

					Initial Cost					Gross Amount at Which Carried at December 31, 2018
Description	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total (a)	Costs Capitalized Subsequent to Acquisition (b)		Land	Buildings and Improvements	Total (c)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
1430 ENCLAVE PARKWAY	Houston, TX	100	%	None	7,100	37,915	45,015	2,050		5,506	41,559	47,065	20,788	1994	12/21/2000	0	-	40
CRESCENT RIDGE II	Minnetonka, MN	100	%	None	7,700	45,154	52,854	8,536		8,021	53,369	61,390	25,620	2000	12/21/2000	0	-	40
90 CENTRAL STREET	Boxborough, MA	100	%	None	3,642	29,497	33,139	1,462		3,642	30,959	34,601	13,188	2001	5/3/2002	0	-	40
6031 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	43,656	46,813	4,691		3,157	48,347	51,504	20,356	1999	8/15/2002	0	-	40
6021 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	42,662	45,819	10,545		3,157	53,207	56,364	22,029	2000	8/15/2002	0	-	40
6011 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	29,034	32,191	10,666		3,157	39,700	42,857	12,425	1999	8/15/2002	0	-	40
ONE INDEPENDENCE SQUARE	Washington, DC	100	%	None	29,765	104,814	134,579	24,426		30,562	128,443	159,005	48,453	1991	11/22/2002	0	-	40
US BANCORP CENTER	Minneapolis, MN	100	%	None	11,138	175,629	186,767	23,472		11,138	199,101	210,239	78,042	2000	5/1/2003	0	-	40
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100	%	None	6,662	69,031	75,693	(16,208	)	6,662	52,823	59,485	24,203	2000	8/1/2003	0	-	40
200 BRIDGEWATER CROSSING	Bridgewater, NJ	100	%	None	8,182	84,160	92,342	(13,916	)	8,328	70,098	78,426	28,421	2002	8/14/2003	0	-	40
400 VIRGINIA AVE	Washington, DC	100	%	None	22,146	49,740	71,886	134		22,146	49,874	72,020	19,117	1985	11/19/2003	0	-	40
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100	%	None	13,636	70,918	84,554	13,636		13,636	84,554	98,190	29,283	1998	11/19/2003	0	-	40
1225 EYE STREET	Washington, DC	98.1	%	None	21,959	47,602	69,561	8,270		21,959	55,872	77,831	21,464	1986	11/19/2003	0	-	40
1201 EYE STREET	Washington, DC	98.6	%	None	31,985	63,139	95,124	8,672		31,985	71,811	103,796	24,231	2001	11/19/2003	0	-	40
1901 MARKET STREET	Philadelphia, PA	100	%	160,000	13,584	166,683	180,267	53,684		20,829	213,122	233,951	86,647	1987	12/18/2003	0	-	40
60 BROAD STREET	New York, NY	100	%	None	32,522	168,986	201,508	14,807		60,708	155,607	216,315	62,891	1962	12/31/2003	0	-	40
1414 MASSACHUSETTS AVENUE	Cambridge, MA	100	%	None	4,210	35,821	40,031	(8,031	)	4,365	27,635	32,000	10,421	1873	1/8/2004	0	-	40
ONE BRATTLE SQUARE	Cambridge, MA	100	%	None	6,974	64,940	71,914	(23,725	)	7,113	41,076	48,189	15,703	1991	2/26/2004	0	-	40
600 CORPORATE DRIVE	Lebanon, NJ	100	%	None	3,934	—	3,934	16,281		3,934	16,281	20,215	8,173	2005	3/16/2004	0	-	40
3100 CLARENDON BOULEVARD	Arlington, VA	100	%	None	11,700	69,705	81,405	46,315		11,791	115,929	127,720	29,690	1987	12/9/2004	0	-	40



