Guarantor and Non-Guarantor Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Guarantor and Non-Guarantor Financial Information [Abstract]

Condensed Balance Sheet

Condensed Consolidated Balance Sheets
As of December 31, 2017
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	36,094	$	—		$	508,700	$	—		$	544,794
Buildings and improvements, less accumulated depreciation	180,886		—			2,237,437		(300		)	2,418,023
Intangible lease assets, less accumulated amortization	181		—			77,624		—			77,805
Construction in progress	85		—			11,625		—			11,710
Real estate assets held for sale, net	32,815		—			299,595		—			332,410
Total real estate assets	250,061		—			3,134,981		(300		)	3,384,742
Cash and cash equivalents	3,890		150			3,342		—			7,382
Tenant and straight-line receivables, net, and amounts due from unconsolidated joint ventures	16,891		—			158,418		—			175,309
Advances to affiliates	6,297,632		1,674,276			—		(7,971,908		)	—
Investment in subsidiary	—		3,437,299			172		(3,437,471		)	—
Notes receivable	88,810		—			144,500		(233,310		)	—
Prepaid expenses, restricted cash, escrows, interest rate swap, and other assets	5,094		2			20,222		(740		)	24,578
Goodwill	98,918		—			—		—			98,918
Deferred lease costs, net	16,611		—			245,296		—			261,907
Other assets held for sale, net	2,266		—			44,865		—			47,131
Total assets	$	6,780,173	$	5,111,727		$	3,751,796	$	(11,643,729	)	$	3,999,967
Liabilities:
Debt, net	$	1,535,239	$	—		$	424,998	$	(233,310	)	$	1,726,927
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	20,279		104,028			93,086		(740		)	216,653
Advances from affiliates	941,494		5,277,957			1,850,712		(8,070,163		)	—
Deferred income	3,631		—			25,951		—			29,582
Intangible lease liabilities, net	—		—			38,458		—			38,458
Interest rate swaps	1,478		—			—		—			1,478
Other liabilities held for sale, net	—		—			380		—			380
Total liabilities	2,502,121		5,381,985			2,433,585		(8,304,213		)	2,013,478
Stockholders’ Equity:
Common stock	—		1,424			—		—			1,424
Additional paid-in capital	3,433,299		3,680,232			1,300		(3,437,471		)	3,677,360
Retained/(cumulative distributions in excess of) earnings	836,589		(3,951,914		)	1,315,089		97,955			(1,702,281		)
Other comprehensive loss	8,164		—			—		—			8,164
Piedmont stockholders’ equity	4,278,052		(270,258		)	1,316,389		(3,339,516		)	1,984,667
Noncontrolling interest	—		—			1,822		—			1,822
Total stockholders’ equity	4,278,052		(270,258		)	1,318,211		(3,339,516		)	1,986,489
Total liabilities and stockholders’ equity	$	6,780,173	$	5,111,727		$	3,751,796	$	(11,643,729	)	$	3,999,967

Condensed Consolidated Balance Sheets
As of December 31, 2016
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	38,298	$	—		$	504,342	$	—		$	542,640
Buildings and improvements, less accumulated depreciation	202,084		—			2,240,394		(300		)	2,442,178
Intangible lease assets, less accumulated amortization	725		—			98,970		—			99,695
Construction in progress	145		—			34,315		—			34,460
Real estate assets held for sale, net	33,945		—			578,774		—			612,719
Total real estate assets	275,197		—			3,456,795		(300		)	3,731,692
Investments in and amounts due from unconsolidated joint ventures	7,360		—			—		—			7,360
Cash and cash equivalents	3,674		150			3,168		—			6,992
Tenant and straight-line rent receivables, net	18,517		—			144,839		—			163,356
Advances to affiliates	6,464,135		1,315,616			—		(7,779,751		)	—
Investment in subsidiary	—		3,630,564			181		(3,630,745		)	—
Notes receivable	88,910		—			95,790		(184,700		)	—
Prepaid expenses, restricted cash, escrows, and other assets	6,173		—			20,217		(1,897		)	24,493
Goodwill	98,918		—			—		—			98,918
Deferred lease costs, net	14,776		—			261,949		—			276,725
Other assets held for sale, net	3,432		—			55,200		—			58,632
Total assets	$	6,981,092	$	4,946,330		$	4,038,139	$	(11,597,393	)	$	4,368,168
Liabilities:
Debt, net	$	1,701,933	$	—		$	503,242	$	(184,700	)	$	2,020,475
Accounts payable, accrued expenses, and accrued capital expenditures	17,365		31,230			118,712		(1,897		)	165,410
Advances from affiliates	708,340		5,071,521			2,098,146		(7,878,007		)	—
Deferred income	5,206		—			23,200		—			28,406
Intangible lease liabilities, net	—		—			47,537		—			47,537
Interest rate swaps	8,169		—			—		—			8,169
Other liabilities held for sale, net	—		—			468		—			468
Total liabilities	2,441,013		5,102,751			2,791,305		(8,064,604		)	2,270,465
Stockholders’ Equity:
Common stock	—		1,452			—		—			1,452
Additional paid-in capital	3,626,564		3,676,000			1,309		(3,630,745		)	3,673,128
Retained/(cumulative distributions in excess of) earnings	911,411		(3,833,873		)	1,243,643		97,956			(1,580,863		)
Other comprehensive loss	2,104		—			—		—			2,104
Piedmont stockholders’ equity	4,540,079		(156,421		)	1,244,952		(3,532,789		)	2,095,821
Noncontrolling interest	—		—			1,882		—			1,882
Total stockholders’ equity	4,540,079		(156,421		)	1,246,834		(3,532,789		)	2,097,703
Total liabilities and stockholders’ equity	$	6,981,092	$	4,946,330		$	4,038,139	$	(11,597,393	)	$	4,368,168

Condensed Income Statement

Condensed Consolidated Statements of Income
For the year ended December 31, 2017
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	42,593		$	—		$	434,975		$	(1,791	)	$	475,777
Tenant reimbursements	11,660			—			85,525			(474		)	96,711
Property management fee revenue	—			—			18,155			(16,470		)	1,685
	54,253			—			538,655			(18,735		)	574,173
Expenses:
Property operating costs	22,805			—			216,560			(18,735		)	220,630
Depreciation	12,995			—			106,293			—			119,288
Amortization	3,049			—			72,318			—			75,367
Impairment loss on real estate assets	87			—			46,374			—			46,461
General and administrative	6,443			347			24,340			—			31,130
	45,379			347			465,885			(18,735		)	492,876
Real estate operating income/(loss)	8,874			(347		)	72,770			—			81,297
Other income (expense):
Interest expense	(56,769		)	—			(26,715		)	15,360			(68,124		)
Other income/(expense)	9,168			—			6,849			(15,360		)	657
Equity in income of unconsolidated joint ventures	3,845			—			—			—			3,845
	(43,756		)	—			(19,866		)	—			(63,622		)
Income/(loss) from continuing operations	(34,882		)	(347		)	52,904			—			17,675
Gain on sale of real estate assets	6,431			—			109,443			—			115,874
Net income/(loss)	(28,451		)	(347		)	162,347			—			133,549
Plus: Net loss applicable to noncontrolling interest	—			—			15			—			15
Net income/(loss) applicable to Piedmont	$	(28,451	)	$	(347	)	$	162,362		$	—		$	133,564

Condensed Consolidated Statements of Income
For the year ended December 31, 2016
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	55,007		$	—		$	407,514		$	(2,631	)	$	459,890
Tenant reimbursements	14,081			—			80,378			(498		)	93,961
Property management fee revenue	—			—			16,897			(15,033		)	1,864
	69,088			—			504,789			(18,162		)	555,715
Expenses:
Property operating costs	31,967			—			205,344			(18,377		)	218,934
Depreciation	16,657			—			111,076			—			127,733
Amortization	3,715			—			71,404			—			75,119
Impairment loss on real estate assets	8,259			—			25,642			—			33,901
General and administrative	28,314			311			36,065			(35,446		)	29,244
	88,912			311			449,531			(53,823		)	484,931
Real estate operating income/(loss)	(19,824		)	(311		)	55,258			35,661			70,784
Other income (expense):
Interest expense	(49,108		)	—			(27,636		)	11,884			(64,860		)
Other income/(expense)	9,560			282			2,029			(11,884		)	(13		)
Net recoveries from casualty events	—			—			34			—			34
Equity in income of unconsolidated joint ventures	362			—			—			—			362
	(39,186		)	282			(25,573		)	—			(64,477		)
Income/(loss) from continuing operations	(59,010		)	(29		)	29,685			35,661			6,307
Gain on sale of real estate assets	31,275			—			62,135			—			93,410
Net income/(loss)	(27,735		)	(29		)	91,820			35,661			99,717
Plus: Net loss applicable to noncontrolling interest	—			—			15			—			15
Net income/(loss) applicable to Piedmont	$	(27,735	)	$	(29	)	$	91,835		$	35,661		$	99,732

