Guarantor and Non-Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Guarantor and Non-Guarantor Financial Information [Abstract]

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets
As of March 31, 2014
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	82,922	$	—		$	599,507	$	—		$	682,429
Buildings and improvements, less accumulated depreciation	457,170		—			2,673,123		(300		)	3,129,993
Intangible lease assets, less accumulated amortization	2,220		—			66,924		—			69,144
Construction in progress	4,571		—			24,276		—			28,847
Real estate assets held for sale, net	5,248		—			8,691		—			13,939
Total real estate assets	552,131		—			3,372,521		(300		)	3,924,352
Investments in and amounts due from unconsolidated joint ventures	13,855		—			—		—			13,855
Cash and cash equivalents	6,235		150			2,886		—			9,271
Tenant and straight-line rent receivables, net	35,137		—			134,419		—			169,556
Advances to affiliates	5,936,843		1,280,719			—		(7,217,562		)	—
Investment in subsidiary	—		3,972,949			196		(3,973,145		)	—
Notes receivable	160,000		2,000			23,890		(185,890		)	—
Prepaid expenses, restricted cash, escrows, and other assets	7,661		187			22,068		(1,011		)	28,905
Goodwill	180,097		—			—		—			180,097
Interest rate swaps	464		—			—		—			464
Deferred financing costs, net	7,949		—			596		—			8,545
Deferred lease costs, net	31,902		—			241,807		—			273,709
Other assets held for sale, net	1,416		—			1,775		—			3,191
Total assets	$	6,933,690	$	5,256,005		$	3,800,158	$	(11,377,908	)	$	4,611,945
Liabilities:
Debt	$	1,641,187	$	—		$	574,525	$	(185,890	)	$	2,029,822
Accounts payable, accrued expenses, and accrued capital expenditures	18,292		619			112,630		(1,011		)	130,530
Advances from affiliates	329,185		4,909,812			2,024,014		(7,263,011		)	—
Deferred income	5,775		—			17,267		—			23,042
Intangible lease liabilities, net	—		—			45,227		—			45,227
Interest rate swaps	4,366		—			—		—			4,366
Total liabilities	1,998,805		4,910,431			2,773,663		(7,449,912		)	2,232,987
Stockholders’ Equity:
Common stock	—		1,543			—		—			1,543
Additional paid-in capital	3,972,949		3,669,561			196		(3,973,145		)	3,669,561
Retained/(cumulative distributions in excess of) earnings	950,374		(3,325,530		)	1,024,686		45,149			(1,305,321		)
Other comprehensive loss	11,562		—			—		—			11,562
Piedmont stockholders’ equity	4,934,885		345,574			1,024,882		(3,927,996		)	2,377,345
Noncontrolling interest	—		—			1,613		—			1,613
Total stockholders’ equity	4,934,885		345,574			1,026,495		(3,927,996		)	2,378,958
Total liabilities and stockholders’ equity	$	6,933,690	$	5,256,005		$	3,800,158	$	(11,377,908	)	$	4,611,945

Condensed Consolidated Balance Sheets
As of December 31, 2013
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	86,852	$	—		$	599,507	$	—		$	686,359
Buildings and improvements, less accumulated depreciation	473,786		—			2,680,515		(300		)	3,154,001
Intangible lease assets, less accumulated amortization	2,356		—			71,003		—			73,359
Construction in progress	4,627		—			19,642		—			24,269
Real estate assets held for sale, net	5,128		—			8,867		—			13,995
Total real estate assets	572,749		—			3,379,534		(300		)	3,951,983
Investments in and amounts due from unconsolidated joint ventures	14,388		—			—		—			14,388
Cash and cash equivalents	3,352		150			3,471		—			6,973
Tenant receivables, net	35,266		—			134,172		—			169,438
Advances to affiliates	5,312,384		1,288,547			—		(6,600,931		)	—
Investment in subsidiary	—		4,003,806			197		(4,004,003		)	—
Notes receivable	160,000		2,000			23,890		(185,890		)	—
Prepaid expenses, restricted cash, escrows, and other assets	5,319		44			20,779		(977		)	25,165
Goodwill	180,097		—			—		—			180,097
Interest rate swaps	24,176		—			—		—			24,176
Deferred financing costs, net	7,764		—			995		—			8,759
Deferred lease costs, net	33,841		—			247,949		—			281,790
Other assets held for sale, net	1,448		—			1,871		—			3,319
Total assets	$	6,350,784	$	5,294,547		$	3,812,858	$	(10,792,101	)	$	4,666,088
Liabilities:
Debt	$	1,038,570	$	—		$	1,149,525	$	(185,890	)	$	2,002,205
Accounts payable, accrued expenses, and accrued capital expenditures	13,824		2,376			113,595		(977		)	128,818
Advances from affiliates	312,881		4,863,672			1,467,334		(6,643,887		)	—
Deferred income	5,086		—			17,181		—			22,267
Intangible lease liabilities, net	—		—			47,113					47,113
Interest rate swaps	4,526		—			—		—			4,526
Total liabilities	1,374,887		4,866,048			2,794,748		(6,830,754		)	2,204,929
Stockholders’ Equity:
Common stock	—		1,575			—		—			1,575
Additional paid-in capital	4,003,806		3,668,906			197		(4,004,003		)	3,668,906
Retained/(cumulative distributions in excess of) earnings	951,813		(3,241,982		)	1,016,304		42,656			(1,231,209		)
Other comprehensive loss	20,278		—			—		—			20,278
Piedmont stockholders’ equity	4,975,897		428,499			1,016,501		(3,961,347		)	2,459,550
Noncontrolling interest	—		—			1,609		—			1,609
Total stockholders’ equity	4,975,897		428,499			1,018,110		(3,961,347		)	2,461,159
Total liabilities and stockholders’ equity	$	6,350,784	$	5,294,547		$	3,812,858	$	(10,792,101	)	$	4,666,088

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Income
For the three months ended March 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	17,400		$	—		$	95,157		$	(1,653	)	$	110,904
Tenant reimbursements	3,861			—			21,179			(111		)	24,929
Property management fee revenue	—			—			4,171			(3,684		)	487
	21,261			—			120,507			(5,448		)	136,320
Expenses:
Property operating costs	10,044			—			53,878			(5,651		)	58,271
Depreciation	5,840			—			27,804			—			33,644
Amortization	1,111			—			13,462			—			14,573
General and administrative	4,469			77			5,961			(5,952		)	4,555
	21,464			77			101,105			(11,603		)	111,043
Real estate operating income/(loss)	(203		)	(77		)	19,402			6,155			25,277
Other income (expense):
Interest expense	(9,120		)	—			(12,939		)	3,133			(18,926		)
Other income/(expense)	2,762			35			246			(3,133		)	(90		)
Net recoveries from casualty events and litigation settlements	1,351			—			1,691			—			3,042
Equity in loss of unconsolidated joint ventures	(266		)	—			—			—			(266		)
	(5,273		)	35			(11,002		)	—			(16,240		)
Income/(loss) from continuing operations	(5,476		)	(42		)	8,400			6,155			9,037
Discontinued operations:
Operating income/(loss)	480			—			(14		)	—			466
Loss on sale of real estate assets	(106		)	—			—			—			(106		)
Income/(loss) from discontinued operations	374			—			(14		)	—			360
Net income/(loss)	(5,102		)	(42		)	8,386			6,155			9,397
Less: Net income attributable to noncontrolling interest	—			—			(4		)	—			(4		)
Net income/(loss) attributable to Piedmont	$	(5,102	)	$	(42	)	$	8,382		$	6,155		$	9,393

