumulated depreciation | 477,712 | — | 2,687,163 | (300 | ) | 3,164,575 | ||||||||||||||
Intangible lease assets, less accumulated amortization | 2,356 | — | 72,021 | — | 74,377 | |||||||||||||||
Construction in progress | 4,627 | — | 19,643 | — | 24,270 | |||||||||||||||
Total real estate assets | 572,749 | — | 3,379,534 | (300 | ) | 3,951,983 | ||||||||||||||
Investments in and amounts due from unconsolidated joint ventures | 14,388 | — | — | — | 14,388 | |||||||||||||||
Cash and cash equivalents | 3,352 | 150 | 3,471 | — | 6,973 | |||||||||||||||
Tenant and straight-line receivables, net | 36,142 | — | 134,409 | — | 170,551 | |||||||||||||||
Advances to affiliates | 5,312,384 | 1,288,547 | — | (6,600,931 | ) | — | ||||||||||||||
Investment in subsidiary | — | 4,003,806 | 197 | (4,004,003 | ) | — | ||||||||||||||
Notes receivable | 160,000 | 2,000 | 23,890 | (185,890 | ) | — | ||||||||||||||
Prepaid expenses, restricted cash, escrows, and other assets | 5,319 | 44 | 20,779 | (977 | ) | 25,165 | ||||||||||||||
Goodwill | 180,097 | — | — | — | 180,097 | |||||||||||||||
Interest rate swap | 24,176 | — | — | — | 24,176 | |||||||||||||||
Deferred financing costs, net | 7,764 | — | 995 | — | 8,759 | |||||||||||||||
Deferred lease costs, net | 34,413 | — | 249,583 | — | 283,996 | |||||||||||||||
Total assets | $ | 6,350,784 | $ | 5,294,547 | $ | 3,812,858 | $ | (10,792,101 | ) | $ | 4,666,088 | |||||||||
Liabilities: | ||||||||||||||||||||
Debt | $ | 1,038,570 | $ | — | $ | 1,149,525 | $ | (185,890 | ) | $ | 2,002,205 | |||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 13,824 | 2,376 | 113,595 | (977 | ) | 128,818 | ||||||||||||||
Advances from affiliates | 312,881 | 4,863,672 | 1,467,334 | (6,643,887 | ) | — | ||||||||||||||
Deferred income | 5,086 | — | 17,181 | — | 22,267 | |||||||||||||||
Intangible lease liabilities, net | — | — | 47,113 | — | 47,113 | |||||||||||||||
Interest rate swaps | 4,526 | — | — | — | 4,526 | |||||||||||||||
Total liabilities | 1,374,887 | 4,866,048 | 2,794,748 | (6,830,754 | ) | 2,204,929 | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Common stock | — | 1,575 | — | — | 1,575 | |||||||||||||||
Additional paid-in capital | 4,003,806 | 3,668,906 | 197 | (4,004,003 | ) | 3,668,906 | ||||||||||||||
Cumulative distributions in excess of earnings | 951,813 | (3,241,982 | ) | 1,016,304 | 42,656 | (1,231,209 | ) | |||||||||||||
Other comprehensive loss | 20,278 | — | — | — | 20,278 | |||||||||||||||
Piedmont stockholders’ equity | 4,975,897 | 428,499 | 1,016,501 | (3,961,347 | ) | 2,459,550 | ||||||||||||||
Noncontrolling interest | — | — | 1,609 | — | 1,609 | |||||||||||||||
Total stockholders’ equity | 4,975,897 | 428,499 | 1,018,110 | (3,961,347 | ) | 2,461,159 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,350,784 | $ | 5,294,547 | $ | 3,812,858 | $ | (10,792,101 | ) | $ | 4,666,088 | |||||||||
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 | $ | 93,967 | $ | — | $ | 535,569 | $ | — | $ | 629,536 | ||||||||||
Buildings and improvements, less accumulated depreciation | 528,548 | — | 2,379,530 | — | 2,908,078 | |||||||||||||||
Intangible lease assets, less accumulated amortization | 3,266 | — | 51,479 | — | 54,745 | |||||||||||||||
Construction in progress | 1,056 | — | 19,317 | — | 20,373 | |||||||||||||||
Total real estate assets | 626,837 | — | 2,985,895 | — | 3,612,732 | |||||||||||||||
Investments in and amounts due from unconsolidated joint ventures | 37,689 | — | — | — | 37,689 | |||||||||||||||
Cash and cash equivalents | 62,371 | 239 | (49,653 | ) | — | 12,957 | ||||||||||||||
Tenant and straight-line rent receivables, net | 34,288 | — | 113,049 | — | 147,337 | |||||||||||||||
Advances to affiliates | 4,623,173 | 1,300,158 | — | (5,923,331 | ) | — | ||||||||||||||
Investment in subsidiary | — | 4,068,844 | 200 | (4,069,044 | ) | — | ||||||||||||||
Notes receivable | 160,000 | 2,500 | 23,890 | (186,390 | ) | — | ||||||||||||||
Prepaid expenses, restricted cash, escrows, and other assets | 5,149 | 14 | 17,402 | (948 | ) | 21,617 | ||||||||||||||
Goodwill | 180,097 | — | — | — | 180,097 | |||||||||||||||
Interest rate swap | 1,075 | — | — | — | 1,075 | |||||||||||||||
Deferred financing costs, net | 4,292 | — | 2,162 | — | 6,454 | |||||||||||||||
Deferred lease costs, net | 30,426 | — | 204,491 | — | 234,917 | |||||||||||||||
Total assets | $ | 5,765,397 | $ | 5,371,755 | $ | 3,297,436 | $ | (10,179,713 | ) | $ | 4,254,875 | |||||||||
Liabilities: | ||||||||||||||||||||
Debt | $ | 452,890 | $ | — | $ | 1,150,025 | $ | (186,390 | ) | $ | 1,416,525 | |||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 20,443 | 645 | 107,123 | (948 | ) | 127,263 | ||||||||||||||
Advances from affiliates | 274,159 | 4,636,936 | 1,044,446 | (5,955,541 | ) | — | ||||||||||||||
Deferred income | 5,991 | — | 15,561 | — | 21,552 | |||||||||||||||
Intangible lease liabilities, net | 24 | — | 40,781 | — | 40,805 | |||||||||||||||
Interest rate swaps | 8,235 | — | — | — | 8,235 | |||||||||||||||
Total liabilities | 761,742 | 4,637,581 | 2,357,936 | (6,142,879 | ) | 1,614,380 | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Common stock | — | 1,676 | — | — | 1,676 | |||||||||||||||
Additional paid-in capital | 4,068,844 | 3,667,051 | 200 | (4,069,044 | ) | 3,667,051 | ||||||||||||||
Cumulative distributions in excess of earnings | 941,971 | (2,934,553 | ) | 937,691 | 32,210 | (1,022,681 | ) | |||||||||||||
Other comprehensive loss | (7,160 | ) | — | — | — | (7,160 | ) | |||||||||||||
Piedmont stockholders’ equity | 5,003,655 | 734,174 | 937,891 | (4,036,834 | ) | 2,638,886 | ||||||||||||||
Noncontrolling interest | — | — | 1,609 | — | 1,609 | |||||||||||||||
Total stockholders’ equity | 5,003,655 | 734,174 | 939,500 | (4,036,834 | ) | 2,640,495 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,765,397 | $ | 5,371,755 | $ | 3,297,436 | $ | (10,179,713 | ) | $ | 4,254,875 | |||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | 77,200 | $ | — | $ | 375,769 | $ | (5,282 | ) | $ | 447,687 | |||||||||
Tenant reimbursements | 16,526 | — | 88,461 | (420 | ) | 104,567 | ||||||||||||||
Property management fee revenue | — | — | 15,360 | (13,109 | ) | 2,251 | ||||||||||||||
93,726 | — | 479,590 | (18,811 | ) | 554,505 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 41,833 | — | 200,472 | (19,326 | ) | 222,979 | ||||||||||||||
Depreciation | 23,857 | — | 98,705 | — | 122,562 | |||||||||||||||
Amortization | 5,297 | — | 40,354 | — | 45,651 | |||||||||||||||
Impairment loss | 1,242 | — | — | — | 1,242 | |||||||||||||||
General and administrative | 21,011 | 337 | 24,927 | (24,392 | ) | 21,883 | ||||||||||||||
93,240 | 337 | 364,458 | (43,718 | ) | 414,317 | |||||||||||||||
Real estate operating income/(loss) | 486 | (337 | ) | 115,132 | 24,907 | 140,188 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (22,242 | ) | — | (63,900 | ) | 12,559 | (73,583 | ) | ||||||||||||
Interest income and other income/(expense) | 10,630 | 164 | (587 | ) | (12,559 | ) | (2,352 | ) | ||||||||||||
Litigation settlement recovery | 1,250 | — | — | — | 1,250 | |||||||||||||||
Net casualty recoveries/(loss) | (567 | ) | — | 11,128 | — | 10,561 | ||||||||||||||
Equity in loss of unconsolidated joint ventures | (3,676 | ) | — | — | — | (3,676 | ) | |||||||||||||
Loss on consolidation | (898 | ) | — | — | — | (898 | ) | |||||||||||||
(15,503 | ) | 164 | (53,359 | ) | — | (68,698 | ) | |||||||||||||
Income/(loss) from continuing operations | (15,017 | ) | (173 | ) | 61,773 | 24,907 | 71,490 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income, excluding impairment loss | 1,755 | — | 608 | — | 2,363 | |||||||||||||||
Impairment loss | (6,402 | ) | — | — | — | (6,402 | ) | |||||||||||||
Gain on sale of real estate assets | 15,046 | — | 16,246 | — | 31,292 | |||||||||||||||
Income from discontinued operations | 10,399 | — | 16,854 | — | 27,253 | |||||||||||||||
Net income/(loss) | (4,618 | ) | (173 | ) | 78,627 | 24,907 | 98,743 | |||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income/(loss) attributable to Piedmont | $ | (4,618 | ) | $ | (173 | ) | $ | 78,612 | $ | 24,907 | $ | 98,728 | ||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | 72,072 | $ | — | $ | 348,713 | $ | (4,813 | ) | $ | 415,972 | |||||||||
Tenant reimbursements | 17,100 | — | 89,937 | (283 | ) | 106,754 | ||||||||||||||
Property management fee revenue | — | — | 14,350 | (12,032 | ) | 2,318 | ||||||||||||||
89,172 | — | 453,000 | (17,128 | ) | 525,044 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 36,486 | — | 189,665 | (17,871 | ) | 208,280 | ||||||||||||||
Depreciation | 23,456 | — | 86,903 | — | 110,359 | |||||||||||||||
Amortization | 5,524 | — | 44,038 | — | 49,562 | |||||||||||||||
General and administrative | 19,804 | 294 | 23,574 | (22,907 | ) | 20,765 | ||||||||||||||
85,270 | 294 | 344,180 | (40,778 | ) | 388,966 | |||||||||||||||
Real estate operating income/(loss) | 3,902 | (294 | ) | 108,820 | 23,650 | 136,078 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (12,530 | ) | — | (65,001 | ) | 12,508 | (65,023 | ) | ||||||||||||
Interest income and other income/(expense) | 12,226 | 15 | 1,100 | (12,508 | ) | 833 | ||||||||||||||
Litigation settlement expense | (7,500 | ) | — | — | — | (7,500 | ) | |||||||||||||
Net casualty recoveries/(loss) | (5,195 | ) | — | 25 | — | (5,170 | ) | |||||||||||||
Equity in income of unconsolidated joint ventures | 923 | — | — | — | 923 | |||||||||||||||
(12,076 | ) | 15 | (63,876 | ) | — | (75,937 | ) | |||||||||||||
Income/(loss) from continuing operations | (8,174 | ) | (279 | ) | 44,944 | 23,650 | 60,141 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income | 5,220 | — | 281 | — | 5,501 | |||||||||||||||
Gain on sale of real estate assets | 27,577 | — | — | — | 27,577 | |||||||||||||||
Income from discontinued operations | 32,797 | — | 281 | — | 33,078 | |||||||||||||||
Net income/(loss) | 24,623 | (279 | ) | 45,225 | 23,650 | 93,219 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income/(loss) attributable to Piedmont | $ | 24,623 | $ | (279 | ) | $ | 45,210 | $ | 23,650 | $ | 93,204 | |||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | 67,669 | $ | — | $ | 343,492 | $ | (1,450 | ) | $ | 409,711 | |||||||||
Tenant reimbursements | 18,539 | — | 95,313 | (39 | ) | 113,813 | ||||||||||||||
Property management fee revenue | — | — | 14,474 | (12,890 | ) | 1,584 | ||||||||||||||
86,208 | — | 453,279 | (14,379 | ) | 525,108 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 40,311 | — | 177,566 | (15,346 | ) | 202,531 | ||||||||||||||
Depreciation | 21,148 | — | 79,538 | — | 100,686 | |||||||||||||||
Amortization | 4,860 | — | 49,148 | — | 54,008 | |||||||||||||||
General and administrative | 25,029 | (50 | ) | 24,570 | (24,477 | ) | 25,072 | |||||||||||||
91,348 | (50 | ) | 330,822 | (39,823 | ) | 382,297 | ||||||||||||||
Real estate operating income/(loss) | (5,140 | ) | 50 | 122,457 | 25,444 | 142,811 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (8,991 | ) | — | (70,526 | ) | 13,700 | (65,817 | ) | ||||||||||||
Interest income and other income/(expense) | 11,975 | — | 4,591 | (13,700 | ) | 2,866 | ||||||||||||||
Equity in income of unconsolidated joint ventures | 1,619 | — | — | — | 1,619 | |||||||||||||||
Gain on consolidation | — | — | 1,532 | — | 1,532 | |||||||||||||||
Gain on extinguishment of debt | — | — | 1,039 | — | 1,039 | |||||||||||||||
4,603 | — | (63,364 | ) | — | (58,761 | ) | ||||||||||||||
Income/(loss) from continuing operations | (537 | ) | 50 | 59,093 | 25,444 | 84,050 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income | 6,842 | — | 11,507 | — | 18,349 | |||||||||||||||
Gain on sale of real estate assets | 12,152 | — | 110,505 | — | 122,657 | |||||||||||||||
Income from discontinued operations | 18,994 | — | 122,012 | — | 141,006 | |||||||||||||||
Net income | 18,457 | 50 | 181,105 | 25,444 | 225,056 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income attributable to Piedmont | $ | 18,457 | $ | 50 | $ | 181,090 | $ | 25,444 | $ | 225,041 | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 15,327 | $ | 1,853 | $ | 172,992 | $ | 24,907 | $ | 215,079 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | (10,382 | ) | — | (532,088 | ) | 300 | (542,170 | ) | ||||||||||||
Intercompany note receivable | — | 500 | — | (500 | ) | — | ||||||||||||||
Acquisition of unconsolidated joint ventures, net of cash assumed | 18,045 | — | (32,287 | ) | — | (14,242 | ) | |||||||||||||
Net sales proceeds from wholly-owned properties | 50,118 | — | 45,553 | — | 95,671 | |||||||||||||||
Investments in unconsolidated joint ventures | (793 | ) | — | — | — | (793 | ) | |||||||||||||
Deferred lease costs paid | (10,980 | ) | — | (23,318 | ) | — | (34,298 | ) | ||||||||||||
Net cash provided by/(used in) investing activities | 46,008 | 500 | (542,140 | ) | (200 | ) | (495,832 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Deferred financing costs paid | (4,892 | ) | — | — | — | (4,892 | ) | |||||||||||||
Proceeds from debt | 1,085,604 | — | — | — | 1,085,604 | |||||||||||||||
Repayments of debt | (500,000 | ) | — | — | — | (500,000 | ) | |||||||||||||
Intercompany note payable | — | — | (500 | ) | 500 | — | ||||||||||||||
Net costs of issuance of common stock | — | (91 | ) | — | — | (91 | ) | |||||||||||||
Repurchases of common stock as part of announced plan | — | (173,551 | ) | — | — | (173,551 | ) | |||||||||||||
Intercompany distributions | (701,066 | ) | 303,486 | 422,787 | (25,207 | ) | — | |||||||||||||
Dividends paid and discount on dividend reinvestments | — | (132,286 | ) | (15 | ) | — | (132,301 | ) | ||||||||||||
Net cash provided by/(used in) financing activities | (120,354 | ) | (2,442 | ) | 422,272 | (24,707 | ) | 274,769 | ||||||||||||
Net increase/(decrease) in cash and cash equivalents | (59,019 | ) | (89 | ) | 53,124 | — | (5,984 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 62,371 | 239 | (49,653 | ) | — | 12,957 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 3,352 | $ | 150 | $ | 3,471 | $ | — | $ | 6,973 | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 32,260 | $ | 2,215 | $ | 162,800 | $ | 23,650 | $ | 220,925 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | (20,763 | ) | — | (87,724 | ) | — | (108,487 | ) | ||||||||||||
Intercompany note receivable | — | (2,500 | ) | — | 2,500 | — | ||||||||||||||
Net sales proceeds from wholly-owned properties | 93,839 | — | — | — | 93,839 | |||||||||||||||
Investments in unconsolidated joint ventures | (136 | ) | — | — | — | (136 | ) | |||||||||||||
Deferred lease costs paid | (4,164 | ) | — | (44,528 | ) | — | (48,692 | ) | ||||||||||||
Net cash provided by/(used in) investing activities | 68,776 | (2,500 | ) | (132,252 | ) | 2,500 | (63,476 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Deferred financing costs paid | (3,125 | ) | — | — | — | (3,125 | ) | |||||||||||||
Proceeds from debt | 409,000 | — | — | — | 409,000 | |||||||||||||||
Repayments of debt | (280,000 | ) | — | (185,000 | ) | — | (465,000 | ) | ||||||||||||
Intercompany note payable | — | — | 2,500 | (2,500 | ) | — | ||||||||||||||
Net costs of issuance of common stock | — | (229 | ) | — | — | (229 | ) | |||||||||||||
Repurchases of common stock as part of announced plan | — | (88,450 | ) | — | — | (88,450 | ) | |||||||||||||
Intercompany distributions | (331,460 | ) | 225,427 | 129,683 | (23,650 | ) | — | |||||||||||||
Dividends paid and discount on dividend reinvestments | — | (136,363 | ) | (15 | ) | — | (136,378 | ) | ||||||||||||
Net cash provided by/(used in) financing activities | (205,585 | ) | 385 | (52,832 | ) | (26,150 | ) | (284,182 | ) | |||||||||||
Net increase/(decrease) in cash and cash equivalents | (104,549 | ) | 100 | (22,284 | ) | — | (126,733 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 166,920 | 139 | (27,369 | ) | — | 139,690 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 62,371 | $ | 239 | $ | (49,653 | ) | $ | — | $ | 12,957 | |||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 34,362 | $ | 2,375 | $ | 204,913 | $ | 25,445 | $ | 267,095 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | (15,856 | ) | — | (199,753 | ) | — | (215,609 | ) | ||||||||||||
Intercompany note receivable | — | — | 53,000 | (53,000 | ) | — | ||||||||||||||
Cash assumed upon consolidation of variable interest entity | — | — | 5,063 | — | 5,063 | |||||||||||||||
Net sales proceeds from wholly-owned properties and consolidated joint venture | 31,704 | — | 260,081 | — | 291,785 | |||||||||||||||
Net sales proceeds received from unconsolidated joint ventures | 3,036 | — | — | — | 3,036 | |||||||||||||||
Investments in unconsolidated joint ventures | (151 | ) | — | — | — | (151 | ) | |||||||||||||
Liquidation of noncontrolling interest upon sale of consolidated joint venture | — | — | (95 | ) | — | (95 | ) | |||||||||||||
Deferred lease costs paid | (10,695 | ) | — | (36,354 | ) | — | (47,049 | ) | ||||||||||||
Net cash provided by/(used in) investing activities | 8,038 | — | 81,942 | (53,000 | ) | 36,980 | ||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Deferred financing costs paid | (2,717 | ) | — | (650 | ) | — | (3,367 | ) | ||||||||||||
Proceeds from debt | 829,000 | — | — | — | 829,000 | |||||||||||||||
Repayments of debt | (779,000 | ) | — | (43,875 | ) | — | (822,875 | ) | ||||||||||||
Intercompany note payable | (53,000 | ) | — | — | 53,000 | — | ||||||||||||||
Net costs of issuance of common stock | — | (252 | ) | — | — | (252 | ) | |||||||||||||
Repurchases of common stock as part of announced plan | — | (3,244 | ) | — | — | (3,244 | ) | |||||||||||||
Intercompany distributions | 68,721 | 218,322 | (261,598 | ) | (25,445 | ) | — | |||||||||||||
Dividends paid and discount on dividend reinvestments | — | (217,958 | ) | (2,407 | ) | — | (220,365 | ) | ||||||||||||
Net cash provided by/(used in) financing activities | 63,004 | (3,132 | ) | (308,530 | ) | 27,555 | (221,103 | ) | ||||||||||||
Net increase/(decrease) in cash and cash equivalents | 105,404 | (757 | ) | (21,675 | ) | — | 82,972 | |||||||||||||
Cash and cash equivalents, beginning of year | 61,516 | 896 | (5,694 | ) | — | 56,718 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 166,920 | $ | 139 | $ | (27,369 | ) | $ | — | $ | 139,690 | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent events | |
Declaration of Dividend for the First Quarter 2014 | |
On February 5, 2014, the board of directors of Piedmont declared dividends for the first quarter 2014 in the amount of $0.20 per share on its common stock to stockholders of record as of the close of business on February 28, 2014. Such dividends are to be paid on March 21, 2014. | |
Contract signed for sale of 11107 & 11109 Sunset Hills Road | |
On January 31, 2014, Piedmont entered into a binding contract to sell 11107 and 11109 Sunset Hills Road in Reston, VA. for $22.6 million. The contract is anticipated to close during the first quarter of 2014. |
Schedule_III_Real_Estate_Asset
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate Assets and Accumulated Depreciation | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Piedmont Office Realty Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Gross Amount at Which | |||||||||||||||||||||||||||||||||||||||||||||||
Carried at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Ownership | Encumbrances | Land | Buildings and | Total | Costs | Land | Buildings and | Total | Accumulated | Date of | Date | Life on | ||||||||||||||||||||||||||||||||||
Percentage | Improvements | Capitalized | Improvements | Depreciation | Construction | Acquired | which | |||||||||||||||||||||||||||||||||||||||||
Subsequent | and | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||
to | Amortization | and | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Amortization | |||||||||||||||||||||||||||||||||||||||||||||||
is Computed (in years) | ||||||||||||||||||||||||||||||||||||||||||||||||
(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
3900 DALLAS PARKWAY | Plano, TX | 100 | % | None | 1,456 | 20,377 | 21,837 | 3,050 | 1,517 | 23,370 | 24,887 | 9,499 | 1999 | 12/21/99 | 0 | - | 40 | |||||||||||||||||||||||||||||||
RIVER CORPORATE CENTER | Tempe, AZ | 100 | % | (a) | — | 16,036 | 16,036 | 7,340 | — | 23,376 | 23,376 | 7,224 | 1998 | 3/29/00 | 0 | - | 40 | |||||||||||||||||||||||||||||||
1441 WEST LONG LAKE ROAD | Troy, MI | 100 | % | None | 2,160 | 16,776 | 18,936 | (6,501 | ) | 1,202 | 11,233 | 12,435 | 7,326 | 1999 | 6/29/00 | 0 | - | 40 | ||||||||||||||||||||||||||||||
1430 ENCLAVE PARKWAY | Houston, TX | 100 | % | 32,100 | 7,100 | 37,915 | 45,015 | 3,699 | 5,506 | 43,208 | 48,714 | 16,010 | 1994 | 12/21/00 | 0 | - | 40 | |||||||||||||||||||||||||||||||
CRESCENT RIDGE II | Minnetonka, MN | 100 | % | None | 7,700 | 45,154 | 52,854 | 9,149 | 8,021 | 53,982 | 62,003 | 21,125 | 2000 | 12/21/00 | 0 | - | 40 | |||||||||||||||||||||||||||||||
1200 CROWN COLONY DRIVE (c) | Quincy, MA | 100 | % | 20,200 | 11,042 | 40,666 | 51,708 | 2,738 | 11,042 | 43,404 | 54,446 | 14,268 | 1990 | 7/30/01 | 0 | - | 40 | |||||||||||||||||||||||||||||||
5601 HIATUS ROAD | Tamarac, FL | 100 | % | None | 3,642 | 10,404 | 14,046 | 1,721 | 3,642 | 12,125 | 15,767 | 3,978 | 2001 | 12/21/01 | 0 | - | 40 | |||||||||||||||||||||||||||||||
WINDY POINT I | Schaumburg, IL | 100 | % | 23,400 | 4,537 | 31,847 | 36,384 | 2,782 | 4,537 | 34,629 | 39,166 | 11,233 | 1999 | 12/31/01 | 0 | - | 40 | |||||||||||||||||||||||||||||||
WINDY POINT II | Schaumburg, IL | 100 | % | 40,300 | 3,746 | 55,026 | 58,772 | 16,702 | 3,746 | 71,728 | 75,474 | 18,648 | 2001 | 12/31/01 | 0 | - | 40 | |||||||||||||||||||||||||||||||
SARASOTA COMMERCE CENTER II | Sarasota, FL | 100 | % | None | 1,767 | 20,533 | 22,300 | 2,310 | 2,203 | 22,407 | 24,610 | 7,455 | 1999 | 1/11/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
11695 JOHNS CREEK PARKWAY | Johns Creek, GA | 100 | % | None | 2,080 | 13,572 | 15,652 | 1,833 | 2,081 | 15,404 | 17,485 | 5,292 | 2001 | 3/28/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
3750 BROOKSIDE PARKWAY | Alpharetta, GA | 100 | % | None | 1,561 | 14,207 | 15,768 | 218 | 1,561 | 14,425 | 15,986 | 4,548 | 2001 | 4/18/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
2001 NW 64th STREET | Ft. Lauderdale, FL | 100 | % | (a) | — | 7,172 | 7,172 | 967 | — | 8,139 | 8,139 | 2,487 | 2001 | 4/18/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
90 CENTRAL STREET | Boxborough, MA | 100 | % | None | 3,642 | 29,497 | 33,139 | 3,001 | 3,642 | 32,498 | 36,140 | 10,967 | 2001 | 5/3/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
DESERT CANYON 300 | Phoenix, AZ | 100 | % | None | 2,602 | 24,333 | 26,935 | 46 | 2,602 | 24,379 | 26,981 | 7,500 | 2001 | 6/4/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
6031 CONNECTION DRIVE | Irving, TX | 100 | % | None | 3,157 | 43,656 | 46,813 | 3,477 | 3,157 | 47,133 | 50,290 | 14,040 | 1999 | 8/15/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
6021 CONNECTION DRIVE | Irving, TX | 100 | % | None | 3,157 | 42,662 | 45,819 | 172 | 3,157 | 42,834 | 45,991 | 12,808 | 2000 | 8/15/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
6011 CONNECTION DRIVE | Irving, TX | 100 | % | None | 3,157 | 29,034 | 32,191 | 2,586 | 3,157 | 31,620 | 34,777 | 10,338 | 1999 | 8/15/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
BRAKER POINTE III (c) | Austin, TX | 100 | % | 16,500 | 6,098 | 34,492 | 40,590 | 1 | 6,099 | 34,492 | 40,591 | 10,387 | 2001 | 8/15/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
CHANDLER FORUM | Chandler, AZ | 100 | % | None | 2,632 | — | 2,632 | 19,963 | 2,779 | 19,816 | 22,595 | 6,908 | 2003 | 9/12/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
2 GATEHALL DRIVE (c) | Parsippany, NJ | 100 | % | 42,700 | 9,054 | 96,722 | 105,776 | 6,448 | 9,054 | 103,170 | 112,224 | 29,388 | 1985 | 9/27/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
5601 HEADQUARTERS DRIVE | Plano, TX | 100 | % | None | 3,153 | 24,602 | 27,755 | 2,663 | 3,153 | 27,265 | 30,418 | 7,591 | 2001 | 9/27/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
Initial Cost | Gross Amount at Which | |||||||||||||||||||||||||||||||||||||||||||||||
Carried at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Ownership | Encumbrances | Land | Buildings and | Total | Costs | Land | Buildings and | Total | Accumulated | Date of | Date | Life on | ||||||||||||||||||||||||||||||||||
Percentage | Improvements | Capitalized | Improvements | Depreciation | Construction | Acquired | which | |||||||||||||||||||||||||||||||||||||||||
Subsequent | and | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||
to | Amortization | and | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Amortization | |||||||||||||||||||||||||||||||||||||||||||||||
is Computed (in years) | ||||||||||||||||||||||||||||||||||||||||||||||||
(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
TWO INDEPENDENCE SQUARE (c) | Washington, DC | 100 | % | 105,800 | 52,711 | 202,702 | 255,413 | 49,791 | 52,711 | 252,493 | 305,204 | 62,617 | 1991 | 11/22/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
ONE INDEPENDENCE SQUARE (c) | Washington, DC | 100 | % | 57,800 | 29,765 | 104,814 | 134,579 | 3,145 | 30,562 | 107,162 | 137,724 | 31,167 | 1991 | 11/22/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
2120 WEST END AVENUE (c) | Nashville, TN | 100 | % | 26,800 | 4,908 | 59,011 | 63,919 | 6,671 | 5,100 | 65,490 | 70,590 | 19,586 | 2000 | 11/26/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
800 NORTH BRAND BOULEVARD | Glendale, CA | 100 | % | None | 23,605 | 136,284 | 159,889 | 9,288 | 23,607 | 145,570 | 169,177 | 43,804 | 1990 | 12/20/02 | 0 | - | 40 | |||||||||||||||||||||||||||||||
EASTPOINT I | Mayfield | 100 | % | None | 1,485 | 11,064 | 12,549 | 2,221 | 1,485 | 13,285 | 14,770 | 3,277 | 2000 | 1/9/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
Heights, OH | ||||||||||||||||||||||||||||||||||||||||||||||||
EASTPOINT II | Mayfield Heights, OH | 100 | % | None | 1,235 | 9,199 | 10,434 | 1,929 | 1,235 | 11,128 | 12,363 | 3,544 | 2000 | 1/9/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
150 WEST JEFFERSON | Detroit, MI | 100 | % | None | 9,759 | 88,364 | 98,123 | 3,166 | 9,759 | 91,530 | 101,289 | 26,218 | 1989 | 3/31/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
US BANCORP CENTER | Minneapolis, MN | 100 | % | 105,000 | 11,138 | 175,629 | 186,767 | 9,568 | 11,138 | 185,197 | 196,335 | 50,521 | 2000 | 5/1/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
AON CENTER | Chicago, IL | 100 | % | 225,000 | 23,267 | 472,488 | 495,755 | 145,536 | 23,966 | 617,325 | 641,291 | 163,035 | 1972 | 5/9/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
AUBURN HILLS CORPORATE CENTER | Auburn Hills, MI | 100 | % | None | 1,978 | 16,570 | 18,548 | (8,331 | ) | 1,591 | 8,626 | 10,217 | 3,908 | 2001 | 5/9/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
11107 SUNSET HILLS ROAD | Reston, VA | 100 | % | None | 2,711 | 17,890 | 20,601 | 518 | 2,711 | 18,408 | 21,119 | 5,692 | 1985 | 6/27/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
11109 SUNSET HILLS ROAD | Reston, VA | 100 | % | None | 1,218 | 8,038 | 9,256 | (2,723 | ) | 1,218 | 5,315 | 6,533 | 1,644 | 1984 | 6/27/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
9211 CORPORATE BOULEVARD | Rockville, MD | 100 | % | None | 3,019 | 21,984 | 25,003 | (4,805 | ) | 2,960 | 17,238 | 20,198 | 4,630 | 1989 | 7/30/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
9221 CORPORATE BOULEVARD | Rockville, MD | 100 | % | None | 3,019 | 21,984 | 25,003 | (2,577 | ) | 2,960 | 19,466 | 22,426 | 4,640 | 1989 | 7/30/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
GLENRIDGE HIGHLANDS TWO | Atlanta, GA | 100 | % | None | 6,662 | 69,031 | 75,693 | (20,391 | ) | 6,662 | 48,640 | 55,302 | 13,457 | 2000 | 8/1/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
200 BRIDGEWATER CROSSING (c) | Bridgewater, NJ | 100 | % | 40,200 | 8,182 | 84,160 | 92,342 | (13,774 | ) | 8,328 | 70,240 | 78,568 | 16,890 | 2002 | 8/14/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
1055 EAST COLORADO BOULEVARD | Pasadena, CA | 100 | % | 29,200 | 6,495 | 30,265 | 36,760 | (3,059 | ) | 6,495 | 27,206 | 33,701 | 6,349 | 2001 | 8/22/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
FAIRWAY CENTER II (c) | Brea, CA | 100 | % | 10,700 | 7,110 | 15,600 | 22,710 | (2,332 | ) | 7,110 | 13,268 | 20,378 | 3,670 | 2002 | 8/29/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
COPPER RIDGE CENTER | Lyndhurst, NJ | 100 | % | None | 6,974 | 38,714 | 45,688 | (4,701 | ) | 6,974 | 34,013 | 40,987 | 9,645 | 1989 | 9/5/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
1901 MAIN STREET | Irvine, CA | 100 | % | None | 6,246 | 36,455 | 42,701 | (6,157 | ) | 6,246 | 30,298 | 36,544 | 7,673 | 2001 | 9/17/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
400 VIRGINIA AVE | Washington, DC | 100 | % | None | 22,146 | 49,740 | 71,886 | (1,248 | ) | 22,146 | 48,492 | 70,638 | 12,989 | 1985 | 11/19/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
4250 NORTH FAIRFAX DRIVE | Arlington, VA | 100 | % | None | 13,636 | 70,918 | 84,554 | 3,892 | 13,636 | 74,810 | 88,446 | 23,169 | 1998 | 11/19/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
Initial Cost | Gross Amount at Which | |||||||||||||||||||||||||||||||||||||||||||||||
Carried at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Ownership | Encumbrances | Land | Buildings and | Total | Costs | Land | Buildings and | Total | Accumulated | Date of | Date | Life on | ||||||||||||||||||||||||||||||||||
Percentage | Improvements | Capitalized | Improvements | Depreciation | Construction | Acquired | which | |||||||||||||||||||||||||||||||||||||||||
Subsequent | and | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||
to | Amortization | and | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Amortization | |||||||||||||||||||||||||||||||||||||||||||||||
is Computed (in years) | ||||||||||||||||||||||||||||||||||||||||||||||||
(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
1225 EYE STREET (d) | Washington, DC | 50 | % | 57,600 | 21,959 | 47,602 | 69,561 | (1,998 | ) | 21,959 | 45,604 | 67,563 | 12,749 | 1986 | 11/19/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
1201 EYE STREET (e) | Washington, DC | 50 | % | 82,400 | 31,985 | 63,139 | 95,124 | (3,089 | ) | 31,985 | 60,050 | 92,035 | 15,595 | 2001 | 11/19/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
1901 MARKET STREET | Philadelphia, PA | 100 | % | None | 13,584 | 166,683 | 180,267 | 31,497 | 20,829 | 190,935 | 211,764 | 49,364 | 1987 | 12/18/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
60 BROAD STREET | New York, NY | 100 | % | None | 32,522 | 168,986 | 201,508 | 3,543 | 60,708 | 144,343 | 205,051 | 38,111 | 1962 | 12/31/03 | 0 | - | 40 | |||||||||||||||||||||||||||||||
1414 MASSACHUSETTS AVENUE | Cambridge, MA | 100 | % | None | 4,210 | 35,821 | 40,031 | 2,004 | 4,365 | 37,670 | 42,035 | 14,586 | 1873 | 1/8/04 | 0 | - | 40 | |||||||||||||||||||||||||||||||
ONE BRATTLE SQUARE | Cambridge, MA | 100 | % | None | 6,974 | 64,940 | 71,914 | (3,920 | ) | 7,113 | 60,881 | 67,994 | 25,873 | 1991 | 2/26/04 | 0 | - | 40 | ||||||||||||||||||||||||||||||
600 CORPORATE DRIVE | Lebanon, NJ | 100 | % | None | 3,934 | — | 3,934 | 16,281 | 3,934 | 16,281 | 20,215 | 5,163 | 2005 | 3/16/04 | 0 | - | 40 | |||||||||||||||||||||||||||||||
1075 WEST ENTRANCE DRIVE | Auburn Hills, | 100 | % | None | 5,200 | 22,957 | 28,157 | (313 | ) | 5,207 | 22,637 | 27,844 | 5,552 | 2001 | 7/7/04 | 0 | - | 40 | ||||||||||||||||||||||||||||||