					Initial Cost					Gross Amount at Which Carried at December 31, 2018
Description	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total (a)	Costs Capitalized Subsequent to Acquisition (b)		Land	Buildings and Improvements	Total (c)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
400 BRIDGEWATER CROSSING	Bridgewater, NJ	100	%	None	10,400	71,052	81,452	(14,215	)	10,400	56,837	67,237	18,090	2002	2/17/2006	0	-	40
LAS COLINAS CORPORATE CENTER I	Irving, TX	100	%	None	3,912	18,830	22,742	(3,701	)	2,543	16,498	19,041	6,281	1998	8/31/2006	0	-	40
LAS COLINAS CORPORATE CENTER II	Irving, TX	100	%	None	4,496	29,881	34,377	(3,846	)	2,543	27,988	30,531	9,774	1998	8/31/2006	0	-	40
TWO PIERCE PLACE	Itasca, IL	100	%	None	4,370	70,632	75,002	8,783		8,156	75,629	83,785	20,322	1991	12/7/2006	0	-	40
ONE MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,919	24,398	27,317	318		2,919	24,716	27,635	5,749	1997	10/1/2010	0	-	40
TWO MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,661	25,742	28,403	673		2,661	26,415	29,076	6,167	1998	10/1/2010	0	-	40
500 WEST MONROE STREET	Chicago, IL	100	%	None	36,990	185,113	222,103	52,437		36,990	237,550	274,540	54,023	1991	3/31/2011	0	-	40
THE DUPREE	Atlanta, GA	100	%	None	4,080	14,310	18,390	894		4,080	15,204	19,284	5,235	1997	4/29/2011	0	-	40
THE MEDICI	Atlanta, GA	100	%	None	1,780	11,510	13,290	5,473		1,780	16,983	18,763	4,690	2008	6/7/2011	0	-	40
225 PRESIDENTIAL WAY	Boston, MA	100	%	None	3,626	36,916	40,542	217		3,612	37,147	40,759	11,241	2001	9/13/2011	0	-	40
235 PRESIDENTIAL WAY	Boston, MA	100	%	None	4,154	44,048	48,202	240		4,138	44,304	48,442	13,360	2000	9/13/2011	0	-	40
400 TOWNPARK	Lake Mary, FL	100	%	None	2,570	20,555	23,125	4,725		2,570	25,280	27,850	5,811	2008	11/10/2011	0	-	40
ARLINGTON GATEWAY	Arlington, VA	100	%	None	36,930	129,070	166,000	(1,777	)	36,930	127,293	164,223	19,521	2005	3/4/2013	0	-	40
5 & 15 WAYSIDE ROAD	Burlington, MA	100	%	None	7,190	55,445	62,635	6,653		7,190	62,098	69,288	10,185	1999 / 2001	3/22/2013	0	-	40
6565 MACARTHUR BOULEVARD	Irving, TX	100	%	None	4,820	37,767	42,587	(464	)	4,820	37,303	42,123	5,690	1998	12/5/2013	0	-	40
ONE LINCOLN PARK	Dallas, TX	100	%	None	6,640	44,810	51,450	1,428		6,640	46,238	52,878	8,151	1999	12/20/2013	0	-	40
161 CORPORATE CENTER	Irving, TX	100	%	None	2,020	10,680	12,700	(16	)	2,020	10,664	12,684	2,698	1998	12/30/2013	0	-	40
5 WALL STREET	Burlington, MA	100	%	29,706	9,560	50,276	59,836	365		9,560	50,641	60,201	9,378	2008	6/27/2014	0	-	40
1155 PERIMETER CENTER WEST	Atlanta, GA	100	%	None	5,870	66,849	72,719	32		5,870	66,881	72,751	12,969	2000	8/28/2014	0	-	40