Condensed Consolidated Statements of Income
For the three months ended March 31, 2013
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	16,959		$	—		$	90,314		$	(1,218	)	$	106,055
Tenant reimbursements	3,848			—			21,686			(69		)	25,465
Property management fee revenue	—			—			3,458			(2,827		)	631
	20,807			—			115,458			(4,114		)	132,151
Expenses:
Property operating costs	9,435			—			47,017			(4,297		)	52,155
Depreciation	5,520			—			23,305			—			28,825
Amortization	1,212			—			7,797			—			9,009
General and administrative	4,377			118			5,417			(5,364		)	4,548
	20,544			118			83,536			(9,661		)	94,537
Real estate operating income/(loss)	263			(118		)	31,922			5,547			37,614
Other income (expense):
Interest expense	(3,624		)	—			(15,891		)	3,142			(16,373		)
Other income/(expense)	2,779			43			(957		)	(3,142		)	(1,277		)
Net recoveries/(loss) from casualty events and litigation settlements	58			—			(219		)	—			(161		)
Equity in income of unconsolidated joint ventures	395			—			—			—			395
	(392		)	43			(17,067		)	—			(17,416		)
Income/(loss) from continuing operations	(129		)	(75		)	14,855			5,547			20,198
Discontinued operations:
Operating income	470			—			389			—			859
Impairment loss	(6,402		)	—			—			—			(6,402		)
Income/(loss) from discontinued operations	(5,932		)	—			389			—			(5,543		)
Net income/(loss)	(6,061		)	(75		)	15,244			5,547			14,655
Less: Net income attributable to noncontrolling interest	—			—			(4		)	—			(4		)
Net income/(loss) attributable to Piedmont	$	(6,061	)	$	(75	)	$	15,240		$	5,547		$	14,651

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	21,395		$	594		$	41,908		$	6,156		$	70,053
Cash Flows from Investing Activities:
Investment in real estate assets and real estate related intangibles, net of accruals	(6,875		)	—			(20,712		)	—			(27,587		)
Net sales proceeds from wholly-owned properties	22,322			—			—			—			22,322
Deferred lease costs paid	(720		)	—			(3,460		)	—			(4,180		)
Net cash provided by/(used in) investing activities	14,727			—			(24,172		)	—			(9,445		)
Cash Flows from Financing Activities:
Deferred financing costs paid	(454		)	—			—			—			(454		)
Proceeds from debt	764,564			—			—			—			764,564
Repayments of debt	(162,000		)	—			(575,000		)	—			(737,000		)
Repurchases of common stock as part of announced plan	—			(54,515		)	—			—			(54,515		)
(Distributions to)/repayments from affiliates	(635,349		)	84,826			556,679			(6,156		)	—
Dividends paid and discount on dividend reinvestments	—			(30,905		)	—			—			(30,905		)
Net cash used in financing activities	(33,239		)	(594		)	(18,321		)	(6,156		)	(58,310		)
Net increase/(decrease) in cash and cash equivalents	2,883			—			(585		)	—			2,298
Cash and cash equivalents, beginning of period	3,352			150			3,471			—			6,973
Cash and cash equivalents, end of period	$	6,235		$	150		$	2,886		$	—		$	9,271

Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2013
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	4,103		$	177		$	32,198		$	5,547		$	42,025
Cash Flows from Investing Activities:
Investment in real estate assets and real estate related intangibles, net of accruals	(2,534		)	—			(279,079		)	—			(281,613		)
Net sales proceeds from wholly-owned properties	3,403			—			—			—			3,403
Investments in unconsolidated joint ventures	(672		)	—			—			—			(672		)
Deferred lease costs paid	(2,218		)	—			(5,679		)	—			(7,897		)
Net cash used in investing activities	(2,021		)	—			(284,758		)	—			(286,779		)
Cash Flows from Financing Activities:
Deferred financing costs paid	(47		)	—			—			—			(47		)
Proceeds from debt	294,000			—			—			—			294,000
Repayments of debt	(11,000		)	—			—			—			(11,000		)
Repurchases of common stock as part of announced plan	—			(11		)	—			—			(11		)
(Distributions to)/repayments from affiliates	(279,021		)	33,315			251,253			(5,547		)	—
Dividends paid and discount on dividend reinvestments	—			(33,570		)	—			—			(33,570		)
Net cash provided by/(used in) financing activities	3,932			(266		)	251,253			(5,547		)	249,372
Net (decrease)/increase in cash and cash equivalents	6,014			(89		)	(1,307		)	—			4,618
Cash and cash equivalents, beginning of period	62,371			239			(49,653		)	—			12,957
Cash and cash equivalents, end of period	$	68,385		$	150		$	(50,960	)	$	—		$	17,575