Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 135,065,720 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,044,079,292 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Land | $ 544,794 | $ 542,640 |
Buildings and improvements, less accumulated depreciation of $785,206 and $700,304 as of December 31, 2017 and December 31, 2016, respectively | 2,418,023 | 2,442,178 |
Intangible lease assets, less accumulated amortization of $99,145 and $109,152 as of December 31, 2017 and December 31, 2016, respectively | 77,805 | 99,695 |
Construction in progress | 11,710 | 34,460 |
Real estate assets held for sale, net | 332,410 | 612,719 |
Total real estate assets | 3,384,742 | 3,731,692 |
Investment in and amounts due from unconsolidated joint venture | 10 | 7,360 |
Cash and cash equivalents | 7,382 | 6,992 |
Tenant receivables, net of allowance for doubtful accounts of $539 and $197 as of December 31, 2017 and December 31, 2016, respectively | 12,139 | 26,494 |
Straight-line rent receivables | 163,160 | 136,862 |
Notes receivable | 0 | 0 |
Restricted cash and escrows | 1,373 | 1,212 |
Prepaid expenses and other assets | 22,517 | 23,281 |
Goodwill | 98,918 | 98,918 |
Gross derivative assets | 688 | 0 |
Deferred lease costs, less accumulated amortization of $183,740 and $159,531 as of December 31, 2017 and December 31, 2016, respectively | 261,907 | 276,725 |
Other assets held for sale, net | 47,131 | 58,632 |
Total assets | 3,999,967 | 4,368,168 |
Liabilities: | ||
Unsecured debt, net of discount and unamortized debt issuance costs of $7,689 and $10,269 as of December 31, 2017 and December 31, 2016, respectively | 1,535,311 | 1,687,731 |
Secured debt, net of premiums and unamortized debt issuance costs of $946 and $1,161 as of December 31, 2017 and December 31, 2016, respectively | 191,616 | 332,744 |
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 216,653 | 165,410 |
Deferred income | 29,582 | 28,406 |
Intangible lease liabilities, less accumulated amortization of $55,847 and $48,377 as of December 31, 2017 and December 31, 2016, respectively | 38,458 | 47,537 |
Interest rate swaps | 1,478 | 8,169 |
Other liabilities held for sale, net | 380 | 468 |
Total liabilities | 2,013,478 | 2,270,465 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity: | ||
Shares-in-trust, 150,000,000 shares authorized, none outstanding as of December 31, 2017 or December 31, 2016 | 0 | 0 |
Preferred stock, no par value, 100,000,000 shares authorized, none outstanding as of December 31, 2017 or December 31, 2016 | 0 | 0 |
Common stock, $.01 par value; 750,000,000 shares authorized, 142,358,940 shares issued and outstanding as of December 31, 2017; and 145,235,313 shares issued and outstanding at December 31, 2016 | 1,424 | 1,452 |
Additional paid-in capital | 3,677,360 | 3,673,128 |
Cumulative distributions in excess of earnings | (1,702,281) | (1,580,863) |
Other comprehensive income | 8,164 | 2,104 |
Piedmont stockholders’ equity | 1,984,667 | 2,095,821 |
Noncontrolling interest | 1,822 | 1,882 |
Total stockholders’ equity | 1,986,489 | 2,097,703 |
Total liabilities and stockholders’ equity | $ 3,999,967 | $ 4,368,168 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Intangible lease assets, accumulated amortization | $ 99,145 | $ 109,152 |
Tenant receivables, allowance for doubtful accounts | 539 | 197 |
Deferred lease costs, accumulated amortization | 183,740 | 159,531 |
Liabilities: | ||
Intangible lease liabilities, accumulated amortization | $ 55,847 | $ 48,377 |
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 | 142,358,940 | 145,235,313 |
Common stock, shares outstanding | 142,358,940 | 145,235,313 |
Unsecured Debt | ||
Liabilities: | ||
Net of discount, premiums and unamortized debt issuance costs | $ 7,689 | $ 10,269 |
Secured Debt | ||
Liabilities: | ||
Net of discount, premiums and unamortized debt issuance costs | (946) | (1,161) |
Building and building improvements | ||
Assets: | ||
Buildings and improvements, accumulated depreciation | $ 785,206 | $ 700,304 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental income | $ 475,777 | $ 459,890 | $ 468,872 |
Tenant reimbursements | 96,711 | 93,961 | 113,881 |
Property management fee revenue | 1,685 | 1,864 | 2,016 |
Total revenues | 574,173 | 555,715 | 584,769 |
Expenses: | |||
Property operating costs | 220,630 | 218,934 | 242,022 |
Depreciation | 119,288 | 127,733 | 134,503 |
Amortization | 75,367 | 75,119 | 60,886 |
Impairment loss on real estate assets | 46,461 | 33,901 | 43,301 |
General and administrative | 31,130 | 29,244 | 30,346 |
Operating Expenses | 492,876 | 484,931 | 511,058 |
Real estate operating income | 81,297 | 70,784 | 73,711 |
Other income (expense): | |||
Interest expense | (68,124) | (64,860) | (73,998) |
Other income/(expense) | 657 | (13) | 1,565 |
Net recoveries/(loss) from casualty events | 0 | 34 | (278) |
Equity in income of unconsolidated joint ventures | 3,845 | 362 | 553 |
Nonoperating Income (Expense) | (63,622) | (64,477) | (72,158) |
Income from continuing operations | 17,675 | 6,307 | 1,553 |
Discontinued operations: | |||
Operating income | 0 | 0 | 84 |
Loss on sale of real estate assets | 0 | 0 | (1) |
Income from discontinued operations | 0 | 0 | 83 |
Gain on sale of real estate assets | 115,874 | 93,410 | 129,683 |
Net income | 133,549 | 99,717 | 131,319 |
Plus: Net loss/(income) applicable to noncontrolling interest | 15 | 15 | (15) |
Net income applicable to Piedmont | $ 133,564 | $ 99,732 | $ 131,304 |
Per share information— basic and diluted: | |||
Income from continuing operations and gain on sale of real estate assets (in dollars per share) | $ 0.92 | $ 0.69 | $ 0.87 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income available to common stockholders (in dollars per share) | $ 0.92 | $ 0.69 | $ 0.87 |
Weighted-average shares outstanding - basic (in shares) | 145,043,503 | 145,230,382 | 150,537,757 |
Weighted-average shares outstanding - diluted (in shares) | 145,379,994 | 145,634,953 | 150,880,116 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income applicable to Piedmont | $ 133,564 | $ 99,732 | $ 131,304 |
Other comprehensive income/(loss): | |||
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 7) | 2,479 | (4,126) | (12,509) |
Reclassification of previously recorded loss included in net income (See Note 7) | 3,502 | 4,548 | 5,875 |
Gain/(loss) on investment in available for sale securities | 79 | 21 | (6) |
Other comprehensive income/(loss) | 6,060 | 443 | (6,640) |
Comprehensive income applicable to Piedmont | $ 139,624 | $ 100,175 | $ 124,664 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Other Comprehensive Income/(Loss) | Noncontrolling Interest |
Beginning balance, value at Dec. 31, 2014 | $ 2,280,677 | $ 1,543 | $ 3,666,182 | $ (1,396,958) | $ 8,301 | $ 1,609 |
Beginning balance (in shares) at Dec. 31, 2014 | 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) | |||||
Retirement of shares returned from escrow | (326) | (326) | ||||
Noncontrolling interest in consolidated joint venture | 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 applicable to noncontrolling interest | 15 | 15 | ||||
Net income applicable to Piedmont | 131,304 | 131,304 | ||||
Other comprehensive income/(loss) | (6,640) | (6,640) | ||||
Ending balance, value at Dec. 31, 2015 | $ 2,123,420 | $ 1,455 | 3,669,977 | (1,550,698) | 1,661 | 1,025 |
Ending 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) | |||||
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) | 185,000 | |||||
Net income applicable to noncontrolling interest | (15) | (15) | ||||
Net income applicable to Piedmont | 99,732 | 99,732 | ||||
Other comprehensive income/(loss) | 443 | 443 | ||||
Offering costs | (342) | (342) | ||||
Noncontrolling interest in consolidated joint venture | 888 | 888 | ||||
Ending balance, value at Dec. 31, 2016 | $ 2,097,703 | $ 1,452 | 3,673,128 | (1,580,863) | 2,104 | 1,882 |
Ending balance, (in shares) at Dec. 31, 2016 | 145,235,313 | 145,235,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share repurchases as part of an announced plan | $ (61,750) | $ (31) | (61,719) | |||
Stock repurchases as part of an announced plan (in shares) | (3,133,000) | |||||
Dividends to common stockholders, dividends to preferred stockholders of subsidiary, and dividends reinvested | (193,541) | (233) | (193,263) | (45) | ||
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax | $ 4,650 | $ 3 | 4,647 | |||
Shares issued under the 2007 Omnibus Incentive Plan, net of tax (in shares) | 256,628 | 257,000 | ||||
Net income applicable to noncontrolling interest | $ (15) | (15) | ||||
Net income applicable to Piedmont | 133,564 | 133,564 | ||||
Other comprehensive income/(loss) | 6,060 | 6,060 | ||||
Offering costs | (182) | (182) | ||||
Ending balance, value at Dec. 31, 2017 | $ 1,986,489 | $ 1,424 | $ 3,677,360 | $ (1,702,281) | $ 8,164 | $ 1,822 |
Ending balance, (in shares) at Dec. 31, 2017 | 142,358,940 | 142,359,000 |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends to common stockholders (in usd per share) | $ 1.34 | $ 0.84 | $ 0.84 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net income | $ 133,549 | $ 99,717 | $ 131,319 |
Operating distributions received from unconsolidated joint ventures | 11 | 579 | 774 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 119,288 | 127,733 | 134,503 |
Amortization of debt issuance costs | 1,588 | 1,702 | 1,768 |
Loss on settlement of forward starting interest rate swaps | 0 | 0 | (1,284) |
Other amortization | 73,944 | 74,373 | 61,221 |
Impairment loss on real estate assets | 46,461 | 33,901 | 43,301 |
Stock compensation expense | 9,196 | 7,928 | 8,789 |
Equity in income of unconsolidated joint ventures | (3,845) | (362) | (553) |
Gain on sale of real estate assets, net | (115,874) | (93,410) | (129,683) |
Changes in assets and liabilities: | |||
Increase in tenant and straight-line rent receivables, net | (21,392) | (26,747) | (29,478) |
Decrease/(increase) in prepaid expenses and other assets | 384 | 1,437 | (1,440) |
Increase/(decrease) in accounts payable and accrued expenses | (1,521) | 3,555 | (162) |
Increase in deferred income | 1,016 | 1,441 | 4,613 |
Net cash provided by operating activities | 242,805 | 231,847 | 223,688 |
Cash Flows from Investing Activities: | |||
Acquisition of real estate assets and intangibles | (35,262) | (349,668) | (387,923) |
Capitalized expenditures, net of accruals | (79,831) | (110,228) | (118,671) |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | 0 | (4,000) |
Net sale proceeds from wholly-owned properties | 375,518 | 365,918 | 848,169 |
Net sale proceeds received from unconsolidated joint ventures | 12,334 | 0 | 0 |
Investments in unconsolidated joint ventures | (1,162) | 0 | 0 |
Deferred lease costs paid | (30,985) | (25,896) | (37,683) |
Net cash provided by/(used in) investing activities | 240,612 | (119,874) | 299,892 |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | (132) | (264) | (1,081) |
Proceeds from debt | 180,000 | 695,000 | 1,301,858 |
Repayments of debt | (476,401) | (706,875) | (1,544,301) |
Costs of issuance of common stock | (182) | (342) | (326) |
Shares withheld to pay tax obligations related to employee stock compensation | (3,403) | (2,344) | (1,710) |
Repurchases of common stock as part of announced plan | (60,474) | (7,943) | (158,860) |
Dividends paid and discount on dividend reinvestments | (122,274) | (91,616) | (126,531) |
Net cash used in financing activities | (482,866) | (114,384) | (530,951) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows | 551 | (2,411) | (7,371) |
Cash, cash equivalents, and restricted cash and escrows, beginning of year | 8,204 | 10,615 | 17,986 |
Cash, cash equivalents, and restricted cash and escrows, end of year | $ 8,755 | $ 8,204 | $ 10,615 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
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 located primarily in the Eastern-half of 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 various 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, 2017 , Piedmont owned 67 in-service office properties comprised of approximately 19 million square feet (unaudited) of primarily Class A commercial office space, which was approximately 89.7% leased. As of December 31, 2017, approximately 88% of Piedmont's Annualized Lease Revenue (unaudited) was generated from select sub-markets located primarily within eight major office markets located in the Eastern-half of the United States: Atlanta, Boston, Chicago, Dallas, Minneapolis, New York, Orlando, and Washington, D.C. Piedmont internally evaluates all of its real estate assets as one operating segment, and accordingly does not report segment information. However, Piedmont has provided certain information specific to each of its geographical markets that it believes may be helpful to its investors in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (unaudited) included elsewhere in this Annual Report on Form 10-K. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 a majority interest in four properties through three joint ventures. Two of these joint ventures, 1201 and 1225 Eye Street, NW Associates, which own the 1201 and 1225 Eye Street buildings, respectively, in Washington, D.C. are consolidated using the method prescribed in accounting for VIEs (see Note 6 ). The other joint venture, Piedmont-CNL Towers Orlando, LLC, which owns CNL Center I and II, in Orlando, Florida is an equity method investment consolidated under the voting model. Accordingly, Piedmont’s consolidated financial statements include the accounts of 1201 Eye Street, NW Associates, LLC, 1225 Eye Street, NW Associates, LLC, and Piedmont-CNL Towers Orlando, LLC . Please refer to Note 6 for a summary of Piedmont’s interests in and consolidation treatment of its various VIEs as of December 31, 2017 . 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 associated with the acquisition of an individual asset that does not qualify as a business combination. 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 $0.2 million , $4.6 million , and $3.8 million of interest was capitalized for the years ended December 31, 2017 , 2016 , and 2015 , 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 either operating properties or properties under construction in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, or when a sale in the near term is considered more than 50% probable, management assesses whether the respective carrying values including a proportionate amount of goodwill, if applicable, 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. Fair Value of Assets and Liabilities of Acquired Properties Upon the acquisition of real properties, Piedmont records the fair value of properties (plus any related acquisition costs) allocated based on relative fair value 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, 2017 and 2016 , respectively, are as follows (in thousands): December 31, 2017 December 31, 2016 Intangible Lease Assets: Above-Market In-Place Lease Assets $ 11,935 $ 25,425 In-Place Lease Valuation $ 165,015 $ 183,422 Intangible Lease Origination Costs (included as component of Deferred Lease Costs) $ 250,539 $ 261,075 Intangible Lease Liabilities (Below-Market In-Place Leases) $ 95,620 $ 97,230 For the years ended December 31, 2017 , 2016 , and 2015 , respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands): 2017 2016 2015 Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense $ 58,467 $ 58,150 $ 42,278 Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues $ 6,575 $ 5,066 $ 4,571 Net intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, as of December 31, 2017 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 (2) For the year ending December 31: 2018 $ 1,600 $ 18,497 $ 28,023 $ 8,449 2019 910 14,181 23,102 7,263 2020 157 10,179 17,739 5,669 2021 104 9,013 15,685 5,468 2022 84 7,869 13,752 4,847 Thereafter 142 15,069 27,800 7,142 $ 2,997 $ 74,808 $ 126,101 $ 38,838 Weighted-Average Amortization Period (in years) 3 6 7 6 (1) Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. (2) Includes approximately $0.4 million of future amortization of below-market in-place lease intangibles related to our 2017 Disposition Portfolio (see Note 14 ) below, which is classified as Other Liabilities Held for Sale, Net, on the accompanying consolidated balance sheets. These net below-market in-place lease intangibles will be included in the gain/loss on real estate assets upon their disposition on January 4, 2018. Investments in and Amounts Due from Unconsolidated Joint Ventures During the year ended December 31, 2017, Piedmont sold its investment in its last remaining unconsolidated joint venture. Prior to this disposition, during the three years ended December 31, 2017, Piedmont had accounted for its unconsolidated joint ventures using the equity method of accounting, whereby original investments were 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. All income and distributions were allocated to the joint venture partners in accordance with their respective ownership interests. Any distributions were classified on the accompanying consolidated statements of cash flow using the nature of distribution approach. Any distributions of net cash from operations were classified as cash inflows from operating activities, as they were presumed to be returns on Piedmont’s investment in the joint venture. Any proceeds received as the result of a sale of an asset from an unconsolidated joint venture were 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 collectability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. Piedmont records provisions for bad debts as property operating costs in the accompanying consolidated statements of income, and recognized approximately $350,000 , $216,000 , and $22,000 of provisions for bad debts during the years ended December 31, 2017 , 2016 , and 2015 , respectively. 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, 2017 , 2016 , and 2015 of approximately $1.4 million , $1.4 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. Piedmont internally evaluates its consolidated financial position and all of its operations as one reporting unit. In conjunction with performing the annual impairment test of goodwill as of December 31, 2017, Piedmont early adopted the provisions of the Accounting Standards Update No. 2017-04 Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04") issued by the Financial Accounting Standards Board (the "FASB"). Beginning with the 2017 annual test of goodwill impairment, Piedmont will no longer perform a "Step 2" analysis if, after assessing the totality of events or circumstances, Piedmont concludes that the goodwill balance may be impaired for any reporting unit. A Step 2 analysis requires an entity to calculate the implied fair value of existing goodwill, as compared to its carrying amount. Instead, if Piedmont determines during the qualitative analysis that it is more likely than not that the goodwill is impaired, then Piedmont will recognize a goodwill impairment loss by the excess of the reporting unit’s carrying amount over its estimated fair value (not to exceed the total goodwill allocated to that reporting unit). There were no changes in the carrying amount of Piedmont's goodwill during the year ended December 31, 2017 . Interest Rate Derivatives Piedmont periodically enters into interest rate derivative agreements to hedge its exposure to changing interest rates. As of December 31, 2017 and 2016 , 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, 2017 , 2016 , and 2015 , Piedmont capitalized approximately $0.3 million , $0.4 million , and $1.0 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 $50.8 million , $50.1 million , and $42.5 million of deferred lease costs for the years ended December 31, 2017 , 2016 , and 2015 , respectively, are included in amortization expense; and • Approximately $4.8 million , $3.9 million , and $4.7 million , of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2017 , 2016 , and 2015 , 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 for each of the years ended December 31, 2017 , 2016 , and 2015 , 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 for each of the years ended December 31, 2017 , 2016 , and 2015 , 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, 2017 , 2016 , and 2015 of approximately $2.8 million , $2.9 million , and $2.8 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 May 2017 the repurchase and retirement of up to $250 million of Piedmont's common stock between May 2, 2017 and May 2, 2019. 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, 2017 , Piedmont had approximately $188.2 million in remaining capacity under the program which may be used for share repurchases through May 2019. See Note 19 for additional information. 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 and/or special 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 is not owned by Piedmont. Noncontrolling interest is adjusted for the noncontrolling partners' share of contributions, distributions, and earnings (losses) in accordance with the respective partnership agreement. Earnings allocated to such noncontrolling partners are recorded as income applicable to noncontrolling interest in the accompanying consolidated statements of income. Revenue Recognition All leases of real estate assets held by Piedmont are classified as operating leases, and the related base rental income is recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred. Rents and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Property management fee revenue is recognized in the period in which the services are performed. 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 operations 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, 2017 , Piedmont held approximately $0.8 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 definitively notifies Piedmont of its intent to issue payment. Casualty Losses 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. 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. During the years ended December 31, 2017, 2016, and 2015 , Piedmont recorded net casualty recoveries/(loss) related to Hurricane Sandy of approximately $0 , $34,000 and $(0.3) million , respectively. The net casualty loss for the year ended December 31, 2015 included $0.3 million of business interruption recoveries. Discontinued Operations Operational results related to properties sold or held for sale prior to Piedmont's adoption 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") continue to be presented as discontinued operations in the accompanying consolidated statements |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions During the year ended December 31, 2017 , Piedmont acquired one property using proceeds from the sale of other assets 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) Norman Pointe I Minneapolis, Minnesota December 28, 2017 100 % 213,851 71 % $ 35.2 |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Venture | Unconsolidated Joint Venture As of December 31, 2017 and 2016 , Piedmont's investment in unconsolidated joint venture was $0 and $7.4 million , respectively. Piedmont owned a 72% interest in Fund XIII and REIT Joint Venture which held the 8560 Upland Drive building. During the year ended December 31, 2017, Fund XIII and REIT Joint Venture sold the remaining property located in Denver, Colorado. Piedmont's share of the purchase price was approximately $12.7 million (see Note 14 ). |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt During the year ended December 31, 2017 , Piedmont fully repaid the $140 Million WDC Fixed-Rate Loans prior to the maturity date without penalty and had net repayments on its $500 Million Unsecured 2015 Line of Credit of approximately $155.0 million , using a portion of the net proceeds from the sale of the Two Independence Square building located in Washington, D.C (see Note 14 ). Subsequent to December 31, 2017, Piedmont fully repaid the balances of the $300 Million Unsecured 2013 Term Loan and the $170 Million Unsecured 2015 Term Loan using proceeds from the 2017 Disposition Portfolio (see Note 14 ) and cash on hand, as well as drawing on its $500 Million Unsecured 2015 Line of Credit. As of December 31, 2017 , 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, 2017 . The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2017 and 2016 , including net discounts/premiums and unamortized debt issuance costs (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of 2017 2016 Secured (Fixed) $140 Million WDC Fixed-Rate Loans 5.76 % 5.76 % 11/1/2017 $ — $ 140,000 $35 Million Fixed-Rate Loan (3) 5.55 % 3.75 % 9/1/2021 30,670 31,583 $160 Million Fixed-Rate Loan (4) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 946 1,161 Subtotal/Weighted Average (5) 3.81 % 191,616 332,744 Unsecured (Variable and Fixed) $170 Million Unsecured 2015 Term Loan (6) LIBOR + 1.125% 2.54 % 5/15/2018 170,000 (7) 170,000 $300 Million Unsecured 2013 Term Loan LIBOR + 1.20% 2.78 % (8) 1/31/2019 300,000 (7) 300,000 $500 Million Unsecured 2015 Line of Credit (6) LIBOR + 1.00% 2.57 % 6/18/2019 (9) 23,000 178,000 $300 Million Unsecured 2011 Term Loan LIBOR + 1.15% 3.35 % (8) 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 (7,689) (10,269) Subtotal/Weighted Average (5) 3.43 % 1,535,311 1,687,731 Total/Weighted Average (5) 3.48 % $ 1,726,927 $ 2,020,475 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2017 and 2016 is interest-only. (2) Effective rate after consideration of settled or in-place interest rate swap agreements, issuance premiums/discounts, and/or fair market value adjustments upon assumption of debt. (3) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (4) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (5) 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, 2017 . (6) 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. (7) On January 4, 2018, Piedmont repaid the entire outstanding balance of the $170 Million Unsecured 2015 Term Loan and the $300 Million Unsecured 2013 Term Loan without penalty. (8) Facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of Piedmont's credit rating, the rate shown as the effective rate. (9) Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees. A summary of Piedmont's consolidated principal outstanding for aggregate debt maturities of its indebtedness as of December 31, 2017 , is provided below (in thousands): 2018 $ 170,882 (1) 2019 324,014 (1) (2) 2020 301,072 2021 27,702 2022 160,000 Thereafter 750,000 Total $ 1,733,670 (1) On January 4, 2018, Piedmont repaid the entire outstanding balance of the $170 Million Unsecured 2015 Term Loan and the $300 Million Unsecured 2013 Term Loan without penalty, which were scheduled to mature on May 15, 2018 and January 31, 2019, respectively. (2) Includes the balance outstanding as of December 31, 2017 on the $500 Million Unsecured 2015 Line of Credit of $23 million . 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, 2017 and 2016 , for the aforementioned borrowings was approximately 3.48% and 3.43% , respectively. Piedmont made interest payments on all indebtedness, including interest rate swap cash settlements of approximately $67.6 million , $69.0 million , and $76.4 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively. |
Variable Interest Entities and
Variable Interest Entities and Equity Participation Rights | 12 Months Ended |
Dec. 31, 2017 | |