					Initial Cost									Gross Amount at Which Carried at December 31, 2018
Description	Location	Ownership Percentage		Encumbrances	Land		Buildings and Improvements		Total (a)		Costs Capitalized Subsequent to Acquisition (b)			Land		Buildings and Improvements		Total (c)		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
500 TOWNPARK	Lake Mary, FL	100	%	None	2,147		21,925		24,072		4,108			2,147		26,033		28,180		1,644		2017	N/A	0	-	40
PARK PLACE ON TURTLE CREEK	Dallas, TX	100	%	None	4,470		38,048		42,518		2,836			4,470		40,884		45,354		6,079		1986	1/16/2015	0	-	40
80 CENTRAL STREET	Boxborough, MA	100	%	None	1,980		8,930		10,910		245			1,980		9,175		11,155		1,451		1988	7/24/2015	0	-	40
ENCLAVE PLACE	Houston, TX	100	%	None	1,890		60,094		61,984		3,756			1,890		63,850		65,740		5,188		2015	N/A	0	-	40
SUNTRUST CENTER	Orlando, FL	100	%	None	11,660		139,015		150,675		923			11,660		139,938		151,598		16,979		1988	11/4/2015	0	-	40
GALLERIA 300	Atlanta, GA	100	%	None	4,000		73,554		77,554		1,880			4,000		75,434		79,434		9,400		1987	11/4/2015	0	-	40
GLENRIDGE HIGHLANDS ONE	Atlanta, GA	100	%	None	5,960		50,013		55,973		157			5,960		50,170		56,130		6,321		1998	11/24/2015	0	-	40
CNL CENTER I	Orlando, FL	99	%	None	6,470		77,858		84,328		(28		)	6,470		77,830		84,300		8,382		1999	8/1/2016	0	-	40
CNL CENTER II	Orlando, FL	99	%	None	4,550		55,609		60,159		455			4,550		56,064		60,614		5,458		2006	8/1/2016	0	-	40
ONE WAYSIDE ROAD	Boston, MA	100	%	None	6,240		57,124		63,364		(4,471		)	6,240		52,653		58,893		3,289		1997 / 2008	8/10/2016	0	-	40
GALLERIA 200	Atlanta, GA	100	%	None	6,470		55,825		62,295		549			6,470		56,374		62,844		5,179		1984	10/7/2016	0	-	40
750 WEST JOHN CARPENTER FREEWAY	Irving, TX	100	%	None	7,860		36,303		44,163		1,931			7,860		38,234		46,094		4,196		1999	11/30/2016	0	-	40
NORMAN POINTE I	Bloomington, MN	100	%	None	4,358		22,322		26,680		251			4,360		22,571		26,931		1,034		2000	12/28/2017	0	-	40
501 WEST CHURCH STREET	Orlando, FL	100	%	None	2,805		28,119		30,924		—			2,805		28,119		30,924		1,035		2003	2/23/2018	0	-	40
9320 EXCELSIOR BOULEVARD	Hopkins, MN	100	%	None	3,760		35,289		39,049		—			3,760		35,289		39,049		408		2010	10/25/2018	0	-	40
25 BURLINGTON MALL ROAD	Burlington, MA	100	%	None	10,230		54,787		65,017		—			10,230		54,787		65,017		555		1987	12/12/2018	0	-	40
PIEDMONT POWER, LLC (e)	Bridgewater, NJ	100	%	None	—		79		79		2,740			—		2,819		2,819		818		N/A	12/20/2011	0	-	40
UNDEVELOPED LAND PARCELS (f)	Various	100	%	None	18,061		—		18,061		(860		)	15,914		1,287		17,201		41		N/A	Various			N/A
Total—All Properties					$	504,209	$	3,161,864	$	3,666,073	$	258,458		$	537,984	$	3,386,547	$	3,924,531	$	907,937


^(a)	Total initial cost excludes purchase price allocated to intangible lease origination costs and intangible lease liabilities.


^(b)	Includes write-offs of fully depreciated/amortized capitalized assets, as well as impairment loss on real estate assets.


^(c)	The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $3.6 billion.


^(d)	Piedmont’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, Tenant Improvements and Lease Intangibles are amortized over the lease term. Generally, Building Improvements are depreciated over 5 - 25 years, Land Improvements are depreciated over 20 - 25 years, and Buildings are depreciated over 40 years.


^(e)	Represents solar panels at the 400 Bridgewater Crossing building.


^(f)	Undeveloped Land Parcels includes land parcels which Piedmont may develop in the future.

Piedmont Office Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2018

(dollars in thousands)



	2018			2017				2016
Real Estate:
Balance at the beginning of the year	$	4,438,209		$	4,800,025			$	4,725,096
Additions to/improvements of real estate	206,442			85,368				422,908
Assets disposed	(675,692		)	(353,911		)	⁽¹⁾	(296,319		)
Assets impaired	—			(46,461		)	⁽²⁾	(30,898		)	⁽³⁾
Write-offs of intangible assets ⁽⁴⁾	(33,067		)	(37,188		)		(11,896		)
Write-offs of fully depreciated/amortized assets	(11,361		)	(9,624		)		(8,866		)
Balance at the end of the year	$	3,924,531		$	4,438,209			$	4,800,025
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$	1,053,467		$	1,058,704			$	1,019,663
Depreciation and amortization expense	128,456			145,837				155,274
Assets disposed	(229,558		)	(104,262		)	⁽¹⁾	(95,471		)
Write-offs of intangible assets ⁽⁴⁾	(33,067		)	(37,188		)		(11,896		)
Write-offs of fully depreciated/amortized assets	(11,361		)	(9,624		)		(8,866		)
Balance at the end of the year	$	907,937		$	1,053,467			$	1,058,704


⁽¹⁾	Includes the disposition of the 8560 Upland Drive property, Piedmont's last remaining investment in an unconsolidated joint venture.


⁽²⁾	Piedmont recognized an impairment loss on a disposal group of real estate assets as part of the 2017 Disposition Portfolio (see Note 7).


⁽³⁾	Does not include impairment loss recognized on other assets as a result of the allocation of goodwill (see Note 7).

⁽⁴⁾

Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations.