Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2021

(dollars in thousands)

					Initial Cost to Piedmont				Gross Amount of Which Carried at December 31, 2021
Description(1)	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total(2)	Costs Capitalized Subsequent to Acquisition(3)	Land	Buildings and Improvements	Total(4)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed  (in years)(5)
1430 ENCLAVE PARKWAY	Houston, TX	100	%	None	7,100	37,915	45,015	7,248	5,506	46,757	52,263	22,978	1994	12/21/2000	0	-	40
CRESCENT RIDGE II	Minnetonka, MN	100	%	None	7,700	45,154	52,854	13,398	8,021	58,231	66,252	30,731	2000	12/21/2000	0	-	40
90 CENTRAL STREET	Boxborough, MA	100	%	None	3,642	29,497	33,139	3,437	3,642	32,934	36,576	15,631	2001	5/3/2002	0	-	40
6031 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	43,656	46,813	8,461	3,157	52,117	55,274	23,355	1999	8/15/2002	0	-	40
6021 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	42,662	45,819	11,546	3,157	54,208	57,365	27,836	2000	8/15/2002	0	-	40
6011 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	29,034	32,191	18,524	3,157	47,558	50,715	17,235	1999	8/15/2002	0	-	40
US BANCORP CENTER	Minneapolis, MN	100	%	None	11,138	175,629	186,767	31,266	11,138	206,895	218,033	98,531	2000	5/1/2003	0	-	40
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100	%	None	6,662	69,031	75,693	(7,667)	6,662	61,364	68,026	26,905	2000	8/1/2003	0	-	40
400 VIRGINIA AVE	Washington, DC	100	%	None	22,146	49,740	71,886	7,109	22,146	56,849	78,995	22,783	1985	11/19/2003	0	-	40
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100	%	None	13,636	70,918	84,554	18,285	13,636	89,203	102,839	39,660	1998	11/19/2003	0	-	40
1225 EYE STREET	Washington, DC	98.1	%	None	21,959	47,602	69,561	9,961	21,959	57,563	79,522	28,068	1986	11/19/2003	0	-	40
1201 EYE STREET	Washington, DC	98.6	%	None	31,985	63,139	95,124	12,836	31,985	75,975	107,960	32,023	2001	11/19/2003	0	-	40
60 BROAD STREET	New York, NY	100	%	None	32,522	168,986	201,508	79,454	60,708	220,254	280,962	69,099	1962	12/31/2003	0	-	40
1414 MASSACHUSETTS AVENUE	Cambridge, MA	100	%	None	4,210	35,821	40,031	(5,837)	4,365	29,829	34,194	12,625	1873	1/8/2004	0	-	40
ONE BRATTLE SQUARE	Cambridge, MA	100	%	None	6,974	64,940	71,914	(20,120)	7,113	44,681	51,794	20,315	1991	2/26/2004	0	-	40
3100 CLARENDON BOULEVARD	Arlington, VA	100	%	None	11,700	69,705	81,405	50,889	11,791	120,503	132,294	43,413	1987	12/9/2004	0	-	40
LAS COLINAS CORPORATE CENTER I	Irving, TX	100	%	None	3,912	18,830	22,742	(3,183)	2,543	17,016	19,559	7,238	1998	8/31/2006	0	-	40
LAS COLINAS CORPORATE CENTER II	Irving, TX	100	%	None	4,496	29,881	34,377	(1,721)	2,543	30,113	32,656	13,229	1998	8/31/2006	0	-	40

