Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 20, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Piedmont Office Realty Trust, Inc. | ||
Entity Central Index Key | 1,042,776 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 145,319,847 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,105,973,293 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Land | $ 669,848 | $ 676,091 |
Buildings and improvements, less accumulated depreciation of $944,573 and $889,857 as of December 31, 2016 and December 31, 2015, respectively | 2,927,324 | 2,837,463 |
Intangible lease assets, less accumulated amortization of $109,152 and $93,012 as of December 31, 2016 and December 31, 2015, respectively | 99,695 | 84,663 |
Construction in progress | 34,825 | 20,975 |
Real estate assets held for sale, net | 0 | 76,614 |
Total real estate assets | 3,731,692 | 3,695,806 |
Investment in and amounts due from unconsolidated joint venture | 7,360 | 7,577 |
Cash and cash equivalents | 6,992 | 5,441 |
Tenant receivables, net of allowance for doubtful accounts of $197 and $83 as of December 31, 2016 and December 31, 2015, respectively | 26,494 | 26,339 |
Straight-line rent receivables | 165,848 | 147,393 |
Notes receivable | 0 | 45,400 |
Restricted cash and escrows | 1,212 | 5,174 |
Prepaid expenses and other assets | 23,655 | 24,777 |
Goodwill | 180,097 | 180,097 |
Deferred lease costs, less accumulated amortization of $178,468 and $146,700 as of December 31, 2016 and December 31, 2015, respectively | 305,997 | 288,041 |
Other assets held for sale, net | 0 | 8,490 |
Total assets | 4,449,347 | 4,434,535 |
Liabilities: | ||
Unsecured debt, net of discount and unamortized debt issuance costs of $10,269 and $12,779 as of December 31, 2016 and December 31, 2015, respectively | 1,687,731 | 1,528,221 |
Secured debt, net of premiums and unamortized debt issuance costs of $1,161 and $1,319 as of December 31, 2016 and December 31, 2015, respectively | 332,744 | 501,289 |
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 165,410 | 128,465 |
Deferred income | 28,406 | 27,270 |
Intangible lease liabilities, less accumulated amortization of $49,225 and $42,315 as of December 31, 2016 and December 31, 2015, respectively | 48,005 | 42,853 |
Interest rate swaps | 8,169 | 9,993 |
Total liabilities | 2,270,465 | 2,238,091 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity: | ||
Shares-in-trust, 150,000,000 shares authorized, none outstanding as of December 31, 2016 or December 31, 2015 | 0 | 0 |
Preferred stock, no par value, 100,000,000 shares authorized, none outstanding as of December 31, 2016 or December 31, 2015 | 0 | 0 |
Common stock, $.01 par value; 750,000,000 shares authorized, 145,235,313 shares issued and outstanding as of December 31, 2016; and 145,511,644 shares issued and outstanding at December 31, 2015 | 1,452 | 1,455 |
Additional paid-in capital | 3,673,128 | 3,669,977 |
Cumulative distributions in excess of earnings | (1,499,684) | (1,477,674) |
Other comprehensive income | 2,104 | 1,661 |
Piedmont stockholders’ equity | 2,177,000 | 2,195,419 |
Noncontrolling interest | 1,882 | 1,025 |
Total stockholders’ equity | 2,178,882 | 2,196,444 |
Total liabilities and stockholders’ equity | $ 4,449,347 | $ 4,434,535 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets: | |||
Intangible lease assets, accumulated amortization | $ 109,152 | $ 93,012 | |
Tenant receivables, allowance for doubtful accounts | 197 | 83 | |
Deferred lease costs, accumulated amortization | 178,468 | 146,700 | |
Liabilities: | |||
Intangible lease liabilities, accumulated amortization | $ 49,225 | $ 42,315 | |
Stockholders' Equity: | |||
Shares-in-trust, shares authorized | 150,000,000 | 150,000,000 | |
Shares-in-trust, shares outstanding | 0 | 0 | |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 | |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 750,000,000 | 750,000,000 | |
Common stock, shares issued | 145,235,313 | 145,511,644 | |
Common stock, shares outstanding | 145,235,313 | 145,511,644 | |
Unsecured Debt [Member] | |||
Liabilities: | |||
Net of discount, premiums and unamortized debt issuance costs | [1] | $ 10,269 | $ 12,779 |
Secured Debt [Member] | |||
Liabilities: | |||
Net of discount, premiums and unamortized debt issuance costs | [1] | (1,161) | (1,319) |
Building and building improvements [Member] | |||
Assets: | |||
Buildings and improvements, accumulated depreciation | $ 944,573 | $ 889,857 | |
[1] | Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2016 and 2015 is interest-only. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues: | ||||
Rental income | $ 459,890 | $ 468,872 | $ 454,635 | |
Tenant reimbursements | 93,961 | 113,881 | 109,548 | |
Property management fee revenue | 1,864 | 2,016 | 2,069 | |
Total revenues | 555,715 | 584,769 | 566,252 | |
Expenses: | ||||
Property operating costs | 218,934 | 242,022 | 239,431 | |
Depreciation | 127,733 | 134,503 | 138,596 | |
Amortization | 75,119 | 60,886 | 56,579 | |
Impairment loss on real estate assets | [1] | 30,898 | 40,169 | 0 |
General and administrative | 29,244 | 30,346 | 23,825 | |
Operating Expenses | 481,928 | 507,926 | 458,431 | |
Real estate operating income | 73,787 | 76,843 | 107,821 | |
Other income (expense): | ||||
Interest expense | (64,860) | (73,998) | (74,446) | |
Other income/(expense) | (13) | 1,565 | 62 | |
Net recoveries/(loss) from casualty events and litigation settlements | 34 | (278) | 6,992 | |
Equity in income/(loss) of unconsolidated joint ventures | 362 | 553 | (350) | |
Nonoperating Income (Expense) | (64,477) | (72,158) | (67,742) | |
Income from continuing operations | 9,310 | 4,685 | 40,079 | |
Discontinued operations: | ||||
Operating income | 0 | 84 | 954 | |
Gain/(loss) on sale of real estate assets | 0 | (1) | 1,198 | |
Income from discontinued operations | 0 | 83 | 2,152 | |
Gain on sale of real estate assets | 98,562 | 168,237 | 1,132 | |
Net income | 107,872 | 173,005 | 43,363 | |
Less: Net loss/(income) applicable to noncontrolling interest | 15 | (15) | (15) | |
Net income applicable to Piedmont | $ 107,887 | $ 172,990 | $ 43,348 | |
Per share information— basic and diluted: | ||||
Income from continuing operations and gain on sale of real estate assets (in dollars per share) | $ 0.74 | $ 1.15 | $ 0.27 | |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.01 | |
Net income available to common stockholders (in dollars per share) | $ 0.74 | $ 1.15 | $ 0.28 | |
Weighted-average shares outstanding - basic (in shares) | 145,230,382 | 150,537,757 | 154,452,121 | |
Weighted-average shares outstanding - diluted (in shares) | 145,634,953 | 150,880,116 | 154,585,273 | |
[1] | The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income applicable to Piedmont | $ 107,887 | $ 172,990 | $ 43,348 |
Other comprehensive income/(loss): | |||
Effective portion of loss on derivative instruments that are designated and qualify as cash flow hedges (See Note 7) | (4,126) | (12,509) | (17,122) |
Reclassification of previously recorded loss included in net income (See Note 7) | 4,548 | 5,875 | 5,145 |
Gain/(loss) on investment in available for sale securities | 21 | (6) | 0 |
Other comprehensive income/(loss) | 443 | (6,640) | (11,977) |
Comprehensive income applicable to Piedmont | $ 108,330 | $ 166,350 | $ 31,371 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | 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] |
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 | 157,461,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share repurchases as part of an announced plan | (52,796) | $ (32) | (52,764) | |||
Stock repurchases as part of an announced plan (in shares) | (3,190,000) | |||||
Retirement of shares returned from escrow | (1,479) | $ (1) | (1,478) | |||
Retirement of shares returned from escrow (in shares) | (85,000) | |||||
Redemption of noncontrolling interest in consolidated variable interest entity | (4,054) | (4,054) | ||||
Dividends to common stockholders, dividends to preferred stockholders of subsidiary, and dividends reinvested | (125,198) | (188) | (124,995) | (15) | ||
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax | 2,997 | $ 1 | 2,996 | |||
Shares issued under the 2007 Omnibus Incentive Plan, net of tax (in shares) | 138,000 | |||||
Net income (loss) applicable to noncontrolling interest | 15 | 15 | ||||
Net income applicable to Piedmont | 43,348 | 43,348 | ||||
Other comprehensive income/ (loss) | (11,977) | (11,977) | ||||
Balance, value at Dec. 31, 2014 | $ 2,312,015 | $ 1,543 | 3,666,182 | (1,365,620) | 8,301 | 1,609 |
Balance, (in shares) at Dec. 31, 2014 | 154,324,089 | 154,324,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share repurchases as part of an announced plan | $ (158,860) | $ (90) | (158,770) | |||
Stock repurchases as part of an announced plan (in shares) | (8,980,000) | |||||
Offering costs | (326) | (326) | ||||
Redemption of noncontrolling interest in consolidated variable interest entity | 54 | 54 | ||||
Reallocation of noncontrolling interest of subsidiary | 544 | 1,128 | (584) | |||
Dividends to common stockholders, dividends to preferred stockholders of subsidiary, and dividends reinvested | (126,531) | (242) | (126,274) | (15) | ||
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax | 3,183 | $ 2 | 3,181 | |||
Shares issued under the 2007 Omnibus Incentive Plan, net of tax (in shares) | 168,000 | |||||
Net income (loss) applicable to noncontrolling interest | 15 | 15 | ||||
Net income applicable to Piedmont | 172,990 | 172,990 | ||||
Other comprehensive income/ (loss) | (6,640) | (6,640) | ||||
Balance, value at Dec. 31, 2015 | $ 2,196,444 | $ 1,455 | 3,669,977 | (1,477,674) | 1,661 | 1,025 |
Balance, (in shares) at Dec. 31, 2015 | 145,511,644 | 145,512,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share repurchases as part of an announced plan | $ (7,943) | $ (5) | (7,938) | |||
Stock repurchases as part of an announced plan (in shares) | (462,000) | |||||
Offering costs | (342) | (342) | ||||
Noncontrolling interest in consolidated joint venture | 888 | 888 | ||||
Dividends to common stockholders, dividends to preferred stockholders of subsidiary, and dividends reinvested | (122,148) | (173) | (121,959) | (16) | ||
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax | $ 3,668 | $ 2 | 3,666 | |||
Shares issued under the 2007 Omnibus Incentive Plan, net of tax (in shares) | 185,169 | 185,000 | ||||
Net income (loss) applicable to noncontrolling interest | $ (15) | (15) | ||||
Net income applicable to Piedmont | 107,887 | 107,887 | ||||
Other comprehensive income/ (loss) | 443 | 443 | ||||
Balance, value at Dec. 31, 2016 | $ 2,178,882 | $ 1,452 | $ 3,673,128 | $ (1,499,684) | $ 2,104 | $ 1,882 |
Balance, (in shares) at Dec. 31, 2016 | 145,235,313 | 145,235,000 |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends to common stockholders per share | $ 0.84 | $ 0.84 | $ 0.81 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash Flows from Operating Activities: | ||||
Net income | $ 107,872 | $ 173,005 | $ 43,363 | |
Operating distributions received from unconsolidated joint ventures | 579 | 774 | 266 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 127,733 | 134,503 | 138,679 | |
Amortization of debt issuance costs | 1,702 | 1,768 | 1,578 | |
Gain/(loss) on settlement of forward starting interest rate swaps | 0 | (1,284) | 14,960 | |
Other amortization | 74,373 | 61,221 | 56,327 | |
Impairment loss on real estate assets | [1] | 30,898 | 40,169 | 0 |
Stock compensation expense | 7,928 | 8,789 | 5,250 | |
Equity in loss/(income) of unconsolidated joint ventures | (362) | (553) | 350 | |
Gain on sale of real estate assets, net | (98,562) | (168,237) | (2,330) | |
Retirement of shares returned from escrow | 0 | 0 | (1,479) | |
Changes in assets and liabilities: | ||||
Increase in tenant and straight-line rent receivables, net | (26,747) | (29,478) | (40,505) | |
Decrease/(increase) in restricted cash and escrows | 3,229 | (5,256) | (135) | |
Decrease/(increase) in prepaid expenses and other assets | 1,996 | (828) | (1,884) | |
Increase/(decrease) in accounts payable and accrued expenses | 3,729 | (162) | 2,995 | |
Increase/(decrease) in deferred income | 1,441 | 4,613 | (277) | |
Net cash provided by operating activities | 235,809 | 219,044 | 217,158 | |
Cash Flows from Investing Activities: | ||||
Acquisition of real estate assets, net of related debt assumed, and intangibles | (349,668) | (382,773) | (117,418) | |
Net cash held in escrow for acquisitions | 0 | 0 | (5,150) | |
Capitalized expenditures, net of accruals | (110,228) | (118,671) | (168,891) | |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | (4,000) | 0 | |
Net sale proceeds from wholly-owned properties | 365,918 | 848,169 | 46,232 | |
Net sale proceeds received from unconsolidated joint ventures | 0 | 0 | 6,017 | |
Investments in unconsolidated joint ventures | 0 | 0 | (42) | |
Deferred lease costs paid | (25,896) | (37,683) | (27,694) | |
Net cash provided by/(used in) investing activities | (119,874) | 305,042 | (266,946) | |
Cash Flows from Financing Activities: | ||||
Debt issuance costs paid | (264) | (1,081) | (1,294) | |
Proceeds from debt | 695,000 | 1,301,858 | 1,052,527 | |
Repayments of debt | (706,875) | (1,544,301) | (813,702) | |
Discount paid due to loan modification | 0 | 0 | (1,135) | |
Costs of issuance of common stock | (342) | (326) | 0 | |
Shares withheld to pay tax obligations related to employee stock compensation | (2,344) | (1,710) | (1,275) | |
Repurchases of common stock as part of announced plan | (7,943) | (158,860) | (54,802) | |
Dividends paid and discount on dividend reinvestments | (91,616) | (126,531) | (125,198) | |
Net cash provided by/(used in) financing activities | (114,384) | (530,951) | 55,121 | |
Net increase/(decrease) in cash and cash equivalents | 1,551 | (6,865) | 5,333 | |
Cash and cash equivalents, beginning of year | 5,441 | 12,306 | 6,973 | |
Cash and cash equivalents, end of year | $ 6,992 | $ 5,441 | $ 12,306 | |
[1] | The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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, development, management, 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, 2016 , Piedmont owned 65 in-service office properties, plus one redevelopment asset, two development assets, and one building through an unconsolidated joint venture. Piedmont's total consolidated portfolio consists of 19.6 million rentable square feet (unaudited) of primarily Class A commercial office space. The 65 in-service office properties comprise 18.9 million square feet (unaudited) and were 94.2% leased (unaudited) as of December 31, 2016 . As of December 31, 2016 , approximately 87% of Piedmont's Annualized Lease Revenue (unaudited) was generated from these 65 office properties in select submarkets located primarily within eight major U.S. office markets: Atlanta, Boston, Chicago, Dallas, Minneapolis, New York, Orlando, 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, 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 two real properties through its ownership in 1201 Eye Street, N.W. Associates, LLC and 1225 Eye Street, N.W. Associates, LLC. Piedmont has evaluated these entities based on the criteria outlined above and concluded that these entities are VIEs, but that Piedmont has a controlling interest in both entities through its 100% ownership in Piedmont Washington Properties, Inc. Accordingly, Piedmont’s consolidated financial statements include the accounts of 1201 Eye Street, NW Associates, LLC and 1225 Eye Street, NW Associates, LLC. Additionally, during the year ended December 31, 2016 Piedmont purchased a 99% interest in a joint venture which owns the CNL Center I and CNL Center II buildings in Orlando, Florida. Piedmont evaluated its interest in the joint venture based on the same criteria mentioned above and concluded that it is not a VIE; however, the joint venture is consolidated under the voting model due to Piedmont's 99% ownership interest. As of December 31, 2016 , Piedmont also owned an interest in a property through an unconsolidated joint venture partnership. Although Piedmont is the majority equity participant in this joint venture, Piedmont and its co-venturer exercise joint control over the property. As a result, in accordance with GAAP, the accounts of this joint venture 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, 2016 . All inter-company balances and transactions have been eliminated upon consolidation. 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. 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 Piedmont classifies its real estate assets as long-lived assets held for use or as long-lived assets held for sale. Held for use assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Held for sale assets are carried at lower of depreciated cost or estimated fair value, less estimated costs to sell. Piedmont generally reclassifies assets as held for sale once a sales contract has been executed and earnest money has become non-refundable. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs. All repairs and maintenance are expensed as incurred. Additionally, Piedmont capitalizes interest while the development, or redevelopment, of a real estate asset is in progress. Approximately $4.6 million , $3.8 million , and $2.1 million of interest was capitalized for the years ended December 31, 2016 , 2015 , and 2014 , 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 allowances 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. For wholly owned properties, when indicators of potential impairment are present, or when a sale in the near term is considered more than 50% probable, 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 from the estimated fair values, less costs to sell, for assets held for sale. 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) less estimated selling costs. For properties owned as part of an investment in an unconsolidated joint venture, Piedmont assesses the estimated fair value of its investment as compared to its carrying amount. If Piedmont determines that the carrying value is greater than the estimated 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 estimated fair value amount in the period in which such determination is made. Fair Value of Assets and Liabilities of Acquired Properties Upon the acquisition of real properties, Piedmont records the fair value of properties as 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 estimated 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 estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated 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. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated 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 estimated 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, inclusive of amounts classified as real estate assets held for sale, recorded at acquisition as of December 31, 2016 and 2015 , respectively, are as follows (in thousands): December 31, 2016 December 31, 2015 Intangible Lease Assets: Above-Market In-Place Lease Assets $ 25,425 $ 23,684 In-Place Lease Valuation $ 183,422 $ 153,991 Intangible Lease Origination Costs (included as component of Deferred Lease Costs) $ 261,075 $ 208,497 Intangible Lease Liabilities (Below-Market In-Place Leases) $ 97,230 $ 85,168 For the years ended December 31, 2016 , 2015 , and 2014 , respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands): 2016 2015 2014 Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense $ 58,150 $ 42,278 $ 36,007 Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues $ 5,066 $ 4,571 $ 4,727 Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows (in thousands): Intangible Lease Assets Above-Market In-Place Lease Valuation Intangible Lease Origination Costs (1) Below-Market In-place Lease Liabilities For the year ending December 31: 2017 $ 2,590 $ 24,511 $ 33,791 $ 9,138 2018 1,600 17,980 27,156 8,470 2019 910 13,646 22,205 7,270 2020 156 9,614 16,786 5,670 2021 104 8,447 14,731 5,468 Thereafter 227 19,910 36,451 11,989 $ 5,587 $ 94,108 $ 151,120 $ 48,005 Weighted-Average Amortization Period (in years) 3 6 7 7 (1) Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. Investments in and Amounts Due from Unconsolidated Joint Ventures Piedmont’s investment in its one unconsolidated joint venture is 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" impairment losses, if any, attributable to such joint ventures. Pursuant to the terms of the unconsolidated joint venture agreement, all income and distributions are allocated to the joint venture partners in accordance with their respective ownership interests. Distributions from the unconsolidated joint venture are generally distributed to the partners on a quarterly basis and are classified on the accompanying consolidated statements of cash flow using the nature of distribution approach. Distributions of net cash from operations are classified as cash inflows from operating activities, as they are presumed to be returns on Piedmont’s investment in the 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. Due from unconsolidated joint venture represents operating distributions due to Piedmont from its investment in the unconsolidated joint venture which have been declared but not received as of period end. 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 consist of investments in money market accounts stated at cost, which approximates estimated fair value, and available-for-sale securities resulting from Piedmont's non-qualified deferred compensation program carried at estimated fair value. 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 representing 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 estimated 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. During the year ended December 31, 2016, Piedmont began classifying provisions for/(recoveries of) bad debts as property operating costs in the accompanying consolidated statements of income to include such expenses as a component of operating the underlying properties. Previously, such costs were presented as general and administrative expenses. Piedmont recognized approximately $216,000 of provisions for bad debts during the year ended December 31, 2016 as a component of property operating costs. In order to conform with the presentation used during the year ended December 31, 2016, Piedmont reclassified approximately $22,000 of provisions for bad debts for the year ended December 31, 2015, and approximately $5,000 of recoveries of bad debts for the year ended December 31, 2014. 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 and property management office space, net of accumulated depreciation. Prepaid expenses and other assets will be expensed as utilized or depreciated in the case of Piedmont's corporate assets. 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. Piedmont recognized amortization of deferred common area maintenance for the years ended December 31, 2016 , 2015 , and 2014 of approximately $1.4 million , $2.5 million , and $2.5 million , respectively. 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 estimated 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. Estimated fair value is determined by adjusting the trading price of the stock for a control premium, if necessary, multiplied by the common shares outstanding. If such calculated estimated 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 estimated fair value of all tangible and intangible net assets of the entity from the entity’s estimated fair value calculated in step one of the test. If the implied value of the goodwill (the remainder left after deducting the estimated fair values of the entity from its calculated overall estimated 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. As of December 31, 2016 and 2015, all of Piedmont's interest rate derivatives were designated as effective cash flow hedges and carried on the balance sheet at estimated 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 if the forecasted transactions remain highly probable. Piedmont does not use derivatives for trading or speculative purposes. The changes in estimated 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. The estimated 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 reductions or additions to interest expense in the consolidated income statements as incurred. Additionally, when Piedmont settles forward starting swap agreements, any gain or loss is recorded as accumulated other comprehensive income and is amortized to interest expense over the term of the respective notes on a straight line basis (which approximates the effective interest method). Further, Piedmont classifies cash flows from the settlement of hedging derivative instruments in the same category as the underlying exposure which is being hedged. Settlements resulting from the hedge of Piedmont's exposure to interest rate changes are classified as operating cash flows in the accompanying consolidated statements of cash flows. 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, 2016 , 2015 , and 2014 , Piedmont capitalized approximately $0.4 million , $1.0 million , and $0.7 million , respectively, of internal leasing and development 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 $50.1 million , $42.5 million , and $40.9 million of deferred lease costs for the years ended December 31, 2016 , 2015 , and 2014 , respectively, are included in amortization expense; and • Approximately $3.9 million , $4.7 million , and $4.2 million , of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2016 , 2015 , and 2014 , respectively, was included as an offset to rental income. Upon receipt of a lease termination notice, Piedmont adjusts the amortization of any unamortized deferred lease costs to be recognized 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 estimated 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 $0.5 million , $0.5 million , and $0.2 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Additionally, Piedmont records debt issuance premiums/discounts as an increase/decrease to the principal amount of the loan in the accompanying consolidated balance sheets, and amortizes such premiums or discounts as a component of interest expense over the life of the underlying loan facility using the effective interest method. Piedmont recorded discount amortization of approximately $0.2 million , $0.2 million , and $0.2 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Piedmont presents all debt issuance costs as a direct deduction from the principal amount of secured and unsecured debt in the accompanying consolidated balance sheets. Piedmont amortizes these costs 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 such costs for the years ended December 31, 2016 , 2015 , and 2014 of approximately $2.9 million , $2.8 million , and $2.7 million , 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. The board of directors of Piedmont authorized in June 2015 the repurchase and retirement of up to $200 million of Piedmont's common stock through June 2017. Piedmont may repurchase the shares from time to time, in accordance with applicable securities laws, in the open market or in privately negotiated transactions. The timing of repurchases is dependent 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, 2016 , there was approximately $70.2 million in remaining capacity under the program which may be used for share repurchases through June 2017. 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 annual 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) applicable 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 applicable to noncontrolling interest in the accompanying consolidated statements of income. In addition, certain noncontrolling interests are held in the form of equity participation agreements in Piedmont's consolidated variable interest entities. The equity participation agreements include an option to redeem when certain conditions are met. These instruments are re-measured at the redemption amount once the redemption becomes probable and reclassified to a liability once the redemption option is exercised or conditions are met to make the option mandatorily redeemable. 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 (the "Restricted Stock Award" program) and a multi-year performance share component (the "Performance Share" program). Awards granted pursuant to the Restricted Stock Award and Performance Share programs, as well as director's awards, are classified as equity awards or liability awards based on the underlying terms of the program agreement. Awards classified as equity awards are expensed straight-line over the vesting period, with issuances recorded as a reduction to additional paid in capital. Awards classified as liability awards 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. Non-qualified Deferred Compensation Plan Additionally, Piedmont has a non-qualified deferred compensation plan which allows certain employees to elect to defer their receipt of compensation, including both cash and stock-based compensation, until future taxable years. Amounts deferred are invested in trading securities held in a "rabbi trust" and are measured using quoted market prices as of the reporting date. As of December 31, 2016, Piedmont held approximately $0.2 million of these trading securities. Such investments are included in cash equivalents due to their short-term, liquid nature, with the corresponding liability included in accounts payable, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets. 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 de |
Acquisitions and Development Pr
Acquisitions and Development Projects | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Development Projects | Acquisitions and Development Projects During the year ended December 31, 2016 , Piedmont acquired three properties and a 99% interest in a joint venture owning two properties using proceeds from the sales of other properties, proceeds from the $500 Million Unsecured 2015 Line of Credit, and cash on hand, as follows: Property Metropolitan Statistical Area Date of Acquisition Ownership Percentage Acquired Rentable Square Feet (Unaudited) Percentage Leased as of Acquisition (Unaudited) Net Contractual Purchase Price (in millions) CNL Center I and CNL Center II Orlando, Florida August 1, 2016 99 % 622,488 95 % $ 166.7 One Wayside Road Boston, Massachusetts August 10, 2016 100 % 200,605 100 % $ 62.9 Galleria 200 Atlanta, Georgia October 7, 2016 100 % 431,614 89 % $ 69.6 750 West John Carpenter Freeway (1) Dallas, Texas November 30, 2016 100 % 314,714 78 % $ 50.6 (1) Including 3.5 acres of adjacent developable land. In addition to these acquisitions, during the year ended December 31, 2016, Piedmont constructed the 500 TownPark building, a 134,400 square foot, approximately 80% pre-leased four -story office building located in Lake Mary, Florida. Approximately $24.0 million and $1.0 million was recorded in construction in progress related to this project as of December 31, 2016 and 2015, respectively. Also during 2016, Piedmont substantially completed the redevelopment of the 3100 Clarendon Boulevard in Arlington, Virginia, from governmental use into Class A private sector space, and the construction of Enclave Place in Houston, Texas, a 300,900 square foot office building. |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Venture | Unconsolidated Joint Venture As of December 31, 2016 and 2015 , Piedmont owned an interest in the following unconsolidated joint venture (in thousands): Joint Venture Property Held by Joint Venture Piedmont’s Ownership Piedmont's Investment in Unconsolidated Joint Venture 2016 2015 Fund XIII and REIT Joint Venture 8560 Upland Drive 72% $ 7,360 $ 7,368 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt During the year ended December 31, 2016 , Piedmont repaid the outstanding balance of its $125 Million Fixed-Rate Loan and its $42.5 Million Fixed-Rate Loan, utilizing the first available prepayment opportunity without penalty. Separately, Piedmont incurred during 2016 net additional borrowings on its $500 Million Unsecured 2015 Line of Credit of approximately $157.0 million . As of December 31, 2016 , Piedmont believes it was in compliance with all financial covenants associated with its debt instruments. See Note 8 for a description of Piedmont’s estimated fair value of debt as of December 31, 2016 . The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2016 and 2015 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of 2016 2015 Secured (Fixed) $125 Million Fixed-Rate Loan 5.50 % 5.50 % 4/1/2016 $ — $ 125,000 $42.5 Million Fixed-Rate Loan 5.70 % 5.70 % 10/11/2016 — 42,525 $140 Million WDC Fixed-Rate Loans (3) 5.76 % 5.76 % 11/1/2017 140,000 140,000 $35 Million Fixed-Rate Loan (4) 5.55 % 3.75 % 9/1/2021 31,583 32,445 $160 Million Fixed-Rate Loan (5) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 1,161 1,319 Subtotal/Weighted Average (6) 4.64 % 332,744 501,289 Unsecured (Variable and Fixed) $170 Million Unsecured 2015 Term Loan (7) LIBOR + 1.125% 1.78 % 5/15/2018 170,000 170,000 $300 Million Unsecured 2013 Term Loan LIBOR + 1.20% 2.78 % 1/31/2019 300,000 300,000 $500 Million Unsecured 2015 Line of Credit (7) LIBOR + 1.00% 1.74 % 6/18/2019 (8) 178,000 21,000 $300 Million Unsecured 2011 Term Loan LIBOR + 1.15% 3.35 % 1/15/2020 300,000 300,000 $350 Million Unsecured Senior Notes 3.40 % 3.43 % 6/01/2023 350,000 350,000 $400 Million Unsecured Senior Notes 4.45 % 4.10 % 3/15/2024 400,000 400,000 Discounts and unamortized debt issuance costs (10,269) (12,779) Subtotal/Weighted Average (6) 3.19 % 1,687,731 1,528,221 Total/Weighted Average (6) 3.43 % $ 2,020,475 $ 2,029,510 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2016 and 2015 is interest-only. (2) Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts. (3) Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C. (4) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (5) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (6) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of December 31, 2016 . (7) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (8) Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees. A summary of the aggregate maturities of Piedmont’s indebtedness as of December 31, 2016 , is provided below (in thousands): 2017 $ 140,834 2018 170,960 2019 479,014 (1) 2020 301,072 2021 27,702 Thereafter 910,000 Total $ 2,029,582 (1) Includes the balance outstanding as of December 31, 2016 of the $500 Million Unsecured 2015 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 June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees. Piedmont’s weighted-average interest rate as of December 31, 2016 and 2015 , for the aforementioned borrowings was approximately 3.43% and 3.55% , respectively. Piedmont made interest payments on all indebtedness, including interest rate swap cash settlements of approximately $69.0 million , $76.4 million , and $72.1 million during the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Variable Interest Entities and
