Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Fixed and Variable Lease Revenue

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of income for the three and nine months ended September 30, 2020 and 2019, respectively, as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Fixed payments	$	108,071	$	105,207	$	329,281	$	311,503
Variable payments	20,209		25,372		62,400		70,710
Total Rental and Tenant Reimbursement Revenue	$	128,280	$	130,579	$	391,681	$	382,213

Schedule of Intangible Lease Assets and Liabilities

Gross intangible lease assets and liabilities arising from in-place leases, inclusive of amounts classified as real estate assets held for sale, recorded at acquisition as of September 30, 2020 and December 31, 2019, respectively, are as follows (in thousands):

	September 30, 2020		December 31, 2019
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	2,227	$	2,082
In-Place Lease Valuation	$	159,643	$	157,101
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	254,856	$	256,627
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	63,205	$	84,292

Amortization Of Intangible Lease Costs

For the three and nine months ended September 30, 2020 and 2019, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense	$	18,522	$	15,881	$	58,674	$	45,057
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues	$	3,147	$	1,923	$	9,423	$	6,009

Future Amortization of Intangible Assets and Liabilities

Net intangible assets and liabilities as of September 30, 2020 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 remainder of 2020	$	117	$	7,576	$	10,368	$	2,884
For the years ending December 31:
2021	420		27,635		38,743		10,899
2022	300		20,773		30,527		8,422
2023	103		13,923		21,019		5,139
2024	70		9,141		14,462		3,238
2025	6		5,658		10,069		2,072
Thereafter	18		12,777		24,881		5,670
	$	1,034	$	97,483	$	150,069	$	38,324
Weighted-Average Amortization Period (in years)	3		5		6		5

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