MI | ||||||||||||||||||||||||||||||||||||||||||||||||
3100 CLARENDON BOULEVARD | Arlington, VA | 100 | % | None | 11,700 | 69,705 | 81,405 | (5,127 | ) | 11,791 | 64,487 | 76,278 | 14,653 | 1987 | 12/9/04 | 0 | - | 40 | ||||||||||||||||||||||||||||||
9200 CORPORATE BOULEVARD | Rockville, MD | 100 | % | None | 3,730 | 16,608 | 20,338 | (1,402 | ) | 3,882 | 15,054 | 18,936 | 3,383 | 1982 | 12/29/04 | 0 | - | 40 | ||||||||||||||||||||||||||||||
400 BRIDGEWATER CROSSING (c) | Bridgewater, NJ | 100 | % | 29,300 | 10,400 | 71,052 | 81,452 | (7,442 | ) | 10,400 | 63,610 | 74,010 | 17,839 | 2002 | 2/17/06 | 0 | - | 40 | ||||||||||||||||||||||||||||||
LAS COLINAS CORPORATE CENTER I | Irving, TX | 100 | % | 17,500 | 3,912 | 18,830 | 22,742 | (4,791 | ) | 2,543 | 15,408 | 17,951 | 2,946 | 1998 | 8/31/06 | 0 | - | 40 | ||||||||||||||||||||||||||||||
LAS COLINAS CORPORATE CENTER II | Irving, TX | 100 | % | 25,025 | 4,496 | 29,881 | 34,377 | (4,908 | ) | 2,543 | 26,926 | 29,469 | 5,501 | 1998 | 8/31/06 | 0 | - | 40 | ||||||||||||||||||||||||||||||
TWO PIERCE PLACE | Itasca, IL | 100 | % | None | 4,370 | 70,632 | 75,002 | 1,996 | 4,370 | 72,628 | 76,998 | 19,290 | 1991 | 12/7/06 | 0 | - | 40 | |||||||||||||||||||||||||||||||
2300 CABOT DRIVE | Lisle, IL | 100 | % | None | 4,390 | 19,549 | 23,939 | (3,558 | ) | 4,390 | 15,991 | 20,381 | 3,908 | 1998 | 5/10/07 | 0 | - | 40 | ||||||||||||||||||||||||||||||
PIEDMONT POINTE I | Bethesda, MD | 100 | % | None | 11,200 | 58,606 | 69,806 | 7,351 | 11,200 | 65,957 | 77,157 | 10,566 | 2007 | 11/13/07 | 0 | - | 40 | |||||||||||||||||||||||||||||||
PIEDMONT POINTE II | Bethesda, MD | 100 | % | None | 13,300 | 70,618 | 83,918 | 6,638 | 13,300 | 77,256 | 90,556 | 11,059 | 2008 | 6/25/08 | 0 | - | 40 | |||||||||||||||||||||||||||||||
SUWANEE GATEWAY ONE | Suwanee, GA | 100 | % | None | 1,000 | 6,875 | 7,875 | 78 | 1,000 | 6,953 | 7,953 | 581 | 2008 | 9/28/10 | 0 | - | 40 | |||||||||||||||||||||||||||||||
ONE MERIDIAN CROSSINGS | Richfield, MN | 100 | % | None | 2,919 | 24,398 | 27,317 | (1 | ) | 2,919 | 24,397 | 27,316 | 2,238 | 1997 | 10/1/10 | 0 | - | 40 | ||||||||||||||||||||||||||||||
TWO MERIDIAN CROSSINGS | Richfield, MN | 100 | % | None | 2,661 | 25,742 | 28,403 | 215 | 2,661 | 25,957 | 28,618 | 2,394 | 1998 | 10/1/10 | 0 | - | 40 | |||||||||||||||||||||||||||||||
500 W. MONROE | Chicago, IL | 100 | % | None | 36,990 | 185,113 | 222,103 | 4,038 | 36,990 | 189,151 | 226,141 | 13,115 | 1991 | 3/31/11 | 0 | - | 40 | |||||||||||||||||||||||||||||||
THE DUPREE | Atlanta, GA | 100 | % | None | 4,080 | 14,310 | 18,390 | 420 | 4,080 | 14,730 | 18,810 | 1,708 | 1997 | 4/29/11 | 0 | - | 40 | |||||||||||||||||||||||||||||||
THE MEDICI | Atlanta, GA | 100 | % | None | 1,780 | 11,510 | 13,290 | 630 | 1,780 | 12,140 | 13,920 | 853 | 2008 | 6/7/11 | 0 | - | 40 | |||||||||||||||||||||||||||||||
225 PRESIDENTIAL WAY | Boston, MA | 100 | % | None | 3,626 | 36,916 | 40,542 | (763 | ) | 3,613 | 36,166 | 39,779 | 3,566 | 2000 | 9/13/11 | 0 | - | 40 | ||||||||||||||||||||||||||||||
235 PRESIDENTIAL WAY | Boston, MA | 100 | % | None | 4,154 | 44,048 | 48,202 | (911 | ) | 4,138 | 43,153 | 47,291 | 4,238 | 2001 | 9/13/11 | 0 | - | 40 | ||||||||||||||||||||||||||||||
400 TOWNPARK | Lake Mary, FL | 100 | % | None | 2,570 | 20,555 | 23,125 | 620 | 2,570 | 21,175 | 23,745 | 1,597 | 2008 | 11/10/11 | 0 | - | 40 | |||||||||||||||||||||||||||||||
Initial Cost | Gross Amount at Which | |||||||||||||||||||||||||||||||||||||||||||||||
Carried at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Ownership | Encumbrances | Land | Buildings and | Total | Costs | Land | Buildings and | Total | Accumulated | Date of | Date | Life on | ||||||||||||||||||||||||||||||||||
Percentage | Improvements | Capitalized | Improvements | Depreciation | Construction | Acquired | which | |||||||||||||||||||||||||||||||||||||||||
Subsequent | and | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||
to | Amortization | and | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Amortization | |||||||||||||||||||||||||||||||||||||||||||||||
is Computed (in years) | ||||||||||||||||||||||||||||||||||||||||||||||||
(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
ARLINGTON GATEWAY | Arlington, VA | 100 | % | None | 36,930 | 129,070 | 166,000 | (333 | ) | 36,930 | 128,737 | 165,667 | 5,350 | 2005 | 3/4/13 | 0 | 40 | |||||||||||||||||||||||||||||||
5 & 15 WAYSIDE ROAD | Burlington, MA | 100 | % | None | 7,190 | 55,445 | 62,635 | (631 | ) | 7,190 | 54,814 | 62,004 | 1,579 | 1999 / 2001 | 3/22/13 | 0 | 40 | |||||||||||||||||||||||||||||||
2020 W. 89th STREET | Kansas City, MO | 100 | % | None | 1,430 | 1,607 | 3,037 | 234 | 1,430 | 1,841 | 3,271 | 65 | 1992 | 8/12/13 | 0 | 40 | ||||||||||||||||||||||||||||||||
5301 MARYLAND WAY | Brentwood, TN | 100 | % | None | 5,740 | 9,717 | 15,457 | — | 5,740 | 9,717 | 15,457 | 589 | 1989 | 8/12/13 | 0 | 40 | ||||||||||||||||||||||||||||||||
4685 INVESTMENT DRIVE | Troy, MI | 100 | % | None | 1,200 | 7,840 | 9,040 | 135 | 1,200 | 7,975 | 9,175 | 309 | 2000 | 8/12/13 | 0 | 40 | ||||||||||||||||||||||||||||||||
6565 MACARTHUR BOULEVARD | Irving, TX | 100 | % | None | 4,820 | 37,767 | 42,587 | 2 | 4,820 | 37,769 | 42,589 | 71 | 1998 | 12/5/13 | 0 | 40 | ||||||||||||||||||||||||||||||||
ONE LINCOLN PARK | Dallas, TX | 100 | % | None | 6,640 | 44,810 | 51,450 | — | 6,640 | 44,810 | 51,450 | 86 | 1999 | 12/20/13 | 0 | 40 | ||||||||||||||||||||||||||||||||
161 CORPORATE CENTER | Irving, TX | 100 | % | None | 2,020 | 10,680 | 12,700 | — | 2,020 | 10,680 | 12,700 | 19 | 1998 | 12/30/13 | 0 | 40 | ||||||||||||||||||||||||||||||||
PIEDMONT POWER, LLC (g) | Bridgewater, NJ | 100 | % | None | — | 79 | 79 | 2,501 | — | 2,580 | 2,580 | 113 | N/A | 12/20/11 | 0 | - | 40 | |||||||||||||||||||||||||||||||
UNDEVELOPED LAND PARCELS (b) | Various | 100 | % | None | 6,021 | 427 | 6,448 | 6,291 | 12,063 | 676 | 12,739 | — | N/A | Various | N/A | |||||||||||||||||||||||||||||||||
Total—Consolidated REIT Properties | $ | 650,349 | $ | 4,058,105 | $ | 4,708,454 | $ | 295,283 | $ | 688,761 | $ | 4,314,976 | $ | 5,003,737 | $ | 1,051,754 | ||||||||||||||||||||||||||||||||
Initial Cost | Gross Amount at Which Carried at | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Ownership | Encumbrances | Land | Buildings and | Total | Costs | Land | Buildings and | Total | Accumulated | Date of | Date | Life on | ||||||||||||||||||||||||||||||||||
Percentage | Improvements | Capitalized | Improvements | Depreciation | Construction | Acquired | which | |||||||||||||||||||||||||||||||||||||||||
Subsequent | and | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||
to | Amortization | and | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Amortization | |||||||||||||||||||||||||||||||||||||||||||||||
is Computed (in years) | ||||||||||||||||||||||||||||||||||||||||||||||||
(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
8560 UPLAND DRIVE | Parker, CO | 72 | % | None | 1,954 | 11,216 | 13,170 | 1,089 | 2,048 | 12,211 | 14,259 | 3,952 | 2001 | 12/21/01 | 0 | - | 40 | |||||||||||||||||||||||||||||||
TWO PARK CENTER | Hoffman Estates, IL | 72 | % | None | 600 | 22,682 | 23,282 | (3,273 | ) | 624 | 19,385 | 20,009 | 5,179 | 1999 | 9/19/03 | 0 | - | 40 | ||||||||||||||||||||||||||||||
Total – Unconsolidated JV Properties | $ | 2,554 | $ | 33,898 | $ | 36,452 | $ | (2,184 | ) | $ | 2,672 | $ | 31,596 | $ | 34,268 | $ | 9,131 | |||||||||||||||||||||||||||||||
Total – All Properties | $ | 652,903 | $ | 4,092,003 | $ | 4,744,906 | $ | 293,099 | $ | 691,433 | $ | 4,346,572 | $ | 5,038,005 | $ | 1,060,885 | ||||||||||||||||||||||||||||||||
(a) | Property is owned subject to a long-term ground lease. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | Undeveloped Land Parcels are not included in Piedmont’s total building count. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | These properties collateralize the $350 Million Secured Pooled Facility. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | Piedmont purchased all of the membership interest in 1225 Equity, LLC, which own a 49.5% membership interest in 1225 Eye Street, N.W. Associates, which owns the 1225 Eye Street building. As a result of its ownership of 1225 Equity, LLC, Piedmont owns an approximate 49.5% in the 1225 Eye Street building. As the controlling member, Piedmont is deemed to have control of the entities and, as such, consolidates the joint ventures. | |||||||||||||||||||||||||||||||||||||||||||||||
(e) | Piedmont purchased all of the membership interest in 1201 Equity, LLC, which own a 49.5% membership interest in 1201 Eye Street, N.W. Associates, which owns the 1201 Eye Street building. As a result of its ownership of 1201 Equity, LLC, Piedmont owns an approximate 49.5% in the 1201 Eye Street building. As the controlling member, Piedmont is deemed to have control of the entities and, as such, consolidates the joint ventures. | |||||||||||||||||||||||||||||||||||||||||||||||
(f) | Piedmont’s assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. Generally, Tenant Improvements are amortized over the shorter of economic life or lease term, and Lease Intangibles are amortized over the lease term. Generally, Building Improvements are depreciated over 5 - 25 years, Land Improvements are depreciated over 20 - 25 years, and Buildings are depreciated over 40 years. | |||||||||||||||||||||||||||||||||||||||||||||||
(g) | Represents solar panels at the 400 Bridgewater Crossing building, which are not included in Piedmont’s total building count. | |||||||||||||||||||||||||||||||||||||||||||||||
Piedmont Office Realty Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 4,648,904 | $ | 4,699,311 | $ | 4,666,188 | ||||||||||||||||||||||||||||||||||||||||||
Additions to/improvements of real estate | 541,701 | 108,131 | 440,141 | |||||||||||||||||||||||||||||||||||||||||||||
Assets disposed | (133,249 | ) | (77,768 | ) | (361,397 | ) | ||||||||||||||||||||||||||||||||||||||||||
Assets impaired | (1,242 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Write-offs of intangible assets(1) | (12,080 | ) | (73,632 | ) | (35,916 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of fully depreciated/amortized assets | (6,029 | ) | (7,138 | ) | (9,705 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 5,038,005 | $ | 4,648,904 | $ | 4,699,311 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation and Amortization: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 977,768 | $ | 935,716 | $ | 918,578 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 140,637 | 139,196 | 147,440 | |||||||||||||||||||||||||||||||||||||||||||||
Assets disposed | (39,411 | ) | (16,374 | ) | (84,681 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of intangible assets(1) | (12,080 | ) | (73,632 | ) | (35,916 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of fully depreciated/amortized assets | (6,029 | ) | (7,138 | ) | (9,705 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 1,060,885 | $ | 977,768 | $ | 935,716 | ||||||||||||||||||||||||||||||||||||||||||
(1) | Consists of write-offs of intangible lease assets related to lease restructurings, amendments and terminations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Use of Estimates, Policy | ' | |
Use of Estimates | ||
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from those estimates. | ||
Real Estate Assets, Policy | ' | |
Real Estate Assets | ||
Real estate assets are stated at cost, as adjusted for any impairment, less accumulated depreciation. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, any tenant improvements or major improvements, and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Piedmont capitalizes interest while the development of a real estate asset is in progress. Approximately $31,000, $0, and $0 of interest was capitalized for the years ended December 31, 2013, 2012, and 2011, respectively. | ||
Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives: | ||
Buildings | 40 years | |
Building improvements | 5-25 years | |
Land improvements | 20-25 years | |
Tenant improvements | Shorter of economic life or lease term | |
Furniture, fixtures, and equipment | 3-5 years | |
Intangible lease assets | Lease term | |
Piedmont continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of both operating properties and properties under construction in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present for wholly-owned properties, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or with the estimated fair values, less costs to sell, for assets held for sale. Piedmont generally considers assets to be held for sale at the point at which a sale contract is executed and earnest money has become non-refundable. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates). | ||
For properties owned as part of an investment in unconsolidated joint ventures, Piedmont assesses the fair value of its investment as compared to its carrying amount. If Piedmont determines that the carrying value is greater than the fair value at any measurement date, Piedmont must also determine if such a difference is temporary in nature. Value fluctuations which are “other than temporary” in nature are then recorded to adjust the carrying value to the fair value amount. | ||
Allocation of Purchase Price of Acquired Assets, Policy | ' | |
Allocation of Purchase Price of Acquired Assets | ||
Upon the acquisition of real properties, Piedmont allocates the purchase price of properties to acquired tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values. | ||
The fair values of the tangible assets of an acquired property (which includes land and building) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions. | ||
The fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases. | ||
The fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant, estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||
Investments in Unconsolidated Joint Ventures, Policy | ' | |
Investments in Unconsolidated Joint Ventures | ||
Piedmont’s investments in unconsolidated joint ventures are recorded using the equity method of accounting, whereby original investments are recorded at cost and subsequently adjusted for contributions, distributions, net income/(loss), and "other than temporary" impairments, if any, attributable to such joint ventures. Pursuant to the terms of the unconsolidated joint venture agreements, all income and distributions are allocated to the joint venture partners in accordance with their respective ownership interests. Distributions of net cash from operations are generally distributed to the joint venture partners on a quarterly basis, and are classified as cash inflows from operating activities, as they are presumed to be returns on Piedmont’s investment in the respective joint venture. Proceeds received as the result of a sale of an asset from an unconsolidated joint venture are considered a return of Piedmont’s investment in the joint venture and classified as cash inflows from investing activities. | ||
Cash and Cash Equivalents, Policy | ' | |
Cash and Cash Equivalents | ||
Piedmont considers all highly-liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value, and consist of investments in money market accounts. | ||
Tenant Receivables Net, Policy | ' | |
Tenant Receivables, net and Straight-line Rent Receivables | ||
Tenant receivables are comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables represent the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the collectibility of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. Piedmont adjusted the allowance for doubtful accounts by recording provisions for/(recoveries of) bad debts of approximately $0.2, $0, and ($0.4) million for the years ended December 31, 2013, 2012, and 2011, respectively, which are included in general and administrative expenses in the accompanying consolidated statements of income. | ||
Due from Unconsolidated Joint Ventures, Policy | ' | |
Due from Unconsolidated Joint Ventures | ||
Due from unconsolidated joint ventures represents operating distributions due to Piedmont from its investments in unconsolidated joint ventures which have been declared but not received as of period end. | ||
Restricted Cash and Escrows, Policy | ' | |
Restricted Cash and Escrows | ||
Restricted cash and escrows principally relate to the following types of items: | ||
• | escrow accounts held by lenders to pay future real estate taxes, insurance, debt service, and tenant improvements; | |
• | net sales proceeds from property sales held by qualified intermediary for potential Section 1031 exchange; | |
• | earnest money paid in connection with future acquisitions; and | |
• | security and utility deposits paid by tenants per the terms of their respective leases. | |
Restricted cash and escrows are generally reclassified to other asset or liability accounts upon being used to purchase assets, satisfy obligations, or settle tenant obligations. | ||
Prepaid Expenses and Other Assets, Policy | ' | |
Prepaid Expenses and Other Assets | ||
Prepaid expenses and other assets are primarily comprised of the following items: | ||
• | prepaid property taxes, insurance and operating costs; | |
• | deferred common area maintenance costs which will be reimbursed by tenants over specified time periods; | |
• | receivables which are unrelated to tenants, for example, insurance proceeds receivable from insurers related to casualty losses; and | |
• | equipment, furniture and fixtures, and tenant improvements for Piedmont’s corporate office space, net of accumulated depreciation. | |
Prepaid expenses and other assets will be expensed as utilized or reclassified to other asset accounts upon being put into service in future periods. Balances without a future economic benefit are expensed as they are identified. Deferred common area maintenance costs are amortized to property operating costs as the related reimbursement income is recognized over the period specified in the respective lease. | ||
Goodwill, Policy | ' | |
Goodwill | ||
Goodwill is the excess of cost of an acquired entity over the amounts specifically assigned to assets acquired and liabilities assumed in purchase accounting for business combinations. Piedmont tests the carrying value of its goodwill for impairment on an annual basis, or on an interim basis if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Such interim circumstances may include, but are not limited to, significant adverse changes in legal factors or in the general business climate, adverse action or assessment by a regulator, unanticipated competition, the loss of key personnel, or persistent declines in an entity’s stock price below carrying value of the entity. Piedmont first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, Piedmont concludes that the estimated fair value is greater than the carrying amount, then performing a further two-step impairment test is unnecessary. However, if Piedmont chooses to forgo the availability of the qualitative analysis, the test prescribed by authoritative accounting guidance is a two-step test. The first step involves comparing the estimated fair value of the entity to its carrying value, including goodwill. Fair value is determined by adjusting the trading price of the stock for various factors including, but not limited to: (i) liquidity or transferability considerations, (ii) control premiums, and/or (iii) fully distributed premiums, if necessary, multiplied by the common shares outstanding. If such calculated fair value exceeds the carrying value, no further procedures or analysis is required. However, if the carrying value exceeds the calculated fair value, goodwill is potentially impaired and step two of the analysis would be required. Step two of the test involves calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the entity from the entity’s fair value calculated in step one of the test. If the implied value of the goodwill (the remainder left after deducting the fair values of the entity from its calculated overall fair value in step one of the test) is less than the carrying value of goodwill, an impairment loss would be recognized. | ||
Interest Rate Derivatives, Policy | ' | |
Interest Rate Derivatives | ||
Piedmont periodically enters into interest rate derivative agreements to hedge its exposure to changing interest rates. Piedmont records all derivatives on the balance sheet at fair value. Piedmont reassesses the effectiveness of its derivatives designated as cash flow hedges on a regular basis to determine if they continue to be highly effective and also to determine if the forecasted transactions remain highly probable. Currently, Piedmont does not use derivatives for trading or speculative purposes. | ||
The changes in fair value of interest rate swap agreements designated as effective cash flow hedges are recorded in other comprehensive income (“OCI”), and subsequently reclassified to earnings when the hedged transactions occur. Changes in the fair values of derivatives designated as cash flow hedges that do not qualify for hedge accounting treatment, if any, would be recorded as gain/(loss) on interest rate swap in the consolidated statements of income. The fair value of the interest rate derivative agreement is recorded as interest rate derivative asset or as interest rate derivative liability in the accompanying consolidated balance sheets. Amounts received or paid under interest rate derivative agreements are recorded as interest expense in the consolidated income statements as incurred. All of Piedmont's interest rate derivative agreements as of December 31, 2013 are designated as cash flow hedges. | ||
Deferred Costs, Policy | ' | |
Deferred Financing Costs | ||
Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders including amounts paid directly to lenders and are capitalized and amortized to interest expense on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Piedmont recognized amortization of deferred financing costs for the years ended December 31, 2013, 2012, and 2011 of approximately $2.6 million, $2.6 million, and $3.2 million, respectively, which is included in interest expense in the accompanying consolidated statements of income. | ||
Deferred Lease Costs | ||
Deferred lease costs are comprised of costs and incentives incurred to acquire operating leases. In addition to direct costs, deferred lease costs also include intangible lease origination costs related to in-place leases acquired as part of a property acquisition and direct payroll costs incurred related to negotiating and executing specific leases. For the years ended December 31, 2013, 2012, or 2011, Piedmont capitalized approximately $0.1 million, $0, and $0, respectively, of internal leasing costs. | ||
Deferred lease costs are amortized on a straight-line basis over the terms of the related underlying leases in the accompanying consolidated statements of income as follows: | ||
• | Approximately $34.0 million, $29.8 million, and $30.0 million of deferred lease costs for the years ended December 31, 2013, 2012, and 2011, respectively, are included in amortization expense; and | |
• | Approximately $3.5 million, $2.5 million, and $3.7 million, of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2013, 2012, and 2011, respectively, was included as an offset to rental income. | |
Upon receipt of a lease termination notice, Piedmont adjusts any unamortized deferred lease costs to their net realizable value ratably over the revised remaining term of the lease after giving effect to the termination notice. If there is no remaining lease term and no other obligation to provide the tenant space in the property, then any unamortized tenant-specific costs are recognized immediately upon termination. | ||
Debt, Policy | ' | |
Debt | ||
When mortgage debt is assumed upon the acquisition of real property, Piedmont adjusts the loan to fair value with a corresponding adjustment to building and other intangible assets assumed as part of the purchase. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. | ||
Deferred Income, Policy | ' | |
Deferred income | ||
Deferred income is primarily comprised of the following items: | ||
• | prepaid rent from tenants; and | |
• | tenant reimbursements related to operating expense or property tax expenses which may be due to tenants as part of an annual operating expense reconciliation. | |
Deferred income related to prepaid rents from tenants will be recognized as income in the period it is earned. Amounts related to operating expense reconciliations or property tax expense are relieved when the tenant's reconciliation is completed in accordance with the underlying lease, and payment is issued to the tenant. | ||
Stockholders' Equity, Policy | ' | |
Shares-in-trust | ||
To date, Piedmont has not issued any shares-in-trust; however, under Piedmont’s charter, it has authority to issue a total of 150,000,000 shares-in-trust, which would be issued only in the event that there is a purported transfer of, or other change in or affecting the ownership of, Piedmont’s capital stock that would result in a violation of the ownership limits that are included in Piedmont’s charter to protect its REIT status. | ||
Preferred Stock | ||
To date, Piedmont has not issued any shares of preferred stock; however, Piedmont is authorized to issue up to 100,000,000 shares of one or more classes or series of preferred stock. Piedmont’s board of directors may determine the relative rights, preferences, and privileges of any class or series of preferred stock that may be issued, and can be more beneficial than the rights, preferences, and privileges attributable to Piedmont’s common stock. | ||
Common Stock | ||
Under Piedmont’s charter, it has authority to issue a total of 750,000,000 shares of common stock with a par value of $0.01 per share. Each share of common stock is entitled to one vote and participates in distributions equally. On October 31, 2013, the board of directors of Piedmont authorized the repurchase and retirement of up to $150 million of Piedmont's common stock through October 2015. Piedmont may repurchase the shares from time to time, in accordance with applicable securities laws, in the open market or in privately negotiated transactions. Repurchases will depend upon market conditions and other factors, and repurchases may be commenced or suspended from time to time in Piedmont's discretion, without prior notice. As of December 31, 2013, approximately $89.8 million is available for share repurchases through October 2015. | ||
Dividends | ||
As a REIT, Piedmont is required by the Internal Revenue Code of 1986, as amended (the “Code”), to make distributions to stockholders each taxable year equal to at least 90% of its taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders (“REIT taxable income”). Piedmont sponsors a dividend reinvestment plan ("DRP") pursuant to which common stockholders may elect (if their brokerage agreements allow) to reinvest an amount equal to the dividends declared on their common shares into additional shares of Piedmont’s common stock in lieu of receiving cash dividends. Under the DRP, Piedmont has the option to either issue shares purchased in the open market or issue shares directly from Piedmont's authorized but unissued shares, in both cases at a 2% discount for the stockholder. Such election takes place at the settlement of each quarterly dividend in which there are participants in the DRP, and may change from quarter to quarter based on management's judgment of the best use of proceeds for Piedmont. | ||
Noncontrolling Interest, Policy | ' | |
Noncontrolling Interest | ||
Noncontrolling interest is the equity interest of consolidated entities that are not owned by Piedmont. Noncontrolling interest is adjusted for contributions, distributions, and earnings (losses) attributable to the noncontrolling interest partners of the consolidated joint ventures. All earnings and distributions are allocated to the partners of the consolidated joint ventures in accordance with their respective partnership agreements. Earnings allocated to such noncontrolling interest partners are recorded as income attributable to noncontrolling interest in the accompanying consolidated statements of income. | ||
Revenue Recognition, Policy | ' | |
Revenue Recognition | ||
All leases of real estate assets held by Piedmont are classified as operating leases, and the related base rental income is recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred. Rents and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination revenues are recognized ratably as rental revenue over the revised remaining lease term after giving effect to the termination notice. Contingent rental income recognition is deferred until the specific lease-related targets are achieved. | ||
Gains on the sale of real estate assets are recognized upon completing the sale and, among other things, determining the sale price and transferring all of the risks and rewards of ownership without significant continuing involvement with the purchaser. Recognition of all or a portion of the gain would be deferred until both of these conditions are met. Losses are primarily recognized through impairment charges when identified. | ||
Stock-based Compensation, Policy | ' | |
Stock-based Compensation | ||
Piedmont has issued stock-based compensation in the form of restricted stock to its employees and directors. For employees, such compensation has been issued pursuant to Piedmont's Long-term Incentive Compensation ("LTIC") program. The LTIC program is comprised of an annual restricted stock grant component and a multi-year performance share component. Awards granted pursuant to the annual restricted stock component are considered equity awards and expensed straight-line over the vesting period, with issuances recorded as a reduction to additional paid in capital. Awards granted pursuant to the performance share component are considered liability awards and are expensed over the service period, with issuances recorded as a reduction to accrued expense. The compensation expense recognized related to both of these award types is recorded as property operating costs for those employees whose job is related to property operation and as general and administrative expense for all other employees and directors in the accompanying consolidated statements of income. Additionally, Piedmont has adopted a nonqualified deferred compensation plan which allows certain employees to elect to defer their receipt of compensation, including but not limited to any stock-based compensation, until future taxable years. | ||
Legal Fees, Policy | ' | |
Legal Fees and Related Insurance Recoveries | ||
Piedmont recognizes legal expenses in the period in which services are rendered as a component of general and administrative expense for routine corporate matters or as property operating costs for legal expenses attributable to operating properties. Insurance reimbursements related to ongoing legal matters are recorded as a reduction of legal expense in the period that the insurance company definitively notifies Piedmont of its intent to issue payment. | ||
Net Casualty Loss/(Gain), Policy | ' | |
Net Casualty Loss/(Gain) | ||
From time to time, specific assets may be damaged or destroyed by natural disasters. Such damages may result in significant expenses related to the destruction of fixed assets or costs to clean, repair, and establish emergency operations at the building or buildings affected by the casualty event. In addition, Piedmont may recognize expenses as a result of issuing rent abatements to tenants for business interruptions caused by the tenants' inability to access the space that they lease from Piedmont. Losses related to the above items are estimated and recorded in the period incurred without regard to whether the loss may be ultimately recoverable under Piedmont's various insurance policies. Any insurance recoveries related to such losses, if applicable, are recorded as income in the period receipt is determined to be probable. Insurance recoveries in excess of losses recognized or related to business interruption are recorded as income in the period that the insurance company definitively notifies Piedmont of its intent to issue payment. During the years ended December 31, 2013, 2012, and 2011, Piedmont recognized $1.5 million, $0, and $0 in business interruption insurance recoveries, respectively. Casualty losses are presented net of insurance recovery income recorded during the period. During the years ended December 31, 2013 and 2012, substantially all of the net casualty loss recorded related to losses incurred in Piedmont's New York/New Jersey portfolio as a result of Hurricane Sandy which occurred in October 2012. | ||
Net Income Available to Common Stockholders Per Share, Policy | ' | |
Net Income Available to Common Stockholders Per Share | ||
Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including the dilutive effect of nonvested restricted stock. The dilutive effect of nonvested restricted stock is calculated using the treasury stock method to determine the number of additional common shares that would become outstanding if the remaining unvested restricted stock awards vested. Outstanding stock options have been excluded from the diluted earnings per share calculation, as their impact would be anti-dilutive. | ||
Income Tax, Policy | ' | |
Income Taxes | ||
Piedmont has elected to be taxed as a REIT under the Code, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes. Accordingly, neither a provision nor a benefit for federal income taxes has been made in the accompanying consolidated financial statements. Piedmont is subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in general and administrative expenses in the accompanying consolidated financial statements. Additionally, Piedmont conducts certain operations through its taxable REIT subsidiary, Piedmont Office Holdings, Inc. | ||
Reclassifications, Policy | ' | |
Reclassifications | ||
Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The reclassifications relate to the required presentation of income from discontinued operations for properties sold during the years ended December 31, 2013, 2012, and 2011 (see Note 14), as well as reclassifying deferred common area maintenance costs from deferred lease costs to prepaid and other assets. None of these reclassifications affect net income or net equity attributable to Piedmont as presented in previous periods. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||
Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives: | ||||||||||||||||
Buildings | 40 years | |||||||||||||||
Building improvements | 5-25 years | |||||||||||||||
Land improvements | 20-25 years | |||||||||||||||
Tenant improvements | Shorter of economic life or lease term | |||||||||||||||
Furniture, fixtures, and equipment | 3-5 years | |||||||||||||||
Intangible lease assets | Lease term | |||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||
Gross intangible assets and liabilities recorded at acquisition as of December 31, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||||||||
31-Dec-13 | December 31, 2012 | |||||||||||||||
Intangible Lease Assets: | ||||||||||||||||
Above-Market In-Place Lease Assets | $ | 21,137 | $ | 21,468 | ||||||||||||
Absorption Period Costs | $ | 125,060 | $ | 101,217 | ||||||||||||
Intangible Lease Origination Costs (included in Deferred Lease Costs) | $ | 158,427 | $ | 116,995 | ||||||||||||
Intangible Lease Liabilities (Below-Market In-Place Leases) | $ | 91,369 | $ | 81,736 | ||||||||||||
Amortization Of Intangible Lease Costs | ' | |||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Amortization expense related to Intangible Lease Origination Costs and Absorption Period Costs | $ | 30,409 | $ | 36,151 | $ | 48,013 | ||||||||||
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues | $ | 5,278 | $ | 5,678 | $ | 7,065 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||
Net intangible assets and liabilities as of December 31, 2013 will be amortized as follows (in thousands): | ||||||||||||||||
Intangible Lease Assets | ||||||||||||||||
Above-Market | Absorption | Intangible Lease | Below-Market | |||||||||||||
In-place | Period Costs | Origination Costs(1) | In-place Lease | |||||||||||||
Lease Assets | Liabilities | |||||||||||||||
For the year ending December 31: | ||||||||||||||||
2014 | $ | 2,050 | $ | 15,046 | $ | 18,882 | $ | 6,825 | ||||||||
2015 | 1,891 | 13,789 | 17,490 | 6,328 | ||||||||||||
2016 | 1,662 | 10,996 | 14,652 | 6,205 | ||||||||||||
2017 | 886 | 8,241 | 11,671 | 6,300 | ||||||||||||
2018 | 309 | 5,687 | 8,726 | 5,702 | ||||||||||||
Thereafter | 131 | 13,689 | 21,449 | 15,753 | ||||||||||||
$ | 6,929 | $ | 67,448 | $ | 92,870 | $ | 47,113 | |||||||||
Weighted-Average Amortization Period (in years) | 4 | 6 | 6 | 8 | ||||||||||||
-1 | Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. |
Unconsolidated_Joint_Ventures_
Unconsolidated Joint Ventures (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||
As of December 31, 2013 and 2012, Piedmont owned interests in the following unconsolidated joint ventures (in thousands): | ||||||||||||||
Name of Joint Venture | Properties Held by Joint Venture | Piedmont’s | Net Book Value | |||||||||||
Approximate | ||||||||||||||
Ownership | ||||||||||||||
Percentage | ||||||||||||||
2013 | 2012 | |||||||||||||
Fund XIII and REIT Joint Venture | 8560 Upland Drive | 72 | % | $ | 14,122 | $ | 18,814 | |||||||
Two Park Center | ||||||||||||||
Fund XII and REIT Joint Venture | (1) | 4685 Investment Drive | 55 | % | — | 15,813 | ||||||||
5301 Maryland Way | ||||||||||||||
Fund XI, XII and REIT Joint Venture | (1) | 2020 W. 89th Street | 57 | % | — | 2,599 | ||||||||
$ | 14,122 | $ | 37,226 | |||||||||||
(1) | On August 12, 2013, Piedmont purchased all of the remaining interests in three office properties previously held through these two unconsolidated joint ventures for approximately $14.7 million in cash, representing the estimated fair value of the respective property, less Piedmont's existing investment in the respective unconsolidated joint ventures. Such estimated fair value was derived by reference to a credible, unrelated third-party offer and verified using discounted cash flow analysis. Under the terms of the respective joint venture agreements, Piedmont exercised its dissenter's right to buy out each of its co-venturers' interests based upon the terms of the third-party offer. The $0.9 million difference between the fair value of the properties acquired and the sum of Piedmont's previously recorded book value in investment in unconsolidated joint ventures plus cash consideration paid for the interests was recorded as a loss on consolidation in Piedmont's consolidated statement of operations for the year ended December 31, 2013. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Debt | ' | |||||||||||||||
The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
Facility | Collateral | Rate(1) | Maturity | Amount Outstanding | ||||||||||||
as of December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Secured (Fixed) | ||||||||||||||||
$200.0 Million Mortgage Note | Aon Center | 4.87 | % | 5/1/14 | $ | 200,000 | (10) | $ | 200,000 | |||||||
$25.0 Million Mortgage Note | Aon Center | 5.7 | % | 5/1/14 | 25,000 | (10) | 25,000 | |||||||||
$350.0 Million Secured Pooled Facility | Nine Property Collateralized Pool(2) | 4.84 | % | 6/7/14 | 350,000 | 350,000 | ||||||||||
$105.0 Million Fixed-Rate Loan | US Bancorp Center | 5.29 | % | 5/11/15 | 105,000 | 105,000 | ||||||||||
$125.0 Million Fixed-Rate Loan | Four Property Collateralized Pool(3) | 5.5 | % | 4/1/16 | 125,000 | 125,000 | ||||||||||
$42.5 Million Fixed-Rate Loan | Las Colinas Corporate Center I & II | 5.7 | % | 10/11/16 | 42,525 | 42,525 | ||||||||||
$140.0 Million WDC Mortgage Notes | 1201 & 1225 Eye Street | 5.76 | % | 11/1/17 | 140,000 | 140,000 | ||||||||||
Subtotal/Weighted Average(4) | 5.17 | % | 987,525 | 987,525 | ||||||||||||
Unsecured (Variable and Fixed) | ||||||||||||||||
$300 Million Unsecured 2011 Term Loan | LIBOR + 1.45% | (5) | 11/22/16 | 300,000 | 300,000 | |||||||||||
$500 Million Unsecured Line of Credit | 1.35 | % | (6) | 8/19/16 | (7) | 366,000 | 129,000 | |||||||||
$350 Million Senior Notes | 3.4 | % | (8) | 6/1/23 | 348,680 | — | ||||||||||
$300 Million Unsecured 2013 Term Loan | LIBOR + 1.20% | (9) | 1/31/19 | — | — | |||||||||||
Subtotal/Weighted Average(4) | 2.46 | % | 1,014,680 | 429,000 | ||||||||||||
Total/ Weighted Average(4) | 3.8 | % | $ | 2,002,205 | $ | 1,416,525 | ||||||||||
(1) | All of Piedmont’s outstanding debt as of December 31, 2013 and 2012 is interest-only debt. | |||||||||||||||
(2) | Nine property collateralized pool includes:1200 Crown Colony Drive in Quincy, Massachusetts, Braker Pointe III in Austin, Texas, 2 Gatehall Drive in Parsippany, New Jersey, the One and Two Independence Square buildings in Washington, DC, 2120 West End Avenue in Nashville, Tennessee, 400 Bridgewater Crossing in Bridgewater, New Jersey, 200 Bridgewater Crossing in Bridgewater, New Jersey, and Fairway Center II in Brea, California. | |||||||||||||||
(3) | Four property collateralized pool includes 1430 Enclave Parkway in Houston, Texas, Windy Point I and II in Schaumburg, Illinois, and 1055 East Colorado Boulevard in Pasadena, California. | |||||||||||||||
(4) | Weighted average is based on the net book value of outstanding debt and interest rates in the table (or as footnoted) as of December 31, 2013. | |||||||||||||||
(5) | The $300 Million Unsecured 2011 Term Loan has a stated variable rate; however, Piedmont entered into interest rate swap agreements which effectively fix, exclusive of changes to Piedmont's credit rating, the rate on this facility to 2.69% through maturity. | |||||||||||||||
(6) | Piedmont may select from multiple interest rate options with each draw, including the prime rate and various length LIBOR locks. All LIBOR selections are subject to an additional spread (1.175% as of December 31, 2013) over the selected rate based on Piedmont’s current credit rating. The outstanding balance as of December 31, 2013 consists of LIBOR draws at an average rate of 0.17% (subject to the additional spread mentioned above). Further, for the year ended December 31, 2013, Piedmont incurred net borrowings of approximately $237.0 million on its outstanding line of credit. | |||||||||||||||
(7) | Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of August 21, 2017) provided Piedmont is not then in default and upon payment of extension fees. | |||||||||||||||
(8) | The $350 Million Senior Notes have a fixed coupon rate of 3.40%, however, as a result of the issuance of the notes at a discount, Piedmont recognizes an effective interest rate on this debt issuance of 3.45%. | |||||||||||||||
(9) | On January 30, 2014, Piedmont drew the full commitment of the $300 Million Unsecured 2013 Term Loan. Additionally, Piedmont entered into four interest rate swap agreements with a total notional value of $200 million to effectively fix the interest rate for this portion of the debt at 2.79%. | |||||||||||||||
(10) | On January 31, 2014, Piedmont used the proceeds of the $300 Million Unsecured 2013 Term Loan mentioned above to fully repay the $200 Million Mortgage Note and the $25 Million Mortgage Note. | |||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||
A summary of the aggregate maturities of Piedmont’s indebtedness as of December 31, 2013, is provided below (in thousands): | ||||||||||||||||
2014 | $ | 575,000 | ||||||||||||||
2015 | 105,000 | |||||||||||||||
2016 | 833,525 | (1) | ||||||||||||||
2017 | 140,000 | |||||||||||||||
2018 | — | |||||||||||||||
Thereafter | 350,000 | |||||||||||||||
Total | $ | 2,003,525 | ||||||||||||||
-1 | Includes the balance outstanding as of December 31, 2013 of the $500 Million Unsecured Line of Credit. However, Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of August 21, 2017) provided Piedmont is not then in default and upon payment of extension fees. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Variable Interest Entities [Abstract] | ' | ||||||||||||||||
Schedule of Variable Interest Entities | ' | ||||||||||||||||
A summary of Piedmont’s interests in and consolidation treatment of its VIEs as of December 31, 2013 is as follows, (net carrying amount in millions): | |||||||||||||||||
Entity | Piedmont’s | Related | Consolidated/ | Net Carrying Amount as of | Net Carrying Amount as of | Primary Beneficiary | |||||||||||
% | Building | Unconsolidated | December 31, | December 31, | Considerations | ||||||||||||
Ownership | 2013 | 2012 | |||||||||||||||
of Entity | |||||||||||||||||
1201 Eye Street NW Associates, LLC | 49.5 | % | 1201 Eye | Consolidated | $ | (5.3 | ) | $ | (5.7 | ) | In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. | ||||||
Street | |||||||||||||||||
1225 Eye Street NW Associates, LLC | 49.5 | % | 1225 Eye | Consolidated | $ | (0.9 | ) | $ | (0.1 | ) | In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. | ||||||
Street | |||||||||||||||||
Piedmont 500 W. Monroe Fee, LLC | 100 | % | 500 W. Monroe | Consolidated | $ | 228.3 | $ | 194 | The Omnibus Agreement with the previous owner includes equity participation rights for the previous owner, if certain financial returns are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
Suwanee Gateway One, LLC | 100 | % | Suwanee | Consolidated | $ | 7.4 | $ | 7.6 | The fee agreement includes equity participation rights for the incentive manager, if certain returns on investment are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
Gateway | |||||||||||||||||
One | |||||||||||||||||
Medici Atlanta, LLC | 100 | % | The Medici | Consolidated | $ | 14.4 | $ | 13.7 | The fee agreement includes equity participation rights for the incentive manager, if certain returns on investment are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
400 TownPark, LLC | 100 | % | 400 TownPark | Consolidated | $ | 22.3 | $ | 23.5 | The fee agreement includes equity participation rights for the incentive manager, if certain returns on investment are achieved; however, Piedmont has sole decision making authority and is entitled to the economic benefits of the property until such returns are met. | ||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||
A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2013 is as follows: | ||||||||||||
Interest Rate Derivatives: | Notional Amount | Effective Date | Maturity Date | |||||||||
(in millions) | ||||||||||||
Interest rate swap | $ | 125 | 11/22/11 | 11/22/16 | ||||||||
Interest rate swap | 75 | 11/22/11 | 11/22/16 | |||||||||
Interest rate swap | 50 | 11/22/11 | 11/22/16 | |||||||||
Interest rate swap | 50 | 11/22/11 | 11/22/16 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Forward starting interest rate swap | 70 | 3/3/14 | 3/3/24 | |||||||||
Total | $ | 580 | ||||||||||
Schedule of Interest Rate Derivatives | ' | |||||||||||
A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2013 and December 31, 2012, respectively, is as follows (in thousands): | ||||||||||||
Interest rate swaps classified as: | December 31, 2013 | December 31, 2012 | ||||||||||
Gross derivative assets | $ | 24,176 | $ | 1,075 | ||||||||
Gross derivative liabilities | (4,526 | ) | (8,235 | ) | ||||||||
Net derivative asset/(liability) | $ | 19,650 | $ | (7,160 | ) | |||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | |||||||||||
The effective portion of Piedmont's interest rate derivatives that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2013, 2012, and 2011, respectively, was as follows (in thousands): | ||||||||||||
Derivative in | 2013 | 2012 | 2011 | |||||||||
Cash Flow Hedging | ||||||||||||
Relationships (Interest Rate Swaps and Caps) | ||||||||||||
Amount of loss/(gain) recognized in OCI on derivatives | $ | (24,312 | ) | $ | 7,656 | $ | 3,064 | |||||
Amount of previously recorded loss reclassified from accumulated OCI into interest expense | $ | (3,126 | ) | $ | (3,033 | ) | $ | (1,218 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Measurement of Financial Instruments [Abstract] | ' | |||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||
The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments as of December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Financial Instrument | Carrying Value | Estimated | Level Within Fair Value Hierarchy | Carrying Value | Estimated | Level Within Fair Value Hierarchy | ||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents(1) | $ | 6,973 | $ | 6,973 | Level 1 | $ | 12,957 | $ | 12,957 | Level 1 | ||||||||||
Tenant receivables, net(1) | $ | 31,145 | $ | 31,145 | Level 1 | $ | 25,038 | $ | 25,038 | Level 1 | ||||||||||
Restricted cash and escrows(1) | $ | 394 | $ | 394 | Level 1 | $ | 334 | $ | 334 | Level 1 | ||||||||||
Interest rate swap asset | $ | 24,176 | $ | 24,176 | Level 2 | $ | 1,075 | $ | 1,075 | Level 2 | ||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued expenses(1) | $ | 16,680 | $ | 16,680 | Level 1 | $ | 23,113 | $ | 23,113 | Level 1 | ||||||||||
Interest rate swap liability | $ | 4,526 | $ | 4,526 | Level 2 | $ | 8,235 | $ | 8,235 | Level 2 | ||||||||||
Debt | $ | 2,002,205 | $ | 2,004,870 | Level 2 | $ | 1,416,525 | $ | 1,470,002 | Level 2 | ||||||||||
(1) | For the periods presented, the carrying value approximates estimated fair value due to its short-term maturity. |
Impairment_of_Certain_Real_Est1
Impairment of Certain Real Estate Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset | ' | ||||||||||||
Piedmont recorded the following impairment charges for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Impairment losses included in continuing operations: | |||||||||||||
Impairment losses recorded in real estate operating expenses: | |||||||||||||
11107 and 11109 Sunset Hills Road | $ | 1,242 | $ | — | $ | — | |||||||
Impairment losses recorded in equity in loss of unconsolidated joint ventures: | |||||||||||||
Piedmont's Investment in Fund 13 and REIT JV (at Piedmont's approximate 72% ownership) | $ | 4,402 | $ | — | $ | — | |||||||
Impairment losses recorded in discontinued operations: | |||||||||||||
1111 Durham Avenue | $ | 6,402 | $ | — | $ | — | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Schedule of Letters of Credit | ' | |||||
As of December 31, 2013, Piedmont was subject to the following letters of credit, which reduce the total outstanding capacity under its $500 Million Unsecured Line of Credit: | ||||||
Amount | Expiration of Letter of Credit (1) | |||||
$ | 1,805,480 | (2) | Jul-14 | |||
$ | 9,033,164 | (2) | Jul-14 | |||
$ | 382,556 | Jul-14 | ||||
(1) | All of Piedmont's outstanding letter of credit agreements contain an “evergreen” clause, which automatically renews for consecutive, one-year periods each anniversary, subject to certain limitations. | |||||
(2) | These letter of credit agreements were terminated in conjunction with repaying the notes payable secured by the Aon Center building in Chicago, Illinois on February 3, 2014. | |||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||
The aggregate payments required under the terms of these operating leases as of December 31, 2013 are presented below (in thousands): | ||||||
2014 | $ | 451 | ||||
2015 | 451 | |||||
2016 | 451 | |||||
2017 | 451 | |||||
2018 | 451 | |||||
Thereafter | 41,071 | |||||
Total | $ | 43,326 | ||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||||||
A rollforward of Piedmont's deferred stock award activity for the year ended December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Unvested Deferred Stock Awards as of December 31, 2012 | 318,893 | $ | 18.41 | ||||||||||||||
Deferred Stock Awards Granted During Fiscal Year 2013 | 161,257 | $ | 19.47 | ||||||||||||||
Deferred Stock Awards Vested During Fiscal Year 2013 | (209,284 | ) | $ | 18.91 | |||||||||||||
Deferred Stock Awards Forfeited During Fiscal Year 2013 | (5,727 | ) | $ | 18.62 | |||||||||||||
Unvested Deferred Stock Awards as of December 31, 2013 | 265,139 | $ | 18.65 | ||||||||||||||
The following table provides additional information regarding stock award activity during the years ended December 31, 2013, 2012, and 2011 (in thousands except for per share data): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-Average Grant Date Fair Value for Shares Granted During the Year (per share) | $ | 19.47 | $ | 17.53 | $ | 19.03 | |||||||||||
Total Grant Date Fair Value of Shares Vested During the Year | $ | 3,957 | $ | 5,331 | $ | 5,405 | |||||||||||
Share-based Liabilities Paid(1) | $ | 103 | $ | 798 | $ | 851 | |||||||||||
(1) | Amounts reflect the issuance of performance share awards during the period. | ||||||||||||||||
Schedule of Outstanding Employee Deferred Stock Awards | ' | ||||||||||||||||
A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2013 is as follows: | |||||||||||||||||
Date of grant | Type of Award | Net Shares | Grant | Vesting Schedule | Unvested Shares as of | ||||||||||||
Granted (1) | Date Fair | December 31, 2013 | |||||||||||||||
Value | |||||||||||||||||
5-Apr-11 | Annual Deferred Stock Award | 116,116 | $ | 19.4 | Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on April 5, 2012, 2013, and 2014, respectively. | 36,835 | |||||||||||
5-Apr-11 | Fiscal Year 2011-2013 Performance Share Program | — | $ | 18.27 | Shares awarded, if any, will vest immediately upon determination of award in 2014. | — | (2 | ) | |||||||||
4-Apr-12 | Annual Deferred Stock Award | 190,134 | $ | 17.53 | Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on April 4, 2013, 2014, and 2015, respectively. | 110,184 | |||||||||||
4-Apr-12 | Fiscal Year 2012-2014 Performance Share Program | — | $ | 17.42 | Shares awarded, if any, will vest immediately upon determination of award in 2015. | — | (2 | ) | |||||||||
2-Apr-13 | Annual Deferred Stock Award | 146,679 | $ | 19.47 | Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on April 2, 2014, 2015, and 2016, respectively. | 118,120 | |||||||||||
2-Apr-13 | Fiscal Year 2013-2015 Performance Share Program | — | $ | 18.91 | Shares awarded, if any, will vest immediately upon determination of award in 2016. | — | (2 | ) | |||||||||
Total | 265,139 | ||||||||||||||||
(1) | Amounts reflect the total grant to employees, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2013. | ||||||||||||||||
(2) | Estimated based on Piedmont's cumulative total stockholder return ("TSR") for the respective performance period through December 31, 2013. As of December 31, 2013, Piedmont's TSR for each of these respective plans was below threshold. Such estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Weighted Average Number of Shares | ' | ||||||||
The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||
2013 | 2012 | 2011 | |||||||
Weighted-average common shares—basic | 165,013 | 170,312 | 172,765 | ||||||
Plus incremental weighted-average shares resulting from the assumed conversion of time-vested restricted stock awards | 124 | 129 | 216 | ||||||
Weighted-average common shares—diluted | 165,137 | 170,441 | 172,981 | ||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases, excluding unconsolidated joint ventures, as of December 31, 2013, is presented below (in thousands): | |||||
Years ending December 31: | |||||
2014 | $ | 386,504 | |||
2015 | 394,329 | ||||
2016 | 372,684 | ||||
2017 | 352,014 | ||||
2018 | 321,294 | ||||
Thereafter | 1,446,082 | ||||
Total | $ | 3,272,907 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Results Of Operations | ' | ||||||||||||
Piedmont has classified the results of operations related to the following properties as discontinued operations (in thousands): | |||||||||||||
Building Sold | Location | Date of Sale | Gain/(Loss) on Sale | Net Sales Proceeds | |||||||||
Eastpointe Corporate Center | Issaquah, Washington | July 1, 2011 | $ | 12,152 | $ | 31,704 | |||||||
5000 Corporate Court | Holtsville, New York | August 31, 2011 | $ | 14,367 | $ | 36,100 | |||||||
35 West Wacker Drive | (1) | Chicago, Illinois | December 15, 2011 | $ | 96,138 | $ | 223,981 | ||||||
Portland Portfolio | (2) | Beaverton, Oregon | March 19, 2012 | $ | 17,823 | $ | 43,832 | ||||||
26200 Enterprise Way | Lake Forest, California | May 31, 2012 | $ | 10,013 | $ | 24,412 | |||||||
110 & 112 Hidden Lake Circle Buildings | Duncan, South Carolina | September 21, 2012 | $ | (259 | ) | $ | 25,595 | ||||||
1111 Durham Avenue | South Plainfield, New Jersey | March 28, 2013 | $ | (9 | ) | $ | 3,752 | ||||||
1200 Enclave Parkway | Houston, Texas | May 1, 2013 | $ | 16,246 | $ | 45,552 | |||||||
350 Spectrum Loop | Colorado Springs, Colorado | November 1, 2013 | $ | 7,959 | $ | 29,676 | |||||||
8700 South Price Road | Tempe, Arizona | December 30, 2013 | $ | 7,096 | $ | 16,691 | |||||||
(1) | Piedmont sold its approximate 96.5% ownership in the property. Transaction data above is presented at Piedmont's ownership percentage. | ||||||||||||
(2) | The Portland Portfolio consisted of four office properties known as the Deschutes building, the Rhein building, the Rogue building, and the Willamette building, as well as 18.19 acres of adjoining, undeveloped land. | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||
The details comprising income from discontinued operations are presented below (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues: | |||||||||||||
Rental income | $ | 4,678 | $ | 13,215 | $ | 45,306 | |||||||
Tenant reimbursements | 757 | 1,528 | 20,632 | ||||||||||
5,435 | 14,743 | 65,938 | |||||||||||
Expenses: | |||||||||||||
Property operating costs | 1,900 | 5,216 | 26,243 | ||||||||||
Depreciation | 1,004 | 3,291 | 9,044 | ||||||||||
Amortization | 209 | 690 | 5,995 | ||||||||||
General and administrative | 2 | 45 | (168 | ) | |||||||||
3,115 | 9,242 | 41,114 | |||||||||||
Other income (expense): | |||||||||||||
Interest expense | — | — | (5,931 | ) | |||||||||
Interest income and other income/(expense) | 26 | — | (91 | ) | |||||||||
Net casualty recoveries | 17 | — | — | ||||||||||
Net loss attributable to noncontrolling interest | — | — | (453 | ) | |||||||||
43 | — | (6,475 | ) | ||||||||||
Operating income, excluding impairment loss and gain on sale of real estate assets | 2,363 | 5,501 | 18,349 | ||||||||||
Impairment loss | (6,402 | ) | — | — | |||||||||
Gain on sale of real estate assets | 31,292 | 27,577 | 122,657 | ||||||||||
Income from discontinued operations | $ | 27,253 | $ | 33,078 | $ | 141,006 | |||||||
Supplemental_Disclosures_of_No1
Supplemental Disclosures of Noncash Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||||||
Significant noncash investing and financing activities for the years ended December 31, 2013, 2012, and 2011 (in thousands) are outlined below: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Accrued capital expenditures and deferred lease costs | $ | 12,460 | $ | 12,598 | $ | 8,218 | ||||||
Change in accrued offering costs related to issuance of common stock | $ | — | $ | (567 | ) | $ | 227 | |||||
Net assets assumed upon consolidation of variable interest entity, net of notes receivable previously recorded | $ | — | $ | — | $ | 188,283 | ||||||
Liabilities assumed upon consolidation of variable interest entity | $ | — | $ | — | $ | 191,814 | ||||||
Change in accrued share repurchases as part of an announced plan | $ | 1,718 | $ | 287 | $ | — | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Tax Basis Income | ' | ||||||||||||
Piedmont’s income tax basis net income for the years ended December 31, 2013, 2012, and 2011, is calculated as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
GAAP basis financial statement net income | $ | 98,728 | $ | 93,204 | $ | 225,041 | |||||||
Increase (decrease) in net income resulting from: | |||||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 42,374 | 35,125 | 47,346 | ||||||||||
Rental income accrued for income tax purposes less than amounts for financial reporting purposes | (25,964 | ) | (10,422 | ) | (9,380 | ) | |||||||
Net amortization of above/below-market lease intangibles for financial reporting purposes in excess of amounts for income tax purposes | (4,701 | ) | (5,324 | ) | (6,605 | ) | |||||||
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes | (35,153 | ) | (7,967 | ) | (66,410 | ) | |||||||
Taxable income of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes | — | 2,662 | 4,515 | ||||||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 9,045 | 14,361 | (2,072 | ) | |||||||||
Income tax basis net income, prior to dividends paid deduction | $ | 84,329 | $ | 121,639 | $ | 192,435 | |||||||
Schedule of Characterization Of Dividends To Common Stockholders | ' | ||||||||||||
For income tax purposes, dividends to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder’s invested capital. The composition of Piedmont’s distributions per common share is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Ordinary income | 64 | % | 73 | % | 61 | % | |||||||
Return of capital | 36 | % | 11 | % | 12 | % | |||||||
Capital gains | — | % | 16 | % | 27 | % | |||||||
100 | % | 100 | % | 100 | % |
Quarterly_Results_unaudited_Ta
Quarterly Results (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
A summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012, is presented below (in thousands, except per-share data). The amounts presented may have been restated from previous period presentations due to reclassifications related to discontinued operations (see Note 14 for further detail). | |||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 133,293 | $ | 133,713 | $ | 144,631 | $ | 142,868 | |||||||||
Real estate operating income | $ | 37,781 | $ | 32,863 | $ | 35,563 | $ | 33,981 | |||||||||
Income from continuing operations | $ | 20,365 | $ | 18,279 | $ | 18,688 | $ | 14,158 | |||||||||
Income/(loss) from discontinued operations | $ | (5,710 | ) | $ | 17,083 | $ | 412 | $ | 15,468 | ||||||||
Net income attributable to Piedmont | $ | 14,651 | $ | 35,358 | $ | 19,096 | $ | 29,623 | |||||||||
Basic and diluted earnings per share | $ | 0.09 | $ | 0.21 | $ | 0.12 | $ | 0.18 | |||||||||
Dividends per share | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Revenues | $ | 129,960 | $ | 130,556 | $ | 132,149 | $ | 132,379 | |||||||||
Real estate operating income | $ | 33,978 | $ | 34,991 | $ | 33,263 | $ | 33,846 | |||||||||
Income from continuing operations | $ | 17,707 | $ | 19,579 | $ | 10,222 | $ | 12,633 | |||||||||
Income from discontinued operations | $ | 19,524 | $ | 11,133 | $ | 612 | $ | 1,809 | |||||||||
Net income attributable to Piedmont | $ | 37,228 | $ | 30,708 | $ | 10,830 | $ | 14,438 | |||||||||
Basic and diluted earnings per share | $ | 0.22 | $ | 0.18 | $ | 0.06 | $ | 0.09 | |||||||||
Dividends per share | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||
Guarantor_Financials_Tables