Variable Interest Entities and Equity Participation Rights | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 must consolidate the VIE. Each of the following VIEs has the sole purpose of holding land and 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. A summary of Piedmont’s interests in, and consolidation treatment of, its VIEs and their related carrying values as of December 31, 2016 and 2015 is as follows (net carrying amount in millions): Entity Piedmont’s % Ownership of Entity Related Building Consolidated/ Unconsolidated Net Carrying Amount as of December 31, 2016 Net Carrying Amount as of December 31, 2015 Primary Beneficiary Considerations 1201 Eye Street N.W. Associates, LLC 49.5 % 1201 Eye Street Consolidated $ (6.7 ) $ (7.4 ) 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. 1225 Eye Street N.W. Associates, LLC 49.5 % 1225 Eye Street Consolidated $ 9.9 $ 3.8 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. Piedmont 500 W. Monroe Fee, LLC 100 % 500 W. Monroe Consolidated $ 262.4 $ 251.4 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 100% of the economic benefits of the property until such returns are met. Piedmont TownPark Land, LLC previously had an equity participation rights agreement outstanding; however, during the year ended December 31, 2016 , Piedmont exercised its right to terminate the equity participation rights agreement related to Piedmont TownPark Land, LLC, without payment of any consideration. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [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. As of December 31, 2016 , Piedmont was party to various interest rate swap agreements, all of which are designated as effective cash flow hedges, which fully hedge the variable cash flows associated with its $300 Million Unsecured 2011 Term Loan and its $300 Million Unsecured 2013 Term Loan. During the year ended December 31, 2016 , Piedmont's forward starting interest rate swap agreements became effective to hedge the extension period of the $300 Million Unsecured 2011 Term Loan through January 2020. Additionally, during the year ended December 31, 2015, Piedmont settled various forward starting swaps with a total notional value of $250 million in conjunction with the issuance of the $160 Million Fixed-Rate Loan (see Note 5 ) for a net loss totaling $1.3 million , of which approximately $0.1 million was expensed immediately upon termination. The remaining loss was recorded as accumulated other comprehensive income and is being amortized as an increase to interest expense over the seven -year term of the $160 Million Fixed-Rate Loan. Also during the year ended December 31, 2015, Piedmont favorably settled four forward starting interest rate swaps with a total notional value of $250 million and recorded the net settlement value of approximately $0.1 million as an offsetting component to interest expense in the accompanying consolidated statements of income, as Piedmont chose not to issue debt within the timing prescribed by the forward starting swap agreements. This gain on settlement of swaps includes a charge for costs incurred to establish the swaps at inception. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 36 months. A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2016 is as follows: Interest Rate Derivatives: Number of Swap Agreements Associated Debt Instrument Notional Amount (in millions) Effective Date Maturity Date Interest rate swaps 4 $300 Million Unsecured 2013 Term Loan 200 1/30/2014 1/31/2019 Interest rate swaps 2 $300 Million Unsecured 2013 Term Loan 100 8/29/2014 1/31/2019 Interest rate swaps 3 $300 Million Unsecured 2011 Term Loan 300 11/22/2016 1/15/2020 Total $ 600 Piedmont presents 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, 2016 and 2015 , respectively, is as follows (in thousands): Interest rate swaps classified as: 2016 2015 Gross derivative assets $ — $ — Gross derivative liabilities 8,169 9,993 Net derivative liability $ 8,169 $ 9,993 The effective portion of Piedmont's interest rate derivatives, including the gain/(loss) on settlement of forward swaps described above, that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2016 , 2015 , and 2014 , respectively, was as follows (in thousands): Interest Rate Swaps in Cash Flow Hedging Relationships 2016 2015 2014 Amount of gain/(loss) recognized in OCI on derivatives $ (4,126 ) $ (12,509 ) $ (17,122 ) Amount of previously recorded loss reclassified from accumulated OCI into interest expense $ 4,548 $ 5,875 $ 5,145 Piedmont estimates that an additional $4.1 million will be reclassified from accumulated other comprehensive loss to interest expense over the next twelve months. Piedmont recognized approximately $0 , $37,000 , and $0 of net loss related to hedge ineffectiveness and terminations of its cash flow hedges during the years ended December 31, 2016 , 2015 , and 2014 , respectively. 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 were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value of the estimated fair values plus accrued interest, or approximately $8.4 million as of December 31, 2016 . 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, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Piedmont considers its cash and cash equivalents, tenant receivables, notes receivable, 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 well as its level within the GAAP fair value hierarchy, as of December 31, 2016 and 2015 , respectively (in thousands): 2016 2015 Financial Instrument Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 6,992 $ 6,992 Level 1 $ 5,441 $ 5,441 Level 1 Tenant receivables, net (1) $ 26,494 $ 26,494 Level 1 $ 26,339 $ 26,339 Level 1 Notes receivable (1) $ — $ — Level 1 $ 45,400 $ 45,400 Level 1 Restricted cash and escrows (1) $ 1,212 $ 1,212 Level 1 $ 5,174 $ 5,174 Level 1 Liabilities: Accounts payable and accrued expenses (1) $ 44,733 $ 44,733 Level 1 $ 13,188 $ 13,188 Level 1 Interest rate swap liability $ 8,169 $ 8,169 Level 2 $ 9,993 $ 9,993 Level 2 Debt, net $ 2,020,475 $ 2,027,436 Level 2 $ 2,029,510 $ 2,039,139 Level 2 (1) For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to its short-term maturity. Piedmont's debt was carried at book value as of December 31, 2016 and 2015 ; however, Piedmont's estimate of its estimated 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 estimated 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 agreements presented above, and further discussed in Note 7 , are classified as “Interest rate swap” liabilities in the accompanying consolidated balance sheets and were carried at estimated fair value as of December 31, 2016 and 2015 . 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 estimated 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 estimated 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, 2016 and 2015 , 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 estimated 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 liabilities. |
Impairment Loss on Real Estate
Impairment Loss on Real Estate Assets | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Impairment Loss on Real Estate Assets | Impairment Loss on Real Estate Assets Piedmont recorded impairment loss on real estate assets for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): 2016 2015 2014 Eastpoint I & II (1) $ — $ 5,354 $ — 2 Gatehall Drive (1) — 34,815 — 150 West Jefferson (1) 5,972 — — 9221 Corporate Boulevard (2) 2,336 — — 9200 and 9211 Corporate Boulevard (3) 22,590 — — Total impairment loss on real estate assets (4) $ 30,898 $ 40,169 $ — (1) Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset and the contracted sales price, less estimated selling costs. (2) Piedmont, using a probability-weighted model heavily weighted towards the short-term sale of the 9221 Corporate Boulevard building in Rockville, Maryland, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment of approximately $2.3 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset and the anticipated contract sales price, less estimated selling costs. (3) Piedmont elected to sell its remaining two assets and exit the Rockville, Maryland sub-market of Washington, D.C, after selling the 9221 Corporate Boulevard building in July 2016 (mentioned above). Upon management's change in its hold period assumption for the assets from a long-term hold to a near-term sale, Piedmont recognized an impairment loss of approximately $22.6 million . The impairment loss was calculated as the difference between the carrying value of the asset and the anticipated contracted sales price, less estimated selling costs. (4) The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Under Existing Lease Agreements Under its existing lease agreements, Piedmont may be required to fund significant tenant improvements, leasing commissions, and building improvements. In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for capital improvements or other financial obligations. Piedmont classifies its capital 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, 2016 , commitments to fund potential non-incremental capital expenditures over the next five years for tenant improvements totaled approximately $35.3 million related to Piedmont's existing lease portfolio over the respective lease terms, the majority of which Piedmont estimates may be required to be funded over the next three years based on when the underlying leases commence. For most of Piedmont’s leases, the timing of the actual funding of these tenant improvements is largely dependent upon tenant requests for reimbursement. In some cases, these obligations may expire with the leases without further recourse to Piedmont. As of December 31, 2016 , commitments for incremental capital expenditures for tenant improvements associated with executed leases totaled approximately $29.8 million . 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 reductions in reimbursement revenues related to such tenant audits/disputes of approximately $1.1 million , $0.4 million and $0.6 million during the years ended December 31, 2016 , 2015 , and 2014 , respectively. Operating Lease Obligations As of December 31, 2016, the 2001 NW 64 th Street building in Ft. Lauderdale, Florida was subject to a ground lease with an expiration date in 2048 . The aggregate payment required under the terms of this operating lease as of December 31, 2016 are presented below (in thousands): 2017 $ 93 2018 93 2019 93 2020 93 2021 93 Thereafter 2,439 Total $ 2,904 Ground rent expense was approximately $0.1 million , $0.2 million , and $0.5 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively, and is included in property operating costs in the accompanying consolidated statements of income. The net book value of the 2001 NW 64 th Street building located in Ft. Lauderdale, Florida, was approximately $4.7 million and $5.0 million as of December 31, 2016 and 2015 , respectively. Ground rent expense for 2015 and 2014 includes the River Corporate Center building located in Tempe, Arizona, which was sold in April 2015. 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, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation Deferred Stock Awards From time to time, Piedmont has granted equity awards to all of its employees and independent directors. The deferred stock awards are determined by the Compensation Committee of the board of directors of Piedmont and typically vest on the award anniversary date ratably over a multi-year period. In lieu of providing only deferred stock awards that subsequently vest ratably over a multi-year period, Piedmont utilizes a multi-year performance share program as a portion of the LTIC award eligible for certain of its employees whereby equity awards may be earned only on the relative performance of Piedmont's total stockholder return ("TSR") as compared with a predetermined peer group's total stockholder return over the same multi-year period. Shares, if earned, are not awarded until after the end of the multi-year performance period and vest upon award. Shares granted to independent directors generally vest over a one -year service period. A rollforward of Piedmont's equity based award activity for the year ended December 31, 2016 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2015 959,446 $ 18.67 Deferred Stock Awards Granted 319,083 $ 19.96 Decrease in Estimated Potential Future Performance Share Awards, net of forfeitures (2,358 ) $ 21.22 Performance Stock Awards Vested (53,287 ) $ 18.91 Deferred Stock Awards Vested (258,776 ) $ 18.57 Deferred Stock Awards Forfeited (19,885 ) $ 18.29 Unvested and Potential Stock Awards as of December 31, 2016 944,223 $ 19.44 The following table provides additional information regarding stock award activity during the years ended December 31, 2016 , 2015 , and 2014 (in thousands except for per share data): 2016 2015 2014 Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period (per share) $ 19.96 $ 17.59 $ 17.78 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 4,806 $ 4,239 $ 3,353 Share-based Liability Awards Paid During the Period (1) $ 1,127 $ — $ — (1) Amounts reflect the issuance of performance share awards related to the 2013-15 Performance Share Plan during the period. A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2016 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Date Fair Value Vesting Schedule Unvested and Potential Shares as of December 31, 2016 January 3, 2014 Deferred Stock Award 86,512 $ 16.45 Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively. 52,886 May 9, 2014 Deferred Stock Award 144,625 $ 18.47 Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 9, 2015, 2016, and 2017, respectively. 44,047 May 9, 2014 Fiscal Year 2014-2016 Performance Share Program — $ 22.00 Shares awarded, if any, will vest immediately upon determination of award in 2017. 118,448 (2) May 1, 2015 Deferred Stock Award 243,884 $ 17.59 Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 1, 2016, 2017, and 2018, respectively. 138,128 May 1, 2015 Fiscal Year 2015-2017 Performance Share Program — $ 18.42 Shares awarded, if any, will vest immediately upon determination of award in 2018. 268,358 (2) May 12, 2016 Deferred Stock Award- Board of Directors 31,368 $ 20.40 Of the shares granted, 100% will vest on May 12, 2017. 31,368 May 24, 2016 Deferred Stock Award 259,957 $ 19.91 Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 24, 2017, 2018, and 2019, respectively. 206,380 May 24, 2016 Fiscal Year 2016-2018 Performance Share Program — $ 23.02 Shares awarded, if any, will vest immediately upon determination of award in 2019. 84,608 (2) Total Unvested and Potential Stock Awards 944,223 (1) Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2016 . (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2016 . Share 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, 2016 , 2015 , and 2014 , Piedmont recognized approximately $8.0 million , $8.9 million and $5.3 million of compensation expense related to stock awards, of which approximately $6.5 million , $7.0 million and $3.8 million , related to the amortization of nonvested shares, respectively. During the year ended December 31, 2016 , a total of 185,169 shares were issued to employees. As of December 31, 2016 , approximately $3.8 million of unrecognized compensation cost related to nonvested, annual deferred stock awards remained, which Piedmont will record in its consolidated statements of income over a weighted-average vesting period of approximately one year. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share There are no adjustments to “Net income applicable to Piedmont” or “Income from continuing operations” for the diluted earnings per share computations. Adjustments to the carrying amount of non-controlling interest as a result of the measurement of a redeemable equity participation do not impact net income or comprehensive income; rather such adjustments are treated as the repurchase of a non-controlling interest. 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 unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock method that would occur if the remaining unvested deferred stock awards vested and resulted in additional common shares outstanding. Unvested deferred stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common 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, 2016 , 2015 , and 2014 , as well as common stock issued and outstanding as of the end of the respective periods (in thousands): 2016 2015 2014 Weighted-average common shares—basic 145,230 150,538 154,452 Plus incremental weighted-average shares from time-vested conversions: Deferred and performance stock awards 405 342 133 Weighted-average common shares—diluted 145,635 150,880 154,585 Common stock issued and outstanding as of period end 145,235 145,512 154,324 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
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, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets. As of December 31, 2016 , approximately 87% of Piedmont's ALR (unaudited) was generated from select office sub-markets in the following major U.S. cities: Atlanta, Boston, Chicago, Dallas, Minneapolis, New York, Orlando, and Washington, D.C. Furthermore, approximately 8.2% 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, 2016 , is presented below (in thousands): Years ending December 31: 2017 $ 434,871 2018 426,532 2019 395,212 2020 359,636 2021 323,940 Thereafter 1,615,265 Total $ 3,555,456 |
Property Dispositions, Assets H
Property Dispositions, Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions, Assets Held for Sale, and Discontinued Operations | Property Dispositions, Assets Held for Sale, and Discontinued Operations Property Dispositions Since the adoption of ASU 2014-08 during the year ended December 31, 2014, none of Piedmont's property dispositions have met the criteria to be reported as discontinued operations. The operational results for periods prior to sale for properties sold since the adoption of ASU 2014-08 are presented as continuing operations in the accompanying consolidated statements of income, and the gain/(loss) on sale is presented separately in the consolidated statements of income unless otherwise indicated below. Details of such properties sold are presented below (in thousands): Buildings Sold Location Date of Sale Gain/(Loss) on Sale Net Sales Proceeds 2020 West 89th Street Leawood, Kansas May 19, 2014 $ 1,132 $ 5,515 Two Park Center (1) Hoffman Estates, Illinois May 29, 2014 $ (169 ) $ 6,017 3900 Dallas Parkway Plano, Texas January 30, 2015 $ 10,073 $ 25,803 5601 Headquarters Drive Plano, Texas April 28, 2015 $ 7,959 $ 33,326 River Corporate Center Tempe, Arizona April 29, 2015 $ 5,297 $ 24,223 Copper Ridge Center Lyndhurst, New Jersey May 1, 2015 $ 13,727 $ 50,372 (2) Eastpoint I & II Mayfield Heights, Ohio July 28, 2015 $ (177 ) (4) $ 17,342 3750 Brookside Parkway Alpharetta, Georgia August 10, 2015 $ 1,406 $ 13,624 Chandler Forum Chandler, Arizona September 1, 2015 $ 15,506 $ 32,267 Aon Center Chicago, Illinois October 29, 2015 $ 114,202 $ 646,243 2 Gatehall Drive Parsippany, New Jersey December 21, 2015 $ 162 (4) $ 50,369 1055 East Colorado Boulevard Pasadena, California April 21, 2016 $ 31,501 $ 60,076 Fairway Center II Brea, California April 28, 2016 $ 15,468 $ 33,062 1901 Main Street Irvine, California May 2, 2016 $ 32,015 $ 63,149 (3) 9221 Corporate Boulevard Rockville, Maryland July 27, 2016 $ (192 ) (4) $ 12,035 150 West Jefferson Detroit, Michigan July 29, 2016 $ (664 ) (4) $ 77,844 9200 and 9211 Corporate Boulevard Rockville, Maryland September 28, 2016 $ (41 ) (4) $ 12,519 11695 Johns Creek Parkway Johns Creek, Georgia December 22, 2016 $ 1,978 $ 13,827 Braker Pointe III Austin, Texas December 29, 2016 $ 18,579 $ 48,006 (1) Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the loss on sale was presented as equity in income/(loss) of unconsolidated joint ventures. (2) As part of the transaction, Piedmont accepted a secured promissory note from the buyer for the remaining $45.4 million owed on the sale. During the year ended December 31, 2016, the note receivable was repaid in full and such proceeds are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties. (3) As part of the transaction, Piedmont accepted a secured promissory note from the buyer for $33.0 million , and the note receivable was repaid in full during the year ended December 31, 2016. As such, the full proceeds from the sale of the property are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties. (4) As discussed in Note 9 above, Piedmont recognized an impairment loss prior to, or in conjunction with, the sale of the property. Therefore, any gain/(loss) recognized upon the consummation of the sale consists solely of adjustments made subsequent to the sale for closing cost estimates or post-closing prorations. Assets Held for Sale As of December 31, 2016, no assets met the criteria for held for sale classification. For comparative purposes, any property which met the criteria to be presented as held for sale as of March 31, 2016, June 30, 2016, or September 30, 2016 was re-classified as held for sale as of December 31, 2015. The only property meeting this criteria was the 150 West Jefferson building (sold on July 29, 2016). Details of amounts held for sale as of December 31, 2015 are presented below (in thousands): December 31, 2016 December 31, 2015 Real estate assets held for sale, net: Land $ — $ 9,759 Building and improvements, less accumulated depreciation of $0 and $32,162 as of December 31, 2016, and 2015, respectively — 66,840 Construction in progress — 15 Total real estate assets held for sale, net $ — $ 76,614 Other assets held for sale, net: Straight-line rent receivables $ — $ 4,729 Prepaid expenses and other assets — 66 Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively — 3,695 Total other assets held for sale, net $ — $ 8,490 Discontinued Operations Asset disposals previously classified as, and that continue to be reported as, discontinued operations for the year ended December 31, 2014 are as follows (in thousands): Building Sold Location Date of Sale Gain/(Loss) on Sale Net Sales Proceeds 11107 and 11109 Sunset Hills Road Reston, Virginia March 19, 2014 $ (102 ) $ 22,326 1441 West Long Lake Road Troy, Michigan April 30, 2014 $ 562 $ 7,202 4685 Investment Drive Troy, Michigan April 30, 2014 $ 747 $ 11,198 Details comprising income from discontinued operations are presented below (in thousands): Years Ended December 31, 2016 2015 2014 Revenues: Rental income $ — $ 19 $ 1,365 Tenant reimbursements — 64 125 Property management fee revenue — — 1 — 83 1,491 Expenses: Property operating costs — (1 ) 225 Depreciation — — 83 Amortization — — 223 — (1 ) 531 Other income (expense): Other income/(expense) — — (6 ) — — (6 ) Operating income, excluding gain/(loss) on sale of real estate assets — 84 954 Gain/(loss) on sale of real estate assets — (1 ) 1,198 Income from discontinued operations $ — $ 83 $ 2,152 |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Activities | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Noncash Activities | Supplemental Disclosures of Noncash Activities Certain noncash investing and financing activities for the years ended December 31, 2016 , 2015 , and 2014 (in thousands) are outlined below: 2016 2015 2014 Accrued capital expenditures and deferred lease costs $ 14,427 $ 20,630 $ 19,896 Accrued dividends and discount on dividend reinvestments $ 30,532 $ — $ — Escrowed cash from prior year applied to acquisitions in the current year $ — $ (5,050 ) $ — Change in accrued share repurchases as part of an announced plan $ — $ — $ (2,006 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Piedmont’s income tax basis net income for the years ended December 31, 2016 , 2015 , and 2014 , is calculated as follows (in thousands): 2016 2015 2014 GAAP basis financial statement net income $ 107,887 $ 172,990 $ 43,348 Increase (decrease) in net income resulting from: Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes 69,214 (1,717 ) 50,810 Rental income accrued for income tax purposes less than amounts for financial reporting purposes (18,964 ) (12,123 ) (28,504 ) Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes (4,895 ) (4,614 ) (4,705 ) Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes (123,865 ) (82,047 ) (29,558 ) Taxable income/(loss) of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes (1,042 ) 2,491 (468 ) Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes 39,016 51,293 5,727 Taxable income for Piedmont Office Holdings, Inc. in excess of amount for financial reporting purposes 648 — — Income tax basis net income, prior to dividends paid deduction $ 67,999 $ 126,273 $ 36,650 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: 2016 2015 2014 Ordinary income 81.77 % 31.75 % 29.32 % Return of capital 18.23 % — % 70.68 % Capital gains — % 68.25 % — % 100 % 100 % 100 % As of December 31, 2016 and 2015 , the tax basis carrying value of Piedmont’s total assets was approximately $4.4 billion and $4.2 billion , respectively. Accrued interest and penalties related to uncertain tax positions are included in accounts payable, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets and the tax liability recorded, including the interest and penalties, was approximately $3.8 million as of December 31, 2016 and 2015 . Piedmont recorded no additional expense during the years ended December 31, 2016 , 2015 , and 2014 , respectively, related to such positions. The tax years 2013 to 2016 remain open to examination by various federal and state taxing authorities. |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , is presented below (in thousands, except per-share data): 2016 First Second Third Fourth Revenues $ 138,012 $ 135,307 $ 138,485 $ 143,911 Real estate operating income $ 26,372 $ 17,433 $ 3,349 $ 26,633 Income/(loss) from continuing operations $ 10,396 $ 1,090 $ (12,705 ) $ 10,529 Income/(loss) from discontinued operations $ — $ (1 ) $ 1 $ — Gain/(loss) on sale of real estate assets $ (20 ) $ 78,987 $ (57 ) $ 19,652 Net income/(loss) applicable to Piedmont $ 10,372 $ 80,072 $ (12,746 ) $ 30,189 Basic and diluted earnings/(loss) per share $ 0.07 $ 0.55 $ (0.09 ) $ 0.21 Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.21 2015 First Second Third Fourth Revenues $ 149,759 $ 146,734 $ 148,815 $ 139,461 Real estate operating income/(loss) $ 28,214 $ 20,824 $ (1,133 ) $ 28,938 Income/(loss) from continuing operations $ 9,176 $ 3,372 $ (19,027 ) $ 11,164 Income/(loss) from discontinued operations $ — $ (3 ) $ 14 $ 72 Gain on sale of real estate assets $ 10,073 $ 26,611 $ 17,142 $ 114,411 Net income/(loss) applicable to Piedmont $ 19,245 $ 29,976 $ (1,875 ) $ 125,644 Basic and diluted earnings/(loss) per share $ 0.12 $ 0.20 $ (0.01 ) $ 0.84 Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.21 |
Guarantor and Non-Guarantor Fin
Guarantor and Non-Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
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, L.P. (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 Issuer is a wholly-owned subsidiary of the Guarantor, and all guarantees by the Guarantor of securities issued by the Issuer are full and unconditional. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Non-Guarantor Subsidiaries. Condensed Consolidated Balance Sheets As of December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 46,133 $ — $ 623,715 $ — $ 669,848 Buildings and improvements, less accumulated depreciation 228,194 — 2,699,430 (300 ) 2,927,324 Intangible lease assets, less accumulated amortization 725 — 98,970 — 99,695 Construction in progress 145 — 34,680 — 34,825 Total real estate assets 275,197 — 3,456,795 (300 ) 3,731,692 Investments in and amounts due from unconsolidated joint ventures 7,360 — — — 7,360 Cash and cash equivalents 3,674 150 3,168 — 6,992 Tenant and straight-line receivables, net 20,159 — 172,183 — 192,342 Advances to affiliates 6,406,581 1,315,616 — (7,722,197 ) — Investment in subsidiary — 3,630,564 181 (3,630,745 ) — Notes receivable 88,910 — 95,790 (184,700 ) — Prepaid expenses, restricted cash, escrows, and other assets 6,189 — 20,575 (1,897 ) 24,867 Goodwill 180,097 — — — 180,097 Deferred lease costs, net 16,550 — 289,447 — 305,997 Total assets $ 7,004,717 $ 4,946,330 $ 4,038,139 $ (11,539,839 ) $ 4,449,347 Liabilities: Debt, net $ 1,701,933 $ — $ 503,242 $ (184,700 ) $ 2,020,475 Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures 17,365 31,230 118,712 (1,897 ) 165,410 Advances from affiliates 708,340 5,071,521 2,040,592 (7,820,453 ) — Deferred income 5,206 — 23,200 — 28,406 Intangible lease liabilities, net — — 48,005 — 48,005 Interest rate swaps 8,169 — — — 8,169 Total liabilities 2,441,013 5,102,751 2,733,751 (8,007,050 ) 2,270,465 Stockholders’ Equity: Common stock — 1,452 — — 1,452 Additional paid-in capital 3,626,564 3,676,000 1,309 (3,630,745 ) 3,673,128 Retained/(cumulative distributions in excess of) earnings 935,036 (3,833,873 ) 1,301,197 97,956 (1,499,684 ) Other comprehensive loss 2,104 — — — 2,104 Piedmont stockholders’ equity 4,563,704 (156,421 ) 1,302,506 (3,532,789 ) 2,177,000 Noncontrolling interest — — 1,882 — 1,882 Total stockholders’ equity 4,563,704 (156,421 ) 1,304,388 (3,532,789 ) 2,178,882 Total liabilities and stockholders’ equity $ 7,004,717 $ 4,946,330 $ 4,038,139 $ (11,539,839 ) $ 4,449,347 Condensed Consolidated Balance Sheets As of December 31, 2015 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 54,459 $ — $ 621,632 $ — $ 676,091 Buildings and improvements, less accumulated depreciation 270,057 — 2,567,706 (300 ) 2,837,463 Intangible lease assets, less accumulated amortization 1,268 — 83,395 — 84,663 Construction in progress 240 — 20,735 — 20,975 Real estate assets held for sale, net 76,614 — — — 76,614 Total real estate assets 402,638 — 3,293,468 (300 ) 3,695,806 Investments in and amounts due from unconsolidated joint ventures 7,577 — — — 7,577 Cash and cash equivalents 2,174 150 3,117 — 5,441 Tenant and straight-line rent receivables, net 23,738 — 149,994 — 173,732 Advances to affiliates 6,073,606 1,251,530 — (7,325,136 ) — Investment in subsidiary — 3,752,523 186 (3,752,709 ) — Notes receivable 134,750 — 23,890 (113,240 ) 45,400 Prepaid expenses, restricted cash, escrows, and other assets 7,091 — 24,118 (1,258 ) 29,951 Goodwill 180,097 — — — 180,097 Deferred lease costs, net 20,939 — 267,102 — 288,041 Other assets held for sale, net 8,490 — — — 8,490 Total assets $ 6,861,100 $ 5,004,203 $ 3,761,875 $ (11,192,643 ) $ 4,434,535 Liabilities: Debt, net $ 1,552,007 $ — $ 590,743 $ (113,240 ) $ 2,029,510 Accounts payable, accrued expenses, and accrued capital expenditures 18,954 580 110,189 (1,258 ) 128,465 Advances from affiliates 580,526 5,033,266 1,788,840 (7,402,632 ) — Deferred income 5,905 — 21,365 — 27,270 Intangible lease liabilities, net — — 42,853 — 42,853 Interest rate swaps 9,993 — — — 9,993 Total liabilities 2,167,385 5,033,846 2,553,990 (7,517,130 ) 2,238,091 Stockholders’ Equity: Common stock — 1,455 — — 1,455 Additional paid-in capital 3,748,524 3,672,849 1,314 (3,752,710 ) 3,669,977 Retained/(cumulative distributions in excess of) earnings 943,530 (3,703,947 ) 1,205,546 77,197 (1,477,674 ) Other comprehensive loss 1,661 — — — 1,661 Piedmont stockholders’ equity 4,693,715 (29,643 ) 1,206,860 (3,675,513 ) 2,195,419 Noncontrolling interest — — 1,025 — 1,025 Total stockholders’ equity 4,693,715 (29,643 ) 1,207,885 (3,675,513 ) 2,196,444 Total liabilities and stockholders’ equity $ 6,861,100 $ 5,004,203 $ 3,761,875 $ (11,192,643 ) $ 4,434,535 Condensed Consolidated Statements of Income For the year ended December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 55,007 $ — $ 407,514 $ (2,631 ) $ 459,890 Tenant reimbursements 14,081 — 80,378 (498 ) 93,961 Property management fee revenue — — 16,897 (15,033 ) 1,864 69,088 — 504,789 (18,162 ) 555,715 Expenses: Property operating costs 31,967 — 205,344 (18,377 ) 218,934 Depreciation 16,657 — 111,076 — 127,733 Amortization 3,715 — 71,404 — 75,119 Impairment loss on real estate assets 5,972 — 24,926 — 30,898 General and administrative 28,314 311 36,065 (35,446 ) 29,244 86,625 311 448,815 (53,823 ) 481,928 Real estate operating income/(loss) (17,537 ) (311 ) 55,974 35,661 73,787 Other income (expense): Interest expense (49,108 ) — (27,636 ) 11,884 (64,860 ) Other income/(expense) 9,560 282 2,029 (11,884 ) (13 ) Net recoveries from casualty events and litigation settlements — — 34 — 34 Equity in income of unconsolidated joint ventures 362 — — — 362 (39,186 ) 282 (25,573 ) — (64,477 ) Income/(loss) from continuing operations (56,723 ) (29 ) 30,401 35,661 9,310 Gain on sale of real estate assets 33,326 — 65,236 — 98,562 Net income/(loss) (23,397 ) (29 ) 95,637 35,661 107,872 Less: Net loss applicable to noncontrolling interest — — 15 — 15 Net income/(loss) applicable to Piedmont $ (23,397 ) $ (29 ) $ 95,652 $ 35,661 $ 107,887 Condensed Consolidated Statements of Income For the year ended December 31, 2015 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 67,317 $ — $ 404,460 $ (2,905 ) $ 468,872 Tenant reimbursements 13,340 — 100,955 (414 ) 113,881 Property management fee revenue — — 17,801 (15,785 ) 2,016 80,657 — 523,216 (19,104 ) 584,769 Expenses: Property operating costs 36,380 — 225,428 (19,786 ) 242,022 Depreciation 20,891 — 113,612 — 134,503 Amortization 4,598 — 56,288 — 60,886 Impairment loss on real estate assets 5,354 — 34,815 — 40,169 General and administrative 29,645 341 35,923 (35,563 ) 30,346 96,868 341 466,066 (55,349 ) 507,926 Real estate operating income/(loss) (16,211 ) (341 ) 57,150 36,245 76,843 Other income (expense): Interest expense (51,704 ) — (33,540 ) 11,246 (73,998 ) Other income/(expense) 12,600 — 211 (11,246 ) 1,565 Net recoveries/(loss) from casualty events and litigation settlements 23 — (301 ) — (278 ) Equity in income of unconsolidated joint ventures 553 — — — 553 (38,528 ) — (33,630 ) — (72,158 ) Income/(loss) from continuing operations (54,739 ) (341 ) 23,520 36,245 4,685 Discontinued operations: Operating income 15 — 69 — 84 Loss on sale of real estate assets (1 ) — — — (1 ) Income from discontinued operations 14 — 69 — 83 Gain on sale of real estate assets 53,795 — 114,442 — 168,237 Net income/(loss) (930 ) (341 ) 138,031 36,245 173,005 Less: Net income applicable to noncontrolling interest — — (15 ) — (15 ) Net income/(loss) applicable to Piedmont $ (930 ) $ (341 ) $ 138,016 $ 36,245 $ 172,990 Condensed Consolidated Statements of Income For the year ended December 31, 2014 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 72,843 $ — $ 386,995 $ (5,203 ) $ 454,635 Tenant reimbursements 16,566 — 93,516 (534 ) 109,548 Property management fee revenue — — 16,516 (14,447 ) 2,069 89,409 — 497,027 (20,184 ) 566,252 Expenses: Property operating costs 42,621 — 217,786 (20,976 ) 239,431 Depreciation 23,512 — 115,084 — 138,596 Amortization 4,754 — 51,825 — 56,579 General and administrative 23,235 300 28,232 (27,942 ) 23,825 94,122 300 412,927 (48,918 ) 458,431 Real estate operating income/(loss) (4,713 ) (300 ) 84,100 28,734 107,821 Other income (expense): Interest expense (47,355 ) — (39,625 ) 12,534 (74,446 ) Other income/(expense) 11,944 — 652 (12,534 ) 62 Net recoveries from casualty events and litigation settlements 1,322 1,479 4,191 — 6,992 Equity in loss of unconsolidated joint ventures (350 ) — — — (350 ) (34,439 ) 1,479 (34,782 ) — (67,742 ) Income/(loss) from