

					Initial Cost								Gross Amount at Which Carried at December 31, 2011
Description	Location	Ownership Percentage		Encumbrances	Land		Buildings and Improvements		Total		Costs Capitalized Subsequent to Acquisition		Land		Buildings and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (f)
26200 ENTERPRISE WAY	Lake Forest, CA	100	%	None	$	4,577	$	—	$	4,577	10,419		$	4,768	$	10,227	$	14,996	$	3,507	2000	3/15/1999	0 to 40 years
3900 DALLAS PARKWAY	Plano, TX	100	%	None	1,456		20,377		21,837		2,602		1,517		22,922		24,439		8,071		1999	12/21/1999	0 to 40 years
RIVER CORPORATE CENTER	Tempe, AZ	100	%	(a)	—		16,036		16,036		683		—		16,719		16,719		5,688		1998	3/29/2000	0 to 40 years
8700 SOUTH PRICE ROAD	Tempe, AZ	100	%	(a)	—		13,272		13,272		550		—		13,822		13,822		4,577		2000	6/12/2000	0 to 40 years
1441 WEST LONG LAKE ROAD	Troy, MI	100	%	None	2,160		16,776		18,936		(6,945	)	1,202		10,789		11,991		6,246		1999	6/29/2000	0 to 40 years
1111 DURHAM AVENUE	South Plainfield, NJ	100	%	None	9,653		20,495		30,148		(11,547	)	3,728		14,873		18,601		7,462		1975	11/1/2000	0 to 40 years
1430 ENCLAVE PARKWAY (b)	Houston, TX	100	%	32,100	7,100		37,915		45,015		3,742		5,506		43,251		48,757		13,403		1994	12/21/2000	0 to 40 years
CRESCENT RIDGE II	Minnetonka, MN	100	%	None	7,700		45,154		52,854		7,523		8,021		52,356		60,377		17,716		2000	12/21/2000	0 to 40 years
1200 CROWN COLONY DRIVE (c)	Quincy, MA	100	%	20,200	11,042		40,666		51,708		148		11,042		40,814		51,856		11,956		1990	7/30/2001	0 to 40 years
5601 HIATUS ROAD	Tamarac, FL	100	%	None	3,642		10,404		14,046		650		3,642		11,054		14,696		2,892		2001	12/21/2001	0 to 40 years
WINDY POINT I	Schaumburg, IL	100	%	23,400	4,537		31,847		36,384		1,838		4,537		33,685		38,222		9,123		1999	12/31/2001	0 to 40 years
WINDY POINT II	Schaumburg, IL	100	%	40,300	3,746		55,026		58,772		100		3,746		55,126		58,872		15,240		2001	12/31/2001	0 to 40 years
SARASOTA COMMERCE CENTER II	Sarasota, FL	100	%	None	1,767		20,533		22,300		2,001		2,203		22,098		24,301		6,345		1999	1/11/2002	0 to 40 years
11695 JOHNS CREEK PARKWAY	Johns Creek, GA	100	%	None	2,080		13,572		15,652		1,636		2,081		15,207		17,288		4,065		2001	3/28/2002	0 to 40 years
3750 BROOKSIDE PARKWAY	Alpharetta, GA	100	%	None	1,561		14,207		15,768		126		1,561		14,333		15,894		3,841		2001	4/18/2002	0 to 40 years
2001 NW 64th STREET	Ft. Lauderdale, FL	100	%	(a)	—		7,172		7,172		447		—		7,619		7,619		1,903		2001	4/18/2002	0 to 40 years
90 CENTRAL STREET	Boxborough, MA	100	%	None	3,642		29,497		33,139		2,618		3,642		32,115		35,757		8,726		2001	5/3/2002	0 to 40 years
DESERT CANYON 300	Phoenix, AZ	100	%	None	2,602		24,333		26,935		304		2,602		24,637		27,239		6,307		2001	6/4/2002	0 to 40 years
6031 CONNECTION DRIVE	Irving, TX	100	%	None	3,157		43,656		46,813		2,505		3,157		46,161		49,318		11,234		1999	8/15/2002	0 to 40 years
6021 CONNECTION DRIVE	Irving, TX	100	%	None	3,157		42,662		45,819		1,397		3,157		44,059		47,216		11,357		2000	8/15/2002	0 to 40 years
6011 CONNECTION DRIVE	Irving, TX	100	%	None	3,157		29,034		32,191		2,586		3,157		31,620		34,777		8,452		1999	8/15/2002	0 to 40 years
BRAKER POINTE III (c)	Austin, TX	100	%	16,500	6,098		34,492		40,590		1		6,099		34,492		40,591		8,701		2001	8/15/2002	0 to 40 years
CHANDLER FORUM	Chandler, AZ	100	%	None	2,632		—		2,632		19,912		2,779		19,765		22,544		5,699		2003	9/12/2002	0 to 40 years
2 GATEHALL DRIVE (c)	Parsippany, NJ	100	%	42,700	9,054		96,722		105,776		158		9,054		96,880		105,934		24,170		1985	9/27/2002	0 to 40 years
350 SPECTRUM LOOP	Colorado Springs, CO	100	%	None	2,185		24,964		27,149		(1,894	)	2,186		23,069		25,255		5,749		2001	9/27/2002	0 to 40 years