Guarantor Financials (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantor and Non-Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Condensed Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | 88,054 | $ | — | $ | 600,707 | $ | — | $ | 688,761 | ||||||||||
Buildings and improvements, less accumulated depreciation | 477,712 | — | 2,687,163 | (300 | ) | 3,164,575 | ||||||||||||||
Intangible lease assets, less accumulated amortization | 2,356 | — | 72,021 | — | 74,377 | |||||||||||||||
Construction in progress | 4,627 | — | 19,643 | — | 24,270 | |||||||||||||||
Total real estate assets | 572,749 | — | 3,379,534 | (300 | ) | 3,951,983 | ||||||||||||||
Investments in and amounts due from unconsolidated joint ventures | 14,388 | — | — | — | 14,388 | |||||||||||||||
Cash and cash equivalents | 3,352 | 150 | 3,471 | — | 6,973 | |||||||||||||||
Tenant and straight-line receivables, net | 36,142 | — | 134,409 | — | 170,551 | |||||||||||||||
Advances to affiliates | 5,312,384 | 1,288,547 | — | (6,600,931 | ) | — | ||||||||||||||
Investment in subsidiary | — | 4,003,806 | 197 | (4,004,003 | ) | — | ||||||||||||||
Notes receivable | 160,000 | 2,000 | 23,890 | (185,890 | ) | — | ||||||||||||||
Prepaid expenses, restricted cash, escrows, and other assets | 5,319 | 44 | 20,779 | (977 | ) | 25,165 | ||||||||||||||
Goodwill | 180,097 | — | — | — | 180,097 | |||||||||||||||
Interest rate swap | 24,176 | — | — | — | 24,176 | |||||||||||||||
Deferred financing costs, net | 7,764 | — | 995 | — | 8,759 | |||||||||||||||
Deferred lease costs, net | 34,413 | — | 249,583 | — | 283,996 | |||||||||||||||
Total assets | $ | 6,350,784 | $ | 5,294,547 | $ | 3,812,858 | $ | (10,792,101 | ) | $ | 4,666,088 | |||||||||
Liabilities: | ||||||||||||||||||||
Debt | $ | 1,038,570 | $ | — | $ | 1,149,525 | $ | (185,890 | ) | $ | 2,002,205 | |||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 13,824 | 2,376 | 113,595 | (977 | ) | 128,818 | ||||||||||||||
Advances from affiliates | 312,881 | 4,863,672 | 1,467,334 | (6,643,887 | ) | — | ||||||||||||||
Deferred income | 5,086 | — | 17,181 | — | 22,267 | |||||||||||||||
Intangible lease liabilities, net | — | — | 47,113 | — | 47,113 | |||||||||||||||
Interest rate swaps | 4,526 | — | — | — | 4,526 | |||||||||||||||
Total liabilities | 1,374,887 | 4,866,048 | 2,794,748 | (6,830,754 | ) | 2,204,929 | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Common stock | — | 1,575 | — | — | 1,575 | |||||||||||||||
Additional paid-in capital | 4,003,806 | 3,668,906 | 197 | (4,004,003 | ) | 3,668,906 | ||||||||||||||
Cumulative distributions in excess of earnings | 951,813 | (3,241,982 | ) | 1,016,304 | 42,656 | (1,231,209 | ) | |||||||||||||
Other comprehensive loss | 20,278 | — | — | — | 20,278 | |||||||||||||||
Piedmont stockholders’ equity | 4,975,897 | 428,499 | 1,016,501 | (3,961,347 | ) | 2,459,550 | ||||||||||||||
Noncontrolling interest | — | — | 1,609 | — | 1,609 | |||||||||||||||
Total stockholders’ equity | 4,975,897 | 428,499 | 1,018,110 | (3,961,347 | ) | 2,461,159 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,350,784 | $ | 5,294,547 | $ | 3,812,858 | $ | (10,792,101 | ) | $ | 4,666,088 | |||||||||
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 | $ | 93,967 | $ | — | $ | 535,569 | $ | — | $ | 629,536 | ||||||||||
Buildings and improvements, less accumulated depreciation | 528,548 | — | 2,379,530 | — | 2,908,078 | |||||||||||||||
Intangible lease assets, less accumulated amortization | 3,266 | — | 51,479 | — | 54,745 | |||||||||||||||
Construction in progress | 1,056 | — | 19,317 | — | 20,373 | |||||||||||||||
Total real estate assets | 626,837 | — | 2,985,895 | — | 3,612,732 | |||||||||||||||
Investments in and amounts due from unconsolidated joint ventures | 37,689 | — | — | — | 37,689 | |||||||||||||||
Cash and cash equivalents | 62,371 | 239 | (49,653 | ) | — | 12,957 | ||||||||||||||
Tenant and straight-line rent receivables, net | 34,288 | — | 113,049 | — | 147,337 | |||||||||||||||
Advances to affiliates | 4,623,173 | 1,300,158 | — | (5,923,331 | ) | — | ||||||||||||||
Investment in subsidiary | — | 4,068,844 | 200 | (4,069,044 | ) | — | ||||||||||||||
Notes receivable | 160,000 | 2,500 | 23,890 | (186,390 | ) | — | ||||||||||||||
Prepaid expenses, restricted cash, escrows, and other assets | 5,149 | 14 | 17,402 | (948 | ) | 21,617 | ||||||||||||||
Goodwill | 180,097 | — | — | — | 180,097 | |||||||||||||||
Interest rate swap | 1,075 | — | — | — | 1,075 | |||||||||||||||
Deferred financing costs, net | 4,292 | — | 2,162 | — | 6,454 | |||||||||||||||
Deferred lease costs, net | 30,426 | — | 204,491 | — | 234,917 | |||||||||||||||
Total assets | $ | 5,765,397 | $ | 5,371,755 | $ | 3,297,436 | $ | (10,179,713 | ) | $ | 4,254,875 | |||||||||
Liabilities: | ||||||||||||||||||||
Debt | $ | 452,890 | $ | — | $ | 1,150,025 | $ | (186,390 | ) | $ | 1,416,525 | |||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 20,443 | 645 | 107,123 | (948 | ) | 127,263 | ||||||||||||||
Advances from affiliates | 274,159 | 4,636,936 | 1,044,446 | (5,955,541 | ) | — | ||||||||||||||
Deferred income | 5,991 | — | 15,561 | — | 21,552 | |||||||||||||||
Intangible lease liabilities, net | 24 | — | 40,781 | — | 40,805 | |||||||||||||||
Interest rate swaps | 8,235 | — | — | — | 8,235 | |||||||||||||||
Total liabilities | 761,742 | 4,637,581 | 2,357,936 | (6,142,879 | ) | 1,614,380 | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Common stock | — | 1,676 | — | — | 1,676 | |||||||||||||||
Additional paid-in capital | 4,068,844 | 3,667,051 | 200 | (4,069,044 | ) | 3,667,051 | ||||||||||||||
Cumulative distributions in excess of earnings | 941,971 | (2,934,553 | ) | 937,691 | 32,210 | (1,022,681 | ) | |||||||||||||
Other comprehensive loss | (7,160 | ) | — | — | — | (7,160 | ) | |||||||||||||
Piedmont stockholders’ equity | 5,003,655 | 734,174 | 937,891 | (4,036,834 | ) | 2,638,886 | ||||||||||||||
Noncontrolling interest | — | — | 1,609 | — | 1,609 | |||||||||||||||
Total stockholders’ equity | 5,003,655 | 734,174 | 939,500 | (4,036,834 | ) | 2,640,495 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,765,397 | $ | 5,371,755 | $ | 3,297,436 | $ | (10,179,713 | ) | $ | 4,254,875 | |||||||||
Condensed Income Statement | ' | |||||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | 77,200 | $ | — | $ | 375,769 | $ | (5,282 | ) | $ | 447,687 | |||||||||
Tenant reimbursements | 16,526 | — | 88,461 | (420 | ) | 104,567 | ||||||||||||||
Property management fee revenue | — | — | 15,360 | (13,109 | ) | 2,251 | ||||||||||||||
93,726 | — | 479,590 | (18,811 | ) | 554,505 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 41,833 | — | 200,472 | (19,326 | ) | 222,979 | ||||||||||||||
Depreciation | 23,857 | — | 98,705 | — | 122,562 | |||||||||||||||
Amortization | 5,297 | — | 40,354 | — | 45,651 | |||||||||||||||
Impairment loss | 1,242 | — | — | — | 1,242 | |||||||||||||||
General and administrative | 21,011 | 337 | 24,927 | (24,392 | ) | 21,883 | ||||||||||||||
93,240 | 337 | 364,458 | (43,718 | ) | 414,317 | |||||||||||||||
Real estate operating income/(loss) | 486 | (337 | ) | 115,132 | 24,907 | 140,188 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (22,242 | ) | — | (63,900 | ) | 12,559 | (73,583 | ) | ||||||||||||
Interest income and other income/(expense) | 10,630 | 164 | (587 | ) | (12,559 | ) | (2,352 | ) | ||||||||||||
Litigation settlement recovery | 1,250 | — | — | — | 1,250 | |||||||||||||||
Net casualty recoveries/(loss) | (567 | ) | — | 11,128 | — | 10,561 | ||||||||||||||
Equity in loss of unconsolidated joint ventures | (3,676 | ) | — | — | — | (3,676 | ) | |||||||||||||
Loss on consolidation | (898 | ) | — | — | — | (898 | ) | |||||||||||||
(15,503 | ) | 164 | (53,359 | ) | — | (68,698 | ) | |||||||||||||
Income/(loss) from continuing operations | (15,017 | ) | (173 | ) | 61,773 | 24,907 | 71,490 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income, excluding impairment loss | 1,755 | — | 608 | — | 2,363 | |||||||||||||||
Impairment loss | (6,402 | ) | — | — | — | (6,402 | ) | |||||||||||||
Gain on sale of real estate assets | 15,046 | — | 16,246 | — | 31,292 | |||||||||||||||
Income from discontinued operations | 10,399 | — | 16,854 | — | 27,253 | |||||||||||||||
Net income/(loss) | (4,618 | ) | (173 | ) | 78,627 | 24,907 | 98,743 | |||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income/(loss) attributable to Piedmont | $ | (4,618 | ) | $ | (173 | ) | $ | 78,612 | $ | 24,907 | $ | 98,728 | ||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | 72,072 | $ | — | $ | 348,713 | $ | (4,813 | ) | $ | 415,972 | |||||||||
Tenant reimbursements | 17,100 | — | 89,937 | (283 | ) | 106,754 | ||||||||||||||
Property management fee revenue | — | — | 14,350 | (12,032 | ) | 2,318 | ||||||||||||||
89,172 | — | 453,000 | (17,128 | ) | 525,044 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 36,486 | — | 189,665 | (17,871 | ) | 208,280 | ||||||||||||||
Depreciation | 23,456 | — | 86,903 | — | 110,359 | |||||||||||||||
Amortization | 5,524 | — | 44,038 | — | 49,562 | |||||||||||||||
General and administrative | 19,804 | 294 | 23,574 | (22,907 | ) | 20,765 | ||||||||||||||
85,270 | 294 | 344,180 | (40,778 | ) | 388,966 | |||||||||||||||
Real estate operating income/(loss) | 3,902 | (294 | ) | 108,820 | 23,650 | 136,078 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (12,530 | ) | — | (65,001 | ) | 12,508 | (65,023 | ) | ||||||||||||
Interest income and other income/(expense) | 12,226 | 15 | 1,100 | (12,508 | ) | 833 | ||||||||||||||
Litigation settlement expense | (7,500 | ) | — | — | — | (7,500 | ) | |||||||||||||
Net casualty recoveries/(loss) | (5,195 | ) | — | 25 | — | (5,170 | ) | |||||||||||||
Equity in income of unconsolidated joint ventures | 923 | — | — | — | 923 | |||||||||||||||
(12,076 | ) | 15 | (63,876 | ) | — | (75,937 | ) | |||||||||||||
Income/(loss) from continuing operations | (8,174 | ) | (279 | ) | 44,944 | 23,650 | 60,141 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income | 5,220 | — | 281 | — | 5,501 | |||||||||||||||
Gain on sale of real estate assets | 27,577 | — | — | — | 27,577 | |||||||||||||||
Income from discontinued operations | 32,797 | — | 281 | — | 33,078 | |||||||||||||||
Net income/(loss) | 24,623 | (279 | ) | 45,225 | 23,650 | 93,219 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income/(loss) attributable to Piedmont | $ | 24,623 | $ | (279 | ) | $ | 45,210 | $ | 23,650 | $ | 93,204 | |||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | 67,669 | $ | — | $ | 343,492 | $ | (1,450 | ) | $ | 409,711 | |||||||||
Tenant reimbursements | 18,539 | — | 95,313 | (39 | ) | 113,813 | ||||||||||||||
Property management fee revenue | — | — | 14,474 | (12,890 | ) | 1,584 | ||||||||||||||
86,208 | — | 453,279 | (14,379 | ) | 525,108 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 40,311 | — | 177,566 | (15,346 | ) | 202,531 | ||||||||||||||
Depreciation | 21,148 | — | 79,538 | — | 100,686 | |||||||||||||||
Amortization | 4,860 | — | 49,148 | — | 54,008 | |||||||||||||||
General and administrative | 25,029 | (50 | ) | 24,570 | (24,477 | ) | 25,072 | |||||||||||||
91,348 | (50 | ) | 330,822 | (39,823 | ) | 382,297 | ||||||||||||||
Real estate operating income/(loss) | (5,140 | ) | 50 | 122,457 | 25,444 | 142,811 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (8,991 | ) | — | (70,526 | ) | 13,700 | (65,817 | ) | ||||||||||||
Interest income and other income/(expense) | 11,975 | — | 4,591 | (13,700 | ) | 2,866 | ||||||||||||||
Equity in income of unconsolidated joint ventures | 1,619 | — | — | — | 1,619 | |||||||||||||||
Gain on consolidation | — | — | 1,532 | — | 1,532 | |||||||||||||||
Gain on extinguishment of debt | — | — | 1,039 | — | 1,039 | |||||||||||||||
4,603 | — | (63,364 | ) | — | (58,761 | ) | ||||||||||||||
Income/(loss) from continuing operations | (537 | ) | 50 | 59,093 | 25,444 | 84,050 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income | 6,842 | — | 11,507 | — | 18,349 | |||||||||||||||
Gain on sale of real estate assets | 12,152 | — | 110,505 | — | 122,657 | |||||||||||||||
Income from discontinued operations | 18,994 | — | 122,012 | — | 141,006 | |||||||||||||||
Net income | 18,457 | 50 | 181,105 | 25,444 | 225,056 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income attributable to Piedmont | $ | 18,457 | $ | 50 | $ | 181,090 | $ | 25,444 | $ | 225,041 | ||||||||||
Condensed Cash Flow Statement | ' | |||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 15,327 | $ | 1,853 | $ | 172,992 | $ | 24,907 | $ | 215,079 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | (10,382 | ) | — | (532,088 | ) | 300 | (542,170 | ) | ||||||||||||
Intercompany note receivable | — | 500 | — | (500 | ) | — | ||||||||||||||
Acquisition of unconsolidated joint ventures, net of cash assumed | 18,045 | — | (32,287 | ) | — | (14,242 | ) | |||||||||||||
Net sales proceeds from wholly-owned properties | 50,118 | — | 45,553 | — | 95,671 | |||||||||||||||
Investments in unconsolidated joint ventures | (793 | ) | — | — | — | (793 | ) | |||||||||||||
Deferred lease costs paid | (10,980 | ) | — | (23,318 | ) | — | (34,298 | ) | ||||||||||||
Net cash provided by/(used in) investing activities | 46,008 | 500 | (542,140 | ) | (200 | ) | (495,832 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Deferred financing costs paid | (4,892 | ) | — | — | — | (4,892 | ) | |||||||||||||
Proceeds from debt | 1,085,604 | — | — | — | 1,085,604 | |||||||||||||||
Repayments of debt | (500,000 | ) | — | — | — | (500,000 | ) | |||||||||||||
Intercompany note payable | — | — | (500 | ) | 500 | — | ||||||||||||||
Net costs of issuance of common stock | — | (91 | ) | — | — | (91 | ) | |||||||||||||
Repurchases of common stock as part of announced plan | — | (173,551 | ) | — | — | (173,551 | ) | |||||||||||||
Intercompany distributions | (701,066 | ) | 303,486 | 422,787 | (25,207 | ) | — | |||||||||||||
Dividends paid and discount on dividend reinvestments | — | (132,286 | ) | (15 | ) | — | (132,301 | ) | ||||||||||||
Net cash provided by/(used in) financing activities | (120,354 | ) | (2,442 | ) | 422,272 | (24,707 | ) | 274,769 | ||||||||||||
Net increase/(decrease) in cash and cash equivalents | (59,019 | ) | (89 | ) | 53,124 | — | (5,984 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 62,371 | 239 | (49,653 | ) | — | 12,957 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 3,352 | $ | 150 | $ | 3,471 | $ | — | $ | 6,973 | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 32,260 | $ | 2,215 | $ | 162,800 | $ | 23,650 | $ | 220,925 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | (20,763 | ) | — | (87,724 | ) | — | (108,487 | ) | ||||||||||||
Intercompany note receivable | — | (2,500 | ) | — | 2,500 | — | ||||||||||||||
Net sales proceeds from wholly-owned properties | 93,839 | — | — | — | 93,839 | |||||||||||||||
Investments in unconsolidated joint ventures | (136 | ) | — | — | — | (136 | ) | |||||||||||||
Deferred lease costs paid | (4,164 | ) | — | (44,528 | ) | — | (48,692 | ) | ||||||||||||
Net cash provided by/(used in) investing activities | 68,776 | (2,500 | ) | (132,252 | ) | 2,500 | (63,476 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Deferred financing costs paid | (3,125 | ) | — | — | — | (3,125 | ) | |||||||||||||
Proceeds from debt | 409,000 | — | — | — | 409,000 | |||||||||||||||
Repayments of debt | (280,000 | ) | — | (185,000 | ) | — | (465,000 | ) | ||||||||||||
Intercompany note payable | — | — | 2,500 | (2,500 | ) | — | ||||||||||||||
Net costs of issuance of common stock | — | (229 | ) | — | — | (229 | ) | |||||||||||||
Repurchases of common stock as part of announced plan | — | (88,450 | ) | — | — | (88,450 | ) | |||||||||||||
Intercompany distributions | (331,460 | ) | 225,427 | 129,683 | (23,650 | ) | — | |||||||||||||
Dividends paid and discount on dividend reinvestments | — | (136,363 | ) | (15 | ) | — | (136,378 | ) | ||||||||||||
Net cash provided by/(used in) financing activities | (205,585 | ) | 385 | (52,832 | ) | (26,150 | ) | (284,182 | ) | |||||||||||
Net increase/(decrease) in cash and cash equivalents | (104,549 | ) | 100 | (22,284 | ) | — | (126,733 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 166,920 | 139 | (27,369 | ) | — | 139,690 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 62,371 | $ | 239 | $ | (49,653 | ) | $ | — | $ | 12,957 | |||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
(in thousands) | Issuer | Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 34,362 | $ | 2,375 | $ | 204,913 | $ | 25,445 | $ | 267,095 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | (15,856 | ) | — | (199,753 | ) | — | (215,609 | ) | ||||||||||||
Intercompany note receivable | — | — | 53,000 | (53,000 | ) | — | ||||||||||||||
Cash assumed upon consolidation of variable interest entity | — | — | 5,063 | — | 5,063 | |||||||||||||||
Net sales proceeds from wholly-owned properties and consolidated joint venture | 31,704 | — | 260,081 | — | 291,785 | |||||||||||||||
Net sales proceeds received from unconsolidated joint ventures | 3,036 | — | — | — | 3,036 | |||||||||||||||
Investments in unconsolidated joint ventures | (151 | ) | — | — | — | (151 | ) | |||||||||||||
Liquidation of noncontrolling interest upon sale of consolidated joint venture | — | — | (95 | ) | — | (95 | ) | |||||||||||||
Deferred lease costs paid | (10,695 | ) | — | (36,354 | ) | — | (47,049 | ) | ||||||||||||
Net cash provided by/(used in) investing activities | 8,038 | — | 81,942 | (53,000 | ) | 36,980 | ||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Deferred financing costs paid | (2,717 | ) | — | (650 | ) | — | (3,367 | ) | ||||||||||||
Proceeds from debt | 829,000 | — | — | — | 829,000 | |||||||||||||||
Repayments of debt | (779,000 | ) | — | (43,875 | ) | — | (822,875 | ) | ||||||||||||
Intercompany note payable | (53,000 | ) | — | — | 53,000 | — | ||||||||||||||
Net costs of issuance of common stock | — | (252 | ) | — | — | (252 | ) | |||||||||||||
Repurchases of common stock as part of announced plan | — | (3,244 | ) | — | — | (3,244 | ) | |||||||||||||
Intercompany distributions | 68,721 | 218,322 | (261,598 | ) | (25,445 | ) | — | |||||||||||||
Dividends paid and discount on dividend reinvestments | — | (217,958 | ) | (2,407 | ) | — | (220,365 | ) | ||||||||||||
Net cash provided by/(used in) financing activities | 63,004 | (3,132 | ) | (308,530 | ) | 27,555 | (221,103 | ) | ||||||||||||
Net increase/(decrease) in cash and cash equivalents | 105,404 | (757 | ) | (21,675 | ) | — | 82,972 | |||||||||||||
Cash and cash equivalents, beginning of year | 61,516 | 896 | (5,694 | ) | — | 56,718 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 166,920 | $ | 139 | $ | (27,369 | ) | $ | — | $ | 139,690 | |||||||||
Organization_Details
Organization (Details) | 12 Months Ended | |
Dec. 31, 2013 | Aug. 12, 2013 | |
subsidiary | property | |
Real Estate Properties [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 2 | ' |
Percentage ownership by sole general partner | 99.90% | ' |
Percentage ownership by sole limited partner | 0.10% | ' |
Number of real estate properties | ' | 3 |
Percentage of annualized lease revenue | 90.00% | ' |
Unconsolidated Joint Venture [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of real estate properties | 2 | ' |
Office properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of real estate properties | 78 | ' |
Rentable Square Feet (Unaudited) | 21,500,000 | ' |
Percentage of Class A commercial office space | 87.20% | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 12, 2013 | ||
Lawsuit | property | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Number of real estate properties | ' | ' | ' | 3 | |
Interest capitalized | $31,000 | $0 | $0 | ' | |
Intangible Lease Liabilities (Below-Market In-Place Leases) | 91,369,000 | ' | 81,736,000 | ' | |
Amortization expense related to Intangible Lease Origination Costs and Absorption Period Costs | 30,409,000 | 36,151,000 | 48,013,000 | ' | |
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues | 5,278,000 | 5,678,000 | 7,065,000 | ' | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | |
Total | 74,377,000 | 54,745,000 | ' | ' | |
2014 | 6,825,000 | ' | ' | ' | |
2015 | 6,328,000 | ' | ' | ' | |
2016 | 6,205,000 | ' | ' | ' | |
2017 | 6,300,000 | ' | ' | ' | |
2018 | 5,702,000 | ' | ' | ' | |
Thereafter | 15,753,000 | ' | ' | ' | |
Total | 47,113,000 | ' | ' | ' | |
Weighted-Average Amortization Period (in years) | '8 years | ' | ' | ' | |
Provision for doubtful accounts | 200,000 | 0 | ' | ' | |
Recoveries of bad debts | ' | ' | -400,000 | ' | |
Amortization of deferred financing costs and fair market value adjustments on notes payable | 2,600,000 | 2,600,000 | 3,200,000 | ' | |
Capitalized internal leasing costs | 100,000 | 0 | 0 | ' | |
Amortization of deferred lease costs | 34,000,000 | 29,800,000 | 30,000,000 | ' | |
Amortization of lease incentive | 3,500,000 | 2,500,000 | 3,700,000 | ' | |
Amortization of debt discount (premium) | 0 | 0 | 1,400,000 | ' | |
Shares-in-trust, shares authorized | 150,000,000 | 150,000,000 | ' | ' | |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | |
Common stock, shares authorized | 750,000,000 | 750,000,000 | ' | ' | |
Common stock, par value | $0.01 | $0.01 | ' | ' | |
Stock repurchase program, authorized amount | 150,000,000 | ' | ' | ' | |
Stock repurchase program, remaining authorized repurchase amount | 89,800,000 | ' | ' | ' | |
Dividend reinvestment plan, shareholders discount | 2.00% | ' | ' | ' | |
Number of lawsuits as defendant | 2 | ' | ' | ' | |
Litigation settlement charge | -1,250,000 | 7,500,000 | 0 | ' | |
Insurance recoveries | 1,300,000 | ' | ' | ' | |
Business interruption insurance recoveries | 1,500,000 | 0 | 0 | ' | |
Provision for income taxes | 0 | 9,000 | 5,000 | ' | |
Minimum [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | |
Real estate investment trust status required taxable income distribution rate | 90.00% | ' | ' | ' | |
Building [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Useful life | '40 years | ' | ' | ' | |
Building Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Useful life | '5 years | ' | ' | ' | |
Building Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Useful life | '25 years | ' | ' | ' | |
Land Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Useful life | '20 years | ' | ' | ' | |
Land Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Useful life | '25 years | ' | ' | ' | |
Furniture, fixtures, and equipment [Member] | Minimum [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Useful life | '3 years | ' | ' | ' | |
Furniture, fixtures, and equipment [Member] | Maximum [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Useful life | '5 years | ' | ' | ' | |
Consolidated Joint Venture [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Number of real estate properties | 3 | ' | ' | ' | |
Above-Market In-Place Lease Assets [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Intangible Lease Assets: | 21,137,000 | ' | 21,468,000 | ' | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | |
2014 | 2,050,000 | ' | ' | ' | |
2015 | 1,891,000 | ' | ' | ' | |
2016 | 1,662,000 | ' | ' | ' | |
2017 | 886,000 | ' | ' | ' | |
2018 | 309,000 | ' | ' | ' | |
Thereafter | 131,000 | ' | ' | ' | |
Total | 6,929,000 | ' | ' | ' | |
Weighted-Average Amortization Period (in years) | '4 years | ' | ' | ' | |
Absorption Period Costs [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Intangible Lease Assets: | 125,060,000 | ' | 101,217,000 | ' | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | |
2014 | 15,046,000 | ' | ' | ' | |
2015 | 13,789,000 | ' | ' | ' | |
2016 | 10,996,000 | ' | ' | ' | |
2017 | 8,241,000 | ' | ' | ' | |
2018 | 5,687,000 | ' | ' | ' | |
Thereafter | 13,689,000 | ' | ' | ' | |
Total | 67,448,000 | ' | ' | ' | |
Weighted-Average Amortization Period (in years) | '6 years | ' | ' | ' | |
Lease Origination Costs [Member] | ' | ' | ' | ' | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |
Intangible Lease Assets: | 158,427,000 | ' | 116,995,000 | ' | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | |
2014 | 18,882,000 | [1] | ' | ' | ' |
2015 | 17,490,000 | [1] | ' | ' | ' |
2016 | 14,652,000 | [1] | ' | ' | ' |
2017 | 11,671,000 | [1] | ' | ' | ' |
2018 | 8,726,000 | [1] | ' | ' | ' |
Thereafter | 21,449,000 | [1] | ' | ' | ' |
Total | $92,870,000 | [1] | ' | ' | ' |
Weighted-Average Amortization Period (in years) | '6 years | [1] | ' | ' | ' |
[1] | Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Aug. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
property | Arlington Gateway [Member] | 5 & 15 Wayside Road [Member] | 2020 W. 89th Street [Member] | 5301 Maryland Way [Member] | 4685 Investment Drive [Member] | 6565 MacArthur Blvd [Member] | One Lincoln Park [Member] | 161 Corporate Center [Member] | Royal Lane [Member] | ||||
Joint_Venture | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | acre | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Rentable Square Feet (Unaudited) | ' | 333,948 | 271,434 | 68,376 | [1] | 201,237 | [1] | 77,045 | [1] | 259,819 | 261,826 | 104,895 | ' |
Percentage Leased as of Acquisition (Unaudited) | ' | 99.00% | 95.00% | 85.00% | [1] | 100.00% | [1] | 100.00% | [1] | 93.00% | 79.00% | 91.00% | ' |
Contractual Purchase Price (in millions) | ' | $175.60 | $69.30 | $4.30 | [1] | $18.50 | [1] | $10 | [1] | $46.60 | $56.70 | $16 | $2.60 |
Acreage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.59 | |||
Number of real estate properties | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of unconsolidated joint ventures | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount purchased of remaining minority interest | $14.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | On August 12, 2013, Piedmont purchased all of the remaining interests in three office properties previously held through two unconsolidated joint ventures for approximately $14.7 million in cash. |
Unconsolidated_Joint_Ventures_1
Unconsolidated Joint Ventures (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Aug. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
property | ||||||
Joint_Venture | ||||||
Investment [Line Items] | ' | ' | ' | ' | ||
Net Book Value | ' | $14,122,000 | $37,226,000 | ' | ||
Number of real estate properties | 3 | ' | ' | ' | ||
Number of unconsolidated joint ventures | 2 | ' | ' | ' | ||
Amount purchased of remaining minority interest | 14,700,000 | ' | ' | ' | ||
Loss on consolidation | ' | -898,000 | 0 | 1,532,000 | ||
Fund XIII And REIT Joint Venture [Member] | ' | ' | ' | ' | ||
Investment [Line Items] | ' | ' | ' | ' | ||
Piedmont’s Approximate Ownership Percentage | ' | 72.00% | ' | ' | ||
Net Book Value | ' | 14,122,000 | 18,814,000 | ' | ||
Fund XII REIT and Joint Venture [Member] | ' | ' | ' | ' | ||
Investment [Line Items] | ' | ' | ' | ' | ||
Piedmont’s Approximate Ownership Percentage | ' | 55.00% | [1] | ' | ' | |
Net Book Value | ' | 0 | [1] | 15,813,000 | [1] | ' |
Fund Xl Xll and REIT Joint Venture [Member] | ' | ' | ' | ' | ||
Investment [Line Items] | ' | ' | ' | ' | ||
Piedmont’s Approximate Ownership Percentage | ' | 57.00% | [1] | ' | ' | |
Net Book Value | ' | $0 | [1] | $2,599,000 | [1] | ' |
[1] | On August 12, 2013, Piedmont purchased all of the remaining interests in three office properties previously held through these two unconsolidated joint ventures for approximately $14.7 million in cash, representing the estimated fair value of the respective property, less Piedmont's existing investment in the respective unconsolidated joint ventures. Such estimated fair value was derived by reference to a credible, unrelated third-party offer and verified using discounted cash flow analysis. Under the terms of the respective joint venture agreements, Piedmont exercised its dissenter's right to buy out each of its co-venturers' interests based upon the terms of the third-party offer. The $0.9 million difference between the fair value of the properties acquired and the sum of Piedmont's previously recorded book value in investment in unconsolidated joint ventures plus cash consideration paid for the interests was recorded as a loss on consolidation in Piedmont's consolidated statement of operations for the year ended December 31, 2013. |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 9-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||
period | Interest Rate Swap [Member] | Secured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | $350 Million Senior Notes [Member] | $350 Million Senior Notes [Member] | $350 Million Senior Notes [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Aon Center Chicago Mortgage Note [Member] | $500 Million Unsecured Line of Credit [Member] | $500 Million Unsecured Line of Credit [Member] | $200.0 Million Mortgage Note [Member] | $200.0 Million Mortgage Note [Member] | $200.0 Million Mortgage Note [Member] | $25.0 Million Mortgage Note [Member] | $25.0 Million Mortgage Note [Member] | $25.0 Million Mortgage Note [Member] | $350.0 Million Secured Pooled Facility [Member] | $350.0 Million Secured Pooled Facility [Member] | $105.0 Million Fixed-Rate Loan [Member] | $105.0 Million Fixed-Rate Loan [Member] | $125.0 Million Fixed-Rate Loan [Member] | $125.0 Million Fixed-Rate Loan [Member] | $42.5 Million Fixed-Rate Loan [Member] | $42.5 Million Fixed-Rate Loan [Member] | $140 Million WDC Mortgage Notes [Member] | $140 Million WDC Mortgage Notes [Member] | $300 Million 2011 Unsecured Term Loan Maturing 2016 [Member] | $300 Million 2011 Unsecured Term Loan Maturing 2016 [Member] | $300 Million 2011 Unsecured Term Loan Maturing 2016 [Member] | $300 Million 2011 Unsecured Term Loan Maturing 2016 [Member] | |||||||||||||||||||||||
Debt_Facility | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||||||||
Subsequent Event [Member] | Interest Rate Swap [Member] | LIBOR [Member] | Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | Subsequent Event [Member] | property | property | agreement | Interest Rate Swap [Member] | LIBOR [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
agreement | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Number of new debt facilities entered during the period | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 | $350,000,000 | ' | $300,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | $200,000,000 | ' | $200,000,000 | $25,000,000 | ' | $25,000,000 | $350,000,000 | ' | $105,000,000 | ' | $125,000,000 | ' | $42,525,000 | ' | $140,000,000 | ' | $300,000,000 | ' | ' | ' | ||||||||||||||||||||
Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.40% | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.35% | [1],[3] | ' | 4.87% | [1] | ' | ' | 5.70% | [1] | ' | ' | 4.84% | [1],[4] | ' | 5.29% | [1] | ' | 5.50% | [1],[5] | ' | 5.70% | [1] | ' | 5.76% | [1] | ' | ' | ' | ' | ' | |||||||||||
Amount of repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Percentage of principal amount redeemed | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | [1],[6] | 0.00% | 1.95% | ' | 1.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.45% | [1],[7] | ||||||||||||||||||
Stated interest rate spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Unencumbered interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Unencumbered leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Secured debt ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Net borrowings | 237,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Amount of indebtedness outstanding | 2,002,205,000 | [8] | 1,416,525,000 | [8] | ' | ' | 987,525,000 | [8] | 987,525,000 | [8] | 1,014,680,000 | [8] | 429,000,000 | [8] | ' | 348,680,000 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 366,000,000 | [9] | 129,000,000 | [9] | 200,000,000 | [10] | 200,000,000 | ' | 25,000,000 | [10] | 25,000,000 | ' | 350,000,000 | [4] | 350,000,000 | [4] | 105,000,000 | 105,000,000 | 125,000,000 | [5] | 125,000,000 | [5] | 42,525,000 | 42,525,000 | 140,000,000 | 140,000,000 | 300,000,000 | 300,000,000 | ' | ' | ||||||