continuing operations (39,152 ) 1,179 49,318 28,734 40,079 Discontinued operations: Operating income 913 — 41 — 954 Gain on sale of real estate assets 450 — 748 — 1,198 Income from discontinued operations 1,363 — 789 — 2,152 Gain on sale of real estate assets — — 1,132 — 1,132 Net income/(loss) (37,789 ) 1,179 51,239 28,734 43,363 Less: Net income applicable to noncontrolling interest — — (15 ) — (15 ) Net income/(loss) applicable to Piedmont $ (37,789 ) $ 1,179 $ 51,224 $ 28,734 $ 43,348 Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided By/(Used In) Operating Activities $ (26,260 ) $ 5,214 $ 221,195 $ 35,660 $ 235,809 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (5,060 ) — (454,836 ) — (459,896 ) Intercompany note receivable 440 — (71,900 ) 71,460 — Net sales proceeds from wholly-owned properties 200,220 — 165,698 — 365,918 Deferred lease costs paid (2,758 ) — (23,138 ) — (25,896 ) Net cash provided by/(used in) investing activities 192,842 — (384,176 ) 71,460 (119,874 ) Cash Flows from Financing Activities: Debt issuance costs paid (264 ) — — — (264 ) Proceeds from debt 695,000 — — — 695,000 Repayments of debt (538,000 ) — (168,875 ) — (706,875 ) Intercompany note payable (9,600 ) — 81,060 (71,460 ) — Costs of issuance of common stock — (342 ) — — (342 ) Shares withheld to pay tax obligations related to employee stock compensation — (2,344 ) — — (2,344 ) Repurchases of common stock as part of announced plan — (7,943 ) — — (7,943 ) (Distributions to)/repayments from affiliates (312,218 ) 97,016 250,862 (35,660 ) — Dividends paid and discount on dividend reinvestments — (91,601 ) (15 ) — (91,616 ) Net cash provided by/(used in) financing activities (165,082 ) (5,214 ) 163,032 (107,120 ) (114,384 ) Net increase in cash and cash equivalents 1,500 — 51 — 1,551 Cash and cash equivalents, beginning of year 2,174 150 3,117 — 5,441 Cash and cash equivalents, end of year $ 3,674 $ 150 $ 3,168 $ — $ 6,992 Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2015 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided By/(Used In) Operating Activities $ (27,077 ) $ 4,699 $ 205,177 $ 36,245 $ 219,044 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (12,203 ) — (489,241 ) — (501,444 ) Intercompany note receivable 72,000 — — (72,000 ) — Redemption of noncontrolling interest in unconsolidated variable interest entity — — (4,000 ) — (4,000 ) Net sales proceeds from wholly-owned properties 151,557 — 696,612 — 848,169 Deferred lease costs paid (3,792 ) — (33,891 ) — (37,683 ) Net cash provided by/(used in) investing activities 207,562 — 169,480 (72,000 ) 305,042 Cash Flows from Financing Activities: Debt issuance costs paid (575 ) — (506 ) — (1,081 ) Proceeds from debt 1,142,577 — 159,281 — 1,301,858 Repayments of debt (1,438,000 ) — (106,301 ) — (1,544,301 ) Intercompany note payable — — (72,000 ) 72,000 — Costs of issuance of common stock — (326 ) — — (326 ) Shares withheld to pay tax obligations related to employee stock compensation — (1,710 ) — — (1,710 ) Repurchases of common stock as part of announced plan — (158,860 ) — — (158,860 ) (Distributions to)/repayments from affiliates 109,544 281,073 (354,372 ) (36,245 ) — Dividends paid and discount on dividend reinvestments — (126,516 ) (15 ) — (126,531 ) Net cash provided by/(used in) financing activities (186,454 ) (6,339 ) (373,913 ) 35,755 (530,951 ) Net increase/(decrease) in cash and cash equivalents (5,969 ) (1,640 ) 744 — (6,865 ) Cash and cash equivalents, beginning of year 8,143 1,790 2,373 — 12,306 Cash and cash equivalents, end of year $ 2,174 $ 150 $ 3,117 $ — $ 5,441 Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2014 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided by Operating Activities $ 5,448 $ 4,088 $ 178,889 $ 28,733 $ 217,158 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (23,541 ) — (267,918 ) — (291,459 ) Intercompany note receivable 650 — — (650 ) — Net sales proceeds from wholly-owned properties 29,519 — 16,713 — 46,232 Net sales proceeds received from unconsolidated joint ventures 6,017 — — — 6,017 Investments in unconsolidated joint ventures (42 ) — — — (42 ) Deferred lease costs paid (4,472 ) — (23,222 ) — (27,694 ) Net cash provided by/(used in) investing activities 8,131 — (274,427 ) (650 ) (266,946 ) Cash Flows from Financing Activities: Debt issuance costs paid (1,294 ) — — — (1,294 ) Proceeds from debt 1,052,527 — — — 1,052,527 Repayments of debt (238,000 ) — (575,702 ) — (813,702 ) Discount due to loan modification (1,135 ) — — — (1,135 ) Intercompany note payable — — (650 ) 650 — Shares withheld to pay tax obligations related to employee stock compensation — (1,275 ) — (1,275 ) Repurchases of common stock as part of announced plan — (54,802 ) — — (54,802 ) (Distributions to)/repayments from affiliates (820,795 ) 178,812 670,716 (28,733 ) — Dividends paid and discount on dividend reinvestments — (125,183 ) (15 ) — (125,198 ) Net cash provided by/(used in) financing activities (8,697 ) (2,448 ) 94,349 (28,083 ) 55,121 Net increase/(decrease) in cash and cash equivalents 4,882 1,640 (1,189 ) — 5,333 Cash and cash equivalents, beginning of year 3,261 150 3,562 — 6,973 Cash and cash equivalents, end of year $ 8,143 $ 1,790 $ 2,373 $ — $ 12,306 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events Declaration of Dividend for the First Quarter 2017 On February 8, 2017 , the board of directors of Piedmont declared dividends for the first quarter 2017 in the amount of $0.21 per share on its common stock to stockholders of record as of the close of business on February 24, 2017 . Such dividends are to be paid on March 17, 2017 . Sale of Two Independence Square Subsequent to December 31, 2016, Piedmont entered into a binding contract with limited contingencies to sell Two Independence Square, its 600,000 square foot, 9 -story, office building located in the southwest submarket of Washington, D.C. and 100% leased to the National Aeronautics and Space Administration for $359.6 million ( $593 per square foot). The transaction is expected to close during the first half of 2017. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (dollars in thousands) Initial Cost Gross Amount at Which Carried at December 31, 2016 Description Location Ownership Percentage Encumbrances Land Buildings and Improvements Total (a) Costs Capitalized Subsequent to Acquisition (b) Land Buildings and Improvements Total (c) Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which Depreciation and Amortization is Computed (in years) (d) 1430 ENCLAVE PARKWAY Houston, TX 100 % None 7,100 37,915 45,015 2,050 5,506 41,559 47,065 18,517 1994 12/21/2000 0 - 40 CRESCENT RIDGE II Minnetonka, MN 100 % None 7,700 45,154 52,854 7,651 8,021 52,484 60,505 22,236 2000 12/21/2000 0 - 40 1200 CROWN COLONY DRIVE Quincy, MA 100 % None 11,042 40,666 51,708 3,506 11,042 44,172 55,214 18,445 1990 7/30/2001 0 - 40 5601 HIATUS ROAD Tamarac, FL 100 % None 3,642 10,404 14,046 1,721 3,642 12,125 15,767 5,691 2001 12/21/2001 0 - 40 WINDY POINT I Schaumburg, IL 100 % None 4,537 31,847 36,384 2,071 4,537 33,918 38,455 13,116 1999 12/31/2001 0 - 40 WINDY POINT II Schaumburg, IL 100 % None 3,746 55,026 58,772 16,696 3,746 71,722 75,468 26,654 2001 12/31/2001 0 - 40 SARASOTA COMMERCE CENTER II Sarasota, FL 100 % None 1,767 20,533 22,300 2,730 2,203 22,827 25,030 9,652 1999 1/11/2002 0 - 40 2001 NW 64th STREET Ft. Lauderdale, FL 100 % (e) — 7,172 7,172 966 — 8,138 8,138 3,428 2001 4/18/2002 0 - 40 90 CENTRAL STREET Boxborough, MA 100 % None 3,642 29,497 33,139 3,070 3,642 32,567 36,209 13,092 2001 5/3/2002 0 - 40 DESERT CANYON 300 Phoenix, AZ 100 % None 2,602 24,333 26,935 45 2,602 24,378 26,980 9,289 2001 6/4/2002 0 - 40 6031 CONNECTION DRIVE Irving, TX 100 % None 3,157 43,656 46,813 4,305 3,157 47,961 51,118 18,841 1999 8/15/2002 0 - 40 6021 CONNECTION DRIVE Irving, TX 100 % None 3,157 42,662 45,819 10,541 3,157 53,203 56,360 18,207 2000 8/15/2002 0 - 40 6011 CONNECTION DRIVE Irving, TX 100 % None 3,157 29,034 32,191 2,597 3,157 31,631 34,788 13,167 1999 8/15/2002 0 - 40 TWO INDEPENDENCE SQUARE Washington, DC 100 % None 52,711 202,702 255,413 58,844 52,711 261,546 314,257 88,319 1991 11/22/2002 0 - 40 ONE INDEPENDENCE SQUARE Washington, DC 100 % None 29,765 104,814 134,579 24,250 30,562 128,267 158,829 40,467 1991 11/22/2002 0 - 40 2120 WEST END AVENUE Nashville, TN 100 % None 4,908 59,011 63,919 6,671 5,101 65,489 70,590 25,014 2000 11/26/2002 0 - 40 800 NORTH BRAND BOULEVARD Glendale, CA 100 % None 23,605 136,284 159,889 12,937 23,607 149,219 172,826 52,172 1990 12/20/2002 0 - 40 US BANCORP CENTER Minneapolis, MN 100 % None 11,138 175,629 186,767 17,422 11,138 193,051 204,189 65,628 2000 5/1/2003 0 - 40 AUBURN HILLS CORPORATE CENTER Auburn Hills, MI 100 % None 1,978 16,570 18,548 (8,081 ) 1,591 8,876 10,467 4,292 2001 5/9/2003 0 - 40 GLENRIDGE HIGHLANDS TWO Atlanta, GA 100 % None 6,662 69,031 75,693 (17,857 ) 6,662 51,174 57,836 19,919 2000 8/1/2003 0 - 40 Initial Cost Gross Amount at Which Carried at December 31, 2016 Description Location Ownership Percentage Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent (b) Land Buildings and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which Depreciation and Amortization is Computed (in years) (d) 200 BRIDGEWATER CROSSING Bridgewater, NJ 100 % None 8,182 84,160 92,342 (11,740 ) 8,328 72,274 80,602 25,815 2002 8/14/2003 0 - 40 400 VIRGINIA AVE Washington, DC 100 % None 22,146 49,740 71,886 (792 ) 22,146 48,948 71,094 17,279 1985 11/19/2003 0 - 40 4250 NORTH FAIRFAX DRIVE Arlington, VA 100 % None 13,636 70,918 84,554 4,240 13,636 75,158 88,794 24,989 1998 11/19/2003 0 - 40 1225 EYE STREET (f) Washington, DC 49.5 % 57,600 21,959 47,602 69,561 7,565 21,959 55,167 77,126 17,014 1986 11/19/2003 0 - 40 1201 EYE STREET (g) Washington, DC 49.5 % 82,400 31,985 63,139 95,124 (55 ) 31,984 63,085 95,069 20,043 2001 11/19/2003 0 - 40 1901 MARKET STREET Philadelphia, PA 100 % 160,000 13,584 166,683 180,267 53,684 20,829 213,122 233,951 71,421 1987 12/18/2003 0 - 40 60 BROAD STREET New York, NY 100 % None 32,522 168,986 201,508 12,390 60,708 153,190 213,898 51,381 1962 12/31/2003 0 - 40 1414 MASSACHUSETTS AVENUE Cambridge, MA 100 % None 4,210 35,821 40,031 (284 ) 4,365 35,382 39,747 16,045 1873 1/8/2004 0 - 40 ONE BRATTLE SQUARE Cambridge, MA 100 % None 6,974 64,940 71,914 (2,976 ) 7,113 61,825 68,938 34,237 1991 2/26/2004 0 - 40 600 CORPORATE DRIVE Lebanon, NJ 100 % None 3,934 — 3,934 16,281 3,934 16,281 20,215 6,969 2005 3/16/2004 0 - 40 1075 WEST ENTRANCE DRIVE Auburn Hills, MI 100 % None 5,200 22,957 28,157 (313 ) 5,207 22,637 27,844 8,128 2001 7/7/2004 0 - 40 3100 CLARENDON BOULEVARD Arlington, VA 100 % None 11,700 69,705 81,405 38,680 11,791 108,294 120,085 21,673 1987 12/9/2004 0 - 40 400 BRIDGEWATER CROSSING Bridgewater, NJ 100 % None 10,400 71,052 81,452 (15,626 ) 10,400 55,426 65,826 16,329 2002 2/17/2006 0 - 40 LAS COLINAS CORPORATE CENTER I Irving, TX 100 % None 3,912 18,830 22,742 (3,667 ) 2,543 16,532 19,075 5,065 1998 8/31/2006 0 - 40 LAS COLINAS CORPORATE CENTER II Irving, TX 100 % None 4,496 29,881 34,377 (3,624 ) 2,543 28,210 30,753 8,536 1998 8/31/2006 0 - 40 TWO PIERCE PLACE Itasca, IL 100 % None 4,370 70,632 75,002 10,640 8,156 77,486 85,642 28,680 1991 12/7/2006 0 - 40 2300 CABOT DRIVE Lisle, IL 100 % None 4,390 19,549 23,939 (4,073 ) 4,390 15,476 19,866 4,054 1998 5/10/2007 0 - 40 PIEDMONT POINTE I Bethesda, MD 100 % None 11,200 58,606 69,806 7,371 11,200 65,977 77,177 17,043 2007 11/13/2007 0 - 40 PIEDMONT POINTE II Bethesda, MD 100 % None 13,300 70,618 83,918 8,115 13,300 78,733 92,033 18,682 2008 6/25/2008 0 - 40 Initial Cost Gross Amount at Which Carried at December 31, 2016 Description Location Ownership Percentage Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent (b) Land Buildings and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which Depreciation and Amortization is Computed (in years) (d) SUWANEE GATEWAY ONE Suwanee, GA 100 % None 1,000 6,875 7,875 3,159 2,401 8,633 11,034 1,533 2008 9/28/2010 0 - 40 ONE MERIDIAN CROSSINGS Richfield, MN 100 % None 2,919 24,398 27,317 318 2,919 24,716 27,635 4,340 1997 10/1/2010 0 - 40 TWO MERIDIAN CROSSINGS Richfield, MN 100 % None 2,661 25,742 28,403 590 2,661 26,332 28,993 4,592 1998 10/1/2010 0 - 40 500 WEST MONROE STREET Chicago, IL 100 % None 36,990 185,113 222,103 42,561 36,990 227,674 264,664 35,293 1991 3/31/2011 0 - 40 THE DUPREE Atlanta, GA 100 % None 4,080 14,310 18,390 877 4,080 15,187 19,267 3,814 1997 4/29/2011 0 - 40 THE MEDICI Atlanta, GA 100 % None 1,780 11,510 13,290 4,988 1,780 16,498 18,278 2,873 2008 6/7/2011 0 - 40 225 PRESIDENTIAL WAY Boston, MA 100 % None 3,626 36,916 40,542 (764 ) 3,612 36,166 39,778 8,150 2000 9/13/2011 0 - 40 235 PRESIDENTIAL WAY Boston, MA 100 % None 4,154 44,048 48,202 (911 ) 4,138 43,153 47,291 9,686 2001 9/13/2011 0 - 40 400 TOWNPARK Lake Mary, FL 100 % None 2,570 20,555 23,125 3,555 2,570 24,110 26,680 4,107 2008 11/10/2011 0 - 40 ARLINGTON GATEWAY Arlington, VA 100 % None 36,930 129,070 166,000 1,384 36,930 130,454 167,384 19,186 2005 3/4/2013 0 40 5 & 15 WAYSIDE ROAD Burlington, MA 100 % None 7,190 55,445 62,635 1,536 7,190 56,981 64,171 7,917 1999 / 2001 3/22/2013 0 40 5301 MARYLAND WAY Brentwood, TN 100 % None 5,740 9,717 15,457 (1,768 ) 5,740 7,949 13,689 581 1989 8/12/2013 0 40 6565 MACARTHUR BOULEVARD Irving, TX 100 % None 4,820 37,767 42,587 512 4,820 38,279 43,099 5,115 1998 12/5/2013 0 40 ONE LINCOLN PARK Dallas, TX 100 % None 6,640 44,810 51,450 1,383 6,640 46,193 52,833 5,121 1999 12/20/2013 0 40 161 CORPORATE CENTER Irving, TX 100 % None 2,020 10,680 12,700 130 2,020 10,810 12,830 1,814 1998 12/30/2013 0 40 5 WALL STREET Burlington, MA 100 % 31,583 9,560 50,276 59,836 — 9,560 50,276 59,836 6,271 2008 6/27/2014 0 40 1155 PERIMETER CENTER WEST Atlanta, GA 100 % None 5,870 66,849 72,719 5 5,870 66,854 72,724 7,039 2000 8/28/2014 0 40 PARK PLACE ON TURTLE CREEK Dallas, TX 100 % None 4,470 38,048 42,518 1,778 4,470 39,826 44,296 3,603 1986 1/16/2015 0 40 80 CENTRAL STREET Boxborough, MA 100 % None 1,980 8,930 10,910 40 1,980 8,970 10,950 998 1988 7/24/2015 0 40 ENCLAVE PLACE Houston, TX 100 % None 1,890 60,094 61,984 3,716 1,890 63,810 65,700 1,994 2015 N/A 0 40 SUNTRUST CENTER Orlando, FL 100 % None 11,660 139,015 150,675 (192 ) 11,660 138,823 150,483 6,981 1988 11/4/2015 0 40 GALLERIA 300 Atlanta, GA 100 % None 4,000 73,554 77,554 1,003 4,000 74,557 78,557 4,329 1987 11/4/2015 0 40 GLENRIDGE HIGHLANDS ONE Atlanta, GA 100 % None 5,960 50,013 55,973 886 5,960 50,899 56,859 3,078 1998 11/24/2015 0 40 Initial Cost Gross Amount at Which Carried at December 31, 2016 Description Location Ownership Percentage Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent (b) Land Buildings and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which Depreciation and Amortization is Computed (in years) (d) CNL CENTER I Orlando, FL 99 % None 6,470 77,858 84,328 (263 ) 6,470 77,595 84,065 1,505 1999 8/1/2016 0 40 CNL CENTER II Orland, FL 99 % None 4,550 55,609 60,159 754 4,550 56,363 60,913 1,106 2006 8/1/2016 0 40 ONE WAYSIDE ROAD Boston, MA 100 % None 6,240 57,124 63,364 — 6,240 57,124 63,364 1,643 1997 / 2008 8/10/2016 0 40 GALLERIA 200 Atlanta, GA 100 % None 6,470 55,825 62,295 (24 ) 6,470 55,801 62,271 768 1984 10/7/2016 0 40 750 WEST JOHN CARPENTER FREEWAY (h) Irving, TX 100 % None 7,860 36,303 44,163 — 7,860 36,303 44,163 219 1999 11/30/2016 0 40 PIEDMONT POWER, LLC (i) Bridgewater, NJ 100 % None — 79 79 2,740 — 2,819 2,819 534 N/A 12/20/2011 0 - 40 UNDEVELOPED LAND PARCELS (j) Various 100 % None 18,061 — 18,061 24,904 18,061 24,904 42,965 6 N/A Various N/A Total—Consolidated REIT Properties $ 632,277 $ 3,792,292 $ 4,424,569 $ 360,848 $ 669,848 $ 4,115,569 $ 4,785,417 $ 1,053,725 Initial Cost Gross Amount at Which Carried at December 31, 2016 Description Location Ownership Percentage Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent (b) Land Buildings and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which Depreciation and Amortization is Computed (in years) (d) 8560 UPLAND DRIVE Englewood, CO 72 % None 1,954 11,216 13,170 1,438 2,048 12,560 14,608 4,979 2001 12/21/2001 0 - 40 Total – Unconsolidated JV Properties $ 1,954 $ 11,216 $ 13,170 $ 1,438 $ 2,048 $ 12,560 $ 14,608 $ 4,979 Total – All Properties $ 634,231 $ 3,803,508 $ 4,437,739 $ 362,286 $ 671,896 $ 4,128,129 $ 4,800,025 $ 1,058,704 (a) Total initial cost excludes purchase price allocated to intangible lease origination costs and intangible lease liabilities. (b) Includes write-offs of fully depreciated/amortized capitalized assets. (c) The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $4.4 billion . (d) Piedmont’s assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. Generally, Tenant Improvements 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. (e) Property is owned subject to a long-term ground lease. (f) As a result of its 49.5% membership interest in 1225 Eye Street, N.W. Associates, LLC, Piedmont owns 49.5% of the 1225 Eye Street building. Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building. (g) As a result of its 49.5% membership interest in 1201 Eye Street, N.W. Associates, LLC, Piedmont owns 49.5% of the 1201 Eye Street building. Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building. (h) As part of the acquisition of the property, Piedmont purchased an adjoining, developable land parcel of 3.5 acres for $1.0 million . (i) Represents solar panels at the 400 Bridgewater Crossing building. (j) Undeveloped Land Parcels includes land parcels which Piedmont may develop in the future, as well as the initial development costs of the 500 TownPark building. Piedmont Office Realty Trust, Inc. Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (dollars in thousands) 2016 2015 2014 Real Estate: Balance at the beginning of the year $ 4,725,096 $ 5,267,615 $ 5,038,005 Additions to/improvements of real estate 422,908 452,106 316,991 Assets disposed (296,319 ) (926,592 ) (71,627 ) Assets impaired (30,898 ) (40,169 ) — Write-offs of intangible assets (1) (11,896 ) (7,768 ) (9,723 ) Write-offs of fully depreciated/amortized assets (8,866 ) (20,096 ) (6,031 ) Balance at the end of the year $ 4,800,025 $ 4,725,096 $ 5,267,615 Accumulated Depreciation and Amortization: Balance at the beginning of the year $ 1,019,663 $ 1,182,556 $ 1,060,885 Depreciation and amortization expense 155,274 155,009 156,808 Assets disposed (95,471 ) (290,038 ) (19,383 ) Write-offs of intangible assets (1) (11,896 ) (7,768 ) (9,723 ) Write-offs of fully depreciated/amortized assets (8,866 ) (20,096 ) (6,031 ) Balance at the end of the year $ 1,058,704 $ 1,019,663 $ 1,182,556 (1) Consists of write-offs of intangible lease assets related to lease restructurings, amendments and terminations. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, 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. |
Principles of Consolidation | Piedmont owns interests in two real properties through its ownership in 1201 Eye Street, N.W. Associates, LLC and 1225 Eye Street, N.W. Associates, LLC. Piedmont has evaluated these entities based on the criteria outlined above and concluded that these entities are VIEs, but that Piedmont has a controlling interest in both entities through its 100% ownership in Piedmont Washington Properties, Inc. Accordingly, Piedmont’s consolidated financial statements include the accounts of 1201 Eye Street, NW Associates, LLC and 1225 Eye Street, NW Associates, LLC. Additionally, during the year ended December 31, 2016 Piedmont purchased a 99% interest in a joint venture which owns the CNL Center I and CNL Center II buildings in Orlando, Florida. Piedmont evaluated its interest in the joint venture based on the same criteria mentioned above and concluded that it is not a VIE; however, the joint venture is consolidated under the voting model due to Piedmont's 99% ownership interest. As of December 31, 2016 , Piedmont also owned an interest in a property through an unconsolidated joint venture partnership. Although Piedmont is the majority equity participant in this joint venture, Piedmont and its co-venturer exercise joint control over the property. As a result, in accordance with GAAP, the accounts of this joint venture 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, 2016 . All inter-company balances and transactions have been eliminated upon consolidation. 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. |
Use of Estimates | 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 Piedmont classifies its real estate assets as long-lived assets held for use or as long-lived assets held for sale. Held for use assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Held for sale assets are carried at lower of depreciated cost or estimated fair value, less estimated costs to sell. Piedmont generally reclassifies assets as held for sale once a sales contract has been executed and earnest money has become non-refundable. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs. All repairs and maintenance are expensed as incurred. Additionally, Piedmont capitalizes interest while the development, or redevelopment, of a real estate asset is in progress. Approximately $4.6 million , $3.8 million , and $2.1 million of interest was capitalized for the years ended December 31, 2016 , 2015 , and 2014 , 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 allowances 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. For wholly owned properties, when indicators of potential impairment are present, or when a sale in the near term is considered more than 50% probable, 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 from the estimated fair values, less costs to sell, for assets held for sale. 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) less estimated selling costs. For properties owned as part of an investment in an unconsolidated joint venture, Piedmont assesses the estimated fair value of its investment as compared to its carrying amount. If Piedmont determines that the carrying value is greater than the estimated 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 estimated fair value amount in the period in which such determination is made. |
Fair Value of Assets and Liabilities of Acquired Properties | Fair Value of Assets and Liabilities of Acquired Properties Upon the acquisition of real properties, Piedmont records the fair value of properties as 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 estimated 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 estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated 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. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs. The estimated 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 estimated 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 and Amounts Due from Unconsolidated Joint Ventures | Investments in and Amounts Due from Unconsolidated Joint Ventures Piedmont’s investment in its one unconsolidated joint venture is 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" impairment losses, if any, attributable to such joint ventures. Pursuant to the terms of the unconsolidated joint venture agreement, all income and distributions are allocated to the joint venture partners in accordance with their respective ownership interests. Distributions from the unconsolidated joint venture are generally distributed to the partners on a quarterly basis and are classified on the accompanying consolidated statements of cash flow using the nature of distribution approach. Distributions of net cash from operations are classified as cash inflows from operating activities, as they are presumed to be returns on Piedmont’s investment in the 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. Due from unconsolidated joint venture represents operating distributions due to Piedmont from its investment in the unconsolidated joint venture which have been declared but not received as of period end. |
Cash and Cash Equivalents | 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 consist of investments in money market accounts stated at cost, which approximates estimated fair value, and available-for-sale securities resulting from Piedmont's non-qualified deferred compensation program carried at estimated fair value. |
Tenant Receivables, net and Straight-line Rent Receivables | 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 representing 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 estimated 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. During the year ended December 31, 2016, Piedmont began classifying provisions for/(recoveries of) bad debts as property operating costs in the accompanying consolidated statements of income to include such expenses as a component of operating the underlying properties. Previously, such costs were presented as general and administrative expenses. |
Restricted Cash and Escrows | 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 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 and property management office space, net of accumulated depreciation. Prepaid expenses and other assets will be expensed as utilized or depreciated in the case of Piedmont's corporate assets. 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 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 estimated 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. Estimated fair value is determined by adjusting the trading price of the stock for a control premium, if necessary, multiplied by the common shares outstanding. If such calculated estimated 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 estimated fair value of all tangible and intangible net assets of the entity from the entity’s estimated fair value calculated in step one of the test. If the implied value of the goodwill (the remainder left after deducting the estimated fair values of the entity from its calculated overall estimated 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 | Interest Rate Derivatives Piedmont periodically enters into interest rate derivative agreements to hedge its exposure to changing interest rates. As of December 31, 2016 and 2015, all of Piedmont's interest rate derivatives were designated as effective cash flow hedges and carried on the balance sheet at estimated 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 if the forecasted transactions remain highly probable. Piedmont does not use derivatives for trading or speculative purposes. The changes in estimated 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. The estimated 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 reductions or additions to interest expense in the consolidated income statements as incurred. Additionally, when Piedmont settles forward starting swap agreements, any gain or loss is recorded as accumulated other comprehensive income and is amortized to interest expense over the term of the respective notes on a straight line basis (which approximates the effective interest method). Further, Piedmont classifies cash flows from the settlement of hedging derivative instruments in the same category as the underlying exposure which is being hedged. Settlements resulting from the hedge of Piedmont's exposure to interest rate changes are classified as operating cash flows in the accompanying consolidated statements of cash flows. 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. |
Deferred Lease Costs | 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, 2016 , 2015 , and 2014 , Piedmont capitalized approximately $0.4 million , $1.0 million , and $0.7 million , respectively, of internal leasing and development 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 $50.1 million , $42.5 million , and $40.9 million of deferred lease costs for the years ended December 31, 2016 , 2015 , and 2014 , respectively, are included in amortization expense; and • Approximately $3.9 million , $4.7 million , and $4.2 million , of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2016 , 2015 , and 2014 , respectively, was included as an offset to rental income. Upon receipt of a lease termination notice, Piedmont adjusts the amortization of any unamortized deferred lease costs to be recognized 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 | Debt When mortgage debt is assumed upon the acquisition of real property, Piedmont adjusts the loan to estimated 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. Piedmont presents all debt issuance costs as a direct deduction from the principal amount of secured and unsecured debt in the accompanying consolidated balance sheets. Piedmont amortizes these costs to interest expense on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Additionally, Piedmont records debt issuance premiums/discounts as an increase/decrease to the principal amount of the loan in the accompanying consolidated balance sheets, and amortizes such premiums or discounts as a component of interest expense over the life of the underlying loan facility using the effective interest method. |
Deferred Income | 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, Preferred Stock, Common Stock, Dividends | 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. The board of directors of Piedmont authorized in June 2015 the repurchase and retirement of up to $200 million of Piedmont's common stock through June 2017. Piedmont may repurchase the shares from time to time, in accordance with applicable securities laws, in the open market or in privately negotiated transactions. The timing of repurchases is dependent 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, 2016 , there was approximately $70.2 million in remaining capacity under the program which may be used for share repurchases through June 2017. 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 annual 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 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) applicable 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 applicable to noncontrolling interest in the accompanying consolidated statements of income. In addition, certain noncontrolling interests are held in the form of equity participation agreements in Piedmont's consolidated variable interest entities. The equity participation agreements include an option to redeem when certain conditions are met. These instruments are re-measured at the redemption amount once the redemption becomes probable and reclassified to a liability once the redemption option is exercised or conditions are met to make the option mandatorily redeemable. |
Revenue Recognition | 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 and Nonqualified Deferred Compensation Plan | 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 (the "Restricted Stock Award" program) and a multi-year performance share component (the "Performance Share" program). Awards granted pursuant to the Restricted Stock Award and Performance Share programs, as well as director's awards, are classified as equity awards or liability awards based on the underlying terms of the program agreement. Awards classified as equity awards are expensed straight-line over the vesting period, with issuances recorded as a reduction to additional paid in capital. Awards classified as liability awards 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. Non-qualified Deferred Compensation Plan Additionally, Piedmont has a non-qualified deferred compensation plan which allows certain employees to elect to defer their receipt of compensation, including both cash and stock-based compensation, until future taxable years. Amounts deferred are invested in trading securities held in a "rabbi trust" and are measured using quoted market prices as of the reporting date. As of December 31, 2016, Piedmont held approximately $0.2 million of these trading securities. Such investments are included in cash equivalents due to their short-term, liquid nature, with the corresponding liability included in accounts payable, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets. |
Legal Fees and Related Insurance Recoveries | 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. |
Casualty Losses and Litigation Settlement Expense and Related Insurance Recoveries | Casualty Losses and Litigation Settlement Expense and Related Insurance Recoveries 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. Further, during the year ended December 31, 2012, Piedmont settled two separate securities class action lawsuits. 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 related insurance recoveries are recorded as income in the period that the insurance company definitively notifies Piedmont of its intent to issue payment. |
Discontinued Operations and Disclosures of Disposals of Components of an Entity | Discontinued Operations and Disclosures of Disposals of Components of an Entity During the year ended December 31,2014, Piedmont adopted the amendments of Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") which changed the criteria for reporting discontinued operations. Gains and losses on sales related to properties that do not meet the revised definition of discontinued operations and the operational results of these properties are included in income from continuing operations for all periods presented, while the gain on sale is presented in accordance with SEC Rule 3-15 of Regulation S-X in the accompanying consolidated statements of income between discontinued operations and net income. These gains and/or losses, however, are included in continuing operations for purposes of calculating earnings per share data. Operational results related to properties sold or held for sale prior to the adoption of ASU 2014-08 continue to be presented as discontinued operations as the adoption provisions of ASU 2014-08 required prospective implementation. |
Net Income Available to Common Stockholders Per Share | 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. |
Income Taxes | 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, subject to fulfilling, among other things, this distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary, POH, which have been provided for in the financial statements. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to POH. POH did not have significant tax provisions or deferred income tax items. These operations resulted in approximately $415,000 , $85,000 , and $0 in income tax expense for the years ended December 31, 2016 , 2015 , and 2014 , respectively, as a component of other income/(expense) in the accompanying consolidated statements of income. Further, 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. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The reclassifications relate to: (i) properties classified as held for sale as of March 31, 2016, June 30, 2016, or September 30, 2016, have been reclassified as held for sale as of December 31, 2015 for comparative purposes (see Note 14 ); and (ii) provisions for/(recoveries of) bad debts have been reclassified from general and administrative expenses to property operating costs in the accompanying consolidated statements of income for comparative purposes. (see Tenant Receivables, net and Straight-line Rent Receivables above). |
Accounting Pronouncements Adopted and Other Recent Accounting Pronouncements | Accounting Pronouncements Adopted during the Year Ended December 31, 2016 As of January 1, 2016, Piedmont early adopted the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Update No. 2016-09, Compensation- Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The provisions in ASU 2016-09 simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The implementation of ASU 2016-09 resulted in the reclassification of approximately $1.7 million and $1.3 million related to income tax consequences for share-based compensation from cash outflows from operating activities to cash outflows from financing activities in the accompanying consolidated statements of cash flows for the years ended December 31, 2015 and 2014, respectively. Additionally, as of January 1, 2016, Piedmont also adopted Accounting Standards Update No. 2015-05, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40) “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement on a prospective basis, and Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") on a retrospective basis. Piedmont had previously reported applicable transactions on its consolidated statement of cash flows in accordance with the clarifying provisions of ("ASU 2016-09"); therefore, there are no reclassifications associated with adoption. Finally, as of October 1, 2016, Piedmont early adopted the amended definition of a business described in Accounting Standards Update No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business on a prospective basis. Piedmont believes that the new guidance will result in more of its acquisitions being accounted for as asset acquisitions, with capitalization of acquisition costs, rather than as business combinations. Other Recent Accounting Pronouncements The FASB has issued Accounting Standards Update No. 2016-05, Derivatives and Hedging (Topic 815), Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ("ASU 2016-05"). The amendments in ASU 2016-05 clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in ASU 2016-05 are effective in the first quarter of 2017, and Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") and Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The amendments in ASU 2014-09, which are further clarified in ASU 2016-08, as well as Accounting Standards Update 2016-10 and Accounting Standards Update 2016-12 (collectively the "Revenue Recognition Amendments"), change the criteria for the recognition of certain revenue streams to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services using a five-step determination process. Steps 1 through 5 involve (i) identifying contracts with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations, and (v) recognizing revenue as an entity satisfies a performance obligation. The revenues impacted by the Revenue Recognition Amendments include a portion of Piedmont's tenant reimbursement revenues and property management fee revenues. Lease contracts and reimbursement revenues associated with property taxes and insurance are specifically excluded from the Revenue Recognition Amendments. The Revenue Recognition Amendments are effective in the first quarter of 2018 for Piedmont. Management has substantially completed its initial assessment of the impact of adoption of the Revenue Recognition Amendments. Approximately 90% of Piedmont's total revenues are derived from either long-term leases with its tenants or reimbursement of property tax and insurance expenses, which are excluded from the scope of the Revenue Recognition Amendments. In addition, based on management's assessment to date, Piedmont does not expect the timing of the recognition of reimbursement revenue and revenue from management agreements to change as a result of the new guidance, though certain classifications may change. As a result, although management continues to evaluate the guidance and disclosures required by the Revenue Recognition Amendments, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The amendments in ASU 2016-01 require equity investments, except those accounted for under the equity method of accounting, to be measured at estimated fair value with changes in fair value recognized in net income. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments, and eliminates certain disclosure requirements. The amendments in ASU 2016-01 are effective in the first quarter of 2018, and Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force) ("ASU 2016-18"). The provisions of ASU 2016-18 require entities to show changes in restricted cash and cash equivalents in addition to cash and cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between restricted and unrestricted cash in the statement of cash flows. ASU 2016-18 is effective for Piedmont in the first quarter of 2018, with early adoption permitted. Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2016-02, Leases (Topic 842), ("ASU 2016-02"). The amendments in ASU 2016-02 fundamentally change the definition of a lease, as well as the accounting for operating leases by requiring lessees to recognize assets and liabilities which arise from the lease, consisting of a liability to make lease payments (the lease liability) and a right-of-use asset, representing the right to use the leased asset over the term of the lease. Accounting for leases by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis. The amendments in ASU 2016-02 are effective in the first quarter of 2019, and Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The provisions of ASU 2016-13 replace the "incurred loss" approach with an "expected loss" model for impairing trade and other receivables, held-to-maturity debt securities, net investment in leases, and off-balance-sheet credit exposures, which will generally result in earlier recognition of allowances for credit losses. Additionally, the provisions change the classification of credit losses related to available-for-sale securities to an allowance, rather than a direct reduction of the amortized cost of the securities. ASU 2016-13 is effective in the first quarter of 2020, with early adoption permitted as of January 1, 2019. Piedmont is currently evaluating the potential impact of adoption. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 allowances 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, inclusive of amounts classified as real estate assets held for sale, recorded at acquisition as of December 31, 2016 and 2015 , respectively, are as follows (in thousands): December 31, 2016 December 31, 2015 Intangible Lease Assets: Above-Market In-Place Lease Assets $ 25,425 $ 23,684 In-Place Lease Valuation $ 183,422 $ 153,991 Intangible Lease Origination Costs (included as component of Deferred Lease Costs) $ 261,075 $ 208,497 Intangible Lease Liabilities (Below-Market In-Place Leases) $ 97,230 $ 85,168 |
Amortization Of Intangible Lease Costs | For the years ended December 31, 2016 , 2015 , and 2014 , respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands): 2016 2015 2014 Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense $ 58,150 $ 42,278 $ 36,007 Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues $ 5,066 $ 4,571 $ 4,727 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows (in thousands): Intangible Lease Assets Above-Market In-Place Lease Valuation Intangible Lease Origination Costs (1) Below-Market In-place Lease Liabilities For the year ending December 31: 2017 $ 2,590 $ 24,511 $ 33,791 $ 9,138 2018 1,600 17,980 27,156 8,470 2019 910 13,646 22,205 7,270 2020 156 9,614 16,786 5,670 2021 104 8,447 14,731 5,468 Thereafter 227 19,910 36,451 11,989 $ 5,587 $ 94,108 $ 151,120 $ 48,005 Weighted-Average Amortization Period (in years) 3 6 7 7 (1) Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. |
Acquisitions and Development 31
Acquisitions and Development Projects (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | During the year ended December 31, 2016 , Piedmont acquired three properties and a 99% interest in a joint venture owning two properties using proceeds from the sales of other properties, proceeds from the $500 Million Unsecured 2015 Line of Credit, and cash on hand, as follows: Property Metropolitan Statistical Area Date of Acquisition Ownership Percentage Acquired Rentable Square Feet (Unaudited) Percentage Leased as of Acquisition (Unaudited) Net Contractual Purchase Price (in millions) CNL Center I and CNL Center II Orlando, Florida August 1, 2016 99 % 622,488 95 % $ 166.7 One Wayside Road Boston, Massachusetts August 10, 2016 100 % 200,605 100 % $ 62.9 Galleria 200 Atlanta, Georgia October 7, 2016 100 % 431,614 89 % $ 69.6 750 West John Carpenter Freeway (1) Dallas, Texas November 30, 2016 100 % 314,714 78 % $ 50.6 (1) Including 3.5 acres of adjacent developable land. |
Unconsolidated Joint Venture (T
Unconsolidated Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | As of December 31, 2016 and 2015 , Piedmont owned an interest in the following unconsolidated joint venture (in thousands): Joint Venture Property Held by Joint Venture Piedmont’s Ownership Piedmont's Investment in Unconsolidated Joint Venture 2016 2015 Fund XIII and REIT Joint Venture 8560 Upland Drive 72% $ 7,360 $ 7,368 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2016 and 2015 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of 2016 2015 Secured (Fixed) $125 Million Fixed-Rate Loan 5.50 % 5.50 % 4/1/2016 $ — $ 125,000 $42.5 Million Fixed-Rate Loan 5.70 % 5.70 % 10/11/2016 — 42,525 $140 Million WDC Fixed-Rate Loans (3) 5.76 % 5.76 % 11/1/2017 140,000 140,000 $35 Million Fixed-Rate Loan (4) 5.55 % 3.75 % 9/1/2021 31,583 32,445 $160 Million Fixed-Rate Loan (5) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 1,161 1,319 Subtotal/Weighted Average (6) 4.64 % 332,744 501,289 Unsecured (Variable and Fixed) $170 Million Unsecured 2015 Term Loan (7) LIBOR + 1.125% 1.78 % 5/15/2018 170,000 170,000 $300 Million Unsecured 2013 Term Loan LIBOR + 1.20% 2.78 % 1/31/2019 300,000 300,000 $500 Million Unsecured 2015 Line of Credit (7) LIBOR + 1.00% 1.74 % 6/18/2019 (8) 178,000 21,000 $300 Million Unsecured 2011 Term Loan LIBOR + 1.15% 3.35 % 1/15/2020 300,000 300,000 $350 Million Unsecured Senior Notes 3.40 % 3.43 % 6/01/2023 350,000 350,000 $400 Million Unsecured Senior Notes 4.45 % 4.10 % 3/15/2024 400,000 400,000 Discounts and unamortized debt issuance costs (10,269) (12,779) Subtotal/Weighted Average (6) 3.19 % 1,687,731 1,528,221 Total/Weighted Average (6) 3.43 % $ 2,020,475 $ 2,029,510 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2016 and 2015 is interest-only. (2) Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts. (3) Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C. (4) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (5) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (6) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of December 31, 2016 . (7) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (8) Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees. |
Schedule of Maturities of Long-term Debt | A summary of the aggregate maturities of Piedmont’s indebtedness as of December 31, 2016 , is provided below (in thousands): 2017 $ 140,834 2018 170,960 2019 479,014 (1) 2020 301,072 2021 27,702 Thereafter 910,000 Total $ 2,029,582 (1) Includes the balance outstanding as of December 31, 2016 of the $500 Million Unsecured 2015 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 June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees. |
Variable Interest Entities an34
Variable Interest Entities and Equity Participation Rights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | A summary of Piedmont’s interests in, and consolidation treatment of, its VIEs and their related carrying values as of December 31, 2016 and 2015 is as follows (net carrying amount in millions): Entity Piedmont’s % Ownership of Entity Related Building Consolidated/ Unconsolidated Net Carrying Amount as of December 31, 2016 Net Carrying Amount as of December 31, 2015 Primary Beneficiary Considerations 1201 Eye Street N.W. Associates, LLC 49.5 % 1201 Eye Street Consolidated $ (6.7 ) $ (7.4 ) 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. 1225 Eye Street N.W. Associates, LLC 49.5 % 1225 Eye Street Consolidated $ 9.9 $ 3.8 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. Piedmont 500 W. Monroe Fee, LLC 100 % 500 W. Monroe Consolidated $ 262.4 $ 251.4 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 100% of the economic benefits of the property until such returns are met. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2016 is as follows: Interest Rate Derivatives: Number of Swap Agreements Associated Debt Instrument Notional Amount (in millions) Effective Date Maturity Date Interest rate swaps 4 $300 Million Unsecured 2013 Term Loan 200 1/30/2014 1/31/2019 Interest rate swaps 2 $300 Million Unsecured 2013 Term Loan 100 8/29/2014 1/31/2019 Interest rate swaps 3 $300 Million Unsecured 2011 Term Loan 300 11/22/2016 1/15/2020 Total $ 600 |
Schedule of Interest Rate Derivatives | A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2016 and 2015 , respectively, is as follows (in thousands): Interest rate swaps classified as: 2016 2015 Gross derivative assets $ — $ — Gross derivative liabilities 8,169 9,993 Net derivative liability $ 8,169 $ 9,993 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effective portion of Piedmont's interest rate derivatives, including the gain/(loss) on settlement of forward swaps described above, that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2016 , 2015 , and 2014 , respectively, was as follows (in thousands): Interest Rate Swaps in Cash Flow Hedging Relationships 2016 2015 2014 Amount of gain/(loss) recognized in OCI on derivatives $ (4,126 ) $ (12,509 ) $ (17,122 ) Amount of previously recorded loss reclassified from accumulated OCI into interest expense $ 4,548 $ 5,875 $ 5,145 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [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 well as its level within the GAAP fair value hierarchy, as of December 31, 2016 and 2015 , respectively (in thousands): 2016 2015 Financial Instrument Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 6,992 $ 6,992 Level 1 $ 5,441 $ 5,441 Level 1 Tenant receivables, net (1) $ 26,494 $ 26,494 Level 1 $ 26,339 $ 26,339 Level 1 Notes receivable (1) $ — $ — Level 1 $ 45,400 $ 45,400 Level 1 Restricted cash and escrows (1) $ 1,212 $ 1,212 Level 1 $ 5,174 $ 5,174 Level 1 Liabilities: Accounts payable and accrued expenses (1) $ 44,733 $ 44,733 Level 1 $ 13,188 $ 13,188 Level 1 Interest rate swap liability $ 8,169 $ 8,169 Level 2 $ 9,993 $ 9,993 Level 2 Debt, net $ 2,020,475 $ 2,027,436 Level 2 $ 2,029,510 $ 2,039,139 Level 2 (1) For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to its short-term maturity. |
Impairment Loss on Real Estat37
Impairment Loss on Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Piedmont recorded impairment loss on real estate assets for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): 2016 2015 2014 Eastpoint I & II (1) $ — $ 5,354 $ — 2 Gatehall Drive (1) — 34,815 — 150 West Jefferson (1) 5,972 — — 9221 Corporate Boulevard (2) 2,336 — — 9200 and 9211 Corporate Boulevard (3) 22,590 — — Total impairment loss on real estate assets (4) $ 30,898 $ 40,169 $ — (1) Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset and the contracted sales price, less estimated selling costs. (2) Piedmont, using a probability-weighted model heavily weighted towards the short-term sale of the 9221 Corporate Boulevard building in Rockville, Maryland, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment of approximately $2.3 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset and the anticipated contract sales price, less estimated selling costs. (3) Piedmont elected to sell its remaining two assets and exit the Rockville, Maryland sub-market of Washington, D.C, after selling the 9221 Corporate Boulevard building in July 2016 (mentioned above). Upon management's change in its hold period assumption for the assets from a long-term hold to a near-term sale, Piedmont recognized an impairment loss of approximately $22.6 million . The impairment loss was calculated as the difference between the carrying value of the asset and the anticipated contracted sales price, less estimated selling costs. (4) The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. Details of amounts held for sale as of December 31, 2015 are presented below (in thousands): December 31, 2016 December 31, 2015 Real estate assets held for sale, net: Land $ — $ 9,759 Building and improvements, less accumulated depreciation of $0 and $32,162 as of December 31, 2016, and 2015, respectively — 66,840 Construction in progress — 15 Total real estate assets held for sale, net $ — $ 76,614 Other assets held for sale, net: Straight-line rent receivables $ — $ 4,729 Prepaid expenses and other assets — 66 Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively — 3,695 Total other assets held for sale, net $ — $ 8,490 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The aggregate payment required under the terms of this operating lease as of December 31, 2016 are presented below (in thousands): 2017 $ 93 2018 93 2019 93 2020 93 2021 93 Thereafter 2,439 Total $ 2,904 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, 2016 , is presented below (in thousands): Years ending December 31: 2017 $ 434,871 2018 426,532 2019 395,212 2020 359,636 2021 323,940 Thereafter 1,615,265 Total $ 3,555,456 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Share Activity | A rollforward of Piedmont's equity based award activity for the year ended December 31, 2016 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2015 959,446 $ 18.67 Deferred Stock Awards Granted 319,083 $ 19.96 Decrease in Estimated Potential Future Performance Share Awards, net of forfeitures (2,358 ) $ 21.22 Performance Stock Awards Vested (53,287 ) $ 18.91 Deferred Stock Awards Vested (258,776 ) $ 18.57 Deferred Stock Awards Forfeited (19,885 ) $ 18.29 Unvested and Potential Stock Awards as of December 31, 2016 944,223 $ 19.44 The following table provides additional information regarding stock award activity during the years ended December 31, 2016 , 2015 , and 2014 (in thousands except for per share data): 2016 2015 2014 Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period (per share) $ 19.96 $ 17.59 $ 17.78 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 4,806 $ 4,239 $ 3,353 Share-based Liability Awards Paid During the Period (1) $ 1,127 $ — $ — (1) Amounts reflect the issuance of performance share awards related to the 2013-15 Performance Share Plan during the period. |
Schedule of Outstanding Employee Deferred Stock Awards | A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2016 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Date Fair Value Vesting Schedule Unvested and Potential Shares as of December 31, 2016 January 3, 2014 Deferred Stock Award 86,512 $ 16.45 Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively. 52,886 May 9, 2014 Deferred Stock Award 144,625 $ 18.47 Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 9, 2015, 2016, and 2017, respectively. 44,047 May 9, 2014 Fiscal Year 2014-2016 Performance Share Program — $ 22.00 Shares awarded, if any, will vest immediately upon determination of award in 2017. 118,448 (2) May 1, 2015 Deferred Stock Award 243,884 $ 17.59 Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 1, 2016, 2017, and 2018, respectively. 138,128 May 1, 2015 Fiscal Year 2015-2017 Performance Share Program — $ 18.42 Shares awarded, if any, will vest immediately upon determination of award in 2018. 268,358 (2) May 12, 2016 Deferred Stock Award- Board of Directors 31,368 $ 20.40 Of the shares granted, 100% will vest on May 12, 2017. 31,368 May 24, 2016 Deferred Stock Award 259,957 $ 19.91 Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 24, 2017, 2018, and 2019, respectively. 206,380 May 24, 2016 Fiscal Year 2016-2018 Performance Share Program — $ 23.02 Shares awarded, if any, will vest immediately upon determination of award in 2019. 84,608 (2) Total Unvested and Potential Stock Awards 944,223 (1) Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2016 . (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2016 . Share 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, 2016 | |
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, 2016 , 2015 , and 2014 , as well as common stock issued and outstanding as of the end of the respective periods (in thousands): 2016 2015 2014 Weighted-average common shares—basic 145,230 150,538 154,452 Plus incremental weighted-average shares from time-vested conversions: Deferred and performance stock awards 405 342 133 Weighted-average common shares—diluted 145,635 150,880 154,585 Common stock issued and outstanding as of period end 145,235 145,512 154,324 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The aggregate payment required under the terms of this operating lease as of December 31, 2016 are presented below (in thousands): 2017 $ 93 2018 93 2019 93 2020 93 2021 93 Thereafter 2,439 Total $ 2,904 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, 2016 , is presented below (in thousands): Years ending December 31: 2017 $ 434,871 2018 426,532 2019 395,212 2020 359,636 2021 323,940 Thereafter 1,615,265 Total $ 3,555,456 |
Property Dispositions, Assets42
Property Dispositions, Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | Details of such properties sold are presented below (in thousands): Buildings Sold Location Date of Sale Gain/(Loss) on Sale Net Sales Proceeds 2020 West 89th Street Leawood, Kansas May 19, 2014 $ 1,132 $ 5,515 Two Park Center (1) Hoffman Estates, Illinois May 29, 2014 $ (169 ) $ 6,017 3900 Dallas Parkway Plano, Texas January 30, 2015 $ 10,073 $ 25,803 5601 Headquarters Drive Plano, Texas April 28, 2015 $ 7,959 $ 33,326 River Corporate Center Tempe, Arizona April 29, 2015 $ 5,297 $ 24,223 Copper Ridge Center Lyndhurst, New Jersey May 1, 2015 $ 13,727 $ 50,372 (2) Eastpoint I & II Mayfield Heights, Ohio July 28, 2015 $ (177 ) (4) $ 17,342 3750 Brookside Parkway Alpharetta, Georgia August 10, 2015 $ 1,406 $ 13,624 Chandler Forum Chandler, Arizona September 1, 2015 $ 15,506 $ 32,267 Aon Center Chicago, Illinois October 29, 2015 $ 114,202 $ 646,243 2 Gatehall Drive Parsippany, New Jersey December 21, 2015 $ 162 (4) $ 50,369 1055 East Colorado Boulevard Pasadena, California April 21, 2016 $ 31,501 $ 60,076 Fairway Center II Brea, California April 28, 2016 $ 15,468 $ 33,062 1901 Main Street Irvine, California May 2, 2016 $ 32,015 $ 63,149 (3) 9221 Corporate Boulevard Rockville, Maryland July 27, 2016 $ (192 ) (4) $ 12,035 150 West Jefferson Detroit, Michigan July 29, 2016 $ (664 ) (4) $ 77,844 9200 and 9211 Corporate Boulevard Rockville, Maryland September 28, 2016 $ (41 ) (4) $ 12,519 11695 Johns Creek Parkway Johns Creek, Georgia December 22, 2016 $ 1,978 $ 13,827 Braker Pointe III Austin, Texas December 29, 2016 $ 18,579 $ 48,006 (1) Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the loss on sale was presented as equity in income/(loss) of unconsolidated joint ventures. (2) As part of the transaction, Piedmont accepted a secured promissory note from the buyer for the remaining $45.4 million owed on the sale. During the year ended December 31, 2016, the note receivable was repaid in full and such proceeds are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties. (3) As part of the transaction, Piedmont accepted a secured promissory note from the buyer for $33.0 million , and the note receivable was repaid in full during the year ended December 31, 2016. As such, the full proceeds from the sale of the property are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties. (4) As discussed in Note 9 above, Piedmont recognized an impairment loss prior to, or in conjunction with, the sale of the property. Therefore, any gain/(loss) recognized upon the consummation of the sale consists solely of adjustments made subsequent to the sale for closing cost estimates or post-closing prorations. Details comprising income from discontinued operations are presented below (in thousands): Years Ended December 31, 2016 2015 2014 Revenues: Rental income $ — $ 19 $ 1,365 Tenant reimbursements — 64 125 Property management fee revenue — — 1 — 83 1,491 Expenses: Property operating costs — (1 ) 225 Depreciation — — 83 Amortization — — 223 — (1 ) 531 Other income (expense): Other income/(expense) — — (6 ) — — (6 ) Operating income, excluding gain/(loss) on sale of real estate assets — 84 954 Gain/(loss) on sale of real estate assets — (1 ) 1,198 Income from discontinued operations $ — $ 83 $ 2,152 |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Piedmont recorded impairment loss on real estate assets for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): 2016 2015 2014 Eastpoint I & II (1) $ — $ 5,354 $ — 2 Gatehall Drive (1) — 34,815 — 150 West Jefferson (1) 5,972 — — 9221 Corporate Boulevard (2) 2,336 — — 9200 and 9211 Corporate Boulevard (3) 22,590 — — Total impairment loss on real estate assets (4) $ 30,898 $ 40,169 $ — (1) Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset and the contracted sales price, less estimated selling costs. (2) Piedmont, using a probability-weighted model heavily weighted towards the short-term sale of the 9221 Corporate Boulevard building in Rockville, Maryland, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment of approximately $2.3 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset and the anticipated contract sales price, less estimated selling costs. (3) Piedmont elected to sell its remaining two assets and exit the Rockville, Maryland sub-market of Washington, D.C, after selling the 9221 Corporate Boulevard building in July 2016 (mentioned above). Upon management's change in its hold period assumption for the assets from a long-term hold to a near-term sale, Piedmont recognized an impairment loss of approximately $22.6 million . The impairment loss was calculated as the difference between the carrying value of the asset and the anticipated contracted sales price, less estimated selling costs. (4) The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. Details of amounts held for sale as of December 31, 2015 are presented below (in thousands): December 31, 2016 December 31, 2015 Real estate assets held for sale, net: Land $ — $ 9,759 Building and improvements, less accumulated depreciation of $0 and $32,162 as of December 31, 2016, and 2015, respectively — 66,840 Construction in progress — 15 Total real estate assets held for sale, net $ — $ 76,614 Other assets held for sale, net: Straight-line rent receivables $ — $ 4,729 Prepaid expenses and other assets — 66 Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively — 3,695 Total other assets held for sale, net $ — $ 8,490 |
Schedule of Disposal Groups, Including Discontinued Operations, Results Of Operations | Asset disposals previously classified as, and that continue to be reported as, discontinued operations for the year ended December 31, 2014 are as follows (in thousands): Building Sold Location Date of Sale Gain/(Loss) on Sale Net Sales Proceeds 11107 and 11109 Sunset Hills Road Reston, Virginia March 19, 2014 $ (102 ) $ 22,326 1441 West Long Lake Road Troy, Michigan April 30, 2014 $ 562 $ 7,202 4685 Investment Drive Troy, Michigan April 30, 2014 $ 747 $ 11,198 |
Supplemental Disclosures of N43
Supplemental Disclosures of Noncash Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Certain noncash investing and financing activities for the years ended December 31, 2016 , 2015 , and 2014 (in thousands) are outlined below: 2016 2015 2014 Accrued capital expenditures and deferred lease costs $ 14,427 $ 20,630 $ 19,896 Accrued dividends and discount on dividend reinvestments $ 30,532 $ — $ — Escrowed cash from prior year applied to acquisitions in the current year $ — $ (5,050 ) $ — Change in accrued share repurchases as part of an announced plan $ — $ — $ (2,006 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Basis Income | Piedmont’s income tax basis net income for the years ended December 31, 2016 , 2015 , and 2014 , is calculated as follows (in thousands): 2016 2015 2014 GAAP basis financial statement net income $ 107,887 $ 172,990 $ 43,348 Increase (decrease) in net income resulting from: Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes 69,214 (1,717 ) 50,810 Rental income accrued for income tax purposes less than amounts for financial reporting purposes (18,964 ) (12,123 ) (28,504 ) Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes (4,895 ) (4,614 ) (4,705 ) Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes (123,865 ) (82,047 ) (29,558 ) Taxable income/(loss) of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes (1,042 ) 2,491 (468 ) Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes 39,016 51,293 5,727 Taxable income for Piedmont Office Holdings, Inc. in excess of amount for financial reporting purposes 648 — — Income tax basis net income, prior to dividends paid deduction $ 67,999 $ 126,273 $ 36,650 |
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: 2016 2015 2014 Ordinary income 81.77 % 31.75 % 29.32 % Return of capital 18.23 % — % 70.68 % Capital gains — % 68.25 % — % 100 % 100 % 100 % |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | A summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 , is presented below (in thousands, except per-share data): 2016 First Second Third Fourth Revenues $ 138,012 $ 135,307 $ 138,485 $ 143,911 Real estate operating income $ 26,372 $ 17,433 $ 3,349 $ 26,633 Income/(loss) from continuing operations $ 10,396 $ 1,090 $ (12,705 ) $ 10,529 Income/(loss) from discontinued operations $ — $ (1 ) $ 1 $ — Gain/(loss) on sale of real estate assets $ (20 ) $ 78,987 $ (57 ) $ 19,652 Net income/(loss) applicable to Piedmont $ 10,372 $ 80,072 $ (12,746 ) $ 30,189 Basic and diluted earnings/(loss) per share $ 0.07 $ 0.55 $ (0.09 ) $ 0.21 Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.21 2015 First Second Third Fourth Revenues $ 149,759 $ 146,734 $ 148,815 $ 139,461 Real estate operating income/(loss) $ 28,214 $ 20,824 $ (1,133 ) $ 28,938 Income/(loss) from continuing operations $ 9,176 $ 3,372 $ (19,027 ) $ 11,164 Income/(loss) from discontinued operations $ — $ (3 ) $ 14 $ 72 Gain on sale of real estate assets $ 10,073 $ 26,611 $ 17,142 $ 114,411 Net income/(loss) applicable to Piedmont $ 19,245 $ 29,976 $ (1,875 ) $ 125,644 Basic and diluted earnings/(loss) per share $ 0.12 $ 0.20 $ (0.01 ) $ 0.84 Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.21 |
Guarantor and Non-Guarantor F46
Guarantor and Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantor and Non-Guarantor Financial Information [Abstract] | |
Condensed Balance Sheet | Condensed Consolidated Balance Sheets As of December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 46,133 $ — $ 623,715 $ — $ 669,848 Buildings and improvements, less accumulated depreciation 228,194 — 2,699,430 (300 ) 2,927,324 Intangible lease assets, less accumulated amortization 725 — 98,970 — 99,695 Construction in progress 145 — 34,680 — 34,825 Total real estate assets 275,197 — 3,456,795 (300 ) 3,731,692 Investments in and amounts due from unconsolidated joint ventures 7,360 — — — 7,360 Cash and cash equivalents 3,674 150 3,168 — 6,992 Tenant and straight-line receivables, net 20,159 — 172,183 — 192,342 Advances to affiliates 6,406,581 1,315,616 — (7,722,197 ) — Investment in subsidiary — 3,630,564 181 (3,630,745 ) — Notes receivable 88,910 — 95,790 (184,700 ) — Prepaid expenses, restricted cash, escrows, and other assets 6,189 — 20,575 (1,897 ) 24,867 Goodwill 180,097 — — — 180,097 Deferred lease costs, net 16,550 — 289,447 — 305,997 Total assets $ 7,004,717 $ 4,946,330 $ 4,038,139 $ (11,539,839 ) $ 4,449,347 Liabilities: Debt, net $ 1,701,933 $ — $ 503,242 $ (184,700 ) $ 2,020,475 Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures 17,365 31,230 118,712 (1,897 ) 165,410 Advances from affiliates 708,340 5,071,521 2,040,592 (7,820,453 ) — Deferred income 5,206 — 23,200 — 28,406 Intangible lease liabilities, net — — 48,005 — 48,005 Interest rate swaps 8,169 — — — 8,169 Total liabilities 2,441,013 5,102,751 2,733,751 (8,007,050 ) 2,270,465 Stockholders’ Equity: Common stock — 1,452 — — 1,452 Additional paid-in capital 3,626,564 3,676,000 1,309 (3,630,745 ) 3,673,128 Retained/(cumulative distributions in excess of) earnings 935,036 (3,833,873 ) 1,301,197 97,956 (1,499,684 ) Other comprehensive loss 2,104 — — — 2,104 Piedmont stockholders’ equity 4,563,704 (156,421 ) 1,302,506 (3,532,789 ) 2,177,000 Noncontrolling interest — — 1,882 — 1,882 Total stockholders’ equity 4,563,704 (156,421 ) 1,304,388 (3,532,789 ) 2,178,882 Total liabilities and stockholders’ equity $ 7,004,717 $ 4,946,330 $ 4,038,139 $ (11,539,839 ) $ 4,449,347 Condensed Consolidated Balance Sheets As of December 31, 2015 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 54,459 $ — $ 621,632 $ — $ 676,091 Buildings and improvements, less accumulated depreciation 270,057 — 2,567,706 (300 ) 2,837,463 Intangible lease assets, less accumulated amortization 1,268 — 83,395 — 84,663 Construction in progress 240 — 20,735 — 20,975 Real estate assets held for sale, net 76,614 — — — 76,614 Total real estate assets 402,638 — 3,293,468 (300 ) 3,695,806 Investments in and amounts due from unconsolidated joint ventures 7,577 — — — 7,577 Cash and cash equivalents 2,174 150 3,117 — 5,441 Tenant and straight-line rent receivables, net 23,738 — 149,994 — 173,732 Advances to affiliates 6,073,606 1,251,530 — (7,325,136 ) — Investment in subsidiary — 3,752,523 186 (3,752,709 ) — Notes receivable 134,750 — 23,890 (113,240 ) 45,400 Prepaid expenses, restricted cash, escrows, and other assets 7,091 — 24,118 (1,258 ) 29,951 Goodwill 180,097 — — — 180,097 Deferred lease costs, net 20,939 — 267,102 — 288,041 Other assets held for sale, net 8,490 — — — 8,490 Total assets $ 6,861,100 $ 5,004,203 $ 3,761,875 $ (11,192,643 ) $ 4,434,535 Liabilities: Debt, net $ 1,552,007 $ — $ 590,743 $ (113,240 ) $ 2,029,510 Accounts payable, accrued expenses, and accrued capital expenditures 18,954 580 110,189 (1,258 ) 128,465 Advances from affiliates 580,526 5,033,266 1,788,840 (7,402,632 ) — Deferred income 5,905 — 21,365 — 27,270 Intangible lease liabilities, net — — 42,853 — 42,853 Interest rate swaps 9,993 — — — 9,993 Total liabilities 2,167,385 5,033,846 2,553,990 (7,517,130 ) 2,238,091 Stockholders’ Equity: Common stock — 1,455 — — 1,455 Additional paid-in capital 3,748,524 3,672,849 1,314 (3,752,710 ) 3,669,977 Retained/(cumulative distributions in excess of) earnings 943,530 (3,703,947 ) 1,205,546 77,197 (1,477,674 ) Other comprehensive loss 1,661 — — — 1,661 Piedmont stockholders’ equity 4,693,715 (29,643 ) 1,206,860 (3,675,513 ) 2,195,419 Noncontrolling interest — — 1,025 — 1,025 Total stockholders’ equity 4,693,715 (29,643 ) 1,207,885 (3,675,513 ) 2,196,444 Total liabilities and stockholders’ equity $ 6,861,100 $ 5,004,203 $ 3,761,875 $ (11,192,643 ) $ 4,434,535 |
