Schedule III - Real Estate and Accumulated Depreciation |
Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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.
|