Property Dispositions and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

Details of such properties sold are presented below (in thousands):

Buildings Sold	Location	Date of Sale	Gain on Sale of Real Estate Assets			Net Sales Proceeds
2017 Disposition Portfolio	Various(1)	January 4, 2018	$	45,275		$	419,644	(2)
800 North Brand Boulevard	Glendale, California	November 29, 2018	$	30,416		$	155,583
One Independence Square	Washington, D.C.	February 28, 2019	$	33,176		$	163,623
The Dupree	Atlanta, Georgia	September 4, 2019	$	—	(3)	$	12,631
500 West Monroe Street	Chicago, Illinois	October 28, 2019	$	157,739		$	408,851
1901 Market Street	Philadelphia, Pennsylvania	June 25, 2020	$	191,030		$	350,805
New Jersey Portfolio	Various(4)	October 28, 2020	$	14,636		$	9,289	(5)

(1)The 2017 Disposition Portfolio is comprised of the following properties: Desert Canyon 300 in Phoenix, Arizona; Windy Point I & II in Schaumburg, Illinois; 2300 Cabot Drive in Lisle, Illinois; 1075 West Entrance Drive in Auburn Hills, Michigan; Auburn Hills Corporate Center in Auburn Hills, Michigan; 5301 Maryland Way in Brentwood, Tennessee; Suwanee Gateway One in Suwanee, Georgia; 5601 Hiatus Road in Tamarac, Florida; Piedmont Pointe I & II in Bethesda, Maryland; 1200 Crown Colony Drive in Quincy, Massachusetts; 2001 N.W. 64th Street in Fort Lauderdale, Florida, and 2120 West End Avenue in Nashville, Tennessee.

(2)Piedmont accepted a secured $3.2 million promissory note from the buyer for a portion of the sales price, which was subsequently paid in full by the borrower.

(3)As discussed in Note 7 above, Piedmont recognized an impairment loss prior to the sale of the property.

(4)The New Jersey Portfolio is comprised of the following three properties: 200 Bridgewater Crossing in Bridgewater, New Jersey; 400 Bridgewater Crossing in Bridgewater, New Jersey; and 600 Corporate Drive in Lebanon, New Jersey.

(5)Piedmont accepted a secured $102.8 million promissory note from the buyer, which matures on October 31, 2023 and bears interest at 6% per annum. The note may not be prepaid without penalty until January 2022, and may be extended for three available one-year periods upon payment of applicable extension fees. Further, Piedmont also accepted a mezzanine note for $15.7 million, bearing interest at 13.55% per annum, which may be repaid any time before the October 31, 2023 maturity without penalty.

Assets Held For Sale and Discontinued Operations

Details of amounts held for sale as of December 31, 2020 and 2019 are presented below (in thousands):

	December 31, 2020		December 31, 2019
Real estate assets held for sale, net:
Land	$	—	$	20,829
Building and improvements, less accumulated depreciation of $0 and $66,823 as of December 31, 2020, and 2019, respectively	—		112,287
Intangible lease assets, less accumulated amortization of $0 and $27,438 as of December 31, 2020 and 2019, respectively	—		6,574
Total real estate assets held for sale, net	$	—	$	139,690
Other assets held for sale, net:
Straight-line rent receivables	$	—	$	18,776
Deferred lease costs, less accumulated amortization of $0 and $34,957 as of December 31, 2020 and 2019, respectively	—		9,425
Total other assets held for sale, net	$	—	$	28,201
Other liabilities held for sale, net:
Intangible lease liabilities, less accumulated amortization of $0 and $31,959 as of December 31, 2020 and 2019, respectively	$	—	$	7,657