Condensed Income Statement | Condensed Consolidated Statements of Income For the year ended December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 55,007 $ — $ 407,514 $ (2,631 ) $ 459,890 Tenant reimbursements 14,081 — 80,378 (498 ) 93,961 Property management fee revenue — — 16,897 (15,033 ) 1,864 69,088 — 504,789 (18,162 ) 555,715 Expenses: Property operating costs 31,967 — 205,344 (18,377 ) 218,934 Depreciation 16,657 — 111,076 — 127,733 Amortization 3,715 — 71,404 — 75,119 Impairment loss on real estate assets 5,972 — 24,926 — 30,898 General and administrative 28,314 311 36,065 (35,446 ) 29,244 86,625 311 448,815 (53,823 ) 481,928 Real estate operating income/(loss) (17,537 ) (311 ) 55,974 35,661 73,787 Other income (expense): Interest expense (49,108 ) — (27,636 ) 11,884 (64,860 ) Other income/(expense) 9,560 282 2,029 (11,884 ) (13 ) Net recoveries from casualty events and litigation settlements — — 34 — 34 Equity in income of unconsolidated joint ventures 362 — — — 362 (39,186 ) 282 (25,573 ) — (64,477 ) Income/(loss) from continuing operations (56,723 ) (29 ) 30,401 35,661 9,310 Gain on sale of real estate assets 33,326 — 65,236 — 98,562 Net income/(loss) (23,397 ) (29 ) 95,637 35,661 107,872 Less: Net loss applicable to noncontrolling interest — — 15 — 15 Net income/(loss) applicable to Piedmont $ (23,397 ) $ (29 ) $ 95,652 $ 35,661 $ 107,887 Condensed Consolidated Statements of Income For the year ended December 31, 2015 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 67,317 $ — $ 404,460 $ (2,905 ) $ 468,872 Tenant reimbursements 13,340 — 100,955 (414 ) 113,881 Property management fee revenue — — 17,801 (15,785 ) 2,016 80,657 — 523,216 (19,104 ) 584,769 Expenses: Property operating costs 36,380 — 225,428 (19,786 ) 242,022 Depreciation 20,891 — 113,612 — 134,503 Amortization 4,598 — 56,288 — 60,886 Impairment loss on real estate assets 5,354 — 34,815 — 40,169 General and administrative 29,645 341 35,923 (35,563 ) 30,346 96,868 341 466,066 (55,349 ) 507,926 Real estate operating income/(loss) (16,211 ) (341 ) 57,150 36,245 76,843 Other income (expense): Interest expense (51,704 ) — (33,540 ) 11,246 (73,998 ) Other income/(expense) 12,600 — 211 (11,246 ) 1,565 Net recoveries/(loss) from casualty events and litigation settlements 23 — (301 ) — (278 ) Equity in income of unconsolidated joint ventures 553 — — — 553 (38,528 ) — (33,630 ) — (72,158 ) Income/(loss) from continuing operations (54,739 ) (341 ) 23,520 36,245 4,685 Discontinued operations: Operating income 15 — 69 — 84 Loss on sale of real estate assets (1 ) — — — (1 ) Income from discontinued operations 14 — 69 — 83 Gain on sale of real estate assets 53,795 — 114,442 — 168,237 Net income/(loss) (930 ) (341 ) 138,031 36,245 173,005 Less: Net income applicable to noncontrolling interest — — (15 ) — (15 ) Net income/(loss) applicable to Piedmont $ (930 ) $ (341 ) $ 138,016 $ 36,245 $ 172,990 Condensed Consolidated Statements of Income For the year ended December 31, 2014 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 72,843 $ — $ 386,995 $ (5,203 ) $ 454,635 Tenant reimbursements 16,566 — 93,516 (534 ) 109,548 Property management fee revenue — — 16,516 (14,447 ) 2,069 89,409 — 497,027 (20,184 ) 566,252 Expenses: Property operating costs 42,621 — 217,786 (20,976 ) 239,431 Depreciation 23,512 — 115,084 — 138,596 Amortization 4,754 — 51,825 — 56,579 General and administrative 23,235 300 28,232 (27,942 ) 23,825 94,122 300 412,927 (48,918 ) 458,431 Real estate operating income/(loss) (4,713 ) (300 ) 84,100 28,734 107,821 Other income (expense): Interest expense (47,355 ) — (39,625 ) 12,534 (74,446 ) Other income/(expense) 11,944 — 652 (12,534 ) 62 Net recoveries from casualty events and litigation settlements 1,322 1,479 4,191 — 6,992 Equity in loss of unconsolidated joint ventures (350 ) — — — (350 ) (34,439 ) 1,479 (34,782 ) — (67,742 ) Income/(loss) from continuing operations (39,152 ) 1,179 49,318 28,734 40,079 Discontinued operations: Operating income 913 — 41 — 954 Gain on sale of real estate assets 450 — 748 — 1,198 Income from discontinued operations 1,363 — 789 — 2,152 Gain on sale of real estate assets — — 1,132 — 1,132 Net income/(loss) (37,789 ) 1,179 51,239 28,734 43,363 Less: Net income applicable to noncontrolling interest — — (15 ) — (15 ) Net income/(loss) applicable to Piedmont $ (37,789 ) $ 1,179 $ 51,224 $ 28,734 $ 43,348 |
Condensed Cash Flow Statement | Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided By/(Used In) Operating Activities $ (26,260 ) $ 5,214 $ 221,195 $ 35,660 $ 235,809 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (5,060 ) — (454,836 ) — (459,896 ) Intercompany note receivable 440 — (71,900 ) 71,460 — Net sales proceeds from wholly-owned properties 200,220 — 165,698 — 365,918 Deferred lease costs paid (2,758 ) — (23,138 ) — (25,896 ) Net cash provided by/(used in) investing activities 192,842 — (384,176 ) 71,460 (119,874 ) Cash Flows from Financing Activities: Debt issuance costs paid (264 ) — — — (264 ) Proceeds from debt 695,000 — — — 695,000 Repayments of debt (538,000 ) — (168,875 ) — (706,875 ) Intercompany note payable (9,600 ) — 81,060 (71,460 ) — Costs of issuance of common stock — (342 ) — — (342 ) Shares withheld to pay tax obligations related to employee stock compensation — (2,344 ) — — (2,344 ) Repurchases of common stock as part of announced plan — (7,943 ) — — (7,943 ) (Distributions to)/repayments from affiliates (312,218 ) 97,016 250,862 (35,660 ) — Dividends paid and discount on dividend reinvestments — (91,601 ) (15 ) — (91,616 ) Net cash provided by/(used in) financing activities (165,082 ) (5,214 ) 163,032 (107,120 ) (114,384 ) Net increase in cash and cash equivalents 1,500 — 51 — 1,551 Cash and cash equivalents, beginning of year 2,174 150 3,117 — 5,441 Cash and cash equivalents, end of year $ 3,674 $ 150 $ 3,168 $ — $ 6,992 Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2015 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided By/(Used In) Operating Activities $ (27,077 ) $ 4,699 $ 205,177 $ 36,245 $ 219,044 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (12,203 ) — (489,241 ) — (501,444 ) Intercompany note receivable 72,000 — — (72,000 ) — Redemption of noncontrolling interest in unconsolidated variable interest entity — — (4,000 ) — (4,000 ) Net sales proceeds from wholly-owned properties 151,557 — 696,612 — 848,169 Deferred lease costs paid (3,792 ) — (33,891 ) — (37,683 ) Net cash provided by/(used in) investing activities 207,562 — 169,480 (72,000 ) 305,042 Cash Flows from Financing Activities: Debt issuance costs paid (575 ) — (506 ) — (1,081 ) Proceeds from debt 1,142,577 — 159,281 — 1,301,858 Repayments of debt (1,438,000 ) — (106,301 ) — (1,544,301 ) Intercompany note payable — — (72,000 ) 72,000 — Costs of issuance of common stock — (326 ) — — (326 ) Shares withheld to pay tax obligations related to employee stock compensation — (1,710 ) — — (1,710 ) Repurchases of common stock as part of announced plan — (158,860 ) — — (158,860 ) (Distributions to)/repayments from affiliates 109,544 281,073 (354,372 ) (36,245 ) — Dividends paid and discount on dividend reinvestments — (126,516 ) (15 ) — (126,531 ) Net cash provided by/(used in) financing activities (186,454 ) (6,339 ) (373,913 ) 35,755 (530,951 ) Net increase/(decrease) in cash and cash equivalents (5,969 ) (1,640 ) 744 — (6,865 ) Cash and cash equivalents, beginning of year 8,143 1,790 2,373 — 12,306 Cash and cash equivalents, end of year $ 2,174 $ 150 $ 3,117 $ — $ 5,441 Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2014 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided by Operating Activities $ 5,448 $ 4,088 $ 178,889 $ 28,733 $ 217,158 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (23,541 ) — (267,918 ) — (291,459 ) Intercompany note receivable 650 — — (650 ) — Net sales proceeds from wholly-owned properties 29,519 — 16,713 — 46,232 Net sales proceeds received from unconsolidated joint ventures 6,017 — — — 6,017 Investments in unconsolidated joint ventures (42 ) — — — (42 ) Deferred lease costs paid (4,472 ) — (23,222 ) — (27,694 ) Net cash provided by/(used in) investing activities 8,131 — (274,427 ) (650 ) (266,946 ) Cash Flows from Financing Activities: Debt issuance costs paid (1,294 ) — — — (1,294 ) Proceeds from debt 1,052,527 — — — 1,052,527 Repayments of debt (238,000 ) — (575,702 ) — (813,702 ) Discount due to loan modification (1,135 ) — — — (1,135 ) Intercompany note payable — — (650 ) 650 — Shares withheld to pay tax obligations related to employee stock compensation — (1,275 ) — (1,275 ) Repurchases of common stock as part of announced plan — (54,802 ) — — (54,802 ) (Distributions to)/repayments from affiliates (820,795 ) 178,812 670,716 (28,733 ) — Dividends paid and discount on dividend reinvestments — (125,183 ) (15 ) — (125,198 ) Net cash provided by/(used in) financing activities (8,697 ) (2,448 ) 94,349 (28,083 ) 55,121 Net increase/(decrease) in cash and cash equivalents 4,882 1,640 (1,189 ) — 5,333 Cash and cash equivalents, beginning of year 3,261 150 3,562 — 6,973 Cash and cash equivalents, end of year $ 8,143 $ 1,790 $ 2,373 $ — $ 12,306 |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2016ft²segmentpropertysubsidiarymarket | |
Real Estate Properties [Line Items] | |
Number of wholly owned subsidiaries | subsidiary | 2 |
Percentage ownership by sole general partner | 99.90% |
Percentage ownership by sole limited partner | 0.10% |
Rentable square feet | ft² | 19.6 |
Percentage of annualized lease revenue | 87.00% |
Number of operating segments | segment | 1 |
US [Member] | |
Real Estate Properties [Line Items] | |
Number of office markets | market | 8 |
Unconsolidated Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
In-Service Office Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 65 |
Rentable square feet | ft² | 18.9 |
Percentage of Class A commercial office space | 94.20% |
Redevelopment Asset [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Development Assets [Member] | |
Real Estate Properties [Line Items] | |
Number of office properties under development | 2 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)propertyvoteunconsolidated_joint_venture$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Oct. 31, 2013USD ($) | Dec. 31, 2012class_action_lawsuit | ||
Significant Accounting Policies [Line Items] | ||||||
Interest capitalized | $ 4,600,000 | $ 3,800,000 | $ 2,100,000 | |||
Intangible Lease Liabilities (Below-Market In-Place Leases) | 97,230,000 | 85,168,000 | ||||
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense | 58,150,000 | 42,278,000 | 36,007,000 | |||
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues | 5,066,000 | 4,571,000 | 4,727,000 | |||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||||
Total | 99,695,000 | 84,663,000 | ||||
Below Market Lease, Net, Amortization Income, Fiscal Maturity [Abstract] | ||||||
2,017 | 9,138,000 | |||||
2,018 | 8,470,000 | |||||
2,019 | 7,270,000 | |||||
2,020 | 5,670,000 | |||||
2,021 | 5,468,000 | |||||
Thereafter | 11,989,000 | |||||
Total | $ 48,005,000 | |||||
Weighted-Average Amortization Period (in years) | 7 years | |||||
Significant Accounting Policies [Abstract] | ||||||
Number of unconsolidated joint ventures | unconsolidated_joint_venture | 1 | |||||
Provision for doubtful accounts | $ 216,000 | |||||
Amortization of deferred common area maintenance recognized | 1,400,000 | 2,500,000 | 2,500,000 | |||
Capitalized internal leasing costs | 400,000 | 1,000,000 | 700,000 | |||
Amortization of deferred lease costs | 50,100,000 | 42,500,000 | 40,900,000 | |||
Amortization of lease incentive | 3,900,000 | 4,700,000 | 4,200,000 | |||
Amortization of fair value adjustments | 500,000 | 500,000 | 200,000 | |||
Amortization of debt discount | 200,000 | 200,000 | 200,000 | |||
Amortization of deferred financing costs and fair market value adjustments on notes payable | $ 2,900,000 | $ 2,800,000 | 2,700,000 | |||
Shares-in-trust, shares authorized | shares | 150,000,000 | 150,000,000 | ||||
Preferred stock, shares authorized | shares | 100,000,000 | 100,000,000 | ||||
Common stock, shares authorized | shares | 750,000,000 | 750,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Number of votes for each share of common stock | vote | 1 | |||||
Stock repurchase program, authorized amount | $ 200,000,000 | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 70,200,000 | |||||
Dividend reinvestment plan, shareholders discount | 2.00% | |||||
Number of class action lawsuits settled | class_action_lawsuit | 2 | |||||
Recoveries related to settled class action lawsuits | 2,900,000 | |||||
Net recoveries/(loss) | $ 34,000 | $ (278,000) | 6,992,000 | |||
Business interruption insurance recoveries | 0 | 300,000 | 1,500,000 | |||
Income tax expense | 415,000 | 85,000 | 0 | |||
Reclassification from cash outflows from operating activities to cash outflows from financing activities | $ 235,809,000 | 219,044,000 | 217,158,000 | |||
Total Revenues Derived from Long Term Leases to Tenants or Reimbursement of Property Tax and Insurance Expenses [Member] | Sales Revenue, Net [Member] | ||||||
Significant Accounting Policies [Abstract] | ||||||
Percentage of total revenues | 90.00% | |||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09 [Member] | ||||||
Significant Accounting Policies [Abstract] | ||||||
Reclassification from cash outflows from operating activities to cash outflows from financing activities | 1,700,000 | 1,300,000 | ||||
Hurricane Sandy [Member] | ||||||
Significant Accounting Policies [Abstract] | ||||||
Net recoveries/(loss) | $ 34,000 | (300,000) | 4,100,000 | |||
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Trading Securities [Member] | ||||||
Significant Accounting Policies [Abstract] | ||||||
Assets held as trading securities | 200,000 | |||||
Above-Market In-Place Lease Assets [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Intangible Lease Assets: | 25,425,000 | 23,684,000 | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||||
2,017 | 2,590,000 | |||||
2,018 | 1,600,000 | |||||
2,019 | 910,000 | |||||
2,020 | 156,000 | |||||
2,021 | 104,000 | |||||
Thereafter | 227,000 | |||||
Total | $ 5,587,000 | |||||
Weighted-Average Amortization Period (in years) | 3 years | |||||
In-Place Lease Valuation [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Intangible Lease Assets: | $ 183,422,000 | 153,991,000 | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||||
2,017 | 24,511,000 | |||||
2,018 | 17,980,000 | |||||
2,019 | 13,646,000 | |||||
2,020 | 9,614,000 | |||||
2,021 | 8,447,000 | |||||
Thereafter | 19,910,000 | |||||
Total | $ 94,108,000 | |||||
Weighted-Average Amortization Period (in years) | 6 years | |||||
Intangible Lease Origination Costs (included as component of Deferred Lease Costs) [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Intangible Lease Assets: | $ 261,075,000 | 208,497,000 | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||||
2,017 | [1] | 33,791,000 | ||||
2,018 | [1] | 27,156,000 | ||||
2,019 | [1] | 22,205,000 | ||||
2,020 | [1] | 16,786,000 | ||||
2,021 | [1] | 14,731,000 | ||||
Thereafter | [1] | 36,451,000 | ||||
Total | [1] | $ 151,120,000 | ||||
Weighted-Average Amortization Period (in years) | [1] | 7 years | ||||
Reclassification Adjustment [Member] | ||||||
Significant Accounting Policies [Abstract] | ||||||
Provision for doubtful accounts | $ 22,000 | |||||
Recoveries of bad debts | $ (5,000) | |||||
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 | |||||
1201 Eye Street NW Associates LLC and 1225 Eye Street, NW Associates LLC [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of real estate properties | property | 2 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | 1201 Eye Street NW Associates LLC and 1225 Eye Street, NW Associates LLC [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Piedmont’s % Ownership of Entity | 100.00% | |||||
[1] | Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. |
Acquisitions and Development 49
Acquisitions and Development Projects (Details) | Nov. 30, 2016USD ($)aft² | Oct. 07, 2016USD ($)ft² | Aug. 10, 2016USD ($)ft² | Aug. 01, 2016USD ($)ft²building | Dec. 31, 2016USD ($)ft²storybuilding | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||
Number of properties acquired | building | 3 | ||||||
Construction in progress | $ 34,825,000 | $ 20,975,000 | |||||
500 TownPark Building [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Rentable Square Feet (Unaudited) | ft² | [1] | 134,400 | |||||
Percentage Leased as of Acquisition (Unaudited) | 80.00% | ||||||
Number of stories of office building | story | 4 | ||||||
Construction in progress | $ 24,000,000 | $ 1,000,000 | |||||
Enclave Place [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Rentable Square Feet (Unaudited) | ft² | [1] | 301,000 | |||||
Line of Credit [Member] | Unsecured Debt [Member] | $500 Million Unsecured 2015 Line of Credit [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Unsecured Line of Credit | $ 500,000,000 | ||||||
CNL Center I and CNL Center II [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of properties acquired | building | 2 | ||||||
Percentage ownership of properties acquired | 99.00% | ||||||
Rentable Square Feet (Unaudited) | ft² | 622,488 | ||||||
Percentage Leased as of Acquisition (Unaudited) | 95.00% | ||||||
Net Contractual Purchase Price (in millions) | $ 166,700,000 | ||||||
One Wayside Road [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage ownership of properties acquired | 100.00% | ||||||
Rentable Square Feet (Unaudited) | ft² | 200,605 | ||||||
Percentage Leased as of Acquisition (Unaudited) | 100.00% | ||||||
Net Contractual Purchase Price (in millions) | $ 62,900,000 | ||||||
Galleria 200 Building [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage ownership of properties acquired | 100.00% | ||||||
Rentable Square Feet (Unaudited) | ft² | 431,614 | ||||||
Percentage Leased as of Acquisition (Unaudited) | 89.00% | ||||||
Net Contractual Purchase Price (in millions) | $ 69,600,000 | ||||||
750 W. John Carpenter Freeway [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage ownership of properties acquired | [1] | 100.00% | |||||
Rentable Square Feet (Unaudited) | ft² | [1] | 314,714 | |||||
Percentage Leased as of Acquisition (Unaudited) | [1] | 78.00% | |||||
Net Contractual Purchase Price (in millions) | [1] | $ 50,600,000 | |||||
Number of acres of adjacent developable land | a | 3.5 | ||||||
[1] | Including 3.5 acres of adjacent developable land. |
Unconsolidated Joint Venture (D
Unconsolidated Joint Venture (Details) - Fund XIII And REIT Joint Venture [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Piedmont’s Ownership Percentage | 72.00% | |
Net Book Value | $ 7,360 | $ 7,368 |
Debt (Details)
Debt (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)period | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | [1] | 3.43% | [2] | 3.55% | |
Amount of indebtedness outstanding | [1],[2] | $ 2,020,475,000 | $ 2,029,510,000 | ||
Interest payments | $ 69,000,000 | 76,400,000 | $ 72,100,000 | ||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | [1],[2] | 4.64% | |||
Amount of indebtedness outstanding | [1],[2] | $ 332,744,000 | 501,289,000 | ||
Net premium, discounts, and unamortized debt issuance costs | [1] | $ 1,161,000 | 1,319,000 | ||
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | [1],[2] | 3.19% | |||
Amount of indebtedness outstanding | [1],[2] | $ 1,687,731,000 | 1,528,221,000 | ||
Net premium, discounts, and unamortized debt issuance costs | [1] | (10,269,000) | (12,779,000) | ||
$125.0 Million Fixed-Rate Loan [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of principal paid off | $ 125,000,000 | ||||
Interest rate percentage | [1] | 5.50% | |||
Effective rate percentage | [1],[3] | 5.50% | |||
Amount of indebtedness outstanding | [1] | $ 0 | 125,000,000 | ||
Face amount of facility | 125,000,000 | ||||
$42.5 Million Fixed-Rate Loan [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of principal paid off | $ 42,500,000 | ||||
Interest rate percentage | [1] | 5.70% | |||
Effective rate percentage | [1],[3] | 5.70% | |||
Amount of indebtedness outstanding | [1] | $ 0 | 42,525,000 | ||
Face amount of facility | 42,500,000 | ||||
$500 Million Unsecured 2015 Line of Credit [Member] | Unsecured Debt [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of line of credit | 500,000,000 | ||||
Net borrowings incurred | $ 157,000,000 | ||||
Effective rate percentage | [1],[3],[4] | 1.74% | |||
Amount of indebtedness outstanding | [1],[4],[5] | $ 178,000,000 | 21,000,000 | ||
Face amount of facility | $ 500,000,000 | ||||
Additional extension period | 1 year | ||||
Number of extension periods | period | 2 | ||||
Extension period | 6 months | ||||
$500 Million Unsecured 2015 Line of Credit [Member] | Unsecured Debt [Member] | Line of Credit [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable percentage rate | [1],[4] | 1.00% | |||
$140 Million WDC Fixed-Rate Loans [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | [1],[6] | 5.76% | |||
Effective rate percentage | [1],[3],[6] | 5.76% | |||
Amount of indebtedness outstanding | [1],[6] | $ 140,000,000 | 140,000,000 | ||
Face amount of facility | $ 140,000,000 | ||||
$35.0 Million Fixed-Rate Loan [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | [1],[7] | 5.55% | |||
Effective rate percentage | [1],[3],[7] | 3.75% | |||
Amount of indebtedness outstanding | [1],[7] | $ 31,583,000 | 32,445,000 | ||
Face amount of facility | $ 35,000,000 | ||||
$160.0 Million Fixed Rate Loan [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | [1],[8] | 3.48% | |||
Effective rate percentage | [1],[3] | 3.58% | |||
Amount of indebtedness outstanding | [1],[8] | $ 160,000,000 | 160,000,000 | ||
Face amount of facility | $ 160,000,000 | ||||
$170 Million Unsecured 2015 Term Loan [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate percentage | [1],[3],[4] | 1.78% | |||
Amount of indebtedness outstanding | [1],[4] | $ 170,000,000 | 170,000,000 | ||
Face amount of facility | $ 170,000,000 | ||||
$170 Million Unsecured 2015 Term Loan [Member] | Unsecured Debt [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable percentage rate | [1],[4] | 1.125% | |||
$300 Million Unsecured 2013 Term Loan [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of indebtedness outstanding | [1] | $ 300,000,000 | 300,000,000 | ||
Face amount of facility | $ 300,000,000 | ||||
$300 Million Unsecured 2013 Term Loan [Member] | Unsecured Debt [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate percentage | [1],[3] | 2.78% | |||
$300 Million Unsecured 2013 Term Loan [Member] | Unsecured Debt [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable percentage rate | [1] | 1.20% | |||
$300 Million Unsecured 2011 Term Loan [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of indebtedness outstanding | [1] | $ 300,000,000 | 300,000,000 | ||
Face amount of facility | $ 300,000,000 | ||||
$300 Million Unsecured 2011 Term Loan [Member] | Unsecured Debt [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate percentage | [1],[3] | 3.35% | |||
$300 Million Unsecured 2011 Term Loan [Member] | Unsecured Debt [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable percentage rate | [1] | 1.15% | |||
$350 Million Unsecured Senior Notes [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | [1] | 3.40% | |||
Effective rate percentage | [1],[3] | 3.43% | |||
Amount of indebtedness outstanding | [1] | $ 350,000,000 | 350,000,000 | ||
Face amount of facility | $ 350,000,000 | ||||
$400 Million Unsecured Senior Notes [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | [1] | 4.45% | |||
Effective rate percentage | [1],[3] | 4.10% | |||
Amount of indebtedness outstanding | [1] | $ 400,000,000 | $ 400,000,000 | ||
Face amount of facility | $ 400,000,000 | ||||
[1] | Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2016 and 2015 is interest-only. | ||||
[2] | Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of December 31, 2016. | ||||
[3] | Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts. | ||||
[4] | On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. | ||||
[5] | Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees. | ||||
[6] | Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C. | ||||
[7] | Collateralized by the 5 Wall Street building in Burlington, Massachusetts. | ||||
[8] | Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. |
Debt (Maturities of Long-term D
Debt (Maturities of Long-term Debt) (Details) $ in Thousands | Dec. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | ||
2,017 | $ 140,834 | |
2,018 | 170,960 | |
2,019 | 479,014 | [1] |
2,020 | 301,072 | |
2,021 | 27,702 | |
Thereafter | 910,000 | |
Total | $ 2,029,582 | |
[1] | Includes the balance outstanding as of December 31, 2016 of the $500 Million Unsecured 2015 Line of Credit. However, Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees. |
Variable Interest Entities an53
Variable Interest Entities and Equity Participation Rights (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
1201 Eye Street N.W. Associates, LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Piedmont’s % Ownership of Entity | 49.50% | |
Net Carrying Amount | $ (6.7) | $ (7.4) |
Percent of cash flow entitled to entity | 100.00% | |
1225 Eye Street N.W. Associates, LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Piedmont’s % Ownership of Entity | 49.50% | |
Net Carrying Amount | $ 9.9 | 3.8 |
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 | $ 262.4 | $ 251.4 |
Percent of cash flow entitled to entity | 100.00% |
Derivative Instruments (Details
Derivative Instruments (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | |||
Net gain/ (loss) related to hedge ineffectiveness and terminations of cash flow hedges | $ 0 | $ 37,000 | $ 0 |
Maximum length of time of cash flow hedge | 36 months | ||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract] | |||
Gross derivative assets | $ 0 | 0 | |
Interest rate swaps | 8,169,000 | 9,993,000 | |
Net derivative liability | 8,169,000 | 9,993,000 | |
Amount that will be reclassified from accumulated other comprehensive income over the next twelve months | 4,100,000 | ||
Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Total notional amount of forward starting interest rate agreements | 600,000,000 | ||
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract] | |||
Amount of gain/(loss) recognized in OCI on derivatives | (4,126,000) | (12,509,000) | (17,122,000) |
Amount of previously recorded loss reclassified from accumulated OCI into interest expense | 4,548,000 | $ 5,875,000 | $ 5,145,000 |
Forward Starting Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Total notional amount of forward starting interest rate agreements | $ 250,000,000 | ||
Number of forward starting interest rate swaps settled | contract | 4 | ||
Forward Starting Interest Rate Swap [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Settlement value of forward starting interest rate swaps | $ 100,000 | ||
Credit Risk Contract [Member] | |||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract] | |||
Assets needed for immediate settlement, aggregate fair value | 8,400,000 | ||
$300 Million Unsecured 2011 Term Loan [Member] | Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Face amount of facility | 300,000,000 | ||
$300 Million Unsecured 2011 Term Loan [Member] | Interest Rate Swap 7 through 9 [Member] | Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Total notional amount of forward starting interest rate agreements | $ 300,000,000 | ||
Number of Swap Agreements | contract | 3 | ||
$300 Million Unsecured 2013 Term Loan [Member] | Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Face amount of facility | $ 300,000,000 | ||
$300 Million Unsecured 2013 Term Loan [Member] | Interest Rate Swap 1 through 4 [Member] | Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Total notional amount of forward starting interest rate agreements | $ 200,000,000 | ||
Number of Swap Agreements | contract | 4 | ||
$300 Million Unsecured 2013 Term Loan [Member] | Interest Rate Swap 5 through 6 [Member] | Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Total notional amount of forward starting interest rate agreements | $ 100,000,000 | ||
Number of Swap Agreements | contract | 2 | ||
$160.0 Million Fixed Rate Loan [Member] | Secured Debt [Member] | |||
Derivative [Line Items] | |||
Face amount of facility | $ 160,000,000 | ||
Total notional amount of forward starting interest rate agreements | 250,000,000 | ||
Net loss from settlement of forward starting interest rate swaps | 1,300,000 | ||
Net gain/ (loss) related to hedge ineffectiveness and terminations of cash flow hedges | $ 100,000 | ||
Term of loan | 7 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate swap liability | $ 8,169 | $ 9,993 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | 6,992 | 5,441 |
Tenant receivables, net and Notes receivable | [1] | 26,494 | 26,339 |
Restricted cash and escrows | [1] | 1,212 | 5,174 |
Accounts payable and accrued expenses | [1] | 44,733 | 13,188 |
Debt, net | 2,020,475 | 2,029,510 | |
Carrying Value [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate swap liability | 8,169 | 9,993 | |
Carrying Value [Member] | Notes Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Tenant receivables, net and Notes receivable | [1] | 0 | 45,400 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | 6,992 | 5,441 |
Tenant receivables, net and Notes receivable | [1] | 26,494 | 26,339 |
Restricted cash and escrows | [1] | 1,212 | 5,174 |
Accounts payable and accrued expenses | [1] | 44,733 | 13,188 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Notes Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Tenant receivables, net and Notes receivable | [1] | 0 | 45,400 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, net | 2,027,436 | 2,039,139 | |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate swap liability | $ 8,169 | $ 9,993 | |
[1] | For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to its short-term maturity. |
Impairment Loss on Real Estat56
Impairment Loss on Real Estate Assets (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 31, 2016property | ||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment loss on real estate assets | [1] | $ 30,898 | $ 40,169 | $ 0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Eastpoint I & II [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment loss on real estate assets | [2] | 0 | 5,354 | 0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2 Gatehall Drive [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment loss on real estate assets | [2] | 0 | 34,815 | 0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 150 West Jefferson [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment loss on real estate assets | [2] | 5,972 | 0 | 0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 9200 and 9211 Corporate Boulevard [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment loss on real estate assets | [3] | 22,590 | 0 | 0 | |
Number of assets sold | property | 2 | ||||
Impairment loss | 22,600 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 9221 Corporate Boulevard [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment loss on real estate assets | [4] | 2,336 | $ 0 | $ 0 | |
Loss on impairment | $ 2,300 | ||||
[1] | The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. | ||||
[2] | Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset and the contracted sales price, less estimated selling costs. | ||||
[3] | Piedmont elected to sell its remaining two assets and exit the Rockville, Maryland sub-market of Washington, D.C, after selling the 9221 Corporate Boulevard building in July 2016 (mentioned above). Upon management's change in its hold period assumption for the assets from a long-term hold to a near-term sale, Piedmont recognized an impairment loss of approximately $22.6 million. The impairment loss was calculated as the difference between the carrying value of the asset and the anticipated contracted sales price, less estimated selling costs. | ||||
[4] | Piedmont, using a probability-weighted model heavily weighted towards the short-term sale of the 9221 Corporate Boulevard building in Rockville, Maryland, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment of approximately $2.3 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset and the anticipated contract sales price, less estimated selling costs. |
Commitments and Contingencies57
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)category | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | |||
Number of tenant and building improvement categories | category | 2 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,017 | $ 93 | ||
2,018 | 93 | ||
2,019 | 93 | ||
2,020 | 93 | ||
2,021 | 93 | ||
Thereafter | 2,439 | ||
Total | 2,904 | ||
Land [Member] | |||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Ground rent expense | 100 | $ 200 | $ 500 |
Building [Member] | |||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Net book value of real estate assets subject to operating ground leases | 4,700 | 5,000 | |
Collectibility of Tenant Reimbursements [Member] | |||
Loss Contingencies [Line Items] | |||
Additional expense related to such tenant audits/disputes | $ 1,100 | $ 400 | $ 600 |
NonIncremental Capital Expenditures [Member] | |||
Loss Contingencies [Line Items] | |||
Period for commitments for funding non-incremental capital expenditures | 3 years | ||
Non-incremental capital expenditures for tenant improvements | $ 35,300 | ||
NonIncremental Capital Expenditures [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Period for commitments for funding non-incremental capital expenditures | 5 years | ||
Incremental Capital Expenditures [Member] | |||
Loss Contingencies [Line Items] | |||
Non-incremental capital expenditures for tenant improvements | $ 29,800 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | May 24, 2016 | May 12, 2016 | May 01, 2015 | May 09, 2014 | Jan. 03, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 24, 2016 | May 12, 2016 | May 01, 2015 | May 09, 2014 | Jan. 03, 2014 | |
Stock Awards [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of the beginning of the year (in shares) | 959,446 | |||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 944,223 | 959,446 | ||||||||||||
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 (in dollars per share) | $ 18.67 | |||||||||||||
Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share) | 19.44 | $ 18.67 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 18.67 | $ 18.67 | ||||||||||||
Unvested Shares (in shares) | 959,446 | 959,446 | ||||||||||||
Deferred Stock Award [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Deferred Stock Awards Granted (in shares) | 319,083 | |||||||||||||
Deferred Stock Awards Vested (in shares) | (258,776) | |||||||||||||
Deferred Stock Awards Forfeited (in shares) | (19,885) | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Deferred Stock Awards Granted, Weighted-Average Grant Date Fair (in dollars per share) | $ 19.96 | $ 17.59 | $ 17.78 | |||||||||||
Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 18.57 | |||||||||||||
Deferred Stock Awards Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.29 | |||||||||||||
Total Grant Date Fair Value of Deferred Stock Vested During the Period | $ 4,806 | $ 4,239 | $ 3,353 | |||||||||||