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 its consolidated VIEs and their related carrying values as of December 31, 2017 and 2016 is as follows (net carrying amount in millions): Entity Piedmont’s % Ownership of Entity Related Building Net Carrying Amount as of December 31, 2017 Net Carrying Amount as of December 31, 2016 Primary Beneficiary Considerations 1201 Eye Street N.W. Associates, LLC 98.6 % (1) 1201 Eye Street $ 81.1 $ (6.7 ) In accordance with the partnership’s governing documents, Piedmont currently receives 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 98.1 % (1) 1225 Eye Street $ 65.2 $ 9.9 In accordance with the partnership’s governing documents, Piedmont currently receives 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 $ 263.2 $ 262.4 The Omnibus Agreement with the previous owner includes equity participation rights upon sale of the property 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. (1) During the year ended December 31, 2017 , Piedmont repaid the $140 million mortgage secured by the 1201 and 1225 Eye Street properties, and recapitalized the LLCs holding each asset, increasing Piedmont's ownership from 49.5% in each of the LLCs to the amounts stated above. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, Piedmont was party to various interest rate swap agreements, all of which are designated as effective cash flow hedges and fully hedge the variable cash flows covering the entire outstanding balances of the $300 Million Unsecured 2011 Term Loan and the $300 Million Unsecured 2013 Term Loan. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 24 months. A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2017 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 (1) $300 Million Unsecured 2013 Term Loan $ 200 1/30/2014 1/31/2019 Interest rate swaps 2 (1) $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 (1) In January 2018, Piedmont terminated these interest rate swap agreements in conjunction with the repayment of the $300 Million Unsecured 2013 Term Loan (see Note 5 above). As a result of the termination, Piedmont received approximately $0.8 million from its counterparties for settlement of swaps and will recognize a net, non-cash loss of approximately $1.1 million in its statement of operations for the three months ending March 31, 2018. 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, 2017 and 2016 , respectively, is as follows (in thousands): Interest rate swaps classified as: December 31, 2017 December 31, 2016 Gross derivative assets $ 688 $ — Gross derivative liabilities (1,478 ) (8,169 ) Net derivative liability $ (790 ) $ (8,169 ) The effective portion of Piedmont's interest rate derivatives, including any gain/(loss) associated with any early settlements or terminations of swaps, that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2017 , 2016 , and 2015 , respectively, was as follows (in thousands): Interest Rate Swaps in Cash Flow Hedging Relationships 2017 2016 2015 Amount of gain/(loss) recognized in OCI on derivatives $ 2,479 $ (4,126 ) $ (12,509 ) Amount of previously recorded loss reclassified from accumulated OCI into interest expense $ 3,502 $ 4,548 $ 5,875 Piedmont estimates that approximately $0.7 million will be reclassified from accumulated other comprehensive income as a reduction to interest expense over the next twelve months. Piedmont recognized approximately $0 , $0 , and $37,000 of net loss related to hedge ineffectiveness and terminations of its cash flow hedges during the years ended December 31, 2017 , 2016 , and 2015 , 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 $0.9 million as of December 31, 2017 . 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, 2017 | |
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, 2017 and 2016 , respectively (in thousands): December 31, 2017 December 31, 2016 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) $ 7,382 $ 7,382 Level 1 $ 6,992 $ 6,992 Level 1 Tenant receivables, net (1) $ 12,139 $ 12,139 Level 1 $ 26,494 $ 26,494 Level 1 Restricted cash and escrows (1) $ 1,373 $ 1,373 Level 1 $ 1,212 $ 1,212 Level 1 Interest rate swap asset $ 688 $ 688 Level 2 $ — $ — Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 126,429 $ 126,429 Level 1 $ 44,733 $ 44,733 Level 1 Interest rate swap liability $ 1,478 $ 1,478 Level 2 $ 8,169 $ 8,169 Level 2 Debt, net $ 1,726,927 $ 1,759,905 Level 2 $ 2,020,475 $ 2,027,436 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, 2017 and 2016 ; however, Piedmont's estimate of its fair value is disclosed in the table above. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the debt facilities, including the period to maturity of each instrument, and uses observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the 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” assets and liabilities in the accompanying consolidated balance sheets and were carried at estimated fair value as of December 31, 2017 and 2016 . 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, 2017 and 2016 , 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 assets or liabilities. |
Impairment Loss on Real Estate
Impairment Loss on Real Estate Assets | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 , and 2015 (in thousands): 2017 2016 2015 Eastpoint I & II (1) $ — $ — $ 6,195 2 Gatehall Drive (1) — — 37,106 150 West Jefferson (1) — 8,259 — 9221 Corporate Boulevard (2) — 2,692 — 9200 and 9211 Corporate Boulevard (3) — 22,950 — Disposal Group of 13 Assets (4) 46,461 — — Total impairment loss on real estate assets (5) $ 46,461 $ 33,901 $ 43,301 (1) Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset including a proportionate amount of goodwill (because the asset met the definition of a disposed "business" at the time of measurement) 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 $2.7 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill 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 $23.0 million . The impairment loss was calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill and the anticipated contracted sales price, less estimated selling costs. (4) During the fourth quarter 2017, Piedmont's management changed its hold period assumption and subsequently determined that a near-term sale was more than 50% probable for a disposal group of real estate assets. Piedmont recognized an impairment loss on this disposal group (see Note 14 ) based upon the difference between the carrying value of the assets (which did not include a proportionate amount of goodwill because the disposal group did not meet the definition of a disposed "business" at the time of measurement) and the contracted sales price, less estimated selling costs. (5) 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, 2017 | |
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, 2017 , after excluding the properties sold in January 2018 as part of the 2017 Disposition Portfolio, commitments to fund potential non-incremental capital expenditures over the next five years for tenant improvements totaled approximately $38.6 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, 2017 , commitments for incremental capital expenditures (exclusive of the 2017 Disposition Portfolio) for tenant improvements associated with executed leases totaled approximately $14.1 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 $0.3 million , $1.1 million and $0.4 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively. Operating Lease Obligations As of December 31, 2017, 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 payments required under the terms of this operating lease as of December 31, 2017 are presented below (in thousands): 2018 $ 93 2019 93 2020 93 2021 93 2022 93 Thereafter 2,346 Total $ 2,811 Ground rent expense was approximately $0.1 million , $0.1 million , and $0.2 million for the years ended December 31, 2017 , 2016 , and 2015 , 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 was approximately $4.8 million and $4.7 million as of December 31, 2017 and 2016 , respectively. On January 4, 2018, Piedmont closed on the sale of the 2001 NW 64th Street building as part of a portfolio disposition (see Note 14 ). The purchaser has assumed the ground lease and, as such, Piedmont will have no future operating lease obligations associated with this property. Ground rent expense for 2015 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, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation Deferred Stock Awards The Compensation Committee of Piedmont's Board of Directors has periodically granted deferred stock awards to all of Piedmont's employees and independent directors. Employee awards typically vest ratably over a multi-year period and independent director awards vest over one year. Certain employees' long-term equity incentive program is split equally between the time-vested awards described above and a multi-year performance share program whereby the actual awards are contingent upon Piedmont's total stockholder return ("TSR") relative to a peer group's TSR. The peer group is predetermined by the Board of Directors. Any shares earned are awarded at the end of the multi-year performance period and vest upon award. A rollforward of Piedmont's equity based award activity for the year ended December 31, 2017 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2016 944,223 $ 19.44 Deferred Stock Awards Granted 299,251 $ 21.38 Increase in Estimated Potential Future Performance Share Awards, net of forfeitures 57,526 $ 24.68 Performance Stock Awards Vested (118,446 ) $ 22.00 Deferred Stock Awards Vested (305,107 ) $ 19.34 Deferred Stock Awards Forfeited (9,010 ) $ 19.93 Unvested and Potential Stock Awards as of December 31, 2017 868,437 $ 21.69 The following table provides additional information regarding stock award activity during the years ended December 31, 2017 , 2016 , and 2015 (in thousands except for per share data): 2017 2016 2015 Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period (per share) $ 21.38 $ 19.96 $ 17.59 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 5,899 $ 4,806 $ 4,239 Share-based Liability Awards Paid During the Period (1) $ 2,877 $ 1,127 $ — (1) Amounts reflect the issuance of performance share awards related to the 2014-16 and 2013-15 Performance Share Plans during the years ended December 31, 2017 and 2016 , respectively. A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2017 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, 2017 January 3, 2014 Deferred Stock Award 79,119 $ 16.45 Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively. 32,829 May 1, 2015 Deferred Stock Award 216,811 $ 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. 66,922 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. 161,005 (2) May 24, 2016 Deferred Stock Award 232,960 $ 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. 132,195 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. 122,154 (2) May 18, 2017 Deferred Stock Award-Board of Directors 26,187 $ 21.38 Of the shares granted, 100% will vest by May 18, 2018. 26,187 May 18, 2017 Deferred Stock Award 246,671 $ 21.38 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 18, 2018, 2019, and 2020, respectively. 199,810 May 18, 2017 Fiscal Year 2017-2019 Performance Share Program — $ 30.45 Shares awarded, if any, will vest immediately upon determination of award in 2020. 127,335 (2) Total Unvested and Potential Stock Awards 868,437 (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, 2017 . (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2017 . Share estimates are subject to change in future periods based upon Piedmont's relative performance compared to its peers' total stockholder return. During the years ended December 31, 2017 , 2016 , and 2015 , Piedmont recognized approximately $9.5 million , $8.0 million and $8.9 million of compensation expense related to stock awards, of which approximately $7.7 million , $6.5 million and $7.0 million , related to the amortization of nonvested shares, respectively. During the year ended December 31, 2017 , a total of 256,628 shares were issued to employees. As of December 31, 2017 , 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, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share There are no adjustments to “Net income applicable to Piedmont” for the diluted earnings per share computations. Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including 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 income for the years ended December 31, 2017 , 2016 , and 2015 , respectively (in thousands): 2017 2016 2015 Weighted-average common shares—basic 145,044 145,230 150,538 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards 336 405 342 Weighted-average common shares—diluted 145,380 145,635 150,880 Common stock issued and outstanding as of period end 142,359 145,235 145,512 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , approximately 88% of Piedmont's ALR (unaudited) was generated from select sub-markets located primarily within eight major office markets located in the Eastern-half of the United States: Atlanta, Boston, Chicago, Dallas, Minneapolis, New York, Orlando, and Washington, D.C. Furthermore, approximately 1.9% 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 is presented below in total for properties held for use and held for sale as of December 31, 2017 , as well as exclusive of properties which were held for sale as of December 31, 2017 and subsequently sold on January 4, 2018 (see Note 14 below) (in thousands): Years ending December 31: All properties owned as of December 31, 2017 Excluding properties held for sale as of December 31, 2017 2018 $ 417,643 $ 377,447 2019 401,120 361,280 2020 377,556 338,269 2021 344,991 307,008 2022 316,053 287,175 Thereafter 1,348,156 1,298,890 Total $ 3,205,519 $ 2,970,069 |
Property Dispositions, Assets H
Property Dispositions, Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
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 3900 Dallas Parkway Plano, Texas January 30, 2015 $ 8,940 $ 25,803 5601 Headquarters Drive Plano, Texas April 28, 2015 $ 6,390 $ 33,326 River Corporate Center Tempe, Arizona April 29, 2015 $ 4,144 $ 24,223 Copper Ridge Center Lyndhurst, New Jersey May 1, 2015 $ 11,358 $ 50,372 (1) Eastpoint I & II Mayfield Heights, Ohio July 28, 2015 $ (177 ) (2) $ 17,342 3750 Brookside Parkway Alpharetta, Georgia August 10, 2015 $ 761 $ 13,624 Chandler Forum Chandler, Arizona September 1, 2015 $ 13,805 $ 32,267 Aon Center Chicago, Illinois October 29, 2015 $ 84,218 $ 646,243 2 Gatehall Drive Parsippany, New Jersey December 21, 2015 $ 162 (2) $ 50,369 1055 East Colorado Boulevard Pasadena, California April 21, 2016 $ 29,462 $ 60,076 Fairway Center II Brea, California April 28, 2016 $ 14,406 $ 33,062 1901 Main Street Irvine, California May 2, 2016 $ 29,964 $ 63,149 (3) 9221 Corporate Boulevard Rockville, Maryland July 27, 2016 $ (192 ) (2) $ 12,035 150 West Jefferson Detroit, Michigan July 29, 2016 $ (664 ) (2) $ 77,844 9200 and 9211 Corporate Boulevard Rockville, Maryland September 28, 2016 $ (41 ) (2) $ 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 Sarasota Commerce Center II Sarasota, Florida June 16, 2017 $ 6,493 $ 23,090 Two Independence Square Washington, D.C. July 5, 2017 $ 109,381 $ 352,428 8560 Upland Drive Denver, Colorado July 27, 2017 $ 3,683 $ 12,334 (4) (1) 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. (2) 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. (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) Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the gain on sale is presented as equity in income/(loss) of unconsolidated joint ventures. Amounts shown above reflect Piedmont's approximate 72% ownership. Assets Held for Sale During the fourth quarter 2017, Piedmont entered into two binding, non-refundable contracts with unrelated third party buyers to sell a 14 property portfolio (collectively, the "2017 Disposition Portfolio"), as detailed below, both of which subsequently closed on January 4, 2018. Therefore, as of December 31, 2017, the 2017 Disposition Portfolio met the criteria for held for sale classification, and such properties are shown as held for sale as of December 31, 2017 and 2016, respectively. For comparative purposes, any property which met the criteria to be presented as held for sale as of March 31, 2017, June 30, 2017, or September 30, 2017 was re-classified as held for sale as of December 31, 2016. The only additional property other than the 2017 Disposition Portfolio meeting this criteria was the Two Independence Square building (sold on July 5, 2017). 2017 Disposition Portfolio: Building Location Desert Canyon 300 Phoenix, Arizona Windy Point I and II Schaumburg, Illinois 2300 Cabot Drive Lisle, Illinois 1075 West Entrance Drive Auburn Hills, Michigan Auburn Hills Corporate Center Auburn Hills, Michigan 5301 Maryland Way Brentwood, Tennessee Suwanee Gateway One Suwanee, Georgia 5601 Hiatus Road Tamarac, Florida 2001 NW 64th Street Fort Lauderdale, Florida Piedmont Pointe I & II Bethesda, Maryland 1200 Crown Colony Drive Quincy, Massachusetts 2120 West End Avenue Nashville, Tennessee Details of amounts held for sale as of December 31, 2017 and 2016 are presented below (in thousands): December 31, 2017 December 31, 2016 Real estate assets held for sale, net: Land $ 74,498 $ 127,209 Building and improvements, less accumulated depreciation of $169,116 and $244,269 as of December 31, 2017, and 2016, respectively 255,634 485,145 Construction in progress 2,278 365 Total real estate assets held for sale, net $ 332,410 $ 612,719 Other assets held for sale, net: Straight-line rent receivables $ 25,975 $ 28,986 Prepaid expenses and other assets 328 374 Deferred lease costs, less accumulated amortization of $16,549 and $18,937 as of December 31, 2017 and 2016, respectively 20,828 29,272 Total other assets held for sale, net $ 47,131 $ 58,632 Other liabilities held for sale, net: Intangible lease liabilities, less accumulated amortization of $935 and $848 as of December 31, 2017 and 2016, respectively $ 380 $ 468 Discontinued Operations Details comprising income from discontinued operations are presented below (in thousands): Years Ended December 31, 2017 2016 2015 Revenues: Rental income $ — $ — $ 19 Tenant reimbursements — — 64 — — 83 Expenses: Property operating costs — — (1 ) — — (1 ) Operating income, excluding loss on sale of real estate assets — — 84 Loss on sale of real estate assets — — (1 ) Income from discontinued operations $ — $ — $ 83 |
Supplemental Disclosures for th
Supplemental Disclosures for the Statement of Consolidated Cash Flows | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures for the Statement of Consolidated Cash Flows | Supplemental Disclosures for the Statement of Consolidated Cash Flows Certain noncash investing and financing activities for the years ended December 31, 2017 , 2016 , and 2015 (in thousands) are outlined below: 2017 2016 2015 Accrued capital expenditures and deferred lease costs $ 11,276 $ 14,427 $ 20,630 Change in accrued dividends and discount on dividend reinvestments $ 71,267 $ 30,532 $ — Change in accrued share repurchases as part of an announced plan $ 1,276 $ — $ — Investment in consolidated joint venture $ 63,026 $ — $ — The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows as of the periods ended December 31, 2017 , 2016 , and 2015 (in thousands). 2017 2016 2015 Cash and cash equivalents $ 7,382 $ 6,992 $ 5,441 Restricted cash and escrows: Real estate tax and escrowed cash 833 757 4,772 Security and utility deposit escrows 540 455 402 Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows $ 8,755 $ 8,204 $ 10,615 Amounts in real estate tax and escrowed cash represent deposits which are required by Piedmont’s lenders under certain of its debt agreements to escrow amounts for the payment of real estate taxes, and other amounts escrowed, for instance, earnest money deposited for the purchase of a property. Security and utility deposit escrows represent the cash held for tenants and/or Piedmont for lease related deposits. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Piedmont’s income tax basis net income for the years ended December 31, 2017 , 2016 , and 2015 , is calculated as follows (in thousands): 2017 2016 2015 GAAP basis financial statement net income $ 133,564 $ 99,732 $ 131,304 Increase (decrease) in net income resulting from: Depreciation and amortization expense recognized for financial reporting purposes in excess of/(less than) amounts recognized for income tax purposes 62,916 69,214 (1,717 ) Rental income accrued for income tax purposes less than amounts for financial reporting purposes (25,432 ) (18,964 ) (12,123 ) Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes (6,041 ) (4,895 ) (4,614 ) Gain on disposal of property for financial reporting purposes less than/(in excess of) amounts for income tax purposes 10,068 (118,713 ) (43,493 ) Taxable income/(loss) of Piedmont Washington Properties, Inc., in excess of/(less than) amount for financial reporting purposes 176 (1,042 ) 2,491 Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes 49,859 42,019 54,425 Taxable income for Piedmont Office Holdings, Inc. in excess of/(less than) amount for financial reporting purposes (28 ) 648 — Income tax basis net income, prior to dividends paid deduction $ 225,082 $ 67,999 $ 126,273 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: 2017 2016 2015 Ordinary income 53.61 % 81.77 % 31.75 % Return of capital — % 18.23 % — % Capital gains 46.39 % — % 68.25 % 100 % 100 % 100 % As of December 31, 2017 and 2016 , the tax basis carrying value of Piedmont’s total assets was approximately $4.2 billion and $4.3 billion , respectively. Approximately $3.8 million of accrued interest and penalties related to uncertain tax positions was included in accounts payable, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets as of December 31, 2017 and 2016 . Piedmont recognized approximately $0.1 million of recoveries of previously recorded estimated accrued interest and penalties during the year ended December 31, 2017 , and no additional expense or recoveries for the years ended December 31, 2016 , and 2015 , respectively, related to such positions. The tax years 2014 to 2016 remain open to examination by various federal and state taxing authorities. Tax Cuts and Jobs Act The Tax Cuts and Jobs Act ("H.R. 1"), which generally takes effect for taxable years beginning on or after January 1, 2018 (subject to certain exceptions), makes many significant changes to the U.S. federal income tax laws that will profoundly impact the taxation of individuals and corporations (including both regular C corporations and corporations that have elected to be taxed as REITs). For example, H.R. 1 limits the ability of corporations to utilize net operating loss carryforwards and limits the deductibility of business interest for all taxpayers, subject to an exception for taxpayers that are engaged in certain specified real property trades or business who make an irrevocable election not to apply the limitation to a particular real property trade or business and to depreciate their real property investments held in such trade or business using the less favorable alternative depreciation system. To date, the IRS has issued only limited guidance with respect to certain of the provisions of H.R. 1, and there are numerous interpretive issues that will require guidance. In addition, changes made by H.R. 1 may require Piedmont to accrue certain income for U.S. federal income tax purposes no later than when such income is taken into account as revenue on its financial statements, unless the income is already subject to certain special methods of accounting under the Code. This could cause Piedmont to recognize taxable income prior to the receipt of the associated cash and accordingly, increase its distribution levels in order to maintain its status as a REIT. H.R. 1 also includes limitations on the deductibility of certain compensation paid to Piedmont's executives, certain interest payments, and certain net operating loss carryfowards, each of which could potentially increase Piedmont's taxable income and its required distributions. As described in Note 2 above, as of December 31, 2017, Piedmont has not recognized significant provisions for income tax or deferred tax assets or liabilities related to its taxable REIT subsidiary. Therefore, although management is still evaluating the effects of H.R. 1, Piedmont does not believe that H.R. 1 will significantly impact its financial statements. |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , is presented below (in thousands, except per-share data): 2017 First Second Third Fourth Revenues $ 148,463 $ 148,679 $ 137,587 $ 139,444 Real estate operating income/(loss) $ 33,300 $ 35,491 $ 28,756 $ (16,250 ) Income/(loss) from continuing operations $ 15,154 $ 17,215 $ 16,617 $ (31,311 ) Gain/(loss) on sale of real estate assets $ (53 ) $ 6,492 $ 109,512 $ (77 ) Net income/(loss) applicable to Piedmont $ 15,104 $ 23,710 $ 126,133 $ (31,383 ) Basic and diluted earnings/(loss) per share $ 0.10 $ 0.16 $ 0.87 $ (0.21 ) Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.71 (1) (1) On December 13, 2017, Piedmont's board of directors declared a special dividend of $0.50 per share. The record date was December 26, 2017, and the payment date was January 9, 2018. 2016 First Second Third Fourth Revenues $ 138,012 $ 135,307 $ 138,485 $ 143,911 Real estate operating income/(loss) $ 26,372 $ 14,791 $ 2,988 $ 26,633 Income/(loss) from continuing operations $ 10,396 $ (1,553 ) $ (13,065 ) $ 10,529 Income/(loss) from discontinued operations $ — $ (1 ) $ 1 $ — Gain/(loss) on sale of real estate assets $ (20 ) $ 73,835 $ (57 ) $ 19,652 Net income/(loss) applicable to Piedmont $ 10,372 $ 72,278 $ (13,107 ) $ 30,189 Basic and diluted earnings/(loss) per share $ 0.07 $ 0.50 $ (0.09 ) $ 0.21 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, 2017 | |