Weighted average interest rate | 3.80% | [1],[8] | 4.30% | [1],[3] | ' | ' | 5.17% | [1],[8] | ' | 2.46% | [1],[8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of properties In collateralized pool | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Effective rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.45% | ' | ' | ' | ' | ' | 2.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.69% | ' | ||||||||||||||||||||
LIBOR interest rate in effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Additional extension period | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Number of extension periods | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Extension period | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Number of interest rate swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ||||||||||||||||||||
Notional Amount | 530,000,000 | ' | ' | 580,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ||||||||||||||||||||
Interest payments on debt facilities | $69,800,000 | $62,600,000 | $66,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
[1] | All of Piedmont’s outstanding debt as of December 31, 2013 and 2012 is interest-only debt. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The $350 Million Senior Notes have a fixed coupon rate of 3.40%, however, as a result of the issuance of the notes at a discount, Piedmont recognizes an effective interest rate on this debt issuance of 3.45%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Piedmont may select from multiple interest rate options with each draw, including the prime rate and various length LIBOR locks. All LIBOR selections are subject to an additional spread (1.175% as of December 31, 2013) over the selected rate based on Piedmont’s current credit rating. The outstanding balance as of December 31, 2013 consists of LIBOR draws at an average rate of 0.17% (subject to the additional spread mentioned above). Further, for the year ended December 31, 2013, Piedmont incurred net borrowings of approximately $237.0 million on its outstanding line of credit. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Nine property collateralized pool includes:1200 Crown Colony Drive in Quincy, Massachusetts, Braker Pointe III in Austin, Texas, 2 Gatehall Drive in Parsippany, New Jersey, the One and Two Independence Square buildings in Washington, DC, 2120 West End Avenue in Nashville, Tennessee, 400 Bridgewater Crossing in Bridgewater, New Jersey, 200 Bridgewater Crossing in Bridgewater, New Jersey, and Fairway Center II in Brea, California. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Four property collateralized pool includes 1430 Enclave Parkway in Houston, Texas, Windy Point I and II in Schaumburg, Illinois, and 1055 East Colorado Boulevard in Pasadena, California. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | On January 30, 2014, Piedmont drew the full commitment of the $300 Million Unsecured 2013 Term Loan. Additionally, Piedmont entered into four interest rate swap agreements with a total notional value of $200 million to effectively fix the interest rate for this portion of the debt at 2.79%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The $300 Million Unsecured 2011 Term Loan has a stated variable rate; however, Piedmont entered into interest rate swap agreements which effectively fix, exclusive of changes to Piedmont's credit rating, the rate on this facility to 2.69% through maturity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Weighted average is based on the net book value of outstanding debt and interest rates in the table (or as footnoted) as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of August 21, 2017) provided Piedmont is not then in default and upon payment of extension fees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | On January 31, 2014, Piedmont used the proceeds of the $300 Million Unsecured 2013 Term Loan mentioned above to fully repay the $200 Million Mortgage Note and the $25 Million Mortgage Note |
Debt_Maturities_of_Longterm_De
Debt (Maturities of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | |
2014 | $575,000 | |
2015 | 105,000 | |
2016 | 833,525 | [1] |
2017 | 140,000 | |
2018 | 0 | |
Thereafter | 350,000 | |
Total | $2,003,525 | |
[1] | Includes the balance outstanding as of December 31, 2013 of the $500 Million Unsecured Line of Credit. However, Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of August 21, 2017) provided Piedmont is not then in default and upon payment of extension fees. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Eye Street 1201 NW Associates LLC [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Piedmont’s % Ownership of Entity | 49.50% | ' |
Net Carrying Amount | ($5.30) | ($5.70) |
Percent of cash flow entitled to entity | 100.00% | ' |
Eye Street 1225 NW Associates LLC [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Piedmont’s % Ownership of Entity | 49.50% | ' |
Net Carrying Amount | -0.9 | -0.1 |
Percent of cash flow entitled to entity | 100.00% | ' |
Piedmont 500 W. Monroe Fee LLC [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Piedmont’s % Ownership of Entity | 100.00% | ' |
Net Carrying Amount | 228.3 | 194 |
Suwanee Gateway One LLC [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Piedmont’s % Ownership of Entity | 100.00% | ' |
Net Carrying Amount | 7.4 | 7.6 |
Medici Atlanta LLC [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Piedmont’s % Ownership of Entity | 100.00% | ' |
Net Carrying Amount | 14.4 | 13.7 |
400 TownPark, LLC [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Piedmont’s % Ownership of Entity | 100.00% | ' |
Net Carrying Amount | $22.30 | $23.50 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 9-May-13 | Dec. 31, 2013 | Dec. 18, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | |
agreement | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap 1 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 4 [Member] | Forward Starting Interest Rate Swap 3 [Member] | Forward Starting Interest Rate Swap 4 [Member] | Forward Starting Interest Rate Swap 5 [Member] | Forward Starting Interest Rate Swap 6 [Member] | Credit Risk Contract [Member] | Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | |||
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | $350 Million Senior Notes [Member] | $350 Million Senior Notes [Member] | $300 Million 2011 Unsecured Term Loan Maturing 2016 [Member] | $350 Million Senior Notes [Member] | $350 Million Senior Notes [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | Unsecured 300 million 2013 Term Loan Maturing 2019 [Member] | |||||||||||||||
agreement | Forward Starting Interest Rate Swap [Member] | agreement | Subsequent Event [Member] | Interest Rate Swap [Member] | ||||||||||||||||||||||
agreement | Subsequent Event [Member] | |||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | 4 | ' |
Total notional amount of forward starting interest rate agreements | $530,000,000 | ' | ' | ' | ' | ' | $580,000,000 | $125,000,000 | $75,000,000 | $50,000,000 | $50,000,000 | $70,000,000 | $70,000,000 | $70,000,000 | $70,000,000 | ' | ' | ' | $250,000,000 | $300,000,000 | ' | ' | ' | ' | ' | $200,000,000 |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 350,000,000 | 350,000,000 | 300,000,000 | 300,000,000 | ' | ' |
Number of forward starting interest rate swap agreements | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of forward starting swap agreements settled during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on settlement of forward starting swap agreements | -672,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Term of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Hedged amount for potential issuance of long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, term of contract | '123 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps | 24,176,000 | 1,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps | -4,526,000 | -8,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net derivative asset/(liability) | 19,650,000 | -7,160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loss/(gain) recognized in OCI on derivatives | ' | ' | ' | -24,312,000 | 7,656,000 | 3,064,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of previously recorded loss reclassified from accumulated OCI into interest expense | ' | ' | ' | -3,126,000 | -3,033,000 | -1,218,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that will be reclassified from accumulated other comprehensive income over the next twelve months | -7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets needed for immediate settlement, aggregate fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swap asset | $24,176 | $1,075 | ||
Interest rate swap liability | 4,526 | 8,235 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 6,973 | [1] | 12,957 | [1] |
Tenant receivables, net | 31,145 | [1] | 25,038 | [1] |
Restricted cash and escrows | 394 | [1] | 334 | [1] |
Accounts payable and accrued expenses | 16,680 | [1] | 23,113 | [1] |
Debt | 2,002,205 | 1,416,525 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | ' | 12,957 | [1] | |
Tenant receivables, net | ' | 25,038 | [1] | |
Restricted cash and escrows | ' | 334 | [1] | |
Accounts payable and accrued expenses | ' | 23,113 | [1] | |
Debt | ' | 1,470,002 | ||
Interest Rate Swap [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swap asset | 24,176 | 1,075 | ||
Interest rate swap liability | 4,526 | 8,235 | ||
Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swap asset | ' | 1,075 | ||
Interest rate swap liability | ' | 8,235 | ||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 6,973 | [1] | ' | |
Tenant receivables, net | 31,145 | [1] | ' | |
Restricted cash and escrows | 394 | [1] | ' | |
Accounts payable and accrued expenses | 16,680 | [1] | ' | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt | 2,004,870 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swap asset | 24,176 | ' | ||
Interest rate swap liability | $4,526 | ' | ||
[1] | For the periods presented, the carrying value approximates estimated fair value due to its short-term maturity. |
Impairment_of_Certain_Real_Est2
Impairment of Certain Real Estate Assets (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 12, 2013 |
property | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Impairment losses included in continuing operations: | $1,242 | $0 | $0 | ' |
Number of real estate properties | ' | ' | ' | 3 |
1111 Durham Avenue [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Impairment losses recorded in discontinued operations: | 6,402 | 0 | 0 | ' |
11107 and 11109 Sunset Hills Road [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Impairment losses included in continuing operations: | 1,242 | 0 | 0 | ' |
Piedmont's Investment in Fund 13 and REIT JV (at Piedmont's approximate 72% ownership) [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Impairment losses recorded in equity in loss of unconsolidated joint ventures: | $4,402 | $0 | $0 | ' |
Piedmont’s Approximate Ownership Percentage | 72.00% | ' | ' | ' |
Number of real estate properties | 2 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Loss Contingencies [Line Items] | ' | ' | ' | |
Letter of credit renewal period | '1 year | ' | ' | |
Property subject to or available for operating lease, number of units | 2 | ' | ' | |
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | |
2014 | $451,000 | ' | ' | |
2015 | 451,000 | ' | ' | |
2016 | 451,000 | ' | ' | |
2017 | 451,000 | ' | ' | |
2018 | 451,000 | ' | ' | |
Thereafter | 41,071,000 | ' | ' | |
Total | 43,326,000 | ' | ' | |
Land [Member] | ' | ' | ' | |
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | |
Ground rent expense | 800,000 | 800,000 | 600,000 | |
Building [Member] | ' | ' | ' | |
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | |
Net book value of real estate assets subject to operating ground leases | 21,900,000 | 31,800,000 | ' | |
Collectibility of Tenant Reimbursements [Member] | ' | ' | ' | |
Loss Contingencies [Line Items] | ' | ' | ' | |
Additional expense related to such tenant audits/disputes | 1,200,000 | 200,000 | 700,000 | |
Letter of Credit One, July 2013 [Member] | ' | ' | ' | |
Loss Contingencies [Line Items] | ' | ' | ' | |
Letters of credit outstanding, amount | 1,805,480 | [1] | ' | ' |
Letter of Credit Two, July 2013 [Member] | ' | ' | ' | |
Loss Contingencies [Line Items] | ' | ' | ' | |
Letters of credit outstanding, amount | 9,033,164 | [1] | ' | ' |
Letter of Credit Three, July 2013 [Member] | ' | ' | ' | |
Loss Contingencies [Line Items] | ' | ' | ' | |
Letters of credit outstanding, amount | 382,556 | ' | ' | |
Unsecured Debt [Member] | $500 Million Unsecured Line of Credit [Member] | ' | ' | ' | |
Loss Contingencies [Line Items] | ' | ' | ' | |
Debt instrument, face amount | 500,000,000 | ' | ' | |
NonIncremental Capital Expenditures [Member] | ' | ' | ' | |
Loss Contingencies [Line Items] | ' | ' | ' | |
Commitment to provide funding to tenants for capital improvements | 85,100,000 | ' | ' | |
Incremental Capital Expenditures [Member] | ' | ' | ' | |
Loss Contingencies [Line Items] | ' | ' | ' | |
Commitment to provide funding to tenants for capital improvements | $19,500,000 | ' | ' | |
[1] | These letter of credit agreements were terminated in conjunction with repaying the notes payable secured by the Aon Center building in Chicago, Illinois on February 3, 2014. |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 05, 2011 | Dec. 31, 2013 | Apr. 05, 2011 | Dec. 31, 2013 | Apr. 04, 2012 | Dec. 31, 2013 | Apr. 04, 2012 | Dec. 31, 2013 | Apr. 02, 2013 | Dec. 31, 2013 | Apr. 02, 2013 | ||||||||||||
Stock Awards [Member] | Stock Awards [Member] | Stock Awards [Member] | Stock Awards, Granted April 5, 2011 [Member] | Stock Awards, Granted April 5, 2011 [Member] | Stock Awards 2, Granted April 5, 2011 [Member] | Stock Awards 2, Granted April 5, 2011 [Member] | Stock Awards 1, Granted April 4 2012 [Member] | Stock Awards 1, Granted April 4 2012 [Member] | Stock Awards 2, Granted April 4 2012 [Member] | Stock Awards 2, Granted April 4 2012 [Member] | Stock Awards, Granted April 2, 2013 [Member] | Stock Awards, Granted April 2, 2013 [Member] | Stock Awards 2, Granted April 2, 2013 [Member] | Stock Awards 2, Granted April 2, 2013 [Member] | |||||||||||||
Rollforward of deferred stock award activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Unvested Deferred Stock Awards as of December 31, 2012 | 318,893 | ' | ' | 36,835 | ' | 0 | [1] | ' | 110,184 | ' | 0 | [1] | ' | 118,120 | ' | 0 | [1] | ' | |||||||||
Deferred Stock Awards Granted During Fiscal Year 2013 | 161,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred Stock Awards Vested During Fiscal Year 2013 | -209,284 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred Stock Awards Forfeited During Fiscal Year 2013 | -5,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Unvested Deferred Stock Awards as of December 31, 2013 | 265,139 | 318,893 | ' | 36,835 | ' | 0 | [1] | ' | 110,184 | ' | 0 | [1] | ' | 118,120 | ' | 0 | [1] | ' | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at beginning of year | $18.41 | ' | ' | ' | $19.40 | ' | $18.27 | ' | $17.53 | ' | $17.42 | ' | $19.47 | ' | $18.91 | ||||||||||||
Deferred Stock Awards Granted During Fiscal Year 2013, Weighted-Average Grant Date Fair | $19.47 | $17.53 | $19.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred Stock Awards Vested During Fiscal Year 2013, Weighted-Average Grant Date Fair Value | $18.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred Stock Awards Forfeited During Fiscal Year 2013, Weighted Average Grant Date Fair Value | $18.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year | $18.65 | $18.41 | ' | ' | $19.40 | ' | $18.27 | ' | $17.53 | ' | $17.42 | ' | $19.47 | ' | $18.91 | ||||||||||||
Total Grant Date Fair Value of Shares Vested During the Year | $3,957 | $5,331 | $5,405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Share-based Liabilities Paid | $103 | [2] | $798 | [2] | $851 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net Shares Granted | ' | ' | ' | ' | 116,116 | [3] | ' | 0 | [3] | ' | 190,134 | [3] | ' | 0 | [3] | ' | 146,679 | [3] | ' | 0 | [3] | ||||||
Grant Date Fair Value | $18.65 | $18.41 | ' | ' | $19.40 | ' | $18.27 | ' | $17.53 | ' | $17.42 | ' | $19.47 | ' | $18.91 | ||||||||||||
Unvested Shares (in shares) | 265,139 | 318,893 | ' | 36,835 | ' | 0 | [1] | ' | 110,184 | ' | 0 | [1] | ' | 118,120 | ' | 0 | [1] | ' | |||||||||
Of the shares granted, % vested | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | ||||||||||||
Of the shares granted, % expected to vest within one year | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | ||||||||||||
Of the shares granted, % expected to vest in two years | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | ||||||||||||
Of the shares granted, % expected to vest in three years | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | ||||||||||||
[1] | Estimated based on Piedmont's cumulative total stockholder return ("TSR") for the respective performance period through December 31, 2013. As of December 31, 2013, Piedmont's TSR for each of these respective plans was below threshold. Such estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid. | ||||||||||||||||||||||||||
[2] | Amounts reflect the issuance of performance share awards during the period. | ||||||||||||||||||||||||||
[3] | Amounts reflect the total grant to employees, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2013. |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense and directors' fees related to stock awards | $3.10 | $3.90 | $6.50 |
Compensation expense, non-vested awards | 2 | 2.5 | 5.3 |
Shares were issued to employees, directors and officers | 150,852 | ' | ' |
Nonvested awards, total compensation cost not yet recognized | $1.90 | ' | ' |
Nonvested awards, total compensation cost not yet recognized, period for recognition | '1 year | ' | ' |
Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Period of predetermined peer group's total stockholder return | '3 years | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted-average common shares – basic (in shares) | 165,012,713 | 170,312,328 | 172,764,838 |
Plus incremental weighted-average shares resulting from the assumed conversion of time-vested restricted stock awards (in shares) | 124,769 | 128,895 | 216,109 |
Weighted-average common shares – diluted (in shares) | 165,137,482 | 170,441,223 | 172,980,947 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' |
Percentage of annualized lease revenue | 90.00% |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | 386,504 |
2015 | 394,329 |
2016 | 372,684 |
2017 | 352,014 |
2018 | 321,294 |
Thereafter | 1,446,082 |
Total | 3,272,907 |
Customer Concentration Risk [Member] | Federal Governmental Agencies [Member] | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' |
Concentration risk, percentage | 10.00% |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 02, 2011 | Aug. 31, 2011 | Dec. 15, 2011 | Mar. 19, 2012 | 31-May-12 | Sep. 21, 2012 | Mar. 28, 2013 | 1-May-13 | Nov. 01, 2013 | Dec. 30, 2013 | ||
Eastpointe Corporate Center [Member] | Corporate Court 5000 [Member] | W Wacker Building 35 [Member] | Portland Portfolio [Member] | 26200 Enterprise Way [Member] | Hidden Lake Circle Buildings [Member] | 1111 Durham Avenue [Member] | Enclave 1200 Parkway [Member] | 350 Spectrum Loop [Member] | 8700 South Price Road [Member] | ||||||||||||||
property | |||||||||||||||||||||||
acre | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | $31,292 | $27,577 | $122,657 | $12,152 | $14,367 | $96,138 | [1] | $17,823 | [2] | $10,013 | ($259) | ($9) | $16,246 | $7,959 | $7,096 |
Net Sales Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | 95,671 | 93,839 | 291,785 | 31,704 | 36,100 | 223,981 | [1] | 43,832 | [2] | 24,412 | 25,595 | 3,752 | 45,552 | 29,676 | 16,691 |
Percent of ownership interest In real estate property disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96.50% | ' | ' | ' | ' | ' | ' | ' | ||
Number of real estate properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ||
Acreage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.19 | ' | ' | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 4,678 | 13,215 | 45,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 757 | 1,528 | 20,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,435 | 14,743 | 65,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,900 | 5,216 | 26,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,004 | 3,291 | 9,044 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 209 | 690 | 5,995 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 45 | -168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,115 | 9,242 | 41,114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -5,931 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest income and other income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 0 | -91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net casualty recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 43 | 0 | -6,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Operating income, excluding impairment loss and gain on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,363 | 5,501 | 18,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | -6,402 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from discontinued operations | $15,468 | $412 | $17,083 | ($5,710) | $1,809 | $612 | $11,133 | $19,524 | $27,253 | $33,078 | $141,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Piedmont sold its approximate 96.5% ownership in the property. Transaction data above is presented at Piedmont's ownership percentage. | ||||||||||||||||||||||
[2] | The Portland Portfolio consisted of four office properties known as the Deschutes building, the Rhein building, the Rogue building, and the Willamette building, as well as 18.19 acres of adjoining, undeveloped land. |
Supplemental_Disclosures_of_No2
Supplemental Disclosures of Noncash Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Accrued capital expenditures and deferred lease costs | $12,460 | $12,598 | $8,218 |
Change in accrued offering costs related to issuance of common stock | 0 | -567 | 227 |
Net assets assumed upon consolidation of variable interest entity, net of notes receivable previously recorded | 0 | 0 | 188,283 |
Liabilities assumed upon consolidation of variable interest entity | 0 | 0 | 191,814 |
Change in accrued share repurchases as part of an announced plan | $1,718 | $287 | $0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Piedmont | $29,623,000 | $19,096,000 | $35,358,000 | $14,651,000 | $14,438,000 | $10,830,000 | $30,708,000 | $37,228,000 | $98,728,000 | $93,204,000 | $225,041,000 |
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | 42,374,000 | 35,125,000 | 47,346,000 |
Rental income accrued for income tax purposes less than amounts for financial reporting purposes | ' | ' | ' | ' | ' | ' | ' | ' | -25,964,000 | -10,422,000 | -9,380,000 |
Net amortization of above/below-market lease intangibles for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | -4,701,000 | -5,324,000 | -6,605,000 |
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | -35,153,000 | -7,967,000 | -66,410,000 |
Taxable income of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,662,000 | 4,515,000 |
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | 9,045,000 | 14,361,000 | -2,072,000 |
Income tax basis net income, prior to dividends paid deduction | ' | ' | ' | ' | ' | ' | ' | ' | 84,329,000 | 121,639,000 | 192,435,000 |
Ordinary income | ' | ' | ' | ' | ' | ' | ' | ' | 64.00% | 73.00% | 61.00% |
Return of capital | ' | ' | ' | ' | ' | ' | ' | ' | 36.00% | 11.00% | 12.00% |
Capital gains | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 16.00% | 27.00% |
Common Stock Dividends, Percent | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Tax basis of total assets | 4,500,000,000 | ' | ' | ' | 4,100,000,000 | ' | ' | ' | 4,500,000,000 | 4,100,000,000 | ' |
Accrued interest and penalties related to uncertain tax positions | $6,700,000 | ' | ' | ' | $6,700,000 | ' | ' | ' | $6,700,000 | $6,700,000 | ' |
Quarterly_Results_unaudited_De
Quarterly Results (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $142,868 | $144,631 | $133,713 | $133,293 | $132,379 | $132,149 | $130,556 | $129,960 | $554,505 | $525,044 | $525,108 |
Real estate operating income | 33,981 | 35,563 | 32,863 | 37,781 | 33,846 | 33,263 | 34,991 | 33,978 | 140,188 | 136,078 | 142,811 |
Income from continuing operations | 14,158 | 18,688 | 18,279 | 20,365 | 12,633 | 10,222 | 19,579 | 17,707 | 71,490 | 60,141 | 84,050 |
Income/(loss) from discontinued operations | 15,468 | 412 | 17,083 | -5,710 | 1,809 | 612 | 11,133 | 19,524 | 27,253 | 33,078 | 141,006 |
Net income attributable to Piedmont | $29,623 | $19,096 | $35,358 | $14,651 | $14,438 | $10,830 | $30,708 | $37,228 | $98,728 | $93,204 | $225,041 |
Basic and diluted earnings per share | $0.18 | $0.12 | $0.21 | $0.09 | $0.09 | $0.06 | $0.18 | $0.22 | $0.60 | $0.55 | $1.30 |
Dividends per share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.80 | $0.80 | $1.26 |
Guarantor_and_NonGuarantor_Fin
Guarantor and Non-Guarantor Financial Information- Condensed Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Assets: | ' | ' | ' | ' | ||
Land | $688,761 | $629,536 | ' | ' | ||
Buildings and improvements, less accumulated depreciation | 3,164,575 | 2,908,078 | ' | ' | ||
Intangible lease assets, less accumulated amortization | 74,377 | 54,745 | ' | ' | ||
Construction in progress | 24,270 | 20,373 | ' | ' | ||
Total real estate assets | 3,951,983 | 3,612,732 | ' | ' | ||
Investments in and amounts due from unconsolidated joint ventures | 14,388 | 37,689 | ' | ' | ||
Cash and cash equivalents | 6,973 | 12,957 | 139,690 | 56,718 | ||
Tenant and straight-line receivables, net | 170,551 | 147,337 | ' | ' | ||
Advances to affiliates | 0 | 0 | ' | ' | ||
Investment in subsidiary | 0 | 0 | ' | ' | ||
Notes receivable | 0 | 0 | ' | ' | ||
Prepaid expenses, restricted cash, escrows, and other assets | 25,165 | 21,617 | ' | ' | ||
Goodwill | 180,097 | 180,097 | ' | ' | ||
Interest rate swaps | 24,176 | 1,075 | ' | ' | ||
Deferred financing costs, net | 8,759 | 6,454 | ' | ' | ||
Deferred lease costs, net | 283,996 | 234,917 | ' | ' | ||
Total assets | 4,666,088 | 4,254,875 | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ||
Debt | 2,002,205 | [1] | 1,416,525 | [1] | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 128,818 | 127,263 | ' | ' | ||
Advances from affiliates | 0 | 0 | ' | ' | ||
Deferred income | 22,267 | 21,552 | ' | ' | ||
Intangible lease liabilities, net | 47,113 | 40,805 | ' | ' | ||
Interest rate swaps | 4,526 | 8,235 | ' | ' | ||
Total liabilities | 2,204,929 | 1,614,380 | ' | ' | ||
Stockholders’ Equity: | ' | ' | ' | ' | ||
Common stock | 1,575 | 1,676 | ' | ' | ||
Additional paid-in capital | 3,668,906 | 3,667,051 | ' | ' | ||
Cumulative distributions in excess of earnings | -1,231,209 | -1,022,681 | ' | ' | ||
Other comprehensive income/(loss) | 20,278 | -7,160 | ' | ' | ||
Piedmont stockholders’ equity | 2,459,550 | 2,638,886 | ' | ' | ||
Noncontrolling interest | 1,609 | 1,609 | ' | ' | ||
Total stockholders’ equity | 2,461,159 | 2,640,495 | 2,773,428 | 2,773,454 | ||
Total liabilities and stockholders’ equity | 4,666,088 | 4,254,875 | ' | ' | ||
Issuer [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Land | 88,054 | 93,967 | ' | ' | ||
Buildings and improvements, less accumulated depreciation | 477,712 | 528,548 | ' | ' | ||
Intangible lease assets, less accumulated amortization | 2,356 | 3,266 | ' | ' | ||
Construction in progress | 4,627 | 1,056 | ' | ' | ||
Total real estate assets | 572,749 | 626,837 | ' | ' | ||
Investments in and amounts due from unconsolidated joint ventures | 14,388 | 37,689 | ' | ' | ||
Cash and cash equivalents | 3,352 | 62,371 | 166,920 | 61,516 | ||
Tenant and straight-line receivables, net | 36,142 | 34,288 | ' | ' | ||
Advances to affiliates | 5,312,384 | 4,623,173 | ' | ' | ||
Investment in subsidiary | 0 | 0 | ' | ' | ||
Notes receivable | 160,000 | 160,000 | ' | ' | ||
Prepaid expenses, restricted cash, escrows, and other assets | 5,319 | 5,149 | ' | ' | ||
Goodwill | 180,097 | 180,097 | ' | ' | ||
Interest rate swaps | 24,176 | 1,075 | ' | ' | ||
Deferred financing costs, net | 7,764 | 4,292 | ' | ' | ||
Deferred lease costs, net | 34,413 | 30,426 | ' | ' | ||
Total assets | 6,350,784 | 5,765,397 | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ||
Debt | 1,038,570 | 452,890 | ' | ' | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 13,824 | 20,443 | ' | ' | ||
Advances from affiliates | 312,881 | 274,159 | ' | ' | ||
Deferred income | 5,086 | 5,991 | ' | ' | ||
Intangible lease liabilities, net | 0 | 24 | ' | ' | ||
Interest rate swaps | 4,526 | 8,235 | ' | ' | ||
Total liabilities | 1,374,887 | 761,742 | ' | ' | ||
Stockholders’ Equity: | ' | ' | ' | ' | ||
Common stock | 0 | 0 | ' | ' | ||
Additional paid-in capital | 4,003,806 | 4,068,844 | ' | ' | ||
Cumulative distributions in excess of earnings | 951,813 | 941,971 | ' | ' | ||
Other comprehensive income/(loss) | 20,278 | -7,160 | ' | ' | ||
Piedmont stockholders’ equity | 4,975,897 | 5,003,655 | ' | ' | ||
Noncontrolling interest | 0 | 0 | ' | ' | ||
Total stockholders’ equity | 4,975,897 | 5,003,655 | ' | ' | ||
Total liabilities and stockholders’ equity | 6,350,784 | 5,765,397 | ' | ' | ||
Guarantor [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Land | 0 | 0 | ' | ' | ||
Buildings and improvements, less accumulated depreciation | 0 | 0 | ' | ' | ||
Intangible lease assets, less accumulated amortization | 0 | 0 | ' | ' | ||
Construction in progress | 0 | 0 | ' | ' | ||
Total real estate assets | 0 | 0 | ' | ' | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | 0 | ' | ' | ||
Cash and cash equivalents | 150 | 239 | 139 | 896 | ||
Tenant and straight-line receivables, net | 0 | 0 | ' | ' | ||
Advances to affiliates | 1,288,547 | 1,300,158 | ' | ' | ||
Investment in subsidiary | 4,003,806 | 4,068,844 | ' | ' | ||
Notes receivable | 2,000 | 2,500 | ' | ' | ||
Prepaid expenses, restricted cash, escrows, and other assets | 44 | 14 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Interest rate swaps | 0 | 0 | ' | ' | ||
Deferred financing costs, net | 0 | 0 | ' | ' | ||
Deferred lease costs, net | 0 | 0 | ' | ' | ||
Total assets | 5,294,547 | 5,371,755 | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ||
Debt | 0 | 0 | ' | ' | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 2,376 | 645 | ' | ' | ||
Advances from affiliates | 4,863,672 | 4,636,936 | ' | ' | ||
Deferred income | 0 | 0 | ' | ' | ||
Intangible lease liabilities, net | 0 | 0 | ' | ' | ||
Interest rate swaps | 0 | 0 | ' | ' | ||
Total liabilities | 4,866,048 | 4,637,581 | ' | ' | ||
Stockholders’ Equity: | ' | ' | ' | ' | ||
Common stock | 1,575 | 1,676 | ' | ' | ||
Additional paid-in capital | 3,668,906 | 3,667,051 | ' | ' | ||
