Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Property, Plant and Equipment

Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives:

Buildings	40 years
Building improvements	5-25 years
Land improvements	20-25 years
Tenant allowances	Lease term
Furniture, fixtures, and equipment	3-5 years
Intangible lease assets	Lease term

Schedule of Finite-Lived Intangible Assets by Major Class

Gross intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, recorded at acquisition as of December 31, 2018 and 2017, respectively, are as follows (in thousands):

	December 31, 2018		December 31, 2017
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	7,620	$	11,935
In-Place Lease Valuation	$	157,447	$	165,015
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	241,516	$	250,539
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	94,852	$	95,620

Amortization Of Intangible Lease Costs

For the years ended December 31, 2018, 2017, and 2016, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands):

	2018		2017		2016
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense	$	48,940	$	58,467	$	58,150
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues	$	7,615	$	6,575	$	5,066

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Net intangible assets and liabilities as of December 31, 2018 will be amortized as follows (in thousands):

	Intangible Lease Assets
	Above-Market In-place Lease Assets		In-Place Lease Valuation		Intangible Lease Origination Costs (1)		Below-Market In-place Lease Liabilities
For the year ending December 31:
2019	$	938	$	20,876	$	29,503	$	8,273
2020	197		14,540		22,570		6,654
2021	141		12,449		19,818		6,443
2022	121		10,948		17,550		5,878
2023	97		7,370		11,774		4,367
Thereafter	64		9,935		18,952		4,093
	$	1,558	$	76,118	$	120,167	$	35,708
Weighted-Average Amortization Period (in years)	3		5		6		6

⁽¹⁾  Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets.