Acquisitions (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of Purchased Assets

During the nine months ended September 30, 2020, Piedmont acquired three properties and adjacent developable land (collectively the "Dallas Galleria Office Towers") using cash on hand and available funds from the $500 Million Unsecured 2018 Line of Credit, as noted below:

Property	Metropolitan Statistical Area	Date of Acquisition	Ownership Percentage Acquired	Rentable Square Feet	Percentage Leased as of Acquisition	Net Contractual Purchase Price(1)(in millions)
Dallas Galleria Office Towers	Dallas, Texas	February 12, 2020	100%	1,435,466	95%	$396.2

(1)Price includes the purchase of an adjacent parcel of approximately 1.9 acres of developable land.

Schedule of Purchase Price Allocation

The purchase price of the Dallas Galleria Office Towers and undeveloped land, inclusive of approximately $0.6 million of closing costs, was allocated as follows:

	Dallas Galleria Office Towers and Undeveloped Land
Land	$	19,674
Building and improvements	293,760
Intangible lease assets (1)	49,177
Lease acquisition costs, net of tenant credits received from seller (1)	1,344
Intangible lease origination costs (1)	55,060
Intangible lease liabilities (1)	(22,169)
Total purchase price	$	396,846

(1)Amortization of in-place lease intangibles and lease acquisition costs are recognized using the straight-line method over approximately 5.2 years, the average remaining life of in-place leases.