5601 HEADQUARTERS DRIVE	Plano, TX	100	%	None	3,153	24,602	27,755	4		3,153	24,606	27,759	6,132	2001	9/27/2002	0 to 40 years
TWO INDEPENDENCE SQUARE (c)	Washington, DC	100	%	105,800	52,711	202,702	255,413	5,820		52,711	208,522	261,233	50,074	1991	11/22/2002	0 to 40 years
ONE INDEPENDENCE SQUARE (c)	Washington, DC	100	%	57,800	29,765	104,814	134,579	2,770		30,562	106,787	137,349	25,791	1991	11/22/2002	0 to 40 years
2120 WEST END AVENUE (c)	Nashville, TN	100	%	26,800	4,908	59,011	63,919	6,671		5,100	65,490	70,590	15,965	2000	11/26/2002	0 to 40 years
800 NORTH BRAND BOULEVARD	Glendale, CA	100	%	None	23,605	136,284	159,889	7,545		23,607	143,827	167,434	34,789	1990	12/20/2002	0 to 40 years
EASTPOINT I	Mayfield Heights, OH	100	%	None	1,485	11,064	12,549	156		1,485	11,220	12,705	2,677	2000	1/9/2003	0 to 40 years
EASTPOINT II	Mayfield Heights, OH	100	%	None	1,235	9,199	10,434	1,836		1,235	11,035	12,270	3,102	2000	1/9/2003	0 to 40 years
150 WEST JEFFERSON	Detroit, MI	100	%	None	9,759	88,364	98,123	3,956		9,759	92,320	102,079	22,885	1989	3/31/2003	0 to 40 years
US BANCORP CENTER	Minneapolis, MN	100	%	105,000	11,138	175,629	186,767	5,885		11,138	181,514	192,652	41,441	2000	5/1/2003	0 to 40 years
AON CENTER	Chicago, IL	100	%	225,000	23,267	472,488	495,755	93,857		23,966	565,646	589,612	126,462	1972	5/9/2003	0 to 40 years
AUBURN HILLS CORPORATE CENTER	Auburn Hills, MI	100	%	None	1,978	16,570	18,548	(8,159	)	1,591	8,798	10,389	3,379	2001	5/9/2003	0 to 40 years
11107 SUNSET HILLS ROAD	Reston, VA	100	%	None	2,711	17,890	20,601	3,665		2,711	21,555	24,266	7,228	1985	6/27/2003	0 to 40 years
11109 SUNSET HILLS ROAD	Reston, VA	100	%	None	1,218	8,038	9,256	(2,338	)	1,218	5,700	6,918	1,334	1984	6/27/2003	0 to 40 years
9211 CORPORATE BOULEVARD	Rockville, MD	100	%	None	3,019	21,984	25,003	(4,844	)	2,960	17,199	20,159	3,741	1989	7/30/2003	0 to 40 years
9221 CORPORATE BOULEVARD	Rockville, MD	100	%	None	3,019	21,984	25,003	(4,822	)	2,960	17,221	20,181	3,749	1989	7/30/2003	0 to 40 years
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100	%	None	6,662	69,031	75,693	(22,727	)	6,662	46,304	52,966	9,790	2000	8/1/2003	0 to 40 years
200 BRIDGEWATER CROSSING (c)	Bridgewater, NJ	100	%	40,200	8,182	84,160	92,342	(4,565	)	8,328	79,449	87,777	31,348	2002	8/14/2003	0 to 40 years
1055 EAST COLORADO BOULEVARD	Pasadena, CA	100	%	29,200	6,495	30,265	36,760	(8,360	)	6,495	21,905	28,400	4,857	2001	8/22/2003	0 to 40 years
FAIRWAY CENTER II (c)	Brea, CA	100	%	10,700	7,110	15,600	22,710	(2,988	)	7,110	12,612	19,722	2,425	2002	8/29/2003	0 to 40 years
COPPER RIDGE CENTER	Lyndhurst, NJ	100	%	None	6,974	38,714	45,688	(6,388	)	6,974	32,326	39,300	7,298	1989	9/5/2003	0 to 40 years
1901 MAIN STREET	Irvine, CA	100	%	None	6,246	36,455	42,701	(2,715	)	6,246	33,740	39,986	10,003	2001	9/17/2003	0 to 40 years
RHEIN	Beaverton, OR	100	%	None	1,015	6,425	7,440	(580	)	1,015	5,845	6,860	1,742	1988	10/9/2003	0 to 40 years
DESCHUTES	Beaverton, OR	100	%	None	1,072	6,361	7,433	(2,082	)	1,072	4,279	5,351	902	1989	10/9/2003	0 to 40 years
WILLAMETTE	Beaverton, OR	100	%	None	1,085	6,211	7,296	(1,933	)	1,085	4,278	5,363	895	1990	10/9/2003	0 to 40 years
ROGUE	Beaverton, OR	100	%	None	1,546	7,630	9,176	—		1,546	7,630	9,176	1,597	1998	10/9/2003	0 to 40 years
400 VIRGINIA AVE	Washington, DC	100	%	None	22,146	49,740	71,886	(2,135	)	22,146	47,605	69,751	9,904	1985	11/19/2003	0 to 40 years
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100	%	45,000	13,636	70,918	84,554	5,082		13,636	76,000	89,636	19,458	1998	11/19/2003	0 to 40 years
1225 EYE STREET (d)	Washington, DC	50	%	57,600	21,959	47,602	69,561	3,150		21,959	50,752	72,711	16,202	1986	11/19/2003	0 to 40 years
1201 EYE STREET (e)	Washington, DC	50	%	82,400	31,985	63,139	95,124	2,790		31,985	65,929	97,914	17,895	2001	11/19/2003	0 to 40 years