Condensed Consolidated Statements of Income
For the year ended December 31, 2015
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	67,317		$	—		$	404,460		$	(2,905	)	$	468,872
Tenant reimbursements	13,340			—			100,955			(414		)	113,881
Property management fee revenue	—			—			17,801			(15,785		)	2,016
	80,657			—			523,216			(19,104		)	584,769
Expenses:
Property operating costs	36,380			—			225,428			(19,786		)	242,022
Depreciation	20,891			—			113,612			—			134,503
Amortization	4,598			—			56,288			—			60,886
Impairment loss	6,195			—			37,106			—			43,301
General and administrative	29,645			341			35,923			(35,563		)	30,346
	97,709			341			468,357			(55,349		)	511,058
Real estate operating income/(loss)	(17,052		)	(341		)	54,859			36,245			73,711
Other income (expense):
Interest expense	(51,704		)	—			(33,540		)	11,246			(73,998		)
Other income/(expense)	12,600			—			211			(11,246		)	1,565
Net recoveries/(loss) from casualty events	23			—			(301		)	—			(278		)
Equity in loss of unconsolidated joint ventures	553			—			—			—			553
	(38,528		)	—			(33,630		)	—			(72,158		)
Income/(loss) from continuing operations	(55,580		)	(341		)	21,229			36,245			1,553
Discontinued operations:
Operating income	15			—			69			—			84
Loss on sale of real estate assets	(1		)	—			—			—			(1		)
Income from discontinued operations	14			—			69			—			83
Gain on sale of real estate assets	45,225			—			84,458			—			129,683
Net income/(loss)	(10,341		)	(341		)	105,756			36,245			131,319
Plus: Net income applicable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income/(loss) applicable to Piedmont	$	(10,341	)	$	(341	)	$	105,741		$	36,245		$	131,304

Condensed Cash Flow Statement

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2017
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided By/(Used In) Operating Activities	$	(18,989	)	$	5,497		$	256,297		$	—		$	242,805
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(1,614		)	—			(113,479		)	—			(115,093		)
Intercompany note receivable	100			—			(48,710		)	48,610			—
Net sales proceeds from wholly-owned properties	23,028			—			352,490			—			375,518
Net sales proceeds received from unconsolidated joint ventures	12,334			—			—			—			12,334
Investments in unconsolidated joint ventures	(1,162		)	—			—			—			(1,162		)
Deferred lease costs paid	(4,081		)	—			(26,904		)	—			(30,985		)
Net cash provided by/(used in) investing activities	28,605			—			163,397			48,610			240,612
Cash Flows from Financing Activities:
Debt issuance costs paid	(132		)	—			—			—			(132		)
Proceeds from debt	180,000			—			—			—			180,000
Repayments of debt	(335,000		)	—			(141,401		)	—			(476,401		)
Intercompany note payable	(14,289		)	—			62,899			(48,610		)	—
Costs of issuance of common stock	—			(182		)	—			—			(182		)
Shares withheld to pay tax obligations related to employee stock compensation	—			(3,403		)	—			—			(3,403		)
Repurchases of common stock as part of announced plan	—			(60,474		)	—			—			(60,474		)
(Distributions to)/repayments from affiliates	160,019			180,791			(340,810		)	—			—
Dividends paid and discount on dividend reinvestments	—			(122,229		)	(45		)	—			(122,274		)
Net cash provided by/(used in) financing activities	(9,402		)	(5,497		)	(419,357		)	(48,610		)	(482,866		)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	214			—			337			—			551
Cash, cash equivalents, and restricted cash and escrows, beginning of year	3,693			150			4,361			—			8,204
Cash, cash equivalents, and restricted cash and escrows, end of year	$	3,907		$	150		$	4,698		$	—		$	8,755

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2016
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided By/(Used In) Operating Activities	$	(26,263	)	$	5,214		$	217,236		$	35,660		$	231,847
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(5,060		)	—			(454,836		)	—			(459,896		)
Intercompany note receivable	440			—			(71,900		)	71,460			—
Redemption of noncontrolling interest in unconsolidated variable interest entity	—			—			—			—			—
Net sales proceeds from wholly-owned properties	200,220			—			165,698			—			365,918
Deferred lease costs paid	(2,758		)	—			(23,138		)	—			(25,896		)
Net cash provided by/(used in) investing activities	192,842			—			(384,176		)	71,460			(119,874		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(264		)	—			—			—			(264		)
Proceeds from debt	695,000			—			—			—			695,000
Repayments of debt	(538,000		)	—			(168,875		)	—			(706,875		)
Intercompany note payable	(9,600		)	—			81,060			(71,460		)	—
Costs of issuance of common stock	—			(342		)	—			—			(342		)
Shares withheld to pay tax obligations related to employee stock compensation	—			(2,344		)	—			—			(2,344		)
Repurchases of common stock as part of announced plan	—			(7,943		)	—			—			(7,943		)
(Distributions to)/repayments from affiliates	(312,218		)	97,016			250,862			(35,660		)	—
Dividends paid and discount on dividend reinvestments	—			(91,601		)	(15		)	—			(91,616		)
Net cash provided by/(used in) financing activities	(165,082		)	(5,214		)	163,032			(107,120		)	(114,384		)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	1,497			—			(3,908		)	—			(2,411		)
Cash, cash equivalents, and restricted cash and escrows, beginning of year	2,196			150			8,269			—			10,615
Cash, cash equivalents, and restricted cash and escrows, end of year	$	3,693		$	150		$	4,361		$	—		$	8,204

Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2015
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided/(Used In) by Operating Activities	$	(27,077	)	$	4,699		$	209,821		$	36,245		$	223,688
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(12,303		)	—			(494,291		)	—			(506,594		)
Intercompany note receivable	72,000			—			—			(72,000		)	—
Redemption of noncontrolling interest in unconsolidated variable interest entity	—			—			(4,000		)	—			(4,000		)
Net sales proceeds from wholly-owned properties	151,557			—			696,612			—			848,169
Deferred lease costs paid	(3,792		)	—			(33,891		)	—			(37,683		)
Net cash provided by/(used in) investing activities	207,462			—			164,430			(72,000		)	299,892
Cash Flows from Financing Activities:
Debt issuance costs paid	(575		)	—			(506		)	—			(1,081		)
Proceeds from debt	1,142,577			—			159,281			—			1,301,858
Repayments of debt	(1,438,000		)	—			(106,301		)	—			(1,544,301		)
Intercompany note payable	—			—			(72,000		)	72,000			—
Net costs of issuance of common stock	—			(326		)	—			—			(326		)
Shares withheld to pay tax obligations related to employee stock compensation	—			(1,710		)	—			—			(1,710		)
Repurchases of common stock as part of announced plan	—			(158,860		)	—			—			(158,860		)
(Distributions to)/repayments from affiliates	104,495			281,073			(349,323		)	(36,245		)	—
Dividends paid and discount on dividend reinvestments	—			(126,516		)	(15		)	—			(126,531		)
Net cash provided by/(used in) financing activities	(191,503		)	(6,339		)	(368,864		)	35,755			(530,951		)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	(11,118		)	(1,640		)	5,387			—			(7,371		)
Cash, cash equivalents, and restricted cash and escrows, beginning of year	13,314			1,790			2,882			—			17,986
Cash, cash equivalents, and restricted cash and escrows, end of year	$	2,196		$	150		$	8,269		$	—		$	10,615