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, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 36,094 $ — $ 508,700 $ — $ 544,794 Buildings and improvements, less accumulated depreciation 180,886 — 2,237,437 (300 ) 2,418,023 Intangible lease assets, less accumulated amortization 181 — 77,624 — 77,805 Construction in progress 85 — 11,625 — 11,710 Real estate assets held for sale, net 32,815 — 299,595 — 332,410 Total real estate assets 250,061 — 3,134,981 (300 ) 3,384,742 Cash and cash equivalents 3,890 150 3,342 — 7,382 Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures 16,891 — 158,418 — 175,309 Advances to affiliates 6,297,632 1,674,276 — (7,971,908 ) — Investment in subsidiary — 3,437,299 172 (3,437,471 ) — Notes receivable 88,810 — 144,500 (233,310 ) — Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets 5,094 2 20,222 (740 ) 24,578 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 16,611 — 245,296 — 261,907 Other assets held for sale, net 2,266 — 44,865 — 47,131 Total assets $ 6,780,173 $ 5,111,727 $ 3,751,796 $ (11,643,729 ) $ 3,999,967 Liabilities: Debt, net $ 1,535,239 $ — $ 424,998 $ (233,310 ) $ 1,726,927 Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures 20,279 104,028 93,086 (740 ) 216,653 Advances from affiliates 941,494 5,277,957 1,850,712 (8,070,163 ) — Deferred income 3,631 — 25,951 — 29,582 Intangible lease liabilities, net — — 38,458 — 38,458 Interest rate swaps 1,478 — — — 1,478 Other liabilities held for sale, net — — 380 — 380 Total liabilities 2,502,121 5,381,985 2,433,585 (8,304,213 ) 2,013,478 Stockholders’ Equity: Common stock — 1,424 — — 1,424 Additional paid-in capital 3,433,299 3,680,232 1,300 (3,437,471 ) 3,677,360 Retained/(cumulative distributions in excess of) earnings 836,589 (3,951,914 ) 1,315,089 97,955 (1,702,281 ) Other comprehensive loss 8,164 — — — 8,164 Piedmont stockholders’ equity 4,278,052 (270,258 ) 1,316,389 (3,339,516 ) 1,984,667 Noncontrolling interest — — 1,822 — 1,822 Total stockholders’ equity 4,278,052 (270,258 ) 1,318,211 (3,339,516 ) 1,986,489 Total liabilities and stockholders’ equity $ 6,780,173 $ 5,111,727 $ 3,751,796 $ (11,643,729 ) $ 3,999,967 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 $ 38,298 $ — $ 504,342 $ — $ 542,640 Buildings and improvements, less accumulated depreciation 202,084 — 2,240,394 (300 ) 2,442,178 Intangible lease assets, less accumulated amortization 725 — 98,970 — 99,695 Construction in progress 145 — 34,315 — 34,460 Real estate assets held for sale, net 33,945 — 578,774 — 612,719 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 rent receivables, net 18,517 — 144,839 — 163,356 Advances to affiliates 6,464,135 1,315,616 — (7,779,751 ) — 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 6,173 — 20,217 (1,897 ) 24,493 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 14,776 — 261,949 — 276,725 Other assets held for sale, net 3,432 — 55,200 — 58,632 Total assets $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168 Liabilities: Debt, net $ 1,701,933 $ — $ 503,242 $ (184,700 ) $ 2,020,475 Accounts payable, accrued expenses, and accrued capital expenditures 17,365 31,230 118,712 (1,897 ) 165,410 Advances from affiliates 708,340 5,071,521 2,098,146 (7,878,007 ) — Deferred income 5,206 — 23,200 — 28,406 Intangible lease liabilities, net — — 47,537 — 47,537 Interest rate swaps 8,169 — — — 8,169 Other liabilities held for sale, net — — 468 — 468 Total liabilities 2,441,013 5,102,751 2,791,305 (8,064,604 ) 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 911,411 (3,833,873 ) 1,243,643 97,956 (1,580,863 ) Other comprehensive loss 2,104 — — — 2,104 Piedmont stockholders’ equity 4,540,079 (156,421 ) 1,244,952 (3,532,789 ) 2,095,821 Noncontrolling interest — — 1,882 — 1,882 Total stockholders’ equity 4,540,079 (156,421 ) 1,246,834 (3,532,789 ) 2,097,703 Total liabilities and stockholders’ equity $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168 Condensed Consolidated Statements of Income For the year ended December 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 42,593 $ — $ 434,975 $ (1,791 ) $ 475,777 Tenant reimbursements 11,660 — 85,525 (474 ) 96,711 Property management fee revenue — — 18,155 (16,470 ) 1,685 54,253 — 538,655 (18,735 ) 574,173 Expenses: Property operating costs 22,805 — 216,560 (18,735 ) 220,630 Depreciation 12,995 — 106,293 — 119,288 Amortization 3,049 — 72,318 — 75,367 Impairment loss on real estate assets 87 — 46,374 — 46,461 General and administrative 6,443 347 24,340 — 31,130 45,379 347 465,885 (18,735 ) 492,876 Real estate operating income/(loss) 8,874 (347 ) 72,770 — 81,297 Other income (expense): Interest expense (56,769 ) — (26,715 ) 15,360 (68,124 ) Other income/(expense) 9,168 — 6,849 (15,360 ) 657 Equity in income of unconsolidated joint ventures 3,845 — — — 3,845 (43,756 ) — (19,866 ) — (63,622 ) Income/(loss) from continuing operations (34,882 ) (347 ) 52,904 — 17,675 Gain on sale of real estate assets 6,431 — 109,443 — 115,874 Net income/(loss) (28,451 ) (347 ) 162,347 — 133,549 Plus: Net loss applicable to noncontrolling interest — — 15 — 15 Net income/(loss) applicable to Piedmont $ (28,451 ) $ (347 ) $ 162,362 $ — $ 133,564 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 8,259 — 25,642 — 33,901 General and administrative 28,314 311 36,065 (35,446 ) 29,244 88,912 311 449,531 (53,823 ) 484,931 Real estate operating income/(loss) (19,824 ) (311 ) 55,258 35,661 70,784 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 — — 34 — 34 Equity in income of unconsolidated joint ventures 362 — — — 362 (39,186 ) 282 (25,573 ) — (64,477 ) Income/(loss) from continuing operations (59,010 ) (29 ) 29,685 35,661 6,307 Gain on sale of real estate assets 31,275 — 62,135 — 93,410 Net income/(loss) (27,735 ) (29 ) 91,820 35,661 99,717 Plus: Net loss applicable to noncontrolling interest — — 15 — 15 Net income/(loss) applicable to Piedmont $ (27,735 ) $ (29 ) $ 91,835 $ 35,661 $ 99,732 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 6,195 — 37,106 — 43,301 General and administrative 29,645 341 35,923 (35,563 ) 30,346 97,709 341 468,357 (55,349 ) 511,058 Real estate operating income/(loss) (17,052 ) (341 ) 54,859 36,245 73,711 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 23 — (301 ) — (278 ) Equity in loss of unconsolidated joint ventures 553 — — — 553 (38,528 ) — (33,630 ) — (72,158 ) Income/(loss) from continuing operations (55,580 ) (341 ) 21,229 36,245 1,553 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 45,225 — 84,458 — 129,683 Net income/(loss) (10,341 ) (341 ) 105,756 36,245 131,319 Plus: Net income applicable to noncontrolling interest — — (15 ) — (15 ) Net income/(loss) applicable to Piedmont $ (10,341 ) $ (341 ) $ 105,741 $ 36,245 $ 131,304 Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided By/(Used In) Operating Activities $ (18,989 ) $ 5,497 $ 256,297 $ — $ 242,805 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (1,614 ) — (113,479 ) — (115,093 ) Intercompany note receivable 100 — (48,710 ) 48,610 — Net sales proceeds from wholly-owned properties 23,028 — 352,490 — 375,518 Net sales proceeds received from unconsolidated joint ventures 12,334 — — — 12,334 Investments in unconsolidated joint ventures (1,162 ) — — — (1,162 ) Deferred lease costs paid (4,081 ) — (26,904 ) — (30,985 ) Net cash provided by/(used in) investing activities 28,605 — 163,397 48,610 240,612 Cash Flows from Financing Activities: Debt issuance costs paid (132 ) — — — (132 ) Proceeds from debt 180,000 — — — 180,000 Repayments of debt (335,000 ) — (141,401 ) — (476,401 ) Intercompany note payable (14,289 ) — 62,899 (48,610 ) — Costs of issuance of common stock — (182 ) — — (182 ) Shares withheld to pay tax obligations related to employee stock compensation — (3,403 ) — — (3,403 ) Repurchases of common stock as part of announced plan — (60,474 ) — — (60,474 ) (Distributions to)/repayments from affiliates 160,019 180,791 (340,810 ) — — Dividends paid and discount on dividend reinvestments — (122,229 ) (45 ) — (122,274 ) Net cash provided by/(used in) financing activities (9,402 ) (5,497 ) (419,357 ) (48,610 ) (482,866 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows 214 — 337 — 551 Cash, cash equivalents, and restricted cash and escrows, beginning of year 3,693 150 4,361 — 8,204 Cash, cash equivalents, and restricted cash and escrows, end of year $ 3,907 $ 150 $ 4,698 $ — $ 8,755 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 $ (26,263 ) $ 5,214 $ 217,236 $ 35,660 $ 231,847 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 — Redemption of noncontrolling interest in unconsolidated variable interest entity — — — — — 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/(decrease) in cash, cash equivalents, and restricted cash and escrows 1,497 — (3,908 ) — (2,411 ) Cash, cash equivalents, and restricted cash and escrows, beginning of year 2,196 150 8,269 — 10,615 Cash, cash equivalents, and restricted cash and escrows, end of year $ 3,693 $ 150 $ 4,361 $ — $ 8,204 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/(Used In) by Operating Activities $ (27,077 ) $ 4,699 $ 209,821 $ 36,245 $ 223,688 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (12,303 ) — (494,291 ) — (506,594 ) 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 207,462 — 164,430 (72,000 ) 299,892 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 — Net 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 104,495 281,073 (349,323 ) (36,245 ) — Dividends paid and discount on dividend reinvestments — (126,516 ) (15 ) — (126,531 ) Net cash provided by/(used in) financing activities (191,503 ) (6,339 ) (368,864 ) 35,755 (530,951 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows (11,118 ) (1,640 ) 5,387 — (7,371 ) Cash, cash equivalents, and restricted cash and escrows, beginning of year 13,314 1,790 2,882 — 17,986 Cash, cash equivalents, and restricted cash and escrows, end of year $ 2,196 $ 150 $ 8,269 $ — $ 10,615 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events Declaration of Dividend for the First Quarter 2018 On February 7, 2018 , the board of directors of Piedmont declared dividends for the first quarter 2018 in the amount of $0.21 per share on its common stock to stockholders of record as of the close of business on February 23, 2018 . Such dividends are to be paid on March 16, 2018 . Sale of the 2017 Disposition Portfolio During the fourth quarter 2017, Piedmont entered into two binding contracts with two different buyers to sell 14 assets, each of which subsequently closed on January 4, 2018. The total gross sales price for both transactions was approximately $425.9 million (subject to an additional $4.5 million in contingent proceeds upon certain leasing activity occurring before July 2, 2018). See Note 14 for further information. Repayment of Two Unsecured Debt Facilities On January 4, 2018, using proceeds from the dispositions noted above and cash on hand, as well as a draw on its $500 Million Unsecured 2015 Line of Credit, Piedmont repaid the entire outstanding balance of the $170 Million Unsecured 2015 Term Loan and the $300 Million Unsecured 2013 Term Loan, which had maturity dates of May 15, 2018 and January 31, 2019, respectively. See Note 5 for further information. Property Under Contract for Acquisition On February 19, 2018, Piedmont entered into a binding contract to acquire, for $28 million , 501 W. Church Street, a value-add asset located in Orlando, Florida in close proximity to Piedmont's existing downtown Orlando assets, CNL Center I and II and SunTrust Center. 501 W. Church Street is an approximately 182,000 square foot, five -story office property adjacent to the Amway Center and the proposed Orlando downtown Sports Entertainment District. Share Repurchase Program Re-Authorized by Board of Directors From January 1, 2018 through February 21, 2018, Piedmont repurchased and retired approximately 7.8 million of its common stock at a weighted-average price of $18.97 per share. As of February 21, 2018, Piedmont has approximately $40.0 million of capacity outstanding under its current board-approved share repurchase authorization. On February 21, 2018, the board of directors of Piedmont re-authorized Piedmont’s stock repurchase plan to permit the additional purchase of shares of common stock having an aggregate purchase price of up to $200 million between February 21, 2018 and February 21, 2020. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (dollars in thousands) Initial Cost Gross Amount at Which Carried at December 31, 2017 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 19,653 1994 12/21/2000 0 - 40 CRESCENT RIDGE II Minnetonka, MN 100 % None 7,700 45,154 52,854 8,194 8,021 53,027 61,048 23,837 2000 12/21/2000 0 - 40 90 CENTRAL STREET Boxborough, MA 100 % None 3,642 29,497 33,139 1,462 3,642 30,959 34,601 12,361 2001 5/3/2002 0 - 40 6031 CONNECTION DRIVE Irving, TX 100 % None 3,157 43,656 46,813 4,422 3,157 48,078 51,235 20,502 1999 8/15/2002 0 - 40 6021 CONNECTION DRIVE Irving, TX 100 % None 3,157 42,662 45,819 10,545 3,157 53,207 56,364 20,118 2000 8/15/2002 0 - 40 6011 CONNECTION DRIVE Irving, TX 100 % None 3,157 29,034 32,191 3,283 3,157 32,317 35,474 14,126 1999 8/15/2002 0 - 40 ONE INDEPENDENCE SQUARE Washington, DC 100 % None 29,765 104,814 134,579 22,446 30,562 126,463 157,025 44,364 1991 11/22/2002 0 - 40 800 NORTH BRAND BOULEVARD Glendale, CA 100 % None 23,605 136,284 159,889 13,561 23,607 149,843 173,450 57,073 1990 12/20/2002 0 - 40 US BANCORP CENTER Minneapolis, MN 100 % None 11,138 175,629 186,767 18,473 11,138 194,102 205,240 71,663 2000 5/1/2003 0 - 40 GLENRIDGE HIGHLANDS TWO Atlanta, GA 100 % None 6,662 69,031 75,693 (16,173 ) 6,662 52,858 59,520 22,040 2000 8/1/2003 0 - 40 200 BRIDGEWATER CROSSING Bridgewater, NJ 100 % None 8,182 84,160 92,342 (12,945 ) 8,328 71,069 79,397 26,852 2002 8/14/2003 0 - 40 400 VIRGINIA AVE Washington, DC 100 % None 22,146 49,740 71,886 (375 ) 22,146 49,365 71,511 17,594 1985 11/19/2003 0 - 40 4250 NORTH FAIRFAX DRIVE Arlington, VA 100 % None 13,636 70,918 84,554 10,989 13,636 81,907 95,543 26,162 1998 11/19/2003 0 - 40 1225 EYE STREET (e) Washington, DC 98.1 % None 21,959 47,602 69,561 8,034 21,959 55,636 77,595 19,248 1986 11/19/2003 0 - 40 1201 EYE STREET (f) Washington, DC 98.6 % None 31,985 63,139 95,124 5,725 31,985 68,864 100,849 21,850 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 79,034 1987 12/18/2003 0 - 40 60 BROAD STREET New York, NY 100 % None 32,522 168,986 201,508 13,794 60,708 154,594 215,302 56,430 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 17,288 1873 1/8/2004 0 - 40 ONE BRATTLE SQUARE Cambridge, MA 100 % None 6,974 64,940 71,914 (24,495 ) 7,113 40,306 47,419 14,459 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 7,571 2005 3/16/2004 0 - 40 Initial Cost Gross Amount at Which Carried at December 31, 2017 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) 3100 CLARENDON BOULEVARD Arlington, VA 100 % None 11,700 69,705 81,405 40,963 11,791 110,577 122,368 25,520 1987 12/9/2004 0 - 40 400 BRIDGEWATER CROSSING Bridgewater, NJ 100 % None 10,400 71,052 81,452 (14,078 ) 10,400 56,974 67,374 17,844 2002 2/17/2006 0 - 40 LAS COLINAS CORPORATE CENTER I Irving, TX 100 % None 3,912 18,830 22,742 (3,671 ) 2,543 16,528 19,071 5,785 1998 8/31/2006 0 - 40 LAS COLINAS CORPORATE CENTER II Irving, TX 100 % None 4,496 29,881 34,377 (3,580 ) 2,543 28,254 30,797 9,594 1998 8/31/2006 0 - 40 TWO PIERCE PLACE Itasca, IL 100 % None 4,370 70,632 75,002 13,334 8,156 80,180 88,336 32,194 1991 12/7/2006 0 - 40 ONE MERIDIAN CROSSINGS Richfield, MN 100 % None 2,919 24,398 27,317 318 2,919 24,716 27,635 5,045 1997 10/1/2010 0 - 40 TWO MERIDIAN CROSSINGS Richfield, MN 100 % None 2,661 25,742 28,403 637 2,661 26,379 29,040 5,419 1998 10/1/2010 0 - 40 500 WEST MONROE STREET Chicago, IL 100 % None 36,990 185,113 222,103 50,057 36,990 235,170 272,160 44,321 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 4,524 1997 4/29/2011 0 - 40 THE MEDICI Atlanta, GA 100 % None 1,780 11,510 13,290 5,359 1,780 16,869 18,649 3,788 2008 6/7/2011 0 - 40 225 PRESIDENTIAL WAY Boston, MA 100 % None 3,626 36,916 40,542 66 3,612 36,996 40,608 9,680 2000 9/13/2011 0 - 40 235 PRESIDENTIAL WAY Boston, MA 100 % None 4,154 44,048 48,202 69 4,138 44,133 48,271 11,505 2001 9/13/2011 0 - 40 400 TOWNPARK Lake Mary, FL 100 % None 2,570 20,555 23,125 4,329 2,570 24,884 27,454 5,178 2008 11/10/2011 0 - 40 ARLINGTON GATEWAY Arlington, VA 100 % None 36,930 129,070 166,000 (5,596 ) 36,930 123,474 160,404 15,894 2005 3/4/2013 0 - 40 5 & 15 WAYSIDE ROAD Burlington, MA 100 % None 7,190 55,445 62,635 2,548 7,190 57,993 65,183 9,693 1999 / 2001 3/22/2013 0 - 40 6565 MACARTHUR BOULEVARD Irving, TX 100 % None 4,820 37,767 42,587 (530 ) 4,820 37,237 42,057 4,752 1998 12/5/2013 0 - 40 ONE LINCOLN PARK Dallas, TX 100 % None 6,640 44,810 51,450 1,787 6,640 46,597 53,237 6,642 1999 12/20/2013 0 - 40 161 CORPORATE CENTER Irving, TX 100 % None 2,020 10,680 12,700 (113 ) 2,020 10,567 12,587 2,134 1998 12/30/2013 0 - 40 5 WALL STREET Burlington, MA 100 % 30,670 9,560 50,276 59,836 (1,175 ) 9,560 49,101 58,661 7,278 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 10,004 2000 8/28/2014 0 - 40 Initial Cost Gross Amount at Which Carried at December 31, 2017 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) 500 TOWNPARK Lake Mary, FL 100 % None 2,147 21,925 24,072 3,053 2,147 24,978 27,125 785 2017 N/A 0 - 40 PARK PLACE ON TURTLE CREEK Dallas, TX 100 % None 4,470 38,048 42,518 1,810 4,470 39,858 44,328 4,565 1986 1/16/2015 0 - 40 80 CENTRAL STREET Boxborough, MA 100 % None 1,980 8,930 10,910 (394 ) 1,980 8,536 10,516 994 1988 7/24/2015 0 - 40 ENCLAVE PLACE Houston, TX 100 % None 1,890 60,094 61,984 3,756 1,890 63,850 65,740 3,591 2015 N/A 0 - 40 SUNTRUST CENTER Orlando, FL 100 % None 11,660 139,015 150,675 981 11,660 139,996 151,656 12,564 1988 11/4/2015 0 - 40 GALLERIA 300 Atlanta, GA 100 % None 4,000 73,554 77,554 1,919 4,000 75,473 79,473 7,739 1987 11/4/2015 0 - 40 GLENRIDGE HIGHLANDS ONE Atlanta, GA 100 % None 5,960 50,013 55,973 815 5,960 50,828 56,788 5,261 1998 11/24/2015 0 - 40 CNL CENTER I Orlando, FL 99 % None 6,470 77,858 84,328 (303 ) 6,470 77,555 84,025 4,995 1999 8/1/2016 0 - 40 CNL CENTER II Orlando, FL 99 % None 4,550 55,609 60,159 481 4,550 56,090 60,640 3,235 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 5,587 1997 / 2008 8/10/2016 0 - 40 GALLERIA 200 Atlanta, GA 100 % None 6,470 55,825 62,295 (63 ) 6,470 55,762 62,232 3,127 1984 10/7/2016 0 - 40 750 WEST JOHN CARPENTER FREEWAY (g) Irving, TX 100 % None 7,860 36,303 44,163 1,702 7,860 38,005 45,865 2,143 1999 11/30/2016 0 - 40 NORMAN POINTE I Bloomington, MN 100 % None 4,358 22,322 26,680 — 4,358 22,322 26,680 36 2000 12/28/2017 0 - 40 PIEDMONT POWER, LLC (h) Bridgewater, NJ 100 % None — 79 79 2,740 — 2,819 2,819 676 N/A 12/20/2011 0 - 40 UNDEVELOPED LAND PARCELS (i) Various 100 % None 18,061 — 18,061 (1,063 ) 15,914 1,084 16,998 23 N/A Various N/A 2017 DISPOSITION PORTFOLIO (j) Various 100 % None 73,285 433,351 506,636 (5,110 ) 74,498 427,028 501,526 169,127 Various Various 0 40 Total—All Properties $ 584,304 $ 3,613,304 $ 4,197,608 $ 240,601 $ 619,292 $ 3,818,917 $ 4,438,209 $ 1,053,467 (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, as well as impairment loss on real estate assets. (c) The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $4.2 billion . (d) Piedmont’s assets are depreciated or amortized using the straight-line 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) During the year ended December 31, 2017 , Piedmont repaid the mortgage secured by the 1225 Eye Street property located in Washington, D.C., and recapitalized the 1225 Eye Street N.W. Associates, LLC, increasing Piedmont's ownership from 49.5% to 98.1% . Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building. (f) During the year ended December 31, 2017 , Piedmont repaid the mortgage secured by the 1201 Eye Street property located in Washington, D.C., and recapitalized the 1201 Eye Street N.W. Associates, LLC, increasing Piedmont's ownership from 49.5% to 98.6% . Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building. (g) As part of the acquisition of the property, Piedmont purchased an adjoining, developable land parcel of 3.5 acres for $1.0 million . (h) Represents solar panels at the 400 Bridgewater Crossing building. (i) Undeveloped Land Parcels includes land parcels which Piedmont may develop in the future. (j) 2017 Disposition Portfolio includes the following properties which were reclassified as held for sale as of December 31, 2017: 1200 Crown Colony Drive, 5601 Hiatus Road, Windy Point I, Windy Point II, 2001 NW 64th Street, Desert Canyon 300, Auburn Hills Corporate Center, 1075 West Entrance Drive, 2300 Cabot Drive, Piedmont Pointe I, Piedmont Pointe II, Suwanee Gateway One, 5301 Maryland Way, and 2120 West End Avenue. Further, 2001 NW 64th Street was owned subject to a long-term ground lease; however, this lease was assumed by the purchaser upon closing. The 2017 Disposition Portfolio closed on January 4, 2018. Piedmont Office Realty Trust, Inc. Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (dollars in thousands) 2017 2016 2015 Real Estate: Balance at the beginning of the year $ 4,800,025 $ 4,725,096 $ 5,267,615 Additions to/improvements of real estate 85,368 422,908 452,106 Assets disposed (1) (353,911 ) (296,319 ) (926,592 ) Assets impaired (46,461 ) (2) (30,898 ) (3) (40,169 ) (3) Write-offs of intangible assets (4) (37,188 ) (11,896 ) (7,768 ) Write-offs of fully depreciated/amortized assets (9,624 ) (8,866 ) (20,096 ) Balance at the end of the year $ 4,438,209 $ 4,800,025 $ 4,725,096 Accumulated Depreciation and Amortization: Balance at the beginning of the year $ 1,058,704 $ 1,019,663 $ 1,182,556 Depreciation and amortization expense 145,837 155,274 155,009 Assets disposed (1) (104,262 ) (95,471 ) (290,038 ) Write-offs of intangible assets (4) (37,188 ) (11,896 ) (7,768 ) Write-offs of fully depreciated/amortized assets (9,624 ) (8,866 ) (20,096 ) Balance at the end of the year $ 1,053,467 $ 1,058,704 $ 1,019,663 (1) Includes the disposition of the 8560 Upland Drive property, Piedmont's last remaining investment in an unconsolidated joint venture. (2) Piedmont recognized an impairment loss on a disposal group of real estate assets as part of the 2017 Disposition Portfolio (see Note 9 ). (3) Does not include impairment loss recognized on other assets as a result of the allocation of goodwill (see Note 9 ). (4) 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, 2017 | |
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 | Please refer to Note 6 for a summary of Piedmont’s interests in and consolidation treatment of its various VIEs as of December 31, 2017 . 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 associated with the acquisition of an individual asset that does not qualify as a business combination. 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 $0.2 million , $4.6 million , and $3.8 million of interest was capitalized for the years ended December 31, 2017 , 2016 , and 2015 , 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 either operating properties or properties under construction in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, or when a sale in the near term is considered more than 50% probable, management assesses whether the respective carrying values including a proportionate amount of goodwill, if applicable, 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. |
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 (plus any related acquisition costs) allocated based on relative fair value 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 During the year ended December 31, 2017, Piedmont sold its investment in its last remaining unconsolidated joint venture. Prior to this disposition, during the three years ended December 31, 2017, Piedmont had accounted for its unconsolidated joint ventures using the equity method of accounting, whereby original investments were 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. All income and distributions were allocated to the joint venture partners in accordance with their respective ownership interests. Any distributions were classified on the accompanying consolidated statements of cash flow using the nature of distribution approach. Any distributions of net cash from operations were classified as cash inflows from operating activities, as they were presumed to be returns on Piedmont’s investment in the joint venture. Any proceeds received as the result of a sale of an asset from an unconsolidated joint venture were 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 collectability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. Piedmont records provisions for bad debts as property operating costs in the accompanying consolidated statements of income |
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. Piedmont internally evaluates its consolidated financial position and all of its operations as one reporting unit. In conjunction with performing the annual impairment test of goodwill as of December 31, 2017, Piedmont early adopted the provisions of the Accounting Standards Update No. 2017-04 Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04") issued by the Financial Accounting Standards Board (the "FASB"). Beginning with the 2017 annual test of goodwill impairment, Piedmont will no longer perform a "Step 2" analysis if, after assessing the totality of events or circumstances, Piedmont concludes that the goodwill balance may be impaired for any reporting unit. A Step 2 analysis requires an entity to calculate the implied fair value of existing goodwill, as compared to its carrying amount. Instead, if Piedmont determines during the qualitative analysis that it is more likely than not that the goodwill is impaired, then Piedmont will recognize a goodwill impairment loss by the excess of the reporting unit’s carrying amount over its estimated fair value (not to exceed the total goodwill allocated to that reporting unit). |
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, 2017 and 2016 , 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, 2017 , 2016 , and 2015 , Piedmont capitalized approximately $0.3 million , $0.4 million , and $1.0 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 $50.8 million , $50.1 million , and $42.5 million of deferred lease costs for the years ended December 31, 2017 , 2016 , and 2015 , respectively, are included in amortization expense; and • Approximately $4.8 million , $3.9 million , and $4.7 million , of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2017 , 2016 , and 2015 , 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 | 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. 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. |
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 May 2017 the repurchase and retirement of up to $250 million of Piedmont's common stock between May 2, 2017 and May 2, 2019. 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, 2017 , Piedmont had approximately $188.2 million in remaining capacity under the program which may be used for share repurchases through May 2019. See Note 19 for additional information. 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 and/or special 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 is not owned by Piedmont. Noncontrolling interest is adjusted for the noncontrolling partners' share of contributions, distributions, and earnings (losses) in accordance with the respective partnership agreement. Earnings allocated to such noncontrolling partners are recorded as income applicable to noncontrolling interest in the accompanying consolidated statements of income. |
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. Property management fee revenue is recognized in the period in which the services are performed. 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 operations 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, 2017 , Piedmont held approximately $0.8 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 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. 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 Operational results related to properties sold or held for sale prior to Piedmont's adoption 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") continue to be presented as discontinued operations in the accompanying consolidated statements of income. Subsequent to the adoption of ASU 2014-08, 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, while the gain on sale is presented 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. |
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. However, Piedmont is subject to federal income taxes related to the 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 does not have significant tax provisions or deferred income tax items. These operations resulted in approximately $13,000 , $415,000 , and $85,000 in income tax expense for the years ended December 31, 2017 , 2016 , and 2015 , 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, 2017, June 30, 2017, September 30, 2017, and December 31, 2017 have been reclassified as held for sale as of December 31, 2016 for comparative purposes (see Note 14 ). |
Accounting Pronouncements Adopted and Other Recent Accounting Pronouncements | Accounting Pronouncements Adopted during the Year Ended December 31, 2017 As mentioned in Goodwill above, Piedmont early adopted the provisions of ASU 2017-04 on a prospective basis beginning with the annual test of impairment as of December 31, 2017. The provisions in ASU 2017-04 simplify the testing of goodwill for impairment and the implementation did not result in any change to current or previously reported information. Additionally, as of December 31, 2017, Piedmont early adopted the provisions of FASB Accounting Standards Update No. 2016-18 Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force) in the accompanying consolidated statements of cash flows for all years presented on a retrospective basis. See Note 15 for additional required disclosures. Other Recent Accounting Pronouncements The Financial Accounting Standards Board (the "FASB") has issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). The amendments in ASU 2014-09, which are further clarified in ASUs 2016-08,10, 12, 20 and 2017-13 and 14 (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. Substantially all of Piedmont's total revenues are derived from either long-term leases with its tenants or reimbursement of operating expenses, which are excluded, or expected to be excluded, from the scope of the Revenue Recognition Amendments. Piedmont's revenues which fall under the scope of the Revenue Recognition Amendments, which are effective in the first quarter of 2018 for Piedmont, include its property management fee revenues and certain of its parking and fiber or antennae fee income arrangements. Lease contracts and reimbursement revenues (provided certain conditions are met) are specifically excluded, or expected to be excluded, from the scope of the Revenue Recognition Amendments. Management has substantially completed its assessment of the impact of adoption of the Revenue Recognition Amendments and does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"). The provisions of ASU 2017-05 define the term "in substance nonfinancial asset" as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) is concentrated in nonfinancial assets. Further, it states that nonfinancial assets should be derecognized once the counterparty obtains control. Finally, the amendments provide clarification for partial sales of nonfinancial assets. ASU 2017-05 is effective concurrent with the Revenue Recognition Amendments (detailed above), which will be the first quarter of 2018 for Piedmont. Although management continues to evaluate the guidance and disclosures required by ASU 2017-05, Piedmont does not anticipate a material change in how it recognizes, measures, or classifies the gains or losses on the disposition of real estate in 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 does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued ASU 2016-02, which fundamentally changes 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; however, ASU 2016-02 currently defines certain tenant reimbursements as non-lease components which will be subject to the guidance under ASU 2014-09; however under proposed Topic 842, lessors may elect a practical expedient not to separate components in a lease contract provided certain components are met. 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. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for Piedmont in first quarter 2019, with early adoption, including adoption in an interim period, permitted. ASU 2017-12 requires a modified retrospective transition method in which Piedmont will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. While management continues to assess all potential impacts of the standard, 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. 2016-13, 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, 2017 | |
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, 2017 and 2016 , respectively, are as follows (in thousands): December 31, 2017 December 31, 2016 Intangible Lease Assets: Above-Market In-Place Lease Assets $ 11,935 $ 25,425 In-Place Lease Valuation $ 165,015 $ 183,422 Intangible Lease Origination Costs (included as component of Deferred Lease Costs) $ 250,539 $ 261,075 Intangible Lease Liabilities (Below-Market In-Place Leases) $ 95,620 $ 97,230 |
Amortization Of Intangible Lease Costs | For the years ended December 31, 2017 , 2016 , and 2015 , respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands): 2017 2016 2015 Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense $ 58,467 $ 58,150 $ 42,278 Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues $ 6,575 $ 5,066 $ 4,571 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Net intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, as of December 31, 2017 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 (2) For the year ending December 31: 2018 $ 1,600 $ 18,497 $ 28,023 $ 8,449 2019 910 14,181 23,102 7,263 2020 157 10,179 17,739 5,669 2021 104 9,013 15,685 5,468 2022 84 7,869 13,752 4,847 Thereafter 142 15,069 27,800 7,142 $ 2,997 $ 74,808 $ 126,101 $ 38,838 Weighted-Average Amortization Period (in years) 3 6 7 6 (1) Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets. (2) Includes approximately $0.4 million of future amortization of below-market in-place lease intangibles related to our 2017 Disposition Portfolio (see Note 14 ) below, which is classified as Other Liabilities Held for Sale, Net, on the accompanying consolidated balance sheets. These net below-market in-place lease intangibles will be included in the gain/loss on real estate assets upon their disposition on January 4, 2018. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | During the year ended December 31, 2017 , Piedmont acquired one property using proceeds from the sale of other assets 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) Norman Pointe I Minneapolis, Minnesota December 28, 2017 100 % 213,851 71 % $ 35.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2017 and 2016 , including net discounts/premiums and unamortized debt issuance costs (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of 2017 2016 Secured (Fixed) $140 Million WDC Fixed-Rate Loans 5.76 % 5.76 % 11/1/2017 $ — $ 140,000 $35 Million Fixed-Rate Loan (3) 5.55 % 3.75 % 9/1/2021 30,670 31,583 $160 Million Fixed-Rate Loan (4) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 946 1,161 Subtotal/Weighted Average (5) 3.81 % 191,616 332,744 Unsecured (Variable and Fixed) $170 Million Unsecured 2015 Term Loan (6) LIBOR + 1.125% 2.54 % 5/15/2018 170,000 (7) 170,000 $300 Million Unsecured 2013 Term Loan LIBOR + 1.20% 2.78 % (8) 1/31/2019 300,000 (7) 300,000 $500 Million Unsecured 2015 Line of Credit (6) LIBOR + 1.00% 2.57 % 6/18/2019 (9) 23,000 178,000 $300 Million Unsecured 2011 Term Loan LIBOR + 1.15% 3.35 % (8) 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 (7,689) (10,269) Subtotal/Weighted Average (5) 3.43 % 1,535,311 1,687,731 Total/Weighted Average (5) 3.48 % $ 1,726,927 $ 2,020,475 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2017 and 2016 is interest-only. (2) Effective rate after consideration of settled or in-place interest rate swap agreements, issuance premiums/discounts, and/or fair market value adjustments upon assumption of debt. (3) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (4) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (5) 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, 2017 . (6) 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. (7) On January 4, 2018, Piedmont repaid the entire outstanding balance of the $170 Million Unsecured 2015 Term Loan and the $300 Million Unsecured 2013 Term Loan without penalty. (8) Facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of Piedmont's credit rating, the rate shown as the effective rate. (9) Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of 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 Piedmont's consolidated principal outstanding for aggregate debt maturities of its indebtedness as of December 31, 2017 , is provided below (in thousands): 2018 $ 170,882 (1) 2019 324,014 (1) (2) 2020 301,072 2021 27,702 2022 160,000 Thereafter 750,000 Total $ 1,733,670 (1) On January 4, 2018, Piedmont repaid the entire outstanding balance of the $170 Million Unsecured 2015 Term Loan and the $300 Million Unsecured 2013 Term Loan without penalty, which were scheduled to mature on May 15, 2018 and January 31, 2019, respectively. (2) Includes the balance outstanding as of December 31, 2017 on the $500 Million Unsecured 2015 Line of Credit of $23 million . 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 an33
Variable Interest Entities and Equity Participation Rights (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | A summary of Piedmont’s interests in its consolidated VIEs and their related carrying values as of December 31, 2017 and 2016 is as follows (net carrying amount in millions): Entity Piedmont’s % Ownership of Entity Related Building Net Carrying Amount as of December 31, 2017 Net Carrying Amount as of December 31, 2016 Primary Beneficiary Considerations 1201 Eye Street N.W. Associates, LLC 98.6 % (1) 1201 Eye Street $ 81.1 $ (6.7 ) In accordance with the partnership’s governing documents, Piedmont currently receives 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 98.1 % (1) 1225 Eye Street $ 65.2 $ 9.9 In accordance with the partnership’s governing documents, Piedmont currently receives 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 $ 263.2 $ 262.4 The Omnibus Agreement with the previous owner includes equity participation rights upon sale of the property 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. (1) During the year ended December 31, 2017 , Piedmont repaid the $140 million mortgage secured by the 1201 and 1225 Eye Street properties, and recapitalized the LLCs holding each asset, increasing Piedmont's ownership from 49.5% in each of the LLCs to the amounts stated above. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 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 (1) $300 Million Unsecured 2013 Term Loan $ 200 1/30/2014 1/31/2019 Interest rate swaps 2 (1) $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 (1) In January 2018, Piedmont terminated these interest rate swap agreements in conjunction with the repayment of the $300 Million Unsecured 2013 Term Loan (see Note 5 above). As a result of the termination, Piedmont received approximately $0.8 million from its counterparties for settlement of swaps and will recognize a net, non-cash loss of approximately $1.1 million in its statement of operations for the three months ending March 31, 2018. |
Schedule of Interest Rate Derivatives | A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2017 and 2016 , respectively, is as follows (in thousands): Interest rate swaps classified as: December 31, 2017 December 31, 2016 Gross derivative assets $ 688 $ — Gross derivative liabilities (1,478 ) (8,169 ) Net derivative liability $ (790 ) $ (8,169 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effective portion of Piedmont's interest rate derivatives, including any gain/(loss) associated with any early settlements or terminations of swaps, that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2017 , 2016 , and 2015 , respectively, was as follows (in thousands): Interest Rate Swaps in Cash Flow Hedging Relationships 2017 2016 2015 Amount of gain/(loss) recognized in OCI on derivatives $ 2,479 $ (4,126 ) $ (12,509 ) Amount of previously recorded loss reclassified from accumulated OCI into interest expense $ 3,502 $ 4,548 $ 5,875 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , respectively (in thousands): December 31, 2017 December 31, 2016 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) $ 7,382 $ 7,382 Level 1 $ 6,992 $ 6,992 Level 1 Tenant receivables, net (1) $ 12,139 $ 12,139 Level 1 $ 26,494 $ 26,494 Level 1 Restricted cash and escrows (1) $ 1,373 $ 1,373 Level 1 $ 1,212 $ 1,212 Level 1 Interest rate swap asset $ 688 $ 688 Level 2 $ — $ — Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 126,429 $ 126,429 Level 1 $ 44,733 $ 44,733 Level 1 Interest rate swap liability $ 1,478 $ 1,478 Level 2 $ 8,169 $ 8,169 Level 2 Debt, net $ 1,726,927 $ 1,759,905 Level 2 $ 2,020,475 $ 2,027,436 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 Estat36
Impairment Loss on Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Impairment Loss on Real Estate Assets | Piedmont recorded impairment loss on real estate assets for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): 2017 2016 2015 Eastpoint I & II (1) $ — $ — $ 6,195 2 Gatehall Drive (1) — — 37,106 150 West Jefferson (1) — 8,259 — 9221 Corporate Boulevard (2) — 2,692 — 9200 and 9211 Corporate Boulevard (3) — 22,950 — Disposal Group of 13 Assets (4) 46,461 — — Total impairment loss on real estate assets (5) $ 46,461 $ 33,901 $ 43,301 (1) Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset including a proportionate amount of goodwill (because the asset met the definition of a disposed "business" at the time of measurement) 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 $2.7 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill 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 $23.0 million . The impairment loss was calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill and the anticipated contracted sales price, less estimated selling costs. (4) During the fourth quarter 2017, Piedmont's management changed its hold period assumption and subsequently determined that a near-term sale was more than 50% probable for a disposal group of real estate assets. Piedmont recognized an impairment loss on this disposal group (see Note 14 ) based upon the difference between the carrying value of the assets (which did not include a proportionate amount of goodwill because the disposal group did not meet the definition of a disposed "business" at the time of measurement) and the contracted sales price, less estimated selling costs. (5) 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 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The aggregate payments required under the terms of this operating lease as of December 31, 2017 are presented below (in thousands): 2018 $ 93 2019 93 2020 93 2021 93 2022 93 Thereafter 2,346 Total $ 2,811 The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases is presented below in total for properties held for use and held for sale as of December 31, 2017 , as well as exclusive of properties which were held for sale as of December 31, 2017 and subsequently sold on January 4, 2018 (see Note 14 below) (in thousands): Years ending December 31: All properties owned as of December 31, 2017 Excluding properties held for sale as of December 31, 2017 2018 $ 417,643 $ 377,447 2019 401,120 361,280 2020 377,556 338,269 2021 344,991 307,008 2022 316,053 287,175 Thereafter 1,348,156 1,298,890 Total $ 3,205,519 $ 2,970,069 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2016 944,223 $ 19.44 Deferred Stock Awards Granted 299,251 $ 21.38 Increase in Estimated Potential Future Performance Share Awards, net of forfeitures 57,526 $ 24.68 Performance Stock Awards Vested (118,446 ) $ 22.00 Deferred Stock Awards Vested (305,107 ) $ 19.34 Deferred Stock Awards Forfeited (9,010 ) $ 19.93 Unvested and Potential Stock Awards as of December 31, 2017 868,437 $ 21.69 The following table provides additional information regarding stock award activity during the years ended December 31, 2017 , 2016 , and 2015 (in thousands except for per share data): 2017 2016 2015 Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period (per share) $ 21.38 $ 19.96 $ 17.59 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 5,899 $ 4,806 $ 4,239 Share-based Liability Awards Paid During the Period (1) $ 2,877 $ 1,127 $ — (1) Amounts reflect the issuance of performance share awards related to the 2014-16 and 2013-15 Performance Share Plans during the years ended December 31, 2017 and 2016 , respectively. |
Schedule of Outstanding Employee Deferred Stock Awards | A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2017 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, 2017 January 3, 2014 Deferred Stock Award 79,119 $ 16.45 Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively. 32,829 May 1, 2015 Deferred Stock Award 216,811 $ 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. 66,922 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. 161,005 (2) May 24, 2016 Deferred Stock Award 232,960 $ 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. 132,195 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. 122,154 (2) May 18, 2017 Deferred Stock Award-Board of Directors 26,187 $ 21.38 Of the shares granted, 100% will vest by May 18, 2018. 26,187 May 18, 2017 Deferred Stock Award 246,671 $ 21.38 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 18, 2018, 2019, and 2020, respectively. 199,810 May 18, 2017 Fiscal Year 2017-2019 Performance Share Program — $ 30.45 Shares awarded, if any, will vest immediately upon determination of award in 2020. 127,335 (2) Total Unvested and Potential Stock Awards 868,437 (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, 2017 . (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2017 . Share estimates are subject to change in future periods based upon Piedmont's relative performance compared to its peers' total stockholder return. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 income for the years ended December 31, 2017 , 2016 , and 2015 , respectively (in thousands): 2017 2016 2015 Weighted-average common shares—basic 145,044 145,230 150,538 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards 336 405 342 Weighted-average common shares—diluted 145,380 145,635 150,880 Common stock issued and outstanding as of period end 142,359 145,235 145,512 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The aggregate payments required under the terms of this operating lease as of December 31, 2017 are presented below (in thousands): 2018 $ 93 2019 93 2020 93 2021 93 2022 93 Thereafter 2,346 Total $ 2,811 The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases is presented below in total for properties held for use and held for sale as of December 31, 2017 , as well as exclusive of properties which were held for sale as of December 31, 2017 and subsequently sold on January 4, 2018 (see Note 14 below) (in thousands): Years ending December 31: All properties owned as of December 31, 2017 Excluding properties held for sale as of December 31, 2017 2018 $ 417,643 $ 377,447 2019 401,120 361,280 2020 377,556 338,269 2021 344,991 307,008 2022 316,053 287,175 Thereafter 1,348,156 1,298,890 Total $ 3,205,519 $ 2,970,069 |
Property Dispositions, Assets41
Property Dispositions, Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 3900 Dallas Parkway Plano, Texas January 30, 2015 $ 8,940 $ 25,803 5601 Headquarters Drive Plano, Texas April 28, 2015 $ 6,390 $ 33,326 River Corporate Center Tempe, Arizona April 29, 2015 $ 4,144 $ 24,223 Copper Ridge Center Lyndhurst, New Jersey May 1, 2015 $ 11,358 $ 50,372 (1) Eastpoint I & II Mayfield Heights, Ohio July 28, 2015 $ (177 ) (2) $ 17,342 3750 Brookside Parkway Alpharetta, Georgia August 10, 2015 $ 761 $ 13,624 Chandler Forum Chandler, Arizona September 1, 2015 $ 13,805 $ 32,267 Aon Center Chicago, Illinois October 29, 2015 $ 84,218 $ 646,243 2 Gatehall Drive Parsippany, New Jersey December 21, 2015 $ 162 (2) $ 50,369 1055 East Colorado Boulevard Pasadena, California April 21, 2016 $ 29,462 $ 60,076 Fairway Center II Brea, California April 28, 2016 $ 14,406 $ 33,062 1901 Main Street Irvine, California May 2, 2016 $ 29,964 $ 63,149 (3) 9221 Corporate Boulevard Rockville, Maryland July 27, 2016 $ (192 ) (2) $ 12,035 150 West Jefferson Detroit, Michigan July 29, 2016 $ (664 ) (2) $ 77,844 9200 and 9211 Corporate Boulevard Rockville, Maryland September 28, 2016 $ (41 ) (2) $ 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 Sarasota Commerce Center II Sarasota, Florida June 16, 2017 $ 6,493 $ 23,090 Two Independence Square Washington, D.C. July 5, 2017 $ 109,381 $ 352,428 8560 Upland Drive Denver, Colorado July 27, 2017 $ 3,683 $ 12,334 (4) (1) 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. (2) 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. (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) Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the gain on sale is presented as equity in income/(loss) of unconsolidated joint ventures. Amounts shown above reflect Piedmont's approximate 72% ownership. Details comprising income from discontinued operations are presented below (in thousands): Years Ended December 31, 2017 2016 2015 Revenues: Rental income $ — $ — $ 19 Tenant reimbursements — — 64 — — 83 Expenses: Property operating costs — — (1 ) — — (1 ) Operating income, excluding loss on sale of real estate assets — — 84 Loss on sale of real estate assets — — (1 ) Income from discontinued operations $ — $ — $ 83 |
Assets Held For Sale and Discontinude Operations | 2017 Disposition Portfolio: Building Location Desert Canyon 300 Phoenix, Arizona Windy Point I and II Schaumburg, Illinois 2300 Cabot Drive Lisle, Illinois 1075 West Entrance Drive Auburn Hills, Michigan Auburn Hills Corporate Center Auburn Hills, Michigan 5301 Maryland Way Brentwood, Tennessee Suwanee Gateway One Suwanee, Georgia 5601 Hiatus Road Tamarac, Florida 2001 NW 64th Street Fort Lauderdale, Florida Piedmont Pointe I & II Bethesda, Maryland 1200 Crown Colony Drive Quincy, Massachusetts 2120 West End Avenue Nashville, Tennessee Details of amounts held for sale as of December 31, 2017 and 2016 are presented below (in thousands): December 31, 2017 December 31, 2016 Real estate assets held for sale, net: Land $ 74,498 $ 127,209 Building and improvements, less accumulated depreciation of $169,116 and $244,269 as of December 31, 2017, and 2016, respectively 255,634 485,145 Construction in progress 2,278 365 Total real estate assets held for sale, net $ 332,410 $ 612,719 Other assets held for sale, net: Straight-line rent receivables $ 25,975 $ 28,986 Prepaid expenses and other assets 328 374 Deferred lease costs, less accumulated amortization of $16,549 and $18,937 as of December 31, 2017 and 2016, respectively 20,828 29,272 Total other assets held for sale, net $ 47,131 $ 58,632 Other liabilities held for sale, net: Intangible lease liabilities, less accumulated amortization of $935 and $848 as of December 31, 2017 and 2016, respectively $ 380 $ 468 |
Supplemental Disclosures for 42
Supplemental Disclosures for the Statement of Consolidated Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Certain noncash investing and financing activities for the years ended December 31, 2017 , 2016 , and 2015 (in thousands) are outlined below: 2017 2016 2015 Accrued capital expenditures and deferred lease costs $ 11,276 $ 14,427 $ 20,630 Change in accrued dividends and discount on dividend reinvestments $ 71,267 $ 30,532 $ — Change in accrued share repurchases as part of an announced plan $ 1,276 $ — $ — Investment in consolidated joint venture $ 63,026 $ — $ — The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows as of the periods ended December 31, 2017 , 2016 , and 2015 (in thousands). 2017 2016 2015 Cash and cash equivalents $ 7,382 $ 6,992 $ 5,441 Restricted cash and escrows: Real estate tax and escrowed cash 833 757 4,772 Security and utility deposit escrows 540 455 402 Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows $ 8,755 $ 8,204 $ 10,615 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Basis Income | Piedmont’s income tax basis net income for the years ended December 31, 2017 , 2016 , and 2015 , is calculated as follows (in thousands): 2017 2016 2015 GAAP basis financial statement net income $ 133,564 $ 99,732 $ 131,304 Increase (decrease) in net income resulting from: Depreciation and amortization expense recognized for financial reporting purposes in excess of/(less than) amounts recognized for income tax purposes 62,916 69,214 (1,717 ) Rental income accrued for income tax purposes less than amounts for financial reporting purposes (25,432 ) (18,964 ) (12,123 ) Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes (6,041 ) (4,895 ) (4,614 ) Gain on disposal of property for financial reporting purposes less than/(in excess of) amounts for income tax purposes 10,068 (118,713 ) (43,493 ) Taxable income/(loss) of Piedmont Washington Properties, Inc., in excess of/(less than) amount for financial reporting purposes 176 (1,042 ) 2,491 Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes 49,859 42,019 54,425 Taxable income for Piedmont Office Holdings, Inc. in excess of/(less than) amount for financial reporting purposes (28 ) 648 — Income tax basis net income, prior to dividends paid deduction $ 225,082 $ 67,999 $ 126,273 |
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: 2017 2016 2015 Ordinary income 53.61 % 81.77 % 31.75 % Return of capital — % 18.23 % — % Capital gains 46.39 % — % 68.25 % 100 % 100 % 100 % |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | A summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 , is presented below (in thousands, except per-share data): 2017 First Second Third Fourth Revenues $ 148,463 $ 148,679 $ 137,587 $ 139,444 Real estate operating income/(loss) $ 33,300 $ 35,491 $ 28,756 $ (16,250 ) Income/(loss) from continuing operations $ 15,154 $ 17,215 $ 16,617 $ (31,311 ) Gain/(loss) on sale of real estate assets $ (53 ) $ 6,492 $ 109,512 $ (77 ) Net income/(loss) applicable to Piedmont $ 15,104 $ 23,710 $ 126,133 $ (31,383 ) Basic and diluted earnings/(loss) per share $ 0.10 $ 0.16 $ 0.87 $ (0.21 ) Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.71 (1) (1) On December 13, 2017, Piedmont's board of directors declared a special dividend of $0.50 per share. The record date was December 26, 2017, and the payment date was January 9, 2018. 2016 First Second Third Fourth Revenues $ 138,012 $ 135,307 $ 138,485 $ 143,911 Real estate operating income/(loss) $ 26,372 $ 14,791 $ 2,988 $ 26,633 Income/(loss) from continuing operations $ 10,396 $ (1,553 ) $ (13,065 ) $ 10,529 Income/(loss) from discontinued operations $ — $ (1 ) $ 1 $ — Gain/(loss) on sale of real estate assets $ (20 ) $ 73,835 $ (57 ) $ 19,652 Net income/(loss) applicable to Piedmont $ 10,372 $ 72,278 $ (13,107 ) $ 30,189 Basic and diluted earnings/(loss) per share $ 0.07 $ 0.50 $ (0.09 ) $ 0.21 Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.21 |
Guarantor and Non-Guarantor F45
Guarantor and Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantor and Non-Guarantor Financial Information [Abstract] | |
Condensed Balance Sheet | Condensed Consolidated Balance Sheets As of December 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 36,094 $ — $ 508,700 $ — $ 544,794 Buildings and improvements, less accumulated depreciation 180,886 — 2,237,437 (300 ) 2,418,023 Intangible lease assets, less accumulated amortization 181 — 77,624 — 77,805 Construction in progress 85 — 11,625 — 11,710 Real estate assets held for sale, net 32,815 — 299,595 — 332,410 Total real estate assets 250,061 — 3,134,981 (300 ) 3,384,742 Cash and cash equivalents 3,890 150 3,342 — 7,382 Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures 16,891 — 158,418 — 175,309 Advances to affiliates 6,297,632 1,674,276 — (7,971,908 ) — Investment in subsidiary — 3,437,299 172 (3,437,471 ) — Notes receivable 88,810 — 144,500 (233,310 ) — Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets 5,094 2 20,222 (740 ) 24,578 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 16,611 — 245,296 — 261,907 Other assets held for sale, net 2,266 — 44,865 — 47,131 Total assets $ 6,780,173 $ 5,111,727 $ 3,751,796 $ (11,643,729 ) $ 3,999,967 Liabilities: Debt, net $ 1,535,239 $ — $ 424,998 $ (233,310 ) $ 1,726,927 Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures 20,279 104,028 93,086 (740 ) 216,653 Advances from affiliates 941,494 5,277,957 1,850,712 (8,070,163 ) — Deferred income 3,631 — 25,951 — 29,582 Intangible lease liabilities, net — — 38,458 — 38,458 Interest rate swaps 1,478 — — — 1,478 Other liabilities held for sale, net — — 380 — 380 Total liabilities 2,502,121 5,381,985 2,433,585 (8,304,213 ) 2,013,478 Stockholders’ Equity: Common stock — 1,424 — — 1,424 Additional paid-in capital 3,433,299 3,680,232 1,300 (3,437,471 ) 3,677,360 Retained/(cumulative distributions in excess of) earnings 836,589 (3,951,914 ) 1,315,089 97,955 (1,702,281 ) Other comprehensive loss 8,164 — — — 8,164 Piedmont stockholders’ equity 4,278,052 (270,258 ) 1,316,389 (3,339,516 ) 1,984,667 Noncontrolling interest — — 1,822 — 1,822 Total stockholders’ equity 4,278,052 (270,258 ) 1,318,211 (3,339,516 ) 1,986,489 Total liabilities and stockholders’ equity $ 6,780,173 $ 5,111,727 $ 3,751,796 $ (11,643,729 ) $ 3,999,967 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 $ 38,298 $ — $ 504,342 $ — $ 542,640 Buildings and improvements, less accumulated depreciation 202,084 — 2,240,394 (300 ) 2,442,178 Intangible lease assets, less accumulated amortization 725 — 98,970 — 99,695 Construction in progress 145 — 34,315 — 34,460 Real estate assets held for sale, net 33,945 — 578,774 — 612,719 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 rent receivables, net 18,517 — 144,839 — 163,356 Advances to affiliates 6,464,135 1,315,616 — (7,779,751 ) — 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 6,173 — 20,217 (1,897 ) 24,493 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 14,776 — 261,949 — 276,725 Other assets held for sale, net 3,432 — 55,200 — 58,632 Total assets $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168 Liabilities: Debt, net $ 1,701,933 $ — $ 503,242 $ (184,700 ) $ 2,020,475 Accounts payable, accrued expenses, and accrued capital expenditures 17,365 31,230 118,712 (1,897 ) 165,410 Advances from affiliates 708,340 5,071,521 2,098,146 (7,878,007 ) — Deferred income 5,206 — 23,200 — 28,406 Intangible lease liabilities, net — — 47,537 — 47,537 Interest rate swaps 8,169 — — — 8,169 Other liabilities held for sale, net — — 468 — 468 Total liabilities 2,441,013 5,102,751 2,791,305 (8,064,604 ) 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 911,411 (3,833,873 ) 1,243,643 97,956 (1,580,863 ) Other comprehensive loss 2,104 — — — 2,104 Piedmont stockholders’ equity 4,540,079 (156,421 ) 1,244,952 (3,532,789 ) 2,095,821 Noncontrolling interest — — 1,882 — 1,882 Total stockholders’ equity 4,540,079 (156,421 ) 1,246,834 (3,532,789 ) 2,097,703 Total liabilities and stockholders’ equity $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168 |