Performance Shares [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Increase in Estimated Potential Future Performance Share Awards, net of forfeitures (in shares) | (2,358) | |||||||||||||
Deferred Stock Awards Vested (in shares) | (53,287) | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Increase in Estimated Potential Future Performance Share Awards, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.22 | |||||||||||||
Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 18.91 | |||||||||||||
Share-based Liability Awards Paid During the Period | [1] | $ 1,127 | $ 0 | $ 0 | ||||||||||
Deferred Stock Award, Granted January 3, 2014 [Member] | Deferred Stock Award [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 52,886 | |||||||||||||
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 end of year (in dollars per share) | $ 16.45 | |||||||||||||
Net Shares Granted (in shares) | [2] | 86,512 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 16.45 | $ 16.45 | ||||||||||||
Unvested Shares (in shares) | 52,886 | |||||||||||||
Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 20.00% | |||||||||||||
Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 20.00% | |||||||||||||
Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 20.00% | |||||||||||||
Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 20.00% | |||||||||||||
Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Five [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 20.00% | |||||||||||||
Deferred Stock Award, Granted May 9, 2014 [Member] | Deferred Stock Award [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 44,047 | |||||||||||||
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 end of year (in dollars per share) | $ 18.47 | |||||||||||||
Net Shares Granted (in shares) | [2] | 144,625 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 18.47 | $ 18.47 | ||||||||||||
Unvested Shares (in shares) | 44,047 | |||||||||||||
Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Performance Share Program Award, Granted May 9, 2014 [Member] | Performance Shares [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | [3] | 118,448 | ||||||||||||
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 end of year (in dollars per share) | $ 22 | |||||||||||||
Net Shares Granted (in shares) | [2] | 0 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 22 | $ 22 | ||||||||||||
Unvested Shares (in shares) | [3] | 118,448 | ||||||||||||
Deferred Stock Award, Granted May 1, 2015 [Member] | Deferred Stock Award [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 138,128 | |||||||||||||
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 end of year (in dollars per share) | $ 17.59 | |||||||||||||
Net Shares Granted (in shares) | [2] | 243,884 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 17.59 | $ 17.59 | ||||||||||||
Unvested Shares (in shares) | 138,128 | |||||||||||||
Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Performance Share Program Award, Granted May 1, 2015 [Member] | Performance Shares [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | [3] | 268,358 | ||||||||||||
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 end of year (in dollars per share) | $ 18.42 | |||||||||||||
Net Shares Granted (in shares) | [2] | 0 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 18.42 | $ 18.42 | ||||||||||||
Unvested Shares (in shares) | [3] | 268,358 | ||||||||||||
Deferred Stock Award, Granted May 12, 2016 [Member] | Deferred Stock Award [Member] | Independent directors [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 31,368 | |||||||||||||
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 end of year (in dollars per share) | $ 20.40 | |||||||||||||
Net Shares Granted (in shares) | [2] | 31,368 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 20.40 | $ 20.40 | ||||||||||||
Unvested Shares (in shares) | 31,368 | |||||||||||||
Deferred Stock Award, Granted May 12, 2016 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member] | Independent directors [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 100.00% | |||||||||||||
Deferred Stock Award, Granted May 24, 2016 [Member] | Deferred Stock Award [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 206,380 | |||||||||||||
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 end of year (in dollars per share) | $ 19.91 | |||||||||||||
Net Shares Granted (in shares) | [2] | 259,957 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 19.91 | $ 19.91 | ||||||||||||
Unvested Shares (in shares) | 206,380 | |||||||||||||
Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Performance Share Program Award, Granted May 24, 2016 [Member] | Performance Shares [Member] | ||||||||||||||
Rollforward of deferred stock award activity | ||||||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | [3] | 84,608 | ||||||||||||
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 end of year (in dollars per share) | $ 23.02 | |||||||||||||
Net Shares Granted (in shares) | [2] | 0 | ||||||||||||
Grant Date Fair Value (in dollars per share) | $ 23.02 | $ 23.02 | ||||||||||||
Unvested Shares (in shares) | [3] | 84,608 | ||||||||||||
[1] | Amounts reflect the issuance of performance share awards related to the 2013-15 Performance Share Plan during the period. | |||||||||||||
[2] | Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2016. | |||||||||||||
[3] | Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2016. Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid. |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense and directors' fees related to stock awards | $ 8 | $ 8.9 | $ 5.3 |
Compensation expense, non-vested awards | $ 6.5 | $ 7 | $ 3.8 |
Number of shares issued to employees, directors and officers | 185,169 | ||
Nonvested awards, total compensation cost not yet recognized | $ 3.8 | ||
Weighted Average [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year | ||
Stock Awards [Member] | Independent directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Weighted-average common shares—basic | 145,230,382 | 150,537,757 | 154,452,121 |
Deferred and performance stock awards (in shares) | 405,000 | 342,000 | 133,000 |
Weighted-average shares outstanding - diluted | 145,634,953 | 150,880,116 | 154,585,273 |
Common stock, shares outstanding | 145,235,313 | 145,511,644 | 154,324,089 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Percentage of annualized lease revenue | 87.00% |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 434,871 |
2,018 | 426,532 |
2,019 | 395,212 |
2,020 | 359,636 |
2,021 | 323,940 |
Thereafter | 1,615,265 |
Total | $ 3,555,456 |
Customer Concentration Risk [Member] | Federal Governmental Agencies [Member] | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Concentration risk, percentage | 8.20% |
Property Dispositions, Assets62
Property Dispositions, Assets Held for Sale and Discontinued Operations (Property Dispositions) (Details) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 22, 2016 | Sep. 28, 2016 | Jul. 29, 2016 | Jul. 27, 2016 | May 02, 2016 | Apr. 28, 2016 | Apr. 21, 2016 | Dec. 21, 2015 | Oct. 29, 2015 | Sep. 01, 2015 | Aug. 10, 2015 | Jul. 28, 2015 | May 01, 2015 | Apr. 29, 2015 | Apr. 28, 2015 | Jan. 30, 2015 | May 29, 2014 | May 19, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Net Sales Proceeds | $ 365,918 | $ 848,169 | $ 46,232 | ||||||||||||||||||||
Notes receivable | $ 0 | $ 45,400 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 2020 W. 89th Street [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 1,132 | ||||||||||||||||||||||
Net Sales Proceeds | $ 5,515 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Two Park Center [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | [1] | $ (169) | |||||||||||||||||||||
Net Sales Proceeds | [1] | $ 6,017 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 3900 Dallas Parkway [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 10,073 | ||||||||||||||||||||||
Net Sales Proceeds | $ 25,803 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 5601 Headquarters Drive [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 7,959 | ||||||||||||||||||||||
Net Sales Proceeds | $ 33,326 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | River Corporate Center [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 5,297 | ||||||||||||||||||||||
Net Sales Proceeds | $ 24,223 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Copper Ridge Center [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 13,727 | ||||||||||||||||||||||
Net Sales Proceeds | [2] | 50,372 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Copper Ridge Center [Member] | Notes Receivable [Member] | Secured Promissory Note [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Notes receivable | $ 45,400 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Eastpoint I & II [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | [3] | $ (177) | |||||||||||||||||||||
Net Sales Proceeds | $ 17,342 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 3750 Brookside Parkway [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 1,406 | ||||||||||||||||||||||
Net Sales Proceeds | $ 13,624 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Chandler Forum [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 15,506 | ||||||||||||||||||||||
Net Sales Proceeds | $ 32,267 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Aon Center [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 114,202 | ||||||||||||||||||||||
Net Sales Proceeds | $ 646,243 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 2 Gatehall Drive [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | [3] | $ 162 | |||||||||||||||||||||
Net Sales Proceeds | $ 50,369 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 1055 East Colorado [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 31,501 | ||||||||||||||||||||||
Net Sales Proceeds | $ 60,076 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Fairway Center II [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 15,468 | ||||||||||||||||||||||
Net Sales Proceeds | $ 33,062 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 1901 Main Street [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 32,015 | ||||||||||||||||||||||
Net Sales Proceeds | [4] | 63,149 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 1901 Main Street [Member] | Notes Receivable [Member] | Secured Promissory Note [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Notes receivable | $ 33,000 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 9221 Corporate Boulevard [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | [3] | $ (192) | |||||||||||||||||||||
Net Sales Proceeds | $ 12,035 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 150 West Jefferson [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | [3] | $ (664) | |||||||||||||||||||||
Net Sales Proceeds | $ 77,844 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 9200 and 9211 Corporate Boulevard [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | [3] | $ (41) | |||||||||||||||||||||
Net Sales Proceeds | $ 12,519 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 11695 Johns Creek Parkway [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 1,978 | ||||||||||||||||||||||
Net Sales Proceeds | $ 13,827 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Braker Pointe III [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 18,579 | ||||||||||||||||||||||
Net Sales Proceeds | $ 48,006 | ||||||||||||||||||||||
[1] | Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the loss on sale was presented as equity in income/(loss) of unconsolidated joint ventures. | ||||||||||||||||||||||
[2] | As part of the transaction, Piedmont accepted a secured promissory note from the buyer for the remaining $45.4 million owed on the sale. During the year ended December 31, 2016, the note receivable was repaid in full and such proceeds are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties. | ||||||||||||||||||||||
[3] | As discussed in Note 9 above, Piedmont recognized an impairment loss prior to, or in conjunction with, the sale of the property. Therefore, any gain/(loss) recognized upon the consummation of the sale consists solely of adjustments made subsequent to the sale for closing cost estimates or post-closing prorations. | ||||||||||||||||||||||
[4] | As part of the transaction, Piedmont accepted a secured promissory note from the buyer for $33.0 million, and the note receivable was repaid in full during the year ended December 31, 2016. As such, the full proceeds from the sale of the property are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties. |
Property Dispositions, Assets63
Property Dispositions, Assets Held for Sale, and Discontinued Operations (Assets Held-for-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total other assets held for sale, net | $ 0 | $ 8,490 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total real estate assets held for sale, net | 0 | 76,614 |
Straight-line rent receivables | 0 | 4,729 |
Prepaid expenses and other assets | 0 | 66 |
Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively | 0 | 3,695 |
Accumulated amortization on deferred lease costs | 0 | 1,162 |
Total other assets held for sale, net | 0 | 8,490 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Land [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate assets held for sale, net: | 0 | 9,759 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Building and building improvements [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate assets held for sale, net: | 0 | 66,840 |
Accumulated depreciation (building improvements) | 0 | 32,162 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Construction in Progress [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate assets held for sale, net: | $ 0 | $ 15 |
Property Dispositions, Assets64
Property Dispositions, Assets Held for Sale, and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Thousands | Apr. 30, 2014 | Mar. 19, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain/(Loss) on Sale | $ 0 | $ (1) | $ 1,198 | ||||||||||
Net Sales Proceeds | 365,918 | 848,169 | 46,232 | ||||||||||
Other income (expense): | |||||||||||||
Operating income, excluding gain/(loss) on sale of real estate assets | 0 | 84 | 954 | ||||||||||
Gain/(loss) on sale of real estate assets | 0 | (1) | 1,198 | ||||||||||
Income from discontinued operations | $ 0 | $ 1 | $ (1) | $ 0 | $ 72 | $ 14 | $ (3) | $ 0 | 0 | 83 | 2,152 | ||
Discontinued Operations [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain/(Loss) on Sale | 0 | (1) | 1,198 | ||||||||||
Revenues: | |||||||||||||
Rental income | 0 | 19 | 1,365 | ||||||||||
Tenant reimbursements | 0 | 64 | 125 | ||||||||||
Property management fee revenue | 0 | 0 | 1 | ||||||||||
Revenue | 0 | 83 | 1,491 | ||||||||||
Expenses: | |||||||||||||
Property operating costs | 0 | (1) | 225 | ||||||||||
Depreciation | 0 | 0 | 83 | ||||||||||
Amortization | 0 | 0 | 223 | ||||||||||
Expenses | 0 | (1) | 531 | ||||||||||
Other income (expense): | |||||||||||||
Other income/(expense) | 0 | 0 | (6) | ||||||||||
Total Other income (expense) | 0 | 0 | (6) | ||||||||||
Operating income, excluding gain/(loss) on sale of real estate assets | 0 | 84 | 954 | ||||||||||
Gain/(loss) on sale of real estate assets | 0 | (1) | 1,198 | ||||||||||
Income from discontinued operations | $ 0 | $ 83 | $ 2,152 | ||||||||||
Discontinued Operations, Disposed of by Sale [Member] | 11107 and 11109 Sunset Hills Road [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain/(Loss) on Sale | $ (102) | ||||||||||||
Net Sales Proceeds | 22,326 | ||||||||||||
Other income (expense): | |||||||||||||
Gain/(loss) on sale of real estate assets | $ (102) | ||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | 1441 West Long Lake Road [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain/(Loss) on Sale | $ 562 | ||||||||||||
Net Sales Proceeds | 7,202 | ||||||||||||
Other income (expense): | |||||||||||||
Gain/(loss) on sale of real estate assets | 562 | ||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | 4685 Investment Drive [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain/(Loss) on Sale | 747 | ||||||||||||
Net Sales Proceeds | 11,198 | ||||||||||||
Other income (expense): | |||||||||||||
Gain/(loss) on sale of real estate assets | $ 747 |
Supplemental Disclosures of N65
Supplemental Disclosures of Noncash Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accrued capital expenditures and deferred lease costs | $ 14,427 | $ 20,630 | $ 19,896 |
Accrued dividends and discount on dividend reinvestments | 30,532 | 0 | 0 |
Escrowed cash from prior year applied to acquisitions in the current year | 0 | (5,050) | 0 |
Change in accrued share repurchases as part of an announced plan | $ 0 | $ 0 | $ (2,006) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Taxes [Line Items] | |||||||||||||
Net income applicable to Piedmont | $ 30,189 | $ (12,746) | $ 80,072 | $ 10,372 | $ 125,644 | $ (1,875) | $ 29,976 | $ 19,245 | $ 107,887 | $ 172,990 | $ 43,348 | ||
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes | 69,214 | (1,717) | 50,810 | ||||||||||
Rental income accrued for income tax purposes less than amounts for financial reporting purposes | (18,964) | (12,123) | (28,504) | ||||||||||
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes | (4,895) | (4,614) | (4,705) | ||||||||||
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes | (123,865) | (82,047) | (29,558) | ||||||||||
Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes | 39,016 | 51,293 | 5,727 | ||||||||||
Income tax basis net income, prior to dividends paid deduction | $ 67,999 | $ 126,273 | $ 36,650 | ||||||||||
Ordinary income, Percent | 81.77% | 31.75% | 29.32% | ||||||||||
Return of capital, Percent | 18.23% | 0.00% | 70.68% | ||||||||||
Capital gains, Percent | 0.00% | 68.25% | 0.00% | ||||||||||
Common Stock Dividends, Percent | 100.00% | 100.00% | 100.00% | ||||||||||
Tax basis of total assets | 4,400,000 | [1] | 4,200,000 | $ 4,400,000 | [1] | $ 4,200,000 | |||||||
Accrued interest and penalties related to uncertain tax positions | $ 3,800 | $ 3,800 | 3,800 | 3,800 | |||||||||
Piedmont Washington Properties, Inc [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Taxable income (loss) in excess of amount for financial reporting purposes | (1,042) | 2,491 | $ (468) | ||||||||||
Piedmont Office Holdings, Inc [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Taxable income (loss) in excess of amount for financial reporting purposes | $ 648 | $ 0 | $ 0 | ||||||||||
[1] | The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $4.4 billion. |
Quarterly Results (unaudited)67
Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 143,911 | $ 138,485 | $ 135,307 | $ 138,012 | $ 139,461 | $ 148,815 | $ 146,734 | $ 149,759 | $ 555,715 | $ 584,769 | $ 566,252 |
Real estate operating income | 26,633 | 3,349 | 17,433 | 26,372 | 28,938 | (1,133) | 20,824 | 28,214 | 73,787 | 76,843 | 107,821 |
Income/(loss) from continuing operations | 10,529 | (12,705) | 1,090 | 10,396 | 11,164 | (19,027) | 3,372 | 9,176 | 9,310 | 4,685 | 40,079 |
Income/(loss) from discontinued operations | 0 | 1 | (1) | 0 | 72 | 14 | (3) | 0 | 0 | 83 | 2,152 |
Gain/(loss) on sale of real estate assets | 19,652 | (57) | 78,987 | (20) | 114,411 | 17,142 | 26,611 | 10,073 | 98,562 | 168,237 | 1,132 |
Net income/(loss) applicable to Piedmont | $ 30,189 | $ (12,746) | $ 80,072 | $ 10,372 | $ 125,644 | $ (1,875) | $ 29,976 | $ 19,245 | $ 107,887 | $ 172,990 | $ 43,348 |
Basic and diluted earnings/(loss) per share | $ 0.21 | $ (0.09) | $ 0.55 | $ 0.07 | $ 0.84 | $ (0.01) | $ 0.20 | $ 0.12 | $ 0.74 | $ 1.15 | $ 0.28 |
Dividends declared per share | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 |
Guarantor and Non-Guarantor F68
Guarantor and Non-Guarantor Financial Information- Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||||
Land | $ 669,848 | $ 676,091 | ||
Buildings and improvements, less accumulated depreciation | 2,927,324 | 2,837,463 | ||
Intangible lease assets, less accumulated amortization | 99,695 | 84,663 | ||
Construction in progress | 34,825 | 20,975 | ||
Real estate assets held for sale, net | 0 | 76,614 | ||
Total real estate assets | 3,731,692 | 3,695,806 | ||
Investments in and amounts due from unconsolidated joint ventures | 7,360 | 7,577 | ||
Cash and cash equivalents | 6,992 | 5,441 | $ 12,306 | $ 6,973 |
Tenant and straight-line receivables, net | 192,342 | 173,732 | ||
Advances to affiliates | 0 | 0 | ||
Investment in subsidiary | 0 | 0 | ||
Notes receivable | 0 | 45,400 | ||
Prepaid expenses, restricted cash, escrows, and other assets | 24,867 | 29,951 | ||
Goodwill | 180,097 | 180,097 | ||
Deferred lease costs, net | 305,997 | 288,041 | ||
Other assets held for sale, net | 0 | 8,490 | ||
Total assets | 4,449,347 | 4,434,535 | ||
Liabilities: | ||||
Debt, net | 2,020,475 | 2,029,510 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 165,410 | 128,465 | ||
Advances from affiliates | 0 | 0 | ||
Deferred income | 28,406 | 27,270 | ||
Intangible lease liabilities, net | 48,005 | 42,853 | ||
Interest rate swaps | 8,169 | 9,993 | ||
Total liabilities | 2,270,465 | 2,238,091 | ||
Stockholders’ Equity: | ||||
Common stock | 1,452 | 1,455 | ||
Additional paid-in capital | 3,673,128 | 3,669,977 | ||
Retained/(cumulative distributions in excess of) earnings | (1,499,684) | (1,477,674) | ||
Other comprehensive loss | 2,104 | 1,661 | ||
Piedmont stockholders’ equity | 2,177,000 | 2,195,419 | ||
Noncontrolling interest | 1,882 | 1,025 | ||
Total stockholders’ equity | 2,178,882 | 2,196,444 | 2,312,015 | 2,461,159 |
Total liabilities and stockholders’ equity | 4,449,347 | 4,434,535 | ||
Eliminations [Member] | ||||
Assets: | ||||
Land | 0 | 0 | ||
Buildings and improvements, less accumulated depreciation | (300) | (300) | ||
Intangible lease assets, less accumulated amortization | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | (300) | (300) | ||
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 | (7,722,197) | (7,325,136) | ||
Investment in subsidiary | (3,630,745) | (3,752,709) | ||
Notes receivable | (184,700) | (113,240) | ||
Prepaid expenses, restricted cash, escrows, and other assets | (1,897) | (1,258) | ||
Goodwill | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Other assets held for sale, net | 0 | |||
Total assets | (11,539,839) | (11,192,643) | ||
Liabilities: | ||||
Debt, net | (184,700) | (113,240) | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | (1,897) | (1,258) | ||
Advances from affiliates | (7,820,453) | (7,402,632) | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Interest rate swaps | 0 | 0 | ||
Total liabilities | (8,007,050) | (7,517,130) | ||
Stockholders’ Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | (3,630,745) | (3,752,710) | ||
Retained/(cumulative distributions in excess of) earnings | 97,956 | 77,197 | ||
Other comprehensive loss | 0 | 0 | ||
Piedmont stockholders’ equity | (3,532,789) | (3,675,513) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | (3,532,789) | (3,675,513) | ||
Total liabilities and stockholders’ equity | (11,539,839) | (11,192,643) | ||
Issuer [Member] | ||||
Assets: | ||||
Land | 46,133 | 54,459 | ||
Buildings and improvements, less accumulated depreciation | 228,194 | 270,057 | ||
Intangible lease assets, less accumulated amortization | 725 | 1,268 | ||
Construction in progress | 145 | 240 | ||
Real estate assets held for sale, net | 76,614 | |||
Total real estate assets | 275,197 | 402,638 | ||
Investments in and amounts due from unconsolidated joint ventures | 7,360 | 7,577 | ||
Cash and cash equivalents | 3,674 | 2,174 | 8,143 | 3,261 |
Tenant and straight-line receivables, net | 20,159 | 23,738 | ||
Advances to affiliates | 6,406,581 | 6,073,606 | ||
Investment in subsidiary | 0 | 0 | ||
Notes receivable | 88,910 | 134,750 | ||
Prepaid expenses, restricted cash, escrows, and other assets | 6,189 | 7,091 | ||
Goodwill | 180,097 | 180,097 | ||
Deferred lease costs, net | 16,550 | 20,939 | ||
Other assets held for sale, net | 8,490 | |||
Total assets | 7,004,717 | 6,861,100 | ||
Liabilities: | ||||
Debt, net | 1,701,933 | 1,552,007 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 17,365 | 18,954 | ||
Advances from affiliates | 708,340 | 580,526 | ||
Deferred income | 5,206 | 5,905 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Interest rate swaps | 8,169 | 9,993 | ||
Total liabilities | 2,441,013 | 2,167,385 | ||
Stockholders’ Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 3,626,564 | 3,748,524 | ||
Retained/(cumulative distributions in excess of) earnings | 935,036 | 943,530 | ||
Other comprehensive loss | 2,104 | 1,661 | ||
Piedmont stockholders’ equity | 4,563,704 | 4,693,715 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | 4,563,704 | 4,693,715 | ||
Total liabilities and stockholders’ equity | 7,004,717 | 6,861,100 | ||
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 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | 0 | 0 | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 150 | 150 | 1,790 | 150 |
Tenant and straight-line receivables, net | 0 | 0 | ||
Advances to affiliates | 1,315,616 | 1,251,530 | ||
Investment in subsidiary | 3,630,564 | 3,752,523 | ||
Notes receivable | 0 | 0 | ||
Prepaid expenses, restricted cash, escrows, and other assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Other assets held for sale, net | 0 | |||
Total assets | 4,946,330 | 5,004,203 | ||
Liabilities: | ||||
Debt, net | 0 | 0 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 31,230 | 580 | ||
Advances from affiliates | 5,071,521 | 5,033,266 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Interest rate swaps | 0 | 0 | ||
Total liabilities | 5,102,751 | 5,033,846 | ||
Stockholders’ Equity: | ||||
Common stock | 1,452 | 1,455 | ||
Additional paid-in capital | 3,676,000 | 3,672,849 | ||
Retained/(cumulative distributions in excess of) earnings | (3,833,873) | (3,703,947) | ||
Other comprehensive loss | 0 | 0 | ||
Piedmont stockholders’ equity | (156,421) | (29,643) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | (156,421) | (29,643) | ||
Total liabilities and stockholders’ equity | 4,946,330 | 5,004,203 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets: | ||||
Land | 623,715 | 621,632 | ||
Buildings and improvements, less accumulated depreciation | 2,699,430 | 2,567,706 | ||
Intangible lease assets, less accumulated amortization | 98,970 | 83,395 | ||
Construction in progress | 34,680 | 20,735 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | 3,456,795 | 3,293,468 | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 3,168 | 3,117 | $ 2,373 | $ 3,562 |
Tenant and straight-line receivables, net | 172,183 | 149,994 | ||
Advances to affiliates | 0 | 0 | ||
Investment in subsidiary | 181 | 186 | ||
Notes receivable | 95,790 | 23,890 | ||
Prepaid expenses, restricted cash, escrows, and other assets | 20,575 | 24,118 | ||
Goodwill | 0 | 0 | ||
Deferred lease costs, net | 289,447 | 267,102 | ||
Other assets held for sale, net | 0 | |||
Total assets | 4,038,139 | 3,761,875 | ||
Liabilities: | ||||
Debt, net | 503,242 | 590,743 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 118,712 | 110,189 | ||
Advances from affiliates | 2,040,592 | 1,788,840 | ||
Deferred income | 23,200 | 21,365 | ||
Intangible lease liabilities, net | 48,005 | 42,853 | ||
Interest rate swaps | 0 | 0 | ||
Total liabilities | 2,733,751 | 2,553,990 | ||
Stockholders’ Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 1,309 | 1,314 | ||
Retained/(cumulative distributions in excess of) earnings | 1,301,197 | 1,205,546 | ||
Other comprehensive loss | 0 | 0 | ||
Piedmont stockholders’ equity | 1,302,506 | 1,206,860 | ||
Noncontrolling interest | 1,882 | 1,025 | ||
Total stockholders’ equity | 1,304,388 | 1,207,885 | ||
Total liabilities and stockholders’ equity | $ 4,038,139 | $ 3,761,875 |
Guarantor and Non-Guarantor F69
Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues: | ||||||||||||
Rental income | $ 459,890 | $ 468,872 | $ 454,635 | |||||||||
Tenant reimbursements | 93,961 | 113,881 | 109,548 | |||||||||
Property management fee revenue | 1,864 | 2,016 | 2,069 | |||||||||
Total revenues | $ 143,911 | $ 138,485 | $ 135,307 | $ 138,012 | $ 139,461 | $ 148,815 | $ 146,734 | $ 149,759 | 555,715 | 584,769 | 566,252 | |
Expenses: | ||||||||||||
Property operating costs | 218,934 | 242,022 | 239,431 | |||||||||
Depreciation | 127,733 | 134,503 | 138,596 | |||||||||
Amortization | 75,119 | 60,886 | 56,579 | |||||||||
Impairment loss on real estate assets | [1] | 30,898 | 40,169 | 0 | ||||||||
General and administrative | 29,244 | 30,346 | 23,825 | |||||||||
Operating Expenses | 481,928 | 507,926 | 458,431 | |||||||||
Real estate operating income | 26,633 | 3,349 | 17,433 | 26,372 | 28,938 | (1,133) | 20,824 | 28,214 | 73,787 | 76,843 | 107,821 | |
Other income (expense): | ||||||||||||
Interest expense | (64,860) | (73,998) | (74,446) | |||||||||
Other income/(expense) | (13) | 1,565 | 62 | |||||||||
Net recoveries/(loss) from casualty events and litigation settlements | 34 | (278) | 6,992 | |||||||||
Equity in income/(loss) of unconsolidated joint ventures | 362 | 553 | (350) | |||||||||
Nonoperating Income (Expense) | (64,477) | (72,158) | (67,742) | |||||||||
Income from continuing operations | 10,529 | (12,705) | 1,090 | 10,396 | 11,164 | (19,027) | 3,372 | 9,176 | 9,310 | 4,685 | 40,079 | |
Discontinued operations: | ||||||||||||
Operating income | 0 | 84 | 954 | |||||||||
Gain/(loss) on sale of real estate assets | 0 | (1) | 1,198 | |||||||||
Income from discontinued operations | 0 | 1 | (1) | 0 | 72 | 14 | (3) | 0 | 0 | 83 | 2,152 | |
Gain on sale of real estate assets | 19,652 | (57) | 78,987 | (20) | 114,411 | 17,142 | 26,611 | 10,073 | 98,562 | 168,237 | 1,132 | |
Net income | 107,872 | 173,005 | 43,363 | |||||||||
Less: Net loss/(income) applicable to noncontrolling interest | 15 | (15) | (15) | |||||||||
Net income applicable to Piedmont | $ 30,189 | $ (12,746) | $ 80,072 | $ 10,372 | $ 125,644 | $ (1,875) | $ 29,976 | $ 19,245 | 107,887 | 172,990 | 43,348 | |
Eliminations [Member] | ||||||||||||
Revenues: | ||||||||||||
Rental income | (2,631) | (2,905) | (5,203) | |||||||||
Tenant reimbursements | (498) | (414) | (534) | |||||||||
Property management fee revenue | (15,033) | (15,785) | (14,447) | |||||||||
Total revenues | (18,162) | (19,104) | (20,184) | |||||||||
Expenses: | ||||||||||||
Property operating costs | (18,377) | (19,786) | (20,976) | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Impairment loss on real estate assets | 0 | 0 | ||||||||||
General and administrative | (35,446) | (35,563) | (27,942) | |||||||||
Operating Expenses | (53,823) | (55,349) | (48,918) | |||||||||
Real estate operating income | 35,661 | 36,245 | 28,734 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | 11,884 | 11,246 | 12,534 | |||||||||
Other income/(expense) | (11,884) | (11,246) | (12,534) | |||||||||
Net recoveries/(loss) from casualty events and litigation settlements | 0 | 0 | 0 | |||||||||
Equity in income/(loss) of unconsolidated joint ventures | 0 | 0 | 0 | |||||||||
Nonoperating Income (Expense) | 0 | 0 | 0 | |||||||||
Income from continuing operations | 35,661 | 36,245 | 28,734 | |||||||||
Discontinued operations: | ||||||||||||
Operating income | 0 | 0 | ||||||||||
Gain/(loss) on sale of real estate assets | 0 | 0 | ||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||
Gain on sale of real estate assets | 0 | 0 | 0 | |||||||||
Net income | 35,661 | 36,245 | 28,734 | |||||||||
Less: Net loss/(income) applicable to noncontrolling interest | 0 | 0 | 0 | |||||||||
Net income applicable to Piedmont | 35,661 | 36,245 | 28,734 | |||||||||
Issuer [Member] | ||||||||||||
Revenues: | ||||||||||||
Rental income | 55,007 | 67,317 | 72,843 | |||||||||
Tenant reimbursements | 14,081 | 13,340 | 16,566 | |||||||||
Property management fee revenue | 0 | 0 | 0 | |||||||||
Total revenues | 69,088 | 80,657 | 89,409 | |||||||||
Expenses: | ||||||||||||
Property operating costs | 31,967 | 36,380 | 42,621 | |||||||||
Depreciation | 16,657 | 20,891 | 23,512 | |||||||||
Amortization | 3,715 | 4,598 | 4,754 | |||||||||
Impairment loss on real estate assets | 5,972 | 5,354 | ||||||||||
General and administrative | 28,314 | 29,645 | 23,235 | |||||||||
Operating Expenses | 86,625 | 96,868 | 94,122 | |||||||||
Real estate operating income | (17,537) | (16,211) | (4,713) | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (49,108) | (51,704) | (47,355) | |||||||||
Other income/(expense) | 9,560 | 12,600 | 11,944 | |||||||||
Net recoveries/(loss) from casualty events and litigation settlements | 0 | 23 | 1,322 | |||||||||
Equity in income/(loss) of unconsolidated joint ventures | 362 | 553 | (350) | |||||||||
Nonoperating Income (Expense) | (39,186) | (38,528) | (34,439) | |||||||||
Income from continuing operations | (56,723) | (54,739) | (39,152) | |||||||||
Discontinued operations: | ||||||||||||
Operating income | 15 | 913 | ||||||||||
Gain/(loss) on sale of real estate assets | (1) | 450 | ||||||||||
Income from discontinued operations | 14 | 1,363 | ||||||||||
Gain on sale of real estate assets | 33,326 | 53,795 | 0 | |||||||||
Net income | (23,397) | (930) | (37,789) | |||||||||
Less: Net loss/(income) applicable to noncontrolling interest | 0 | 0 | 0 | |||||||||
Net income applicable to Piedmont | (23,397) | (930) | (37,789) | |||||||||
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 on real estate assets | 0 | 0 | ||||||||||
General and administrative | 311 | 341 | 300 | |||||||||
Operating Expenses | 311 | 341 | 300 | |||||||||
Real estate operating income | (311) | (341) | (300) | |||||||||
Other income (expense): | ||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Other income/(expense) | 282 | 0 | 0 | |||||||||
Net recoveries/(loss) from casualty events and litigation settlements | 0 | 0 | 1,479 | |||||||||
Equity in income/(loss) of unconsolidated joint ventures | 0 | 0 | 0 | |||||||||
Nonoperating Income (Expense) | 282 | 0 | 1,479 | |||||||||
Income from continuing operations | (29) | (341) | 1,179 | |||||||||
Discontinued operations: | ||||||||||||
Operating income | 0 | 0 | ||||||||||
Gain/(loss) on sale of real estate assets | 0 | 0 | ||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||
Gain on sale of real estate assets | 0 | 0 | 0 | |||||||||
Net income | (29) | (341) | 1,179 | |||||||||
Less: Net loss/(income) applicable to noncontrolling interest | 0 | 0 | 0 | |||||||||
Net income applicable to Piedmont | (29) | (341) | 1,179 | |||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||
Revenues: | ||||||||||||
Rental income | 407,514 | 404,460 | 386,995 | |||||||||
Tenant reimbursements | 80,378 | 100,955 | 93,516 | |||||||||
Property management fee revenue | 16,897 | 17,801 | 16,516 | |||||||||
Total revenues | 504,789 | 523,216 | 497,027 | |||||||||
Expenses: | ||||||||||||
Property operating costs | 205,344 | 225,428 | 217,786 | |||||||||
Depreciation | 111,076 | 113,612 | 115,084 | |||||||||
Amortization | 71,404 | 56,288 | 51,825 | |||||||||
Impairment loss on real estate assets | 24,926 | 34,815 | ||||||||||
General and administrative | 36,065 | 35,923 | 28,232 | |||||||||
Operating Expenses | 448,815 | 466,066 | 412,927 | |||||||||
Real estate operating income | 55,974 | 57,150 | 84,100 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (27,636) | (33,540) | (39,625) | |||||||||
Other income/(expense) | 2,029 | 211 | 652 | |||||||||
Net recoveries/(loss) from casualty events and litigation settlements | 34 | (301) | 4,191 | |||||||||
Equity in income/(loss) of unconsolidated joint ventures | 0 | 0 | 0 | |||||||||
Nonoperating Income (Expense) | (25,573) | (33,630) | (34,782) | |||||||||
Income from continuing operations | 30,401 | 23,520 | 49,318 | |||||||||
Discontinued operations: | ||||||||||||
Operating income | 69 | 41 | ||||||||||
Gain/(loss) on sale of real estate assets | 0 | 748 | ||||||||||
Income from discontinued operations | 69 | 789 | ||||||||||
Gain on sale of real estate assets | 65,236 | 114,442 | 1,132 | |||||||||
Net income | 95,637 | 138,031 | 51,239 | |||||||||
Less: Net loss/(income) applicable to noncontrolling interest | 15 | (15) | (15) | |||||||||
Net income applicable to Piedmont | $ 95,652 | $ 138,016 | $ 51,224 | |||||||||
[1] | The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. |
Guarantor and Non-Guarantor F70
Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | $ 235,809 | $ 219,044 | $ 217,158 |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | (459,896) | (501,444) | (291,459) |
Intercompany note receivable | 0 | 0 | 0 |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | (4,000) | 0 |
Net sale proceeds from wholly-owned properties | 365,918 | 848,169 | 46,232 |
Net sale proceeds received from unconsolidated joint ventures | 0 | 0 | 6,017 |
Investments in unconsolidated joint ventures | 0 | 0 | (42) |
Deferred lease costs paid | (25,896) | (37,683) | (27,694) |
Net cash provided by/(used in) investing activities | (119,874) | 305,042 | (266,946) |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | (264) | (1,081) | (1,294) |
Proceeds from debt | 695,000 | 1,301,858 | 1,052,527 |
Repayments of debt | (706,875) | (1,544,301) | (813,702) |
Discount due to loan modification | 0 | 0 | (1,135) |
Intercompany note payable | 0 | 0 | 0 |
Costs of issuance of common stock | (342) | (326) | 0 |
Shares withheld to pay tax obligations related to employee stock compensation | (2,344) | (1,710) | (1,275) |
Repurchases of common stock as part of announced plan | (7,943) | (158,860) | (54,802) |
(Distributions to)/repayments from affiliates | 0 | 0 | 0 |
Dividends paid and discount on dividend reinvestments | (91,616) | (126,531) | (125,198) |
Net cash provided by/(used in) financing activities | (114,384) | (530,951) | 55,121 |
Net increase/(decrease) in cash and cash equivalents | 1,551 | (6,865) | 5,333 |
Cash and cash equivalents, beginning of year | 5,441 | 12,306 | 6,973 |
Cash and cash equivalents, end of year | 6,992 | 5,441 | 12,306 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | 35,660 | 36,245 | 28,733 |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | 0 | 0 | 0 |
Intercompany note receivable | 71,460 | (72,000) | (650) |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | ||
Net sale proceeds from wholly-owned properties | 0 | 0 | 0 |
Net sale proceeds received from unconsolidated joint ventures | 0 | ||
Investments in unconsolidated joint ventures | 0 | ||
Deferred lease costs paid | 0 | 0 | 0 |
Net cash provided by/(used in) investing activities | 71,460 | (72,000) | (650) |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | 0 | 0 | 0 |
Proceeds from debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Discount due to loan modification | 0 | ||
Intercompany note payable | (71,460) | 72,000 | 650 |
Costs of issuance of common stock | 0 | 0 | |
Shares withheld to pay tax obligations related to employee stock compensation | 0 | 0 | |
Repurchases of common stock as part of announced plan | 0 | 0 | 0 |
(Distributions to)/repayments from affiliates | (35,660) | (36,245) | (28,733) |
Dividends paid and discount on dividend reinvestments | 0 | 0 | 0 |
Net cash provided by/(used in) financing activities | (107,120) | 35,755 | (28,083) |
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 |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | (26,260) | (27,077) | 5,448 |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | (5,060) | (12,203) | (23,541) |
Intercompany note receivable | 440 | 72,000 | 650 |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | ||
Net sale proceeds from wholly-owned properties | 200,220 | 151,557 | 29,519 |
Net sale proceeds received from unconsolidated joint ventures | 6,017 | ||
Investments in unconsolidated joint ventures | (42) | ||
Deferred lease costs paid | (2,758) | (3,792) | (4,472) |
Net cash provided by/(used in) investing activities | 192,842 | 207,562 | 8,131 |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | (264) | (575) | (1,294) |
Proceeds from debt | 695,000 | 1,142,577 | 1,052,527 |
Repayments of debt | (538,000) | (1,438,000) | (238,000) |
Discount due to loan modification | (1,135) | ||
Intercompany note payable | (9,600) | 0 | 0 |
Costs of issuance of common stock | 0 | 0 | |
Shares withheld to pay tax obligations related to employee stock compensation | 0 | 0 | 0 |
Repurchases of common stock as part of announced plan | 0 | 0 | 0 |
(Distributions to)/repayments from affiliates | (312,218) | 109,544 | (820,795) |
Dividends paid and discount on dividend reinvestments | 0 | 0 | 0 |
Net cash provided by/(used in) financing activities | (165,082) | (186,454) | (8,697) |
Net increase/(decrease) in cash and cash equivalents | 1,500 | (5,969) | 4,882 |
Cash and cash equivalents, beginning of year | 2,174 | 8,143 | 3,261 |
Cash and cash equivalents, end of year | 3,674 | 2,174 | 8,143 |
Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | 5,214 | 4,699 | 4,088 |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | 0 | 0 | 0 |
Intercompany note receivable | 0 | 0 | 0 |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | ||
Net sale proceeds from wholly-owned properties | 0 | 0 | 0 |
Net sale proceeds received from unconsolidated joint ventures | 0 | ||
Investments in unconsolidated joint ventures | 0 | ||
Deferred lease costs paid | 0 | 0 | 0 |
Net cash provided by/(used in) investing activities | 0 | 0 | 0 |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | 0 | 0 | 0 |
Proceeds from debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Discount due to loan modification | 0 | ||
Intercompany note payable | 0 | 0 | 0 |
Costs of issuance of common stock | (342) | (326) | |
Shares withheld to pay tax obligations related to employee stock compensation | (2,344) | (1,710) | (1,275) |
Repurchases of common stock as part of announced plan | (7,943) | (158,860) | (54,802) |
(Distributions to)/repayments from affiliates | 97,016 | 281,073 | 178,812 |
Dividends paid and discount on dividend reinvestments | (91,601) | (126,516) | (125,183) |
Net cash provided by/(used in) financing activities | (5,214) | (6,339) | (2,448) |
Net increase/(decrease) in cash and cash equivalents | 0 | (1,640) | 1,640 |
Cash and cash equivalents, beginning of year | 150 | 1,790 | 150 |
Cash and cash equivalents, end of year | 150 | 150 | 1,790 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | 221,195 | 205,177 | 178,889 |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | (454,836) | (489,241) | (267,918) |
Intercompany note receivable | (71,900) | 0 | 0 |
Redemption of noncontrolling interest in unconsolidated variable interest entity | (4,000) | ||
Net sale proceeds from wholly-owned properties | 165,698 | 696,612 | 16,713 |
Net sale proceeds received from unconsolidated joint ventures | 0 | ||
Investments in unconsolidated joint ventures | 0 | ||
Deferred lease costs paid | (23,138) | (33,891) | (23,222) |
Net cash provided by/(used in) investing activities | (384,176) | 169,480 | (274,427) |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | 0 | (506) | 0 |
Proceeds from debt | 0 | 159,281 | 0 |
Repayments of debt | (168,875) | (106,301) | (575,702) |
Discount due to loan modification | 0 | ||
Intercompany note payable | 81,060 | (72,000) | (650) |
Costs of issuance of common stock | 0 | 0 | |
Shares withheld to pay tax obligations related to employee stock compensation | 0 | 0 | 0 |
Repurchases of common stock as part of announced plan | 0 | 0 | 0 |
(Distributions to)/repayments from affiliates | 250,862 | (354,372) | 670,716 |
Dividends paid and discount on dividend reinvestments | (15) | (15) | (15) |
Net cash provided by/(used in) financing activities | 163,032 | (373,913) | 94,349 |
Net increase/(decrease) in cash and cash equivalents | 51 | 744 | (1,189) |
Cash and cash equivalents, beginning of year | 3,117 | 2,373 | 3,562 |
Cash and cash equivalents, end of year | $ 3,168 | $ 3,117 | $ 2,373 |
Subsequent events (Details)
Subsequent events (Details) $ / shares in Units, $ in Millions | Feb. 08, 2017$ / shares | Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Feb. 21, 2017USD ($)ft²story$ / squarefeet |
Subsequent Event [Line Items] | ||||||||||
Dividends declared (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | ||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends declared (in dollars per share) | $ 0.21 | |||||||||
Subsequent Event [Member] | Sale of Two Independence Square [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of square feet of office building | ft² | 600,000 | |||||||||
Number of stories of office building | story | 9 | |||||||||
Percentage leased | 100.00% | |||||||||
Amount of sales price | $ | $ 359.6 | |||||||||
Sales price per square foot | $ / squarefeet | 593 |
Schedule III - Real Estate an72
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2016a | Dec. 31, 2015USD ($) | ||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost, Land | $ 634,231 | ||||||||
Initial Cost, Buildings and Improvements | 3,803,508 | ||||||||
Initial Cost, Total | [1] | 4,437,739 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 362,286 | |||||||
Gross Amount at Which Carried, Land | 671,896 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 4,128,129 | ||||||||
Gross Amount at Which Carried, Total | $ 4,725,096 | $ 5,267,615 | $ 5,038,005 | 4,800,025 | [3] | $ 4,725,096 | |||
Accumulated Depreciation and Amortization | 1,019,663 | 1,182,556 | 1,060,885 | 1,058,704 | 1,019,663 | ||||
Tax basis of total assets | 4,400,000 | [3] | $ 4,200,000 | ||||||
Real Estate: | |||||||||
Balance at the beginning of the year | 4,725,096 | 5,267,615 | 5,038,005 | ||||||
Additions to/improvements of real estate | 422,908 | 452,106 | 316,991 | ||||||
Assets disposed | (296,319) | (926,592) | (71,627) | ||||||
Assets impaired | (30,898) | (40,169) | 0 | ||||||
Write-offs of intangible assets | [4] | (11,896) | (7,768) | (9,723) | |||||
Write-offs of fully depreciated/amortized assets | (8,866) | (20,096) | (6,031) | ||||||
Balance at the end of the year | 4,800,025 | [3] | 4,725,096 | 5,267,615 | |||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the beginning of the year | 1,019,663 | 1,182,556 | 1,060,885 | ||||||
Depreciation and amortization expense | 155,274 | 155,009 | 156,808 | ||||||
Assets disposed | (95,471) | (290,038) | (19,383) | ||||||
Write-offs of intangible assets | [4] | (11,896) | (7,768) | (9,723) | |||||
Write-offs of fully depreciated/amortized assets | (8,866) | (20,096) | (6,031) | ||||||
Balance at the end of the year | 1,058,704 | $ 1,019,663 | $ 1,182,556 | ||||||
750 W. JOHN CARPENTER FREEWAY [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Number of acres of adjacent land purchased | a | 3.5 | ||||||||
Purchase price of adjoining, developable land | $ 1,000 | ||||||||
1225 Eye Street N.W. Associates, LLC [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 49.50% | ||||||||
1201 Eye Street N.W. Associates, LLC [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 49.50% | ||||||||
1225 Equity LLC [Member] | 1225 Eye Street N.W. Associates, LLC [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 49.50% | ||||||||
1201 Equity LLC [Member] | 1201 Eye Street N.W. Associates, LLC [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 49.50% | ||||||||
Building [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Useful life | 40 years | ||||||||
Wholly Owned Properties [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost, Land | 632,277 | ||||||||
Initial Cost, Buildings and Improvements | 3,792,292 | ||||||||
Initial Cost, Total | [1] | 4,424,569 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 360,848 | |||||||
Gross Amount at Which Carried, Land | 669,848 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 4,115,569 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 4,785,417 | 4,785,417 | ||||||
Accumulated Depreciation and Amortization | 1,053,725 | 1,053,725 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 4,785,417 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 1,053,725 | ||||||||
Partially Owned Properties [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost, Land | 1,954 | ||||||||
Initial Cost, Buildings and Improvements | 11,216 | ||||||||
Initial Cost, Total | [1] | 13,170 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,438 | |||||||
Gross Amount at Which Carried, Land | 2,048 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 12,560 | ||||||||
Gross Amount at Which Carried, Total | [3] | 14,608 | 14,608 | ||||||
Accumulated Depreciation and Amortization | 4,979 | $ 4,979 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 14,608 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,979 | ||||||||
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 | ||||||||
1430 ENCLAVE PARKWAY [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 7,100 | ||||||||
Initial Cost, Buildings and Improvements | 37,915 | ||||||||
Initial Cost, Total | [1] | 45,015 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 2,050 | |||||||
Gross Amount at Which Carried, Land | 5,506 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 41,559 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 47,065 | 47,065 | ||||||
Accumulated Depreciation and Amortization | 18,517 | $ 18,517 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 47,065 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 18,517 | ||||||||
1430 ENCLAVE PARKWAY [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
1430 ENCLAVE PARKWAY [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
CRESCENT RIDGE II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 7,700 | ||||||||
Initial Cost, Buildings and Improvements | 45,154 | ||||||||
Initial Cost, Total | [1] | 52,854 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 7,651 | |||||||
Gross Amount at Which Carried, Land | 8,021 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 52,484 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 60,505 | 60,505 | ||||||
Accumulated Depreciation and Amortization | 22,236 | $ 22,236 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 60,505 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 22,236 | ||||||||
CRESCENT RIDGE II [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
CRESCENT RIDGE II [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
1200 CROWN COLONY DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 11,042 | ||||||||
Initial Cost, Buildings and Improvements | 40,666 | ||||||||
Initial Cost, Total | [1] | 51,708 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 3,506 | |||||||
Gross Amount at Which Carried, Land | 11,042 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 44,172 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 55,214 | 55,214 | ||||||
Accumulated Depreciation and Amortization | 18,445 | $ 18,445 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 55,214 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 18,445 | ||||||||
1200 CROWN COLONY DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
1200 CROWN COLONY DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
5601 HIATUS ROAD [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,642 | ||||||||
Initial Cost, Buildings and Improvements | 10,404 | ||||||||
Initial Cost, Total | [1] | 14,046 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,721 | |||||||
Gross Amount at Which Carried, Land | 3,642 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 12,125 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 15,767 | 15,767 | ||||||
Accumulated Depreciation and Amortization | 5,691 | $ 5,691 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 15,767 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 5,691 | ||||||||
5601 HIATUS ROAD [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
5601 HIATUS ROAD [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
WINDY POINT I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,537 | ||||||||
Initial Cost, Buildings and Improvements | 31,847 | ||||||||
Initial Cost, Total | [1] | 36,384 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 2,071 | |||||||
Gross Amount at Which Carried, Land | 4,537 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 33,918 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 38,455 | 38,455 | ||||||
Accumulated Depreciation and Amortization | 13,116 | $ 13,116 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 38,455 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 13,116 | ||||||||
WINDY POINT I [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
WINDY POINT I [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
WINDY POINT II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,746 | ||||||||
Initial Cost, Buildings and Improvements | 55,026 | ||||||||
Initial Cost, Total | [1] | 58,772 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 16,696 | |||||||
Gross Amount at Which Carried, Land | 3,746 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 71,722 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 75,468 | 75,468 | ||||||
Accumulated Depreciation and Amortization | 26,654 | $ 26,654 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 75,468 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 26,654 | ||||||||
WINDY POINT II [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
WINDY POINT II [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
SARASOTA COMMERCE CENTER II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 1,767 | ||||||||
Initial Cost, Buildings and Improvements | 20,533 | ||||||||
Initial Cost, Total | [1] | 22,300 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 2,730 | |||||||
Gross Amount at Which Carried, Land | 2,203 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 22,827 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 25,030 | 25,030 | ||||||
Accumulated Depreciation and Amortization | 9,652 | $ 9,652 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 25,030 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 9,652 | ||||||||
SARASOTA COMMERCE CENTER II [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
SARASOTA COMMERCE CENTER II [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
2001 NW 64TH STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | [6] | 100.00% | |||||||
Initial Cost, Land | [6] | $ 0 | |||||||
Initial Cost, Buildings and Improvements | [6] | 7,172 | |||||||
Initial Cost, Total | [1],[6] | 7,172 | |||||||
Costs Capitalized Subsequent to Acquisition | [2],[6] | 966 | |||||||
Gross Amount at Which Carried, Land | [6] | 0 | |||||||
Gross Amount at Which Carried, Buildings and Improvements | [6] | 8,138 | |||||||
Gross Amount at Which Carried, Total | [3],[6] | $ 8,138 | 8,138 | ||||||
Accumulated Depreciation and Amortization | [6] | 3,428 | $ 3,428 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | [3],[6] | 8,138 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | [6] | $ 3,428 | |||||||
2001 NW 64TH STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[6] | 0 years | |||||||
2001 NW 64TH STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[6] | 40 years | |||||||
90 CENTRAL STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,642 | ||||||||
Initial Cost, Buildings and Improvements | 29,497 | ||||||||
Initial Cost, Total | [1] | 33,139 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 3,070 | |||||||
Gross Amount at Which Carried, Land | 3,642 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 32,567 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 36,209 | 36,209 | ||||||
Accumulated Depreciation and Amortization | 13,092 | $ 13,092 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 36,209 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 13,092 | ||||||||
90 CENTRAL STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
90 CENTRAL STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
DESERT CANYON 300 [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 2,602 | ||||||||
Initial Cost, Buildings and Improvements | 24,333 | ||||||||
Initial Cost, Total | [1] | 26,935 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 45 | |||||||
Gross Amount at Which Carried, Land | 2,602 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 24,378 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 26,980 | 26,980 | ||||||
Accumulated Depreciation and Amortization | 9,289 | $ 9,289 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 26,980 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 9,289 | ||||||||
DESERT CANYON 300 [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
DESERT CANYON 300 [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
6031 CONNECTION DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,157 | ||||||||
Initial Cost, Buildings and Improvements | 43,656 | ||||||||
Initial Cost, Total | [1] | 46,813 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 4,305 | |||||||
Gross Amount at Which Carried, Land | 3,157 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 47,961 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 51,118 | 51,118 | ||||||
Accumulated Depreciation and Amortization | 18,841 | $ 18,841 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 51,118 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 18,841 | ||||||||
6031 CONNECTION DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
6031 CONNECTION DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
6021 CONNECTION DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,157 | ||||||||
Initial Cost, Buildings and Improvements | 42,662 | ||||||||
Initial Cost, Total | [1] | 45,819 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 10,541 | |||||||
Gross Amount at Which Carried, Land | 3,157 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 53,203 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 56,360 | 56,360 | ||||||
Accumulated Depreciation and Amortization | 18,207 | $ 18,207 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 56,360 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 18,207 | ||||||||
6021 CONNECTION DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
6021 CONNECTION DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
6011 CONNECTION DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,157 | ||||||||
Initial Cost, Buildings and Improvements | 29,034 | ||||||||
Initial Cost, Total | [1] | 32,191 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 2,597 | |||||||
Gross Amount at Which Carried, Land | 3,157 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 31,631 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 34,788 | 34,788 | ||||||
Accumulated Depreciation and Amortization | 13,167 | $ 13,167 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 34,788 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 13,167 | ||||||||
6011 CONNECTION DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
6011 CONNECTION DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
TWO INDEPENDENCE SQUARE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 52,711 | ||||||||
Initial Cost, Buildings and Improvements | 202,702 | ||||||||
Initial Cost, Total | [1] | 255,413 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 58,844 | |||||||
Gross Amount at Which Carried, Land | 52,711 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 261,546 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 314,257 | 314,257 | ||||||
Accumulated Depreciation and Amortization | 88,319 | $ 88,319 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 314,257 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 88,319 | ||||||||
TWO INDEPENDENCE SQUARE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
TWO INDEPENDENCE SQUARE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
ONE INDEPENDENCE SQUARE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 29,765 | ||||||||
Initial Cost, Buildings and Improvements | 104,814 | ||||||||
Initial Cost, Total | [1] | 134,579 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 24,250 | |||||||
Gross Amount at Which Carried, Land | 30,562 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 128,267 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 158,829 | 158,829 | ||||||
Accumulated Depreciation and Amortization | 40,467 | $ 40,467 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 158,829 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 40,467 | ||||||||
ONE INDEPENDENCE SQUARE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
ONE INDEPENDENCE SQUARE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
2120 WEST END AVENUE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,908 | ||||||||
Initial Cost, Buildings and Improvements | 59,011 | ||||||||
Initial Cost, Total | [1] | 63,919 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 6,671 | |||||||
Gross Amount at Which Carried, Land | 5,101 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 65,489 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 70,590 | 70,590 | ||||||
Accumulated Depreciation and Amortization | 25,014 | $ 25,014 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 70,590 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 25,014 | ||||||||
2120 WEST END AVENUE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
2120 WEST END AVENUE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
800 NORTH BRAND BOULEVARD [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 23,605 | ||||||||
Initial Cost, Buildings and Improvements | 136,284 | ||||||||
Initial Cost, Total | [1] | 159,889 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 12,937 | |||||||
Gross Amount at Which Carried, Land | 23,607 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 149,219 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 172,826 | 172,826 | ||||||
Accumulated Depreciation and Amortization | 52,172 | $ 52,172 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 172,826 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 52,172 | ||||||||
800 NORTH BRAND BOULEVARD [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
800 NORTH BRAND BOULEVARD [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
US BANCORP CENTER [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 11,138 | ||||||||
Initial Cost, Buildings and Improvements | 175,629 | ||||||||
Initial Cost, Total | [1] | 186,767 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 17,422 | |||||||
Gross Amount at Which Carried, Land | 11,138 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 193,051 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 204,189 | 204,189 | ||||||
Accumulated Depreciation and Amortization | 65,628 | $ 65,628 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 204,189 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 65,628 | ||||||||
US BANCORP CENTER [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
US BANCORP CENTER [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
AUBURN HILLS CORPORATE CENTER [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 1,978 | ||||||||
Initial Cost, Buildings and Improvements | 16,570 | ||||||||
Initial Cost, Total | [1] | 18,548 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (8,081) | |||||||
Gross Amount at Which Carried, Land | 1,591 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 8,876 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 10,467 | 10,467 | ||||||
Accumulated Depreciation and Amortization | 4,292 | $ 4,292 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 10,467 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,292 | ||||||||
AUBURN HILLS CORPORATE CENTER [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
AUBURN HILLS CORPORATE CENTER [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
GLENRIDGE HIGHLANDS TWO [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 6,662 | ||||||||
Initial Cost, Buildings and Improvements | 69,031 | ||||||||
Initial Cost, Total | [1] | 75,693 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (17,857) | |||||||
Gross Amount at Which Carried, Land | 6,662 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 51,174 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 57,836 | 57,836 | ||||||
Accumulated Depreciation and Amortization | 19,919 | $ 19,919 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 57,836 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 19,919 | ||||||||
GLENRIDGE HIGHLANDS TWO [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
GLENRIDGE HIGHLANDS TWO [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
200 BRIDGEWATER CROSSING [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 8,182 | ||||||||
Initial Cost, Buildings and Improvements | 84,160 | ||||||||
Initial Cost, Total | [1] | 92,342 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (11,740) | |||||||
Gross Amount at Which Carried, Land | 8,328 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 72,274 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 80,602 | 80,602 | ||||||
Accumulated Depreciation and Amortization | 25,815 | $ 25,815 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 80,602 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 25,815 | ||||||||
200 BRIDGEWATER CROSSING [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
200 BRIDGEWATER CROSSING [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
400 VIRGINIA AVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 22,146 | ||||||||
Initial Cost, Buildings and Improvements | 49,740 | ||||||||
Initial Cost, Total | [1] | 71,886 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (792) | |||||||
Gross Amount at Which Carried, Land | 22,146 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 48,948 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 71,094 | 71,094 | ||||||
Accumulated Depreciation and Amortization | 17,279 | $ 17,279 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 71,094 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 17,279 | ||||||||
400 VIRGINIA AVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
400 VIRGINIA AVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
4250 NORTH FAIRFAX DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 13,636 | ||||||||
Initial Cost, Buildings and Improvements | 70,918 | ||||||||
Initial Cost, Total | [1] | 84,554 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 4,240 | |||||||
Gross Amount at Which Carried, Land | 13,636 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 75,158 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 88,794 | 88,794 | ||||||
Accumulated Depreciation and Amortization | 24,989 | $ 24,989 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 88,794 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 24,989 | ||||||||
4250 NORTH FAIRFAX DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
4250 NORTH FAIRFAX DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
1225 EYE STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | [7] | 49.50% | |||||||
Encumbrances | [7] | $ 57,600 | |||||||
Initial Cost, Land | [7] | 21,959 | |||||||
Initial Cost, Buildings and Improvements | [7] | 47,602 | |||||||
Initial Cost, Total | [1],[7] | 69,561 | |||||||
Costs Capitalized Subsequent to Acquisition | [2],[7] | 7,565 | |||||||
Gross Amount at Which Carried, Land | [7] | 21,959 | |||||||
Gross Amount at Which Carried, Buildings and Improvements | [7] | 55,167 | |||||||
Gross Amount at Which Carried, Total | [3],[7] | $ 77,126 | 77,126 | ||||||
Accumulated Depreciation and Amortization | [7] | 17,014 | $ 17,014 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | [3],[7] | 77,126 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | [7] | $ 17,014 | |||||||
1225 EYE STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[7] | 0 years | |||||||
1225 EYE STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[7] | 40 years | |||||||
1201 EYE STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | [8] | 49.50% | |||||||
Encumbrances | [8] | $ 82,400 | |||||||
Initial Cost, Land | [8] | 31,985 | |||||||
Initial Cost, Buildings and Improvements | [8] | 63,139 | |||||||
Initial Cost, Total | [1],[8] | 95,124 | |||||||
Costs Capitalized Subsequent to Acquisition | [2],[8] | (55) | |||||||
Gross Amount at Which Carried, Land | [8] | 31,984 | |||||||
Gross Amount at Which Carried, Buildings and Improvements | [8] | 63,085 | |||||||
Gross Amount at Which Carried, Total | [3],[8] | $ 95,069 | 95,069 | ||||||
Accumulated Depreciation and Amortization | [8] | 20,043 | $ 20,043 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | [3],[8] | 95,069 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | [8] | $ 20,043 | |||||||
1201 EYE STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[8] | 0 years | |||||||
1201 EYE STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[8] | 40 years | |||||||
1901 MARKET STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Encumbrances | $ 160,000 | ||||||||
Initial Cost, Land | 13,584 | ||||||||
Initial Cost, Buildings and Improvements | 166,683 | ||||||||
Initial Cost, Total | [1] | 180,267 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 53,684 | |||||||
Gross Amount at Which Carried, Land | 20,829 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 213,122 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 233,951 | 233,951 | ||||||
Accumulated Depreciation and Amortization | 71,421 | $ 71,421 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 233,951 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 71,421 | ||||||||
1901 MARKET STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
1901 MARKET STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
60 BROAD STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 32,522 | ||||||||
Initial Cost, Buildings and Improvements | 168,986 | ||||||||
Initial Cost, Total | [1] | 201,508 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 12,390 | |||||||
Gross Amount at Which Carried, Land | 60,708 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 153,190 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 213,898 | 213,898 | ||||||
Accumulated Depreciation and Amortization | 51,381 | $ 51,381 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 213,898 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 51,381 | ||||||||
60 BROAD STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
60 BROAD STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
1414 MASSACHUSETTS AVENUE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,210 | ||||||||
Initial Cost, Buildings and Improvements | 35,821 | ||||||||
