Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives:



Buildings	40 years
Building improvements	5-25 years
Land improvements	20-25 years
Tenant improvements	Shorter of economic life or lease term
Furniture, fixtures, and equipment	3-5 years
Intangible lease assets	Lease term

Schedule of Finite-Lived Intangible Assets by Major Class

Gross intangible assets and liabilities recorded at acquisition as of December 31, 2014 and 2013, respectively, are as follows (in thousands):



	December 31, 2014		December 31, 2013
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	23,785	$	21,137
Absorption Period Costs	$	126,252	$	125,060
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	159,670	$	158,427
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	81,241	$	91,369

Amortization Of Intangible Lease Costs

For the years ended December 31, 2014, 2013, and 2012, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands):



	2014		2013		2012
Amortization expense related to Intangible Lease Origination Costs and Absorption Period Costs	$	36,007	$	30,409	$	36,151
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues	$	4,727	$	5,278	$	5,678

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Net intangible assets and liabilities as of December 31, 2014 will be amortized as follows (in thousands):



	Intangible Lease Assets
	Above-Market In-place Lease Assets		Absorption Period Costs		Intangible Lease Origination Costs⁽¹⁾		Below-Market In-place Lease Liabilities
For the year ending December 31:
2015	$	2,449	$	15,385	$	19,840	$	6,759
2016	2,371		12,800		17,256		6,638
2017	1,599		10,025		14,250		6,736
2018	1,027		7,393		11,229		6,143
2019	633		5,580		8,848		4,842
Thereafter	31		10,884		17,042		12,159
	$	8,110	$	62,067	$	88,465	$	43,277

Weighted-Average Amortization Period (in years)	4		6		6		7


⁽¹⁾	Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets.