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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues:        
Rental income $ 113,287 $ 107,951 $ 224,191 $ 214,006
Tenant reimbursements 24,745 24,101 49,674 49,566
Property management fee revenue 548 513 1,035 1,144
Total revenues 138,580 132,565 274,900 264,716
Expenses:        
Property operating costs 57,136 52,223 115,407 104,378
Depreciation 34,144 30,169 67,788 58,994
Amortization 13,599 11,201 28,172 20,210
General and administrative 7,145 6,279 11,700 10,827
Operating Expenses 112,024 99,872 223,067 194,409
Real estate operating income 26,556 32,693 51,833 70,307
Other income (expense):        
Interest expense (18,012) (18,228) (36,938) (34,601)
Other income/(expense) (366) (72) (456) (1,349)
Net recoveries from casualty events and litigation settlements 1,480 3,553 4,522 3,392
Equity in income/(loss) of unconsolidated joint ventures (333) 163 (599) 558
Nonoperating Income (Expense) (17,231) (14,584) (33,471) (32,000)
Income from continuing operations 9,325 18,109 18,362 38,307
Discontinued operations:        
Operating income 514 995 980 1,854
Impairment loss 0 [1] 0 [1] 0 [1] (6,402) [1]
Gain on sale of real estate assets, net 1,304 16,258 1,198 16,258
Income from discontinued operations 1,818 17,253 2,178 11,710
Gain on sale of real estate assets 1,140 0 1,140 0
Net income 12,283 35,362 21,680 50,017
Less: Net income attributable to noncontrolling interest (4) (4) (8) (8)
Net income attributable to Piedmont $ 12,279 $ 35,358 $ 21,672 $ 50,009
Per share information – basic and diluted:        
Income from continuing operations and gain on sale of real estate assets (in dollars per share) $ 0.07 $ 0.11 $ 0.13 $ 0.23
Income/(loss) from discontinued operations (in dollars per share) $ 0.01 $ 0.10 $ 0.01 $ 0.07
Net income available to common stockholders (in dollars per share) $ 0.08 $ 0.21 $ 0.14 $ 0.30
Weighted-average common shares outstanding – basic 154,318,592 167,585,712 154,582,519 167,570,643
Weighted-average common shares outstanding – diluted 154,444,508 167,714,206 154,727,805 167,737,193
[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.