Guarantor and Non-Guarantor Financial Information (Tables)

12 Months Ended

Dec. 31, 2012

Guarantor and Non-Guarantor Financial Information [Abstract]

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets
As of December 31, 2012
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	90,239		$	—		$	532,109		$	—		$	622,348
Buildings and improvements, less accumulated depreciation	522,054			—			2,359,242			—			2,881,296
Intangible lease assets, less accumulated amortization	3,266			—			51,479			—			54,745
Construction in progress	1,056			—			19,317			—			20,373
Real estate assets held for sale, net	10,223			—			23,747			—			33,970
Total real estate assets	626,838			—			2,985,894			—			3,612,732
Investments in and amounts due from unconsolidated joint ventures	37,689			—			—			—			37,689
Cash and cash equivalents	62,371			239			—			(49,653		)	12,957
Tenant receivables, net	34,286			—			110,862			—			145,148
Advances to affiliates	554,329			1,300,157			(931,733		)	(922,753		)	—
Notes receivable	160,000			2,500			23,890			(186,390		)	—
Prepaid expenses, restricted cash, escrows, and other assets	4,219			15			10,070			(948		)	13,356
Goodwill	180,097			—			—			—			180,097
Interest rate swap	1,075			—			—			—			1,075
Deferred financing costs, net	4,292			—			2,162			—			6,454
Deferred lease costs, net	31,357			—			208,783			—			240,140
Other assets held for sale, net	—			—			5,227			—			5,227
Total assets	$	1,696,553		$	1,302,911		$	2,415,155		$	(1,159,744	)	$	4,254,875
Liabilities:
Line of credit and notes payable	$	452,890		$	—		$	1,150,025		$	(186,390	)	$	1,416,525
Accounts payable, accrued expenses, and accrued capital expenditures	20,444			644			156,776			(50,601		)	127,263
Advances from affiliates	274,158			568,093			147,783			(990,034		)	—
Deferred income	5,991			—			15,561			—			21,552
Intangible lease liabilities, net	24			—			40,781			—			40,805
Interest rate swaps	8,235			—			—			—			8,235
Total liabilities	761,742			568,737			1,510,926			(1,227,025		)	1,614,380
Stockholders’ Equity:
Common stock	—			1,676			—			—			1,676
Additional paid-in capital	—			3,667,051			—			—			3,667,051
Cumulative distributions in excess of earnings	941,971			(2,934,553		)	902,620			67,281			(1,022,681		)
Other comprehensive loss	(7,160		)	—			—			—			(7,160		)
Piedmont stockholders’ equity	934,811			734,174			902,620			67,281			2,638,886
Noncontrolling interest	—			—			1,609			—			1,609
Total stockholders’ equity	934,811			734,174			904,229			67,281			2,640,495
Total liabilities and stockholders’ equity	$	1,696,553		$	1,302,911		$	2,415,155		$	(1,159,744	)	$	4,254,875

Condensed Consolidated Balance Sheets
As of December 31, 2011
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	105,124		$	—		$	527,884		$	—		$	633,008
Buildings and improvements, less accumulated depreciation	570,587			—			2,374,736			—			2,945,323
Intangible lease assets, less accumulated amortization	4,428			—			74,727			—			79,155
Construction in progress	5,862			—			11,388			—			17,250
Real estate assets held for sale, net	11,139			—			18,176			—			29,315
Total real estate assets	697,140			—			3,006,911			—			3,704,051
Investments in and amounts due from unconsolidated joint ventures	38,969			—			—			—			38,969
Cash and cash equivalents	166,920			139			—			(27,369		)	139,690
Tenant receivables, net	31,311			—			97,969			—			129,280
Advances to affiliates	150,365			1,315,942			(813,861		)	(652,446		)	—
Notes receivable	160,000			—			23,890			(183,890		)	—
Prepaid expenses, restricted cash, escrows, and other assets	4,346			172			15,365			(933		)	18,950
Goodwill	180,097			—			—			—			180,097
Deferred financing costs, net	2,422			—			3,555			—			5,977
Deferred lease costs, net	37,824			—			191,073			—			228,897
Other assets held for sale, net	685			—			1,238			—			1,923
Total assets	$	1,470,079		$	1,316,253		$	2,526,140		$	(864,638	)	$	4,447,834
Liabilities:
Line of credit and notes payable	$	323,890		$	—		$	1,332,525		$	(183,890	)	$	1,472,525
Accounts payable, accrued expenses, and accrued capital expenditures	20,737			1,038			129,515			(28,304		)	122,986
Advances from affiliates	233,209			359,249			104,551			(697,009		)	—
Deferred income	6,862			—			20,459			—			27,321
Intangible lease liabilities, net	48			—			48,989			—			49,037
Interest rate swaps	2,537			—			—			—			2,537
Total liabilities	587,283			360,287			1,636,039			(909,203		)	1,674,406
Stockholders’ Equity:
Common stock	—			1,726			—			—			1,726
Additional paid-in capital	—			3,663,662			—			—			3,663,662
Cumulative distributions in excess of earnings	885,333			(2,709,422		)	888,492			44,565			(891,032		)
Other comprehensive loss	(2,537		)	—			—			—			(2,537		)
Piedmont stockholders’ equity	882,796			955,966			888,492			44,565			2,771,819
Noncontrolling interest	—			—			1,609			—			1,609
Total stockholders’ equity	882,796			955,966			890,101			44,565			2,773,428
Total liabilities and stockholders’ equity	$	1,470,079		$	1,316,253		$	2,526,140		$	(864,638	)	$	4,447,834

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Income
For the year ended December 31, 2012
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	75,523		$	—		$	347,146		$	(3,606	)	$	419,063
Tenant reimbursements	17,495			—			89,701			(47		)	107,149
Property management fee revenue	13,982			—			344			(12,008		)	2,318
Other rental income	639			—			360			—			999
	107,639			—			437,551			(15,661		)	529,529
Expenses:
Property operating costs	37,246			—			187,267			(15,472		)	209,041
Depreciation	24,345			—			86,903			—			111,248
Amortization	5,562			—			44,038			—			49,600
General and administrative	19,804			294			23,574			(22,906		)	20,766
	86,957			294			341,782			(38,378		)	390,655
Real estate operating income	20,682			(294		)	95,769			22,717			138,874
Other income (expense):
Interest expense	(12,530		)	—			(63,807		)	11,314			(65,023		)
Interest and other income	12,226			15			(94		)	(11,314		)	833
Litigation settlement expense	(7,500		)	—			—			—			(7,500		)
Net casualty loss	(5,195		)	—			25			—			(5,170		)
Equity in income of unconsolidated joint ventures	923			—			—			—			923
	(12,076		)	15			(63,876		)	—			(75,937		)
Income from continuing operations	8,606			(279		)	31,893			22,717			62,937
Discontinued operations:
Operating income, excluding impairment loss	2,423			—			282			—			2,705
Gain/(loss) on sale of real estate assets	27,577			—			—			—			27,577
Income from discontinued operations	30,000			—			282			—			30,282
Net income	38,606			(279		)	32,175			22,717			93,219
Less: Net income attributable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income attributable to Piedmont	$	38,606		$	(279	)	$	32,160		$	22,717		$	93,204

Condensed Consolidated Statements of Income
For the year ended December 31, 2011
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	70,943		$	—		$	339,082		$	(957	)	$	409,068
Tenant reimbursements	19,003			—			95,313			(39		)	114,277
Property management fee revenue	14,235			—			274			(12,925		)	1,584
Other rental income	817			—			3,917			—			4,734
	104,998			—			438,586			(13,921		)	529,663
Expenses:
Property operating costs	41,123			—			175,202			(12,981		)	203,344
Depreciation	22,038			—			79,538			—			101,576
Amortization	4,898			—			49,147			—			54,045
General and administrative	25,030			(50		)	24,570			(24,477		)	25,073
	93,089			(50		)	328,457			(37,458		)	384,038
Real estate operating income	11,909			50			110,129			23,537			145,625
Other income (expense):
Interest expense	(8,991		)	—			(68,026		)	11,200			(65,817		)
Interest and other income	11,975			—			2,091			(11,200		)	2,866
Equity in income of unconsolidated joint ventures	1,619			—			—			—			1,619
Gain on consolidation of variable interest entity	—			—			1,532			—			1,532
Gain on extinguishment of debt	—			—			1,039			—			1,039
	4,603			—			(63,364		)	—			(58,761		)
Income from continuing operations	16,512			50			46,765			23,537			86,864
Discontinued operations:
Operating income, excluding impairment loss	4,028			—			11,507			—			15,535
Gain/(loss) on sale of real estate assets	12,152			—			110,505			—			122,657
Income from discontinued operations	16,180			—			122,012			—			138,192
Net income	32,692			50			168,777			23,537			225,056
Less: Net income attributable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income attributable to Piedmont	$	32,692		$	50		$	168,762		$	23,537		$	225,041