					Initial Cost				Gross Amount of Which Carried at December 31, 2021
Description(1)	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total(2)	Costs Capitalized Subsequent to Acquisition(3)	Land	Buildings and Improvements	Total(4)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed  (in years)(5)
TWO PIERCE PLACE(6)	Itasca, IL	100	%	None	4,370	70,632	75,002	(26,780)	8,156	40,066	48,222	28,288	1991	12/7/2006	0	-	40
ONE MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,919	24,398	27,317	629	2,919	25,027	27,946	7,891	1997	10/1/2010	0	-	40
TWO MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,661	25,742	28,403	654	2,661	26,396	29,057	8,240	1998	10/1/2010	0	-	40
THE MEDICI	Atlanta, GA	100	%	None	1,780	11,510	13,290	5,830	1,780	17,340	19,120	7,150	2008	6/7/2011	0	-	40
225 PRESIDENTIAL WAY(7)	Boston, MA	100	%	None	3,626	36,916	40,542	(3,534)	3,612	33,396	37,008	7,686	2001	9/13/2011	0	-	40
235 PRESIDENTIAL WAY(7)	Boston, MA	100	%	None	4,154	44,048	48,202	(4,624)	4,138	39,440	43,578	9,012	2000	9/13/2011	0	-	40
400 TOWNPARK	Lake Mary, FL	100	%	None	2,570	20,555	23,125	5,635	2,570	26,190	28,760	9,198	2008	11/10/2011	0	-	40
ARLINGTON GATEWAY	Arlington, VA	100	%	None	36,930	129,070	166,000	3,443	36,930	132,513	169,443	31,625	2005	3/4/2013	0	-	40
5 & 15 WAYSIDE ROAD	Burlington, MA	100	%	None	7,190	55,445	62,635	7,852	7,190	63,297	70,487	18,510	1999 / 2001	3/22/2013	0	-	40
6565 MACARTHUR BOULEVARD	Irving, TX	100	%	None	4,820	37,767	42,587	1,462	4,820	39,229	44,049	9,633	1998	12/5/2013	0	-	40
ONE LINCOLN PARK	Dallas, TX	100	%	None	6,640	44,810	51,450	4,075	6,640	48,885	55,525	12,430	1999	12/20/2013	0	-	40
161 CORPORATE CENTER	Irving, TX	100	%	None	2,020	10,680	12,700	(714)	2,020	9,966	11,986	2,485	1998	12/30/2013	0	-	40
5 WALL STREET	Burlington, MA	100	%	None	9,560	50,276	59,836	6,108	9,560	56,384	65,944	10,311	2008	6/27/2014	0	-	40
1155 PERIMETER CENTER WEST	Atlanta, GA	100	%	None	5,870	66,849	72,719	15,433	5,870	82,282	88,152	16,320	2000	8/28/2014	0	-	40
500 TOWNPARK	Lake Mary, FL	100	%	None	2,147	21,925	24,072	5,123	2,147	27,048	29,195	4,551	2016	N/A	0	-	40
PARK PLACE ON TURTLE CREEK	Dallas, TX	100	%	None	4,470	38,048	42,518	6,298	4,470	44,346	48,816	9,337	1986	1/16/2015	0	-	40
80 CENTRAL STREET	Boxborough, MA	100	%	None	1,980	8,930	10,910	3,574	1,980	12,504	14,484	2,762	1988	7/24/2015	0	-	40
ENCLAVE PLACE	Houston, TX	100	%	None	1,890	60,094	61,984	35,319	1,890	95,413	97,303	14,106	2015	N/A	0	-	40
200 SOUTH ORANGE AVENUE	Orlando, FL	100	%	None	11,660	139,015	150,675	27,491	11,660	166,506	178,166	27,673	1988	11/4/2015	0	-	40
GALLERIA 300	Atlanta, GA	100	%	None	4,000	73,554	77,554	7,698	4,000	81,252	85,252	16,151	1987	11/4/2015	0	-	40

