Guarantor Financials (Tables)

12 Months Ended

Dec. 31, 2014

Guarantor and Non-Guarantor Financial Information [Abstract]

Condensed Balance Sheet

Condensed Consolidated Balance Sheets
As of December 31, 2014
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	81,406	$	—		$	621,394	$	—		$	702,800
Buildings and improvements, less accumulated depreciation	442,034		—			2,782,444		(300		)	3,224,178
Intangible lease assets, less accumulated amortization	1,812		—			68,365		—			70,177
Construction in progress	1,355		—			62,038		—			63,393
Real estate assets held for sale, net	14,544		—			—		—			14,544
Total real estate assets	541,151		—			3,534,241		(300		)	4,075,092
Investments in and amounts due from unconsolidated joint ventures	7,798		—			—		—			7,798
Cash and cash equivalents	8,143		1,790			2,373		—			12,306
Tenant and straight-line receivables, net	37,238		—			160,005		—			197,243
Advances to affiliates	6,084,243		1,282,443			—		(7,366,686		)	—
Investment in subsidiary	—		3,878,811			192		(3,879,003		)	—
Notes receivable	161,350		—			23,890		(185,240		)	—
Prepaid expenses, restricted cash, escrows, and other assets	10,912		—			23,541		(954		)	33,499
Goodwill	180,097		—			—		—			180,097
Interest rate swap	430		—			—		—			430
Deferred financing costs, net	7,242		—			425		—			7,667
Deferred lease costs, net	31,340		—			248,765		—			280,105
Other assets held for sale, net	1,264		—			—		—			1,264
Total assets	$	7,071,208	$	5,163,044		$	3,993,432	$	(11,432,183	)	$	4,795,501
Liabilities:
Debt	$	1,852,434	$	—		$	610,395	$	(185,240	)	$	2,277,589
Accounts payable, accrued expenses, and accrued capital expenditures	19,403		465			115,074		(954		)	133,988
Advances from affiliates	376,122		4,909,362			2,138,140		(7,423,624		)	—
Deferred income	4,998		—			17,217		—			22,215
Intangible lease liabilities, net	—		—			43,277		—			43,277
Interest rate swaps	6,417		—			—		—			6,417
Total liabilities	2,259,374		4,909,827			2,924,103		(7,609,818		)	2,483,486
Stockholders’ Equity:
Common stock	—		1,543			—		—			1,543
Additional paid-in capital	3,874,757		3,670,236			192		(3,879,003		)	3,666,182
Cumulative distributions in excess of earnings	928,776		(3,418,562		)	1,067,528		56,638			(1,365,620		)
Other comprehensive loss	8,301		—			—		—			8,301
Piedmont stockholders’ equity	4,811,834		253,217			1,067,720		(3,822,365		)	2,310,406
Noncontrolling interest	—		—			1,609		—			1,609
Total stockholders’ equity	4,811,834		253,217			1,069,329		(3,822,365		)	2,312,015
Total liabilities and stockholders’ equity	$	7,071,208	$	5,163,044		$	3,993,432	$	(11,432,183	)	$	4,795,501

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	$	86,537	$	—		$	600,707	$	—		$	687,244
Buildings and improvements, less accumulated depreciation	463,842		—			2,687,163		(300		)	3,150,705
Intangible lease assets, less accumulated amortization	2,356		—			72,021		—			74,377
Construction in progress	4,627		—			19,643		—			24,270
Real estate assets held for sale, net	15,387		—			—		—			15,387
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	3,261		150			3,562		—			6,973
Tenant and straight-line rent receivables, net	34,895		—			134,409		—			169,304
Advances to affiliates	5,312,475		1,288,547			—		(6,601,022		)	—
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 swap	24,176		—			—		—			24,176
Deferred financing costs, net	7,764		—			995		—			8,759
Deferred lease costs, net	33,630		—			249,583		—			283,213
Other assets held for sale, net	2,030		—			—		—			2,030
Total assets	$	6,350,784	$	5,294,547		$	3,812,949	$	(10,792,192	)	$	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			1,467,425		(6,643,978		)	—
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			2,794,839		(6,830,845		)	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
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		$	3,812,949	$	(10,792,192	)	$	4,666,088