Condensed Consolidated Statements of Income
For the year ended December 31, 2010
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	73,566		$	—		$	324,981		$	(13	)	$	398,534
Tenant reimbursements	19,172			—			94,127			(8		)	113,291
Property management fee revenue	15,155			—			262			(12,205		)	3,212
Other rental income	3,610			—			1,423			—			5,033
	111,503			—			420,793			(12,226		)	520,070
Expenses:
Property operating costs	40,784			—			163,134			(11,305		)	192,613
Depreciation	22,019			—			72,370			—			94,389
Amortization	5,070			—			32,245			—			37,315
General and administrative	27,224			248			22,737			(22,081		)	28,128
	95,097			248			290,486			(33,386		)	352,445
Real estate operating income	16,406			(248		)	130,307			21,160			167,625
Other income (expense):
Interest expense	(14,657		)	—			(63,029		)	11,200			(66,486		)
Interest and other income	15,235			—			(549		)	(11,200		)	3,486
Equity in income of unconsolidated joint ventures	2,633			—			—			—			2,633
	3,211			—			(63,578		)	—			(60,367		)
Income from continuing operations	19,617			(248		)	66,729			21,160			107,258
Discontinued operations:
Operating income, excluding impairment loss	7,230			—			16,310			—			23,540
Impairment loss	—			—			(9,587		)	—			(9,587		)
Gain/(loss) on sale of real estate assets	—			—			(817		)	—			(817		)
Income from discontinued operations	7,230			—			5,906			—			13,136
Net income	26,847			(248		)	72,635			21,160			120,394
Less: Net income attributable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income attributable to Piedmont	$	26,847		$	(248	)	$	72,620		$	21,160		$	120,379

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2012
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	46,213		$	2,215		$	152,107		$	22,717		$	223,252
Cash Flows from Investing Activities:
Investment in real estate assets and real estate intangibles, net of accruals	(20,763		)	—			(87,724		)	—			(108,487		)
Intercompany note receivable	—			(2,500		)	—			2,500			—
Net sales proceeds from wholly-owned properties and consolidated joint venture	93,839			—			—			—			93,839
Investments in unconsolidated joint ventures	(136		)	—			—			—			(136		)
Deferred lease costs paid	(4,135		)	—			(46,884		)	—			(51,019		)
Net cash (used in)/provided by investing activities	68,805			(2,500		)	(134,608		)	2,500			(65,803		)
Cash Flows from Financing Activities:
Deferred financing costs paid	(3,125		)	—			—			—			(3,125		)
Proceeds from line of credit and notes payable	409,000			—			—			—			409,000
Repayments from line of credit and notes payable	(280,000		)	—			(185,000		)	—			(465,000		)
Intercompany note payable	—			—			2,500			(2,500		)	—
Net (costs of)/proceeds from issuance of common stock	—			(229		)	—			—			(229		)
Repurchases of common stock as part of announced program	—			(88,450		)	—			—			(88,450		)
Intercompany distributions	(345,442		)	225,426			165,017			(45,001		)	—
Dividends paid to stockholders and distributions to noncontrolling interest	—			(136,362		)	(16		)	—			(136,378		)
Net cash provided by/(used in) financing activities	(219,567		)	385			(17,499		)	(47,501		)	(284,182		)
Net (decrease)/increase in cash and cash equivalents	(104,549		)	100			—			(22,284		)	(126,733		)
Cash and cash equivalents, beginning of year	166,920			139			—			(27,369		)	139,690
Cash and cash equivalents, end of year	$	62,371		$	239		$	—		$	(49,653	)	$	12,957