1901 MARKET STREET	Philadelphia, PA	100	%	None	13,584		166,683		180,267		137			20,829		159,575		180,404		39,218		1987	12/18/2003	0 to 40 years
60 BROAD STREET	New York, NY	100	%	None	32,522		168,986		201,508		(5,694		)	60,708		135,106		195,814		29,919		1962	12/31/2003	0 to 40 years
1414 MASSACHUSETTS AVENUE	Cambridge, MA	100	%	None	4,210		35,821		40,031		1,988			4,365		37,654		42,019		11,642		1873	1/8/2004	0 to 40 years
ONE BRATTLE SQUARE	Cambridge, MA	100	%	None	6,974		64,940		71,914		(3,924		)	7,113		60,877		67,990		20,414		1991	2/26/2004	0 to 40 years
600 CORPORATE DRIVE	Lebanon, NJ	100	%	None	3,934		—		3,934		16,281			3,934		16,281		20,215		3,959		2005	3/16/2004	0 to 40 years
1075 WEST ENTRANCE DRIVE	Auburn Hills, MI	100	%	None	5,200		22,957		28,157		(313		)	5,207		22,637		27,844		3,835		2001	7/7/2004	0 to 40 years
3100 CLARENDON BOULEVARD	Arlington, VA	100	%	None	11,700		69,705		81,405		(5,341		)	11,791		64,273		76,064		11,084		1987	12/9/2004	0 to 40 years
9200 CORPORATE BOULEVARD	Rockville, MD	100	%	None	3,730		16,608		20,338		(1,624		)	3,882		14,832		18,714		2,596		1982	12/29/2004	0 to 40 years
400 BRIDGEWATER CROSSING (c)	Bridgewater, NJ	100	%	29,300	10,400		71,052		81,452		3,237			10,400		74,289		84,689		23,825		2002	2/17/2006	0 to 40 years
LAS COLINAS CORPORATE CENTER I (b)	Irving, TX	100	%	17,500	3,912		18,830		22,742		(1,663		)	2,543		18,536		21,079		6,112		1998	8/31/2006	0 to 40 years
LAS COLINAS CORPORATE CENTER II (b)	Irving, TX	100	%	25,025	4,496		29,881		34,377		(6,073		)	2,543		25,761		28,304		4,833		1998	8/31/2006	0 to 40 years
TWO PIERCE PLACE	Itasca, IL	100	%	None	4,370		70,632		75,002		611			4,370		71,243		75,613		13,390		1991	12/7/2006	0 to 40 years
2300 CABOT DRIVE	Lisle, IL	100	%	None	4,390		19,549		23,939		(2,849		)	4,390		16,700		21,090		3,737		1998	5/10/2007	0 to 40 years
PIEDMONT POINTE I	Bethesda, MD	100	%	None	11,200		58,606		69,806		5,527			11,200		64,133		75,333		6,268		2007	11/13/2007	0 to 40 years
PIEDMONT POINTE II	Bethesda, MD	100	%	None	13,300		70,618		83,918		2,310			13,300		72,928		86,228		6,433		2008	6/25/2008	0 to 40 years
SUWANEE GATEWAY ONE	Suwanee, GA	100	%	None	1,000		6,875		7,875		78			1,000		6,953		7,953		230		2008	9/28/2010	0 to 40 years
ONE MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,919		24,398		27,317		(1		)	2,919		24,397		27,316		861		1997	10/1/2010	0 to 40 years
TWO MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,661		25,742		28,403		14			2,661		25,756		28,417		1,012		1998	10/1/2010	0 to 40 years
1200 ENCLAVE PARKWAY	Houston, TX	100	%	None	3,460		15,047		18,507		66			3,460		15,113		18,573		397		1999	3/30/2011	0 to 40 years
500 W. MONROE	Chicago, IL	100	%	140,000	36,990		185,113		222,103		50			36,990		185,163		222,153		17,400		1991	3/31/2011	0 to 40 years
THE DUPREE	Atlanta, GA	100	%	None	4,080		14,310		18,390		71			4,080		14,381		18,461		471		1997	4/29/2011	0 to 40 years
THE MEDICI	Atlanta, GA	100	%	None	1,780		11,510		13,290		194			1,780		11,704		13,484		449		2008	6/7/2011	0 to 40 years
225 PRESIDENTIAL WAY	Boston, MA	100	%	None	3,626		36,916		40,542		(764		)	3,612		36,166		39,778		533		2000	9/13/2011	0 to 40 years
235 PRESIDENTIAL WAY	Boston, MA	100	%	None	4,154		44,048		48,202		(911		)	4,138		43,153		47,291		634		2001	9/13/2011	0 to 40 years
400 TOWNPARK	Lake Mary, FL	100	%	None	2,570		20,555		23,125		—			2,570		20,555		23,125		130		2008	11/10/2011	0 to 40 years
110 HIDDEN LAKE CIRCLE (g)	Duncan, SC	100	%	None	1,002		15,709		16,711		1,276			1,002		16,985		17,987		4,062		1987	7/31/2002	0 to 40 years
112 HIDDEN LAKE CIRCLE (g)	Duncan, SC	100	%	None	663		10,914		11,577		840			663		11,754		12,417		2,815		1987	7/31/2002	0 to 40 years
PIEDMONT POWER, LLC (h)	Bridgewater, NJ	100	%	None	—		79		79		818			—		897		897		—		N/A	12/20/2011	0 to 40 years
UNDEVELOPED LAND PARCELS (b)	Various	100	%	None	6,021		427		6,448		2,523			8,944		27		8,971		7		N/A	Various	N/A
Total—Consolidated REIT Properties					$	610,637	$	3,888,197	$	4,498,834	$	116,978		$	640,196	$	3,975,616	$	4,615,812	$	911,761