Condensed Income Statement

Condensed Consolidated Statements of Income
For the year ended December 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	72,843		$	—		$	386,995		$	(5,203	)	$	454,635
Tenant reimbursements	16,566			—			93,516			(534		)	109,548
Property management fee revenue	—			—			16,516			(14,447		)	2,069
	89,409			—			497,027			(20,184		)	566,252
Expenses:
Property operating costs	42,626			—			217,786			(20,976		)	239,436
Depreciation	23,512			—			115,084			—			138,596
Amortization	4,754			—			51,825			—			56,579
General and administrative	23,230			300			28,232			(27,942		)	23,820
	94,122			300			412,927			(48,918		)	458,431
Real estate operating income/(loss)	(4,713		)	(300		)	84,100			28,734			107,821
Other income (expense):
Interest expense	(47,355		)	—			(39,625		)	12,534			(74,446		)
Interest income and other income/(expense)	11,944			—			652			(12,534		)	62
Net recoveries from casualty events and litigation settlements	1,322			1,479			4,191			—			6,992
Equity in loss of unconsolidated joint ventures	(350		)	—			—			—			(350		)
	(34,439		)	1,479			(34,782		)	—			(67,742		)
Income/(loss) from continuing operations	(39,152		)	1,179			49,318			28,734			40,079
Discontinued operations:
Operating income	913			—			41			—			954
Gain on sale of real estate assets	450			—			748			—			1,198
Income from discontinued operations	1,363			—			789			—			2,152
Gain on sale of real estate assets	—			—			1,132			—			1,132
Net income/(loss)	(37,789		)	1,179			51,239			28,734			43,363
Less: Net income attributable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income/(loss) attributable to Piedmont	$	(37,789	)	$	1,179		$	51,224		$	28,734		$	43,348

Condensed Consolidated Statements of Income
For the year ended December 31, 2013
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	72,911		$	—		$	375,477		$	(5,282	)	$	443,106
Tenant reimbursements	16,292			—			88,381			(420		)	104,253
Property management fee revenue	—			—			15,360			(13,109		)	2,251
	89,203			—			479,218			(18,811		)	549,610
Expenses:
Property operating costs	39,602			—			200,503			(19,326		)	220,779
Depreciation	22,351			—			98,629			—			120,980
Amortization	5,070			—			40,020			—			45,090
General and administrative	21,009			337			24,927			(24,392		)	21,881
	88,032			337			364,079			(43,718		)	408,730
Real estate operating income/(loss)	1,171			(337		)	115,139			24,907			140,880
Other income (expense):
Interest expense	(22,242		)	—			(63,900		)	12,559			(73,583		)
Interest income and other income/(expense)	10,630			164			(571		)	(12,559		)	(2,336		)
Net recoveries from casualty events and litigation settlements	683			—			11,128			—			11,811
Equity in loss of unconsolidated joint ventures	(3,676		)	—			—			—			(3,676		)
Loss on consolidation	(898		)	—			—			—			(898		)
	(15,503		)	164			(53,343		)	—			(68,682		)
Income/(loss) from continuing operations	(14,332		)	(173		)	61,796			24,907			72,198
Discontinued operations:
Operating income	2,312			—			585			—			2,897
Impairment loss	(7,644		)	—			—			—			(7,644		)
Gain on sale of real estate assets	15,046			—			16,246			—			31,292
Income from discontinued operations	9,714			—			16,831			—			26,545
Net income/(loss)	(4,618		)	(173		)	78,627			24,907			98,743
Less: Net income attributable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income/(loss) attributable to Piedmont	$	(4,618	)	$	(173	)	$	78,612		$	24,907		$	98,728

Condensed Consolidated Statements of Income
For the year ended December 31, 2012
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	67,943		$	—		$	348,712		$	(4,813	)	$	411,842
Tenant reimbursements	16,890			—			89,937			(283		)	106,544
Property management fee revenue	—			—			14,350			(12,032		)	2,318
	84,833			—			452,999			(17,128		)	520,704
Expenses:
Property operating costs	34,395			—			189,665			(17,871		)	206,189
Depreciation	22,056			—			86,903			—			108,959
Amortization	5,280			—			44,038			—			49,318
General and administrative	19,806			294			23,574			(22,907		)	20,767
	81,537			294			344,180			(40,778		)	385,233
Real estate operating income/(loss)	3,296			(294		)	108,819			23,650			135,471
Other income (expense):
Interest expense	(12,530		)	—			(65,001		)	12,508			(65,023		)
Interest income and other income/(expense)	12,226			15			1,100			(12,508		)	833
Net (loss)/recoveries of casualty loss and litigation settlements	(12,695		)	—			25			—			(12,670		)
Equity in income of unconsolidated joint ventures	923			—			—			—			923
	(12,076		)	15			(63,876		)	—			(75,937		)
Income/(loss) from continuing operations	(8,780		)	(279		)	44,943			23,650			59,534
Discontinued operations:
Operating income	5,827			—			281			—			6,108
Gain on sale of real estate assets	27,577			—			—			—			27,577
Income from discontinued operations	33,404			—			281			—			33,685
Net income	24,624			(279		)	45,224			23,650			93,219
Less: Net income attributable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income attributable to Piedmont	$	24,624		$	(279	)	$	45,209		$	23,650		$	93,204

Condensed Cash Flow Statement

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	5,448		$	2,813		$	178,889		$	28,733		$	215,883
Cash Flows from Investing Activities:
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals	(23,541		)	—			(267,918		)	—			(291,459		)
Intercompany note receivable	650			—			—			(650		)	—
Net sales proceeds from wholly-owned properties	29,519			—			16,713			—			46,232
Net sales proceeds received from unconsolidated joint ventures	6,017			—			—			—			6,017
Investments in unconsolidated joint ventures	(42		)	—			—			—			(42		)
Deferred lease costs paid	(4,472		)	—			(23,222		)	—			(27,694		)
Net cash provided by/(used in) investing activities	8,131			—			(274,427		)	(650		)	(266,946		)
Cash Flows from Financing Activities:
Deferred financing costs paid	(1,294		)	—			—			—			(1,294		)
Proceeds from debt	1,052,527			—			—			—			1,052,527
Repayments of debt	(238,000		)	—			(575,702		)	—			(813,702		)
Discount due to loan modification	(1,135		)	—			—			—			(1,135		)
Intercompany note payable	—			—			(650		)	650			—
Repurchases of common stock as part of announced plan	—			(54,802		)	—			—			(54,802		)
Intercompany distributions	(820,795		)	178,812			670,716			(28,733		)	—
Dividends paid and discount on dividend reinvestments	—			(125,183		)	(15		)	—			(125,198		)
Net cash provided by/(used in) financing activities	(8,697		)	(1,173		)	94,349			(28,083		)	56,396
Net increase/(decrease) in cash and cash equivalents	4,882			1,640			(1,189		)	—			5,333
Cash and cash equivalents, beginning of year	3,261			150			3,562			—			6,973
Cash and cash equivalents, end of year	$	8,143		$	1,790		$	2,373		$	—		$	12,306

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2013
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	15,327		$	1,853		$	172,992		$	24,907		$	215,079
Cash Flows from Investing Activities:
Acquisition of real estate assets, related intangibles and capitalized expenditures, net of accruals	(10,382		)	—			(532,088		)	300			(542,170		)
Intercompany note receivable	—			500			—			(500		)	—
Cash assumed upon consolidation of variable interest entity	18,045			—			(32,287		)	—			(14,242		)
Net sales proceeds from wholly-owned properties	50,118			—			45,553			—			95,671
Investments in unconsolidated joint ventures	(793		)	—			—			—			(793		)
Deferred lease costs paid	(10,980		)	—			(23,318		)	—			(34,298		)
Net cash provided by/(used in) investing activities	46,008			500			(542,140		)	(200		)	(495,832		)
Cash Flows from Financing Activities:
Deferred financing costs paid	(4,892		)	—			—			—			(4,892		)
Proceeds from debt	1,085,604			—			—			—			1,085,604
Repayments of debt	(500,000		)	—			—			—			(500,000		)
Intercompany note payable	—			—			(500		)	500			—
Net costs of issuance of common stock	—			(91		)	—			—			(91		)
Repurchases of common stock as part of announced plan	—			(173,551		)	—			—			(173,551		)
Intercompany distributions	(701,071		)	303,486			422,792			(25,207		)	—
Dividends paid and discount on dividend reinvestments	—			(132,286		)	(15		)	—			(132,301		)
Net cash provided by/(used in) financing activities	(120,359		)	(2,442		)	422,277			(24,707		)	274,769
Net increase/(decrease) in cash and cash equivalents	(59,024		)	(89		)	53,129			—			(5,984		)
Cash and cash equivalents, beginning of year	62,285			239			(49,567		)	—			12,957
Cash and cash equivalents, end of year	$	3,261		$	150		$	3,562		$	—		$	6,973

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	$	32,260		$	2,215		$	162,800		$	23,650		$	220,925
Cash Flows from Investing Activities:
Acquisition of real estate assets, related intangibles and capitalized expenditures, 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	(4,164		)	—			(44,528		)	—			(48,692		)
Net cash provided by/(used in) investing activities	68,776			(2,500		)	(132,252		)	2,500			(63,476		)
Cash Flows from Financing Activities:
Deferred financing costs paid	(3,125		)	—			—			—			(3,125		)
Proceeds from debt	409,000			—			—			—			409,000
Repayments of debt	(280,000		)	—			(185,000		)	—			(465,000		)
Intercompany note payable	—			—			2,500			(2,500		)	—
Net costs of issuance of common stock	—			(229		)	—			—			(229		)
Repurchases of common stock as part of announced plan	—			(88,450		)	—			—			(88,450		)
Intercompany distributions	(331,522		)	225,427			129,745			(23,650		)	—
Dividends paid and discount on dividend reinvestments	—			(136,363		)	(15		)	—			(136,378		)
Net cash provided by/(used in) financing activities	(205,647		)	385			(52,770		)	(26,150		)	(284,182		)
Net increase/(decrease) in cash and cash equivalents	(104,611		)	100			(22,222		)	—			(126,733		)
Cash and cash equivalents, beginning of year	166,896			139			(27,345		)	—			139,690
Cash and cash equivalents, end of year	$	62,285		$	239		$	(49,567	)	$	—		$	12,957