Condensed Income Statement | Condensed Consolidated Statements of Income For the year ended December 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 42,593 $ — $ 434,975 $ (1,791 ) $ 475,777 Tenant reimbursements 11,660 — 85,525 (474 ) 96,711 Property management fee revenue — — 18,155 (16,470 ) 1,685 54,253 — 538,655 (18,735 ) 574,173 Expenses: Property operating costs 22,805 — 216,560 (18,735 ) 220,630 Depreciation 12,995 — 106,293 — 119,288 Amortization 3,049 — 72,318 — 75,367 Impairment loss on real estate assets 87 — 46,374 — 46,461 General and administrative 6,443 347 24,340 — 31,130 45,379 347 465,885 (18,735 ) 492,876 Real estate operating income/(loss) 8,874 (347 ) 72,770 — 81,297 Other income (expense): Interest expense (56,769 ) — (26,715 ) 15,360 (68,124 ) Other income/(expense) 9,168 — 6,849 (15,360 ) 657 Equity in income of unconsolidated joint ventures 3,845 — — — 3,845 (43,756 ) — (19,866 ) — (63,622 ) Income/(loss) from continuing operations (34,882 ) (347 ) 52,904 — 17,675 Gain on sale of real estate assets 6,431 — 109,443 — 115,874 Net income/(loss) (28,451 ) (347 ) 162,347 — 133,549 Plus: Net loss applicable to noncontrolling interest — — 15 — 15 Net income/(loss) applicable to Piedmont $ (28,451 ) $ (347 ) $ 162,362 $ — $ 133,564 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 8,259 — 25,642 — 33,901 General and administrative 28,314 311 36,065 (35,446 ) 29,244 88,912 311 449,531 (53,823 ) 484,931 Real estate operating income/(loss) (19,824 ) (311 ) 55,258 35,661 70,784 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 — — 34 — 34 Equity in income of unconsolidated joint ventures 362 — — — 362 (39,186 ) 282 (25,573 ) — (64,477 ) Income/(loss) from continuing operations (59,010 ) (29 ) 29,685 35,661 6,307 Gain on sale of real estate assets 31,275 — 62,135 — 93,410 Net income/(loss) (27,735 ) (29 ) 91,820 35,661 99,717 Plus: Net loss applicable to noncontrolling interest — — 15 — 15 Net income/(loss) applicable to Piedmont $ (27,735 ) $ (29 ) $ 91,835 $ 35,661 $ 99,732 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 6,195 — 37,106 — 43,301 General and administrative 29,645 341 35,923 (35,563 ) 30,346 97,709 341 468,357 (55,349 ) 511,058 Real estate operating income/(loss) (17,052 ) (341 ) 54,859 36,245 73,711 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 23 — (301 ) — (278 ) Equity in loss of unconsolidated joint ventures 553 — — — 553 (38,528 ) — (33,630 ) — (72,158 ) Income/(loss) from continuing operations (55,580 ) (341 ) 21,229 36,245 1,553 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 45,225 — 84,458 — 129,683 Net income/(loss) (10,341 ) (341 ) 105,756 36,245 131,319 Plus: Net income applicable to noncontrolling interest — — (15 ) — (15 ) Net income/(loss) applicable to Piedmont $ (10,341 ) $ (341 ) $ 105,741 $ 36,245 $ 131,304 |
Condensed Cash Flow Statement | Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided By/(Used In) Operating Activities $ (18,989 ) $ 5,497 $ 256,297 $ — $ 242,805 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (1,614 ) — (113,479 ) — (115,093 ) Intercompany note receivable 100 — (48,710 ) 48,610 — Net sales proceeds from wholly-owned properties 23,028 — 352,490 — 375,518 Net sales proceeds received from unconsolidated joint ventures 12,334 — — — 12,334 Investments in unconsolidated joint ventures (1,162 ) — — — (1,162 ) Deferred lease costs paid (4,081 ) — (26,904 ) — (30,985 ) Net cash provided by/(used in) investing activities 28,605 — 163,397 48,610 240,612 Cash Flows from Financing Activities: Debt issuance costs paid (132 ) — — — (132 ) Proceeds from debt 180,000 — — — 180,000 Repayments of debt (335,000 ) — (141,401 ) — (476,401 ) Intercompany note payable (14,289 ) — 62,899 (48,610 ) — Costs of issuance of common stock — (182 ) — — (182 ) Shares withheld to pay tax obligations related to employee stock compensation — (3,403 ) — — (3,403 ) Repurchases of common stock as part of announced plan — (60,474 ) — — (60,474 ) (Distributions to)/repayments from affiliates 160,019 180,791 (340,810 ) — — Dividends paid and discount on dividend reinvestments — (122,229 ) (45 ) — (122,274 ) Net cash provided by/(used in) financing activities (9,402 ) (5,497 ) (419,357 ) (48,610 ) (482,866 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows 214 — 337 — 551 Cash, cash equivalents, and restricted cash and escrows, beginning of year 3,693 150 4,361 — 8,204 Cash, cash equivalents, and restricted cash and escrows, end of year $ 3,907 $ 150 $ 4,698 $ — $ 8,755 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 $ (26,263 ) $ 5,214 $ 217,236 $ 35,660 $ 231,847 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 — Redemption of noncontrolling interest in unconsolidated variable interest entity — — — — — 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/(decrease) in cash, cash equivalents, and restricted cash and escrows 1,497 — (3,908 ) — (2,411 ) Cash, cash equivalents, and restricted cash and escrows, beginning of year 2,196 150 8,269 — 10,615 Cash, cash equivalents, and restricted cash and escrows, end of year $ 3,693 $ 150 $ 4,361 $ — $ 8,204 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/(Used In) by Operating Activities $ (27,077 ) $ 4,699 $ 209,821 $ 36,245 $ 223,688 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (12,303 ) — (494,291 ) — (506,594 ) 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 207,462 — 164,430 (72,000 ) 299,892 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 — Net 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 104,495 281,073 (349,323 ) (36,245 ) — Dividends paid and discount on dividend reinvestments — (126,516 ) (15 ) — (126,531 ) Net cash provided by/(used in) financing activities (191,503 ) (6,339 ) (368,864 ) 35,755 (530,951 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows (11,118 ) (1,640 ) 5,387 — (7,371 ) Cash, cash equivalents, and restricted cash and escrows, beginning of year 13,314 1,790 2,882 — 17,986 Cash, cash equivalents, and restricted cash and escrows, end of year $ 2,196 $ 150 $ 8,269 $ — $ 10,615 |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2017ft²segmentpropertysubsidiarymarket | |
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 |
Percentage of annualized lease revenue | 88.00% |
Number of operating segments | segment | 1 |
US | |
Real Estate Properties [Line Items] | |
Number of office markets | market | 8 |
In-Service Office Properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties | property | 67 |
Percentage of Class A commercial office space | 89.70% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)propertyvote$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | May 31, 2017USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Interest capitalized | $ 200 | $ 4,600 | $ 3,800 | |
Intangible Lease Liabilities (Below-Market In-Place Leases) | 95,620 | 97,230 | ||
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense | 58,467 | 58,150 | 42,278 | |
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues | 6,575 | 5,066 | 4,571 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
Total | 77,805 | 99,695 | ||
Below Market Lease, Net, Amortization Income, Fiscal Maturity [Abstract] | ||||
2,018 | 8,449 | |||
2,019 | 7,263 | |||
2,020 | 5,669 | |||
2,021 | 5,468 | |||
2,022 | 4,847 | |||
Thereafter | 7,142 | |||
Total | $ 38,838 | |||
Weighted-Average Amortization Period (in years) | 6 years | |||
Significant Accounting Policies [Abstract] | ||||
Amortization of deferred common area maintenance recognized | $ 1,400 | 1,400 | 2,500 | |
Capitalized internal leasing costs | 300 | 400 | 1,000 | |
Amortization of deferred lease costs | 50,800 | 50,100 | 42,500 | |
Amortization of lease incentive | 4,800 | 3,900 | 4,700 | |
Amortization of fair value adjustments | 500 | 500 | 500 | |
Amortization of debt discount | 200 | 200 | 200 | |
Amortization of deferred financing costs and fair market value adjustments on notes payable | $ 2,800 | $ 2,900 | 2,800 | |
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 | $ 250,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 188,200 | |||
Dividend reinvestment plan, shareholders discount | 2.00% | |||
Net recoveries/(loss) | $ 0 | $ 34 | (278) | |
Business interruption insurance recoveries | 300 | |||
Income tax expense | 13 | 415 | 85 | |
Hurricane Sandy | ||||
Significant Accounting Policies [Abstract] | ||||
Net recoveries/(loss) | 0 | 34 | (300) | |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits | Trading Securities | ||||
Significant Accounting Policies [Abstract] | ||||
Assets held as trading securities | 800 | |||
Above-Market In-place Lease Assets | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible lease assets | 11,935 | 25,425 | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,018 | 1,600 | |||
2,019 | 910 | |||
2,020 | 157 | |||
2,021 | 104 | |||
2,022 | 84 | |||
Thereafter | 142 | |||
Total | $ 2,997 | |||
Weighted-Average Amortization Period (in years) | 3 years | |||
In-Place Lease Valuation | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible lease assets | $ 165,015 | 183,422 | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,018 | 18,497 | |||
2,019 | 14,181 | |||
2,020 | 10,179 | |||
2,021 | 9,013 | |||
2,022 | 7,869 | |||
Thereafter | 15,069 | |||
Total | $ 74,808 | |||
Weighted-Average Amortization Period (in years) | 6 years | |||
Intangible Lease Origination Costs | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible lease assets | $ 250,539 | 261,075 | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,018 | 28,023 | |||
2,019 | 23,102 | |||
2,020 | 17,739 | |||
2,021 | 15,685 | |||
2,022 | 13,752 | |||
Thereafter | 27,800 | |||
Total | $ 126,101 | |||
Weighted-Average Amortization Period (in years) | 7 years | |||
Reclassification Adjustment | ||||
Significant Accounting Policies [Abstract] | ||||
Provision for doubtful accounts | $ 350 | 216 | $ 22 | |
Building | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 40 years | |||
Building improvements | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 5 years | |||
Building improvements | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 25 years | |||
Land improvements | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 20 years | |||
Land improvements | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 25 years | |||
Furniture, fixtures, and equipment | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 3 years | |||
Furniture, fixtures, and equipment | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 5 years | |||
1201 Eye Street NW Associates LLC and 1225 Eye Street, NW Associates LLC | ||||
Significant Accounting Policies [Line Items] | ||||
Number of real estate properties | property | 2 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Below Market Lease, Net, Amortization Income, Fiscal Maturity [Abstract] | ||||
Future amortization of below-market-in-place lease intangibles | $ 380 | $ 468 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)ft²building | |
Business Acquisition [Line Items] | |
Number of properties acquired | building | 1 |
Rentable Square Feet (Unaudited) | 19,000,000 |
Norman Pointe I | |
Business Acquisition [Line Items] | |
Ownership Percentage Acquired | 100.00% |
Rentable Square Feet (Unaudited) | 213,851 |
Percentage Leased as of Acquisition (Unaudited) | 71.00% |
Net Contractual Purchase Price (in millions) | $ | $ 35.2 |
Unconsolidated Joint Venture (D
Unconsolidated Joint Venture (Details) - USD ($) | Jul. 27, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Fund XIII and REIT Joint Venture | |||
Investment [Line Items] | |||
Piedmont's investment in unconsolidated joint venture | $ 0 | $ 7,400,000 | |
Piedmont’s ownership percentage | 72.00% | ||
8560 Upland Drive | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Investment [Line Items] | |||
Piedmont’s ownership percentage | 72.00% | ||
Piedmont's approximate share of purchase price | $ 12,700,000 |
Debt (Details)
Debt (Details) | Jan. 04, 2018USD ($) | Dec. 31, 2017USD ($)period | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.48% | 3.43% | ||
Amount of indebtedness outstanding | $ 1,726,927,000 | $ 2,020,475,000 | ||
Interest paid | $ 67,600,000 | 69,000,000 | $ 76,400,000 | |
Secured (Fixed) | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.81% | |||
Amount of indebtedness outstanding | $ 191,616,000 | 332,744,000 | ||
Net premium, discounts, and unamortized debt issuance costs | $ 946,000 | 1,161,000 | ||
Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.43% | |||
Amount of indebtedness outstanding | $ 1,535,311,000 | 1,687,731,000 | ||
Net premium, discounts, and unamortized debt issuance costs | (7,689,000) | (10,269,000) | ||
$140 Million WDC Fixed-Rate Loans | Secured (Fixed) | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 140,000,000 | |||
Interest rate percentage | 5.76% | |||
Effective rate percentage | 5.76% | |||
Amount of indebtedness outstanding | $ 0 | 140,000,000 | ||
Face amount of facility | $ 140,000,000 | |||
$35 Million Fixed-Rate Loan | Secured (Fixed) | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 5.55% | |||
Effective rate percentage | 3.75% | |||
Amount of indebtedness outstanding | $ 30,670,000 | 31,583,000 | ||
Face amount of facility | $ 35,000,000 | 35,000,000 | ||
$160.0 Million Fixed Rate Loan | Secured (Fixed) | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 3.48% | |||
Effective rate percentage | 3.58% | |||
Amount of indebtedness outstanding | $ 160,000,000 | 160,000,000 | ||
Face amount of facility | $ 160,000,000 | |||
$170 Million Unsecured 2015 Term Loan | Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Effective rate percentage | 2.54% | |||
Amount of indebtedness outstanding | $ 170,000,000 | 170,000,000 | ||
Face amount of facility | $ 170,000,000 | |||
$170 Million Unsecured 2015 Term Loan | Unsecured (Variable and Fixed) | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis Spread on Variable Rate | 1.125% | |||
$300 Million Unsecured 2013 Term Loan | Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Amount of indebtedness outstanding | $ 300,000,000 | 300,000,000 | ||
Face amount of facility | $ 300,000,000 | |||
$300 Million Unsecured 2013 Term Loan | Unsecured (Variable and Fixed) | Interest rate swap liability | ||||
Debt Instrument [Line Items] | ||||
Effective rate percentage | 2.78% | |||
$300 Million Unsecured 2013 Term Loan | Unsecured (Variable and Fixed) | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis Spread on Variable Rate | 1.20% | |||
$500 Million Unsecured 2015 Line of Credit | Unsecured (Variable and Fixed) | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Amount of line of credit | $ 500,000,000 | |||
Net borrowings incurred | $ 155,000,000 | |||
Effective rate percentage | 2.57% | |||
Amount of indebtedness outstanding | $ 23,000,000 | 178,000,000 | ||
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 | Unsecured (Variable and Fixed) | Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis Spread on Variable Rate | 1.00% | |||
$300 Million Unsecured 2011 Term Loan | Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Amount of indebtedness outstanding | $ 300,000,000 | 300,000,000 | ||
Face amount of facility | $ 300,000,000 | |||
$300 Million Unsecured 2011 Term Loan | Unsecured (Variable and Fixed) | Interest rate swap liability | ||||
Debt Instrument [Line Items] | ||||
Effective rate percentage | 3.35% | |||
$300 Million Unsecured 2011 Term Loan | Unsecured (Variable and Fixed) | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis Spread on Variable Rate | 1.15% | |||
$350 Million Unsecured Senior Notes | Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 3.40% | |||
Effective rate percentage | 3.43% | |||
Amount of indebtedness outstanding | $ 350,000,000 | 350,000,000 | ||
Face amount of facility | $ 350,000,000 | |||
$400 Million Unsecured Senior Notes | Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 4.45% | |||
Effective rate percentage | 4.10% | |||
Amount of indebtedness outstanding | $ 400,000,000 | $ 400,000,000 | ||
Face amount of facility | $ 400,000,000 | |||
Subsequent Event | $170 Million Unsecured 2015 Term Loan | Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 170,000,000 | |||
Subsequent Event | $300 Million Unsecured 2013 Term Loan | Unsecured (Variable and Fixed) | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | 300,000,000 | |||
Subsequent Event | $500 Million Unsecured 2015 Line of Credit | Unsecured (Variable and Fixed) | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Amount of line of credit | $ 500,000,000 |
Debt (Maturities of Long-term D
Debt (Maturities of Long-term Debt) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 170,882 |
2,019 | 324,014 |
2,020 | 301,072 |
2,021 | 27,702 |
2,022 | 160,000 |
Thereafter | 750,000 |
Total | $ 1,733,670 |
Variable Interest Entities an52
Variable Interest Entities and Equity Participation Rights (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
1201 Eye Street N.W. Associates, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Percent of cash flow entitled to the entity | 100.00% | 100.00% | ||
Piedmont’s % Ownership of Entity | 98.60% | |||
Net Carrying Amount | $ 81.1 | $ 81.1 | $ (6.7) | |
1225 Eye Street N.W. Associates, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Percent of cash flow entitled to the entity | 100.00% | 100.00% | ||
Piedmont’s % Ownership of Entity | 98.10% | |||
Net Carrying Amount | $ 65.2 | $ 65.2 | 9.9 | |
Piedmont 500 W. Monroe Fee, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Percent of cash flow entitled to the entity | 100.00% | 100.00% | ||
Piedmont’s % Ownership of Entity | 100.00% | |||
Net Carrying Amount | $ 263.2 | $ 263.2 | $ 262.4 | |
1201 Eye Street NW Associates LLC and 1225 Eye Street, NW Associates LLC | ||||
Variable Interest Entity [Line Items] | ||||
Repayment of secured debt | $ 140 | |||
1225 Equity LLC | 1225 Eye Street N.W. Associates, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Piedmont’s % Ownership of Entity | 98.10% | 49.50% |
Derivative Instruments (Details
Derivative Instruments (Details) | Jan. 04, 2018USD ($) | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Derivative [Line Items] | ||||
Maximum length of time of cash flow hedge | 24 months | |||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract] | ||||
Gross derivative assets | $ 688,000 | $ 0 | ||
Interest rate swaps | (1,478,000) | (8,169,000) | ||
Net derivative liability | (790,000) | (8,169,000) | ||
Amount that will be reclassified from accumulated other comprehensive income over the next twelve months | (700,000) | |||
Net gain/ (loss) related to hedge ineffectiveness and terminations of cash flow hedges | 0 | 0 | $ 37,000 | |
Unsecured Debt | ||||
Derivative [Line Items] | ||||
Total notional amount of forward starting interest rate agreements | 600,000,000 | |||
Interest Rate Contract | Interest Expense | ||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract] | ||||
Amount of gain/(loss) recognized in OCI on derivatives | 2,479,000 | (4,126,000) | (12,509,000) | |
Amount of previously recorded loss reclassified from accumulated OCI into interest expense | 3,502,000 | $ 4,548,000 | $ 5,875,000 | |
Credit Risk Contract | ||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract] | ||||
Assets needed for immediate settlement, aggregate fair value | 900,000 | |||
$300 Million Unsecured 2011 Term Loan | Unsecured Debt | ||||
Derivative [Line Items] | ||||
Face amount of facility | $ 300,000,000 | |||
$300 Million Unsecured 2011 Term Loan | Interest Rate Swap 7 through 9 | Unsecured Debt | ||||
Derivative [Line Items] | ||||
Number of Swap Agreements | contract | 3 | |||
Total notional amount of forward starting interest rate agreements | $ 300,000,000 | |||
$300 Million Unsecured 2013 Term Loan | Unsecured Debt | ||||
Derivative [Line Items] | ||||
Face amount of facility | $ 300,000,000 | |||
$300 Million Unsecured 2013 Term Loan | Interest Rate Swap 1 through 4 | Unsecured Debt | ||||
Derivative [Line Items] | ||||
Number of Swap Agreements | contract | 4 | |||
Total notional amount of forward starting interest rate agreements | $ 200,000,000 | |||
$300 Million Unsecured 2013 Term Loan | Interest Rate Swap 5 through 6 | Unsecured Debt | ||||
Derivative [Line Items] | ||||
Number of Swap Agreements | contract | 2 | |||
Total notional amount of forward starting interest rate agreements | $ 100,000,000 | |||
$160.0 Million Fixed Rate Loan | Secured Debt | ||||
Derivative [Line Items] | ||||
Face amount of facility | $ 160,000,000 | |||
Subsequent Event | $300 Million Unsecured 2013 Term Loan | Unsecured Debt | ||||
Derivative [Line Items] | ||||
Repayments of debt | $ 300,000,000 | |||
Proceeds from termination of interest rate swap agreement | 800,000 | |||
Subsequent Event | $300 Million Unsecured 2013 Term Loan | Interest rate swap | Unsecured Debt | ||||
Derivative [Line Items] | ||||
Net loss on interest rate cash flow hedge termination | $ 1,100,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap asset | $ 688 | $ 0 |
Interest rate swap liability | 1,478 | 8,169 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 7,382 | 6,992 |
Tenant receivables, net and Notes receivable | 12,139 | 26,494 |
Restricted cash and escrows | 1,373 | 1,212 |
Accounts payable and accrued expenses | 126,429 | 44,733 |
Debt, net | 1,726,927 | 2,020,475 |
Carrying Value | Interest rate swap liability | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap asset | 688 | 0 |
Interest rate swap liability | 1,478 | 8,169 |
Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 7,382 | 6,992 |
Tenant receivables, net and Notes receivable | 12,139 | 26,494 |
Restricted cash and escrows | 1,373 | 1,212 |
Accounts payable and accrued expenses | 126,429 | 44,733 |
Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, net | 1,759,905 | 2,027,436 |
Estimated Fair Value | Level 2 | Interest rate swap liability | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap asset | 688 | 0 |
Interest rate swap liability | $ 1,478 | $ 8,169 |
Impairment Loss on Real Estat55
Impairment Loss on Real Estate Assets (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 31, 2016property | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment loss on real estate assets | $ 46,461 | $ 33,901 | $ 43,301 | |
Impairment of real estate | 43,301 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Eastpoint I & II | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment loss on real estate assets | 0 | 0 | 6,195 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | 2 Gatehall Drive | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment loss on real estate assets | 0 | 0 | 37,106 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | 150 West Jefferson | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment loss on real estate assets | 0 | 8,259 | 0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | 9200 and 9211 Corporate Boulevard | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment loss on real estate assets | 0 | 22,950 | 0 | |
Number of assets sold | property | 2 | |||
Impairment of real estate | 23,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Disposal Group of 13 Assets | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment loss on real estate assets | 46,461 | 0 | 0 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 9221 Corporate Boulevard | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment loss on real estate assets | $ 0 | 2,692 | $ 0 | |
Impairment of real estate | $ 2,700 |
Commitments and Contingencies56
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)category | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Number of tenant and building improvement categories | category | 2 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,018 | $ 93 | ||
2,019 | 93 | ||
2,020 | 93 | ||
2,021 | 93 | ||
2,022 | 93 | ||
Thereafter | 2,346 | ||
Total | 2,811 | ||
Land | |||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Ground rent expense | 100 | $ 100 | $ 200 |
Building | |||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Net book value of real estate assets subject to operating ground leases | 4,800 | 4,700 | |
Collectibility of Tenant Reimbursements | |||
Loss Contingencies [Line Items] | |||
Additional expense related to such tenant audits/disputes | $ 300 | $ 1,100 | $ 400 |
NonIncremental Capital Expenditures | |||
Loss Contingencies [Line Items] | |||
Period for commitments for funding non-incremental capital expenditures | 3 years | ||
Non-incremental and incremental capital expenditures for tenant improvements | $ 38,600 | ||
NonIncremental Capital Expenditures | Maximum | |||
Loss Contingencies [Line Items] | |||
Period for commitments for funding non-incremental capital expenditures | 5 years | ||
Incremental Capital Expenditures | |||
Loss Contingencies [Line Items] | |||
Non-incremental and incremental capital expenditures for tenant improvements | $ 14,100 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | May 18, 2017 | May 24, 2016 | May 01, 2015 | Jan. 03, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 18, 2017 | May 24, 2016 | May 01, 2015 | Jan. 03, 2014 |
Stock Awards | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of the beginning of the year (in shares) | 944,223 | ||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 868,437 | 944,223 | |||||||||
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) | $ 19.44 | ||||||||||
Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share) | 21.69 | $ 19.44 | |||||||||
Grant Date Fair Value (in dollars per share) | $ 19.44 | $ 19.44 | |||||||||
Unvested Shares (in shares) | 944,223 | 944,223 | |||||||||
Deferred Stock Award | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Deferred Stock Awards Granted (in shares) | 299,251 | ||||||||||
Deferred Stock Awards Vested (in shares) | (305,107) | ||||||||||
Deferred Stock Awards Forfeited (in shares) | (9,010) | ||||||||||
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) | $ 21.38 | $ 19.96 | $ 17.59 | ||||||||
Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 19.34 | ||||||||||
Deferred Stock Awards Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.93 | ||||||||||
Total Grant Date Fair Value of Deferred Stock Vested During the Period | $ 5,899 | $ 4,806 | $ 4,239 | ||||||||
Performance Shares | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Increase in Estimated Potential Future Performance Share Awards, net of forfeitures (in shares) | 57,526 | ||||||||||
Deferred Stock Awards Vested (in shares) | (118,446) | ||||||||||
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) | $ 24.68 | ||||||||||
Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 22 | ||||||||||
Share-based Liability Awards Paid During the Period | $ 2,877 | $ 1,127 | $ 0 | ||||||||
Deferred Stock Award, Granted January 3, 2014 | Deferred Stock Award | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 32,829 | ||||||||||
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) | 79,119 | ||||||||||
Grant Date Fair Value (in dollars per share) | $ 16.45 | $ 16.45 | |||||||||
Unvested Shares (in shares) | 32,829 | ||||||||||
Deferred Stock Award, Granted January 3, 2014 | Share-based Compensation Award, Tranche One | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Two | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Three | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Four | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Five | Deferred Stock Award | |||||||||||
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 1, 2015 | Deferred Stock Award | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 66,922 | ||||||||||
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) | 216,811 | ||||||||||
Grant Date Fair Value (in dollars per share) | $ 17.59 | $ 17.59 | |||||||||
Unvested Shares (in shares) | 66,922 | ||||||||||
Deferred Stock Award, Granted May 1, 2015 | Share-based Compensation Award, Tranche One | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Two | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Three | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Four | Deferred Stock Award | |||||||||||
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 | Performance Shares | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 161,005 | ||||||||||
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) | 0 | ||||||||||
Grant Date Fair Value (in dollars per share) | $ 18.42 | $ 18.42 | |||||||||
Unvested Shares (in shares) | 161,005 | ||||||||||
Deferred Stock Award, Granted May 24, 2016 | Deferred Stock Award | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 132,195 | ||||||||||
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) | 232,960 | ||||||||||
Grant Date Fair Value (in dollars per share) | $ 19.91 | $ 19.91 | |||||||||
Unvested Shares (in shares) | 132,195 | ||||||||||
Deferred Stock Award, Granted May 24, 2016 | Share-based Compensation Award, Tranche One | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Two | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Three | Deferred Stock Award | |||||||||||
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 | Share-based Compensation Award, Tranche Four | Deferred Stock Award | |||||||||||
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 | Performance Shares | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 122,154 | ||||||||||
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) | 0 | ||||||||||
Grant Date Fair Value (in dollars per share) | $ 23.02 | $ 23.02 | |||||||||
Unvested Shares (in shares) | 122,154 | ||||||||||
Deferred Stock Award, Granted May 18, 2017 Deferred Stock Award Independent Directors | Share-based Compensation Award, Tranche One | Deferred Stock Award | Independent directors | |||||||||||