					Initial Cost									Gross Amount at Which Carried at December 31, 2011
Description	Location	Ownership Percentage		Encumbrances	Land		Buildings and Improvements		Total		Costs Capitalized Subsequent to Acquisition			Land		Buildings and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (f)
20/20	Leawood, KS	57	%	None	1,696		7,851		9,547		(1,364		)	1,767		6,416		8,183		3,599		1992	7/2/1999	0 to 40 years
4685 INVESTMENT DRIVE	Troy, MI	55	%	None	2,144		9,984		12,128		2,902			2,233		12,797		15,030		5,748		2000	5/10/2000	0 to 40 years
5301 MARYLAND WAY	Brentwood, TN	55	%	None	4,300		20,702		25,002		1,355			4,479		21,878		26,357		6,708		1989	5/15/2001	0 to 40 years
8560 UPLAND DRIVE	Parker, CO	72	%	None	1,954		11,216		13,170		542			2,048		11,664		13,712		3,301		2001	12/21/2001	0 to 40 years
TWO PARK CENTER	Hoffman Estates, IL	72	%	None	600		22,682		23,282		(3,065		)	624		19,593		20,217		4,599		1999	9/19/2003	0 to 40 years
Total – Unconsolidated JV Properties					$	10,694	$	72,435	$	83,129	$	370		$	11,151	$	72,348	$	83,499	$	23,955
Total – All Properties					$	621,331	$	3,960,632	$	4,581,963	$	117,348		$	651,347	$	4,047,964	$	4,699,311	$	935,716


^(a)	Property is owned subject to a long-term ground lease.