Initial Cost, Total | [1] | 40,031 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (284) | |||||||
Gross Amount at Which Carried, Land | 4,365 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 35,382 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 39,747 | 39,747 | ||||||
Accumulated Depreciation and Amortization | 16,045 | $ 16,045 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 39,747 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 16,045 | ||||||||
1414 MASSACHUSETTS AVENUE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
1414 MASSACHUSETTS AVENUE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
ONE BRATTLE SQUARE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 6,974 | ||||||||
Initial Cost, Buildings and Improvements | 64,940 | ||||||||
Initial Cost, Total | [1] | 71,914 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (2,976) | |||||||
Gross Amount at Which Carried, Land | 7,113 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 61,825 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 68,938 | 68,938 | ||||||
Accumulated Depreciation and Amortization | 34,237 | $ 34,237 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 68,938 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 34,237 | ||||||||
ONE BRATTLE SQUARE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
ONE BRATTLE SQUARE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
600 CORPORATE DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,934 | ||||||||
Initial Cost, Buildings and Improvements | 0 | ||||||||
Initial Cost, Total | [1] | 3,934 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 16,281 | |||||||
Gross Amount at Which Carried, Land | 3,934 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 16,281 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 20,215 | 20,215 | ||||||
Accumulated Depreciation and Amortization | 6,969 | $ 6,969 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 20,215 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 6,969 | ||||||||
600 CORPORATE DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
600 CORPORATE DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
1075 WEST ENTRANCE DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 5,200 | ||||||||
Initial Cost, Buildings and Improvements | 22,957 | ||||||||
Initial Cost, Total | [1] | 28,157 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (313) | |||||||
Gross Amount at Which Carried, Land | 5,207 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 22,637 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 27,844 | 27,844 | ||||||
Accumulated Depreciation and Amortization | 8,128 | $ 8,128 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 27,844 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 8,128 | ||||||||
1075 WEST ENTRANCE DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
1075 WEST ENTRANCE DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
3100 CLARENDON BOULEVARD [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 11,700 | ||||||||
Initial Cost, Buildings and Improvements | 69,705 | ||||||||
Initial Cost, Total | [1] | 81,405 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 38,680 | |||||||
Gross Amount at Which Carried, Land | 11,791 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 108,294 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 120,085 | 120,085 | ||||||
Accumulated Depreciation and Amortization | 21,673 | $ 21,673 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 120,085 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 21,673 | ||||||||
3100 CLARENDON BOULEVARD [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
3100 CLARENDON BOULEVARD [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
400 BRIDGEWATER CROSSING [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 10,400 | ||||||||
Initial Cost, Buildings and Improvements | 71,052 | ||||||||
Initial Cost, Total | [1] | 81,452 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (15,626) | |||||||
Gross Amount at Which Carried, Land | 10,400 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 55,426 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 65,826 | 65,826 | ||||||
Accumulated Depreciation and Amortization | 16,329 | $ 16,329 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 65,826 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 16,329 | ||||||||
400 BRIDGEWATER CROSSING [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
400 BRIDGEWATER CROSSING [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
LAS COLINAS CORPORATE CENTER I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,912 | ||||||||
Initial Cost, Buildings and Improvements | 18,830 | ||||||||
Initial Cost, Total | [1] | 22,742 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (3,667) | |||||||
Gross Amount at Which Carried, Land | 2,543 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 16,532 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 19,075 | 19,075 | ||||||
Accumulated Depreciation and Amortization | 5,065 | $ 5,065 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 19,075 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 5,065 | ||||||||
LAS COLINAS CORPORATE CENTER I [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
LAS COLINAS CORPORATE CENTER I [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
LAS COLINAS CORPORATE CENTER II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,496 | ||||||||
Initial Cost, Buildings and Improvements | 29,881 | ||||||||
Initial Cost, Total | [1] | 34,377 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (3,624) | |||||||
Gross Amount at Which Carried, Land | 2,543 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 28,210 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 30,753 | 30,753 | ||||||
Accumulated Depreciation and Amortization | 8,536 | $ 8,536 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 30,753 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 8,536 | ||||||||
LAS COLINAS CORPORATE CENTER II [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
LAS COLINAS CORPORATE CENTER II [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
TWO PIERCE PLACE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,370 | ||||||||
Initial Cost, Buildings and Improvements | 70,632 | ||||||||
Initial Cost, Total | [1] | 75,002 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 10,640 | |||||||
Gross Amount at Which Carried, Land | 8,156 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 77,486 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 85,642 | 85,642 | ||||||
Accumulated Depreciation and Amortization | 28,680 | $ 28,680 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 85,642 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 28,680 | ||||||||
TWO PIERCE PLACE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
TWO PIERCE PLACE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
2300 CABOT DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,390 | ||||||||
Initial Cost, Buildings and Improvements | 19,549 | ||||||||
Initial Cost, Total | [1] | 23,939 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (4,073) | |||||||
Gross Amount at Which Carried, Land | 4,390 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 15,476 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 19,866 | 19,866 | ||||||
Accumulated Depreciation and Amortization | 4,054 | $ 4,054 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 19,866 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,054 | ||||||||
2300 CABOT DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
2300 CABOT DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
PIEDMONT POINTE I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 11,200 | ||||||||
Initial Cost, Buildings and Improvements | 58,606 | ||||||||
Initial Cost, Total | [1] | 69,806 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 7,371 | |||||||
Gross Amount at Which Carried, Land | 11,200 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 65,977 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 77,177 | 77,177 | ||||||
Accumulated Depreciation and Amortization | 17,043 | $ 17,043 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 77,177 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 17,043 | ||||||||
PIEDMONT POINTE I [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
PIEDMONT POINTE I [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
PIEDMONT POINTE II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 13,300 | ||||||||
Initial Cost, Buildings and Improvements | 70,618 | ||||||||
Initial Cost, Total | [1] | 83,918 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 8,115 | |||||||
Gross Amount at Which Carried, Land | 13,300 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 78,733 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 92,033 | 92,033 | ||||||
Accumulated Depreciation and Amortization | 18,682 | $ 18,682 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 92,033 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 18,682 | ||||||||
PIEDMONT POINTE II [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
PIEDMONT POINTE II [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
SUWANEE GATEWAY ONE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 1,000 | ||||||||
Initial Cost, Buildings and Improvements | 6,875 | ||||||||
Initial Cost, Total | [1] | 7,875 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 3,159 | |||||||
Gross Amount at Which Carried, Land | 2,401 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 8,633 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 11,034 | 11,034 | ||||||
Accumulated Depreciation and Amortization | 1,533 | $ 1,533 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 11,034 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 1,533 | ||||||||
SUWANEE GATEWAY ONE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
SUWANEE GATEWAY ONE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
ONE MERIDIAN CROSSINGS [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 2,919 | ||||||||
Initial Cost, Buildings and Improvements | 24,398 | ||||||||
Initial Cost, Total | [1] | 27,317 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 318 | |||||||
Gross Amount at Which Carried, Land | 2,919 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 24,716 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 27,635 | 27,635 | ||||||
Accumulated Depreciation and Amortization | 4,340 | $ 4,340 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 27,635 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,340 | ||||||||
ONE MERIDIAN CROSSINGS [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
ONE MERIDIAN CROSSINGS [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
TWO MERIDIAN CROSSINGS [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 2,661 | ||||||||
Initial Cost, Buildings and Improvements | 25,742 | ||||||||
Initial Cost, Total | [1] | 28,403 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 590 | |||||||
Gross Amount at Which Carried, Land | 2,661 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 26,332 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 28,993 | 28,993 | ||||||
Accumulated Depreciation and Amortization | 4,592 | $ 4,592 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 28,993 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,592 | ||||||||
TWO MERIDIAN CROSSINGS [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
TWO MERIDIAN CROSSINGS [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
500 WEST MONROE STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 36,990 | ||||||||
Initial Cost, Buildings and Improvements | 185,113 | ||||||||
Initial Cost, Total | [1] | 222,103 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 42,561 | |||||||
Gross Amount at Which Carried, Land | 36,990 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 227,674 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 264,664 | 264,664 | ||||||
Accumulated Depreciation and Amortization | 35,293 | $ 35,293 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 264,664 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 35,293 | ||||||||
500 WEST MONROE STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
500 WEST MONROE STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
THE DUPREE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,080 | ||||||||
Initial Cost, Buildings and Improvements | 14,310 | ||||||||
Initial Cost, Total | [1] | 18,390 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 877 | |||||||
Gross Amount at Which Carried, Land | 4,080 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 15,187 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 19,267 | 19,267 | ||||||
Accumulated Depreciation and Amortization | 3,814 | $ 3,814 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 19,267 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 3,814 | ||||||||
THE DUPREE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
THE DUPREE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
THE MEDICI [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 1,780 | ||||||||
Initial Cost, Buildings and Improvements | 11,510 | ||||||||
Initial Cost, Total | [1] | 13,290 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 4,988 | |||||||
Gross Amount at Which Carried, Land | 1,780 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 16,498 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 18,278 | 18,278 | ||||||
Accumulated Depreciation and Amortization | 2,873 | $ 2,873 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 18,278 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 2,873 | ||||||||
THE MEDICI [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
THE MEDICI [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
225 PRESIDENTIAL WAY [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 3,626 | ||||||||
Initial Cost, Buildings and Improvements | 36,916 | ||||||||
Initial Cost, Total | [1] | 40,542 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (764) | |||||||
Gross Amount at Which Carried, Land | 3,612 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 36,166 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 39,778 | 39,778 | ||||||
Accumulated Depreciation and Amortization | 8,150 | $ 8,150 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 39,778 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 8,150 | ||||||||
225 PRESIDENTIAL WAY [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
225 PRESIDENTIAL WAY [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
235 PRESIDENTIAL WAY [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,154 | ||||||||
Initial Cost, Buildings and Improvements | 44,048 | ||||||||
Initial Cost, Total | [1] | 48,202 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (911) | |||||||
Gross Amount at Which Carried, Land | 4,138 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 43,153 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 47,291 | 47,291 | ||||||
Accumulated Depreciation and Amortization | 9,686 | $ 9,686 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 47,291 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 9,686 | ||||||||
235 PRESIDENTIAL WAY [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
235 PRESIDENTIAL WAY [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
400 TOWNPARK [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 2,570 | ||||||||
Initial Cost, Buildings and Improvements | 20,555 | ||||||||
Initial Cost, Total | [1] | 23,125 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 3,555 | |||||||
Gross Amount at Which Carried, Land | 2,570 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 24,110 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 26,680 | 26,680 | ||||||
Accumulated Depreciation and Amortization | 4,107 | $ 4,107 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 26,680 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,107 | ||||||||
400 TOWNPARK [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
400 TOWNPARK [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
ARLINGTON GATEWAY [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 36,930 | ||||||||
Initial Cost, Buildings and Improvements | 129,070 | ||||||||
Initial Cost, Total | [1] | 166,000 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,384 | |||||||
Gross Amount at Which Carried, Land | 36,930 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 130,454 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 167,384 | 167,384 | ||||||
Accumulated Depreciation and Amortization | 19,186 | $ 19,186 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 167,384 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 19,186 | ||||||||
ARLINGTON GATEWAY [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
ARLINGTON GATEWAY [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
5 & 15 WAYSIDE ROAD [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 7,190 | ||||||||
Initial Cost, Buildings and Improvements | 55,445 | ||||||||
Initial Cost, Total | [1] | 62,635 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,536 | |||||||
Gross Amount at Which Carried, Land | 7,190 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 56,981 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 64,171 | 64,171 | ||||||
Accumulated Depreciation and Amortization | 7,917 | $ 7,917 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 64,171 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 7,917 | ||||||||
5 & 15 WAYSIDE ROAD [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
5 & 15 WAYSIDE ROAD [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
5301 MARYLAND WAY [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 5,740 | ||||||||
Initial Cost, Buildings and Improvements | 9,717 | ||||||||
Initial Cost, Total | [1] | 15,457 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (1,768) | |||||||
Gross Amount at Which Carried, Land | 5,740 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 7,949 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 13,689 | 13,689 | ||||||
Accumulated Depreciation and Amortization | 581 | $ 581 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 13,689 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 581 | ||||||||
5301 MARYLAND WAY [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
5301 MARYLAND WAY [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
6565 MACARTHUR BLVD [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,820 | ||||||||
Initial Cost, Buildings and Improvements | 37,767 | ||||||||
Initial Cost, Total | [1] | 42,587 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 512 | |||||||
Gross Amount at Which Carried, Land | 4,820 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 38,279 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 43,099 | 43,099 | ||||||
Accumulated Depreciation and Amortization | 5,115 | $ 5,115 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 43,099 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 5,115 | ||||||||
6565 MACARTHUR BLVD [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
6565 MACARTHUR BLVD [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
ONE LINCOLN PARK [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 6,640 | ||||||||
Initial Cost, Buildings and Improvements | 44,810 | ||||||||
Initial Cost, Total | [1] | 51,450 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,383 | |||||||
Gross Amount at Which Carried, Land | 6,640 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 46,193 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 52,833 | 52,833 | ||||||
Accumulated Depreciation and Amortization | 5,121 | $ 5,121 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 52,833 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 5,121 | ||||||||
ONE LINCOLN PARK [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
ONE LINCOLN PARK [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
161 CORPORATE CENTER [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 2,020 | ||||||||
Initial Cost, Buildings and Improvements | 10,680 | ||||||||
Initial Cost, Total | [1] | 12,700 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 130 | |||||||
Gross Amount at Which Carried, Land | 2,020 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 10,810 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 12,830 | 12,830 | ||||||
Accumulated Depreciation and Amortization | 1,814 | $ 1,814 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 12,830 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 1,814 | ||||||||
161 CORPORATE CENTER [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
161 CORPORATE CENTER [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
5 WALL STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Encumbrances | $ 31,583 | ||||||||
Initial Cost, Land | 9,560 | ||||||||
Initial Cost, Buildings and Improvements | 50,276 | ||||||||
Initial Cost, Total | [1] | 59,836 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 0 | |||||||
Gross Amount at Which Carried, Land | 9,560 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 50,276 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 59,836 | 59,836 | ||||||
Accumulated Depreciation and Amortization | 6,271 | $ 6,271 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 59,836 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 6,271 | ||||||||
5 WALL STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
5 WALL STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
1155 PERIMETER CENTER WEST [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 5,870 | ||||||||
Initial Cost, Buildings and Improvements | 66,849 | ||||||||
Initial Cost, Total | [1] | 72,719 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 5 | |||||||
Gross Amount at Which Carried, Land | 5,870 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 66,854 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 72,724 | 72,724 | ||||||
Accumulated Depreciation and Amortization | 7,039 | $ 7,039 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 72,724 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 7,039 | ||||||||
1155 PERIMETER CENTER WEST [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
1155 PERIMETER CENTER WEST [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
PARK PLACE ON TURTLE CREEK [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,470 | ||||||||
Initial Cost, Buildings and Improvements | 38,048 | ||||||||
Initial Cost, Total | [1] | 42,518 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,778 | |||||||
Gross Amount at Which Carried, Land | 4,470 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 39,826 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 44,296 | 44,296 | ||||||
Accumulated Depreciation and Amortization | 3,603 | $ 3,603 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 44,296 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 3,603 | ||||||||
PARK PLACE ON TURTLE CREEK [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
PARK PLACE ON TURTLE CREEK [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
80 CENTRAL STREET [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 1,980 | ||||||||
Initial Cost, Buildings and Improvements | 8,930 | ||||||||
Initial Cost, Total | [1] | 10,910 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 40 | |||||||
Gross Amount at Which Carried, Land | 1,980 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 8,970 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 10,950 | 10,950 | ||||||
Accumulated Depreciation and Amortization | 998 | $ 998 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 10,950 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 998 | ||||||||
80 CENTRAL STREET [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
80 CENTRAL STREET [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
ENCLAVE PLACE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 1,890 | ||||||||
Initial Cost, Buildings and Improvements | 60,094 | ||||||||
Initial Cost, Total | [1] | 61,984 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 3,716 | |||||||
Gross Amount at Which Carried, Land | 1,890 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 63,810 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 65,700 | 65,700 | ||||||
Accumulated Depreciation and Amortization | 1,994 | $ 1,994 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 65,700 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 1,994 | ||||||||
ENCLAVE PLACE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
ENCLAVE PLACE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
SUNTRUST CENTER [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 11,660 | ||||||||
Initial Cost, Buildings and Improvements | 139,015 | ||||||||
Initial Cost, Total | [1] | 150,675 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (192) | |||||||
Gross Amount at Which Carried, Land | 11,660 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 138,823 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 150,483 | 150,483 | ||||||
Accumulated Depreciation and Amortization | 6,981 | $ 6,981 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 150,483 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 6,981 | ||||||||
SUNTRUST CENTER [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
SUNTRUST CENTER [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
GALLERIA 300 [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,000 | ||||||||
Initial Cost, Buildings and Improvements | 73,554 | ||||||||
Initial Cost, Total | [1] | 77,554 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,003 | |||||||
Gross Amount at Which Carried, Land | 4,000 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 74,557 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 78,557 | 78,557 | ||||||
Accumulated Depreciation and Amortization | 4,329 | $ 4,329 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 78,557 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,329 | ||||||||
GALLERIA 300 [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
GALLERIA 300 [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
GLENRIDGE HIGHLANDS ONE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 5,960 | ||||||||
Initial Cost, Buildings and Improvements | 50,013 | ||||||||
Initial Cost, Total | [1] | 55,973 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 886 | |||||||
Gross Amount at Which Carried, Land | 5,960 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 50,899 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 56,859 | 56,859 | ||||||
Accumulated Depreciation and Amortization | 3,078 | $ 3,078 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 56,859 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 3,078 | ||||||||
GLENRIDGE HIGHLANDS ONE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
GLENRIDGE HIGHLANDS ONE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
CNL CENTER I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 99.00% | ||||||||
Initial Cost, Land | $ 6,470 | ||||||||
Initial Cost, Buildings and Improvements | 77,858 | ||||||||
Initial Cost, Total | [1] | 84,328 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (263) | |||||||
Gross Amount at Which Carried, Land | 6,470 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 77,595 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 84,065 | 84,065 | ||||||
Accumulated Depreciation and Amortization | 1,505 | $ 1,505 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 84,065 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 1,505 | ||||||||
CNL CENTER I [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
CNL CENTER I [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
CNL CENTER II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 99.00% | ||||||||
Initial Cost, Land | $ 4,550 | ||||||||
Initial Cost, Buildings and Improvements | 55,609 | ||||||||
Initial Cost, Total | [1] | 60,159 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 754 | |||||||
Gross Amount at Which Carried, Land | 4,550 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 56,363 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 60,913 | 60,913 | ||||||
Accumulated Depreciation and Amortization | 1,106 | $ 1,106 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 60,913 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 1,106 | ||||||||
CNL CENTER II [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
CNL CENTER II [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
ONE WAYSIDE ROAD [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 6,240 | ||||||||
Initial Cost, Buildings and Improvements | 57,124 | ||||||||
Initial Cost, Total | [1] | 63,364 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 0 | |||||||
Gross Amount at Which Carried, Land | 6,240 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 57,124 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 63,364 | 63,364 | ||||||
Accumulated Depreciation and Amortization | 1,643 | $ 1,643 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 63,364 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 1,643 | ||||||||
ONE WAYSIDE ROAD [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
ONE WAYSIDE ROAD [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
GALLERIA 200 [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 6,470 | ||||||||
Initial Cost, Buildings and Improvements | 55,825 | ||||||||
Initial Cost, Total | [1] | 62,295 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | (24) | |||||||
Gross Amount at Which Carried, Land | 6,470 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 55,801 | ||||||||
Gross Amount at Which Carried, Total | [3] | $ 62,271 | 62,271 | ||||||
Accumulated Depreciation and Amortization | 768 | $ 768 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 62,271 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 768 | ||||||||
GALLERIA 200 [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
GALLERIA 200 [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
750 W. JOHN CARPENTER FREEWAY [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | [9] | 100.00% | |||||||
Initial Cost, Land | [9] | $ 7,860 | |||||||
Initial Cost, Buildings and Improvements | [9] | 36,303 | |||||||
Initial Cost, Total | [1],[9] | 44,163 | |||||||
Costs Capitalized Subsequent to Acquisition | [2],[9] | 0 | |||||||
Gross Amount at Which Carried, Land | [9] | 7,860 | |||||||
Gross Amount at Which Carried, Buildings and Improvements | [9] | 36,303 | |||||||
Gross Amount at Which Carried, Total | [3],[9] | $ 44,163 | 44,163 | ||||||
Accumulated Depreciation and Amortization | [9] | 219 | $ 219 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | [3],[9] | 44,163 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | [9] | $ 219 | |||||||
750 W. JOHN CARPENTER FREEWAY [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[9] | 0 years | |||||||
750 W. JOHN CARPENTER FREEWAY [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[9] | 40 years | |||||||
PIEDMONT POWER, LLC [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | [10] | 100.00% | |||||||
Initial Cost, Land | [10] | $ 0 | |||||||
Initial Cost, Buildings and Improvements | [10] | 79 | |||||||
Initial Cost, Total | [1],[10] | 79 | |||||||
Costs Capitalized Subsequent to Acquisition | [2],[10] | 2,740 | |||||||
Gross Amount at Which Carried, Land | [10] | 0 | |||||||
Gross Amount at Which Carried, Buildings and Improvements | [10] | 2,819 | |||||||
Gross Amount at Which Carried, Total | [3],[10] | $ 2,819 | 2,819 | ||||||
Accumulated Depreciation and Amortization | [10] | 534 | $ 534 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | [3],[10] | 2,819 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | [10] | $ 534 | |||||||
PIEDMONT POWER, LLC [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[10] | 0 years | |||||||
PIEDMONT POWER, LLC [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5],[10] | 40 years | |||||||
UNDEVELOPED LAND PARCELS [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | [11] | 100.00% | |||||||
Initial Cost, Land | [11] | $ 18,061 | |||||||
Initial Cost, Buildings and Improvements | [11] | 0 | |||||||
Initial Cost, Total | [1],[11] | 18,061 | |||||||
Costs Capitalized Subsequent to Acquisition | [2],[11] | 24,904 | |||||||
Gross Amount at Which Carried, Land | [11] | 18,061 | |||||||
Gross Amount at Which Carried, Buildings and Improvements | [11] | 24,904 | |||||||
Gross Amount at Which Carried, Total | [3],[11] | $ 42,965 | 42,965 | ||||||
Accumulated Depreciation and Amortization | [11] | 6 | $ 6 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | [3],[11] | 42,965 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | [11] | 6 | |||||||
8560 UPLAND DRIVE [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 72.00% | ||||||||
Initial Cost, Land | $ 1,954 | ||||||||
Initial Cost, Buildings and Improvements | 11,216 | ||||||||
Initial Cost, Total | [1] | 13,170 | |||||||
Costs Capitalized Subsequent to Acquisition | [2] | 1,438 | |||||||
Gross Amount at Which Carried, Land | 2,048 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 12,560 | ||||||||
Gross Amount at Which Carried, Total | [3] | 14,608 | 14,608 | ||||||
Accumulated Depreciation and Amortization | 4,979 | $ 4,979 | |||||||
Real Estate: | |||||||||
Balance at the end of the year | [3] | 14,608 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 4,979 | ||||||||
8560 UPLAND DRIVE [Member] | Minimum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 0 years | |||||||
8560 UPLAND DRIVE [Member] | Maximum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | [5] | 40 years | |||||||
[1] | Total initial cost excludes purchase price allocated to intangible lease origination costs and intangible lease liabilities. | ||||||||
[2] | Includes write-offs of fully depreciated/amortized capitalized assets. | ||||||||
[3] | The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $4.4 billion. | ||||||||
[4] | Consists of write-offs of intangible lease assets related to lease restructurings, amendments and terminations. | ||||||||
[5] | Piedmont’s assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. Generally, Tenant Improvements 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. | ||||||||
[6] | Property is owned subject to a long-term ground lease. | ||||||||
[7] | As a result of its 49.5% membership interest in 1225 Eye Street, N.W. Associates, LLC, Piedmont owns 49.5% of the 1225 Eye Street building. Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building. | ||||||||
[8] | As a result of its 49.5% membership interest in 1201 Eye Street, N.W. Associates, LLC, Piedmont owns 49.5% of the 1201 Eye Street building. Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building. | ||||||||
[9] | As part of the acquisition of the property, Piedmont purchased an adjoining, developable land parcel of 3.5 acres for $1.0 million. | ||||||||
[10] | Represents solar panels at the 400 Bridgewater Crossing building. | ||||||||
[11] | Undeveloped Land Parcels includes land parcels which Piedmont may develop in the future, as well as the initial development costs of the 500 TownPark building. |