Property Dispositions and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Results Of Operations

Asset disposals previously classified as, and that continue to be reported as, discontinued operations for the three and six months ended June 30, 2014 and 2013 are as follows (in thousands):

Buildings Sold	Location	Date of Sale	Gain/(Loss) on Sale			Net Sales Proceeds
1111 Durham Avenue	South Plainfield, New Jersey	March 28, 2013	$	(9	)	$	3,752
1200 Enclave Parkway	Houston, Texas	May 1, 2013	$	16,246		$	45,552
350 Spectrum Loop	Colorado Springs, Colorado	November 1, 2013	$	7,959		$	29,676
8700 South Price Road	Tempe, Arizona	December 30, 2013	$	7,087		$	16,682
11107 and 11109 Sunset Hills Road	Reston, Virginia	March 19, 2014	$	(102	)	$	22,326
1441 West Long Lake Road	Troy, Michigan	April 30, 2014	$	562		$	7,202
4685 Investment Drive	Troy, Michigan	April 30, 2014	$	747		$	11,199

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

Details comprising income from discontinued operations are presented below (in thousands):

	Three Months Ended					Six Months Ended
	June 30, 2014			June 30, 2013		June 30, 2014			June 30, 2013
Revenues:
Rental income	$	191		$	2,289	$	1,365		$	5,217
Tenant reimbursements	2			308		114			742
Property management fee revenue	1			—		1			—
	194			2,597		1,480			5,959
Expenses:
Property operating costs	(323		)	921		182			2,407
Depreciation	—			596		83			1,455
Amortization	—			105		223			274
General and administrative	3			10		6			11
	(320		)	1,632		494			4,147
Other income/(expense)	—			13		(6		)	25
Net recoveries from casualty events and litigation settlements	—			17		—			17
	—			30		(6		)	42
Operating income, excluding gain on sale	514			995		980			1,854
Impairment loss (1)	—			—		—			(6,402		)
Gain on sale of real estate assets	1,304			16,258		1,198			16,258
Income from discontinued operations	$	1,818		$	17,253	$	2,178		$	11,710

⁽¹⁾  Piedmont sold the 1111 Durham Avenue building in South Plainfield, New Jersey and recorded an impairment charge of $6.4 million based on the difference between carrying value and fair value of the asset at the time it was reclassified from real estate assets held-for-use (at cost) to real estate assets held for sale (at estimated fair value). The fair value measurement used in the evaluation of this non-financial asset was based upon the amount set forth in the purchaser's original letter of intent which approximated the land value of the asset due to the age of construction and lack of near term leasing prospects for the building.