Cumulative distributions in excess of earnings | -3,241,982 | -2,934,553 | ' | ' | ||
Other comprehensive income/(loss) | 0 | 0 | ' | ' | ||
Piedmont stockholders’ equity | 428,499 | 734,174 | ' | ' | ||
Noncontrolling interest | 0 | 0 | ' | ' | ||
Total stockholders’ equity | 428,499 | 734,174 | ' | ' | ||
Total liabilities and stockholders’ equity | 5,294,547 | 5,371,755 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Land | 600,707 | 535,569 | ' | ' | ||
Buildings and improvements, less accumulated depreciation | 2,687,163 | 2,379,530 | ' | ' | ||
Intangible lease assets, less accumulated amortization | 72,021 | 51,479 | ' | ' | ||
Construction in progress | 19,643 | 19,317 | ' | ' | ||
Total real estate assets | 3,379,534 | 2,985,895 | ' | ' | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | 0 | ' | ' | ||
Cash and cash equivalents | 3,471 | -49,653 | -27,369 | -5,694 | ||
Tenant and straight-line receivables, net | 134,409 | 113,049 | ' | ' | ||
Advances to affiliates | 0 | 0 | ' | ' | ||
Investment in subsidiary | 197 | 200 | ' | ' | ||
Notes receivable | 23,890 | 23,890 | ' | ' | ||
Prepaid expenses, restricted cash, escrows, and other assets | 20,779 | 17,402 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Interest rate swaps | 0 | 0 | ' | ' | ||
Deferred financing costs, net | 995 | 2,162 | ' | ' | ||
Deferred lease costs, net | 249,583 | 204,491 | ' | ' | ||
Total assets | 3,812,858 | 3,297,436 | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ||
Debt | 1,149,525 | 1,150,025 | ' | ' | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 113,595 | 107,123 | ' | ' | ||
Advances from affiliates | 1,467,334 | 1,044,446 | ' | ' | ||
Deferred income | 17,181 | 15,561 | ' | ' | ||
Intangible lease liabilities, net | 47,113 | 40,781 | ' | ' | ||
Interest rate swaps | 0 | 0 | ' | ' | ||
Total liabilities | 2,794,748 | 2,357,936 | ' | ' | ||
Stockholders’ Equity: | ' | ' | ' | ' | ||
Common stock | 0 | 0 | ' | ' | ||
Additional paid-in capital | 197 | 200 | ' | ' | ||
Cumulative distributions in excess of earnings | 1,016,304 | 937,691 | ' | ' | ||
Other comprehensive income/(loss) | 0 | 0 | ' | ' | ||
Piedmont stockholders’ equity | 1,016,501 | 937,891 | ' | ' | ||
Noncontrolling interest | 1,609 | 1,609 | ' | ' | ||
Total stockholders’ equity | 1,018,110 | 939,500 | ' | ' | ||
Total liabilities and stockholders’ equity | 3,812,858 | 3,297,436 | ' | ' | ||
Eliminations [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Land | 0 | 0 | ' | ' | ||
Buildings and improvements, less accumulated depreciation | -300 | 0 | ' | ' | ||
Intangible lease assets, less accumulated amortization | 0 | 0 | ' | ' | ||
Construction in progress | 0 | 0 | ' | ' | ||
Total real estate assets | -300 | 0 | ' | ' | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | 0 | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Tenant and straight-line receivables, net | 0 | 0 | ' | ' | ||
Advances to affiliates | -6,600,931 | -5,923,331 | ' | ' | ||
Investment in subsidiary | -4,004,003 | -4,069,044 | ' | ' | ||
Notes receivable | -185,890 | -186,390 | ' | ' | ||
Prepaid expenses, restricted cash, escrows, and other assets | -977 | -948 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Interest rate swaps | 0 | 0 | ' | ' | ||
Deferred financing costs, net | 0 | 0 | ' | ' | ||
Deferred lease costs, net | 0 | 0 | ' | ' | ||
Total assets | -10,792,101 | -10,179,713 | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ||
Debt | -185,890 | -186,390 | ' | ' | ||
Accounts payable, accrued expenses, and accrued capital expenditures | -977 | -948 | ' | ' | ||
Advances from affiliates | -6,643,887 | -5,955,541 | ' | ' | ||
Deferred income | 0 | 0 | ' | ' | ||
Intangible lease liabilities, net | 0 | 0 | ' | ' | ||
Interest rate swaps | 0 | 0 | ' | ' | ||
Total liabilities | -6,830,754 | -6,142,879 | ' | ' | ||
Stockholders’ Equity: | ' | ' | ' | ' | ||
Common stock | 0 | 0 | ' | ' | ||
Additional paid-in capital | -4,004,003 | -4,069,044 | ' | ' | ||
Cumulative distributions in excess of earnings | 42,656 | 32,210 | ' | ' | ||
Other comprehensive income/(loss) | 0 | 0 | ' | ' | ||
Piedmont stockholders’ equity | -3,961,347 | -4,036,834 | ' | ' | ||
Noncontrolling interest | 0 | 0 | ' | ' | ||
Total stockholders’ equity | -3,961,347 | -4,036,834 | ' | ' | ||
Total liabilities and stockholders’ equity | ($10,792,101) | ($10,179,713) | ' | ' | ||
[1] | Weighted average is based on the net book value of outstanding debt and interest rates in the table (or as footnoted) as of December 31, 2013. |
Guarantor_Financials_Guarantor
Guarantor Financials Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | $447,687 | $415,972 | $409,711 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 104,567 | 106,754 | 113,813 |
Property management fee revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,251 | 2,318 | 1,584 |
Total revenues | 142,868 | 144,631 | 133,713 | 133,293 | 132,379 | 132,149 | 130,556 | 129,960 | 554,505 | 525,044 | 525,108 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 222,979 | 208,280 | 202,531 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 122,562 | 110,359 | 100,686 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 45,651 | 49,562 | 54,008 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 1,242 | 0 | 0 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 21,883 | 20,765 | 25,072 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 414,317 | 388,966 | 382,297 |
Real estate operating income | 33,981 | 35,563 | 32,863 | 37,781 | 33,846 | 33,263 | 34,991 | 33,978 | 140,188 | 136,078 | 142,811 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -73,583 | -65,023 | -65,817 |
Interest income and other income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | -2,352 | 833 | 2,866 |
Litigation settlement recovery/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 | -7,500 | 0 |
Net casualty recoveries/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,561 | -5,170 | 0 |
Equity in income/(loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -3,676 | 923 | 1,619 |
Loss on consolidation | ' | ' | ' | ' | ' | ' | ' | ' | -898 | 0 | 1,532 |
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,039 |
Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -68,698 | -75,937 | -58,761 |
Income from continuing operations | 14,158 | 18,688 | 18,279 | 20,365 | 12,633 | 10,222 | 19,579 | 17,707 | 71,490 | 60,141 | 84,050 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income, excluding impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 2,363 | 5,501 | 18,349 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | -6,402 | 0 | 0 |
Gain on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 31,292 | 27,577 | 122,657 |
Income from discontinued operations | 15,468 | 412 | 17,083 | -5,710 | 1,809 | 612 | 11,133 | 19,524 | 27,253 | 33,078 | 141,006 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 98,743 | 93,219 | 225,056 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -15 | -15 | -15 |
Net income attributable to Piedmont | 29,623 | 19,096 | 35,358 | 14,651 | 14,438 | 10,830 | 30,708 | 37,228 | 98,728 | 93,204 | 225,041 |
Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 77,200 | 72,072 | 67,669 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 16,526 | 17,100 | 18,539 |
Property management fee revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 93,726 | 89,172 | 86,208 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 41,833 | 36,486 | 40,311 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 23,857 | 23,456 | 21,148 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,297 | 5,524 | 4,860 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 1,242 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 21,011 | 19,804 | 25,029 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 93,240 | 85,270 | 91,348 |
Real estate operating income | ' | ' | ' | ' | ' | ' | ' | ' | 486 | 3,902 | -5,140 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -22,242 | -12,530 | -8,991 |
Interest income and other income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 10,630 | 12,226 | 11,975 |
Litigation settlement recovery/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 | -7,500 | ' |
Net casualty recoveries/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | -567 | -5,195 | ' |
Equity in income/(loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -3,676 | 923 | 1,619 |
Loss on consolidation | ' | ' | ' | ' | ' | ' | ' | ' | -898 | ' | 0 |
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -15,503 | -12,076 | 4,603 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -15,017 | -8,174 | -537 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income, excluding impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 1,755 | 5,220 | 6,842 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | -6,402 | ' | ' |
Gain on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 15,046 | 27,577 | 12,152 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 10,399 | 32,797 | 18,994 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -4,618 | 24,623 | 18,457 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Piedmont | ' | ' | ' | ' | ' | ' | ' | ' | -4,618 | 24,623 | 18,457 |
Guarantor [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Property management fee revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 337 | 294 | -50 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 337 | 294 | -50 |
Real estate operating income | ' | ' | ' | ' | ' | ' | ' | ' | -337 | -294 | 50 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income and other income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 164 | 15 | 0 |
Litigation settlement recovery/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net casualty recoveries/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Equity in income/(loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on consolidation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 164 | 15 | 0 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -173 | -279 | 50 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income, excluding impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gain on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -173 | -279 | 50 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Piedmont | ' | ' | ' | ' | ' | ' | ' | ' | -173 | -279 | 50 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 375,769 | 348,713 | 343,492 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 88,461 | 89,937 | 95,313 |
Property management fee revenue | ' | ' | ' | ' | ' | ' | ' | ' | 15,360 | 14,350 | 14,474 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 479,590 | 453,000 | 453,279 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 200,472 | 189,665 | 177,566 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 98,705 | 86,903 | 79,538 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 40,354 | 44,038 | 49,148 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 24,927 | 23,574 | 24,570 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 364,458 | 344,180 | 330,822 |
Real estate operating income | ' | ' | ' | ' | ' | ' | ' | ' | 115,132 | 108,820 | 122,457 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -63,900 | -65,001 | -70,526 |
Interest income and other income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | -587 | 1,100 | 4,591 |
Litigation settlement recovery/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net casualty recoveries/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | 11,128 | 25 | ' |
Equity in income/(loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on consolidation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 1,532 |
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,039 |
Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -53,359 | -63,876 | -63,364 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 61,773 | 44,944 | 59,093 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income, excluding impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 608 | 281 | 11,507 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gain on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 16,246 | 0 | 110,505 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 16,854 | 281 | 122,012 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 78,627 | 45,225 | 181,105 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -15 | -15 | -15 |
Net income attributable to Piedmont | ' | ' | ' | ' | ' | ' | ' | ' | 78,612 | 45,210 | 181,090 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | -5,282 | -4,813 | -1,450 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | -420 | -283 | -39 |
Property management fee revenue | ' | ' | ' | ' | ' | ' | ' | ' | -13,109 | -12,032 | -12,890 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -18,811 | -17,128 | -14,379 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | -19,326 | -17,871 | -15,346 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -24,392 | -22,907 | -24,477 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -43,718 | -40,778 | -39,823 |
Real estate operating income | ' | ' | ' | ' | ' | ' | ' | ' | 24,907 | 23,650 | 25,444 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,559 | 12,508 | 13,700 |
Interest income and other income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | -12,559 | -12,508 | -13,700 |
Litigation settlement recovery/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net casualty recoveries/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Equity in income/(loss) of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on consolidation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 24,907 | 23,650 | 25,444 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income, excluding impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gain on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 24,907 | 23,650 | 25,444 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Piedmont | ' | ' | ' | ' | ' | ' | ' | ' | $24,907 | $23,650 | $25,444 |
Guarantor_Financials_Guarantor1
Guarantor Financials Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net Cash Provided by Operating Activities | $215,079 | $220,925 | $267,095 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | -542,170 | -108,487 | -215,609 |
Intercompany note receivable | 0 | 0 | 0 |
Cash assumed upon consolidation of variable interest entity | 0 | 0 | 5,063 |
Acquisition of unconsolidated joint ventures, net of cash assumed | -14,242 | 0 | 0 |
Net sale proceeds from wholly-owned properties and consolidated joint venture | 95,671 | 93,839 | 291,785 |
Net sale proceeds received from unconsolidated joint ventures | 0 | 0 | 3,036 |
Investments in unconsolidated joint ventures | -793 | -136 | -151 |
Liquidation of noncontrolling interest upon sale of consolidated joint venture | 0 | 0 | -95 |
Deferred lease costs paid | -34,298 | -48,692 | -47,049 |
Net cash provided/(used in) by investing activities | -495,832 | -63,476 | 36,980 |
Cash Flows from Financing Activities: | ' | ' | ' |
Deferred financing costs paid | -4,892 | -3,125 | -3,367 |
Proceeds from debt | 1,085,604 | 409,000 | 829,000 |
Repayments of debt | -500,000 | -465,000 | -822,875 |
Intercompany note payable | 0 | 0 | 0 |
Net costs of issuance of common stock | -91 | -229 | -252 |
Repurchases of common stock as part of announced plan | -173,551 | -88,450 | -3,244 |
Intercompany distributions | 0 | 0 | 0 |
Dividends paid and discount on dividend reinvestments | -132,301 | -136,378 | -220,365 |
Net cash provided by/(used in) financing activities | 274,769 | -284,182 | -221,103 |
Net increase/(decrease) in cash and cash equivalents | -5,984 | -126,733 | 82,972 |
Cash and cash equivalents, beginning of year | 12,957 | 139,690 | 56,718 |
Cash and cash equivalents, end of year | 6,973 | 12,957 | 139,690 |
Issuer [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net Cash Provided by Operating Activities | 15,327 | 32,260 | 34,362 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | -10,382 | -20,763 | -15,856 |
Intercompany note receivable | 0 | 0 | 0 |
Cash assumed upon consolidation of variable interest entity | ' | ' | 0 |
Acquisition of unconsolidated joint ventures, net of cash assumed | 18,045 | ' | ' |
Net sale proceeds from wholly-owned properties and consolidated joint venture | 50,118 | 93,839 | 31,704 |
Net sale proceeds received from unconsolidated joint ventures | ' | ' | 3,036 |
Investments in unconsolidated joint ventures | -793 | -136 | -151 |
Liquidation of noncontrolling interest upon sale of consolidated joint venture | ' | ' | 0 |
Deferred lease costs paid | -10,980 | -4,164 | -10,695 |
Net cash provided/(used in) by investing activities | 46,008 | 68,776 | 8,038 |
Cash Flows from Financing Activities: | ' | ' | ' |
Deferred financing costs paid | -4,892 | -3,125 | -2,717 |
Proceeds from debt | 1,085,604 | 409,000 | 829,000 |
Repayments of debt | -500,000 | -280,000 | -779,000 |
Intercompany note payable | 0 | 0 | -53,000 |
Net costs of issuance of common stock | 0 | 0 | 0 |
Repurchases of common stock as part of announced plan | 0 | 0 | 0 |
Intercompany distributions | -701,066 | -331,460 | 68,721 |
Dividends paid and discount on dividend reinvestments | 0 | 0 | 0 |
Net cash provided by/(used in) financing activities | -120,354 | -205,585 | 63,004 |
Net increase/(decrease) in cash and cash equivalents | -59,019 | -104,549 | 105,404 |
Cash and cash equivalents, beginning of year | 62,371 | 166,920 | 61,516 |
Cash and cash equivalents, end of year | 3,352 | 62,371 | 166,920 |
Guarantor [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net Cash Provided by Operating Activities | 1,853 | 2,215 | 2,375 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | 0 | 0 | 0 |
Intercompany note receivable | 500 | -2,500 | 0 |
Cash assumed upon consolidation of variable interest entity | ' | ' | 0 |
Acquisition of unconsolidated joint ventures, net of cash assumed | 0 | ' | ' |
Net sale proceeds from wholly-owned properties and consolidated joint venture | 0 | 0 | 0 |
Net sale proceeds received from unconsolidated joint ventures | ' | ' | 0 |
Investments in unconsolidated joint ventures | 0 | 0 | 0 |
Liquidation of noncontrolling interest upon sale of consolidated joint venture | ' | ' | 0 |
Deferred lease costs paid | 0 | 0 | 0 |
Net cash provided/(used in) by investing activities | 500 | -2,500 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
Deferred financing costs paid | 0 | 0 | 0 |
Proceeds from debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Intercompany note payable | 0 | 0 | 0 |
Net costs of issuance of common stock | -91 | -229 | -252 |
Repurchases of common stock as part of announced plan | -173,551 | -88,450 | -3,244 |
Intercompany distributions | 303,486 | 225,427 | 218,322 |
Dividends paid and discount on dividend reinvestments | -132,286 | -136,363 | -217,958 |
Net cash provided by/(used in) financing activities | -2,442 | 385 | -3,132 |
Net increase/(decrease) in cash and cash equivalents | -89 | 100 | -757 |
Cash and cash equivalents, beginning of year | 239 | 139 | 896 |
Cash and cash equivalents, end of year | 150 | 239 | 139 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net Cash Provided by Operating Activities | 172,992 | 162,800 | 204,913 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | -532,088 | -87,724 | -199,753 |
Intercompany note receivable | 0 | 0 | 53,000 |
Cash assumed upon consolidation of variable interest entity | ' | ' | 5,063 |
Acquisition of unconsolidated joint ventures, net of cash assumed | -32,287 | ' | ' |
Net sale proceeds from wholly-owned properties and consolidated joint venture | 45,553 | 0 | 260,081 |
Net sale proceeds received from unconsolidated joint ventures | ' | ' | 0 |
Investments in unconsolidated joint ventures | 0 | 0 | 0 |
Liquidation of noncontrolling interest upon sale of consolidated joint venture | ' | ' | -95 |
Deferred lease costs paid | -23,318 | -44,528 | -36,354 |
Net cash provided/(used in) by investing activities | -542,140 | -132,252 | 81,942 |
Cash Flows from Financing Activities: | ' | ' | ' |
Deferred financing costs paid | 0 | 0 | -650 |
Proceeds from debt | 0 | 0 | 0 |
Repayments of debt | 0 | -185,000 | -43,875 |
Intercompany note payable | -500 | 2,500 | 0 |
Net costs of issuance of common stock | 0 | 0 | 0 |
Repurchases of common stock as part of announced plan | 0 | 0 | 0 |
Intercompany distributions | 422,787 | 129,683 | -261,598 |
Dividends paid and discount on dividend reinvestments | -15 | -15 | -2,407 |
Net cash provided by/(used in) financing activities | 422,272 | -52,832 | -308,530 |
Net increase/(decrease) in cash and cash equivalents | 53,124 | -22,284 | -21,675 |
Cash and cash equivalents, beginning of year | -49,653 | -27,369 | -5,694 |
Cash and cash equivalents, end of year | 3,471 | -49,653 | -27,369 |
Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net Cash Provided by Operating Activities | 24,907 | 23,650 | 25,445 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals | 300 | 0 | 0 |
Intercompany note receivable | -500 | 2,500 | -53,000 |
Cash assumed upon consolidation of variable interest entity | ' | ' | 0 |
Acquisition of unconsolidated joint ventures, net of cash assumed | 0 | ' | ' |
Net sale proceeds from wholly-owned properties and consolidated joint venture | 0 | 0 | 0 |
Net sale proceeds received from unconsolidated joint ventures | ' | ' | 0 |
Investments in unconsolidated joint ventures | 0 | 0 | 0 |
Liquidation of noncontrolling interest upon sale of consolidated joint venture | ' | ' | 0 |
Deferred lease costs paid | 0 | 0 | 0 |
Net cash provided/(used in) by investing activities | -200 | 2,500 | -53,000 |
Cash Flows from Financing Activities: | ' | ' | ' |
Deferred financing costs paid | 0 | 0 | 0 |
Proceeds from debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Intercompany note payable | 500 | -2,500 | 53,000 |
Net costs of issuance of common stock | 0 | 0 | 0 |
Repurchases of common stock as part of announced plan | 0 | 0 | 0 |
Intercompany distributions | -25,207 | -23,650 | -25,445 |
Dividends paid and discount on dividend reinvestments | 0 | 0 | 0 |
Net cash provided by/(used in) financing activities | -24,707 | -26,150 | 27,555 |
Net increase/(decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | $0 | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 05, 2014 | Jan. 31, 2014 |
11107 and 11109 Sunset Hills Road [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Dividends declared (in dollars per share) | $0.20 | ' |
Contractual Selling Price (in millions) | ' | $22.60 |
Schedule_III_Real_Estate_Asset1
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Initial Cost, Land | $652,903,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 4,092,003,000 | ' | ' | |||
Initial Cost, Total | 4,744,906,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 293,099,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 691,433,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 4,346,572,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 5,038,005,000 | 4,648,904,000 | 4,699,311,000 | |||
Accumulated Depreciation and Amortization | 1,060,885,000 | 977,768,000 | 935,716,000 | |||
Real Estate: | ' | ' | ' | |||
Balance at the beginning of the year | 4,648,904,000 | 4,699,311,000 | 4,666,188,000 | |||
Additions to/improvements of real estate | 541,701,000 | 108,131,000 | 440,141,000 | |||
Assets disposed | -133,249,000 | -77,768,000 | -361,397,000 | |||
Assets impaired | -1,242,000 | 0 | 0 | |||
Write-offs of intangible assets | -12,080,000 | [1] | -73,632,000 | [1] | -35,916,000 | [1] |
Write-offs of fully depreciated/amortized assets | -6,029,000 | -7,138,000 | -9,705,000 | |||
Balance at the end of the year | 5,038,005,000 | 4,648,904,000 | 4,699,311,000 | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the beginning of the year | 977,768,000 | 935,716,000 | 918,578,000 | |||
Depreciation and amortization expense | 140,637,000 | 139,196,000 | 147,440,000 | |||
Assets disposed | -39,411,000 | -16,374,000 | -84,681,000 | |||
Write-offs of intangible assets | -12,080,000 | [1] | -73,632,000 | [1] | -35,916,000 | [1] |
Write-offs of fully depreciated/amortized assets | -6,029,000 | -7,138,000 | -9,705,000 | |||
Balance at the end of the year | 1,060,885,000 | 977,768,000 | 935,716,000 | |||
Building [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Useful life | '40 years | ' | ' | |||
Eye Street 1225 NW Associates LLC [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Piedmont’s % Ownership of Entity | 49.50% | ' | ' | |||
Eye Street 1201 NW Associates LLC [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Piedmont’s % Ownership of Entity | 49.50% | ' | ' | |||
1225 Equity LLC [Member] | Eye Street 1225 NW Associates LLC [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Piedmont’s % Ownership of Entity | 49.50% | ' | ' | |||
1201 Equity LLC [Member] | Eye Street 1201 NW Associates LLC [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Piedmont’s % Ownership of Entity | 49.50% | ' | ' | |||
Secured Debt [Member] | $350.0 Million Secured Pooled Facility [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Debt instrument, face amount | 350,000,000 | ' | ' | |||
Wholly Owned Properties [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Initial Cost, Land | 650,349,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 4,058,105,000 | ' | ' | |||
Initial Cost, Total | 4,708,454,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 295,283,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 688,761,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 4,314,976,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 5,003,737,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 1,051,754,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 5,003,737,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 1,051,754,000 | ' | ' | |||
Partially Owned Properties [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Initial Cost, Land | 2,554,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 33,898,000 | ' | ' | |||
Initial Cost, Total | 36,452,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -2,184,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,672,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 31,596,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 34,268,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 9,131,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 34,268,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 9,131,000 | ' | ' | |||
Minimum [Member] | Building Improvements [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Useful life | '5 years | ' | ' | |||
Minimum [Member] | Land Improvements [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Useful life | '20 years | ' | ' | |||
Maximum [Member] | Building Improvements [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Useful life | '25 years | ' | ' | |||
Maximum [Member] | Land Improvements [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Useful life | '25 years | ' | ' | |||
DALLAS PARKWAY 3900 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,456,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 20,377,000 | ' | ' | |||
Initial Cost, Total | 21,837,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 3,050,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,517,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 23,370,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 24,887,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 9,499,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 24,887,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 9,499,000 | ' | ' | |||
DALLAS PARKWAY 3900 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
DALLAS PARKWAY 3900 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
RIVER CORPORATE CENTER [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [3] | ' | ' | ||
Initial Cost, Land | 0 | [3] | ' | ' | ||
Initial Cost, Buildings and Improvements | 16,036,000 | [3] | ' | ' | ||
Initial Cost, Total | 16,036,000 | [3] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 7,340,000 | [3] | ' | ' | ||
Gross Amount at Which Carried, Land | 0 | [3] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 23,376,000 | [3] | ' | ' | ||
Gross Amount at Which Carried, Total | 23,376,000 | [3] | ' | ' | ||
Accumulated Depreciation and Amortization | 7,224,000 | [3] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 23,376,000 | [3] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 7,224,000 | [3] | ' | ' | ||
RIVER CORPORATE CENTER [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[3] | ' | ' | ||
RIVER CORPORATE CENTER [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[3] | ' | ' | ||
1441 WEST LONG LAKE ROAD [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,160,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 16,776,000 | ' | ' | |||
Initial Cost, Total | 18,936,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -6,501,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,202,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 11,233,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 12,435,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 7,326,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 12,435,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 7,326,000 | ' | ' | |||
1441 WEST LONG LAKE ROAD [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
1441 WEST LONG LAKE ROAD [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
ENCLAVE PARKWAY 1430 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 32,100,000 | ' | ' | |||
Initial Cost, Land | 7,100,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 37,915,000 | ' | ' | |||
Initial Cost, Total | 45,015,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 3,699,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 5,506,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 43,208,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 48,714,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 16,010,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 48,714,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 16,010,000 | ' | ' | |||
ENCLAVE PARKWAY 1430 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
ENCLAVE PARKWAY 1430 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CRESCENT RIDGE II [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 7,700,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 45,154,000 | ' | ' | |||
Initial Cost, Total | 52,854,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 9,149,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 8,021,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 53,982,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 62,003,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 21,125,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 62,003,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 21,125,000 | ' | ' | |||
CRESCENT RIDGE II [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CRESCENT RIDGE II [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CROWN COLONY DRIVE 1200 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 20,200,000 | [4] | ' | ' | ||
Initial Cost, Land | 11,042,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 40,666,000 | [4] | ' | ' | ||