^(b)	The acquisition of the property included excess, developable land, which has subsequently been reclassed into the asset class “Undeveloped Land Parcels”. Further, such Undeveloped Land Parcels are not included in Piedmont’s total building count.


^(c)	These properties collateralize the $350 Million Secured Pooled Facility with Morgan Stanley that accrues interest at 4.84% and matures in June 2014.

^(d)

Piedmont purchased all of the membership interest in 1225 Equity, LLC, which own a 49.5% membership interest in 1225 Eye Street, N.W. Associates, which owns the 1225 Eye Street building. As a result of its ownership of 1225 Equity, LLC, Piedmont owns an approximate 49.5% in the 1225 Eye Street building. As the controlling member, Piedmont is deemed to have control of the entities and, as such, consolidates the joint ventures.

^(e)

Piedmont purchased all of the membership interest in 1201 Equity, LLC, which own a 49.5% membership interest in 1201 Eye Street, N.W. Associates, which owns the 1201 Eye Street building. As a result of its ownership of 1201 Equity, LLC, Piedmont owns an approximate 49.5% in the 1201 Eye Street building. As the controlling member, Piedmont is deemed to have control of the entities and, as such, consolidates the joint ventures.

^(f)

Piedmont’s assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. Generally, Tenant Improvements are amortized over the shorter of economic life or lease term, and Lease Intangibles are amortized over the lease term. Generally, Building Improvements are depreciated over 5 - 25 years, Land Improvements are depreciated over 20 - 25 years, and Buildings are depreciated over 40 years.


^(g)	Property is designated as an industrial property, and is not included in Piedmont’s total building count, which refers only to office properties.


^(h)	During 2011, Piedmont Office Holdings, Inc. through a wholly-owned subsidiary (Piedmont Power, LLC), commenced a project to install solar panels at the 400 Bridgewater Crossing building. Piedmont Power, LLC is not included in Piedmont’s total building count.



	2011			2010				2009
Real Estate:
Balance at the beginning of the year	$	4,666,188		$	4,681,313			$	4,739,791
Additions to/improvements of real estate	440,141			105,282				30,610
Assets disposed	(361,397		)	(72,586		)		—
Assets impaired	—			(8,489		)	⁽²⁾	(38,379		)	⁽³⁾
Write-offs of intangible assets⁽¹⁾	(35,916		)	—				(2,340		)
Write-offs of fully depreciated/amortized assets	(9,705		)	(39,332		)		(48,369		)
Balance at the end of the year	$	4,699,311		$	4,666,188			$	4,681,313
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$	918,578		$	840,545			$	748,778
Depreciation and amortization expense	147,440			131,000				140,136
Assets disposed	(84,681		)	(13,519		)		—
Write-offs of intangible assets⁽¹⁾	(35,916		)	—				—
Write-offs of fully depreciated/amortized assets	(9,705		)	(39,448		)		(48,369		)
Balance at the end of the year	$	935,716		$	918,578			$	840,545


⁽¹⁾	Consists of write-offs of intangible lease assets related to lease restructurings, amendments and terminations.

⁽²⁾

Piedmont recorded an impairment charge against real estate assets of approximately $7.0 million related to the 111 Sylvan Avenue building at the time it was classified as held-for-sale in May 2010. This wholly-owned asset was subsequently sold in December 2010. In addition, the Fund IX, Fund XI, and REIT Joint Venture recorded an impairment loss on real estate assets of approximately $1.4 million during 2010 related to the 360 Interlocken building; however, Piedmont recorded its proporationate share of the charge (approximately $53,000) in the accompanying consolidated statements of income with other such net property operations as equity in income of unconsolidated joint ventures.

⁽³⁾

Piedmont recorded impairment charges of approximately $35.1 million related to the following wholly-owned assets: 1) the Auburn Hills Corporate Center building, 2) the 1111 Durham Avenue building, and 3) the 1441 W. Long Lake Road building. In addition, the Wells/Fremont Joint Venture recorded an impairment loss on real estate assets of approximately $3.3 million during 2009 related to the 47300 Kato Road building (f/k/a 47320 Kato Road building); however, Piedmont recorded its proporationate share of the charge (approximately $2.6 million) in the accompanying consolidated statements of income with other such net property operations as equity in income of unconsolidated joint ventures.