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2011
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	48,984		$	2,375		$	195,446		$	23,538		$	270,343
Cash Flows from Investing Activities:
Investment in real estate assets and real estate intangibles, net of accruals	(15,856		)	—			(199,753		)	—			(215,609		)
Cash assumed upon consolidation of variable interest entity	—			—			5,063			—			5,063
Net sales proceeds from wholly-owned properties and consolidated joint venture	31,704			—			260,081			—			291,785
Net sales proceeds received from unconsolidated joint ventures	3,036			—			—			—			3,036
Investments in unconsolidated joint ventures	(151		)	—			—			—			(151		)
Liquidation of noncontrolling interest upon sale of consolidated joint venture	—			—			(95		)	—			(95		)
Deferred lease costs paid	(11,082		)	—			(39,215		)	—			(50,297		)
Net cash (used in)/provided by investing activities	7,651			—			26,081			—			33,732
Cash Flows from Financing Activities:
Deferred financing costs paid	(2,717		)	—			(650		)	—			(3,367		)
Proceeds from line of credit and notes payable	829,000			—			—			—			829,000
Repayments from line of credit and notes payable	(779,000		)	—			(43,875		)	—			(822,875		)
Intercompany note payable	(53,000		)	—			53,000			—			—
Net (costs of)/proceeds from issuance of common stock	—			(252		)	—			—			(252		)
Repurchases of common stock as part of announced program	—			(3,244		)	—			—			(3,244		)
Intercompany distributions	54,486			218,322			(227,595		)	(45,213		)	—
Dividends paid to stockholders and distributions to noncontrolling interest	—			(217,958		)	(2,407		)	—			(220,365		)
Net cash provided by/(used in) financing activities	48,769			(3,132		)	(221,527		)	(45,213		)	(221,103		)
Net (decrease)/increase in cash and cash equivalents	105,404			(757		)	—			(21,675		)	82,972
Cash and cash equivalents, beginning of year	61,516			896			—			(5,694		)	56,718
Cash and cash equivalents, end of year	$	166,920		$	139		$	—		$	(27,369	)	$	139,690

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2010
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	56,876		$	2,539		$	195,177		$	21,158		$	275,750
Cash Flows from Investing Activities:
Investment in real estate assets and real estate intangibles, net of accruals	(5,745		)	—			(108,402		)	—			(114,147		)
Net sales proceeds from wholly-owned properties and consolidated joint venture	—			—			51,637			—			51,637
Net sales proceeds received from unconsolidated joint ventures	189			—			—			—			189
Investments in unconsolidated joint ventures	(173		)	—			—			—			(173		)
Deferred lease costs paid	(6,885		)	—			(10,815		)	—			(17,700		)
Net cash (used in)/provided by investing activities	(12,614		)	—			(67,580		)	—			(80,194		)
Cash Flows from Financing Activities:
Deferred financing costs paid	(710		)	—			—			—			(710		)
Proceeds from line of credit and notes payable	25,000			—			—			—			25,000
Repayments from line of credit and notes payable	(139,000		)	—			—			—			(139,000		)
Intercompany note payable	(500		)	—			500			—			—
Net (costs of)/proceeds from issuance of common stock	—			185,774			—			—			185,774
Redemptions of common stock	—			(2,918		)	—			—			(2,918		)
Intercompany distributions	122,401			32,473			(128,082		)	(26,792		)	—
Dividends paid to stockholders and distributions to noncontrolling interest	—			(216,973		)	(15		)	—			(216,988		)
Net cash provided by/(used in) financing activities	7,191			(1,644		)	(127,597		)	(26,792		)	(148,842		)
Net (decrease)/increase in cash and cash equivalents	51,453			895			—			(5,634		)	46,714
Cash and cash equivalents, beginning of year	10,063			1			—			(60		)	10,004
Cash and cash equivalents, end of year	$	61,516		$	896		$	—		$	(5,694	)	$	56,718