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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Rental income $ 117,454 $ 113,287 $ 235,261 $ 224,191
Tenant reimbursements 28,813 24,745 60,203 49,674
Property management fee revenue 467 548 1,029 1,035
Total revenues 146,734 138,580 296,493 274,900
Expenses:        
Property operating costs 61,479 57,136 125,715 115,407
Depreciation 36,039 34,144 72,271 67,788
Amortization 14,955 13,599 29,625 28,172
Impairment loss on real estate asset 5,354 0 5,354 0
General and administrative 8,083 7,145 14,490 11,700
Operating expenses 125,910 112,024 247,455 223,067
Real estate operating income 20,824 26,556 49,038 51,833
Other income (expense):        
Interest expense (18,172) (18,012) (37,188) (36,938)
Other income/(expense) 596 (366) 415 (456)
Net recoveries from casualty events and litigation settlements 0 1,480 0 4,522
Equity in income/(loss) of unconsolidated joint ventures 124 (333) 283 (599)
Nonoperating income (expense) (17,452) (17,231) (36,490) (33,471)
Income from continuing operations 3,372 9,325 12,548 18,362
Discontinued operations:        
Operating income/(loss) (3) 514 (3) 980
Gain on sale of real estate assets 0 1,304 0 1,198
Income/(loss) from discontinued operations (3) 1,818 (3) 2,178
Gain on sale of real estate assets 26,611 1,140 36,684 1,140
Net income 29,980 12,283 49,229 21,680
Less: Net income attributable to noncontrolling interest (4) (4) (8) (8)
Net income attributable to Piedmont $ 29,976 $ 12,279 $ 49,221 $ 21,672
Per share information – basic and diluted:        
Income from continuing operations and gain on sale of real estate assets (in dollars per share) $ 0.20 $ 0.07 $ 0.32 $ 0.13
Income from discontinued operations (in dollars per share) 0.00 0.01 0.00 0.01
Net income available to common stockholders (in dollars per share) $ 0.20 $ 0.08 $ 0.32 $ 0.14
Weighted-average common shares outstanding – basic 153,559,076 154,318,592 153,946,898 154,582,519
Weighted-average common shares outstanding – diluted [1] 153,757,404 154,444,508 154,174,270 154,727,805
[1] Due to repurchases of common stock in May and June 2015, Piedmont has 151,833,222 shares of common stock outstanding as of June 30, 2015.