Property Dispositions, Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

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):

	Years Ended December 31,
	2015			2014			2013
Revenues:
Rental income	$	19		$	1,365		$	9,260
Tenant reimbursements	64			125			1,069
Property management fee revenue	—			1			—
	83			1,491			10,329
Expenses:
Property operating costs	(1		)	225			4,100
Depreciation	—			83			2,585
Amortization	—			223			770
General and administrative	—			—			4
	(1		)	531			7,459
Other income (expense):
Other income/(expense)	—			(6		)	10
Net casualty recoveries	—			—			17
	—			(6		)	27
Operating income, excluding impairment loss and gain/(loss) on sale of real estate assets	84			954			2,897
Impairment loss	—			—			(7,644		)
Gain/(loss) on sale of real estate assets	(1		)	1,198			31,292
Income from discontinued operations	$	83		$	2,152		$	26,545

Details of such properties sold are presented below (in thousands):

Buildings Sold	Location	Date of Sale	Gain/(Loss) on Sale			Net Sales Proceeds
2020 West 89th Street	Leawood, Kansas	May 19, 2014	$	1,132		$	5,515
Two Park Center (1)	Hoffman Estates, Illinois	May 29, 2014	$	(169	)	$	6,017
3900 Dallas Parkway	Plano, Texas	January 30, 2015	$	10,073		$	25,803
5601 Headquarters Drive	Plano, Texas	April 28, 2015	$	7,959		$	33,326
River Corporate Center	Tempe, Arizona	April 29, 2015	$	5,297		$	24,223
Copper Ridge Center	Lyndhurst, New Jersey	May 1, 2015	$	13,731		$	4,972	(2)
Eastpoint I & II	Mayfield Heights, Ohio	July 28, 2015	$	(177	)	$	17,342
3750 Brookside Parkway	Alpharetta, Georgia	August 10, 2015	$	1,406		$	13,624
Chandler Forum	Chandler, Arizona	September 1, 2015	$	15,506		$	32,267
Aon Center	Chicago, Illinois	October 29, 2015	$	114,264		$	646,243
2 Gatehall Drive	Parsippany, New Jersey	December 21, 2015	$	178		$	50,369

⁽¹⁾  Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the loss on sale was presented as equity in income/(loss) of unconsolidated joint ventures.

⁽²⁾  As part of the transaction, Piedmont accepted a 8.45% interest bearing, secured promissory note from the buyer for the remaining $45.4 million owed on the sale. During the year ended December 31, 2015, the purchaser exercised the first of two, six month extension options, extending the maturity date of the note receivable to June 30, 2016.

Disclosure of Long Lived Assets Held-for-sale

December 31, 2014 are presented below (in thousands):

	December 31, 2015		December 31, 2014
Real estate assets held for sale, net:
Land	$	—	$	29,763
Building and improvements, less accumulated depreciation of $208,408 as of December 31, 2014	—		495,622
Construction in progress	—		1,502
Total real estate assets held for sale, net	$	—	$	526,887
Other assets held for sale, net:
Straight-line rent receivables	$	—	$	23,464
Prepaid expenses and other assets	—		2,164
Deferred lease costs, less accumulated amortization of $14,866 as of December 31, 2014	—		51,648
Total other assets held for sale, net	$	—	$	77,276
Other liabilities held for sale, net:
Intangible lease liabilities, less accumulated amortization of $2,335 as of December 31, 2014	$	—	$	717

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 years ended December 31, 2014, and 2013 are as follows (in thousands):

Building 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		$	11,198