					Initial Cost								Gross Amount of Which Carried at December 31, 2021
Description(1)	Location	Ownership Percentage		Encumbrances	Land		Buildings and Improvements		Total(2)		Costs Capitalized Subsequent to Acquisition(3)		Land		Buildings and Improvements		Total(4)		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed  (in years)(5)
GLENRIDGE HIGHLANDS ONE	Atlanta, GA	100	%	None	5,960		50,013		55,973		3,835		5,960		53,848		59,808		10,211		1998	11/24/2015	0	-	40
CNL CENTER I	Orlando, FL	99	%	None	6,470		77,858		84,328		2,131		6,470		79,989		86,459		14,759		1999	8/1/2016	0	-	40
CNL CENTER II	Orlando, FL	99	%	None	4,550		55,609		60,159		494		4,550		56,103		60,653		11,268		2006	8/1/2016	0	-	40
ONE WAYSIDE ROAD	Boston, MA	100	%	None	6,240		57,124		63,364		1,900		6,240		59,024		65,264		8,622		1997 / 2008	8/10/2016	0	-	40
GALLERIA 200	Atlanta, GA	100	%	None	6,470		55,825		62,295		13,762		6,470		69,587		76,057		10,881		1984	10/7/2016	0	-	40
750 WEST JOHN CARPENTER FREEWAY	Irving, TX	100	%	None	7,860		36,303		44,163		3,766		7,860		40,069		47,929		10,713		1999	11/30/2016	0	-	40
NORMAN POINTE I	Bloomington, MN	100	%	None	4,358		22,322		26,680		4,466		4,361		26,785		31,146		4,887		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		4,576		2003	2/23/2018	0	-	40
9320 EXCELSIOR BOULEVARD	Hopkins, MN	100	%	None	3,760		35,289		39,049		(553)		3,707		34,789		38,496		6,593		2010	10/25/2018	0	-	40
25 BURLINGTON MALL ROAD	Burlington, MA	100	%	None	10,230		54,787		65,017		7,178		10,230		61,965		72,195		7,859		1987	12/12/2018	0	-	40
GALLERIA 100	Atlanta, GA	100	%	None	7,285		72,449		79,734		1,430		7,285		73,879		81,164		10,790		1982	5/6/2019	0	-	40
GALLERIA 400	Atlanta, GA	100	%	None	5,687		92,915		98,602		1,484		5,687		94,399		100,086		9,742		1999	8/23/2019	0	-	40
GALLERIA 600	Atlanta, GA	100	%	None	5,418		81,003		86,421		(128)		5,418		80,875		86,293		7,212		2002	8/23/2019	0	-	40
ONE GALLERIA TOWER	Dallas, TX	100	%	None	5,286		107,767		113,053		11,321		5,286		119,088		124,374		12,535		1982	2/12/2020	0		40
TWO GALLERIA TOWER	Dallas, TX	100	%	None	3,835		109,605		113,440		3,432		3,836		113,036		116,872		10,774		1985	2/12/2020	0		40
THREE GALLERIA TOWER	Dallas, TX	100	%	None	6,541		125,490		132,031		1,743		6,541		127,233		133,774		12,352		1991	2/12/2020	0		40
222 SOUTH ORANGE AVENUE	Orlando, FL	100	%	None	1,899		18,417		20,316		1,756		1,899		20,173		22,072		15		1959	10/29/2020	0		40
999 PEACHTREE STREET	Atlanta, GA	100	%	None	49,067		156,109		205,176		178		49,067		156,287		205,354		2,191		1987	10/22/2021	0		40
UNDEVELOPED LAND PARCELS (6)	Various	100	%	None	48,667		—		48,667		1,634		45,777		4,524		50,301		688		N/A	Various			N/A
Total—All Properties					$	512,898	$	3,299,408	$	3,812,306	$	394,687	$	537,691	$	3,669,302	$	4,206,993	$	961,682

(1)All of Piedmont's properties are office buildings, except for the separately described Undeveloped Land Parcels.

(2)Total initial cost excludes purchase price allocated to intangible lease origination costs and intangible lease liabilities.

(3)Includes improvements and carrying costs capitalized subsequent to acquisition, as well as reductions related to write-offs of fully depreciated/amortized capitalized assets and impairment losses on real estate assets.

(4)The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $3.7 billion.

(5)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.

(6)During the year ended December 31, 2021, Piedmont recognized a $41.0 million impairment charge on the Two Pierce Place asset. See Note 7 for further detail.

(7)As of December 31, 2021, the 225 and 235 Presidential Way assets were under a binding contract to be sold, and were presented as held for sale in the accompanying consolidated balance sheets. See Note 13 for further information. The sale of the assets closed on January 28, 2022.

(8)Undeveloped Land Parcels includes land parcels that Piedmont may develop in the future.

Piedmont Office Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2021

(dollars in thousands)

	2021		2020		2019
Real Estate:
Balance at the beginning of the year	$	3,891,426	$	3,818,287	$	3,924,531
Additions to/improvements of real estate	379,516		493,760		406,832
Assets disposed	—		(393,231)		(452,672)
Assets impaired (1)	(41,000)		—		(8,953)
Write-offs of intangible assets (2)	(13,646)		(15,891)		(36,428)
Write-offs of fully depreciated/amortized assets	(9,303)		(11,499)		(15,023)
Balance at the end of the year	$	4,206,993	$	3,891,426	$	3,818,287
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$	835,392	$	875,777	$	907,937
Depreciation and amortization expense	149,239		142,762		132,600
Assets disposed	—		(155,757)		(113,309)
Write-offs of intangible assets (2)	(13,646)		(15,891)		(36,428)
Write-offs of fully depreciated/amortized assets	(9,303)		(11,499)		(15,023)
Balance at the end of the year	$	961,682	$	835,392	$	875,777

(1)Piedmont recognized an impairment loss on the Two Pierce Place building during the year ended December 31, 2021, as well as the Dupree building and the 600 Corporate Drive building during the year ended December 31, 2019 (see Note 7).

(2)Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations.