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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Rental income $ 124,248 $ 111,767 $ 247,698 $ 226,505
Tenant reimbursements 24,044 23,086 48,544 45,837
Property management fee revenue 387 454 900 977
Total revenues 148,679 135,307 297,142 273,319
Expenses:        
Property operating costs 55,779 52,292 111,163 106,571
Depreciation 30,059 31,556 60,827 63,338
Amortization 19,314 17,402 39,729 35,208
Impairment loss on real estate assets [1] 0 10,950 0 10,950
General and administrative 8,036 8,316 16,632 16,089
Operating expenses 113,188 120,516 228,351 232,156
Real estate operating income 35,491 14,791 68,791 41,163
Other income (expense):        
Interest expense (18,421) (16,413) (36,478) (32,798)
Other income/(expense) 38 (41) (62) 253
Equity in income of unconsolidated joint ventures 107 110 118 225
Other income (expense) (18,276) (16,344) (36,422) (32,320)
Income/(loss) from continuing operations 17,215 (1,553) 32,369 8,843
Discontinued operations:        
Operating loss 0 (1) 0 (1)
Income from discontinued operations 0 (1) 0 (1)
Gain on sale of real estate assets, net 6,492 73,835 6,439 73,815
Net income 23,707 72,281 38,808 82,657
Less: Net loss/(income) applicable to noncontrolling interest 3 (3) 6 (7)
Net income applicable to Piedmont $ 23,710 $ 72,278 $ 38,814 $ 82,650
Per share information – basic and diluted:        
Income/(loss) from continuing operations and gain on sale of real estate assets (in dollars per share) $ 0.16 $ 0.50 $ 0.27 $ 0.57
Loss from discontinued operations (in dollars per share) 0.00 0.00 0.00 0.00
Net income applicable to common stockholders (in dollars per share) $ 0.16 $ 0.50 $ 0.27 $ 0.57
Weighted-average common shares outstanding – basic (in shares) 145,412,524 145,178,601 145,350,074 145,227,539
Weighted-average common shares outstanding – diluted (in shares) 145,813,130 145,698,723 145,779,709 145,765,149
[1] The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.