Initial Cost, Total | 51,708,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 2,738,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 11,042,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 43,404,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 54,446,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 14,268,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 54,446,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 14,268,000 | [4] | ' | ' | ||
CROWN COLONY DRIVE 1200 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
CROWN COLONY DRIVE 1200 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
HIATUS ROAD 5601 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,642,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 10,404,000 | ' | ' | |||
Initial Cost, Total | 14,046,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 1,721,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,642,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 12,125,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 15,767,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,978,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 15,767,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,978,000 | ' | ' | |||
HIATUS ROAD 5601 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
HIATUS ROAD 5601 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
WINDY POINT I [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 23,400,000 | ' | ' | |||
Initial Cost, Land | 4,537,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 31,847,000 | ' | ' | |||
Initial Cost, Total | 36,384,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 2,782,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 4,537,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 34,629,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 39,166,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 11,233,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 39,166,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 11,233,000 | ' | ' | |||
WINDY POINT I [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
WINDY POINT I [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
WINDY POINT II [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 40,300,000 | ' | ' | |||
Initial Cost, Land | 3,746,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 55,026,000 | ' | ' | |||
Initial Cost, Total | 58,772,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 16,702,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,746,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 71,728,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 75,474,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 18,648,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 75,474,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 18,648,000 | ' | ' | |||
WINDY POINT II [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
WINDY POINT II [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
SARASOTA COMMERCE CENTER II [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,767,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 20,533,000 | ' | ' | |||
Initial Cost, Total | 22,300,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 2,310,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,203,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 22,407,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 24,610,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 7,455,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 24,610,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 7,455,000 | ' | ' | |||
SARASOTA COMMERCE CENTER II [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
SARASOTA COMMERCE CENTER II [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
JOHNS CREEK PARKWAY 11695 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,080,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 13,572,000 | ' | ' | |||
Initial Cost, Total | 15,652,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 1,833,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,081,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 15,404,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 17,485,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 5,292,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 17,485,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 5,292,000 | ' | ' | |||
JOHNS CREEK PARKWAY 11695 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
JOHNS CREEK PARKWAY 11695 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
BROOKSIDE PARKWAY 3750 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,561,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 14,207,000 | ' | ' | |||
Initial Cost, Total | 15,768,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 218,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,561,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 14,425,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 15,986,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 4,548,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 15,986,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 4,548,000 | ' | ' | |||
BROOKSIDE PARKWAY 3750 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
BROOKSIDE PARKWAY 3750 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
NW 64TH STREET 2001 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [3] | ' | ' | ||
Initial Cost, Land | 0 | [3] | ' | ' | ||
Initial Cost, Buildings and Improvements | 7,172,000 | [3] | ' | ' | ||
Initial Cost, Total | 7,172,000 | [3] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 967,000 | [3] | ' | ' | ||
Gross Amount at Which Carried, Land | 0 | [3] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 8,139,000 | [3] | ' | ' | ||
Gross Amount at Which Carried, Total | 8,139,000 | [3] | ' | ' | ||
Accumulated Depreciation and Amortization | 2,487,000 | [3] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 8,139,000 | [3] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 2,487,000 | [3] | ' | ' | ||
NW 64TH STREET 2001 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[3] | ' | ' | ||
NW 64TH STREET 2001 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[3] | ' | ' | ||
CENTRAL STREET 90 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,642,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 29,497,000 | ' | ' | |||
Initial Cost, Total | 33,139,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 3,001,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,642,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 32,498,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 36,140,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 10,967,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 36,140,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 10,967,000 | ' | ' | |||
CENTRAL STREET 90 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CENTRAL STREET 90 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
DESERT CANYON 300 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,602,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 24,333,000 | ' | ' | |||
Initial Cost, Total | 26,935,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 46,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,602,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 24,379,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 26,981,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 7,500,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 26,981,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 7,500,000 | ' | ' | |||
DESERT CANYON 300 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
DESERT CANYON 300 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CONNECTION DRIVE 6031 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,157,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 43,656,000 | ' | ' | |||
Initial Cost, Total | 46,813,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 3,477,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,157,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 47,133,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 50,290,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 14,040,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 50,290,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 14,040,000 | ' | ' | |||
CONNECTION DRIVE 6031 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CONNECTION DRIVE 6031 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CONNECTION DRIVE 6021 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,157,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 42,662,000 | ' | ' | |||
Initial Cost, Total | 45,819,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 172,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,157,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 42,834,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 45,991,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 12,808,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 45,991,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 12,808,000 | ' | ' | |||
CONNECTION DRIVE 6021 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CONNECTION DRIVE 6021 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CONNECTION DRIVE 6011 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,157,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 29,034,000 | ' | ' | |||
Initial Cost, Total | 32,191,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 2,586,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,157,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 31,620,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 34,777,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 10,338,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 34,777,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 10,338,000 | ' | ' | |||
CONNECTION DRIVE 6011 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CONNECTION DRIVE 6011 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
BRAKER POINTE III [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 16,500,000 | [4] | ' | ' | ||
Initial Cost, Land | 6,098,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 34,492,000 | [4] | ' | ' | ||
Initial Cost, Total | 40,590,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 1,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 6,099,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 34,492,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 40,591,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 10,387,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 40,591,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 10,387,000 | [4] | ' | ' | ||
BRAKER POINTE III [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
BRAKER POINTE III [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
CHANDLER FORUM [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,632,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 0 | ' | ' | |||
Initial Cost, Total | 2,632,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 19,963,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,779,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 19,816,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 22,595,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 6,908,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 22,595,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 6,908,000 | ' | ' | |||
CHANDLER FORUM [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CHANDLER FORUM [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
GATEHALL DRIVE 2 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 42,700,000 | [4] | ' | ' | ||
Initial Cost, Land | 9,054,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 96,722,000 | [4] | ' | ' | ||
Initial Cost, Total | 105,776,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 6,448,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 9,054,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 103,170,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 112,224,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 29,388,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 112,224,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 29,388,000 | [4] | ' | ' | ||
GATEHALL DRIVE 2 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
GATEHALL DRIVE 2 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
HEADQUARTERS DRIVE 5601 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,153,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 24,602,000 | ' | ' | |||
Initial Cost, Total | 27,755,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 2,663,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,153,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 27,265,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 30,418,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 7,591,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 30,418,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 7,591,000 | ' | ' | |||
HEADQUARTERS DRIVE 5601 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | ' | ' | |||
HEADQUARTERS DRIVE 5601 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | ' | ' | |||
TWO INDEPENDENCE SQUARE [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 105,800,000 | [4] | ' | ' | ||
Initial Cost, Land | 52,711,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 202,702,000 | [4] | ' | ' | ||
Initial Cost, Total | 255,413,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 49,791,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 52,711,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 252,493,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 305,204,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 62,617,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 305,204,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 62,617,000 | [4] | ' | ' | ||
TWO INDEPENDENCE SQUARE [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
TWO INDEPENDENCE SQUARE [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
ONE INDEPENDENCE SQUARE [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 57,800,000 | [4] | ' | ' | ||
Initial Cost, Land | 29,765,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 104,814,000 | [4] | ' | ' | ||
Initial Cost, Total | 134,579,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 3,145,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 30,562,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 107,162,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 137,724,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 31,167,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 137,724,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 31,167,000 | [4] | ' | ' | ||
ONE INDEPENDENCE SQUARE [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
ONE INDEPENDENCE SQUARE [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
WEST END AVENUE 2120 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 26,800,000 | [4] | ' | ' | ||
Initial Cost, Land | 4,908,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 59,011,000 | [4] | ' | ' | ||
Initial Cost, Total | 63,919,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 6,671,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 5,100,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 65,490,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 70,590,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 19,586,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 70,590,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 19,586,000 | [4] | ' | ' | ||
WEST END AVENUE 2120 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
WEST END AVENUE 2120 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
NORTH BRAND BOULEVARD 800 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 23,605,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 136,284,000 | ' | ' | |||
Initial Cost, Total | 159,889,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 9,288,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 23,607,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 145,570,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 169,177,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 43,804,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 169,177,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 43,804,000 | ' | ' | |||
NORTH BRAND BOULEVARD 800 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
NORTH BRAND BOULEVARD 800 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
EASTPOINT I [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,485,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 11,064,000 | ' | ' | |||
Initial Cost, Total | 12,549,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 2,221,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,485,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 13,285,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 14,770,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,277,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 14,770,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,277,000 | ' | ' | |||
EASTPOINT I [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
EASTPOINT I [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
EASTPOINT II [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,235,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 9,199,000 | ' | ' | |||
Initial Cost, Total | 10,434,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 1,929,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,235,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 11,128,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 12,363,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,544,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 12,363,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,544,000 | ' | ' | |||
EASTPOINT II [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
EASTPOINT II [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
WEST JEFFERSON 150 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 9,759,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 88,364,000 | ' | ' | |||
Initial Cost, Total | 98,123,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 3,166,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 9,759,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 91,530,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 101,289,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 26,218,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 101,289,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 26,218,000 | ' | ' | |||
WEST JEFFERSON 150 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
WEST JEFFERSON 150 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
US BANCORP CENTER [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 105,000,000 | ' | ' | |||
Initial Cost, Land | 11,138,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 175,629,000 | ' | ' | |||
Initial Cost, Total | 186,767,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 9,568,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 11,138,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 185,197,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 196,335,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 50,521,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 196,335,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 50,521,000 | ' | ' | |||
US BANCORP CENTER [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
US BANCORP CENTER [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
AON CENTER [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 225,000,000 | ' | ' | |||
Initial Cost, Land | 23,267,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 472,488,000 | ' | ' | |||
Initial Cost, Total | 495,755,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 145,536,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 23,966,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 617,325,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 641,291,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 163,035,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 641,291,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 163,035,000 | ' | ' | |||
AON CENTER [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
AON CENTER [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
AUBURN HILLS CORPORATE CENTER [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,978,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 16,570,000 | ' | ' | |||
Initial Cost, Total | 18,548,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -8,331,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,591,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 8,626,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 10,217,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,908,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 10,217,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,908,000 | ' | ' | |||
AUBURN HILLS CORPORATE CENTER [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
AUBURN HILLS CORPORATE CENTER [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
SUNSET HILLS ROAD 11107 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,711,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 17,890,000 | ' | ' | |||
Initial Cost, Total | 20,601,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 518,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,711,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 18,408,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 21,119,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 5,692,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 21,119,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 5,692,000 | ' | ' | |||
SUNSET HILLS ROAD 11107 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
SUNSET HILLS ROAD 11107 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
SUNSET HILLS ROAD 11109 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,218,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 8,038,000 | ' | ' | |||
Initial Cost, Total | 9,256,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -2,723,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,218,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 5,315,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 6,533,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 1,644,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 6,533,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 1,644,000 | ' | ' | |||
SUNSET HILLS ROAD 11109 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
SUNSET HILLS ROAD 11109 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CORPORATE BOULEVARD 9211 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,019,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 21,984,000 | ' | ' | |||
Initial Cost, Total | 25,003,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -4,805,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,960,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 17,238,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 20,198,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 4,630,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 20,198,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 4,630,000 | ' | ' | |||
CORPORATE BOULEVARD 9211 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CORPORATE BOULEVARD 9211 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CORPORATE BOULEVARD 9221 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,019,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 21,984,000 | ' | ' | |||
Initial Cost, Total | 25,003,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -2,577,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,960,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 19,466,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 22,426,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 4,640,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 22,426,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 4,640,000 | ' | ' | |||
CORPORATE BOULEVARD 9221 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CORPORATE BOULEVARD 9221 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
GLENRIDGE HIGHLANDS TWO [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 6,662,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 69,031,000 | ' | ' | |||
Initial Cost, Total | 75,693,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -20,391,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 6,662,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 48,640,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 55,302,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 13,457,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 55,302,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 13,457,000 | ' | ' | |||
GLENRIDGE HIGHLANDS TWO [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
GLENRIDGE HIGHLANDS TWO [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
BRIDGEWATER CROSSING 200 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 40,200,000 | [4] | ' | ' | ||
Initial Cost, Land | 8,182,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 84,160,000 | [4] | ' | ' | ||
Initial Cost, Total | 92,342,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | -13,774,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 8,328,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 70,240,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 78,568,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 16,890,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 78,568,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 16,890,000 | [4] | ' | ' | ||
BRIDGEWATER CROSSING 200 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
BRIDGEWATER CROSSING 200 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
EAST COLORADO BOULEVARD 1055 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 29,200,000 | ' | ' | |||
Initial Cost, Land | 6,495,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 30,265,000 | ' | ' | |||
Initial Cost, Total | 36,760,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -3,059,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 6,495,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 27,206,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 33,701,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 6,349,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 33,701,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 6,349,000 | ' | ' | |||
EAST COLORADO BOULEVARD 1055 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
EAST COLORADO BOULEVARD 1055 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
FAIRWAY CENTER II [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 10,700,000 | [4] | ' | ' | ||
Initial Cost, Land | 7,110,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 15,600,000 | [4] | ' | ' | ||
Initial Cost, Total | 22,710,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | -2,332,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 7,110,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 13,268,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 20,378,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 3,670,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 20,378,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,670,000 | [4] | ' | ' | ||
FAIRWAY CENTER II [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
FAIRWAY CENTER II [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
COPPER RIDGE CENTER [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 6,974,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 38,714,000 | ' | ' | |||
Initial Cost, Total | 45,688,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -4,701,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 6,974,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 34,013,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 40,987,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 9,645,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 40,987,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 9,645,000 | ' | ' | |||
COPPER RIDGE CENTER [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
COPPER RIDGE CENTER [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
MAIN STREET 1901 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 6,246,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 36,455,000 | ' | ' | |||
Initial Cost, Total | 42,701,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -6,157,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 6,246,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 30,298,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 36,544,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 7,673,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 36,544,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 7,673,000 | ' | ' | |||
MAIN STREET 1901 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
MAIN STREET 1901 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
VIRGINIA AVE 400 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 22,146,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 49,740,000 | ' | ' | |||
Initial Cost, Total | 71,886,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -1,248,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 22,146,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 48,492,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 70,638,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 12,989,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 70,638,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 12,989,000 | ' | ' | |||
VIRGINIA AVE 400 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
VIRGINIA AVE 400 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
NORTH FAIRFAX DRIVE 4250 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 13,636,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 70,918,000 | ' | ' | |||
Initial Cost, Total | 84,554,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 3,892,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 13,636,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 74,810,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 88,446,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 23,169,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 88,446,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 23,169,000 | ' | ' | |||
NORTH FAIRFAX DRIVE 4250 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
NORTH FAIRFAX DRIVE 4250 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
EYE STREET 1225 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 49.50% | [5] | ' | ' | ||
Encumbrances | 57,600,000 | [5] | ' | ' | ||
Initial Cost, Land | 21,959,000 | [5] | ' | ' | ||
Initial Cost, Buildings and Improvements | 47,602,000 | [5] | ' | ' | ||
Initial Cost, Total | 69,561,000 | [5] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | -1,998,000 | [5] | ' | ' | ||
Gross Amount at Which Carried, Land | 21,959,000 | [5] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 45,604,000 | [5] | ' | ' | ||
Gross Amount at Which Carried, Total | 67,563,000 | [5] | ' | ' | ||
Accumulated Depreciation and Amortization | 12,749,000 | [5] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 67,563,000 | [5] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 12,749,000 | [5] | ' | ' | ||
EYE STREET 1225 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[5] | ' | ' | ||
EYE STREET 1225 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[5] | ' | ' | ||
EYE STREET 1201 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 49.50% | [6] | ' | ' | ||
Encumbrances | 82,400,000 | [6] | ' | ' | ||
Initial Cost, Land | 31,985,000 | [6] | ' | ' | ||
Initial Cost, Buildings and Improvements | 63,139,000 | [6] | ' | ' | ||
Initial Cost, Total | 95,124,000 | [6] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | -3,089,000 | [6] | ' | ' | ||
Gross Amount at Which Carried, Land | 31,985,000 | [6] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 60,050,000 | [6] | ' | ' | ||
Gross Amount at Which Carried, Total | 92,035,000 | [6] | ' | ' | ||
Accumulated Depreciation and Amortization | 15,595,000 | [6] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 92,035,000 | [6] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 15,595,000 | [6] | ' | ' | ||
EYE STREET 1201 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[6] | ' | ' | ||
EYE STREET 1201 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[6] | ' | ' | ||
MARKET STREET 1901 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 13,584,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 166,683,000 | ' | ' | |||
Initial Cost, Total | 180,267,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 31,497,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 20,829,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 190,935,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 211,764,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 49,364,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 211,764,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 49,364,000 | ' | ' | |||
MARKET STREET 1901 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
MARKET STREET 1901 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
BROAD STREET 60 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 32,522,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 168,986,000 | ' | ' | |||
Initial Cost, Total | 201,508,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 3,543,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 60,708,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 144,343,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 205,051,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 38,111,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 205,051,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 38,111,000 | ' | ' | |||
BROAD STREET 60 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
BROAD STREET 60 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
MASSACHUSETTS AVENUE 1414 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 4,210,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 35,821,000 | ' | ' | |||
Initial Cost, Total | 40,031,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 2,004,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 4,365,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 37,670,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 42,035,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 14,586,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 42,035,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 14,586,000 | ' | ' | |||
MASSACHUSETTS AVENUE 1414 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
MASSACHUSETTS AVENUE 1414 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
ONE BRATTLE SQUARE [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 6,974,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 64,940,000 | ' | ' | |||
Initial Cost, Total | 71,914,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -3,920,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 7,113,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 60,881,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 67,994,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 25,873,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 67,994,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 25,873,000 | ' | ' | |||
ONE BRATTLE SQUARE [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
ONE BRATTLE SQUARE [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CORPORATE DRIVE 600 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,934,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 0 | ' | ' | |||
Initial Cost, Total | 3,934,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 16,281,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,934,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 16,281,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 20,215,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 5,163,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 20,215,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 5,163,000 | ' | ' | |||
CORPORATE DRIVE 600 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CORPORATE DRIVE 600 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
WEST ENTRANCE DRIVE 1075 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 5,200,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 22,957,000 | ' | ' | |||
Initial Cost, Total | 28,157,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -313,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 5,207,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 22,637,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 27,844,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 5,552,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 27,844,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 5,552,000 | ' | ' | |||
WEST ENTRANCE DRIVE 1075 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
WEST ENTRANCE DRIVE 1075 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CLARENDON BOULEVARD 3100 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 11,700,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 69,705,000 | ' | ' | |||
Initial Cost, Total | 81,405,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -5,127,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 11,791,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 64,487,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 76,278,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 14,653,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 76,278,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 14,653,000 | ' | ' | |||
CLARENDON BOULEVARD 3100 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CLARENDON BOULEVARD 3100 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CORPORATE BOULEVARD 9200 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,730,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 16,608,000 | ' | ' | |||
Initial Cost, Total | 20,338,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -1,402,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,882,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 15,054,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 18,936,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,383,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 18,936,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,383,000 | ' | ' | |||
CORPORATE BOULEVARD 9200 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CORPORATE BOULEVARD 9200 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
BRIDGEWATER CROSSING 400 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [4] | ' | ' | ||
Encumbrances | 29,300,000 | [4] | ' | ' | ||
Initial Cost, Land | 10,400,000 | [4] | ' | ' | ||
Initial Cost, Buildings and Improvements | 71,052,000 | [4] | ' | ' | ||
Initial Cost, Total | 81,452,000 | [4] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | -7,442,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Land | 10,400,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 63,610,000 | [4] | ' | ' | ||
Gross Amount at Which Carried, Total | 74,010,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization | 17,839,000 | [4] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 74,010,000 | [4] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 17,839,000 | [4] | ' | ' | ||
BRIDGEWATER CROSSING 400 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[4] | ' | ' | ||
BRIDGEWATER CROSSING 400 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[4] | ' | ' | ||
LAS COLINAS CORPORATE CENTER I [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 17,500,000 | ' | ' | |||
Initial Cost, Land | 3,912,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 18,830,000 | ' | ' | |||
Initial Cost, Total | 22,742,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -4,791,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,543,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 15,408,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 17,951,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 2,946,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 17,951,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 2,946,000 | ' | ' | |||
LAS COLINAS CORPORATE CENTER I [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
LAS COLINAS CORPORATE CENTER I [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
LAS COLINAS CORPORATE CENTER II [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Encumbrances | 25,025,000 | ' | ' | |||
Initial Cost, Land | 4,496,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 29,881,000 | ' | ' | |||
Initial Cost, Total | 34,377,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -4,908,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,543,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 26,926,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 29,469,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 5,501,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 29,469,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 5,501,000 | ' | ' | |||
LAS COLINAS CORPORATE CENTER II [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
LAS COLINAS CORPORATE CENTER II [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
TWO PIERCE PLACE [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 4,370,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 70,632,000 | ' | ' | |||
Initial Cost, Total | 75,002,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 1,996,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 4,370,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 72,628,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 76,998,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 19,290,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 76,998,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 19,290,000 | ' | ' | |||
TWO PIERCE PLACE [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
TWO PIERCE PLACE [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
CABOT DRIVE 2300 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 4,390,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 19,549,000 | ' | ' | |||
Initial Cost, Total | 23,939,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -3,558,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 4,390,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 15,991,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 20,381,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,908,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 20,381,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,908,000 | ' | ' | |||
CABOT DRIVE 2300 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
CABOT DRIVE 2300 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
PIEDMONT POINTE I [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 11,200,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 58,606,000 | ' | ' | |||
Initial Cost, Total | 69,806,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 7,351,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 11,200,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 65,957,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 77,157,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 10,566,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 77,157,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 10,566,000 | ' | ' | |||
PIEDMONT POINTE I [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
PIEDMONT POINTE I [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
PIEDMONT POINTE II [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 13,300,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 70,618,000 | ' | ' | |||
Initial Cost, Total | 83,918,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 6,638,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 13,300,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 77,256,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 90,556,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 11,059,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 90,556,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 11,059,000 | ' | ' | |||
PIEDMONT POINTE II [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
PIEDMONT POINTE II [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
SUWANEE GATEWAY ONE [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,000,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 6,875,000 | ' | ' | |||
Initial Cost, Total | 7,875,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 78,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,000,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 6,953,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 7,953,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 581,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 7,953,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 581,000 | ' | ' | |||
SUWANEE GATEWAY ONE [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
SUWANEE GATEWAY ONE [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
ONE MERIDIAN CROSSINGS [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,919,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 24,398,000 | ' | ' | |||
Initial Cost, Total | 27,317,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -1,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,919,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 24,397,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 27,316,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 2,238,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 27,316,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 2,238,000 | ' | ' | |||
ONE MERIDIAN CROSSINGS [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
ONE MERIDIAN CROSSINGS [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
TWO MERIDIAN CROSSINGS [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,661,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 25,742,000 | ' | ' | |||
Initial Cost, Total | 28,403,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 215,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,661,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 25,957,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 28,618,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 2,394,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 28,618,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 2,394,000 | ' | ' | |||
TWO MERIDIAN CROSSINGS [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
TWO MERIDIAN CROSSINGS [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
W MONROE 500 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 36,990,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 185,113,000 | ' | ' | |||
Initial Cost, Total | 222,103,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 4,038,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 36,990,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 189,151,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 226,141,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 13,115,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 226,141,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 13,115,000 | ' | ' | |||
W MONROE 500 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
W MONROE 500 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
THE DUPREE [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 4,080,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 14,310,000 | ' | ' | |||
Initial Cost, Total | 18,390,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 420,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 4,080,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 14,730,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 18,810,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 1,708,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 18,810,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 1,708,000 | ' | ' | |||
THE DUPREE [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
THE DUPREE [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
THE MEDICI [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,780,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 11,510,000 | ' | ' | |||
Initial Cost, Total | 13,290,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 630,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,780,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 12,140,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 13,920,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 853,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 13,920,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 853,000 | ' | ' | |||
THE MEDICI [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
THE MEDICI [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
PRESIDENTIAL WAY 225 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 3,626,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 36,916,000 | ' | ' | |||
Initial Cost, Total | 40,542,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -763,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 3,613,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 36,166,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 39,779,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,566,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 39,779,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,566,000 | ' | ' | |||
PRESIDENTIAL WAY 225 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
PRESIDENTIAL WAY 225 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
PRESIDENTIAL WAY 235 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 4,154,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 44,048,000 | ' | ' | |||
Initial Cost, Total | 48,202,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -911,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 4,138,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 43,153,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 47,291,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 4,238,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 47,291,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 4,238,000 | ' | ' | |||
PRESIDENTIAL WAY 235 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
PRESIDENTIAL WAY 235 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
400 TOWNPARK [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,570,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 20,555,000 | ' | ' | |||
Initial Cost, Total | 23,125,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 620,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,570,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 21,175,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 23,745,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 1,597,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 23,745,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 1,597,000 | ' | ' | |||
400 TOWNPARK [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
400 TOWNPARK [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
ARLINGTON GATEWAY [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 36,930,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 129,070,000 | ' | ' | |||
Initial Cost, Total | 166,000,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -333,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 36,930,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 128,737,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 165,667,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 5,350,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 165,667,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 5,350,000 | ' | ' | |||
ARLINGTON GATEWAY [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
ARLINGTON GATEWAY [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
5 & 15 WAYSIDE ROAD [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 7,190,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 55,445,000 | ' | ' | |||
Initial Cost, Total | 62,635,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -631,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 7,190,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 54,814,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 62,004,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 1,579,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 62,004,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 1,579,000 | ' | ' | |||
5 & 15 WAYSIDE ROAD [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
5 & 15 WAYSIDE ROAD [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
2020 W. 89th STREET [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,430,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 1,607,000 | ' | ' | |||
Initial Cost, Total | 3,037,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 234,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,430,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 1,841,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 3,271,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 65,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 3,271,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 65,000 | ' | ' | |||
2020 W. 89th STREET [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
2020 W. 89th STREET [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
MARYLAND WAY 5301 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 5,740,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 9,717,000 | ' | ' | |||
Initial Cost, Total | 15,457,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 0 | ' | ' | |||
Gross Amount at Which Carried, Land | 5,740,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 9,717,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 15,457,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 589,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 15,457,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 589,000 | ' | ' | |||
MARYLAND WAY 5301 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
MARYLAND WAY 5301 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
INVESTMENT DRIVE 4685 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 1,200,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 7,840,000 | ' | ' | |||
Initial Cost, Total | 9,040,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 135,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 1,200,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 7,975,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 9,175,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 309,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 9,175,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 309,000 | ' | ' | |||
INVESTMENT DRIVE 4685 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
INVESTMENT DRIVE 4685 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
6565 MACARTHUR BLVD [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 4,820,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 37,767,000 | ' | ' | |||
Initial Cost, Total | 42,587,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 2,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 4,820,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 37,769,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 42,589,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 71,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 42,589,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 71,000 | ' | ' | |||
6565 MACARTHUR BLVD [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
6565 MACARTHUR BLVD [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
ONE LINCOLN PARK [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 6,640,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 44,810,000 | ' | ' | |||
Initial Cost, Total | 51,450,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 0 | ' | ' | |||
Gross Amount at Which Carried, Land | 6,640,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 44,810,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 51,450,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 86,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 51,450,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 86,000 | ' | ' | |||
ONE LINCOLN PARK [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
ONE LINCOLN PARK [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
161 CORPORATE CENTER [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | ' | ' | |||
Initial Cost, Land | 2,020,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 10,680,000 | ' | ' | |||
Initial Cost, Total | 12,700,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 0 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,020,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 10,680,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 12,700,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 19,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 12,700,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 19,000 | ' | ' | |||
161 CORPORATE CENTER [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
161 CORPORATE CENTER [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
PIEDMONT POWER, LLC [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [7] | ' | ' | ||
Initial Cost, Land | 0 | [7] | ' | ' | ||
Initial Cost, Buildings and Improvements | 79,000 | [7] | ' | ' | ||
Initial Cost, Total | 79,000 | [7] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 2,501,000 | [7] | ' | ' | ||
Gross Amount at Which Carried, Land | 0 | [7] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 2,580,000 | [7] | ' | ' | ||
Gross Amount at Which Carried, Total | 2,580,000 | [7] | ' | ' | ||
Accumulated Depreciation and Amortization | 113,000 | [7] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 2,580,000 | [7] | ' | ' | ||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 113,000 | [7] | ' | ' | ||
PIEDMONT POWER, LLC [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2],[7] | ' | ' | ||
PIEDMONT POWER, LLC [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2],[7] | ' | ' | ||
UNDEVELOPED LAND PARCELS [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 100.00% | [8] | ' | ' | ||
Initial Cost, Land | 6,021,000 | [8] | ' | ' | ||
Initial Cost, Buildings and Improvements | 427,000 | [8] | ' | ' | ||
Initial Cost, Total | 6,448,000 | [8] | ' | ' | ||
Costs Capitalized Subsequent to Acquisition | 6,291,000 | [8] | ' | ' | ||
Gross Amount at Which Carried, Land | 12,063,000 | [8] | ' | ' | ||
Gross Amount at Which Carried, Buildings and Improvements | 676,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 12,739,000 | [8] | ' | ' | ||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 12,739,000 | [8] | ' | ' | ||
UPLAND DRIVE 8560 [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 72.00% | ' | ' | |||
Initial Cost, Land | 1,954,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 11,216,000 | ' | ' | |||
Initial Cost, Total | 13,170,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | 1,089,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 2,048,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 12,211,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 14,259,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 3,952,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 14,259,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | 3,952,000 | ' | ' | |||
UPLAND DRIVE 8560 [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
UPLAND DRIVE 8560 [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
TWO PARK CENTER [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Ownership Percentage | 72.00% | ' | ' | |||
Initial Cost, Land | 600,000 | ' | ' | |||
Initial Cost, Buildings and Improvements | 22,682,000 | ' | ' | |||
Initial Cost, Total | 23,282,000 | ' | ' | |||
Costs Capitalized Subsequent to Acquisition | -3,273,000 | ' | ' | |||
Gross Amount at Which Carried, Land | 624,000 | ' | ' | |||
Gross Amount at Which Carried, Buildings and Improvements | 19,385,000 | ' | ' | |||
Gross Amount at Which Carried, Total | 20,009,000 | ' | ' | |||
Accumulated Depreciation and Amortization | 5,179,000 | ' | ' | |||
Real Estate: | ' | ' | ' | |||
Balance at the end of the year | 20,009,000 | ' | ' | |||
Accumulated Depreciation and Amortization: | ' | ' | ' | |||
Balance at the end of the year | $5,179,000 | ' | ' | |||
TWO PARK CENTER [Member] | Minimum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '0 years | [2] | ' | ' | ||
TWO PARK CENTER [Member] | Maximum [Member] | ' | ' | ' | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |||
Life on which Depreciation and Amortization is Computed | '40 years | [2] | ' | ' | ||
[1] | Consists of write-offs of intangible lease assets related to lease restructurings, amendments and terminations. | |||||
[2] | Piedmont’s assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. Generally, Tenant Improvements are amortized over the shorter of economic life or lease term, and Lease Intangibles are amortized over the lease term. Generally, Building Improvements are depreciated over 5 - 25 years, Land Improvements are depreciated over 20 - 25 years, and Buildings are depreciated over 40 years. | |||||
[3] | Property is owned subject to a long-term ground lease. | |||||
[4] | These properties collateralize the $350 Million Secured Pooled Facility. | |||||
[5] | Piedmont purchased all of the membership interest in 1225 Equity, LLC, which own a 49.5% membership interest in 1225 Eye Street, N.W. Associates, which owns the 1225 Eye Street building. As a result of its ownership of 1225 Equity, LLC, Piedmont owns an approximate 49.5% in the 1225 Eye Street building. As the controlling member, Piedmont is deemed to have control of the entities and, as such, consolidates the joint ventures. | |||||
[6] | Piedmont purchased all of the membership interest in 1201 Equity, LLC, which own a 49.5% membership interest in 1201 Eye Street, N.W. Associates, which owns the 1201 Eye Street building. As a result of its ownership of 1201 Equity, LLC, Piedmont owns an approximate 49.5% in the 1201 Eye Street building. As the controlling member, Piedmont is deemed to have control of the entities and, as such, consolidates the joint ventures. | |||||
[7] | Represents solar panels at the 400 Bridgewater Crossing building, which are not included in Piedmont’s total building count. | |||||
[8] | Undeveloped Land Parcels are not included in Piedmont’s total building count. |