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 18, 2017 | Deferred Stock Award | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 199,810 | ||||||||||
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) | $ 21.38 | ||||||||||
Net Shares Granted (in shares) | 246,671 | ||||||||||
Grant Date Fair Value (in dollars per share) | 21.38 | $ 21.38 | |||||||||
Unvested Shares (in shares) | 199,810 | ||||||||||
Deferred Stock Award, Granted May 18, 2017 | Deferred Stock Award | Independent directors | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 26,187 | ||||||||||
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) | 21.38 | ||||||||||
Net Shares Granted (in shares) | 26,187 | ||||||||||
Grant Date Fair Value (in dollars per share) | $ 21.38 | $ 21.38 | |||||||||
Unvested Shares (in shares) | 26,187 | ||||||||||
Deferred Stock Award, Granted May 18, 2017 | Share-based Compensation Award, Tranche One | Deferred Stock Award | |||||||||||
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 18, 2017 | Share-based Compensation Award, Tranche Two | Deferred Stock Award | |||||||||||
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 18, 2017 | Share-based Compensation Award, Tranche Three | Deferred Stock Award | |||||||||||
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 18, 2017 | Share-based Compensation Award, Tranche Four | Deferred Stock Award | |||||||||||
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 18, 2017 | Performance Shares | |||||||||||
Rollforward of deferred stock award activity | |||||||||||
Unvested Deferred Stock Awards as of end of the year (in shares) | 127,335 | ||||||||||
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) | $ 30.45 | ||||||||||
Net Shares Granted (in shares) | 0 | ||||||||||
Grant Date Fair Value (in dollars per share) | $ 30.45 | $ 30.45 | |||||||||
Unvested Shares (in shares) | 127,335 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense and directors' fees related to stock awards | $ 9.5 | $ 8 | $ 8.9 |
Compensation expense, non-vested awards | $ 7.7 | $ 6.5 | $ 7 |
Number of shares issued to employees, directors and officers | 256,628 | ||
Nonvested awards, total compensation cost not yet recognized | $ 3.8 | ||
Weighted Average | |||
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 | Independent directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares outstanding - basic (in shares) | 145,043,503 | 145,230,382 | 150,537,757 |
Deferred and performance stock awards (in shares) | 336,000 | 405,000 | 342,000 |
Weighted-average shares outstanding - diluted (in shares) | 145,379,994 | 145,634,953 | 150,880,116 |
Common stock, shares outstanding (in shares) | 142,358,940 | 145,235,313 | 145,511,644 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)market | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Percentage of annualized lease revenue | 88.00% |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,018 | $ 417,643 |
2,019 | 401,120 |
2,020 | 377,556 |
2,021 | 344,991 |
2,022 | 316,053 |
Thereafter | 1,348,156 |
Total | $ 3,205,519 |
Customer Concentration Risk | Federal Governmental Agencies | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Concentration risk, percentage | 1.90% |
US | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Number of office markets | market | 8 |
Disposal Group, Held-for-sale, Not Discontinued Operations | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,018 | $ 377,447 |
2,019 | 361,280 |
2,020 | 338,269 |
2,021 | 307,008 |
2,022 | 287,175 |
Thereafter | 1,298,890 |
Total | $ 2,970,069 |
Property Dispositions, Assets61
Property Dispositions, Assets Held for Sale and Discontinued Operations (Property Dispositions) (Details) - USD ($) $ in Thousands | Jul. 27, 2017 | Jul. 05, 2017 | Jun. 16, 2017 | 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 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Net Sales Proceeds | $ 375,518 | $ 365,918 | $ 848,169 | ||||||||||||||||||||
Net Sales Proceeds, equity method investment | 12,334 | 0 | $ 0 | ||||||||||||||||||||
Notes receivable | $ 0 | $ 0 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 3900 Dallas Parkway | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 8,940 | ||||||||||||||||||||||
Net Sales Proceeds | $ 25,803 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 5601 Headquarters Drive | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 6,390 | ||||||||||||||||||||||
Net Sales Proceeds | $ 33,326 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | River Corporate Center | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 4,144 | ||||||||||||||||||||||
Net Sales Proceeds | $ 24,223 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Copper Ridge Center | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 11,358 | ||||||||||||||||||||||
Net Sales Proceeds | 50,372 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Copper Ridge Center | Notes Receivable | Secured Promissory Note | |||||||||||||||||||||||
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 | Eastpoint I & II | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ (177) | ||||||||||||||||||||||
Net Sales Proceeds | $ 17,342 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 3750 Brookside Parkway | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 761 | ||||||||||||||||||||||
Net Sales Proceeds | $ 13,624 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chandler Forum | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 13,805 | ||||||||||||||||||||||
Net Sales Proceeds | $ 32,267 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Aon Center | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 84,218 | ||||||||||||||||||||||
Net Sales Proceeds | $ 646,243 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2 Gatehall Drive | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 162 | ||||||||||||||||||||||
Net Sales Proceeds | $ 50,369 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 1055 East Colorado Boulevard | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 29,462 | ||||||||||||||||||||||
Net Sales Proceeds | $ 60,076 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fairway Center II | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 14,406 | ||||||||||||||||||||||
Net Sales Proceeds | $ 33,062 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 1901 Main Street | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 29,964 | ||||||||||||||||||||||
Net Sales Proceeds | 63,149 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 1901 Main Street | Notes Receivable | Secured Promissory Note | |||||||||||||||||||||||
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 | 9221 Corporate Boulevard | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ (192) | ||||||||||||||||||||||
Net Sales Proceeds | $ 12,035 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 150 West Jefferson | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ (664) | ||||||||||||||||||||||
Net Sales Proceeds | $ 77,844 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 9200 and 9211 Corporate Boulevard | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ (41) | ||||||||||||||||||||||
Net Sales Proceeds | $ 12,519 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 11695 Johns Creek Parkway | |||||||||||||||||||||||
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 | Braker Pointe III | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sarasota Commerce Center II | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 6,493 | ||||||||||||||||||||||
Net Sales Proceeds | $ 23,090 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Two Independence Square | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale | $ 109,381 | ||||||||||||||||||||||
Net Sales Proceeds | $ 352,428 | ||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 8560 Upland Drive | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Gain/(Loss) on Sale, equity method investment | $ 3,683 | ||||||||||||||||||||||
Net Sales Proceeds, equity method investment | $ 12,334 | ||||||||||||||||||||||
Piedmont’s ownership percentage | 72.00% |
Property Dispositions, Assets62
Property Dispositions, Assets Held for Sale, and Discontinued Operations (Assets Held-for-Sale) (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017USD ($)agreementasset | Dec. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of binding contracts to sell assets | agreement | 2 | |
Number of assets being sold | asset | 14 | |
Total other assets held for sale, net | $ 47,131 | $ 58,632 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total real estate assets held for sale, net | 332,410 | 612,719 |
Straight-line rent receivables | 25,975 | 28,986 |
Prepaid expenses and other assets | 328 | 374 |
Deferred lease costs, less accumulated amortization of $16,549 and $18,937 as of December 31, 2017 and 2016, respectively | 20,828 | 29,272 |
Accumulated amortization on deferred lease costs | 16,549 | 18,937 |
Total other assets held for sale, net | 47,131 | 58,632 |
Intangible lease liabilities, less accumulated amortization of $935 and $848 as of December 31, 2017 and 2016, respectively | 380 | 468 |
Accumulated amortization on Intangible lease liabilities | 935 | 848 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Land | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate assets held for sale, net: | 74,498 | 127,209 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Building and building improvements | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate assets held for sale, net: | 255,634 | 485,145 |
Accumulated depreciation (building improvements) | 169,116 | 244,269 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Construction in progress | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate assets held for sale, net: | $ 2,278 | $ 365 |
Property Dispositions, Assets63
Property Dispositions, Assets Held for Sale, and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses: | |||||||
Operating income, excluding loss on sale of real estate assets | $ 0 | $ 0 | $ 84 | ||||
Loss on sale of real estate assets | 0 | 0 | (1) | ||||
Income from discontinued operations | $ 0 | $ 1 | $ (1) | $ 0 | 0 | 0 | 83 |
Discontinued operations | |||||||
Revenues: | |||||||
Rental income | 0 | 0 | 19 | ||||
Tenant reimbursements | 0 | 0 | 64 | ||||
Revenue | 0 | 0 | 83 | ||||
Expenses: | |||||||
Property operating costs | 0 | 0 | 1 | ||||
Expenses | 0 | 0 | 1 | ||||
Operating income, excluding loss on sale of real estate assets | 0 | 0 | 84 | ||||
Loss on sale of real estate assets | 0 | 0 | (1) | ||||
Income from discontinued operations | $ 0 | $ 0 | $ 83 |
Supplemental Disclosures for 64
Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accrued capital expenditures and deferred lease costs | $ 11,276 | $ 14,427 | $ 20,630 |
Change in accrued dividends and discount on dividend reinvestments | 71,267 | 30,532 | 0 |
Change in accrued share repurchases as part of an announced plan | 1,276 | 0 | 0 |
Investment in consolidated joint venture | 63,026 | 0 | 0 |
Cash and cash equivalents | 7,382 | 6,992 | 5,441 |
Restricted cash and escrows: | |||
Real estate tax and escrowed cash | 833 | 757 | 4,772 |
Security and utility deposit escrows | 540 | 455 | 402 |
Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows | $ 8,755 | $ 8,204 | $ 10,615 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||||||||||
Net income applicable to Piedmont | $ (31,383,000) | $ 126,133,000 | $ 23,710,000 | $ 15,104,000 | $ 30,189,000 | $ (13,107,000) | $ 72,278,000 | $ 10,372,000 | $ 133,564,000 | $ 99,732,000 | $ 131,304,000 |
Depreciation and amortization expense recognized for financial reporting purposes in excess of/(less than) amounts recognized for income tax purposes | 62,916,000 | 69,214,000 | (1,717,000) | ||||||||
Rental income accrued for income tax purposes less than amounts for financial reporting purposes | (25,432,000) | (18,964,000) | (12,123,000) | ||||||||
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes | (6,041,000) | (4,895,000) | (4,614,000) | ||||||||
Gain on disposal of property for financial reporting purposes less than/(in excess of) amounts for income tax purposes | 10,068,000 | (118,713,000) | (43,493,000) | ||||||||
Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes | 49,859,000 | 42,019,000 | 54,425,000 | ||||||||
Income tax basis net income, prior to dividends paid deduction | $ 225,082,000 | $ 67,999,000 | $ 126,273,000 | ||||||||
Ordinary income, Percent | 53.61% | 81.77% | 31.75% | ||||||||
Return of capital, Percent | 0.00% | 18.23% | 0.00% | ||||||||
Capital gains, Percent | 46.39% | 0.00% | 68.25% | ||||||||
Common Stock Dividends, Percent | 100.00% | 100.00% | 100.00% | ||||||||
Tax basis of total assets | 4,200,000,000 | 4,300,000,000 | $ 4,200,000,000 | $ 4,300,000,000 | |||||||
Accrued interest and penalties related to uncertain tax positions | $ 3,800,000 | $ 3,800,000 | 3,800,000 | 3,800,000 | |||||||
Recovery of tax expense, including potential interest and penalties | 100,000 | 0 | $ 0 | ||||||||
Piedmont Washington Properties, Inc | |||||||||||
Income Taxes [Line Items] | |||||||||||
Taxable income (loss) in excess of/(less than) amount for financial reporting purposes | 176,000 | (1,042,000) | 2,491,000 | ||||||||
Piedmont Office Holdings, Inc | |||||||||||
Income Taxes [Line Items] | |||||||||||
Taxable income (loss) in excess of/(less than) amount for financial reporting purposes | $ (28,000) | $ 648,000 | $ 0 |
Quarterly Results (unaudited)66
Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 07, 2018 | Jan. 09, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||||||||||||
Special dividend (in usd per share) | $ 1.34 | $ 0.84 | $ 0.84 | ||||||||||
Revenues | $ 139,444 | $ 137,587 | $ 148,679 | $ 148,463 | $ 143,911 | $ 138,485 | $ 135,307 | $ 138,012 | $ 574,173 | $ 555,715 | $ 584,769 | ||
Real estate operating income/(loss) | (16,250) | 28,756 | 35,491 | 33,300 | 26,633 | 2,988 | 14,791 | 26,372 | 81,297 | 70,784 | 73,711 | ||
Income/(loss) from continuing operations | (31,311) | 16,617 | 17,215 | 15,154 | 10,529 | (13,065) | (1,553) | 10,396 | 17,675 | 6,307 | 1,553 | ||
Income/(loss) from discontinued operations | 0 | 1 | (1) | 0 | 0 | 0 | 83 | ||||||
Gain/(loss) on sale of real estate assets | (77) | 109,512 | 6,492 | (53) | 19,652 | (57) | 73,835 | (20) | 115,874 | 93,410 | 129,683 | ||
Net income/(loss) applicable to Piedmont | $ (31,383) | $ 126,133 | $ 23,710 | $ 15,104 | $ 30,189 | $ (13,107) | $ 72,278 | $ 10,372 | $ 133,564 | $ 99,732 | $ 131,304 | ||
Basic and diluted earnings/(loss) per share | $ (0.21) | $ 0.87 | $ 0.16 | $ 0.10 | $ 0.21 | $ (0.09) | $ 0.50 | $ 0.07 | $ 0.92 | $ 0.69 | $ 0.87 | ||
Dividends declared per share | $ 0.71 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | |||||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Special dividend (in usd per share) | $ 0.50 | ||||||||||||
Dividends declared per share | $ 0.21 |
Guarantor and Non-Guarantor F67
Guarantor and Non-Guarantor Financial Information- Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||||
Land | $ 544,794 | $ 542,640 | ||
Buildings and improvements, less accumulated depreciation | 2,418,023 | 2,442,178 | ||
Intangible lease assets, less accumulated amortization | 77,805 | 99,695 | ||
Construction in progress | 11,710 | 34,460 | ||
Real estate assets held for sale, net | 332,410 | 612,719 | ||
Total real estate assets | 3,384,742 | 3,731,692 | ||
Investments in and amounts due from unconsolidated joint ventures | 10 | 7,360 | ||
Cash and cash equivalents | 7,382 | 6,992 | $ 5,441 | |
Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures | 175,309 | 163,356 | ||
Advances to affiliates | 0 | 0 | ||
Investment in subsidiary | 0 | 0 | ||
Notes receivable | 0 | 0 | ||
Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets | 24,578 | 24,493 | ||
Goodwill | 98,918 | 98,918 | ||
Deferred lease costs, net | 261,907 | 276,725 | ||
Other assets held for sale, net | 47,131 | 58,632 | ||
Total assets | 3,999,967 | 4,368,168 | ||
Liabilities: | ||||
Debt, net | 1,726,927 | 2,020,475 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 216,653 | 165,410 | ||
Advances from affiliates | 0 | 0 | ||
Deferred income | 29,582 | 28,406 | ||
Intangible lease liabilities, net | 38,458 | 47,537 | ||
Other liabilities held for sale, net | 380 | 468 | ||
Interest rate swaps | 1,478 | 8,169 | ||
Total liabilities | 2,013,478 | 2,270,465 | ||
Stockholders’ Equity: | ||||
Common stock | 1,424 | 1,452 | ||
Additional paid-in capital | 3,677,360 | 3,673,128 | ||
Retained/(cumulative distributions in excess of) earnings | (1,702,281) | (1,580,863) | ||
Other comprehensive loss | 8,164 | 2,104 | ||
Piedmont stockholders’ equity | 1,984,667 | 2,095,821 | ||
Noncontrolling interest | 1,822 | 1,882 | ||
Total stockholders’ equity | 1,986,489 | 2,097,703 | $ 2,123,420 | $ 2,280,677 |
Total liabilities and stockholders’ equity | 3,999,967 | 4,368,168 | ||
Eliminations | ||||
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 | 0 | ||
Total real estate assets | (300) | (300) | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | |||
Cash and cash equivalents | 0 | 0 | ||
Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures | 0 | 0 | ||
Advances to affiliates | (7,971,908) | (7,779,751) | ||
Investment in subsidiary | (3,437,471) | (3,630,745) | ||
Notes receivable | (233,310) | (184,700) | ||
Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets | (740) | (1,897) | ||
Goodwill | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Other assets held for sale, net | 0 | 0 | ||
Total assets | (11,643,729) | (11,597,393) | ||
Liabilities: | ||||
Debt, net | (233,310) | (184,700) | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | (740) | (1,897) | ||
Advances from affiliates | (8,070,163) | (7,878,007) | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Other liabilities held for sale, net | 0 | 0 | ||
Interest rate swaps | 0 | 0 | ||
Total liabilities | (8,304,213) | (8,064,604) | ||
Stockholders’ Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | (3,437,471) | (3,630,745) | ||
Retained/(cumulative distributions in excess of) earnings | 97,955 | 97,956 | ||
Other comprehensive loss | 0 | 0 | ||
Piedmont stockholders’ equity | (3,339,516) | (3,532,789) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | (3,339,516) | (3,532,789) | ||
Total liabilities and stockholders’ equity | (11,643,729) | (11,597,393) | ||
Issuer | ||||
Assets: | ||||
Land | 36,094 | 38,298 | ||
Buildings and improvements, less accumulated depreciation | 180,886 | 202,084 | ||
Intangible lease assets, less accumulated amortization | 181 | 725 | ||
Construction in progress | 85 | 145 | ||
Real estate assets held for sale, net | 32,815 | 33,945 | ||
Total real estate assets | 250,061 | 275,197 | ||
Investments in and amounts due from unconsolidated joint ventures | 7,360 | |||
Cash and cash equivalents | 3,890 | 3,674 | ||
Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures | 16,891 | 18,517 | ||
Advances to affiliates | 6,297,632 | 6,464,135 | ||
Investment in subsidiary | 0 | 0 | ||
Notes receivable | 88,810 | 88,910 | ||
Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets | 5,094 | 6,173 | ||
Goodwill | 98,918 | 98,918 | ||
Deferred lease costs, net | 16,611 | 14,776 | ||
Other assets held for sale, net | 2,266 | 3,432 | ||
Total assets | 6,780,173 | 6,981,092 | ||
Liabilities: | ||||
Debt, net | 1,535,239 | 1,701,933 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 20,279 | 17,365 | ||
Advances from affiliates | 941,494 | 708,340 | ||
Deferred income | 3,631 | 5,206 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Other liabilities held for sale, net | 0 | 0 | ||
Interest rate swaps | 1,478 | 8,169 | ||
Total liabilities | 2,502,121 | 2,441,013 | ||
Stockholders’ Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 3,433,299 | 3,626,564 | ||
Retained/(cumulative distributions in excess of) earnings | 836,589 | 911,411 | ||
Other comprehensive loss | 8,164 | 2,104 | ||
Piedmont stockholders’ equity | 4,278,052 | 4,540,079 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | 4,278,052 | 4,540,079 | ||
Total liabilities and stockholders’ equity | 6,780,173 | 6,981,092 | ||
Guarantor | ||||
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 | 0 | ||
Total real estate assets | 0 | 0 | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | |||
Cash and cash equivalents | 150 | 150 | ||
Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures | 0 | 0 | ||
Advances to affiliates | 1,674,276 | 1,315,616 | ||
Investment in subsidiary | 3,437,299 | 3,630,564 | ||
Notes receivable | 0 | 0 | ||
Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets | 2 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Other assets held for sale, net | 0 | 0 | ||
Total assets | 5,111,727 | 4,946,330 | ||
Liabilities: | ||||
Debt, net | 0 | 0 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 104,028 | 31,230 | ||
Advances from affiliates | 5,277,957 | 5,071,521 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Other liabilities held for sale, net | 0 | 0 | ||
Interest rate swaps | 0 | 0 | ||
Total liabilities | 5,381,985 | 5,102,751 | ||
Stockholders’ Equity: | ||||
Common stock | 1,424 | 1,452 | ||
Additional paid-in capital | 3,680,232 | 3,676,000 | ||
Retained/(cumulative distributions in excess of) earnings | (3,951,914) | (3,833,873) | ||
Other comprehensive loss | 0 | 0 | ||
Piedmont stockholders’ equity | (270,258) | (156,421) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | (270,258) | (156,421) | ||
Total liabilities and stockholders’ equity | 5,111,727 | 4,946,330 | ||
Non-Guarantor Subsidiaries | ||||
Assets: | ||||
Land | 508,700 | 504,342 | ||
Buildings and improvements, less accumulated depreciation | 2,237,437 | 2,240,394 | ||
Intangible lease assets, less accumulated amortization | 77,624 | 98,970 | ||
Construction in progress | 11,625 | 34,315 | ||
Real estate assets held for sale, net | 299,595 | 578,774 | ||
Total real estate assets | 3,134,981 | 3,456,795 | ||
Investments in and amounts due from unconsolidated joint ventures | 0 | |||
Cash and cash equivalents | 3,342 | 3,168 | ||
Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures | 158,418 | 144,839 | ||
Advances to affiliates | 0 | 0 | ||
Investment in subsidiary | 172 | 181 | ||
Notes receivable | 144,500 | 95,790 | ||
Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets | 20,222 | 20,217 | ||
Goodwill | 0 | 0 | ||
Deferred lease costs, net | 245,296 | 261,949 | ||
Other assets held for sale, net | 44,865 | 55,200 | ||
Total assets | 3,751,796 | 4,038,139 | ||
Liabilities: | ||||
Debt, net | 424,998 | 503,242 | ||
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures | 93,086 | 118,712 | ||
Advances from affiliates | 1,850,712 | 2,098,146 | ||
Deferred income | 25,951 | 23,200 | ||
Intangible lease liabilities, net | 38,458 | 47,537 | ||
Other liabilities held for sale, net | 380 | 468 | ||
Interest rate swaps | 0 | 0 | ||
Total liabilities | 2,433,585 | 2,791,305 | ||
Stockholders’ Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 1,300 | 1,309 | ||
Retained/(cumulative distributions in excess of) earnings | 1,315,089 | 1,243,643 | ||
Other comprehensive loss | 0 | 0 | ||
Piedmont stockholders’ equity | 1,316,389 | 1,244,952 | ||
Noncontrolling interest | 1,822 | 1,882 | ||
Total stockholders’ equity | 1,318,211 | 1,246,834 | ||
Total liabilities and stockholders’ equity | $ 3,751,796 | $ 4,038,139 |
Guarantor and Non-Guarantor F68
Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Rental income | $ 475,777 | $ 459,890 | $ 468,872 | ||||||||
Tenant reimbursements | 96,711 | 93,961 | 113,881 | ||||||||
Property management fee revenue | 1,685 | 1,864 | 2,016 | ||||||||
Total revenues | $ 139,444 | $ 137,587 | $ 148,679 | $ 148,463 | $ 143,911 | $ 138,485 | $ 135,307 | $ 138,012 | 574,173 | 555,715 | 584,769 |
Expenses: | |||||||||||
Property operating costs | 220,630 | 218,934 | 242,022 | ||||||||
Depreciation | 119,288 | 127,733 | 134,503 | ||||||||
Amortization | 75,367 | 75,119 | 60,886 | ||||||||
Impairment loss | 43,301 | ||||||||||
Impairment loss on real estate assets | 46,461 | 33,901 | 43,301 | ||||||||
General and administrative | 31,130 | 29,244 | 30,346 | ||||||||
Operating Expenses | 492,876 | 484,931 | 511,058 | ||||||||
Real estate operating income | (16,250) | 28,756 | 35,491 | 33,300 | 26,633 | 2,988 | 14,791 | 26,372 | 81,297 | 70,784 | 73,711 |
Other income (expense): | |||||||||||
Interest expense | (68,124) | (64,860) | (73,998) | ||||||||
Other income/(expense) | 657 | (13) | 1,565 | ||||||||
Net recoveries/(loss) from casualty events | 0 | 34 | (278) | ||||||||
Equity in income of unconsolidated joint ventures | 3,845 | 362 | 553 | ||||||||
Nonoperating Income (Expense) | (63,622) | (64,477) | (72,158) | ||||||||
Income from continuing operations | (31,311) | 16,617 | 17,215 | 15,154 | 10,529 | (13,065) | (1,553) | 10,396 | 17,675 | 6,307 | 1,553 |
Discontinued operations: | |||||||||||
Operating income | 0 | 0 | 84 | ||||||||
Loss on sale of real estate assets | 0 | 0 | (1) | ||||||||
Income from discontinued operations | 0 | 1 | (1) | 0 | 0 | 0 | 83 | ||||
Gain on sale of real estate assets | (77) | 109,512 | 6,492 | (53) | 19,652 | (57) | 73,835 | (20) | 115,874 | 93,410 | 129,683 |
Net income | 133,549 | 99,717 | 131,319 | ||||||||
Plus: Net loss/(income) applicable to noncontrolling interest | 15 | 15 | (15) | ||||||||
Net income applicable to Piedmont | $ (31,383) | $ 126,133 | $ 23,710 | $ 15,104 | $ 30,189 | $ (13,107) | $ 72,278 | $ 10,372 | 133,564 | 99,732 | 131,304 |
Eliminations | |||||||||||
Revenues: | |||||||||||
Rental income | (1,791) | (2,631) | (2,905) | ||||||||
Tenant reimbursements | (474) | (498) | (414) | ||||||||
Property management fee revenue | (16,470) | (15,033) | (15,785) | ||||||||
Total revenues | (18,735) | (18,162) | (19,104) | ||||||||
Expenses: | |||||||||||
Property operating costs | (18,735) | (18,377) | (19,786) | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Amortization | 0 | 0 | 0 | ||||||||
Impairment loss | 0 | ||||||||||
Impairment loss on real estate assets | 0 | 0 | |||||||||
General and administrative | 0 | (35,446) | (35,563) | ||||||||
Operating Expenses | (18,735) | (53,823) | (55,349) | ||||||||
Real estate operating income | 0 | 35,661 | 36,245 | ||||||||
Other income (expense): | |||||||||||
Interest expense | 15,360 | 11,884 | 11,246 | ||||||||
Other income/(expense) | (15,360) | (11,884) | (11,246) | ||||||||
Net recoveries/(loss) from casualty events | 0 | 0 | |||||||||
Equity in income of unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||
Income from continuing operations | 0 | 35,661 | 36,245 | ||||||||
Discontinued operations: | |||||||||||
Operating income | 0 | ||||||||||
Loss on sale of real estate assets | 0 | ||||||||||
Income from discontinued operations | 0 | ||||||||||
Gain on sale of real estate assets | 0 | 0 | 0 | ||||||||
Net income | 0 | 35,661 | 36,245 | ||||||||
Plus: Net loss/(income) applicable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income applicable to Piedmont | 0 | 35,661 | 36,245 | ||||||||
Guarantor | |||||||||||
Revenues: | |||||||||||
Rental income | 0 | 0 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Property management fee revenue | 0 | 0 | 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Expenses: | |||||||||||
Property operating costs | 0 | 0 | 0 | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Amortization | 0 | 0 | 0 | ||||||||
Impairment loss | 0 | ||||||||||
Impairment loss on real estate assets | 0 | 0 | |||||||||
General and administrative | 347 | 311 | 341 | ||||||||
Operating Expenses | 347 | 311 | 341 | ||||||||
Real estate operating income | (347) | (311) | (341) | ||||||||
Other income (expense): | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other income/(expense) | 0 | 282 | 0 | ||||||||
Net recoveries/(loss) from casualty events | 0 | 0 | |||||||||
Equity in income of unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Nonoperating Income (Expense) | 0 | 282 | 0 | ||||||||
Income from continuing operations | (347) | (29) | (341) | ||||||||
Discontinued operations: | |||||||||||
Operating income | 0 | ||||||||||
Loss on sale of real estate assets | 0 | ||||||||||
Income from discontinued operations | 0 | ||||||||||
Gain on sale of real estate assets | 0 | 0 | 0 | ||||||||
Net income | (347) | (29) | (341) | ||||||||
Plus: Net loss/(income) applicable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income applicable to Piedmont | (347) | (29) | (341) | ||||||||
Issuer | |||||||||||
Revenues: | |||||||||||
Rental income | 42,593 | 55,007 | 67,317 | ||||||||
Tenant reimbursements | 11,660 | 14,081 | 13,340 | ||||||||
Property management fee revenue | 0 | 0 | 0 | ||||||||
Total revenues | 54,253 | 69,088 | 80,657 | ||||||||
Expenses: | |||||||||||
Property operating costs | 22,805 | 31,967 | 36,380 | ||||||||
Depreciation | 12,995 | 16,657 | 20,891 | ||||||||
Amortization | 3,049 | 3,715 | 4,598 | ||||||||
Impairment loss | 6,195 | ||||||||||
Impairment loss on real estate assets | 87 | 8,259 | |||||||||
General and administrative | 6,443 | 28,314 | 29,645 | ||||||||
Operating Expenses | 45,379 | 88,912 | 97,709 | ||||||||
Real estate operating income | 8,874 | (19,824) | (17,052) | ||||||||
Other income (expense): | |||||||||||
Interest expense | (56,769) | (49,108) | (51,704) | ||||||||
Other income/(expense) | 9,168 | 9,560 | 12,600 | ||||||||
Net recoveries/(loss) from casualty events | 0 | 23 | |||||||||
Equity in income of unconsolidated joint ventures | 3,845 | 362 | 553 | ||||||||
Nonoperating Income (Expense) | (43,756) | (39,186) | (38,528) | ||||||||
Income from continuing operations | (34,882) | (59,010) | (55,580) | ||||||||
Discontinued operations: | |||||||||||
Operating income | 15 | ||||||||||
Loss on sale of real estate assets | (1) | ||||||||||
Income from discontinued operations | 14 | ||||||||||
Gain on sale of real estate assets | 6,431 | 31,275 | 45,225 | ||||||||
Net income | (28,451) | (27,735) | (10,341) | ||||||||
Plus: Net loss/(income) applicable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income applicable to Piedmont | (28,451) | (27,735) | (10,341) | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Revenues: | |||||||||||
Rental income | 434,975 | 407,514 | 404,460 | ||||||||
Tenant reimbursements | 85,525 | 80,378 | 100,955 | ||||||||
Property management fee revenue | 18,155 | 16,897 | 17,801 | ||||||||
Total revenues | 538,655 | 504,789 | 523,216 | ||||||||
Expenses: | |||||||||||
Property operating costs | 216,560 | 205,344 | 225,428 | ||||||||
Depreciation | 106,293 | 111,076 | 113,612 | ||||||||
Amortization | 72,318 | 71,404 | 56,288 | ||||||||
Impairment loss | 37,106 | ||||||||||
Impairment loss on real estate assets | 46,374 | 25,642 | |||||||||
General and administrative | 24,340 | 36,065 | 35,923 | ||||||||
Operating Expenses | 465,885 | 449,531 | 468,357 | ||||||||
Real estate operating income | 72,770 | 55,258 | 54,859 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (26,715) | (27,636) | (33,540) | ||||||||
Other income/(expense) | 6,849 | 2,029 | 211 | ||||||||
Net recoveries/(loss) from casualty events | 34 | (301) | |||||||||
Equity in income of unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Nonoperating Income (Expense) | (19,866) | (25,573) | (33,630) | ||||||||
Income from continuing operations | 52,904 | 29,685 | 21,229 | ||||||||
Discontinued operations: | |||||||||||
Operating income | 69 | ||||||||||
Loss on sale of real estate assets | 0 | ||||||||||
Income from discontinued operations | 69 | ||||||||||
Gain on sale of real estate assets | 109,443 | 62,135 | 84,458 | ||||||||
Net income | 162,347 | 91,820 | 105,756 | ||||||||
Plus: Net loss/(income) applicable to noncontrolling interest | 15 | 15 | (15) | ||||||||
Net income applicable to Piedmont | $ 162,362 | $ 91,835 | $ 105,741 |
Guarantor and Non-Guarantor F69
Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | $ 242,805,000 | $ 231,847,000 | $ 223,688,000 |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | (115,093,000) | (459,896,000) | (506,594,000) |
Intercompany note receivable | 0 | 0 | 0 |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | 0 | (4,000,000) |
Net sale proceeds from wholly-owned properties | 375,518,000 | 365,918,000 | 848,169,000 |
Net sale proceeds received from unconsolidated joint ventures | 12,334,000 | 0 | 0 |
Investments in unconsolidated joint ventures | (1,162,000) | 0 | 0 |
Deferred lease costs paid | (30,985,000) | (25,896,000) | (37,683,000) |
Net cash provided by/(used in) investing activities | 240,612,000 | (119,874,000) | 299,892,000 |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | (132,000) | (264,000) | (1,081,000) |
Proceeds from debt | 180,000,000 | 695,000,000 | 1,301,858,000 |
Repayments of debt | (476,401,000) | (706,875,000) | (1,544,301,000) |
Intercompany note payable | 0 | 0 | 0 |
Costs of issuance of common stock | (182,000) | (342,000) | (326,000) |
Shares withheld to pay tax obligations related to employee stock compensation | (3,403,000) | (2,344,000) | (1,710,000) |
Repurchases of common stock as part of announced plan | (60,474,000) | (7,943,000) | (158,860,000) |
(Distributions to)/repayments from affiliates | 0 | 0 | 0 |
Dividends paid and discount on dividend reinvestments | (122,274,000) | (91,616,000) | (126,531,000) |
Net cash used in financing activities | (482,866,000) | (114,384,000) | (530,951,000) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows | 551,000 | (2,411,000) | (7,371,000) |
Cash, cash equivalents, and restricted cash and escrows, beginning of year | 8,204,000 | 10,615,000 | 17,986,000 |
Cash, cash equivalents, and restricted cash and escrows, end of year | 8,755,000 | 8,204,000 | 10,615,000 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | 0 | 35,660,000 | 36,245,000 |
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 | 48,610,000 | 71,460,000 | (72,000,000) |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | 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 | 48,610,000 | 71,460,000 | (72,000,000) |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | 0 | 0 | 0 |
Proceeds from debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Intercompany note payable | (48,610,000) | (71,460,000) | 72,000,000 |
Costs of issuance of common stock | 0 | 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 | 0 | (35,660,000) | (36,245,000) |
Dividends paid and discount on dividend reinvestments | 0 | 0 | 0 |
Net cash used in financing activities | (48,610,000) | (107,120,000) | 35,755,000 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows | 0 | 0 | 0 |
Cash, cash equivalents, and restricted cash and escrows, beginning of year | 0 | 0 | 0 |
Cash, cash equivalents, and restricted cash and escrows, end of year | 0 | 0 | 0 |
Guarantor | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | 5,497,000 | 5,214,000 | 4,699,000 |
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 | 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 |
Intercompany note payable | 0 | 0 | 0 |
Costs of issuance of common stock | (182,000) | (342,000) | (326,000) |
Shares withheld to pay tax obligations related to employee stock compensation | (3,403,000) | (2,344,000) | (1,710,000) |
Repurchases of common stock as part of announced plan | (60,474,000) | (7,943,000) | (158,860,000) |
(Distributions to)/repayments from affiliates | 180,791,000 | 97,016,000 | 281,073,000 |
Dividends paid and discount on dividend reinvestments | (122,229,000) | (91,601,000) | (126,516,000) |
Net cash used in financing activities | (5,497,000) | (5,214,000) | (6,339,000) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows | 0 | 0 | (1,640,000) |
Cash, cash equivalents, and restricted cash and escrows, beginning of year | 150,000 | 150,000 | 1,790,000 |
Cash, cash equivalents, and restricted cash and escrows, end of year | 150,000 | 150,000 | 150,000 |
Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | (18,989,000) | (26,263,000) | (27,077,000) |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | (1,614,000) | (5,060,000) | (12,303,000) |
Intercompany note receivable | 100,000 | 440,000 | 72,000,000 |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | 0 | |
Net sale proceeds from wholly-owned properties | 23,028,000 | 200,220,000 | 151,557,000 |
Net sale proceeds received from unconsolidated joint ventures | 12,334,000 | ||
Investments in unconsolidated joint ventures | (1,162,000) | ||
Deferred lease costs paid | (4,081,000) | (2,758,000) | (3,792,000) |
Net cash provided by/(used in) investing activities | 28,605,000 | 192,842,000 | 207,462,000 |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | (132,000) | (264,000) | (575,000) |
Proceeds from debt | 180,000,000 | 695,000,000 | 1,142,577,000 |
Repayments of debt | (335,000,000) | (538,000,000) | (1,438,000,000) |
Intercompany note payable | (14,289,000) | (9,600,000) | 0 |
Costs of issuance of common stock | 0 | 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 | 160,019,000 | (312,218,000) | 104,495,000 |
Dividends paid and discount on dividend reinvestments | 0 | 0 | 0 |
Net cash used in financing activities | (9,402,000) | (165,082,000) | (191,503,000) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows | 214,000 | 1,497,000 | (11,118,000) |
Cash, cash equivalents, and restricted cash and escrows, beginning of year | 3,693,000 | 2,196,000 | 13,314,000 |
Cash, cash equivalents, and restricted cash and escrows, end of year | 3,907,000 | 3,693,000 | 2,196,000 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By/(Used In) Operating Activities | 256,297,000 | 217,236,000 | 209,821,000 |
Cash Flows from Investing Activities: | |||
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals | (113,479,000) | (454,836,000) | (494,291,000) |
Intercompany note receivable | (48,710,000) | (71,900,000) | 0 |
Redemption of noncontrolling interest in unconsolidated variable interest entity | 0 | (4,000,000) | |
Net sale proceeds from wholly-owned properties | 352,490,000 | 165,698,000 | 696,612,000 |
Net sale proceeds received from unconsolidated joint ventures | 0 | ||
Investments in unconsolidated joint ventures | 0 | ||
Deferred lease costs paid | (26,904,000) | (23,138,000) | (33,891,000) |
Net cash provided by/(used in) investing activities | 163,397,000 | (384,176,000) | 164,430,000 |
Cash Flows from Financing Activities: | |||
Debt issuance costs paid | 0 | 0 | (506,000) |
Proceeds from debt | 0 | 0 | 159,281,000 |
Repayments of debt | (141,401,000) | (168,875,000) | (106,301,000) |
Intercompany note payable | 62,899,000 | 81,060,000 | (72,000,000) |
Costs of issuance of common stock | 0 | 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 | (340,810,000) | 250,862,000 | (349,323,000) |
Dividends paid and discount on dividend reinvestments | (45,000) | (15,000) | (15,000) |
Net cash used in financing activities | (419,357,000) | 163,032,000 | (368,864,000) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows | 337,000 | (3,908,000) | 5,387,000 |
Cash, cash equivalents, and restricted cash and escrows, beginning of year | 4,361,000 | 8,269,000 | 2,882,000 |
Cash, cash equivalents, and restricted cash and escrows, end of year | $ 4,698,000 | $ 4,361,000 | $ 8,269,000 |
Subsequent events (Details)
Subsequent events (Details) $ / shares in Units, ft² in Thousands, shares in Millions | Feb. 19, 2018USD ($)ft² | Feb. 07, 2018$ / shares | Jan. 04, 2018USD ($) | Feb. 21, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)agreementassetbuyer$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 31, 2017USD ($) |
Subsequent Event [Line Items] | ||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.71 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | ||||||||
Number of binding contracts to sell assets | agreement | 2 | |||||||||||||||
Number of buyers | buyer | 2 | |||||||||||||||
Number of assets being sold | asset | 14 | |||||||||||||||
Payment to acquire real estate | $ 35,262,000 | $ 349,668,000 | $ 387,923,000 | |||||||||||||
Stock repurchase program, authorized amount | $ 250,000,000 | |||||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 188,200,000 | 188,200,000 | ||||||||||||||
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.21 | |||||||||||||||
Stock repurchase program, authorized amount | $ 200,000,000 | |||||||||||||||
Common stock repurchased and retired (in shares) | shares | 7.8 | |||||||||||||||
Weighted-average price of common stock repurchased and retired (in USD per share) | $ / shares | $ 18.97 | |||||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 40,000,000 | |||||||||||||||
Subsequent Event | 2017 Disposition Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Piedmont's approximate share of purchase price | $ 425,900,000 | |||||||||||||||
Amount subject to contingent proceeds upon certain leasing activity | 4,500,000 | |||||||||||||||
Unsecured Debt | $500 Million Unsecured 2015 Line of Credit | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Amount of line of credit | $ 500,000,000 | $ 500,000,000 | ||||||||||||||
Unsecured Debt | $500 Million Unsecured 2015 Line of Credit | Line of Credit | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Amount of line of credit | 500,000,000 | |||||||||||||||
Unsecured Debt | $170 Million Unsecured 2015 Term Loan | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Repayments of debt | 170,000,000 | |||||||||||||||
Unsecured Debt | $300 Million Unsecured 2013 Term Loan | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Repayments of debt | $ 300,000,000 | |||||||||||||||
501 West Church Street | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Payment to acquire real estate | $ 28,000,000 | |||||||||||||||
Real estate acquired, number of square feet | ft² | 182 |
Schedule III - Real Estate an71
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2016a |
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Gross Amount at Which Carried, Total | $ 4,438,209 | $ 4,800,025 | $ 4,725,096 | $ 5,267,615 | $ 4,438,209 | $ 4,800,025 | |||
Accumulated Depreciation and Amortization | 1,053,467 | 1,058,704 | 1,019,663 | 1,182,556 | 1,053,467 | 1,058,704 | |||
Tax basis of total assets | 4,200,000 | $ 4,300,000 | |||||||
Real Estate: | |||||||||
Balance at the beginning of the year | 4,800,025 | 4,725,096 | 5,267,615 | ||||||
Additions to/improvements of real estate | 85,368 | 422,908 | 452,106 | ||||||
Assets disposed (1) | (353,911) | (296,319) | (926,592) | ||||||
Assets impaired | (46,461) | (30,898) | (40,169) | ||||||
Write-offs of intangible assets | (37,188) | (11,896) | (7,768) | ||||||
Write-offs of fully depreciated/amortized assets | (9,624) | (8,866) | (20,096) | ||||||
Balance at the end of the year | 4,438,209 | 4,438,209 | 4,800,025 | 4,725,096 | |||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the beginning of the year | 1,058,704 | 1,019,663 | 1,182,556 | ||||||
Depreciation and amortization expense | 145,837 | 155,274 | 155,009 | ||||||
Assets disposed (1) | (104,262) | (95,471) | (290,038) | ||||||
Write-offs of intangible assets | (37,188) | (11,896) | (7,768) | ||||||
Write-offs of fully depreciated/amortized assets | (9,624) | (8,866) | (20,096) | ||||||
Balance at the end of the year | $ 1,053,467 | 1,053,467 | $ 1,058,704 | $ 1,019,663 | |||||
750 WEST JOHN CARPENTER FREEWAY | |||||||||
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 | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 98.10% | ||||||||
1201 Eye Street N.W. Associates, LLC | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 98.60% | ||||||||
1225 Equity LLC | 1225 Eye Street N.W. Associates, LLC | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 98.10% | 49.50% | |||||||
1201 Equity LLC | 1201 Eye Street N.W. Associates, LLC | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Piedmont’s % Ownership of Entity | 98.60% | 49.50% | |||||||
Building | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Useful life | 40 years | ||||||||
Wholly Owned Properties | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost, Land | 584,304 | ||||||||
Initial Cost, Buildings and Improvements | 3,613,304 | ||||||||
Initial Cost, Total | 4,197,608 | ||||||||
Costs Capitalized Subsequent to Acquisition | 240,601 | ||||||||
Gross Amount at Which Carried, Land | 619,292 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 3,818,917 | ||||||||
Gross Amount at Which Carried, Total | $ 4,438,209 | $ 4,438,209 | 4,438,209 | ||||||
Accumulated Depreciation and Amortization | 1,053,467 | 1,053,467 | $ 1,053,467 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 4,438,209 | 4,438,209 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 1,053,467 | $ 1,053,467 | |||||||
Minimum | Building improvements | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Useful life | 5 years | ||||||||
Minimum | Land improvements | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Useful life | 20 years | ||||||||
Maximum | Building improvements | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Useful life | 25 years | ||||||||
Maximum | Land improvements | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Useful life | 25 years | ||||||||
1430 ENCLAVE PARKWAY | |||||||||
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 | 45,015 | ||||||||
Costs Capitalized Subsequent to Acquisition | 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 | 47,065 | $ 47,065 | 47,065 | ||||||
Accumulated Depreciation and Amortization | 19,653 | 19,653 | $ 19,653 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 47,065 | 47,065 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 19,653 | $ 19,653 | |||||||
1430 ENCLAVE PARKWAY | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
1430 ENCLAVE PARKWAY | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
CRESCENT RIDGE II | |||||||||
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 | 52,854 | ||||||||
Costs Capitalized Subsequent to Acquisition | 8,194 | ||||||||
Gross Amount at Which Carried, Land | 8,021 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 53,027 | ||||||||
Gross Amount at Which Carried, Total | 61,048 | $ 61,048 | 61,048 | ||||||
Accumulated Depreciation and Amortization | 23,837 | 23,837 | $ 23,837 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 61,048 | 61,048 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 23,837 | $ 23,837 | |||||||
CRESCENT RIDGE II | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
CRESCENT RIDGE II | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
90 CENTRAL STREET | |||||||||
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 | 33,139 | ||||||||
Costs Capitalized Subsequent to Acquisition | 1,462 | ||||||||
Gross Amount at Which Carried, Land | 3,642 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 30,959 | ||||||||
Gross Amount at Which Carried, Total | 34,601 | $ 34,601 | 34,601 | ||||||
Accumulated Depreciation and Amortization | 12,361 | 12,361 | $ 12,361 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 34,601 | 34,601 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 12,361 | $ 12,361 | |||||||
90 CENTRAL STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
90 CENTRAL STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
6031 CONNECTION DRIVE | |||||||||
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 | 46,813 | ||||||||
Costs Capitalized Subsequent to Acquisition | 4,422 | ||||||||
Gross Amount at Which Carried, Land | 3,157 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 48,078 | ||||||||
Gross Amount at Which Carried, Total | 51,235 | $ 51,235 | 51,235 | ||||||
Accumulated Depreciation and Amortization | 20,502 | 20,502 | $ 20,502 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 51,235 | 51,235 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 20,502 | $ 20,502 | |||||||
6031 CONNECTION DRIVE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
6031 CONNECTION DRIVE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
6021 CONNECTION DRIVE | |||||||||
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 | 45,819 | ||||||||
Costs Capitalized Subsequent to Acquisition | 10,545 | ||||||||
Gross Amount at Which Carried, Land | 3,157 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 53,207 | ||||||||
Gross Amount at Which Carried, Total | 56,364 | $ 56,364 | 56,364 | ||||||
Accumulated Depreciation and Amortization | 20,118 | 20,118 | $ 20,118 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 56,364 | 56,364 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 20,118 | $ 20,118 | |||||||
6021 CONNECTION DRIVE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
6021 CONNECTION DRIVE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
6011 CONNECTION DRIVE | |||||||||
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 | 32,191 | ||||||||
Costs Capitalized Subsequent to Acquisition | 3,283 | ||||||||
Gross Amount at Which Carried, Land | 3,157 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 32,317 | ||||||||
Gross Amount at Which Carried, Total | 35,474 | $ 35,474 | 35,474 | ||||||
Accumulated Depreciation and Amortization | 14,126 | 14,126 | $ 14,126 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 35,474 | 35,474 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 14,126 | $ 14,126 | |||||||
6011 CONNECTION DRIVE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
6011 CONNECTION DRIVE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
ONE INDEPENDENCE SQUARE | |||||||||
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 | 134,579 | ||||||||
Costs Capitalized Subsequent to Acquisition | 22,446 | ||||||||
Gross Amount at Which Carried, Land | 30,562 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 126,463 | ||||||||
Gross Amount at Which Carried, Total | 157,025 | $ 157,025 | 157,025 | ||||||
Accumulated Depreciation and Amortization | 44,364 | 44,364 | $ 44,364 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 157,025 | 157,025 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 44,364 | $ 44,364 | |||||||
ONE INDEPENDENCE SQUARE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
ONE INDEPENDENCE SQUARE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
800 NORTH BRAND BOULEVARD | |||||||||
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 | 159,889 | ||||||||
Costs Capitalized Subsequent to Acquisition | 13,561 | ||||||||
Gross Amount at Which Carried, Land | 23,607 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 149,843 | ||||||||
Gross Amount at Which Carried, Total | 173,450 | $ 173,450 | 173,450 | ||||||
Accumulated Depreciation and Amortization | 57,073 | 57,073 | $ 57,073 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 173,450 | 173,450 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 57,073 | $ 57,073 | |||||||
800 NORTH BRAND BOULEVARD | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
800 NORTH BRAND BOULEVARD | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
US BANCORP CENTER | |||||||||
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 | 186,767 | ||||||||
Costs Capitalized Subsequent to Acquisition | 18,473 | ||||||||
Gross Amount at Which Carried, Land | 11,138 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 194,102 | ||||||||
Gross Amount at Which Carried, Total | 205,240 | $ 205,240 | 205,240 | ||||||
Accumulated Depreciation and Amortization | 71,663 | 71,663 | $ 71,663 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 205,240 | 205,240 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 71,663 | $ 71,663 | |||||||
US BANCORP CENTER | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
US BANCORP CENTER | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
GLENRIDGE HIGHLANDS TWO | |||||||||
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 | 75,693 | ||||||||
Costs Capitalized Subsequent to Acquisition | (16,173) | ||||||||
Gross Amount at Which Carried, Land | 6,662 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 52,858 | ||||||||
Gross Amount at Which Carried, Total | 59,520 | $ 59,520 | 59,520 | ||||||
Accumulated Depreciation and Amortization | 22,040 | 22,040 | $ 22,040 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 59,520 | 59,520 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 22,040 | $ 22,040 | |||||||
GLENRIDGE HIGHLANDS TWO | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
GLENRIDGE HIGHLANDS TWO | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
200 BRIDGEWATER CROSSING | |||||||||
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 | 92,342 | ||||||||
Costs Capitalized Subsequent to Acquisition | (12,945) | ||||||||
Gross Amount at Which Carried, Land | 8,328 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 71,069 | ||||||||
Gross Amount at Which Carried, Total | 79,397 | $ 79,397 | 79,397 | ||||||
Accumulated Depreciation and Amortization | 26,852 | 26,852 | $ 26,852 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 79,397 | 79,397 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 26,852 | $ 26,852 | |||||||
200 BRIDGEWATER CROSSING | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
200 BRIDGEWATER CROSSING | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
400 VIRGINIA AVE | |||||||||
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 | 71,886 | ||||||||
Costs Capitalized Subsequent to Acquisition | (375) | ||||||||
Gross Amount at Which Carried, Land | 22,146 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 49,365 | ||||||||
Gross Amount at Which Carried, Total | 71,511 | $ 71,511 | 71,511 | ||||||
Accumulated Depreciation and Amortization | 17,594 | 17,594 | $ 17,594 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 71,511 | 71,511 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 17,594 | $ 17,594 | |||||||
400 VIRGINIA AVE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
400 VIRGINIA AVE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
4250 NORTH FAIRFAX DRIVE | |||||||||
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 | 84,554 | ||||||||
Costs Capitalized Subsequent to Acquisition | 10,989 | ||||||||
Gross Amount at Which Carried, Land | 13,636 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 81,907 | ||||||||
Gross Amount at Which Carried, Total | 95,543 | $ 95,543 | 95,543 | ||||||
Accumulated Depreciation and Amortization | 26,162 | 26,162 | 26,162 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 95,543 | 95,543 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 26,162 | $ 26,162 | |||||||
4250 NORTH FAIRFAX DRIVE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
4250 NORTH FAIRFAX DRIVE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
1225 EYE STREET | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost, Land | 21,959 | ||||||||
Initial Cost, Buildings and Improvements | 47,602 | ||||||||
Initial Cost, Total | 69,561 | ||||||||
Costs Capitalized Subsequent to Acquisition | 8,034 | ||||||||
Gross Amount at Which Carried, Land | 21,959 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 55,636 | ||||||||
Gross Amount at Which Carried, Total | 77,595 | $ 77,595 | 77,595 | ||||||
Accumulated Depreciation and Amortization | 19,248 | 19,248 | 19,248 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 77,595 | 77,595 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 19,248 | $ 19,248 | |||||||
1225 EYE STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
1225 EYE STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
1201 EYE STREET | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Initial Cost, Land | 31,985 | ||||||||
Initial Cost, Buildings and Improvements | 63,139 | ||||||||
Initial Cost, Total | 95,124 | ||||||||
Costs Capitalized Subsequent to Acquisition | 5,725 | ||||||||
Gross Amount at Which Carried, Land | 31,985 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 68,864 | ||||||||
Gross Amount at Which Carried, Total | 100,849 | $ 100,849 | 100,849 | ||||||
Accumulated Depreciation and Amortization | 21,850 | 21,850 | $ 21,850 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 100,849 | 100,849 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 21,850 | $ 21,850 | |||||||
1201 EYE STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
1201 EYE STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
1901 MARKET STREET | |||||||||
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 | 180,267 | ||||||||
Costs Capitalized Subsequent to Acquisition | 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 | 233,951 | $ 233,951 | 233,951 | ||||||
Accumulated Depreciation and Amortization | 79,034 | 79,034 | $ 79,034 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 233,951 | 233,951 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 79,034 | $ 79,034 | |||||||
1901 MARKET STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
1901 MARKET STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
60 BROAD STREET | |||||||||
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 | 201,508 | ||||||||
Costs Capitalized Subsequent to Acquisition | 13,794 | ||||||||
Gross Amount at Which Carried, Land | 60,708 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 154,594 | ||||||||
Gross Amount at Which Carried, Total | 215,302 | $ 215,302 | 215,302 | ||||||
Accumulated Depreciation and Amortization | 56,430 | 56,430 | $ 56,430 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 215,302 | 215,302 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 56,430 | $ 56,430 | |||||||
60 BROAD STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
60 BROAD STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
1414 MASSACHUSETTS AVENUE | |||||||||
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 | 40,031 | ||||||||
Costs Capitalized Subsequent to Acquisition | (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 | 39,747 | $ 39,747 | 39,747 | ||||||
Accumulated Depreciation and Amortization | 17,288 | 17,288 | $ 17,288 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 39,747 | 39,747 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 17,288 | $ 17,288 | |||||||
1414 MASSACHUSETTS AVENUE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
1414 MASSACHUSETTS AVENUE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
ONE BRATTLE SQUARE | |||||||||
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 | 71,914 | ||||||||
Costs Capitalized Subsequent to Acquisition | (24,495) | ||||||||
Gross Amount at Which Carried, Land | 7,113 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 40,306 | ||||||||
Gross Amount at Which Carried, Total | 47,419 | $ 47,419 | 47,419 | ||||||
Accumulated Depreciation and Amortization | 14,459 | 14,459 | $ 14,459 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 47,419 | 47,419 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 14,459 | $ 14,459 | |||||||
ONE BRATTLE SQUARE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
ONE BRATTLE SQUARE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
600 CORPORATE DRIVE | |||||||||
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 | 3,934 | ||||||||
Costs Capitalized Subsequent to Acquisition | 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 | 20,215 | $ 20,215 | 20,215 | ||||||
Accumulated Depreciation and Amortization | 7,571 | 7,571 | $ 7,571 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 20,215 | 20,215 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 7,571 | $ 7,571 | |||||||
600 CORPORATE DRIVE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
600 CORPORATE DRIVE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
3100 CLARENDON BOULEVARD | |||||||||
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 | 81,405 | ||||||||
Costs Capitalized Subsequent to Acquisition | 40,963 | ||||||||
Gross Amount at Which Carried, Land | 11,791 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 110,577 | ||||||||
Gross Amount at Which Carried, Total | 122,368 | $ 122,368 | 122,368 | ||||||
Accumulated Depreciation and Amortization | 25,520 | 25,520 | $ 25,520 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 122,368 | 122,368 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 25,520 | $ 25,520 | |||||||
3100 CLARENDON BOULEVARD | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
3100 CLARENDON BOULEVARD | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
400 BRIDGEWATER CROSSING | |||||||||
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 | 81,452 | ||||||||
Costs Capitalized Subsequent to Acquisition | (14,078) | ||||||||
Gross Amount at Which Carried, Land | 10,400 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 56,974 | ||||||||
Gross Amount at Which Carried, Total | 67,374 | $ 67,374 | 67,374 | ||||||
Accumulated Depreciation and Amortization | 17,844 | 17,844 | $ 17,844 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 67,374 | 67,374 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 17,844 | $ 17,844 | |||||||
400 BRIDGEWATER CROSSING | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
400 BRIDGEWATER CROSSING | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
LAS COLINAS CORPORATE CENTER I | |||||||||
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 | 22,742 | ||||||||
Costs Capitalized Subsequent to Acquisition | (3,671) | ||||||||
Gross Amount at Which Carried, Land | 2,543 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 16,528 | ||||||||
Gross Amount at Which Carried, Total | 19,071 | $ 19,071 | 19,071 | ||||||
Accumulated Depreciation and Amortization | 5,785 | 5,785 | $ 5,785 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 19,071 | 19,071 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 5,785 | $ 5,785 | |||||||
LAS COLINAS CORPORATE CENTER I | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
LAS COLINAS CORPORATE CENTER I | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
LAS COLINAS CORPORATE CENTER II | |||||||||
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 | 34,377 | ||||||||
Costs Capitalized Subsequent to Acquisition | (3,580) | ||||||||
Gross Amount at Which Carried, Land | 2,543 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 28,254 | ||||||||
Gross Amount at Which Carried, Total | 30,797 | $ 30,797 | 30,797 | ||||||
Accumulated Depreciation and Amortization | 9,594 | 9,594 | $ 9,594 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 30,797 | 30,797 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 9,594 | $ 9,594 | |||||||
LAS COLINAS CORPORATE CENTER II | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
LAS COLINAS CORPORATE CENTER II | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
TWO PIERCE PLACE | |||||||||
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 | 75,002 | ||||||||
Costs Capitalized Subsequent to Acquisition | 13,334 | ||||||||
Gross Amount at Which Carried, Land | 8,156 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 80,180 | ||||||||
Gross Amount at Which Carried, Total | 88,336 | $ 88,336 | 88,336 | ||||||
Accumulated Depreciation and Amortization | 32,194 | 32,194 | $ 32,194 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 88,336 | 88,336 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 32,194 | $ 32,194 | |||||||
TWO PIERCE PLACE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
TWO PIERCE PLACE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
ONE MERIDIAN CROSSINGS | |||||||||
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 | 27,317 | ||||||||
Costs Capitalized Subsequent to Acquisition | 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 | 27,635 | $ 27,635 | 27,635 | ||||||
Accumulated Depreciation and Amortization | 5,045 | 5,045 | $ 5,045 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 27,635 | 27,635 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 5,045 | $ 5,045 | |||||||
ONE MERIDIAN CROSSINGS | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
ONE MERIDIAN CROSSINGS | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
TWO MERIDIAN CROSSINGS | |||||||||
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 | 28,403 | ||||||||
Costs Capitalized Subsequent to Acquisition | 637 | ||||||||
Gross Amount at Which Carried, Land | 2,661 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 26,379 | ||||||||
Gross Amount at Which Carried, Total | 29,040 | $ 29,040 | 29,040 | ||||||
Accumulated Depreciation and Amortization | 5,419 | 5,419 | $ 5,419 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 29,040 | 29,040 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 5,419 | $ 5,419 | |||||||
TWO MERIDIAN CROSSINGS | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
TWO MERIDIAN CROSSINGS | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
500 WEST MONROE STREET | |||||||||
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 | 222,103 | ||||||||
Costs Capitalized Subsequent to Acquisition | 50,057 | ||||||||
Gross Amount at Which Carried, Land | 36,990 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 235,170 | ||||||||
Gross Amount at Which Carried, Total | 272,160 | $ 272,160 | 272,160 | ||||||
Accumulated Depreciation and Amortization | 44,321 | 44,321 | $ 44,321 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 272,160 | 272,160 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 44,321 | $ 44,321 | |||||||
500 WEST MONROE STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
500 WEST MONROE STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
THE DUPREE | |||||||||
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 | 18,390 | ||||||||
Costs Capitalized Subsequent to Acquisition | 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 | 19,267 | $ 19,267 | 19,267 | ||||||
Accumulated Depreciation and Amortization | 4,524 | 4,524 | $ 4,524 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 19,267 | 19,267 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 4,524 | $ 4,524 | |||||||
THE DUPREE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
THE DUPREE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
THE MEDICI | |||||||||
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 | 13,290 | ||||||||
Costs Capitalized Subsequent to Acquisition | 5,359 | ||||||||
Gross Amount at Which Carried, Land | 1,780 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 16,869 | ||||||||
Gross Amount at Which Carried, Total | 18,649 | $ 18,649 | 18,649 | ||||||
Accumulated Depreciation and Amortization | 3,788 | 3,788 | $ 3,788 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 18,649 | 18,649 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 3,788 | $ 3,788 | |||||||
THE MEDICI | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
THE MEDICI | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
225 PRESIDENTIAL WAY | |||||||||
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 | 40,542 | ||||||||
Costs Capitalized Subsequent to Acquisition | 66 | ||||||||
Gross Amount at Which Carried, Land | 3,612 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 36,996 | ||||||||
Gross Amount at Which Carried, Total | 40,608 | $ 40,608 | 40,608 | ||||||
Accumulated Depreciation and Amortization | 9,680 | 9,680 | $ 9,680 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 40,608 | 40,608 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 9,680 | $ 9,680 | |||||||
225 PRESIDENTIAL WAY | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
225 PRESIDENTIAL WAY | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
235 PRESIDENTIAL WAY | |||||||||
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 | 48,202 | ||||||||
Costs Capitalized Subsequent to Acquisition | 69 | ||||||||
Gross Amount at Which Carried, Land | 4,138 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 44,133 | ||||||||
Gross Amount at Which Carried, Total | 48,271 | $ 48,271 | 48,271 | ||||||
Accumulated Depreciation and Amortization | 11,505 | 11,505 | $ 11,505 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 48,271 | 48,271 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 11,505 | $ 11,505 | |||||||
235 PRESIDENTIAL WAY | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
235 PRESIDENTIAL WAY | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
400 TOWNPARK | |||||||||
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 | 23,125 | ||||||||
Costs Capitalized Subsequent to Acquisition | 4,329 | ||||||||
Gross Amount at Which Carried, Land | 2,570 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 24,884 | ||||||||
Gross Amount at Which Carried, Total | 27,454 | $ 27,454 | 27,454 | ||||||
Accumulated Depreciation and Amortization | 5,178 | 5,178 | $ 5,178 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 27,454 | 27,454 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 5,178 | $ 5,178 | |||||||
400 TOWNPARK | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
400 TOWNPARK | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
ARLINGTON GATEWAY | |||||||||
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 | 166,000 | ||||||||
Costs Capitalized Subsequent to Acquisition | (5,596) | ||||||||
Gross Amount at Which Carried, Land | 36,930 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 123,474 | ||||||||
Gross Amount at Which Carried, Total | 160,404 | $ 160,404 | 160,404 | ||||||
Accumulated Depreciation and Amortization | 15,894 | 15,894 | $ 15,894 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 160,404 | 160,404 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 15,894 | $ 15,894 | |||||||
ARLINGTON GATEWAY | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
ARLINGTON GATEWAY | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
5 & 15 WAYSIDE ROAD | |||||||||
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 | 62,635 | ||||||||
Costs Capitalized Subsequent to Acquisition | 2,548 | ||||||||
Gross Amount at Which Carried, Land | 7,190 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 57,993 | ||||||||
Gross Amount at Which Carried, Total | 65,183 | $ 65,183 | 65,183 | ||||||
Accumulated Depreciation and Amortization | 9,693 | 9,693 | $ 9,693 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 65,183 | 65,183 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 9,693 | $ 9,693 | |||||||
5 & 15 WAYSIDE ROAD | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
5 & 15 WAYSIDE ROAD | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
6565 MACARTHUR BOULEVARD | |||||||||
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 | 42,587 | ||||||||
Costs Capitalized Subsequent to Acquisition | (530) | ||||||||
Gross Amount at Which Carried, Land | 4,820 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 37,237 | ||||||||
Gross Amount at Which Carried, Total | 42,057 | $ 42,057 | 42,057 | ||||||
Accumulated Depreciation and Amortization | 4,752 | 4,752 | $ 4,752 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 42,057 | 42,057 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 4,752 | $ 4,752 | |||||||
6565 MACARTHUR BOULEVARD | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
6565 MACARTHUR BOULEVARD | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
ONE LINCOLN PARK | |||||||||
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 | 51,450 | ||||||||
Costs Capitalized Subsequent to Acquisition | 1,787 | ||||||||
Gross Amount at Which Carried, Land | 6,640 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 46,597 | ||||||||
Gross Amount at Which Carried, Total | 53,237 | $ 53,237 | 53,237 | ||||||
Accumulated Depreciation and Amortization | 6,642 | 6,642 | $ 6,642 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 53,237 | 53,237 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 6,642 | $ 6,642 | |||||||
ONE LINCOLN PARK | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
ONE LINCOLN PARK | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
161 CORPORATE CENTER | |||||||||
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 | 12,700 | ||||||||
Costs Capitalized Subsequent to Acquisition | (113) | ||||||||
Gross Amount at Which Carried, Land | 2,020 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 10,567 | ||||||||
Gross Amount at Which Carried, Total | 12,587 | $ 12,587 | 12,587 | ||||||
Accumulated Depreciation and Amortization | 2,134 | 2,134 | $ 2,134 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 12,587 | 12,587 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 2,134 | $ 2,134 | |||||||
161 CORPORATE CENTER | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
161 CORPORATE CENTER | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
5 WALL STREET | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Encumbrances | $ 30,670 | ||||||||
Initial Cost, Land | 9,560 | ||||||||
Initial Cost, Buildings and Improvements | 50,276 | ||||||||
Initial Cost, Total | 59,836 | ||||||||
Costs Capitalized Subsequent to Acquisition | (1,175) | ||||||||
Gross Amount at Which Carried, Land | 9,560 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 49,101 | ||||||||
Gross Amount at Which Carried, Total | 58,661 | $ 58,661 | 58,661 | ||||||
Accumulated Depreciation and Amortization | 7,278 | 7,278 | $ 7,278 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 58,661 | 58,661 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 7,278 | $ 7,278 | |||||||
5 WALL STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
5 WALL STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
1155 PERIMETER CENTER WEST | |||||||||
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 | 72,719 | ||||||||
Costs Capitalized Subsequent to Acquisition | 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 | 72,724 | $ 72,724 | 72,724 | ||||||
Accumulated Depreciation and Amortization | 10,004 | 10,004 | $ 10,004 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 72,724 | 72,724 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 10,004 | $ 10,004 | |||||||
1155 PERIMETER CENTER WEST | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
1155 PERIMETER CENTER WEST | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
500 TOWNPARK | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 2,147 | ||||||||
Initial Cost, Buildings and Improvements | 21,925 | ||||||||
Initial Cost, Total | 24,072 | ||||||||
Costs Capitalized Subsequent to Acquisition | 3,053 | ||||||||
Gross Amount at Which Carried, Land | 2,147 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 24,978 | ||||||||
Gross Amount at Which Carried, Total | 27,125 | $ 27,125 | 27,125 | ||||||
Accumulated Depreciation and Amortization | 785 | 785 | $ 785 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 27,125 | 27,125 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 785 | $ 785 | |||||||
500 TOWNPARK | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
500 TOWNPARK | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
PARK PLACE ON TURTLE CREEK | |||||||||
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 | 42,518 | ||||||||
Costs Capitalized Subsequent to Acquisition | 1,810 | ||||||||
Gross Amount at Which Carried, Land | 4,470 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 39,858 | ||||||||
Gross Amount at Which Carried, Total | 44,328 | $ 44,328 | 44,328 | ||||||
Accumulated Depreciation and Amortization | 4,565 | 4,565 | $ 4,565 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 44,328 | 44,328 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 4,565 | $ 4,565 | |||||||
PARK PLACE ON TURTLE CREEK | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
PARK PLACE ON TURTLE CREEK | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
80 CENTRAL STREET | |||||||||
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 | 10,910 | ||||||||
Costs Capitalized Subsequent to Acquisition | (394) | ||||||||
Gross Amount at Which Carried, Land | 1,980 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 8,536 | ||||||||
Gross Amount at Which Carried, Total | 10,516 | $ 10,516 | 10,516 | ||||||
Accumulated Depreciation and Amortization | 994 | 994 | $ 994 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 10,516 | 10,516 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 994 | $ 994 | |||||||
80 CENTRAL STREET | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
80 CENTRAL STREET | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
ENCLAVE PLACE | |||||||||
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 | 61,984 | ||||||||
Costs Capitalized Subsequent to Acquisition | 3,756 | ||||||||
Gross Amount at Which Carried, Land | 1,890 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 63,850 | ||||||||
Gross Amount at Which Carried, Total | 65,740 | $ 65,740 | 65,740 | ||||||
Accumulated Depreciation and Amortization | 3,591 | 3,591 | $ 3,591 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 65,740 | 65,740 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 3,591 | $ 3,591 | |||||||
ENCLAVE PLACE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
ENCLAVE PLACE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
SUNTRUST CENTER | |||||||||
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 | 150,675 | ||||||||
Costs Capitalized Subsequent to Acquisition | 981 | ||||||||
Gross Amount at Which Carried, Land | 11,660 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 139,996 | ||||||||
Gross Amount at Which Carried, Total | 151,656 | $ 151,656 | 151,656 | ||||||
Accumulated Depreciation and Amortization | 12,564 | 12,564 | $ 12,564 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 151,656 | 151,656 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 12,564 | $ 12,564 | |||||||
SUNTRUST CENTER | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
SUNTRUST CENTER | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
GALLERIA 300 | |||||||||
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 | 77,554 | ||||||||
Costs Capitalized Subsequent to Acquisition | 1,919 | ||||||||
Gross Amount at Which Carried, Land | 4,000 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 75,473 | ||||||||
Gross Amount at Which Carried, Total | 79,473 | $ 79,473 | 79,473 | ||||||
Accumulated Depreciation and Amortization | 7,739 | 7,739 | $ 7,739 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 79,473 | 79,473 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 7,739 | $ 7,739 | |||||||
GALLERIA 300 | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
GALLERIA 300 | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
GLENRIDGE HIGHLANDS ONE | |||||||||
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 | 55,973 | ||||||||
Costs Capitalized Subsequent to Acquisition | 815 | ||||||||
Gross Amount at Which Carried, Land | 5,960 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 50,828 | ||||||||
Gross Amount at Which Carried, Total | 56,788 | $ 56,788 | 56,788 | ||||||
Accumulated Depreciation and Amortization | 5,261 | 5,261 | $ 5,261 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 56,788 | 56,788 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 5,261 | $ 5,261 | |||||||
GLENRIDGE HIGHLANDS ONE | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
GLENRIDGE HIGHLANDS ONE | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
CNL CENTER I | |||||||||
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 | 84,328 | ||||||||
Costs Capitalized Subsequent to Acquisition | (303) | ||||||||
Gross Amount at Which Carried, Land | 6,470 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 77,555 | ||||||||
Gross Amount at Which Carried, Total | 84,025 | $ 84,025 | 84,025 | ||||||
Accumulated Depreciation and Amortization | 4,995 | 4,995 | $ 4,995 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 84,025 | 84,025 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 4,995 | $ 4,995 | |||||||
CNL CENTER I | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
CNL CENTER I | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
CNL CENTER II | |||||||||
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 | 60,159 | ||||||||
Costs Capitalized Subsequent to Acquisition | 481 | ||||||||
Gross Amount at Which Carried, Land | 4,550 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 56,090 | ||||||||
Gross Amount at Which Carried, Total | 60,640 | $ 60,640 | 60,640 | ||||||
Accumulated Depreciation and Amortization | 3,235 | 3,235 | $ 3,235 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 60,640 | 60,640 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 3,235 | $ 3,235 | |||||||
CNL CENTER II | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
CNL CENTER II | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
ONE WAYSIDE ROAD | |||||||||
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 | 63,364 | ||||||||
Costs Capitalized Subsequent to Acquisition | 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 | 63,364 | $ 63,364 | 63,364 | ||||||
Accumulated Depreciation and Amortization | 5,587 | 5,587 | $ 5,587 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 63,364 | 63,364 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 5,587 | $ 5,587 | |||||||
ONE WAYSIDE ROAD | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
ONE WAYSIDE ROAD | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
GALLERIA 200 | |||||||||
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 | 62,295 | ||||||||
Costs Capitalized Subsequent to Acquisition | (63) | ||||||||
Gross Amount at Which Carried, Land | 6,470 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 55,762 | ||||||||
Gross Amount at Which Carried, Total | 62,232 | $ 62,232 | 62,232 | ||||||
Accumulated Depreciation and Amortization | 3,127 | 3,127 | $ 3,127 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 62,232 | 62,232 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 3,127 | $ 3,127 | |||||||
GALLERIA 200 | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
GALLERIA 200 | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
750 WEST JOHN CARPENTER FREEWAY | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 7,860 | ||||||||
Initial Cost, Buildings and Improvements | 36,303 | ||||||||
Initial Cost, Total | 44,163 | ||||||||
Costs Capitalized Subsequent to Acquisition | 1,702 | ||||||||
Gross Amount at Which Carried, Land | 7,860 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 38,005 | ||||||||
Gross Amount at Which Carried, Total | 45,865 | $ 45,865 | 45,865 | ||||||
Accumulated Depreciation and Amortization | 2,143 | 2,143 | $ 2,143 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 45,865 | 45,865 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 2,143 | $ 2,143 | |||||||
750 WEST JOHN CARPENTER FREEWAY | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
750 WEST JOHN CARPENTER FREEWAY | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
NORMAN POINTE I | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 4,358 | ||||||||
Initial Cost, Buildings and Improvements | 22,322 | ||||||||
Initial Cost, Total | 26,680 | ||||||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||||||
Gross Amount at Which Carried, Land | 4,358 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 22,322 | ||||||||
Gross Amount at Which Carried, Total | 26,680 | $ 26,680 | 26,680 | ||||||
Accumulated Depreciation and Amortization | 36 | 36 | $ 36 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 26,680 | 26,680 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 36 | $ 36 | |||||||
NORMAN POINTE I | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
NORMAN POINTE I | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
PIEDMONT POWER, LLC | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 0 | ||||||||
Initial Cost, Buildings and Improvements | 79 | ||||||||
Initial Cost, Total | 79 | ||||||||
Costs Capitalized Subsequent to Acquisition | 2,740 | ||||||||
Gross Amount at Which Carried, Land | 0 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 2,819 | ||||||||
Gross Amount at Which Carried, Total | 2,819 | $ 2,819 | 2,819 | ||||||
Accumulated Depreciation and Amortization | 676 | 676 | $ 676 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 2,819 | 2,819 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 676 | $ 676 | |||||||
PIEDMONT POWER, LLC | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
PIEDMONT POWER, LLC | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years | ||||||||
UNDEVELOPED LAND PARCELS | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 18,061 | ||||||||
Initial Cost, Buildings and Improvements | 0 | ||||||||
Initial Cost, Total | 18,061 | ||||||||
Costs Capitalized Subsequent to Acquisition | (1,063) | ||||||||
Gross Amount at Which Carried, Land | 15,914 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 1,084 | ||||||||
Gross Amount at Which Carried, Total | 16,998 | $ 16,998 | 16,998 | ||||||
Accumulated Depreciation and Amortization | 23 | 23 | $ 23 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 16,998 | 16,998 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | 23 | 23 | |||||||
2017 DISPOSITION PORTFOLIO | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Ownership Percentage | 100.00% | ||||||||
Initial Cost, Land | $ 73,285 | ||||||||
Initial Cost, Buildings and Improvements | 433,351 | ||||||||
Initial Cost, Total | 506,636 | ||||||||
Costs Capitalized Subsequent to Acquisition | (5,110) | ||||||||
Gross Amount at Which Carried, Land | 74,498 | ||||||||
Gross Amount at Which Carried, Buildings and Improvements | 427,028 | ||||||||
Gross Amount at Which Carried, Total | 501,526 | 501,526 | 501,526 | ||||||
Accumulated Depreciation and Amortization | 169,127 | 169,127 | $ 169,127 | ||||||
Real Estate: | |||||||||
Balance at the end of the year | 501,526 | 501,526 | |||||||
Accumulated Depreciation and Amortization: | |||||||||
Balance at the end of the year | $ 169,127 | $ 169,127 | |||||||
2017 DISPOSITION PORTFOLIO | Minimum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 0 years | ||||||||
2017 DISPOSITION PORTFOLIO | Maximum | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Life on which Depreciation and Amortization is Computed | 40 years |