$ 459,890

$ 468,872

$ 454,635

93,961

113,881

109,548

1,864

2,016

2,069

$ 143,911

$ 138,485

$ 135,307

$ 138,012

$ 139,461

$ 148,815

$ 146,734

$ 149,759

$ 146,711

$ 144,641

$ 138,580

$ 136,320

555,715

584,769

566,252

Expenses:

218,934

242,022

239,431

127,733

134,503

138,596

75,119

60,886

56,579

22,951

10,950

37,105

6,196

33,901

^[1]

43,301

^[1]

29,244

30,346

23,825

484,931

511,058

458,431

26,633

2,988

14,791

26,372

28,938

(3,424)

19,983

28,214

28,789

27,199

26,556

25,277

70,784

73,711

107,821

(64,860)

(73,998)

(74,446)

Net recoveries/(loss) from casualty events and litigation settlements

(13)

1,565

(278)

6,992

Equity in income/(loss) of unconsolidated joint ventures

362

553

(350)

(64,477)

(72,158)

(67,742)

10,529

(13,065)

(1,553)

10,396

11,164

(21,318)

2,531

9,176

12,567

9,150

9,325

9,037

6,307

1,553

40,079

954

(1)

262

(1)

(3)

(42)

882

360

1,216

19,652

(57)

73,835

(20)

84,427

14,796

21,520

8,940

(8)

878

93,410

129,683

870

Less: Net loss/(income) applicable to noncontrolling interest

30,181

(13,121)

72,281

10,376

95,663

(6,508)

24,048

18,116

12,517

9,166

11,085

9,397

99,717

131,319

42,165

(15)

$ 30,189

$ (13,107)

$ 72,278

$ 10,372

$ 95,660

$ (6,512)

$ 24,044

$ 18,112

$ 12,514

$ 9,162

$ 11,081

$ 9,393

$ 99,732

$ 131,304

$ 42,150

Income from continuing operations and gain on sale of real estate assets (in dollars per share)

$ 0.69

$ 0.87

$ 0.26

Income from discontinued operations (in dollars per share)

0.00

0.01

Net income available to common stockholders (in dollars per share)

$ 0.21

$ (0.09)

$ 0.50

$ 0.07

$ 0.65

$ (0.05)

$ 0.15

$ 0.12

$ 0.08

$ 0.06

$ 0.07

$ 0.06

$ 0.69

$ 0.87

$ 0.27

Weighted-average shares outstanding - basic (in shares)

145,230,382

150,537,757

154,452,121

Weighted-average shares outstanding - diluted (in shares)

145,634,953

150,880,116

154,585,273

[1]	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income applicable to Piedmont	$ 99,732	$ 131,304	$ 42,150
Other comprehensive income/(loss):
Effective portion of loss on derivative instruments that are designated and qualify as cash flow hedges (See Note 8)	(4,126)	(12,509)	(17,122)
Reclassification of previously recorded loss included in net income (See Note 8)	4,548	5,875	5,145
Gain/(loss) on investment in available for sale securities	21	(6)	0
Other comprehensive income/(loss)	443	(6,640)	(11,977)
Comprehensive income applicable to Piedmont	$ 100,175	$ 124,664	$ 30,173

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions in Excess of Earnings [Member]	Other Comprehensive Income/ (Loss) [Member]	Non-controlling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of correction	$ (30,140)			$ (30,140)
Balance, value (As Presented [Member]) at Dec. 31, 2013	2,461,159	$ 1,575	$ 3,668,906	(1,231,209)	$ 20,278	$ 1,609
Balance, value at Dec. 31, 2013	2,431,019	$ 1,575	3,668,906	(1,261,349)	20,278	1,609
Balance (in shares) (As Presented [Member]) at Dec. 31, 2013		157,461,000
Balance (in shares) at Dec. 31, 2013		157,461,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of an announced plan	(52,796)	$ (32)		(52,764)
Stock repurchases as part of an announced plan (in shares)		(3,190,000)
Retirement of shares returned from escrow	(1,479)	$ (1)	(1,478)
Retirement of shares returned from escrow (in shares)		(85,000)
Redemption of noncontrolling interest in consolidated variable interest entity	(4,054)		(4,054)
Dividends to common stockholders, dividends to preferred stockholders of subsidiary, and dividends reinvested	(125,198)		(188)	(124,995)		(15)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	2,997	$ 1	2,996
Shares issued under the 2007 Omnibus Incentive Plan, net of tax (in shares)		138,000
Net income (loss) applicable to noncontrolling interest \| As Presented [Member]	15
Net income (loss) applicable to noncontrolling interest	15					15
Net income applicable to Piedmont (Restated/ Revised) \| As Presented [Member]	43,348
Net income applicable to Piedmont (Restated/ Revised)	42,150			42,150
Other comprehensive income/ (loss)	(11,977)				(11,977)
Balance, value at Dec. 31, 2014	$ 2,280,677	$ 1,543	3,666,182	(1,396,958)	8,301	1,609
Balance, (in shares) at Dec. 31, 2014	154,324,089	154,324,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	$ 18,112
Balance, value at Mar. 31, 2015	2,253,452
Balance, value at Dec. 31, 2014	$ 2,280,677	$ 1,543	3,666,182	(1,396,958)	8,301	1,609
Balance (in shares) at Dec. 31, 2014	154,324,089	154,324,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of an announced plan	$ (158,860)	$ (90)		(158,770)
Stock repurchases as part of an announced plan (in shares)		(8,980,000)
Offering costs	(326)		(326)
Redemption of noncontrolling interest in consolidated variable interest entity	54		54
Reallocation of noncontrolling interest of subsidiary	544		1,128			(584)
Dividends to common stockholders, dividends to preferred stockholders of subsidiary, and dividends reinvested	(126,531)		(242)	(126,274)		(15)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	3,183	$ 2	3,181
Shares issued under the 2007 Omnibus Incentive Plan, net of tax (in shares)		168,000
Net income (loss) applicable to noncontrolling interest \| As Presented [Member]	15
Net income (loss) applicable to noncontrolling interest	15					15
Net income applicable to Piedmont (Restated/ Revised) \| As Presented [Member]	172,990
Net income applicable to Piedmont (Restated/ Revised)	131,304			131,304
Other comprehensive income/ (loss)	(6,640)				(6,640)
Balance, value (As Presented [Member]) at Dec. 31, 2015	2,196,444
Balance, value at Dec. 31, 2015	$ 2,123,420	$ 1,455	3,669,977	(1,550,698)	1,661	1,025
Balance, (in shares) at Dec. 31, 2015	145,511,644	145,512,000
Balance, value at Mar. 31, 2015	$ 2,253,452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	24,044
Balance, value at Jun. 30, 2015	2,217,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	(6,512)
Balance, value at Sep. 30, 2015	2,049,698
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	95,660
Balance, value (As Presented [Member]) at Dec. 31, 2015	2,196,444
Balance, value at Dec. 31, 2015	$ 2,123,420	$ 1,455	3,669,977	(1,550,698)	1,661	1,025
Balance, (in shares) at Dec. 31, 2015	145,511,644	145,512,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	$ 10,372
Balance, value at Mar. 31, 2016	2,086,639
Balance, value (As Presented [Member]) at Dec. 31, 2015	2,196,444
Balance, value at Dec. 31, 2015	$ 2,123,420	$ 1,455	3,669,977	(1,550,698)	1,661	1,025
Balance (in shares) at Dec. 31, 2015	145,511,644	145,512,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of an announced plan	$ (7,943)	$ (5)		(7,938)
Stock repurchases as part of an announced plan (in shares)		(462,000)
Offering costs	(342)		(342)
Noncontrolling interest in consolidated joint venture	888					888
Dividends to common stockholders, dividends to preferred stockholders of subsidiary, and dividends reinvested	(122,148)		(173)	(121,959)		(16)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	$ 3,668	$ 2	3,666
Shares issued under the 2007 Omnibus Incentive Plan, net of tax (in shares)	185,169	185,000
Net income (loss) applicable to noncontrolling interest \| As Presented [Member]	$ (15)
Net income (loss) applicable to noncontrolling interest	(15)					(15)
Net income applicable to Piedmont (Restated/ Revised) \| As Presented [Member]	107,887
Net income applicable to Piedmont (Restated/ Revised)	99,732			99,732
Other comprehensive income/ (loss)	443				443
Balance, value (As Presented [Member]) at Dec. 31, 2016	2,178,882
Balance, value at Dec. 31, 2016	$ 2,097,703	$ 1,452	3,673,128	(1,580,863)	2,104	1,882
Balance, (in shares) at Dec. 31, 2016	145,235,313	145,235,000
Balance, value at Mar. 31, 2016	$ 2,086,639
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	72,278
Balance, value at Jun. 30, 2016	2,125,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	(13,107)
Balance, value at Sep. 30, 2016	2,087,804
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Piedmont (Restated/ Revised)	30,189
Balance, value (As Presented [Member]) at Dec. 31, 2016	2,178,882
Balance, value at Dec. 31, 2016	$ 2,097,703	$ 1,452	$ 3,673,128	$ (1,580,863)	$ 2,104	$ 1,882
Balance, (in shares) at Dec. 31, 2016	145,235,313	145,235,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Operating distributions received from unconsolidated joint ventures

$ 99,717

$ 131,319

$ 42,165

579

774

266

Adjustments to reconcile net income to net cash provided by operating activities:

127,733

134,503

138,679

Gain/(loss) on settlement of forward starting interest rate swaps

1,702

1,768

1,578

(1,284)

14,960

74,373

61,221

56,327

^[1]

33,901

43,301

Equity in loss/(income) of unconsolidated joint ventures

7,928

8,789

5,250

(362)

(553)

350

(93,410)

(129,683)

(1,132)

(1,479)

Increase in tenant and straight-line rent receivables, net

(26,747)

(29,478)

(40,505)

Decrease/(increase) in prepaid expenses and other assets

3,229

(5,256)

(135)

1,996

(828)

(1,884)

Increase/(decrease) in accounts payable and accrued expenses

3,729

(162)

2,995

1,441

4,613

(277)

235,809

219,044

217,158

Acquisition of real estate assets, net of related debt assumed, and intangibles

(349,668)

(382,773)

(117,418)

(5,150)

Redemption of noncontrolling interest in unconsolidated variable interest entity

(110,228)

(118,671)

(168,891)

(4,000)

Net sale proceeds received from unconsolidated joint ventures

365,918

848,169

46,232

6,017

(42)

Net cash provided by/(used in) investing activities

(25,896)

(37,683)

(27,694)

(119,874)

305,042

(266,946)

(264)

(1,081)

(1,294)

695,000

1,301,858

1,052,527

(706,875)

(1,544,301)

(813,702)

(1,135)

Shares withheld to pay tax obligations related to employee stock compensation

(342)

(326)

(2,344)

(1,710)

(1,275)

Repurchases of common stock as part of announced plan

(7,943)

(158,860)

(54,802)

Dividends paid and discount on dividend reinvestments

(91,616)

(126,531)

(125,198)

Net cash provided by/(used in) financing activities

(114,384)

(530,951)

55,121

Net increase/(decrease) in cash and cash equivalents

1,551

(6,865)

5,333

5,441

12,306

6,973

Accounting Changes and Error Corrections [Abstract]

$ 6,992

$ 5,441

$ 12,306

[1]	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

Organization	12 Months Ended
Organization	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Piedmont Office Realty Trust, Inc. (“Piedmont”) (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes and engages in the acquisition, development, management, and ownership of commercial real estate properties throughout the United States, including properties that are under construction, are newly constructed, or have operating histories. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business primarily through Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont owns 99.9% of, and is the sole general partner of, Piedmont OP and as such, possesses full legal control and authority over the operations of Piedmont OP. The remaining 0.1% ownership interest of Piedmont OP is held indirectly by Piedmont through its wholly-owned subsidiary, Piedmont Office Holdings, Inc. ("POH"), the sole limited partner of Piedmont OP. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through both consolidated and unconsolidated joint ventures. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. As of December 31, 2016, Piedmont owned 65 in-service office properties, plus one redevelopment asset, two development assets, and one building through an unconsolidated joint venture. Piedmont's total consolidated portfolio consists of 19.6 million rentable square feet (unaudited) of primarily Class A commercial office space. The 65 in-service office properties comprise 18.9 million square feet (unaudited) and were 94.2% leased (unaudited) as of December 31, 2016. As of December 31, 2016, approximately 87% of Piedmont's Annualized Lease Revenue (unaudited) was generated from these 65 office properties in select submarkets located primarily within eight major U.S. office markets: Atlanta, Boston, Chicago, Dallas, Minneapolis, New York, Orlando, and Washington, D.C. Piedmont internally evaluates all of the real estate assets as one operating segment, and accordingly, does not report segment information.

Restatement

12 Months Ended

Dec. 31, 2016

Restatement

The restatement of Piedmont's audited consolidated financial statements results from its subsequent accounting for goodwill resulting from the purchase of two property management companies in order to become a self-managed entity. Previously, Piedmont did not allocate goodwill to the disposal of real estate assets or held for sale real estate assets that met the definition of a business under GAAP, as required by Accounting Standards Codification 350 Intangibles - Goodwill and Other in order to determine gain on disposition of assets or impairments, if any, respectively. For the disposal of real estate assets that constituted a business, goodwill and gain on disposition of assets both should have been reduced by the proportionate amount of goodwill allocated to each disposed real estate asset. The amount of goodwill allocated is derived as the proportionate fair value of the real estate considered to be a business under GAAP at the time of sale to the fair value of Piedmont’s reporting unit. The restated amounts are reflected in the tables below. We have also revised the 2014 financial statements to correct the related immaterial error for that year and prior years. The revised consolidated statement of operations includes a reduction to gain on sale of real estate assets of approximately $1.2 million for the year ended December 31, 2014. Additionally, approximately $30.1 million related to disposals prior to 2014 has been recorded to increase cumulative distributions in excess of earnings as of December 31, 2013 on the accompanying consolidated statements of stockholders' equity. Further, in evaluating the impairment on held for sale real estate assets considered to be a business under GAAP, the proportionate amount of goodwill attributable to the real estate asset held for sale should be considered in determining the amount of impairment, if any. The amount of goodwill attributed is derived as the proportionate fair value of the real estate asset considered to be a business under GAAP held for sale at measurement date to the fair value of Piedmont’s reporting unit. As a result, the restated consolidated balance sheet includes a decrease in goodwill and resulting increase in other real estate assets held for sale of approximately $2.3 million as of December 31, 2015.

The consolidated financial statements included in this Form 10-K/A have been restated as of December 31, 2016 and 2015 and for the years then ended to reflect the adjustments described above. The following statements present the effect of the restatement on (i) Piedmont's consolidated balance sheets as of December 31, 2016 and December 31, 2015, (ii) Piedmont's consolidated statements of income for the years ended December 31, 2016 and 2015 and (iii) Piedmont's consolidated statements of cash flows for the years ended December 31, 2016, and 2015. As noted above, Piedmont has also revised the 2014 financial statements to correct the related immaterial error for that year and prior years. Piedmont did not present a summary of the effect of the restatement on the consolidated statement of stockholders' equity for any of the above referenced periods because the impact to stockholders' equity is reflected below in the restated consolidated balance sheets. Piedmont did not present a summary of the effect of the restatement on the consolidated statements of comprehensive income/(loss) for any of the above referenced periods because the impact to net income is reflected below in the restated consolidated statements of income and the restatement adjustments did not affect any other component of comprehensive income.

The following table presents the consolidated balance sheet as previously reported, restatement adjustments, and the consolidated balance sheet as restated as of December 31, 2016 (in thousands, except per share data):



	As Previously Filed			Restatement Adjustments			As Restated
Assets:
Real estate assets, at cost:
Land	$	669,848		$	—		$	669,848
Buildings and improvements, less accumulated depreciation	2,927,324			—			2,927,324
Intangible lease assets, less accumulated amortization	99,695			—			99,695
Construction in progress	34,825			—			34,825
Real estate assets held for sale, net	—			—			—
Total real estate assets	3,731,692						3,731,692
Investment in and amounts due from unconsolidated joint venture	7,360			—			7,360
Cash and cash equivalents	6,992			—			6,992
Tenant receivables, net of allowance for doubtful accounts	26,494			—			26,494
Straight-line rent receivables	165,848			—			165,848
Notes receivable	—			—			—
Restricted cash and escrows	1,212			—			1,212
Prepaid expenses and other assets	23,655			—			23,655
Goodwill	180,097			(81,179		)	98,918
Deferred lease costs, less accumulated amortization	305,997			—			305,997
Other assets held for sale, net	—			—			—
Total assets	$	4,449,347		$	(81,179	)	$	4,368,168
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs	$	1,687,731		$	—		$	1,687,731
Secured debt, net of premiums and unamortized debt issuance costs	332,744			—			332,744
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	165,410			—			165,410
Deferred income	28,406			—			28,406
Intangible lease liabilities, less accumulated amortization	48,005			—			48,005
Interest rate swaps	8,169			—			8,169
Total liabilities	2,270,465			—			2,270,465
Commitments and Contingencies	—			—			—
Stockholders’ Equity:
Shares-in-trust	—			—			—
Preferred stock	—			—			—
Common stock	1,452			—			1,452
Additional paid-in capital	3,673,128			—			3,673,128
Cumulative distributions in excess of earnings	(1,499,684		)	(81,179		)	(1,580,863		)
Other comprehensive income	2,104			—			2,104
Piedmont stockholders’ equity	2,177,000			(81,179		)	2,095,821
Noncontrolling interest	1,882			—			1,882
Total stockholders’ equity	2,178,882			(81,179		)	2,097,703
Total liabilities and stockholders’ equity	$	4,449,347		$	(81,179	)	$	4,368,168



	As Previously Filed			Restatement Adjustments			As Restated
Assets:
Real estate assets, at cost:
Land	$	676,091		$	—		$	676,091
Buildings and improvements, less accumulated depreciation	2,837,463			—			2,837,463
Intangible lease assets, less accumulated amortization	84,663			—			84,663
Construction in progress	20,975			—			20,975
Real estate assets held for sale, net	76,614			—			76,614
Total real estate assets	3,695,806						3,695,806
Investment in and amounts due from unconsolidated joint venture	7,577			—			7,577
Cash and cash equivalents	5,441			—			5,441
Tenant receivables, net of allowance for doubtful accounts	26,339			—			26,339
Straight-line rent receivables	147,393			—			147,393
Notes receivable	45,400			—			45,400
Restricted cash and escrows	5,174			—			5,174
Prepaid expenses and other assets	24,777			—			24,777
Goodwill	180,097			(75,311		)	104,786
Deferred lease costs, less accumulated amortization	288,041			—			288,041
Other assets held for sale, net	8,490			2,287			10,777
Total assets	$	4,434,535		$	(73,024	)	$	4,361,511
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs	$	1,528,221		$	—		$	1,528,221
Secured debt, net of premiums and unamortized debt issuance costs	501,289			—			501,289
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	128,465			—			128,465
Deferred income	27,270			—			27,270
Intangible lease liabilities, less accumulated amortization	42,853			—			42,853
Interest rate swaps	9,993			—			9,993
Total liabilities	2,238,091						2,238,091
Commitments and Contingencies	—			—			—
Stockholders’ Equity:
Shares-in-trust	—			—			—
Preferred stock	—			—			—
Common stock	1,455			—			1,455
Additional paid-in capital	3,669,977			—			3,669,977
Cumulative distributions in excess of earnings	(1,477,674		)	(73,024		)	(1,550,698		)
Other comprehensive income	1,661			—			1,661
Piedmont stockholders’ equity	2,195,419			(73,024		)	2,122,395
Noncontrolling interest	1,025			—			1,025
Total stockholders’ equity	2,196,444			(73,024		)	2,123,420
Total liabilities and stockholders’ equity	$	4,434,535		$	(73,024	)	$	4,361,511

The following table presents the consolidated statement of income as previously reported, restatement adjustments, and the consolidated statement of income as restated for the year ended December 31, 2016 (in thousands, except share and per share data):



	As Previously Filed			Restatement Adjustments			As Restated
Revenues:
Rental income	$	459,890		$	—		$	459,890
Tenant reimbursements	93,961			—			93,961
Property management fee revenue	1,864			—			1,864
	555,715			—			555,715
Expenses:
Property operating costs	218,934			—			218,934
Depreciation	127,733			—			127,733
Amortization	75,119			—			75,119
Impairment loss on real estate assets	30,898			3,003			33,901
General and administrative	29,244			—			29,244
	481,928			3,003			484,931
Real estate operating income	73,787			(3,003		)	70,784
Other income (expense):
Interest expense	(64,860		)	—			(64,860		)
Other income/(expense)	(13		)	—			(13		)
Net recoveries/(loss) from casualty events and litigation settlements	34			—			34
Equity in income/(loss) of unconsolidated joint ventures	362			—			362
	(64,477		)	—			(64,477		)
Income from continuing operations	9,310			(3,003		)	6,307
Discontinued operations:
Operating income	—			—			—
Gain/(loss) on sale of real estate assets	—			—			—
Income from discontinued operations	—			—			—
Gain on sale of real estate assets	98,562			(5,152		)	93,410
Net income	107,872			(8,155		)	99,717
Less: Net loss/(income) applicable to noncontrolling interest	15			—			15
Net income applicable to Piedmont	$	107,887		$	(8,155	)	$	99,732
Per share information— basic and diluted:
Income from continuing operations and gain on sale of real estate assets	$	0.74		$	(0.05	)	$	0.69
Income from discontinued operations	—			—			—
Net income applicable to common stockholders	$	0.74		$	(0.05	)	$	0.69
Weighted-average shares outstanding—basic	145,230,382						145,230,382
Weighted-average shares outstanding—diluted	145,634,953						145,634,953



	As Previously Filed			Restatement Adjustments			As Restated
Revenues:
Rental income	$	468,872		$	—		$	468,872
Tenant reimbursements	113,881			—			113,881
Property management fee revenue	2,016			—			2,016
	584,769			—			584,769
Expenses:
Property operating costs	242,022			—			242,022
Depreciation	134,503			—			134,503
Amortization	60,886			—			60,886
Impairment loss on real estate assets	40,169			3,132			43,301
General and administrative	30,346			—			30,346
	507,926			3,132			511,058
Real estate operating income	76,843			(3,132		)	73,711
Other income (expense):
Interest expense	(73,998		)	—			(73,998		)
Other income/(expense)	1,565			—			1,565
Net recoveries/(loss) from casualty events and litigation settlements	(278		)	—			(278		)
Equity in income/(loss) of unconsolidated joint ventures	553			—			553
	(72,158		)	—			(72,158		)
Income from continuing operations	4,685			(3,132		)	1,553
Discontinued operations:
Operating income	84			—			84
Gain/(loss) on sale of real estate assets	(1		)	—			(1		)
Income from discontinued operations	83			—			83
Gain on sale of real estate assets	168,237			(38,554		)	129,683
Net income	173,005			(41,686		)	131,319
Less: Net loss/(income) applicable to noncontrolling interest	(15		)	—			(15		)
Net income applicable to Piedmont	$	172,990		$	(41,686	)	$	131,304
Per share information— basic and diluted:
Income from continuing operations and gain on sale of real estate assets	$	1.15		$	(0.28	)	$	0.87
Income from discontinued operations	—			—			—
Net income applicable to common stockholders	$	1.15		$	(0.28	)	$	0.87
Weighted-average shares outstanding—basic	150,537,757						150,537,757
Weighted-average shares outstanding—diluted	150,880,116						150,880,116

The following table presents the consolidated statement of income as previously reported, revision adjustments, and the consolidated statement of income as revised for the year ended December 31, 2014 (in thousands, except share and per share data):



	As Previously Filed			Revision Adjustments			As Revised
Revenues:
Rental income	$	454,635		$	—		$	454,635
Tenant reimbursements	109,548			—			109,548
Property management fee revenue	2,069			—			2,069
	566,252			—			566,252
Expenses:
Property operating costs	239,431			—			239,431
Depreciation	138,596			—			138,596
Amortization	56,579			—			56,579
Impairment loss on real estate assets	—			—			—
General and administrative	23,825			—			23,825
	458,431			—			458,431
Real estate operating income	107,821			—			107,821
Other income (expense):
Interest expense	(74,446		)	—			(74,446		)
Other income/(expense)	62			—			62
Net recoveries/(loss) from casualty events and litigation settlements	6,992			—			6,992
Equity in income/(loss) of unconsolidated joint ventures	(350		)	—			(350		)
	(67,742		)	—			(67,742		)
Income from continuing operations	40,079			—			40,079
Discontinued operations:
Operating income	954			—			954
Gain/(loss) on sale of real estate assets	1,198			(936		)	262
Income from discontinued operations	2,152			(936		)	1,216
Gain on sale of real estate assets	1,132			(262		)	870
Net income	43,363			(1,198		)	42,165
Less: Net loss/(income) applicable to noncontrolling interest	(15		)	—			(15		)
Net income applicable to Piedmont	$	43,348		$	(1,198	)	$	42,150
Per share information— basic and diluted:
Income from continuing operations and gain on sale of real estate assets	$	0.27		$	(0.01	)	$	0.26
Income from discontinued operations	0.01			—			0.01
Net income applicable to common stockholders	$	0.28		$	(0.01	)	$	0.27
Weighted-average shares outstanding—basic	154,452,121						154,452,121
Weighted-average shares outstanding—diluted	154,585,273						154,585,273

The following table presents the consolidated statement of cash flows as previously reported, restatement adjustments, and the consolidated statement of cash flows as restated for the year ended December 31, 2016 (in thousands):



	As Previously Filed			Restatement Adjustments			As Restated
Cash Flows from Operating Activities:
Net income	$	107,872		$	(8,155	)	$	99,717
Operating distributions received from unconsolidated joint ventures	579			—			579
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	127,733			—			127,733
Amortization of debt issuance costs	1,702			—			1,702
Other amortization	74,373			—			74,373
Impairment loss on real estate assets	30,898			3,003			33,901
Stock compensation expense	7,928			—			7,928
Equity in loss/(income) of unconsolidated joint ventures	(362		)	—			(362		)
Gain on sale of real estate assets, net	(98,562		)	5,152			(93,410		)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables, net	(26,747		)	—			(26,747		)
Decrease/(increase) in restricted cash and escrows	3,229			—			3,229
Decrease/(increase) in prepaid expenses and other assets	1,996			—			1,996
Increase/(decrease) in accounts payable and accrued expenses	3,729			—			3,729
Increase/(decrease) in deferred income	1,441			—			1,441
Net cash provided by operating activities	235,809			—			235,809
Cash Flows from Investing Activities:
Acquisition of real estate assets, net of related debt assumed, and intangibles	(349,668		)	—			(349,668		)
Capitalized expenditures, net of accruals	(110,228		)	—			(110,228		)
Net sale proceeds from wholly-owned properties	365,918			—			365,918
Deferred lease costs paid	(25,896		)	—			(25,896		)
Net cash provided by/(used in) investing activities	(119,874		)	—			(119,874		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(264		)	—			(264		)
Proceeds from debt	695,000			—			695,000
Repayments of debt	(706,875		)	—			(706,875		)
Costs of issuance of common stock	(342		)	—			(342		)
Shares withheld to pay tax obligations related to employee stock compensation	(2,344		)	—			(2,344		)
Repurchases of common stock as part of announced plan	(7,943		)	—			(7,943		)
Dividends paid and discount on dividend reinvestments	(91,616		)	—			(91,616		)
Net cash provided by/(used in) financing activities	(114,384		)	—			(114,384		)
Net increase/(decrease) in cash and cash equivalents	1,551			—			1,551
Cash and cash equivalents, beginning of year	5,441			—			5,441
Cash and cash equivalents, end of year	$	6,992		$	—		$	6,992



	As Previously Filed			Restatement Adjustments			As Restated
Cash Flows from Operating Activities:
Net income	$	173,005		$	(41,686	)	$	131,319
Operating distributions received from unconsolidated joint ventures	774			—			774
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	134,503			—			134,503
Amortization of debt issuance costs	1,768			—			1,768
Gain/(loss) on settlement of forward starting interest rate swaps	(1,284		)	—			(1,284		)
Other amortization	61,221			—			61,221
Impairment loss on real estate assets	40,169			3,132			43,301
Stock compensation expense	8,789			—			8,789
Equity in loss/(income) of unconsolidated joint ventures	(553		)	—			(553		)
Gain on sale of real estate assets, net	(168,237		)	38,554			(129,683		)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables, net	(29,478		)	—			(29,478		)
Decrease/(increase) in restricted cash and escrows	(5,256		)	—			(5,256		)
Decrease/(increase) in prepaid expenses and other assets	(828		)	—			(828		)
Increase/(decrease) in accounts payable and accrued expenses	(162		)	—			(162		)
Increase/(decrease) in deferred income	4,613			—			4,613
Net cash provided by operating activities	219,044			—			219,044
Cash Flows from Investing Activities:
Acquisition of real estate assets, net of related debt assumed, and intangibles	(382,773		)	—			(382,773		)
Capitalized expenditures, net of accruals	(118,671		)	—			(118,671		)
Redemption of noncontrolling interest in unconsolidated variable interest entity	(4,000		)	—			(4,000		)
Net sale proceeds from wholly-owned properties	848,169			—			848,169
Deferred lease costs paid	(37,683		)	—			(37,683		)
Net cash provided by/(used in) investing activities	305,042			—			305,042
Cash Flows from Financing Activities:
Debt issuance costs paid	(1,081		)	—			(1,081		)
Proceeds from debt	1,301,858			—			1,301,858
Repayments of debt	(1,544,301		)	—			(1,544,301		)
Costs of issuance of common stock	(326		)	—			(326		)
Shares withheld to pay tax obligations related to employee stock compensation	(1,710		)	—			(1,710		)
Repurchases of common stock as part of announced plan	(158,860		)	—			(158,860		)
Dividends paid and discount on dividend reinvestments	(126,531		)	—			(126,531		)
Net cash provided by/(used in) financing activities	(530,951		)	—			(530,951		)
Net increase/(decrease) in cash and cash equivalents	(6,865		)	—			(6,865		)
Cash and cash equivalents, beginning of year	12,306			—			12,306
Cash and cash equivalents, end of year	$	5,441		$	—		$	5,441

The following table presents the consolidated statement of cash flows as previously reported, revision adjustments, and the consolidated statement of cash flows as revised for the year ended December 31, 2014 (in thousands):



	As Previously Filed			Revision Adjustments			As Revised
Cash Flows from Operating Activities:
Net income	$	43,363		$	(1,198	)	$	42,165
Operating distributions received from unconsolidated joint ventures	266			—			266
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	138,679			—			138,679
Amortization of debt issuance costs	1,578			—			1,578
Gain/(loss) on settlement of forward starting interest rate swaps	14,960			—			14,960
Other amortization	56,327			—			56,327
Stock compensation expense	5,250			—			5,250
Equity in loss/(income) of unconsolidated joint ventures	350			—			350
Gain on sale of real estate assets, net	(2,330		)	1,198			(1,132		)
Retirement of shares returned from escrow	(1,479		)	—			(1,479		)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables, net	(40,505		)	—			(40,505		)
Decrease/(increase) in restricted cash and escrows	(135		)	—			(135		)
Decrease/(increase) in prepaid expenses and other assets	(1,884		)	—			(1,884		)
Increase/(decrease) in accounts payable and accrued expenses	2,995			—			2,995
Increase/(decrease) in deferred income	(277		)	—			(277		)
Net cash provided by operating activities	217,158			—			217,158
Cash Flows from Investing Activities:
Acquisition of real estate assets, net of related debt assumed, and intangibles	(117,418		)	—			(117,418		)
Net cash held in escrow for acquisitions	(5,150		)	—			(5,150		)
Capitalized expenditures, net of accruals	(168,891		)	—			(168,891		)
Net sale proceeds from wholly-owned properties	46,232			—			46,232
Net sale proceeds received from unconsolidated joint ventures	6,017			—			6,017
Investments in unconsolidated joint ventures	(42		)	—			(42		)
Deferred lease costs paid	(27,694		)	—			(27,694		)
Net cash provided by/(used in) investing activities	(266,946		)	—			(266,946		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(1,294		)	—			(1,294		)
Proceeds from debt	1,052,527			—			1,052,527
Repayments of debt	(813,702		)	—			(813,702		)
Discount paid due to loan modification	(1,135		)	—			(1,135		)
Shares withheld to pay tax obligations related to employee stock compensation	(1,275		)	—			(1,275		)
Repurchases of common stock as part of announced plan	(54,802		)	—			(54,802		)
Dividends paid and discount on dividend reinvestments	(125,198		)	—			(125,198		)
Net cash provided by/(used in) financing activities	55,121			—			55,121
Net increase/(decrease) in cash and cash equivalents	5,333			—			5,333
Cash and cash equivalents, beginning of year	6,973			—			6,973
Cash and cash equivalents, end of year	$	12,306		$	—		$	12,306

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Piedmont’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors.

Piedmont owns interests in two real properties through its ownership in 1201 Eye Street, N.W. Associates, LLC and 1225 Eye Street, N.W. Associates, LLC. Piedmont has evaluated these entities based on the criteria outlined above and concluded that these entities are VIEs, but that Piedmont has a controlling interest in both entities through its 100% ownership in Piedmont Washington Properties, Inc. Accordingly, Piedmont’s consolidated financial statements include the accounts of 1201 Eye Street, NW Associates, LLC and 1225 Eye Street, NW Associates, LLC. Additionally, during the year ended December 31, 2016 Piedmont purchased a 99% interest in a joint venture which owns the CNL Center I and CNL Center II buildings in Orlando, Florida. Piedmont evaluated its interest in the joint venture based on the same criteria mentioned above and concluded that it is not a VIE; however, the joint venture is consolidated under the voting model due to Piedmont's 99% ownership interest.

As of December 31, 2016, Piedmont also owned an interest in a property through an unconsolidated joint venture partnership. Although Piedmont is the majority equity participant in this joint venture, Piedmont and its co-venturer exercise joint control over the property. As a result, in accordance with GAAP, the accounts of this joint venture are not consolidated, but rather accounted for using the equity method of accounting in Piedmont’s consolidated financial statements.

Please refer to Note 7 for a summary of Piedmont’s interests in and consolidation treatment of its various VIEs as of December 31, 2016.

All inter-company balances and transactions have been eliminated upon consolidation.

Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity and consequently the assets of the special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from those estimates.

Real Estate Assets

Piedmont classifies its real estate assets as long-lived assets held for use or as long-lived assets held for sale. Held for use assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Held for sale assets are carried at lower of depreciated cost or estimated fair value, less estimated costs to sell. Piedmont generally reclassifies assets as held for sale once a sales contract has been executed and earnest money has become non-refundable.

Amounts capitalized to real estate assets consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs. All repairs and maintenance are expensed as incurred. Additionally, Piedmont capitalizes interest while the development, or redevelopment, of a real estate asset is in progress. Approximately $4.6 million, $3.8 million, and $2.1 million of interest was capitalized for the years ended December 31, 2016, 2015, and 2014, respectively.

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

Piedmont continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of both operating properties and properties under construction in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. For wholly owned properties, when indicators of potential impairment are present, or when a sale in the near term is considered more than 50% probable, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs.

For properties owned as part of an investment in an unconsolidated joint venture, Piedmont assesses the estimated fair value of its investment as compared to its carrying amount. If Piedmont determines that the carrying value is greater than the estimated fair value at any measurement date, Piedmont must also determine if such a difference is temporary in nature. Value fluctuations which are “other than temporary” in nature are then recorded to adjust the carrying value to the estimated fair value amount in the period in which such determination is made.

Fair Value of Assets and Liabilities of Acquired Properties

Upon the acquisition of real properties, Piedmont records the fair value of properties as tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values.

The estimated fair values of the tangible assets of an acquired property (which includes land and building) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs.

The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases.

The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant, estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as direct costs associated with obtaining a tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

Gross intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, recorded at acquisition as of December 31, 2016 and 2015, respectively, are as follows (in thousands):



	December 31, 2016		December 31, 2015
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	25,425	$	23,684
In-Place Lease Valuation	$	183,422	$	153,991
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	261,075	$	208,497
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	97,230	$	85,168

For the years ended December 31, 2016, 2015, and 2014, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands):



	2016		2015		2014
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense	$	58,150	$	42,278	$	36,007
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues	$	5,066	$	4,571	$	4,727

Net intangible assets and liabilities as of December 31, 2016 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:
2017	$	2,590	$	24,511	$	33,791	$	9,138
2018	1,600		17,980		27,156		8,470
2019	910		13,646		22,205		7,270
2020	156		9,614		16,786		5,670
2021	104		8,447		14,731		5,468
Thereafter	227		19,910		36,451		11,989
	$	5,587	$	94,108	$	151,120	$	48,005

Weighted-Average Amortization Period (in years)	3		6		7		7


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

Investments in and Amounts Due from Unconsolidated Joint Ventures

Piedmont’s investment in its one unconsolidated joint venture is recorded using the equity method of accounting, whereby original investments are recorded at cost and subsequently adjusted for contributions, distributions, net income/(loss), and "other than temporary" impairment losses, if any, attributable to such joint ventures. Pursuant to the terms of the unconsolidated joint venture agreement, all income and distributions are allocated to the joint venture partners in accordance with their respective ownership interests. Distributions from the unconsolidated joint venture are generally distributed to the partners on a quarterly basis and are classified on the accompanying consolidated statements of cash flow using the nature of distribution approach. Distributions of net cash from operations are classified as cash inflows from operating activities, as they are presumed to be returns on Piedmont’s investment in the joint venture. Proceeds received as the result of a sale of an asset from an unconsolidated joint venture are considered a return of Piedmont’s investment in the joint venture and classified as cash inflows from investing activities. Due from unconsolidated joint venture represents operating distributions due to Piedmont from its investment in the unconsolidated joint venture which have been declared but not received as of period end.

Cash and Cash Equivalents

Piedmont considers all highly-liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include cash and short-term investments. Short-term investments consist of investments in money market accounts stated at cost, which approximates estimated fair value, and available-for-sale securities resulting from Piedmont's non-qualified deferred compensation program carried at estimated fair value.

Tenant Receivables, net and Straight-line Rent Receivables

Tenant receivables are comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates estimated fair value. Management assesses the collectibility of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. During the year ended December 31, 2016, Piedmont began classifying provisions for/(recoveries of) bad debts as property operating costs in the accompanying consolidated statements of income to include such expenses as a component of operating the underlying properties. Previously, such costs were presented as general and administrative expenses. Piedmont recognized approximately $216,000 of provisions for bad debts during the year ended December 31, 2016 as a component of property operating costs. In order to conform with the presentation used during the year ended December 31, 2016, Piedmont reclassified approximately $22,000 of provisions for bad debts for the year ended December 31, 2015, and approximately $5,000 of recoveries of bad debts for the year ended December 31, 2014.

Restricted Cash and Escrows

Restricted cash and escrows principally relate to the following types of items:


•	escrow accounts held by lenders to pay future real estate taxes, insurance, debt service, and tenant improvements;


•	net sales proceeds from property sales held by qualified intermediary for potential Section 1031 exchange;


•	earnest money paid in connection with future acquisitions; and


•	security and utility deposits paid by tenants per the terms of their respective leases.

Restricted cash and escrows are generally reclassified to other asset or liability accounts upon being used to purchase assets, satisfy obligations, or settle tenant obligations.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets are primarily comprised of the following items:


•	prepaid property taxes, insurance and operating costs;


•	deferred common area maintenance costs which will be reimbursed by tenants over specified time periods;


•	receivables which are unrelated to tenants, for example, insurance proceeds receivable from insurers related to casualty losses; and


•	equipment, furniture and fixtures, and tenant improvements for Piedmont’s corporate office and property management office space, net of accumulated depreciation.

Prepaid expenses and other assets will be expensed as utilized or depreciated in the case of Piedmont's corporate assets. Balances without a future economic benefit are expensed as they are identified. Deferred common area maintenance costs are amortized to property operating costs as the related reimbursement income is recognized over the period specified in the respective lease. Piedmont recognized amortization of deferred common area maintenance for the years ended December 31, 2016, 2015, and 2014 of approximately $1.4 million, $2.5 million, and $2.5 million, respectively.

Goodwill

Goodwill is the excess of cost of an acquired entity over the amounts specifically assigned to assets acquired and liabilities assumed in purchase accounting for business combinations. Piedmont tests the carrying value of its goodwill for impairment on an annual basis, or on an interim basis if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Such interim circumstances may include, but are not limited to, significant adverse changes in legal factors or in the general business climate, adverse action or assessment by a regulator, unanticipated competition, the loss of key personnel, or persistent declines in an entity’s stock price below carrying value of the entity. Piedmont first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, Piedmont concludes that the estimated fair value is greater than the carrying amount, then performing a further two-step impairment test is unnecessary. However, if Piedmont chooses to forgo the availability of the qualitative analysis, the test prescribed by authoritative accounting guidance is a two-step test. The first step involves comparing the estimated fair value of the entity to its carrying value, including goodwill. Estimated fair value is determined by adjusting the trading price of the stock for a control premium, if necessary, multiplied by the common shares outstanding. If such calculated estimated fair value exceeds the carrying value, no further procedures or analysis is required. However, if the carrying value exceeds the calculated fair value, goodwill is potentially impaired and step two of the analysis would be required. Step two of the test involves calculating the implied fair value of goodwill by deducting the estimated fair value of all tangible and intangible net assets of the entity from the entity’s estimated fair value calculated in step one of the test. If the implied value of the goodwill (the remainder left after deducting the estimated fair values of the entity from its calculated overall estimated fair value in step one of the test) is less than the carrying value of goodwill, an impairment loss would be recognized. Piedmont did not record any impairment on its existing goodwill for the years ended December 31, 2016, 2015, or 2014 related to enterprise valuation in accordance with the calculation methodology above.

However, during the period that individual real estate assets qualified as a "business" under GAAP, proportionate amounts of Piedmont's goodwill balance were allocated to the basis of real estate assets sold or classified as held for sale when determining gain or loss on sale or impairment loss on such assets. On October 1, 2016, Piedmont early adopted Accounting Standards Update 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business (as further described in “Accounting Pronouncements Adopted during the Year Ended December 31, 2016” below), and as a result, Piedmont is no longer required to allocate a proportionate amount of goodwill to the basis of real estate assets that do not qualify as a business when those assets are sold or classified as held for sale.

The following table presents a reconciliation of the Company’s goodwill from January 1, 2007 to December 31, 2016 (in thousands):



Balance as of January 1, 2007	$	—
Purchase of property management companies results in Goodwill (April 2007)	180,097
Goodwill allocated to disposition of real estate assets for the years ended December 31, 2007, 2008, 2009	—
Balance as of December 31, 2009	180,097
Goodwill allocated to impairment loss on real estate assets	(2,557		)
Balance as of December 31, 2010	177,540
Goodwill allocated to disposition of real estate assets	(17,533		)
Balance as of December 31, 2011	160,007
Goodwill allocated to disposition of real estate assets	(4,303		)
Balance as of December 31, 2012	155,704
Goodwill allocated to disposition of real estate assets	(4,412		)
Goodwill allocated to impairment loss on real estate assets	(1,335		)
Balance as of December 31, 2013	149,957
Goodwill allocated to disposition of real estate assets	(1,198		)
Balance as of December 31, 2014	148,759
Goodwill allocated to disposition of real estate assets	(38,554		)
Goodwill allocated to impairment loss on real estate assets	(3,132		)
Goodwill allocated to other assets held for sale	(2,287		)
Balance as of December 31, 2015	104,786
Goodwill allocated to disposition of real estate assets	(5,152		)
Goodwill allocated to impairment loss on real estate assets	(716		)
Balance as of December 31, 2016	$	98,918

Interest Rate Derivatives

Piedmont periodically enters into interest rate derivative agreements to hedge its exposure to changing interest rates. As of December 31, 2016 and 2015, all of Piedmont's interest rate derivatives were designated as effective cash flow hedges and carried on the balance sheet at estimated fair value. Piedmont reassesses the effectiveness of its derivatives designated as cash flow hedges on a regular basis to determine if they continue to be highly effective and if the forecasted transactions remain highly probable. Piedmont does not use derivatives for trading or speculative purposes.

The changes in estimated fair value of interest rate swap agreements designated as effective cash flow hedges are recorded in other comprehensive income (“OCI”), and subsequently reclassified to earnings when the hedged transactions occur. The estimated fair value of the interest rate derivative agreement is recorded as interest rate derivative asset or as interest rate derivative liability in the accompanying consolidated balance sheets. Amounts received or paid under interest rate derivative agreements are recorded as reductions or additions to interest expense in the consolidated income statements as incurred. Additionally, when Piedmont settles forward starting swap agreements, any gain or loss is recorded as accumulated other comprehensive income and is amortized to interest expense over the term of the respective notes on a straight line basis (which approximates the effective interest method). Further, Piedmont classifies cash flows from the settlement of hedging derivative instruments in the same category as the underlying exposure which is being hedged. Settlements resulting from the hedge of Piedmont's exposure to interest rate changes are classified as operating cash flows in the accompanying consolidated statements of cash flows.

Deferred Lease Costs

Deferred lease costs are comprised of costs and incentives incurred to acquire operating leases. In addition to direct costs, deferred lease costs also include intangible lease origination costs related to in-place leases acquired as part of a property acquisition and direct payroll costs incurred related to negotiating and executing specific leases. For the years ended December 31, 2016, 2015, and 2014, Piedmont capitalized approximately $0.4 million, $1.0 million, and $0.7 million, respectively, of internal leasing and development costs.

Deferred lease costs are amortized on a straight-line basis over the terms of the related underlying leases in the accompanying consolidated statements of income as follows:


•	Approximately $50.1 million, $42.5 million, and $40.9 million of deferred lease costs for the years ended December 31, 2016, 2015, and 2014, respectively, are included in amortization expense; and


•	Approximately $3.9 million, $4.7 million, and $4.2 million, of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2016, 2015, and 2014, respectively, was included as an offset to rental income.

Upon receipt of a lease termination notice, Piedmont adjusts the amortization of any unamortized deferred lease costs to be recognized ratably over the revised remaining term of the lease after giving effect to the termination notice. If there is no remaining lease term and no other obligation to provide the tenant space in the property, then any unamortized tenant-specific costs are recognized immediately upon termination.

Debt

When mortgage debt is assumed upon the acquisition of real property, Piedmont adjusts the loan to estimated fair value with a corresponding adjustment to building and other intangible assets assumed as part of the purchase. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. Amortization of such fair value adjustments was approximately $0.5 million, $0.5 million, and $0.2 million for the years ended December 31, 2016, 2015, and 2014, respectively.

Additionally, Piedmont records debt issuance premiums/discounts as an increase/decrease to the principal amount of the loan in the accompanying consolidated balance sheets, and amortizes such premiums or discounts as a component of interest expense over the life of the underlying loan facility using the effective interest method. Piedmont recorded discount amortization of approximately $0.2 million, $0.2 million, and $0.2 million for the years ended December 31, 2016, 2015, and 2014, respectively.

Piedmont presents all debt issuance costs as a direct deduction from the principal amount of secured and unsecured debt in the accompanying consolidated balance sheets. Piedmont amortizes these costs to interest expense on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Piedmont recognized amortization of such costs for the years ended December 31, 2016, 2015, and 2014 of approximately $2.9 million, $2.8 million, and $2.7 million, respectively.

Deferred income

Deferred income is primarily comprised of the following items:


•	prepaid rent from tenants; and


•	tenant reimbursements related to operating expense or property tax expenses which may be due to tenants as part of an annual operating expense reconciliation.

Deferred income related to prepaid rents from tenants will be recognized as income in the period it is earned. Amounts related to operating expense reconciliations or property tax expense are relieved when the tenant's reconciliation is completed in accordance with the underlying lease, and payment is issued to the tenant.

Shares-in-trust

To date, Piedmont has not issued any shares-in-trust; however, under Piedmont’s charter, it has authority to issue a total of 150,000,000 shares-in-trust, which would be issued only in the event that there is a purported transfer of, or other change in or affecting the ownership of, Piedmont’s capital stock that would result in a violation of the ownership limits that are included in Piedmont’s charter to protect its REIT status.

Preferred Stock

To date, Piedmont has not issued any shares of preferred stock; however, Piedmont is authorized to issue up to 100,000,000 shares of one or more classes or series of preferred stock. Piedmont’s board of directors may determine the relative rights, preferences, and privileges of any class or series of preferred stock that may be issued, and can be more beneficial than the rights, preferences, and privileges attributable to Piedmont’s common stock.

Common Stock

Under Piedmont’s charter, it has authority to issue a total of 750,000,000 shares of common stock with a par value of $0.01 per share. Each share of common stock is entitled to one vote and participates in distributions equally. The board of directors of Piedmont authorized in June 2015 the repurchase and retirement of up to $200 million of Piedmont's common stock through June 2017. Piedmont may repurchase the shares from time to time, in accordance with applicable securities laws, in the open market or in privately negotiated transactions. The timing of repurchases is dependent upon market conditions and other factors, and repurchases may be commenced or suspended from time to time in Piedmont's discretion, without prior notice. As of December 31, 2016, there was approximately $70.2 million in remaining capacity under the program which may be used for share repurchases through June 2017.

Dividends

As a REIT, Piedmont is required by the Internal Revenue Code of 1986, as amended (the “Code”), to make distributions to stockholders each taxable year equal to at least 90% of its annual taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders (“REIT taxable income”). Piedmont sponsors a dividend reinvestment plan ("DRP") pursuant to which common stockholders may elect (if their brokerage agreements allow) to reinvest an amount equal to the dividends declared on their common shares into additional shares of Piedmont’s common stock in lieu of receiving cash dividends. Under the DRP, Piedmont has the option to either issue shares purchased in the open market or issue shares directly from Piedmont's authorized but unissued shares, in both cases at a 2% discount for the stockholder. Such election takes place at the settlement of each quarterly dividend in which there are participants in the DRP, and may change from quarter to quarter based on management's judgment of the best use of proceeds for Piedmont.

Noncontrolling Interest

Noncontrolling interest is the equity interest of consolidated entities that are not owned by Piedmont. Noncontrolling interest is adjusted for contributions, distributions, and earnings (losses) applicable to the noncontrolling interest partners of the consolidated joint ventures. All earnings and distributions are allocated to the partners of the consolidated joint ventures in accordance with their respective partnership agreements. Earnings allocated to such noncontrolling interest partners are recorded as income applicable to noncontrolling interest in the accompanying consolidated statements of income.

In addition, certain noncontrolling interests are held in the form of equity participation agreements in Piedmont's consolidated variable interest entities. The equity participation agreements include an option to redeem when certain conditions are met. These instruments are re-measured at the redemption amount once the redemption becomes probable and reclassified to a liability once the redemption option is exercised or conditions are met to make the option mandatorily redeemable.

Revenue Recognition

All leases of real estate assets held by Piedmont are classified as operating leases, and the related base rental income is recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred. Rents and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination revenues are recognized ratably as rental revenue over the revised remaining lease term after giving effect to the termination notice. Contingent rental income recognition is deferred until the specific lease-related targets are achieved.

Gains on the sale of real estate assets are recognized upon completing the sale and, among other things, determining the sale price and transferring all of the risks and rewards of ownership without significant continuing involvement with the purchaser. Recognition of all or a portion of the gain would be deferred until both of these conditions are met. Losses are primarily recognized through impairment charges when identified.

Stock-based Compensation

Piedmont has issued stock-based compensation in the form of restricted stock to its employees and directors. For employees, such compensation has been issued pursuant to Piedmont's Long-term Incentive Compensation ("LTIC") program. The LTIC program is comprised of an annual restricted stock grant component (the "Restricted Stock Award" program) and a multi-year performance share component (the "Performance Share" program). Awards granted pursuant to the Restricted Stock Award and Performance Share programs, as well as director's awards, are classified as equity awards or liability awards based on the underlying terms of the program agreement. Awards classified as equity awards are expensed straight-line over the vesting period, with issuances recorded as a reduction to additional paid in capital. Awards classified as liability awards are expensed over the service period, with issuances recorded as a reduction to accrued expense. The compensation expense recognized related to both of these award types is recorded as property operating costs for those employees whose job is related to property operation and as general and administrative expense for all other employees and directors in the accompanying consolidated statements of income.

Non-qualified Deferred Compensation Plan

Additionally, Piedmont has a non-qualified deferred compensation plan which allows certain employees to elect to defer their receipt of compensation, including both cash and stock-based compensation, until future taxable years. Amounts deferred are invested in trading securities held in a "rabbi trust" and are measured using quoted market prices as of the reporting date. As of December 31, 2016, Piedmont held approximately $0.2 million of these trading securities. Such investments are included in cash equivalents due to their short-term, liquid nature, with the corresponding liability included in accounts payable, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets.

Legal Fees and Related Insurance Recoveries

Piedmont recognizes legal expenses in the period in which services are rendered as a component of general and administrative expense for routine corporate matters or as property operating costs for legal expenses attributable to operating properties. Insurance reimbursements related to ongoing legal matters are recorded as a reduction of legal expense in the period that the insurance company definitively notifies Piedmont of its intent to issue payment.

Casualty Losses and Litigation Settlement Expense and Related Insurance Recoveries

From time to time, specific assets may be damaged or destroyed by natural disasters. Such damages may result in significant expenses related to the destruction of fixed assets or costs to clean, repair, and establish emergency operations at the building or buildings affected by the casualty event. In addition, Piedmont may recognize expenses as a result of issuing rent abatements to tenants for business interruptions caused by the tenants' inability to access the space that they lease from Piedmont. Further, during the year ended December 31, 2012, Piedmont settled two separate securities class action lawsuits. Losses related to the above items are estimated and recorded in the period incurred without regard to whether the loss may be ultimately recoverable under Piedmont's various insurance policies. Any related insurance recoveries are recorded as income in the period that the insurance company definitively notifies Piedmont of its intent to issue payment. During the year ended December 31, 2014, Piedmont recorded recoveries of $2.9 million related to its settled class action lawsuits. Further, during the years ended December 31, 2016, 2015 and 2014, Piedmont recorded net casualty recoveries/(loss) related to Hurricane Sandy, which impacted its northeast portfolio in October 2012, of approximately $34,000, $(0.3) million, and $4.1 million, respectively. Of the net recoveries related to Hurricane Sandy previously mentioned, Piedmont recognized $0, $0.3 million, and $1.5 million in business interruption insurance recoveries, respectively, during the years ended December 31, 2016, 2015 and 2014

Discontinued Operations and Disclosures of Disposals of Components of an Entity

During the year ended December 31,2014, Piedmont adopted the amendments of Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") which changed the criteria for reporting discontinued operations. Gains and losses on sales related to properties that do not meet the revised definition of discontinued operations and the operational results of these properties are included in income from continuing operations for all periods presented, while the gain on sale is presented in accordance with SEC Rule 3-15 of Regulation S-X in the accompanying consolidated statements of income between discontinued operations and net income. These gains and/or losses, however, are included in continuing operations for purposes of calculating earnings per share data. Operational results related to properties sold or held for sale prior to the adoption of ASU 2014-08 continue to be presented as discontinued operations as the adoption provisions of ASU 2014-08 required prospective implementation.

Net Income Available to Common Stockholders Per Share

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including the dilutive effect of nonvested restricted stock. The dilutive effect of nonvested restricted stock is calculated using the treasury stock method to determine the number of additional common shares that would become outstanding if the remaining unvested restricted stock awards vested.

Income Taxes

Piedmont has elected to be taxed as a REIT under the Code, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, this distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary, POH, which have been provided for in the financial statements. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to POH. POH did not have significant tax provisions or deferred income tax items. These operations resulted in approximately $415,000, $85,000, and $0 in income tax expense for the years ended December 31, 2016, 2015, and 2014, respectively, as a component of other income/(expense) in the accompanying consolidated statements of income. Further, Piedmont is subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in general and administrative expenses in the accompanying consolidated financial statements.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The reclassifications relate to: (i) properties classified as held for sale as of March 31, 2016, June 30, 2016, or September 30, 2016, have been reclassified as held for sale as of December 31, 2015 for comparative purposes (see Note 15); and (ii) provisions for/(recoveries of) bad debts have been reclassified from general and administrative expenses to property operating costs in the accompanying consolidated statements of income for comparative purposes. (see Tenant Receivables, net and Straight-line Rent Receivables above).

Accounting Pronouncements Adopted during the Year Ended December 31, 2016

As of January 1, 2016, Piedmont early adopted the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Update No. 2016-09, Compensation- Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The provisions in ASU 2016-09 simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The implementation of ASU 2016-09 resulted in the reclassification of approximately $1.7 million and $1.3 million related to income tax consequences for share-based compensation from cash outflows from operating activities to cash outflows from financing activities in the accompanying consolidated statements of cash flows for the years ended December 31, 2015 and 2014, respectively.

Additionally, as of January 1, 2016, Piedmont also adopted Accounting Standards Update No. 2015-05, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40) “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement on a prospective basis, and Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") on a retrospective basis. Piedmont had previously reported applicable transactions on its consolidated statement of cash flows in accordance with the clarifying provisions of ("ASU 2016-09"); therefore, there are no reclassifications associated with adoption.

Finally, as of October 1, 2016, Piedmont early adopted the amended definition of a business described in Accounting Standards Update No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business on a prospective basis. As a result of the revised definition of a business, individual assets are no longer considered a “business” as defined by GAAP. Accordingly, portions of our goodwill balance will no longer be allocated to individual assets that do not qualify as a “business” when they are sold or classified as held for sale. Further, acquisition costs associated with acquisitions of individual assets that do not qualify as business combinations under ASC No. 2017-01 will be capitalized, rather than expensed.

Other Recent Accounting Pronouncements

The FASB has issued Accounting Standards Update No. 2016-05, Derivatives and Hedging (Topic 815), Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ("ASU 2016-05"). The amendments in ASU 2016-05 clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in ASU 2016-05 are effective in the first quarter of 2017, and Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption.

The FASB has issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") and Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The amendments in ASU 2014-09, which are further clarified in ASU 2016-08, as well as Accounting Standards Update 2016-10 and Accounting Standards Update 2016-12 (collectively the "Revenue Recognition Amendments"), change the criteria for the recognition of certain revenue streams to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services using a five-step determination process. Steps 1 through 5 involve (i) identifying contracts with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations, and (v) recognizing revenue as an entity satisfies a performance obligation. The revenues impacted by the Revenue Recognition Amendments include a portion of Piedmont's tenant reimbursement revenues and property management fee revenues. Lease contracts and reimbursement revenues associated with property taxes and insurance are specifically excluded from the Revenue Recognition Amendments. The Revenue Recognition Amendments are effective in the first quarter of 2018 for Piedmont. Management has substantially completed its initial assessment of the impact of adoption of the Revenue Recognition Amendments. Approximately 90% of Piedmont's total revenues are derived from either long-term leases with its tenants or reimbursement of property tax and insurance expenses, which are excluded from the scope of the Revenue Recognition Amendments. In addition, based on management's assessment to date, Piedmont does not expect the timing of the recognition of reimbursement revenue and revenue from management agreements to change as a result of the new guidance, though certain classifications may change. As a result, although management continues to evaluate the guidance and disclosures required by the Revenue Recognition Amendments, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption.

The FASB has issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The amendments in ASU 2016-01 require equity investments, except those accounted for under the equity method of accounting, to be measured at estimated fair value with changes in fair value recognized in net income. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments, and eliminates certain disclosure requirements. The amendments in ASU 2016-01 are effective in the first quarter of 2018, and Piedmont is currently evaluating the potential impact of adoption.

The FASB has issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force) ("ASU 2016-18"). The provisions of ASU 2016-18 require entities to show changes in restricted cash and cash equivalents in addition to cash and cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between restricted and unrestricted cash in the statement of cash flows. ASU 2016-18 is effective for Piedmont in the first quarter of 2018, with early adoption permitted. Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption.

The FASB has issued Accounting Standards Update No. 2016-02, Leases (Topic 842), ("ASU 2016-02"). The amendments in ASU 2016-02 fundamentally change the definition of a lease, as well as the accounting for operating leases by requiring lessees to recognize assets and liabilities which arise from the lease, consisting of a liability to make lease payments (the lease liability) and a right-of-use asset, representing the right to use the leased asset over the term of the lease. Accounting for leases by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis. The amendments in ASU 2016-02 are effective in the first quarter of 2019, and Piedmont is currently evaluating the potential impact of adoption.

The FASB has issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The provisions of ASU 2016-13 replace the "incurred loss" approach with an "expected loss" model for impairing trade and other receivables, held-to-maturity debt securities, net investment in leases, and off-balance-sheet credit exposures, which will generally result in earlier recognition of allowances for credit losses. Additionally, the provisions change the classification of credit losses related to available-for-sale securities to an allowance, rather than a direct reduction of the amortized cost of the securities. ASU 2016-13 is effective in the first quarter of 2020, with early adoption permitted as of January 1, 2019. Piedmont is currently evaluating the potential impact of adoption.

Acquisitions and Development Projects

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions and Development Projects

During the year ended December 31, 2016, Piedmont acquired three properties and a 99% interest in a joint venture owning two properties using proceeds from the sales of other properties, proceeds from the $500 Million Unsecured 2015 Line of Credit, and cash on hand, as follows:



Property		Metropolitan Statistical Area	Date of Acquisition	Ownership Percentage Acquired		Rentable Square Feet (Unaudited)	Percentage Leased as of Acquisition (Unaudited)		Net Contractual Purchase Price (in millions)
CNL Center I and CNL Center II		Orlando, Florida	August 1, 2016	99	%	622,488	95	%	$	166.7
One Wayside Road		Boston, Massachusetts	August 10, 2016	100	%	200,605	100	%	$	62.9
Galleria 200		Atlanta, Georgia	October 7, 2016	100	%	431,614	89	%	$	69.6
750 West John Carpenter Freeway	⁽¹⁾	Dallas, Texas	November 30, 2016	100	%	314,714	78	%	$	50.6


⁽¹⁾	Including 3.5 acres of adjacent developable land.

In addition to these acquisitions, during the year ended December 31, 2016, Piedmont constructed the 500 TownPark building, a 134,400 square foot, approximately 80% pre-leased four-story office building located in Lake Mary, Florida. Approximately $24.0 million and $1.0 million was recorded in construction in progress related to this project as of December 31, 2016 and 2015, respectively.

Also during 2016, Piedmont substantially completed the redevelopment of the 3100 Clarendon Boulevard in Arlington, Virginia, from governmental use into Class A private sector space, and the construction of Enclave Place in Houston, Texas, a 300,900 square foot office building.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

During the year ended December 31, 2016, Piedmont repaid the outstanding balance of its $125 Million Fixed-Rate Loan and its $42.5 Million Fixed-Rate Loan, utilizing the first available prepayment opportunity without penalty. Separately, Piedmont incurred during 2016 net additional borrowings on its $500 Million Unsecured 2015 Line of Credit of approximately $157.0 million. As of December 31, 2016, Piedmont believes it was in compliance with all financial covenants associated with its debt instruments. See Note 9 for a description of Piedmont’s estimated fair value of debt as of December 31, 2016.

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2016 and 2015 (in thousands):



Facility ⁽¹⁾	Stated Rate		Effective Rate ⁽²⁾		Maturity		Amount Outstanding as of
Facility ⁽¹⁾	Stated Rate		Effective Rate ⁽²⁾		Maturity		2016		2015
Secured (Fixed)
$125 Million Fixed-Rate Loan	5.50	%	5.50	%	4/1/2016		$	—	$	125,000
$42.5 Million Fixed-Rate Loan	5.70	%	5.70	%	10/11/2016		—		42,525
$140 Million WDC Fixed-Rate Loans ⁽³⁾	5.76	%	5.76	%	11/1/2017		140,000		140,000
$35 Million Fixed-Rate Loan ⁽⁴⁾	5.55	%	3.75	%	9/1/2021		31,583		32,445
$160 Million Fixed-Rate Loan ⁽⁵⁾	3.48	%	3.58	%	7/5/2022		160,000		160,000
Net premium and unamortized debt issuance costs							1,161		1,319
Subtotal/Weighted Average ⁽⁶⁾	4.64	%					332,744		501,289
Unsecured (Variable and Fixed)
$170 Million Unsecured 2015 Term Loan ⁽⁷⁾	LIBOR + 1.125%		1.78	%	5/15/2018		170,000		170,000
$300 Million Unsecured 2013 Term Loan	LIBOR + 1.20%		2.78	%	1/31/2019		300,000		300,000
$500 Million Unsecured 2015 Line of Credit ⁽⁷⁾	LIBOR + 1.00%		1.74	%	6/18/2019	⁽⁸⁾	178,000		21,000
$300 Million Unsecured 2011 Term Loan	LIBOR + 1.15%		3.35	%	1/15/2020		300,000		300,000
$350 Million Unsecured Senior Notes	3.40	%	3.43	%	6/01/2023		350,000		350,000
$400 Million Unsecured Senior Notes	4.45	%	4.10	%	3/15/2024		400,000		400,000
Discounts and unamortized debt issuance costs							(10,269)		(12,779)
Subtotal/Weighted Average ⁽⁶⁾	3.19	%					1,687,731		1,528,221
Total/Weighted Average ⁽⁶⁾	3.43	%					$	2,020,475	$	2,029,510


⁽¹⁾	Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2016 and 2015 is interest-only.


⁽²⁾	Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts.


⁽³⁾	Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C.


⁽⁴⁾	Collateralized by the 5 Wall Street building in Burlington, Massachusetts.


⁽⁵⁾	Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania.


⁽⁶⁾	Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of December 31, 2016.


⁽⁷⁾	On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating.


⁽⁸⁾	Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

A summary of the aggregate maturities of Piedmont’s indebtedness as of December 31, 2016, is provided below (in thousands):



2017	$	140,834
2018	170,960
2019	479,014		⁽¹⁾
2020	301,072
2021	27,702
Thereafter	910,000
Total	$	2,029,582


⁽¹⁾	Includes the balance outstanding as of December 31, 2016 of the $500 Million Unsecured 2015 Line of Credit. However, Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

Piedmont’s weighted-average interest rate as of December 31, 2016 and 2015, for the aforementioned borrowings was approximately 3.43% and 3.55%, respectively. Piedmont made interest payments on all indebtedness, including interest rate swap cash settlements of approximately $69.0 million, $76.4 million, and $72.1 million during the years ended December 31, 2016, 2015, and 2014, respectively.

Variable Interest Entities and Equity Participation Rights

12 Months Ended

Dec. 31, 2016

Variable Interest Entities and Equity Participation Rights

Variable interest holders who have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and have the obligation to absorb the majority of losses of the entity or the right to receive significant benefits of the entity must consolidate the VIE. Each of the following VIEs has the sole purpose of holding land and office buildings and their resulting operations, and are classified in the accompanying consolidated balance sheets in the same manner as Piedmont’s wholly-owned properties.

A summary of Piedmont’s interests in, and consolidation treatment of, its VIEs and their related carrying values as of December 31, 2016 and 2015 is as follows (net carrying amount in millions):



Entity	Piedmont’s % Ownership of Entity		Related Building	Consolidated/ Unconsolidated	Net Carrying Amount as of December 31, 2016			Net Carrying Amount as of December 31, 2015			Primary Beneficiary Considerations
1201 Eye Street N.W. Associates, LLC	49.5	%	1201 Eye Street	Consolidated	$	(6.7	)	$	(7.4	)	In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building.
1225 Eye Street N.W. Associates, LLC	49.5	%	1225 Eye Street	Consolidated	$	9.9		$	3.8		In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building.
Piedmont 500 W. Monroe Fee, LLC	100	%	500 W. Monroe	Consolidated	$	262.4		$	251.4		The Omnibus Agreement with the previous owner includes equity participation rights for the previous owner, if certain financial returns are achieved; however, Piedmont has sole decision making authority and is entitled to 100% of the economic benefits of the property until such returns are met.

Piedmont TownPark Land, LLC previously had an equity participation rights agreement outstanding; however, during the year ended December 31, 2016, Piedmont exercised its right to terminate the equity participation rights agreement related to Piedmont TownPark Land, LLC, without payment of any consideration.

Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Risk Management Objective of Using Derivatives

In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, Piedmont has entered into derivative financial instruments such as interest rate swap agreements and other similar agreements to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

Cash Flow Hedges of Interest Rate Risk

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for Piedmont making fixed-rate payments over the life of the agreements without changing the underlying notional amount. As of December 31, 2016, Piedmont was party to various interest rate swap agreements, all of which are designated as effective cash flow hedges, which fully hedge the variable cash flows associated with its $300 Million Unsecured 2011 Term Loan and its $300 Million Unsecured 2013 Term Loan. During the year ended December 31, 2016, Piedmont's forward starting interest rate swap agreements became effective to hedge the extension period of the $300 Million Unsecured 2011 Term Loan through January 2020. Additionally, during the year ended December 31, 2015, Piedmont settled various forward starting swaps with a total notional value of $250 million in conjunction with the issuance of the $160 Million Fixed-Rate Loan (see Note 6) for a net loss totaling $1.3 million, of which approximately $0.1 million was expensed immediately upon termination. The remaining loss was recorded as accumulated other comprehensive income and is being amortized as an increase to interest expense over the seven-year term of the $160 Million Fixed-Rate Loan. Also during the year ended December 31, 2015, Piedmont favorably settled four forward starting interest rate swaps with a total notional value of $250 million and recorded the net settlement value of approximately $0.1 million as an offsetting component to interest expense in the accompanying consolidated statements of income, as Piedmont chose not to issue debt within the timing prescribed by the forward starting swap agreements. This gain on settlement of swaps includes a charge for costs incurred to establish the swaps at inception. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 36 months.

A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2016 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Notional Amount

(in millions)

Effective Date

Maturity Date

Interest rate swaps

$300 Million Unsecured 2013 Term Loan

200

1/30/2014

1/31/2019

Interest rate swaps

$300 Million Unsecured 2013 Term Loan

100

8/29/2014

1/31/2019

Interest rate swaps

$300 Million Unsecured 2011 Term Loan

300

11/22/2016

1/15/2020

Total

600

Piedmont presents its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2016 and 2015, respectively, is as follows (in thousands):



Interest rate swaps classified as:	2016		2015
Gross derivative assets	$	—	$	—
Gross derivative liabilities	8,169		9,993
Net derivative liability	$	8,169	$	9,993

The effective portion of Piedmont's interest rate derivatives, including the gain/(loss) on settlement of forward swaps described above, that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2016, 2015, and 2014, respectively, was as follows (in thousands):



Interest Rate Swaps in Cash Flow Hedging Relationships	2016			2015			2014
Amount of gain/(loss) recognized in OCI on derivatives	$	(4,126	)	$	(12,509	)	$	(17,122	)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense	$	4,548		$	5,875		$	5,145

Piedmont estimates that an additional $4.1 million will be reclassified from accumulated other comprehensive loss to interest expense over the next twelve months. Piedmont recognized approximately $0, $37,000, and $0 of net loss related to hedge ineffectiveness and terminations of its cash flow hedges during the years ended December 31, 2016, 2015, and 2014, respectively.

Additionally, see Note 9 for fair value disclosures of Piedmont's derivative instruments.

Credit-risk-related Contingent Features

Piedmont has agreements with its derivative counterparties that contain a provision whereby if Piedmont defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Piedmont could also be declared in default on its derivative obligations. If Piedmont were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value of the estimated fair values plus accrued interest, or approximately $8.4 million as of December 31, 2016. Additionally, Piedmont has rights of set-off under certain of its derivative agreements related to potential termination fees and amounts payable under the agreements, if a termination were to occur.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Piedmont considers its cash and cash equivalents, tenant receivables, notes receivable, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of December 31, 2016 and 2015, respectively (in thousands):



	2016					2015
Financial Instrument	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy
Assets:
Cash and cash equivalents ⁽¹⁾	$	6,992	$	6,992	Level 1	$	5,441	$	5,441	Level 1
Tenant receivables, net ⁽¹⁾	$	26,494	$	26,494	Level 1	$	26,339	$	26,339	Level 1
Notes receivable ⁽¹⁾	$	—	$	—	Level 1	$	45,400	$	45,400	Level 1
Restricted cash and escrows ⁽¹⁾	$	1,212	$	1,212	Level 1	$	5,174	$	5,174	Level 1
Liabilities:
Accounts payable and accrued expenses ⁽¹⁾	$	44,733	$	44,733	Level 1	$	13,188	$	13,188	Level 1
Interest rate swap liability	$	8,169	$	8,169	Level 2	$	9,993	$	9,993	Level 2
Debt, net	$	2,020,475	$	2,027,436	Level 2	$	2,029,510	$	2,039,139	Level 2


⁽¹⁾	For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to its short-term maturity.

Piedmont's debt was carried at book value as of December 31, 2016 and 2015; however, Piedmont's estimate of its estimated fair value is disclosed in the table above. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the debt facilities, including the period to maturity of each instrument, and uses observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's outstanding debt. Piedmont has not changed its valuation technique for estimating the fair value of its debt.

Piedmont’s interest rate swap agreements presented above, and further discussed in Note 8, are classified as “Interest rate swap” liabilities in the accompanying consolidated balance sheets and were carried at estimated fair value as of December 31, 2016 and 2015. The valuation of these derivative instruments was determined using widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the derivatives, including the period to maturity of each instrument, and uses observable market-based inputs, including interest rate curves and implied volatilities. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). In addition, Piedmont considered both its own and the respective counterparties’ risk of nonperformance in determining the estimated fair value of its derivative financial instruments by estimating the current and potential future exposure under the derivative financial instruments that both Piedmont and the counterparties were at risk for as of the valuation date. The credit risk of Piedmont and its counterparties was factored into the calculation of the estimated fair value of the interest rate swaps; however, as of December 31, 2016 and 2015, this credit valuation adjustment did not comprise a material portion of the estimated fair value. Therefore, Piedmont believes that any unobservable inputs used to determine the estimated fair values of its derivative financial instruments are not significant to the fair value measurements in their entirety, and does not consider any of its derivative financial instruments to be Level 3 liabilities.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Impairment Loss on Real Estate Assets

Impairment Loss on Real Estate Assets

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Piedmont recorded impairment loss on real estate assets for the years ended December 31, 2016, 2015, and 2014 (in thousands):



	(Restated)		(Restated)
	2016		2015		2014
Eastpoint I & II ⁽¹⁾	$	—	$	6,195	$	—
2 Gatehall Drive ⁽¹⁾	—		37,106		—
150 West Jefferson ⁽¹⁾	8,259		—		—
9221 Corporate Boulevard ⁽²⁾	2,692		—		—
9200 and 9211 Corporate Boulevard ⁽³⁾	22,950		—		—
Total impairment loss on real estate assets ⁽⁴⁾	$	33,901	$	43,301	$	—


⁽¹⁾	Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset including a proportionate amount of goodwill and the contracted sales price, less estimated selling costs.

⁽²⁾

Piedmont, using a probability-weighted model heavily weighted towards the short-term sale of the 9221 Corporate Boulevard building in Rockville, Maryland, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment of approximately $2.7 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill and the anticipated contract sales price, less estimated selling costs.

⁽³⁾

Piedmont elected to sell its remaining two assets and exit the Rockville, Maryland sub-market of Washington, D.C, after selling the 9221 Corporate Boulevard building in July 2016 (mentioned above). Upon management's change in its hold period assumption for the assets from a long-term hold to a near-term sale, Piedmont recognized an impairment loss of approximately $23.0 million. The impairment loss was calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill and the anticipated contracted sales price, less estimated selling costs.


⁽⁴⁾	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments Under Existing Lease Agreements

Under its existing lease agreements, Piedmont may be required to fund significant tenant improvements, leasing commissions, and building improvements. In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for capital improvements or other financial obligations. Piedmont classifies its capital improvements into two categories: (i) improvements which maintain the building's existing asset value and its revenue generating capacity (“non-incremental capital expenditures”) and (ii) improvements which incrementally enhance the building's asset value by expanding its revenue generating capacity (“incremental capital expenditures”). As of December 31, 2016, commitments to fund potential non-incremental capital expenditures over the next five years for tenant improvements totaled approximately $35.3 million related to Piedmont's existing lease portfolio over the respective lease terms, the majority of which Piedmont estimates may be required to be funded over the next three years based on when the underlying leases commence. For most of Piedmont’s leases, the timing of the actual funding of these tenant improvements is largely dependent upon tenant requests for reimbursement. In some cases, these obligations may expire with the leases without further recourse to Piedmont. As of December 31, 2016, commitments for incremental capital expenditures for tenant improvements associated with executed leases totaled approximately $29.8 million.

Contingencies Related to Tenant Audits/Disputes

Certain lease agreements include provisions that grant tenants the right to engage independent auditors to audit their annual operating expense reconciliations. Such audits may result in the re-interpretation of language in the lease agreements which could result in the refund of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. Piedmont recorded reductions in reimbursement revenues related to such tenant audits/disputes of approximately $1.1 million, $0.4 million and $0.6 million during the years ended December 31, 2016, 2015, and 2014, respectively.

Operating Lease Obligations

As of December 31, 2016, the 2001 NW 64^th Street building in Ft. Lauderdale, Florida was subject to a ground lease with an expiration date in 2048. The aggregate payment required under the terms of this operating lease as of December 31, 2016 are presented below (in thousands):



2017	$	93
2018	93
2019	93
2020	93
2021	93
Thereafter	2,439
Total	$	2,904

Ground rent expense was approximately $0.1 million, $0.2 million, and $0.5 million for the years ended December 31, 2016, 2015, and 2014, respectively, and is included in property operating costs in the accompanying consolidated statements of income. The net book value of the 2001 NW 64^th Street building located in Ft. Lauderdale, Florida, was approximately $4.7 million and $5.0 million as of December 31, 2016 and 2015, respectively. Ground rent expense for 2015 and 2014 includes the River Corporate Center building located in Tempe, Arizona, which was sold in April 2015.

Litigation

Piedmont is from time to time a party to legal proceedings, which arise in the ordinary course of its business. None of these ordinary course legal proceedings are reasonably likely to have a material adverse effect on results of operations or financial condition. Piedmont is not aware of any such legal proceedings contemplated by governmental authorities.

Stock Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation

Deferred Stock Awards

From time to time, Piedmont has granted equity awards to all of its employees and independent directors. The deferred stock awards are determined by the Compensation Committee of the board of directors of Piedmont and typically vest on the award anniversary date ratably over a multi-year period. In lieu of providing only deferred stock awards that subsequently vest ratably over a multi-year period, Piedmont utilizes a multi-year performance share program as a portion of the LTIC award eligible for certain of its employees whereby equity awards may be earned only on the relative performance of Piedmont's total stockholder return ("TSR") as compared with a predetermined peer group's total stockholder return over the same multi-year period. Shares, if earned, are not awarded until after the end of the multi-year performance period and vest upon award. Shares granted to independent directors generally vest over a one-year service period.

A rollforward of Piedmont's equity based award activity for the year ended December 31, 2016 is as follows:



	Shares		Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2015	959,446		$	18.67
Deferred Stock Awards Granted	319,083		$	19.96
Decrease in Estimated Potential Future Performance Share Awards, net of forfeitures	(2,358	)	$	21.22
Performance Stock Awards Vested	(53,287	)	$	18.91
Deferred Stock Awards Vested	(258,776	)	$	18.57
Deferred Stock Awards Forfeited	(19,885	)	$	18.29
Unvested and Potential Stock Awards as of December 31, 2016	944,223		$	19.44

The following table provides additional information regarding stock award activity during the years ended December 31, 2016, 2015, and 2014 (in thousands except for per share data):



	2016		2015		2014
Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period (per share)	$	19.96	$	17.59	$	17.78
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	4,806	$	4,239	$	3,353
Share-based Liability Awards Paid During the Period ⁽¹⁾	$	1,127	$	—	$	—


⁽¹⁾	Amounts reflect the issuance of performance share awards related to the 2013-15 Performance Share Plan during the period.

A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2016 is as follows:



Date of grant	Type of Award	Net Shares Granted ⁽¹⁾	Grant Date Fair Value		Vesting Schedule	Unvested and Potential Shares as of December 31, 2016
January 3, 2014	Deferred Stock Award	86,512	$	16.45	Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively.	52,886
May 9, 2014	Deferred Stock Award	144,625	$	18.47	Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 9, 2015, 2016, and 2017, respectively.	44,047
May 9, 2014	Fiscal Year 2014-2016 Performance Share Program	—	$	22.00	Shares awarded, if any, will vest immediately upon determination of award in 2017.	118,448	⁽²⁾
May 1, 2015	Deferred Stock Award	243,884	$	17.59	Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 1, 2016, 2017, and 2018, respectively.	138,128
May 1, 2015	Fiscal Year 2015-2017 Performance Share Program	—	$	18.42	Shares awarded, if any, will vest immediately upon determination of award in 2018.	268,358	⁽²⁾
May 12, 2016	Deferred Stock Award- Board of Directors	31,368	$	20.40	Of the shares granted, 100% will vest on May 12, 2017.	31,368
May 24, 2016	Deferred Stock Award	259,957	$	19.91	Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 24, 2017, 2018, and 2019, respectively.	206,380
May 24, 2016	Fiscal Year 2016-2018 Performance Share Program	—	$	23.02	Shares awarded, if any, will vest immediately upon determination of award in 2019.	84,608	⁽²⁾
Total Unvested and Potential Stock Awards						944,223


⁽¹⁾	Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2016.


⁽²⁾	Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2016. Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.

During the years ended December 31, 2016, 2015, and 2014, Piedmont recognized approximately $8.0 million, $8.9 million and $5.3 million of compensation expense related to stock awards, of which approximately $6.5 million, $7.0 million and $3.8 million, related to the amortization of nonvested shares, respectively. During the year ended December 31, 2016, a total of 185,169 shares were issued to employees. As of December 31, 2016, approximately $3.8 million of unrecognized compensation cost related to nonvested, annual deferred stock awards remained, which Piedmont will record in its consolidated statements of income over a weighted-average vesting period of approximately one year.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

There are no adjustments to “Net income applicable to Piedmont” or “Income from continuing operations” for the diluted earnings per share computations. Adjustments to the carrying amount of non-controlling interest as a result of the measurement of a redeemable equity participation do not impact net income or comprehensive income; rather such adjustments are treated as the repurchase of a non-controlling interest.

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock method that would occur if the remaining unvested deferred stock awards vested and resulted in additional common shares outstanding. Unvested deferred stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the years ended December 31, 2016, 2015, and 2014, as well as common stock issued and outstanding as of the end of the respective periods (in thousands):



	2016	2015	2014
Weighted-average common shares—basic	145,230	150,538	154,452
Plus incremental weighted-average shares from time-vested conversions:
Deferred and performance stock awards	405	342	133
Weighted-average common shares—diluted	145,635	150,880	154,585

Common stock issued and outstanding as of period end	145,235	145,512	154,324

Operating Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Operating Leases

Piedmont’s real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease term, options for early terminations subject to specified penalties, and other terms and conditions as negotiated. Piedmont retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, generally they are not significant. Exposure to credit risk is limited to the extent that tenant receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets.

As of December 31, 2016, approximately 87% of Piedmont's ALR (unaudited) was generated from select office sub-markets in the following major U.S. cities: Atlanta, Boston, Chicago, Dallas, Minneapolis, New York, Orlando, and Washington, D.C. Furthermore, approximately 8.2% of Piedmont's ALR (unaudited) is generated from federal governmental agencies.

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases, excluding unconsolidated joint ventures, as of December 31, 2016, is presented below (in thousands):



Years ending December 31:
2017	$	434,871
2018	426,532
2019	395,212
2020	359,636
2021	323,940
Thereafter	1,615,265
Total	$	3,555,456

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions, Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2016

Property Dispositions, Assets Held for Sale, and Discontinued Operations

Property Dispositions

Since the adoption of ASU 2014-08 during the year ended December 31, 2014, none of Piedmont's property dispositions have met the criteria to be reported as discontinued operations. The operational results for periods prior to sale for properties sold since the adoption of ASU 2014-08 are presented as continuing operations in the accompanying consolidated statements of income, and the gain/(loss) on sale is presented separately in the consolidated statements of income unless otherwise indicated below. Details of such properties sold are presented below (in thousands), with the calculation of each gain/loss on sale reflecting the allocation of a proportionate amount of goodwill as applicable (see Note 2 for more information):



Buildings Sold	Location	Date of Sale	Revised (2014) or Restated Gain/(Loss) on Sale				Net Sales Proceeds
2020 West 89th Street	Leawood, Kansas	May 19, 2014	$	870			$	5,515
Two Park Center ⁽¹⁾	Hoffman Estates, Illinois	May 29, 2014	$	(169	)		$	6,017
3900 Dallas Parkway	Plano, Texas	January 30, 2015	$	8,940			$	25,803
5601 Headquarters Drive	Plano, Texas	April 28, 2015	$	6,390			$	33,326
River Corporate Center	Tempe, Arizona	April 29, 2015	$	4,144			$	24,223
Copper Ridge Center	Lyndhurst, New Jersey	May 1, 2015	$	11,358			$	50,372	⁽²⁾
Eastpoint I & II	Mayfield Heights, Ohio	July 28, 2015	$	(177	)	⁽⁴⁾	$	17,342
3750 Brookside Parkway	Alpharetta, Georgia	August 10, 2015	$	761			$	13,624
Chandler Forum	Chandler, Arizona	September 1, 2015	$	13,805			$	32,267
Aon Center	Chicago, Illinois	October 29, 2015	$	84,218			$	646,243
2 Gatehall Drive	Parsippany, New Jersey	December 21, 2015	$	162		⁽⁴⁾	$	50,369
1055 East Colorado Boulevard	Pasadena, California	April 21, 2016	$	29,462			$	60,076
Fairway Center II	Brea, California	April 28, 2016	$	14,406			$	33,062
1901 Main Street	Irvine, California	May 2, 2016	$	29,964			$	63,149	⁽³⁾
9221 Corporate Boulevard	Rockville, Maryland	July 27, 2016	$	(192	)	⁽⁴⁾	$	12,035
150 West Jefferson	Detroit, Michigan	July 29, 2016	$	(664	)	⁽⁴⁾	$	77,844
9200 and 9211 Corporate Boulevard	Rockville, Maryland	September 28, 2016	$	(41	)	⁽⁴⁾	$	12,519
11695 Johns Creek Parkway	Johns Creek, Georgia	December 22, 2016	$	1,978			$	13,827
Braker Pointe III	Austin, Texas	December 29, 2016	$	18,579			$	48,006


⁽¹⁾	Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the loss on sale was presented as equity in income/(loss) of unconsolidated joint ventures.


⁽²⁾	As part of the transaction, Piedmont accepted a secured promissory note from the buyer for the remaining $45.4 million owed on the sale. During the year ended December 31, 2016, the note receivable was repaid in full and such proceeds are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties.


⁽³⁾	As part of the transaction, Piedmont accepted a secured promissory note from the buyer for $33.0 million, and the note receivable was repaid in full during the year ended December 31, 2016. As such, the full proceeds from the sale of the property are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties.


⁽⁴⁾	As discussed in Note 10 above, Piedmont recognized an impairment loss prior to, or in conjunction with, the sale of the property. Therefore, any gain/(loss) recognized upon the consummation of the sale consists solely of adjustments made subsequent to the sale for closing cost estimates or post-closing prorations.

Assets Held for Sale

As of December 31, 2016, no assets met the criteria for held for sale classification. For comparative purposes, any property which met the criteria to be presented as held for sale as of March 31, 2016, June 30, 2016, or September 30, 2016 was re-classified as held for sale as of December 31, 2015. The only property meeting this criteria was the 150 West Jefferson building (sold on July 29, 2016). Details of amounts held for sale as of December 31, 2015 are presented below (in thousands):



			(Restated)
	December 31, 2016		December 31, 2015
Real estate assets held for sale, net:
Land	$	—	$	9,759
Building and improvements, less accumulated depreciation of $0 and $32,162 as of December 31, 2016, and 2015, respectively	—		66,840
Construction in progress	—		15
Total real estate assets held for sale, net	$	—	$	76,614

Other assets held for sale, net:
Straight-line rent receivables	$	—	$	4,729
Prepaid expenses and other assets	—		66
Allocation of goodwill (see Note 2)	—		2,287
Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively	—		3,695
Total other assets held for sale, net	$	—	$	10,777

Discontinued Operations

Asset disposals previously classified as, and that continue to be reported as, discontinued operations for the year ended December 31, 2014 are as follows (in thousands):



			(Revised)
Building Sold	Location	Date of Sale	Gain/(Loss) on Sale			Net Sales Proceeds
11107 and 11109 Sunset Hills Road	Reston, Virginia	March 19, 2014	$	(102	)	$	22,326
1441 West Long Lake Road	Troy, Michigan	April 30, 2014	$	182		$	7,202
4685 Investment Drive	Troy, Michigan	April 30, 2014	$	191		$	11,198

Details comprising income from discontinued operations are presented below (in thousands):



	Years Ended December 31,
	2016		2015			2014
						(Revised)
Revenues:
Rental income	$	—	$	19		$	1,365
Tenant reimbursements	—		64			125
Property management fee revenue	—		—			1
	—		83			1,491
Expenses:
Property operating costs	—		(1		)	225
Depreciation	—		—			83
Amortization	—		—			223
	—		(1		)	531
Other income (expense):
Other income/(expense)	—		—			(6		)
	—		—			(6		)
Operating income, excluding gain/(loss) on sale of real estate assets	—		84			954
Gain/(loss) on sale of real estate assets	—		(1		)	262
Income from discontinued operations	$	—	$	83		$	1,216

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Quarterly Financial Information Disclosure [Abstract]

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Piedmont’s income tax basis net income for the years ended December 31, 2016, 2015, and 2014, is calculated as follows (in thousands):



	(Restated)			(Restated)			(Revised)
	2016			2015			2014
GAAP basis financial statement net income	$	99,732		$	131,304		$	42,150
Increase (decrease) in net income resulting from:
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	69,214			(1,717		)	50,810
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,964		)	(12,123		)	(28,504		)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(4,895		)	(4,614		)	(4,705		)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	(118,713		)	(43,493		)	(28,360		)
Taxable income/(loss) of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes	(1,042		)	2,491			(468		)
Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes	42,019			54,425			5,727
Taxable income for Piedmont Office Holdings, Inc. in excess of amount for financial reporting purposes	648			—			—
Income tax basis net income, prior to dividends paid deduction	$	67,999		$	126,273		$	36,650

For income tax purposes, dividends to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder’s invested capital. The composition of Piedmont’s distributions per common share is presented below:



	2016		2015		2014
Ordinary income	81.77	%	31.75	%	29.32	%
Return of capital	18.23	%	—	%	70.68	%
Capital gains	—	%	68.25	%	—	%
	100	%	100	%	100	%

As of December 31, 2016 and 2015, the tax basis carrying value of Piedmont’s total assets was approximately $4.3 billion and $4.2 billion, respectively.

Accrued interest and penalties related to uncertain tax positions are included in accounts payable, accrued expenses, dividends payable, and accrued capital expenditures in the accompanying consolidated balance sheets and the tax liability recorded, including the interest and penalties, was approximately $3.8 million as of December 31, 2016 and 2015. Piedmont recorded no additional expense during the years ended December 31, 2016, 2015, and 2014, respectively, related to such positions. The tax years 2013 to 2016 remain open to examination by various federal and state taxing authorities.

Quarterly Results (unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Results (unaudited)

A summary of the unaudited quarterly financial information for the years ended December 31, 2016 (restated), 2015 (restated), and 2014 (revised) is presented below (in thousands, except per-share data):



	2016
Statement of Income Data:	First			Second			Third			Fourth
Revenues	$	138,012		$	135,307		$	138,485		$	143,911
Impairment loss on real estate assets	$	—		$	10,950		$	22,951		$	—
Real estate operating income	$	26,372		$	14,791		$	2,988		$	26,633
Income/(loss) from continuing operations	$	10,396		$	(1,553	)	$	(13,065	)	$	10,529
Income/(loss) from discontinued operations	$	—		$	(1	)	$	1		$	—
Gain/(loss) on sale of real estate assets	$	(20	)	$	73,835		$	(57	)	$	19,652
Net Income	$	10,376		$	72,281		$	(13,121	)	$	30,181
Net income/(loss) applicable to Piedmont	$	10,372		$	72,278		$	(13,107	)	$	30,189
Per-Share Data:
Basic and diluted earnings/(loss) per share	$	0.07		$	0.50		$	(0.09	)	$	0.21
Dividends declared per share	$	0.21		$	0.21		$	0.21		$	0.21
Balance Sheet Data:
Goodwill	$	104,786		$	99,278		$	98,918		$	98,918
Other assets held for sale, net	$	11,236		$	8,761		$	—		$	—
Total assets	$	4,281,993		$	4,217,680		$	4,307,118		$	4,368,168
Total debt, net (unsecured and secured debt)	$	2,002,918		$	1,884,314		$	1,994,078		$	2,020,475
Cumulative distributions in excess of earnings	$	(1,578,728	)	$	(1,536,948	)	$	(1,580,553	)	$	(1,580,863	)
Piedmont stockholders' equity	$	2,085,610		$	2,124,870		$	2,085,906		$	2,095,821
Total stockholders' equity	$	2,086,639		$	2,125,895		$	2,087,804		$	2,097,703
Total liabilities and stockholders' equity	$	4,281,993		$	4,217,680		$	4,307,118		$	4,368,168



	2015
Statement of Income Data:	First			Second			Third			Fourth
Revenues	$	149,759		$	146,734		$	148,815		$	139,461
Impairment loss on real estate assets	$	—		$	6,196		$	37,105		$	—
Real estate operating income	$	28,214		$	19,983		$	(3,424	)	$	28,938
Income/(loss) from continuing operations	$	9,176		$	2,531		$	(21,318	)	$	11,164
Income/(loss) from discontinued operations	$	—		$	(3	)	$	14		$	72
Gain on sale of real estate assets	$	8,940		$	21,520		$	14,796		$	84,427
Net income/(loss)	$	18,116		$	24,048		$	(6,508	)	$	95,663
Net income/(loss) applicable to Piedmont	$	18,112		$	24,044		$	(6,512	)	$	95,660
Per-Share Data:
Basic and diluted earnings/(loss) per share	$	0.12		$	0.15		$	(0.05	)	$	0.65
Dividends declared per share	$	0.21		$	0.21		$	0.21		$	0.21
Balance Sheet Data:
Goodwill	$	145,340		$	139,407		$	134,770		$	104,786
Other assets held for sale, net	$	9,703		$	9,938		$	10,038		$	10,777
Total assets	$	4,780,000		$	4,735,408		$	4,689,613		$	4,361,511
Total debt, net (unsecured and secured debt)	$	2,318,717		$	2,312,804		$	2,421,099		$	2,029,510
Cumulative distributions in excess of earnings	$	(1,411,258	)	$	(1,465,715	)	$	(1,613,418	)	$	(1,550,698	)
Piedmont stockholders' equity	$	2,252,423		$	2,216,423		$	2,048,669		$	2,122,395
Total stockholders' equity	$	2,253,452		$	2,217,448		$	2,049,698		$	2,123,420
Total liabilities and stockholders' equity	$	4,780,000		$	4,735,408		$	4,689,613		$	4,361,511



	2014
Statement of Income Data:	First		Second		Third		Fourth
Revenues	$	136,320	$	138,580	$	144,641	$	146,711
Real estate operating income	$	25,277	$	26,556	$	27,199	$	28,789
Income from continuing operations	$	9,037	$	9,325	$	9,150	$	12,567
Income/(loss) from discontinued operations	$	360	$	882	$	16	$	(42	)
Gain/(loss) on sale of real estate assets	$	—	$	878	$	—	$	(8	)
Net Income	$	9,397	$	11,085	$	9,166	$	12,517
Net income applicable to Piedmont	$	9,393	$	11,081	$	9,162	$	12,514
Per-Share Data:
Basic and diluted earnings per share	$	0.06	$	0.07	$	0.06	$	0.08
Dividends declared per share	$	0.20	$	0.20	$	0.20	$	0.21

Guarantor and Non-Guarantor Financial Information

12 Months Ended

Dec. 31, 2016

Guarantor and Non-Guarantor Financial Information [Abstract]

Guarantor and Non-Guarantor Financial Information

The following condensed consolidating financial information for Piedmont Operating Partnership, L.P. (the "Issuer"), Piedmont Office Realty Trust, Inc. (the "Guarantor"), and the other directly and indirectly owned subsidiaries of the Guarantor (the "Non-Guarantor Subsidiaries") is provided pursuant to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed registered securities. The Issuer is a wholly-owned subsidiary of the Guarantor, and all guarantees by the Guarantor of securities issued by the Issuer are full and unconditional. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Non-Guarantor Subsidiaries.



Condensed Consolidated Balance Sheets (As Restated, See Note 2)
As of December 31, 2016
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	46,133	$	—		$	623,715	$	—		$	669,848
Buildings and improvements, less accumulated depreciation	228,194		—			2,699,430		(300		)	2,927,324
Intangible lease assets, less accumulated amortization	725		—			98,970		—			99,695
Construction in progress	145		—			34,680		—			34,825
Total real estate assets	275,197		—			3,456,795		(300		)	3,731,692
Investments in and amounts due from unconsolidated joint ventures	7,360		—			—		—			7,360
Cash and cash equivalents	3,674		150			3,168		—			6,992
Tenant and straight-line receivables, net	20,159		—			172,183		—			192,342
Advances to affiliates	6,464,135		1,315,616			—		(7,779,751		)	—
Investment in subsidiary	—		3,630,564			181		(3,630,745		)	—
Notes receivable	88,910		—			95,790		(184,700		)	—
Prepaid expenses, restricted cash, escrows, and other assets	6,189		—			20,575		(1,897		)	24,867
Goodwill	98,918		—			—		—			98,918
Deferred lease costs, net	16,550		—			289,447		—			305,997
Total assets	$	6,981,092	$	4,946,330		$	4,038,139	$	(11,597,393	)	$	4,368,168
Liabilities:
Debt, net	$	1,701,933	$	—		$	503,242	$	(184,700	)	$	2,020,475
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	17,365		31,230			118,712		(1,897		)	165,410
Advances from affiliates	708,340		5,071,521			2,098,146		(7,878,007		)	—
Deferred income	5,206		—			23,200		—			28,406
Intangible lease liabilities, net	—		—			48,005		—			48,005
Interest rate swaps	8,169		—			—		—			8,169
Total liabilities	2,441,013		5,102,751			2,791,305		(8,064,604		)	2,270,465
Stockholders’ Equity:
Common stock	—		1,452			—		—			1,452
Additional paid-in capital	3,626,564		3,676,000			1,309		(3,630,745		)	3,673,128
Retained/(cumulative distributions in excess of) earnings	911,411		(3,833,873		)	1,243,643		97,956			(1,580,863		)
Other comprehensive loss	2,104		—			—		—			2,104
Piedmont stockholders’ equity	4,540,079		(156,421		)	1,244,952		(3,532,789		)	2,095,821
Noncontrolling interest	—		—			1,882		—			1,882
Total stockholders’ equity	4,540,079		(156,421		)	1,246,834		(3,532,789		)	2,097,703
Total liabilities and stockholders’ equity	$	6,981,092	$	4,946,330		$	4,038,139	$	(11,597,393	)	$	4,368,168



Condensed Consolidated Balance Sheets (As Restated, See Note 2)
As of December 31, 2015
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	54,459	$	—		$	621,632	$	—		$	676,091
Buildings and improvements, less accumulated depreciation	270,057		—			2,567,706		(300		)	2,837,463
Intangible lease assets, less accumulated amortization	1,268		—			83,395		—			84,663
Construction in progress	240		—			20,735		—			20,975
Real estate assets held for sale, net	76,614		—			—		—			76,614
Total real estate assets	402,638		—			3,293,468		(300		)	3,695,806
Investments in and amounts due from unconsolidated joint ventures	7,577		—			—		—			7,577
Cash and cash equivalents	2,174		150			3,117		—			5,441
Tenant and straight-line rent receivables, net	23,738		—			149,994		—			173,732
Advances to affiliates	6,127,343		1,251,530			—		(7,378,873		)	—
Investment in subsidiary	—		3,752,523			186		(3,752,709		)	—
Notes receivable	134,750		—			23,890		(113,240		)	45,400
Prepaid expenses, restricted cash, escrows, and other assets	7,091		—			24,118		(1,258		)	29,951
Goodwill	104,786		—			—		—			104,786
Deferred lease costs, net	20,939		—			267,102		—			288,041
Other assets held for sale, net	10,777		—			—		—			10,777
Total assets	$	6,841,813	$	5,004,203		$	3,761,875	$	(11,246,380	)	$	4,361,511
Liabilities:
Debt, net	$	1,552,007	$	—		$	590,743	$	(113,240	)	$	2,029,510
Accounts payable, accrued expenses, and accrued capital expenditures	18,954		580			110,189		(1,258		)	128,465
Advances from affiliates	580,526		5,033,266			1,842,577		(7,456,369		)	—
Deferred income	5,905		—			21,365		—			27,270
Intangible lease liabilities, net	—		—			42,853		—			42,853
Interest rate swaps	9,993		—			—		—			9,993
Total liabilities	2,167,385		5,033,846			2,607,727		(7,570,867		)	2,238,091
Stockholders’ Equity:
Common stock	—		1,455			—		—			1,455
Additional paid-in capital	3,748,524		3,672,849			1,314		(3,752,710		)	3,669,977
Retained/(cumulative distributions in excess of) earnings	924,243		(3,703,947		)	1,151,809		77,197			(1,550,698		)
Other comprehensive loss	1,661		—			—		—			1,661
Piedmont stockholders’ equity	4,674,428		(29,643		)	1,153,123		(3,675,513		)	2,122,395
Noncontrolling interest	—		—			1,025		—			1,025
Total stockholders’ equity	4,674,428		(29,643		)	1,154,148		(3,675,513		)	2,123,420
Total liabilities and stockholders’ equity	$	6,841,813	$	5,004,203		$	3,761,875	$	(11,246,380	)	$	4,361,511



Condensed Consolidated Statements of Income (As Restated, See Note 2)
For the year ended December 31, 2016
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	55,007		$	—		$	407,514		$	(2,631	)	$	459,890
Tenant reimbursements	14,081			—			80,378			(498		)	93,961
Property management fee revenue	—			—			16,897			(15,033		)	1,864
	69,088			—			504,789			(18,162		)	555,715
Expenses:
Property operating costs	31,967			—			205,344			(18,377		)	218,934
Depreciation	16,657			—			111,076			—			127,733
Amortization	3,715			—			71,404			—			75,119
Impairment loss on real estate assets	8,259			—			25,642			—			33,901
General and administrative	28,314			311			36,065			(35,446		)	29,244
	88,912			311			449,531			(53,823		)	484,931
Real estate operating income/(loss)	(19,824		)	(311		)	55,258			35,661			70,784
Other income (expense):
Interest expense	(49,108		)	—			(27,636		)	11,884			(64,860		)
Other income/(expense)	9,560			282			2,029			(11,884		)	(13		)
Net recoveries from casualty events and litigation settlements	—			—			34			—			34
Equity in income of unconsolidated joint ventures	362			—			—			—			362
	(39,186		)	282			(25,573		)	—			(64,477		)
Income/(loss) from continuing operations	(59,010		)	(29		)	29,685			35,661			6,307
Gain on sale of real estate assets	31,275			—			62,135			—			93,410
Net income/(loss)	(27,735		)	(29		)	91,820			35,661			99,717
Less: Net loss applicable to noncontrolling interest	—			—			15			—			15
Net income/(loss) applicable to Piedmont	$	(27,735	)	$	(29	)	$	91,835		$	35,661		$	99,732



Condensed Consolidated Statements of Income (As Restated, See Note 2)
For the year ended December 31, 2015
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	67,317		$	—		$	404,460		$	(2,905	)	$	468,872
Tenant reimbursements	13,340			—			100,955			(414		)	113,881
Property management fee revenue	—			—			17,801			(15,785		)	2,016
	80,657			—			523,216			(19,104		)	584,769
Expenses:
Property operating costs	36,380			—			225,428			(19,786		)	242,022
Depreciation	20,891			—			113,612			—			134,503
Amortization	4,598			—			56,288			—			60,886
Impairment loss on real estate assets	6,195			—			37,106			—			43,301
General and administrative	29,645			341			35,923			(35,563		)	30,346
	97,709			341			468,357			(55,349		)	511,058
Real estate operating income/(loss)	(17,052		)	(341		)	54,859			36,245			73,711
Other income (expense):
Interest expense	(51,704		)	—			(33,540		)	11,246			(73,998		)
Other income/(expense)	12,600			—			211			(11,246		)	1,565
Net recoveries/(loss) from casualty events and litigation settlements	23			—			(301		)	—			(278		)
Equity in income of unconsolidated joint ventures	553			—			—			—			553
	(38,528		)	—			(33,630		)	—			(72,158		)
Income/(loss) from continuing operations	(55,580		)	(341		)	21,229			36,245			1,553
Discontinued operations:
Operating income	15			—			69			—			84
Loss on sale of real estate assets	(1		)	—			—			—			(1		)
Income from discontinued operations	14			—			69			—			83
Gain on sale of real estate assets	45,225			—			84,458			—			129,683
Net income/(loss)	(10,341		)	(341		)	105,756			36,245			131,319
Less: Net income applicable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income/(loss) applicable to Piedmont	$	(10,341	)	$	(341	)	$	105,741		$	36,245		$	131,304



Condensed Consolidated Statements of Income (As Revised, See Note 2)
For the year ended December 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	72,843		$	—		$	386,995		$	(5,203	)	$	454,635
Tenant reimbursements	16,566			—			93,516			(534		)	109,548
Property management fee revenue	—			—			16,516			(14,447		)	2,069
	89,409			—			497,027			(20,184		)	566,252
Expenses:
Property operating costs	42,621			—			217,786			(20,976		)	239,431
Depreciation	23,512			—			115,084			—			138,596
Amortization	4,754			—			51,825			—			56,579
General and administrative	23,235			300			28,232			(27,942		)	23,825
	94,122			300			412,927			(48,918		)	458,431
Real estate operating income/(loss)	(4,713		)	(300		)	84,100			28,734			107,821
Other income (expense):
Interest expense	(47,355		)	—			(39,625		)	12,534			(74,446		)
Other income/(expense)	11,944			—			652			(12,534		)	62
Net recoveries from casualty events and litigation settlements	1,322			1,479			4,191			—			6,992
Equity in loss of unconsolidated joint ventures	(350		)	—			—			—			(350		)
	(34,439		)	1,479			(34,782		)	—			(67,742		)
Income/(loss) from continuing operations	(39,152		)	1,179			49,318			28,734			40,079
Discontinued operations:
Operating income	913			—			41			—			954
Gain on sale of real estate assets	70			—			192			—			262
Income from discontinued operations	983			—			233			—			1,216
Gain on sale of real estate assets	—			—			870			—			870
Net income/(loss)	(38,169		)	1,179			50,421			28,734			42,165
Less: Net income applicable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income/(loss) applicable to Piedmont	$	(38,169	)	$	1,179		$	50,406		$	28,734		$	42,150



Condensed Consolidated Statements of Cash Flows (As Restated, See Note 2)
For the year ended December 31, 2016
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided By/(Used In) Operating Activities	$	(26,260	)	$	5,214		$	221,195		$	35,660		$	235,809

Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(5,060		)	—			(454,836		)	—			(459,896		)
Intercompany note receivable	440			—			(71,900		)	71,460			—
Net sales proceeds from wholly-owned properties	200,220			—			165,698			—			365,918
Deferred lease costs paid	(2,758		)	—			(23,138		)	—			(25,896		)
Net cash provided by/(used in) investing activities	192,842			—			(384,176		)	71,460			(119,874		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(264		)	—			—			—			(264		)
Proceeds from debt	695,000			—			—			—			695,000
Repayments of debt	(538,000		)	—			(168,875		)	—			(706,875		)
Intercompany note payable	(9,600		)	—			81,060			(71,460		)	—
Costs of issuance of common stock	—			(342		)	—			—			(342		)
Shares withheld to pay tax obligations related to employee stock compensation	—			(2,344		)	—			—			(2,344		)
Repurchases of common stock as part of announced plan	—			(7,943		)	—			—			(7,943		)
(Distributions to)/repayments from affiliates	(312,218		)	97,016			250,862			(35,660		)	—
Dividends paid and discount on dividend reinvestments	—			(91,601		)	(15		)	—			(91,616		)
Net cash provided by/(used in) financing activities	(165,082		)	(5,214		)	163,032			(107,120		)	(114,384		)
Net increase in cash and cash equivalents	1,500			—			51			—			1,551
Cash and cash equivalents, beginning of year	2,174			150			3,117			—			5,441
Cash and cash equivalents, end of year	$	3,674		$	150		$	3,168		$	—		$	6,992



Condensed Consolidated Statements of Cash Flows (As Restated, See Note 2)
For the year ended December 31, 2015
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided By/(Used In) Operating Activities	$	(27,077	)	$	4,699		$	205,177		$	36,245		$	219,044

Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(12,203		)	—			(489,241		)	—			(501,444		)
Intercompany note receivable	72,000			—			—			(72,000		)	—
Redemption of noncontrolling interest in unconsolidated variable interest entity	—			—			(4,000		)	—			(4,000		)
Net sales proceeds from wholly-owned properties	151,557			—			696,612			—			848,169
Deferred lease costs paid	(3,792		)	—			(33,891		)	—			(37,683		)
Net cash provided by/(used in) investing activities	207,562			—			169,480			(72,000		)	305,042
Cash Flows from Financing Activities:
Debt issuance costs paid	(575		)	—			(506		)	—			(1,081		)
Proceeds from debt	1,142,577			—			159,281			—			1,301,858
Repayments of debt	(1,438,000		)	—			(106,301		)	—			(1,544,301		)
Intercompany note payable	—			—			(72,000		)	72,000			—
Costs of issuance of common stock	—			(326		)	—			—			(326		)
Shares withheld to pay tax obligations related to employee stock compensation	—			(1,710		)	—			—			(1,710		)
Repurchases of common stock as part of announced plan	—			(158,860		)	—			—			(158,860		)
(Distributions to)/repayments from affiliates	109,544			281,073			(354,372		)	(36,245		)	—
Dividends paid and discount on dividend reinvestments	—			(126,516		)	(15		)	—			(126,531		)
Net cash provided by/(used in) financing activities	(186,454		)	(6,339		)	(373,913		)	35,755			(530,951		)
Net increase/(decrease) in cash and cash equivalents	(5,969		)	(1,640		)	744			—			(6,865		)
Cash and cash equivalents, beginning of year	8,143			1,790			2,373			—			12,306
Cash and cash equivalents, end of year	$	2,174		$	150		$	3,117		$	—		$	5,441



Condensed Consolidated Statements of Cash Flows (As Revised, See Note 2)
For the year ended December 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	5,448		$	4,088		$	178,889		$	28,733		$	217,158

Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(23,541		)	—			(267,918		)	—			(291,459		)
Intercompany note receivable	650			—			—			(650		)	—
Net sales proceeds from wholly-owned properties	29,519			—			16,713			—			46,232
Net sales proceeds received from unconsolidated joint ventures	6,017			—			—			—			6,017
Investments in unconsolidated joint ventures	(42		)	—			—			—			(42		)
Deferred lease costs paid	(4,472		)	—			(23,222		)	—			(27,694		)
Net cash provided by/(used in) investing activities	8,131			—			(274,427		)	(650		)	(266,946		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(1,294		)	—			—			—			(1,294		)
Proceeds from debt	1,052,527			—			—			—			1,052,527
Repayments of debt	(238,000		)	—			(575,702		)	—			(813,702		)
Discount due to loan modification	(1,135		)	—			—			—			(1,135		)
Intercompany note payable	—			—			(650		)	650			—
Shares withheld to pay tax obligations related to employee stock compensation	—			(1,275		)	—						(1,275		)
Repurchases of common stock as part of announced plan	—			(54,802		)	—			—			(54,802		)
(Distributions to)/repayments from affiliates	(820,795		)	178,812			670,716			(28,733		)	—
Dividends paid and discount on dividend reinvestments	—			(125,183		)	(15		)	—			(125,198		)
Net cash provided by/(used in) financing activities	(8,697		)	(2,448		)	94,349			(28,083		)	55,121
Net increase/(decrease) in cash and cash equivalents	4,882			1,640			(1,189		)	—			5,333
Cash and cash equivalents, beginning of year	3,261			150			3,562			—			6,973
Cash and cash equivalents, end of year	$	8,143		$	1,790		$	2,373		$	—		$	12,306

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

(dollars in thousands)



					Initial Cost					Gross Amount at Which Carried at December 31, 2016
Description	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total (a)	Costs Capitalized Subsequent to Acquisition (b)		Land	Buildings and Improvements	Total (c)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
1430 ENCLAVE PARKWAY	Houston, TX	100	%	None	7,100	37,915	45,015	2,050		5,506	41,559	47,065	18,517	1994	12/21/2000	0	-	40
CRESCENT RIDGE II	Minnetonka, MN	100	%	None	7,700	45,154	52,854	7,651		8,021	52,484	60,505	22,236	2000	12/21/2000	0	-	40
1200 CROWN COLONY DRIVE	Quincy, MA	100	%	None	11,042	40,666	51,708	3,506		11,042	44,172	55,214	18,445	1990	7/30/2001	0	-	40
5601 HIATUS ROAD	Tamarac, FL	100	%	None	3,642	10,404	14,046	1,721		3,642	12,125	15,767	5,691	2001	12/21/2001	0	-	40
WINDY POINT I	Schaumburg, IL	100	%	None	4,537	31,847	36,384	2,071		4,537	33,918	38,455	13,116	1999	12/31/2001	0	-	40
WINDY POINT II	Schaumburg, IL	100	%	None	3,746	55,026	58,772	16,696		3,746	71,722	75,468	26,654	2001	12/31/2001	0	-	40
SARASOTA COMMERCE CENTER II	Sarasota, FL	100	%	None	1,767	20,533	22,300	2,730		2,203	22,827	25,030	9,652	1999	1/11/2002	0	-	40
2001 NW 64th STREET	Ft. Lauderdale, FL	100	%	(e)	—	7,172	7,172	966		—	8,138	8,138	3,428	2001	4/18/2002	0	-	40
90 CENTRAL STREET	Boxborough, MA	100	%	None	3,642	29,497	33,139	3,070		3,642	32,567	36,209	13,092	2001	5/3/2002	0	-	40
DESERT CANYON 300	Phoenix, AZ	100	%	None	2,602	24,333	26,935	45		2,602	24,378	26,980	9,289	2001	6/4/2002	0	-	40
6031 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	43,656	46,813	4,305		3,157	47,961	51,118	18,841	1999	8/15/2002	0	-	40
6021 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	42,662	45,819	10,541		3,157	53,203	56,360	18,207	2000	8/15/2002	0	-	40
6011 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	29,034	32,191	2,597		3,157	31,631	34,788	13,167	1999	8/15/2002	0	-	40
TWO INDEPENDENCE SQUARE	Washington, DC	100	%	None	52,711	202,702	255,413	58,844		52,711	261,546	314,257	88,319	1991	11/22/2002	0	-	40
ONE INDEPENDENCE SQUARE	Washington, DC	100	%	None	29,765	104,814	134,579	24,250		30,562	128,267	158,829	40,467	1991	11/22/2002	0	-	40
2120 WEST END AVENUE	Nashville, TN	100	%	None	4,908	59,011	63,919	6,671		5,101	65,489	70,590	25,014	2000	11/26/2002	0	-	40
800 NORTH BRAND BOULEVARD	Glendale, CA	100	%	None	23,605	136,284	159,889	12,937		23,607	149,219	172,826	52,172	1990	12/20/2002	0	-	40
US BANCORP CENTER	Minneapolis, MN	100	%	None	11,138	175,629	186,767	17,422		11,138	193,051	204,189	65,628	2000	5/1/2003	0	-	40
AUBURN HILLS CORPORATE CENTER	Auburn Hills, MI	100	%	None	1,978	16,570	18,548	(8,081	)	1,591	8,876	10,467	4,292	2001	5/9/2003	0	-	40
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100	%	None	6,662	69,031	75,693	(17,857	)	6,662	51,174	57,836	19,919	2000	8/1/2003	0	-	40



					Initial Cost					Gross Amount at Which Carried at December 31, 2016
Description	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total (a)	Costs Capitalized Subsequent to Acquisition (b)		Land	Buildings and Improvements	Total (c)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
200 BRIDGEWATER CROSSING	Bridgewater, NJ	100	%	None	8,182	84,160	92,342	(11,740	)	8,328	72,274	80,602	25,815	2002	8/14/2003	0	-	40
400 VIRGINIA AVE	Washington, DC	100	%	None	22,146	49,740	71,886	(792	)	22,146	48,948	71,094	17,279	1985	11/19/2003	0	-	40
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100	%	None	13,636	70,918	84,554	4,240		13,636	75,158	88,794	24,989	1998	11/19/2003	0	-	40
1225 EYE STREET (f)	Washington, DC	49.5	%	57,600	21,959	47,602	69,561	7,565		21,959	55,167	77,126	17,014	1986	11/19/2003	0	-	40
1201 EYE STREET (g)	Washington, DC	49.5	%	82,400	31,985	63,139	95,124	(55	)	31,984	63,085	95,069	20,043	2001	11/19/2003	0	-	40
1901 MARKET STREET	Philadelphia, PA	100	%	160,000	13,584	166,683	180,267	53,684		20,829	213,122	233,951	71,421	1987	12/18/2003	0	-	40
60 BROAD STREET	New York, NY	100	%	None	32,522	168,986	201,508	12,390		60,708	153,190	213,898	51,381	1962	12/31/2003	0	-	40
1414 MASSACHUSETTS AVENUE	Cambridge, MA	100	%	None	4,210	35,821	40,031	(284	)	4,365	35,382	39,747	16,045	1873	1/8/2004	0	-	40
ONE BRATTLE SQUARE	Cambridge, MA	100	%	None	6,974	64,940	71,914	(2,976	)	7,113	61,825	68,938	34,237	1991	2/26/2004	0	-	40
600 CORPORATE DRIVE	Lebanon, NJ	100	%	None	3,934	—	3,934	16,281		3,934	16,281	20,215	6,969	2005	3/16/2004	0	-	40
1075 WEST ENTRANCE DRIVE	Auburn Hills, MI	100	%	None	5,200	22,957	28,157	(313	)	5,207	22,637	27,844	8,128	2001	7/7/2004	0	-	40
3100 CLARENDON BOULEVARD	Arlington, VA	100	%	None	11,700	69,705	81,405	38,680		11,791	108,294	120,085	21,673	1987	12/9/2004	0	-	40
400 BRIDGEWATER CROSSING	Bridgewater, NJ	100	%	None	10,400	71,052	81,452	(15,626	)	10,400	55,426	65,826	16,329	2002	2/17/2006	0	-	40
LAS COLINAS CORPORATE CENTER I	Irving, TX	100	%	None	3,912	18,830	22,742	(3,667	)	2,543	16,532	19,075	5,065	1998	8/31/2006	0	-	40
LAS COLINAS CORPORATE CENTER II	Irving, TX	100	%	None	4,496	29,881	34,377	(3,624	)	2,543	28,210	30,753	8,536	1998	8/31/2006	0	-	40
TWO PIERCE PLACE	Itasca, IL	100	%	None	4,370	70,632	75,002	10,640		8,156	77,486	85,642	28,680	1991	12/7/2006	0	-	40
2300 CABOT DRIVE	Lisle, IL	100	%	None	4,390	19,549	23,939	(4,073	)	4,390	15,476	19,866	4,054	1998	5/10/2007	0	-	40
PIEDMONT POINTE I	Bethesda, MD	100	%	None	11,200	58,606	69,806	7,371		11,200	65,977	77,177	17,043	2007	11/13/2007	0	-	40
PIEDMONT POINTE II	Bethesda, MD	100	%	None	13,300	70,618	83,918	8,115		13,300	78,733	92,033	18,682	2008	6/25/2008	0	-	40



					Initial Cost					Gross Amount at Which Carried at December 31, 2016
Description	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total (a)	Costs Capitalized Subsequent to Acquisition (b)		Land	Buildings and Improvements	Total (c)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
SUWANEE GATEWAY ONE	Suwanee, GA	100	%	None	1,000	6,875	7,875	3,159		2,401	8,633	11,034	1,533	2008	9/28/2010	0	-	40
ONE MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,919	24,398	27,317	318		2,919	24,716	27,635	4,340	1997	10/1/2010	0	-	40
TWO MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,661	25,742	28,403	590		2,661	26,332	28,993	4,592	1998	10/1/2010	0	-	40
500 WEST MONROE STREET	Chicago, IL	100	%	None	36,990	185,113	222,103	42,561		36,990	227,674	264,664	35,293	1991	3/31/2011	0	-	40
THE DUPREE	Atlanta, GA	100	%	None	4,080	14,310	18,390	877		4,080	15,187	19,267	3,814	1997	4/29/2011	0	-	40
THE MEDICI	Atlanta, GA	100	%	None	1,780	11,510	13,290	4,988		1,780	16,498	18,278	2,873	2008	6/7/2011	0	-	40
225 PRESIDENTIAL WAY	Boston, MA	100	%	None	3,626	36,916	40,542	(764	)	3,612	36,166	39,778	8,150	2000	9/13/2011	0	-	40
235 PRESIDENTIAL WAY	Boston, MA	100	%	None	4,154	44,048	48,202	(911	)	4,138	43,153	47,291	9,686	2001	9/13/2011	0	-	40
400 TOWNPARK	Lake Mary, FL	100	%	None	2,570	20,555	23,125	3,555		2,570	24,110	26,680	4,107	2008	11/10/2011	0	-	40
ARLINGTON GATEWAY	Arlington, VA	100	%	None	36,930	129,070	166,000	1,384		36,930	130,454	167,384	19,186	2005	3/4/2013	0		40
5 & 15 WAYSIDE ROAD	Burlington, MA	100	%	None	7,190	55,445	62,635	1,536		7,190	56,981	64,171	7,917	1999 / 2001	3/22/2013	0		40
5301 MARYLAND WAY	Brentwood, TN	100	%	None	5,740	9,717	15,457	(1,768	)	5,740	7,949	13,689	581	1989	8/12/2013	0		40
6565 MACARTHUR BOULEVARD	Irving, TX	100	%	None	4,820	37,767	42,587	512		4,820	38,279	43,099	5,115	1998	12/5/2013	0		40
ONE LINCOLN PARK	Dallas, TX	100	%	None	6,640	44,810	51,450	1,383		6,640	46,193	52,833	5,121	1999	12/20/2013	0		40
161 CORPORATE CENTER	Irving, TX	100	%	None	2,020	10,680	12,700	130		2,020	10,810	12,830	1,814	1998	12/30/2013	0		40
5 WALL STREET	Burlington, MA	100	%	31,583	9,560	50,276	59,836	—		9,560	50,276	59,836	6,271	2008	6/27/2014	0		40
1155 PERIMETER CENTER WEST	Atlanta, GA	100	%	None	5,870	66,849	72,719	5		5,870	66,854	72,724	7,039	2000	8/28/2014	0		40
PARK PLACE ON TURTLE CREEK	Dallas, TX	100	%	None	4,470	38,048	42,518	1,778		4,470	39,826	44,296	3,603	1986	1/16/2015	0		40
80 CENTRAL STREET	Boxborough, MA	100	%	None	1,980	8,930	10,910	40		1,980	8,970	10,950	998	1988	7/24/2015	0		40
ENCLAVE PLACE	Houston, TX	100	%	None	1,890	60,094	61,984	3,716		1,890	63,810	65,700	1,994	2015	N/A	0		40
SUNTRUST CENTER	Orlando, FL	100	%	None	11,660	139,015	150,675	(192	)	11,660	138,823	150,483	6,981	1988	11/4/2015	0		40
GALLERIA 300	Atlanta, GA	100	%	None	4,000	73,554	77,554	1,003		4,000	74,557	78,557	4,329	1987	11/4/2015	0		40
GLENRIDGE HIGHLANDS ONE	Atlanta, GA	100	%	None	5,960	50,013	55,973	886		5,960	50,899	56,859	3,078	1998	11/24/2015	0		40



					Initial Cost									Gross Amount at Which Carried at December 31, 2016
Description	Location	Ownership Percentage		Encumbrances	Land		Buildings and Improvements		Total (a)		Costs Capitalized Subsequent to Acquisition (b)			Land		Buildings and Improvements		Total (c)		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
CNL CENTER I	Orlando, FL	99	%	None	6,470		77,858		84,328		(263		)	6,470		77,595		84,065		1,505		1999	8/1/2016	0		40
CNL CENTER II	Orland, FL	99	%	None	4,550		55,609		60,159		754			4,550		56,363		60,913		1,106		2006	8/1/2016	0		40
ONE WAYSIDE ROAD	Boston, MA	100	%	None	6,240		57,124		63,364		—			6,240		57,124		63,364		1,643		1997 / 2008	8/10/2016	0		40
GALLERIA 200	Atlanta, GA	100	%	None	6,470		55,825		62,295		(24		)	6,470		55,801		62,271		768		1984	10/7/2016	0		40
750 WEST JOHN CARPENTER FREEWAY (h)	Irving, TX	100	%	None	7,860		36,303		44,163		—			7,860		36,303		44,163		219		1999	11/30/2016	0		40
PIEDMONT POWER, LLC (i)	Bridgewater, NJ	100	%	None	—		79		79		2,740			—		2,819		2,819		534		N/A	12/20/2011	0	-	40
UNDEVELOPED LAND PARCELS (j)	Various	100	%	None	18,061		—		18,061		24,904			18,061		24,904		42,965		6		N/A	Various			N/A
Total—Consolidated REIT Properties					$	632,277	$	3,792,292	$	4,424,569	$	360,848		$	669,848	$	4,115,569	$	4,785,417	$	1,053,725



					Initial Cost								Gross Amount at Which Carried at December 31, 2016
Description	Location	Ownership Percentage		Encumbrances	Land		Buildings and Improvements		Total (a)		Costs Capitalized Subsequent to Acquisition (b)		Land		Buildings and Improvements		Total (c)		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization is Computed (in years) (d)
8560 UPLAND DRIVE	Englewood, CO	72	%	None	1,954		11,216		13,170		1,438		2,048		12,560		14,608		4,979		2001	12/21/2001	0	-	40
Total – Unconsolidated JV Properties					$	1,954	$	11,216	$	13,170	$	1,438	$	2,048	$	12,560	$	14,608	$	4,979
Total – All Properties					$	634,231	$	3,803,508	$	4,437,739	$	362,286	$	671,896	$	4,128,129	$	4,800,025	$	1,058,704


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


^(b)	Includes write-offs of fully depreciated/amortized capitalized assets.


^(c)	The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $4.3 billion.


^(d)	Piedmont’s assets are depreciated or amortized using the straight-lined 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.


^(e)	Property is owned subject to a long-term ground lease.


^(f)	As a result of its 49.5% membership interest in 1225 Eye Street, N.W. Associates, LLC, Piedmont owns 49.5% of the 1225 Eye Street building. Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building.


^(g)	As a result of its 49.5% membership interest in 1201 Eye Street, N.W. Associates, LLC, Piedmont owns 49.5% of the 1201 Eye Street building. Piedmont is deemed to have control over the joint venture and, as such, consolidates the joint venture, including the building.


^(h)	As part of the acquisition of the property, Piedmont purchased an adjoining, developable land parcel of 3.5 acres for $1.0 million.


⁽ⁱ⁾	Represents solar panels at the 400 Bridgewater Crossing building.


^(j)	Undeveloped Land Parcels includes land parcels which Piedmont may develop in the future, as well as the initial development costs of the 500 TownPark building.

Piedmont Office Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

(dollars in thousands)



	2016			2015			2014
Real Estate:
Balance at the beginning of the year	$	4,725,096		$	5,267,615		$	5,038,005
Additions to/improvements of real estate	422,908			452,106			316,991
Assets disposed	(296,319		)	(926,592		)	(71,627		)
Assets impaired ⁽¹⁾	(30,898		)	(40,169		)	—
Write-offs of intangible assets ⁽²⁾	(11,896		)	(7,768		)	(9,723		)
Write-offs of fully depreciated/amortized assets	(8,866		)	(20,096		)	(6,031		)
Balance at the end of the year	$	4,800,025		$	4,725,096		$	5,267,615
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$	1,019,663		$	1,182,556		$	1,060,885
Depreciation and amortization expense	155,274			155,009			156,808
Assets disposed	(95,471		)	(290,038		)	(19,383		)
Write-offs of intangible assets ⁽²⁾	(11,896		)	(7,768		)	(9,723		)
Write-offs of fully depreciated/amortized assets	(8,866		)	(20,096		)	(6,031		)
Balance at the end of the year	$	1,058,704		$	1,019,663		$	1,182,556


⁽¹⁾	Does not include impairment loss recognized on other assets as a result of the allocation of goodwill (See Note 2).


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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Please refer to Note 7 for a summary of Piedmont’s interests in and consolidation treatment of its various VIEs as of December 31, 2016.

All inter-company balances and transactions have been eliminated upon consolidation.

Use of Estimates

Real Estate Assets

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

Fair Value of Assets and Liabilities of Acquired Properties

Investments in and Amounts Due from Unconsolidated Joint Ventures

Cash and Cash Equivalents

Tenant Receivables, net and Straight-line Rent Receivables

Restricted Cash and Escrows

Restricted cash and escrows principally relate to the following types of items:


•	escrow accounts held by lenders to pay future real estate taxes, insurance, debt service, and tenant improvements;


•	net sales proceeds from property sales held by qualified intermediary for potential Section 1031 exchange;


•	earnest money paid in connection with future acquisitions; and


•	security and utility deposits paid by tenants per the terms of their respective leases.

Restricted cash and escrows are generally reclassified to other asset or liability accounts upon being used to purchase assets, satisfy obligations, or settle tenant obligations.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets are primarily comprised of the following items:


•	prepaid property taxes, insurance and operating costs;


•	deferred common area maintenance costs which will be reimbursed by tenants over specified time periods;


•	receivables which are unrelated to tenants, for example, insurance proceeds receivable from insurers related to casualty losses; and


•	equipment, furniture and fixtures, and tenant improvements for Piedmont’s corporate office and property management office space, net of accumulated depreciation.

Goodwill

Accounting Pronouncements Adopted and Other Recent Accounting Pronouncements

Accounting Pronouncements Adopted during the Year Ended December 31, 2016

Other Recent Accounting Pronouncements

Interest Rate Derivatives

Risk Management Objective of Using Derivatives

Deferred Lease Costs

Deferred lease costs are amortized on a straight-line basis over the terms of the related underlying leases in the accompanying consolidated statements of income as follows:


•	Approximately $50.1 million, $42.5 million, and $40.9 million of deferred lease costs for the years ended December 31, 2016, 2015, and 2014, respectively, are included in amortization expense; and


•	Approximately $3.9 million, $4.7 million, and $4.2 million, of deferred lease costs related to lease incentives granted to tenants for the years ended December 31, 2016, 2015, and 2014, respectively, was included as an offset to rental income.

Debt

Deferred Income

Deferred income

Deferred income is primarily comprised of the following items:


•	prepaid rent from tenants; and


•	tenant reimbursements related to operating expense or property tax expenses which may be due to tenants as part of an annual operating expense reconciliation.

Shares-in-trust, Preferred Stock, Common Stock, Dividends

Shares-in-trust

Preferred Stock

Common Stock

Dividends

Noncontrolling Interest

Revenue Recognition

Stock-based Compensation and Nonqualified Deferred Compensation Plan

Stock-based Compensation

Non-qualified Deferred Compensation Plan

Legal Fees and Related Insurance Recoveries

Casualty Losses and Litigation Settlement Expense and Related Insurance Recoveries

Discontinued Operations and Disclosures of Disposals of Components of an Entity

Net Income Available to Common Stockholders Per Share

Income Taxes

Reclassifications

Restatement (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments



	As Previously Filed			Restatement Adjustments			As Restated
Assets:
Real estate assets, at cost:
Land	$	669,848		$	—		$	669,848
Buildings and improvements, less accumulated depreciation	2,927,324			—			2,927,324
Intangible lease assets, less accumulated amortization	99,695			—			99,695
Construction in progress	34,825			—			34,825
Real estate assets held for sale, net	—			—			—
Total real estate assets	3,731,692						3,731,692
Investment in and amounts due from unconsolidated joint venture	7,360			—			7,360
Cash and cash equivalents	6,992			—			6,992
Tenant receivables, net of allowance for doubtful accounts	26,494			—			26,494
Straight-line rent receivables	165,848			—			165,848
Notes receivable	—			—			—
Restricted cash and escrows	1,212			—			1,212
Prepaid expenses and other assets	23,655			—			23,655
Goodwill	180,097			(81,179		)	98,918
Deferred lease costs, less accumulated amortization	305,997			—			305,997
Other assets held for sale, net	—			—			—
Total assets	$	4,449,347		$	(81,179	)	$	4,368,168
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs	$	1,687,731		$	—		$	1,687,731
Secured debt, net of premiums and unamortized debt issuance costs	332,744			—			332,744
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	165,410			—			165,410
Deferred income	28,406			—			28,406
Intangible lease liabilities, less accumulated amortization	48,005			—			48,005
Interest rate swaps	8,169			—			8,169
Total liabilities	2,270,465			—			2,270,465
Commitments and Contingencies	—			—			—
Stockholders’ Equity:
Shares-in-trust	—			—			—
Preferred stock	—			—			—
Common stock	1,452			—			1,452
Additional paid-in capital	3,673,128			—			3,673,128
Cumulative distributions in excess of earnings	(1,499,684		)	(81,179		)	(1,580,863		)
Other comprehensive income	2,104			—			2,104
Piedmont stockholders’ equity	2,177,000			(81,179		)	2,095,821
Noncontrolling interest	1,882			—			1,882
Total stockholders’ equity	2,178,882			(81,179		)	2,097,703
Total liabilities and stockholders’ equity	$	4,449,347		$	(81,179	)	$	4,368,168



	As Previously Filed			Restatement Adjustments			As Restated
Assets:
Real estate assets, at cost:
Land	$	676,091		$	—		$	676,091
Buildings and improvements, less accumulated depreciation	2,837,463			—			2,837,463
Intangible lease assets, less accumulated amortization	84,663			—			84,663
Construction in progress	20,975			—			20,975
Real estate assets held for sale, net	76,614			—			76,614
Total real estate assets	3,695,806						3,695,806
Investment in and amounts due from unconsolidated joint venture	7,577			—			7,577
Cash and cash equivalents	5,441			—			5,441
Tenant receivables, net of allowance for doubtful accounts	26,339			—			26,339
Straight-line rent receivables	147,393			—			147,393
Notes receivable	45,400			—			45,400
Restricted cash and escrows	5,174			—			5,174
Prepaid expenses and other assets	24,777			—			24,777
Goodwill	180,097			(75,311		)	104,786
Deferred lease costs, less accumulated amortization	288,041			—			288,041
Other assets held for sale, net	8,490			2,287			10,777
Total assets	$	4,434,535		$	(73,024	)	$	4,361,511
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs	$	1,528,221		$	—		$	1,528,221
Secured debt, net of premiums and unamortized debt issuance costs	501,289			—			501,289
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	128,465			—			128,465
Deferred income	27,270			—			27,270
Intangible lease liabilities, less accumulated amortization	42,853			—			42,853
Interest rate swaps	9,993			—			9,993
Total liabilities	2,238,091						2,238,091
Commitments and Contingencies	—			—			—
Stockholders’ Equity:
Shares-in-trust	—			—			—
Preferred stock	—			—			—
Common stock	1,455			—			1,455
Additional paid-in capital	3,669,977			—			3,669,977
Cumulative distributions in excess of earnings	(1,477,674		)	(73,024		)	(1,550,698		)
Other comprehensive income	1,661			—			1,661
Piedmont stockholders’ equity	2,195,419			(73,024		)	2,122,395
Noncontrolling interest	1,025			—			1,025
Total stockholders’ equity	2,196,444			(73,024		)	2,123,420
Total liabilities and stockholders’ equity	$	4,434,535		$	(73,024	)	$	4,361,511



	As Previously Filed			Restatement Adjustments			As Restated
Revenues:
Rental income	$	459,890		$	—		$	459,890
Tenant reimbursements	93,961			—			93,961
Property management fee revenue	1,864			—			1,864
	555,715			—			555,715
Expenses:
Property operating costs	218,934			—			218,934
Depreciation	127,733			—			127,733
Amortization	75,119			—			75,119
Impairment loss on real estate assets	30,898			3,003			33,901
General and administrative	29,244			—			29,244
	481,928			3,003			484,931
Real estate operating income	73,787			(3,003		)	70,784
Other income (expense):
Interest expense	(64,860		)	—			(64,860		)
Other income/(expense)	(13		)	—			(13		)
Net recoveries/(loss) from casualty events and litigation settlements	34			—			34
Equity in income/(loss) of unconsolidated joint ventures	362			—			362
	(64,477		)	—			(64,477		)
Income from continuing operations	9,310			(3,003		)	6,307
Discontinued operations:
Operating income	—			—			—
Gain/(loss) on sale of real estate assets	—			—			—
Income from discontinued operations	—			—			—
Gain on sale of real estate assets	98,562			(5,152		)	93,410
Net income	107,872			(8,155		)	99,717
Less: Net loss/(income) applicable to noncontrolling interest	15			—			15
Net income applicable to Piedmont	$	107,887		$	(8,155	)	$	99,732
Per share information— basic and diluted:
Income from continuing operations and gain on sale of real estate assets	$	0.74		$	(0.05	)	$	0.69
Income from discontinued operations	—			—			—
Net income applicable to common stockholders	$	0.74		$	(0.05	)	$	0.69
Weighted-average shares outstanding—basic	145,230,382						145,230,382
Weighted-average shares outstanding—diluted	145,634,953						145,634,953



	As Previously Filed			Restatement Adjustments			As Restated
Revenues:
Rental income	$	468,872		$	—		$	468,872
Tenant reimbursements	113,881			—			113,881
Property management fee revenue	2,016			—			2,016
	584,769			—			584,769
Expenses:
Property operating costs	242,022			—			242,022
Depreciation	134,503			—			134,503
Amortization	60,886			—			60,886
Impairment loss on real estate assets	40,169			3,132			43,301
General and administrative	30,346			—			30,346
	507,926			3,132			511,058
Real estate operating income	76,843			(3,132		)	73,711
Other income (expense):
Interest expense	(73,998		)	—			(73,998		)
Other income/(expense)	1,565			—			1,565
Net recoveries/(loss) from casualty events and litigation settlements	(278		)	—			(278		)
Equity in income/(loss) of unconsolidated joint ventures	553			—			553
	(72,158		)	—			(72,158		)
Income from continuing operations	4,685			(3,132		)	1,553
Discontinued operations:
Operating income	84			—			84
Gain/(loss) on sale of real estate assets	(1		)	—			(1		)
Income from discontinued operations	83			—			83
Gain on sale of real estate assets	168,237			(38,554		)	129,683
Net income	173,005			(41,686		)	131,319
Less: Net loss/(income) applicable to noncontrolling interest	(15		)	—			(15		)
Net income applicable to Piedmont	$	172,990		$	(41,686	)	$	131,304
Per share information— basic and diluted:
Income from continuing operations and gain on sale of real estate assets	$	1.15		$	(0.28	)	$	0.87
Income from discontinued operations	—			—			—
Net income applicable to common stockholders	$	1.15		$	(0.28	)	$	0.87
Weighted-average shares outstanding—basic	150,537,757						150,537,757
Weighted-average shares outstanding—diluted	150,880,116						150,880,116



	As Previously Filed			Revision Adjustments			As Revised
Revenues:
Rental income	$	454,635		$	—		$	454,635
Tenant reimbursements	109,548			—			109,548
Property management fee revenue	2,069			—			2,069
	566,252			—			566,252
Expenses:
Property operating costs	239,431			—			239,431
Depreciation	138,596			—			138,596
Amortization	56,579			—			56,579
Impairment loss on real estate assets	—			—			—
General and administrative	23,825			—			23,825
	458,431			—			458,431
Real estate operating income	107,821			—			107,821
Other income (expense):
Interest expense	(74,446		)	—			(74,446		)
Other income/(expense)	62			—			62
Net recoveries/(loss) from casualty events and litigation settlements	6,992			—			6,992
Equity in income/(loss) of unconsolidated joint ventures	(350		)	—			(350		)
	(67,742		)	—			(67,742		)
Income from continuing operations	40,079			—			40,079
Discontinued operations:
Operating income	954			—			954
Gain/(loss) on sale of real estate assets	1,198			(936		)	262
Income from discontinued operations	2,152			(936		)	1,216
Gain on sale of real estate assets	1,132			(262		)	870
Net income	43,363			(1,198		)	42,165
Less: Net loss/(income) applicable to noncontrolling interest	(15		)	—			(15		)
Net income applicable to Piedmont	$	43,348		$	(1,198	)	$	42,150
Per share information— basic and diluted:
Income from continuing operations and gain on sale of real estate assets	$	0.27		$	(0.01	)	$	0.26
Income from discontinued operations	0.01			—			0.01
Net income applicable to common stockholders	$	0.28		$	(0.01	)	$	0.27
Weighted-average shares outstanding—basic	154,452,121						154,452,121
Weighted-average shares outstanding—diluted	154,585,273						154,585,273



	As Previously Filed			Restatement Adjustments			As Restated
Cash Flows from Operating Activities:
Net income	$	107,872		$	(8,155	)	$	99,717
Operating distributions received from unconsolidated joint ventures	579			—			579
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	127,733			—			127,733
Amortization of debt issuance costs	1,702			—			1,702
Other amortization	74,373			—			74,373
Impairment loss on real estate assets	30,898			3,003			33,901
Stock compensation expense	7,928			—			7,928
Equity in loss/(income) of unconsolidated joint ventures	(362		)	—			(362		)
Gain on sale of real estate assets, net	(98,562		)	5,152			(93,410		)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables, net	(26,747		)	—			(26,747		)
Decrease/(increase) in restricted cash and escrows	3,229			—			3,229
Decrease/(increase) in prepaid expenses and other assets	1,996			—			1,996
Increase/(decrease) in accounts payable and accrued expenses	3,729			—			3,729
Increase/(decrease) in deferred income	1,441			—			1,441
Net cash provided by operating activities	235,809			—			235,809
Cash Flows from Investing Activities:
Acquisition of real estate assets, net of related debt assumed, and intangibles	(349,668		)	—			(349,668		)
Capitalized expenditures, net of accruals	(110,228		)	—			(110,228		)
Net sale proceeds from wholly-owned properties	365,918			—			365,918
Deferred lease costs paid	(25,896		)	—			(25,896		)
Net cash provided by/(used in) investing activities	(119,874		)	—			(119,874		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(264		)	—			(264		)
Proceeds from debt	695,000			—			695,000
Repayments of debt	(706,875		)	—			(706,875		)
Costs of issuance of common stock	(342		)	—			(342		)
Shares withheld to pay tax obligations related to employee stock compensation	(2,344		)	—			(2,344		)
Repurchases of common stock as part of announced plan	(7,943		)	—			(7,943		)
Dividends paid and discount on dividend reinvestments	(91,616		)	—			(91,616		)
Net cash provided by/(used in) financing activities	(114,384		)	—			(114,384		)
Net increase/(decrease) in cash and cash equivalents	1,551			—			1,551
Cash and cash equivalents, beginning of year	5,441			—			5,441
Cash and cash equivalents, end of year	$	6,992		$	—		$	6,992



	As Previously Filed			Restatement Adjustments			As Restated
Cash Flows from Operating Activities:
Net income	$	173,005		$	(41,686	)	$	131,319
Operating distributions received from unconsolidated joint ventures	774			—			774
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	134,503			—			134,503
Amortization of debt issuance costs	1,768			—			1,768
Gain/(loss) on settlement of forward starting interest rate swaps	(1,284		)	—			(1,284		)
Other amortization	61,221			—			61,221
Impairment loss on real estate assets	40,169			3,132			43,301
Stock compensation expense	8,789			—			8,789
Equity in loss/(income) of unconsolidated joint ventures	(553		)	—			(553		)
Gain on sale of real estate assets, net	(168,237		)	38,554			(129,683		)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables, net	(29,478		)	—			(29,478		)
Decrease/(increase) in restricted cash and escrows	(5,256		)	—			(5,256		)
Decrease/(increase) in prepaid expenses and other assets	(828		)	—			(828		)
Increase/(decrease) in accounts payable and accrued expenses	(162		)	—			(162		)
Increase/(decrease) in deferred income	4,613			—			4,613
Net cash provided by operating activities	219,044			—			219,044
Cash Flows from Investing Activities:
Acquisition of real estate assets, net of related debt assumed, and intangibles	(382,773		)	—			(382,773		)
Capitalized expenditures, net of accruals	(118,671		)	—			(118,671		)
Redemption of noncontrolling interest in unconsolidated variable interest entity	(4,000		)	—			(4,000		)
Net sale proceeds from wholly-owned properties	848,169			—			848,169
Deferred lease costs paid	(37,683		)	—			(37,683		)
Net cash provided by/(used in) investing activities	305,042			—			305,042
Cash Flows from Financing Activities:
Debt issuance costs paid	(1,081		)	—			(1,081		)
Proceeds from debt	1,301,858			—			1,301,858
Repayments of debt	(1,544,301		)	—			(1,544,301		)
Costs of issuance of common stock	(326		)	—			(326		)
Shares withheld to pay tax obligations related to employee stock compensation	(1,710		)	—			(1,710		)
Repurchases of common stock as part of announced plan	(158,860		)	—			(158,860		)
Dividends paid and discount on dividend reinvestments	(126,531		)	—			(126,531		)
Net cash provided by/(used in) financing activities	(530,951		)	—			(530,951		)
Net increase/(decrease) in cash and cash equivalents	(6,865		)	—			(6,865		)
Cash and cash equivalents, beginning of year	12,306			—			12,306
Cash and cash equivalents, end of year	$	5,441		$	—		$	5,441



	As Previously Filed			Revision Adjustments			As Revised
Cash Flows from Operating Activities:
Net income	$	43,363		$	(1,198	)	$	42,165
Operating distributions received from unconsolidated joint ventures	266			—			266
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	138,679			—			138,679
Amortization of debt issuance costs	1,578			—			1,578
Gain/(loss) on settlement of forward starting interest rate swaps	14,960			—			14,960
Other amortization	56,327			—			56,327
Stock compensation expense	5,250			—			5,250
Equity in loss/(income) of unconsolidated joint ventures	350			—			350
Gain on sale of real estate assets, net	(2,330		)	1,198			(1,132		)
Retirement of shares returned from escrow	(1,479		)	—			(1,479		)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables, net	(40,505		)	—			(40,505		)
Decrease/(increase) in restricted cash and escrows	(135		)	—			(135		)
Decrease/(increase) in prepaid expenses and other assets	(1,884		)	—			(1,884		)
Increase/(decrease) in accounts payable and accrued expenses	2,995			—			2,995
Increase/(decrease) in deferred income	(277		)	—			(277		)
Net cash provided by operating activities	217,158			—			217,158
Cash Flows from Investing Activities:
Acquisition of real estate assets, net of related debt assumed, and intangibles	(117,418		)	—			(117,418		)
Net cash held in escrow for acquisitions	(5,150		)	—			(5,150		)
Capitalized expenditures, net of accruals	(168,891		)	—			(168,891		)
Net sale proceeds from wholly-owned properties	46,232			—			46,232
Net sale proceeds received from unconsolidated joint ventures	6,017			—			6,017
Investments in unconsolidated joint ventures	(42		)	—			(42		)
Deferred lease costs paid	(27,694		)	—			(27,694		)
Net cash provided by/(used in) investing activities	(266,946		)	—			(266,946		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(1,294		)	—			(1,294		)
Proceeds from debt	1,052,527			—			1,052,527
Repayments of debt	(813,702		)	—			(813,702		)
Discount paid due to loan modification	(1,135		)	—			(1,135		)
Shares withheld to pay tax obligations related to employee stock compensation	(1,275		)	—			(1,275		)
Repurchases of common stock as part of announced plan	(54,802		)	—			(54,802		)
Dividends paid and discount on dividend reinvestments	(125,198		)	—			(125,198		)
Net cash provided by/(used in) financing activities	55,121			—			55,121
Net increase/(decrease) in cash and cash equivalents	5,333			—			5,333
Cash and cash equivalents, beginning of year	6,973			—			6,973
Cash and cash equivalents, end of year	$	12,306		$	—		$	12,306

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

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



	December 31, 2016		December 31, 2015
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	25,425	$	23,684
In-Place Lease Valuation	$	183,422	$	153,991
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	261,075	$	208,497
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	97,230	$	85,168

Amortization Of Intangible Lease Costs

For the years ended December 31, 2016, 2015, and 2014, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands):



	2016		2015		2014
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense	$	58,150	$	42,278	$	36,007
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues	$	5,066	$	4,571	$	4,727

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Net intangible assets and liabilities as of December 31, 2016 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:
2017	$	2,590	$	24,511	$	33,791	$	9,138
2018	1,600		17,980		27,156		8,470
2019	910		13,646		22,205		7,270
2020	156		9,614		16,786		5,670
2021	104		8,447		14,731		5,468
Thereafter	227		19,910		36,451		11,989
	$	5,587	$	94,108	$	151,120	$	48,005

Weighted-Average Amortization Period (in years)	3		6		7		7


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

Schedule of Goodwill

The following table presents a reconciliation of the Company’s goodwill from January 1, 2007 to December 31, 2016 (in thousands):



Balance as of January 1, 2007	$	—
Purchase of property management companies results in Goodwill (April 2007)	180,097
Goodwill allocated to disposition of real estate assets for the years ended December 31, 2007, 2008, 2009	—
Balance as of December 31, 2009	180,097
Goodwill allocated to impairment loss on real estate assets	(2,557		)
Balance as of December 31, 2010	177,540
Goodwill allocated to disposition of real estate assets	(17,533		)
Balance as of December 31, 2011	160,007
Goodwill allocated to disposition of real estate assets	(4,303		)
Balance as of December 31, 2012	155,704
Goodwill allocated to disposition of real estate assets	(4,412		)
Goodwill allocated to impairment loss on real estate assets	(1,335		)
Balance as of December 31, 2013	149,957
Goodwill allocated to disposition of real estate assets	(1,198		)
Balance as of December 31, 2014	148,759
Goodwill allocated to disposition of real estate assets	(38,554		)
Goodwill allocated to impairment loss on real estate assets	(3,132		)
Goodwill allocated to other assets held for sale	(2,287		)
Balance as of December 31, 2015	104,786
Goodwill allocated to disposition of real estate assets	(5,152		)
Goodwill allocated to impairment loss on real estate assets	(716		)
Balance as of December 31, 2016	$	98,918

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2016 and 2015 (in thousands):



Facility ⁽¹⁾	Stated Rate		Effective Rate ⁽²⁾		Maturity		Amount Outstanding as of
Facility ⁽¹⁾	Stated Rate		Effective Rate ⁽²⁾		Maturity		2016		2015
Secured (Fixed)
$125 Million Fixed-Rate Loan	5.50	%	5.50	%	4/1/2016		$	—	$	125,000
$42.5 Million Fixed-Rate Loan	5.70	%	5.70	%	10/11/2016		—		42,525
$140 Million WDC Fixed-Rate Loans ⁽³⁾	5.76	%	5.76	%	11/1/2017		140,000		140,000
$35 Million Fixed-Rate Loan ⁽⁴⁾	5.55	%	3.75	%	9/1/2021		31,583		32,445
$160 Million Fixed-Rate Loan ⁽⁵⁾	3.48	%	3.58	%	7/5/2022		160,000		160,000
Net premium and unamortized debt issuance costs							1,161		1,319
Subtotal/Weighted Average ⁽⁶⁾	4.64	%					332,744		501,289
Unsecured (Variable and Fixed)
$170 Million Unsecured 2015 Term Loan ⁽⁷⁾	LIBOR + 1.125%		1.78	%	5/15/2018		170,000		170,000
$300 Million Unsecured 2013 Term Loan	LIBOR + 1.20%		2.78	%	1/31/2019		300,000		300,000
$500 Million Unsecured 2015 Line of Credit ⁽⁷⁾	LIBOR + 1.00%		1.74	%	6/18/2019	⁽⁸⁾	178,000		21,000
$300 Million Unsecured 2011 Term Loan	LIBOR + 1.15%		3.35	%	1/15/2020		300,000		300,000
$350 Million Unsecured Senior Notes	3.40	%	3.43	%	6/01/2023		350,000		350,000
$400 Million Unsecured Senior Notes	4.45	%	4.10	%	3/15/2024		400,000		400,000
Discounts and unamortized debt issuance costs							(10,269)		(12,779)
Subtotal/Weighted Average ⁽⁶⁾	3.19	%					1,687,731		1,528,221
Total/Weighted Average ⁽⁶⁾	3.43	%					$	2,020,475	$	2,029,510


⁽¹⁾	Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2016 and 2015 is interest-only.


⁽²⁾	Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts.


⁽³⁾	Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C.


⁽⁴⁾	Collateralized by the 5 Wall Street building in Burlington, Massachusetts.


⁽⁵⁾	Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania.


⁽⁶⁾	Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of December 31, 2016.


⁽⁷⁾	On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating.


⁽⁸⁾	Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

Schedule of Maturities of Long-term Debt

A summary of the aggregate maturities of Piedmont’s indebtedness as of December 31, 2016, is provided below (in thousands):



2017	$	140,834
2018	170,960
2019	479,014		⁽¹⁾
2020	301,072
2021	27,702
Thereafter	910,000
Total	$	2,029,582


⁽¹⁾	Includes the balance outstanding as of December 31, 2016 of the $500 Million Unsecured 2015 Line of Credit. However, Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

Variable Interest Entities and Equity Participation Rights (Tables)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

A summary of Piedmont’s interests in, and consolidation treatment of, its VIEs and their related carrying values as of December 31, 2016 and 2015 is as follows (net carrying amount in millions):



Entity	Piedmont’s % Ownership of Entity		Related Building	Consolidated/ Unconsolidated	Net Carrying Amount as of December 31, 2016			Net Carrying Amount as of December 31, 2015			Primary Beneficiary Considerations
1201 Eye Street N.W. Associates, LLC	49.5	%	1201 Eye Street	Consolidated	$	(6.7	)	$	(7.4	)	In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building.
1225 Eye Street N.W. Associates, LLC	49.5	%	1225 Eye Street	Consolidated	$	9.9		$	3.8		In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building.
Piedmont 500 W. Monroe Fee, LLC	100	%	500 W. Monroe	Consolidated	$	262.4		$	251.4		The Omnibus Agreement with the previous owner includes equity participation rights for the previous owner, if certain financial returns are achieved; however, Piedmont has sole decision making authority and is entitled to 100% of the economic benefits of the property until such returns are met.

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Notional Amounts of Outstanding Derivative Positions

A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2016 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Notional Amount

(in millions)

Effective Date

Maturity Date

Interest rate swaps

$300 Million Unsecured 2013 Term Loan

200

1/30/2014

1/31/2019

Interest rate swaps

$300 Million Unsecured 2013 Term Loan

100

8/29/2014

1/31/2019

Interest rate swaps

$300 Million Unsecured 2011 Term Loan

300

11/22/2016

1/15/2020

Total

600

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2016 and 2015, respectively, is as follows (in thousands):



Interest rate swaps classified as:	2016		2015
Gross derivative assets	$	—	$	—
Gross derivative liabilities	8,169		9,993
Net derivative liability	$	8,169	$	9,993

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)



Interest Rate Swaps in Cash Flow Hedging Relationships	2016			2015			2014
Amount of gain/(loss) recognized in OCI on derivatives	$	(4,126	)	$	(12,509	)	$	(17,122	)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense	$	4,548		$	5,875		$	5,145

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of December 31, 2016 and 2015, respectively (in thousands):



	2016					2015
Financial Instrument	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy
Assets:
Cash and cash equivalents ⁽¹⁾	$	6,992	$	6,992	Level 1	$	5,441	$	5,441	Level 1
Tenant receivables, net ⁽¹⁾	$	26,494	$	26,494	Level 1	$	26,339	$	26,339	Level 1
Notes receivable ⁽¹⁾	$	—	$	—	Level 1	$	45,400	$	45,400	Level 1
Restricted cash and escrows ⁽¹⁾	$	1,212	$	1,212	Level 1	$	5,174	$	5,174	Level 1
Liabilities:
Accounts payable and accrued expenses ⁽¹⁾	$	44,733	$	44,733	Level 1	$	13,188	$	13,188	Level 1
Interest rate swap liability	$	8,169	$	8,169	Level 2	$	9,993	$	9,993	Level 2
Debt, net	$	2,020,475	$	2,027,436	Level 2	$	2,029,510	$	2,039,139	Level 2


⁽¹⁾	For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to its short-term maturity.

Impairment Loss on Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Details of Impairment of Long-Lived Assets Held and Used by Asset

Piedmont recorded impairment loss on real estate assets for the years ended December 31, 2016, 2015, and 2014 (in thousands):



	(Restated)		(Restated)
	2016		2015		2014
Eastpoint I & II ⁽¹⁾	$	—	$	6,195	$	—
2 Gatehall Drive ⁽¹⁾	—		37,106		—
150 West Jefferson ⁽¹⁾	8,259		—		—
9221 Corporate Boulevard ⁽²⁾	2,692		—		—
9200 and 9211 Corporate Boulevard ⁽³⁾	22,950		—		—
Total impairment loss on real estate assets ⁽⁴⁾	$	33,901	$	43,301	$	—


⁽¹⁾	Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset including a proportionate amount of goodwill and the contracted sales price, less estimated selling costs.

⁽²⁾

⁽³⁾


⁽⁴⁾	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

Details of amounts held for sale as of December 31, 2015 are presented below (in thousands):



			(Restated)
	December 31, 2016		December 31, 2015
Real estate assets held for sale, net:
Land	$	—	$	9,759
Building and improvements, less accumulated depreciation of $0 and $32,162 as of December 31, 2016, and 2015, respectively	—		66,840
Construction in progress	—		15
Total real estate assets held for sale, net	$	—	$	76,614

Other assets held for sale, net:
Straight-line rent receivables	$	—	$	4,729
Prepaid expenses and other assets	—		66
Allocation of goodwill (see Note 2)	—		2,287
Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively	—		3,695
Total other assets held for sale, net	$	—	$	10,777

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Nonvested Share Activity

A rollforward of Piedmont's equity based award activity for the year ended December 31, 2016 is as follows:



	Shares		Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2015	959,446		$	18.67
Deferred Stock Awards Granted	319,083		$	19.96
Decrease in Estimated Potential Future Performance Share Awards, net of forfeitures	(2,358	)	$	21.22
Performance Stock Awards Vested	(53,287	)	$	18.91
Deferred Stock Awards Vested	(258,776	)	$	18.57
Deferred Stock Awards Forfeited	(19,885	)	$	18.29
Unvested and Potential Stock Awards as of December 31, 2016	944,223		$	19.44

The following table provides additional information regarding stock award activity during the years ended December 31, 2016, 2015, and 2014 (in thousands except for per share data):



	2016		2015		2014
Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period (per share)	$	19.96	$	17.59	$	17.78
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	4,806	$	4,239	$	3,353
Share-based Liability Awards Paid During the Period ⁽¹⁾	$	1,127	$	—	$	—


⁽¹⁾	Amounts reflect the issuance of performance share awards related to the 2013-15 Performance Share Plan during the period.

Schedule of Outstanding Employee Deferred Stock Awards

A detail of Piedmont’s outstanding employee deferred stock awards as of December 31, 2016 is as follows:



Date of grant	Type of Award	Net Shares Granted ⁽¹⁾	Grant Date Fair Value		Vesting Schedule	Unvested and Potential Shares as of December 31, 2016
January 3, 2014	Deferred Stock Award	86,512	$	16.45	Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively.	52,886
May 9, 2014	Deferred Stock Award	144,625	$	18.47	Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 9, 2015, 2016, and 2017, respectively.	44,047
May 9, 2014	Fiscal Year 2014-2016 Performance Share Program	—	$	22.00	Shares awarded, if any, will vest immediately upon determination of award in 2017.	118,448	⁽²⁾
May 1, 2015	Deferred Stock Award	243,884	$	17.59	Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 1, 2016, 2017, and 2018, respectively.	138,128
May 1, 2015	Fiscal Year 2015-2017 Performance Share Program	—	$	18.42	Shares awarded, if any, will vest immediately upon determination of award in 2018.	268,358	⁽²⁾
May 12, 2016	Deferred Stock Award- Board of Directors	31,368	$	20.40	Of the shares granted, 100% will vest on May 12, 2017.	31,368
May 24, 2016	Deferred Stock Award	259,957	$	19.91	Of the shares granted, 25% vested on the date of grant, and 25% of the shares vest on May 24, 2017, 2018, and 2019, respectively.	206,380
May 24, 2016	Fiscal Year 2016-2018 Performance Share Program	—	$	23.02	Shares awarded, if any, will vest immediately upon determination of award in 2019.	84,608	⁽²⁾
Total Unvested and Potential Stock Awards						944,223


⁽¹⁾	Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2016.


⁽²⁾	Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2016. Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.

Property Dispositions, Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2016

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), with the calculation of each gain/loss on sale reflecting the allocation of a proportionate amount of goodwill as applicable (see Note 2 for more information):



Buildings Sold	Location	Date of Sale	Revised (2014) or Restated Gain/(Loss) on Sale				Net Sales Proceeds
2020 West 89th Street	Leawood, Kansas	May 19, 2014	$	870			$	5,515
Two Park Center ⁽¹⁾	Hoffman Estates, Illinois	May 29, 2014	$	(169	)		$	6,017
3900 Dallas Parkway	Plano, Texas	January 30, 2015	$	8,940			$	25,803
5601 Headquarters Drive	Plano, Texas	April 28, 2015	$	6,390			$	33,326
River Corporate Center	Tempe, Arizona	April 29, 2015	$	4,144			$	24,223
Copper Ridge Center	Lyndhurst, New Jersey	May 1, 2015	$	11,358			$	50,372	⁽²⁾
Eastpoint I & II	Mayfield Heights, Ohio	July 28, 2015	$	(177	)	⁽⁴⁾	$	17,342
3750 Brookside Parkway	Alpharetta, Georgia	August 10, 2015	$	761			$	13,624
Chandler Forum	Chandler, Arizona	September 1, 2015	$	13,805			$	32,267
Aon Center	Chicago, Illinois	October 29, 2015	$	84,218			$	646,243
2 Gatehall Drive	Parsippany, New Jersey	December 21, 2015	$	162		⁽⁴⁾	$	50,369
1055 East Colorado Boulevard	Pasadena, California	April 21, 2016	$	29,462			$	60,076
Fairway Center II	Brea, California	April 28, 2016	$	14,406			$	33,062
1901 Main Street	Irvine, California	May 2, 2016	$	29,964			$	63,149	⁽³⁾
9221 Corporate Boulevard	Rockville, Maryland	July 27, 2016	$	(192	)	⁽⁴⁾	$	12,035
150 West Jefferson	Detroit, Michigan	July 29, 2016	$	(664	)	⁽⁴⁾	$	77,844
9200 and 9211 Corporate Boulevard	Rockville, Maryland	September 28, 2016	$	(41	)	⁽⁴⁾	$	12,519
11695 Johns Creek Parkway	Johns Creek, Georgia	December 22, 2016	$	1,978			$	13,827
Braker Pointe III	Austin, Texas	December 29, 2016	$	18,579			$	48,006


⁽¹⁾	Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the loss on sale was presented as equity in income/(loss) of unconsolidated joint ventures.


⁽²⁾	As part of the transaction, Piedmont accepted a secured promissory note from the buyer for the remaining $45.4 million owed on the sale. During the year ended December 31, 2016, the note receivable was repaid in full and such proceeds are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties.


⁽³⁾	As part of the transaction, Piedmont accepted a secured promissory note from the buyer for $33.0 million, and the note receivable was repaid in full during the year ended December 31, 2016. As such, the full proceeds from the sale of the property are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties.


⁽⁴⁾	As discussed in Note 10 above, Piedmont recognized an impairment loss prior to, or in conjunction with, the sale of the property. Therefore, any gain/(loss) recognized upon the consummation of the sale consists solely of adjustments made subsequent to the sale for closing cost estimates or post-closing prorations.

Details comprising income from discontinued operations are presented below (in thousands):



	Years Ended December 31,
	2016		2015			2014
						(Revised)
Revenues:
Rental income	$	—	$	19		$	1,365
Tenant reimbursements	—		64			125
Property management fee revenue	—		—			1
	—		83			1,491
Expenses:
Property operating costs	—		(1		)	225
Depreciation	—		—			83
Amortization	—		—			223
	—		(1		)	531
Other income (expense):
Other income/(expense)	—		—			(6		)
	—		—			(6		)
Operating income, excluding gain/(loss) on sale of real estate assets	—		84			954
Gain/(loss) on sale of real estate assets	—		(1		)	262
Income from discontinued operations	$	—	$	83		$	1,216

Details of Impairment of Long-Lived Assets Held and Used by Asset

Piedmont recorded impairment loss on real estate assets for the years ended December 31, 2016, 2015, and 2014 (in thousands):



	(Restated)		(Restated)
	2016		2015		2014
Eastpoint I & II ⁽¹⁾	$	—	$	6,195	$	—
2 Gatehall Drive ⁽¹⁾	—		37,106		—
150 West Jefferson ⁽¹⁾	8,259		—		—
9221 Corporate Boulevard ⁽²⁾	2,692		—		—
9200 and 9211 Corporate Boulevard ⁽³⁾	22,950		—		—
Total impairment loss on real estate assets ⁽⁴⁾	$	33,901	$	43,301	$	—


⁽¹⁾	Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset including a proportionate amount of goodwill and the contracted sales price, less estimated selling costs.

⁽²⁾

⁽³⁾


⁽⁴⁾	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

Details of amounts held for sale as of December 31, 2015 are presented below (in thousands):



			(Restated)
	December 31, 2016		December 31, 2015
Real estate assets held for sale, net:
Land	$	—	$	9,759
Building and improvements, less accumulated depreciation of $0 and $32,162 as of December 31, 2016, and 2015, respectively	—		66,840
Construction in progress	—		15
Total real estate assets held for sale, net	$	—	$	76,614

Other assets held for sale, net:
Straight-line rent receivables	$	—	$	4,729
Prepaid expenses and other assets	—		66
Allocation of goodwill (see Note 2)	—		2,287
Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively	—		3,695
Total other assets held for sale, net	$	—	$	10,777

Schedule of Disposal Groups, Including Discontinued Operations, Results Of Operations

Asset disposals previously classified as, and that continue to be reported as, discontinued operations for the year ended December 31, 2014 are as follows (in thousands):



			(Revised)
Building Sold	Location	Date of Sale	Gain/(Loss) on Sale			Net Sales Proceeds
11107 and 11109 Sunset Hills Road	Reston, Virginia	March 19, 2014	$	(102	)	$	22,326
1441 West Long Lake Road	Troy, Michigan	April 30, 2014	$	182		$	7,202
4685 Investment Drive	Troy, Michigan	April 30, 2014	$	191		$	11,198

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Schedule of Tax Basis Income

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Piedmont’s income tax basis net income for the years ended December 31, 2016, 2015, and 2014, is calculated as follows (in thousands):



	(Restated)			(Restated)			(Revised)
	2016			2015			2014
GAAP basis financial statement net income	$	99,732		$	131,304		$	42,150
Increase (decrease) in net income resulting from:
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	69,214			(1,717		)	50,810
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,964		)	(12,123		)	(28,504		)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(4,895		)	(4,614		)	(4,705		)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	(118,713		)	(43,493		)	(28,360		)
Taxable income/(loss) of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes	(1,042		)	2,491			(468		)
Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes	42,019			54,425			5,727
Taxable income for Piedmont Office Holdings, Inc. in excess of amount for financial reporting purposes	648			—			—
Income tax basis net income, prior to dividends paid deduction	$	67,999		$	126,273		$	36,650

Schedule of Characterization Of Dividends To Common Stockholders



	2016		2015		2014
Ordinary income	81.77	%	31.75	%	29.32	%
Return of capital	18.23	%	—	%	70.68	%
Capital gains	—	%	68.25	%	—	%
	100	%	100	%	100	%

Quarterly Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	2016
Statement of Income Data:	First			Second			Third			Fourth
Revenues	$	138,012		$	135,307		$	138,485		$	143,911
Impairment loss on real estate assets	$	—		$	10,950		$	22,951		$	—
Real estate operating income	$	26,372		$	14,791		$	2,988		$	26,633
Income/(loss) from continuing operations	$	10,396		$	(1,553	)	$	(13,065	)	$	10,529
Income/(loss) from discontinued operations	$	—		$	(1	)	$	1		$	—
Gain/(loss) on sale of real estate assets	$	(20	)	$	73,835		$	(57	)	$	19,652
Net Income	$	10,376		$	72,281		$	(13,121	)	$	30,181
Net income/(loss) applicable to Piedmont	$	10,372		$	72,278		$	(13,107	)	$	30,189
Per-Share Data:
Basic and diluted earnings/(loss) per share	$	0.07		$	0.50		$	(0.09	)	$	0.21
Dividends declared per share	$	0.21		$	0.21		$	0.21		$	0.21
Balance Sheet Data:
Goodwill	$	104,786		$	99,278		$	98,918		$	98,918
Other assets held for sale, net	$	11,236		$	8,761		$	—		$	—
Total assets	$	4,281,993		$	4,217,680		$	4,307,118		$	4,368,168
Total debt, net (unsecured and secured debt)	$	2,002,918		$	1,884,314		$	1,994,078		$	2,020,475
Cumulative distributions in excess of earnings	$	(1,578,728	)	$	(1,536,948	)	$	(1,580,553	)	$	(1,580,863	)
Piedmont stockholders' equity	$	2,085,610		$	2,124,870		$	2,085,906		$	2,095,821
Total stockholders' equity	$	2,086,639		$	2,125,895		$	2,087,804		$	2,097,703
Total liabilities and stockholders' equity	$	4,281,993		$	4,217,680		$	4,307,118		$	4,368,168



	2015
Statement of Income Data:	First			Second			Third			Fourth
Revenues	$	149,759		$	146,734		$	148,815		$	139,461
Impairment loss on real estate assets	$	—		$	6,196		$	37,105		$	—
Real estate operating income	$	28,214		$	19,983		$	(3,424	)	$	28,938
Income/(loss) from continuing operations	$	9,176		$	2,531		$	(21,318	)	$	11,164
Income/(loss) from discontinued operations	$	—		$	(3	)	$	14		$	72
Gain on sale of real estate assets	$	8,940		$	21,520		$	14,796		$	84,427
Net income/(loss)	$	18,116		$	24,048		$	(6,508	)	$	95,663
Net income/(loss) applicable to Piedmont	$	18,112		$	24,044		$	(6,512	)	$	95,660
Per-Share Data:
Basic and diluted earnings/(loss) per share	$	0.12		$	0.15		$	(0.05	)	$	0.65
Dividends declared per share	$	0.21		$	0.21		$	0.21		$	0.21
Balance Sheet Data:
Goodwill	$	145,340		$	139,407		$	134,770		$	104,786
Other assets held for sale, net	$	9,703		$	9,938		$	10,038		$	10,777
Total assets	$	4,780,000		$	4,735,408		$	4,689,613		$	4,361,511
Total debt, net (unsecured and secured debt)	$	2,318,717		$	2,312,804		$	2,421,099		$	2,029,510
Cumulative distributions in excess of earnings	$	(1,411,258	)	$	(1,465,715	)	$	(1,613,418	)	$	(1,550,698	)
Piedmont stockholders' equity	$	2,252,423		$	2,216,423		$	2,048,669		$	2,122,395
Total stockholders' equity	$	2,253,452		$	2,217,448		$	2,049,698		$	2,123,420
Total liabilities and stockholders' equity	$	4,780,000		$	4,735,408		$	4,689,613		$	4,361,511



	2014
Statement of Income Data:	First		Second		Third		Fourth
Revenues	$	136,320	$	138,580	$	144,641	$	146,711
Real estate operating income	$	25,277	$	26,556	$	27,199	$	28,789
Income from continuing operations	$	9,037	$	9,325	$	9,150	$	12,567
Income/(loss) from discontinued operations	$	360	$	882	$	16	$	(42	)
Gain/(loss) on sale of real estate assets	$	—	$	878	$	—	$	(8	)
Net Income	$	9,397	$	11,085	$	9,166	$	12,517
Net income applicable to Piedmont	$	9,393	$	11,081	$	9,162	$	12,514
Per-Share Data:
Basic and diluted earnings per share	$	0.06	$	0.07	$	0.06	$	0.08
Dividends declared per share	$	0.20	$	0.20	$	0.20	$	0.21

Guarantor and Non-Guarantor Financial Information (Tables)

12 Months Ended

Dec. 31, 2016

Guarantor and Non-Guarantor Financial Information [Abstract]

Condensed Balance Sheet



Condensed Consolidated Balance Sheets (As Restated, See Note 2)
As of December 31, 2016
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	46,133	$	—		$	623,715	$	—		$	669,848
Buildings and improvements, less accumulated depreciation	228,194		—			2,699,430		(300		)	2,927,324
Intangible lease assets, less accumulated amortization	725		—			98,970		—			99,695
Construction in progress	145		—			34,680		—			34,825
Total real estate assets	275,197		—			3,456,795		(300		)	3,731,692
Investments in and amounts due from unconsolidated joint ventures	7,360		—			—		—			7,360
Cash and cash equivalents	3,674		150			3,168		—			6,992
Tenant and straight-line receivables, net	20,159		—			172,183		—			192,342
Advances to affiliates	6,464,135		1,315,616			—		(7,779,751		)	—
Investment in subsidiary	—		3,630,564			181		(3,630,745		)	—
Notes receivable	88,910		—			95,790		(184,700		)	—
Prepaid expenses, restricted cash, escrows, and other assets	6,189		—			20,575		(1,897		)	24,867
Goodwill	98,918		—			—		—			98,918
Deferred lease costs, net	16,550		—			289,447		—			305,997
Total assets	$	6,981,092	$	4,946,330		$	4,038,139	$	(11,597,393	)	$	4,368,168
Liabilities:
Debt, net	$	1,701,933	$	—		$	503,242	$	(184,700	)	$	2,020,475
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	17,365		31,230			118,712		(1,897		)	165,410
Advances from affiliates	708,340		5,071,521			2,098,146		(7,878,007		)	—
Deferred income	5,206		—			23,200		—			28,406
Intangible lease liabilities, net	—		—			48,005		—			48,005
Interest rate swaps	8,169		—			—		—			8,169
Total liabilities	2,441,013		5,102,751			2,791,305		(8,064,604		)	2,270,465
Stockholders’ Equity:
Common stock	—		1,452			—		—			1,452
Additional paid-in capital	3,626,564		3,676,000			1,309		(3,630,745		)	3,673,128
Retained/(cumulative distributions in excess of) earnings	911,411		(3,833,873		)	1,243,643		97,956			(1,580,863		)
Other comprehensive loss	2,104		—			—		—			2,104
Piedmont stockholders’ equity	4,540,079		(156,421		)	1,244,952		(3,532,789		)	2,095,821
Noncontrolling interest	—		—			1,882		—			1,882
Total stockholders’ equity	4,540,079		(156,421		)	1,246,834		(3,532,789		)	2,097,703
Total liabilities and stockholders’ equity	$	6,981,092	$	4,946,330		$	4,038,139	$	(11,597,393	)	$	4,368,168



Condensed Consolidated Balance Sheets (As Restated, See Note 2)
As of December 31, 2015
(in thousands)	Issuer		Guarantor			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Real estate assets, at cost:
Land	$	54,459	$	—		$	621,632	$	—		$	676,091
Buildings and improvements, less accumulated depreciation	270,057		—			2,567,706		(300		)	2,837,463
Intangible lease assets, less accumulated amortization	1,268		—			83,395		—			84,663
Construction in progress	240		—			20,735		—			20,975
Real estate assets held for sale, net	76,614		—			—		—			76,614
Total real estate assets	402,638		—			3,293,468		(300		)	3,695,806
Investments in and amounts due from unconsolidated joint ventures	7,577		—			—		—			7,577
Cash and cash equivalents	2,174		150			3,117		—			5,441
Tenant and straight-line rent receivables, net	23,738		—			149,994		—			173,732
Advances to affiliates	6,127,343		1,251,530			—		(7,378,873		)	—
Investment in subsidiary	—		3,752,523			186		(3,752,709		)	—
Notes receivable	134,750		—			23,890		(113,240		)	45,400
Prepaid expenses, restricted cash, escrows, and other assets	7,091		—			24,118		(1,258		)	29,951
Goodwill	104,786		—			—		—			104,786
Deferred lease costs, net	20,939		—			267,102		—			288,041
Other assets held for sale, net	10,777		—			—		—			10,777
Total assets	$	6,841,813	$	5,004,203		$	3,761,875	$	(11,246,380	)	$	4,361,511
Liabilities:
Debt, net	$	1,552,007	$	—		$	590,743	$	(113,240	)	$	2,029,510
Accounts payable, accrued expenses, and accrued capital expenditures	18,954		580			110,189		(1,258		)	128,465
Advances from affiliates	580,526		5,033,266			1,842,577		(7,456,369		)	—
Deferred income	5,905		—			21,365		—			27,270
Intangible lease liabilities, net	—		—			42,853		—			42,853
Interest rate swaps	9,993		—			—		—			9,993
Total liabilities	2,167,385		5,033,846			2,607,727		(7,570,867		)	2,238,091
Stockholders’ Equity:
Common stock	—		1,455			—		—			1,455
Additional paid-in capital	3,748,524		3,672,849			1,314		(3,752,710		)	3,669,977
Retained/(cumulative distributions in excess of) earnings	924,243		(3,703,947		)	1,151,809		77,197			(1,550,698		)
Other comprehensive loss	1,661		—			—		—			1,661
Piedmont stockholders’ equity	4,674,428		(29,643		)	1,153,123		(3,675,513		)	2,122,395
Noncontrolling interest	—		—			1,025		—			1,025
Total stockholders’ equity	4,674,428		(29,643		)	1,154,148		(3,675,513		)	2,123,420
Total liabilities and stockholders’ equity	$	6,841,813	$	5,004,203		$	3,761,875	$	(11,246,380	)	$	4,361,511

Condensed Income Statement



Condensed Consolidated Statements of Income (As Restated, See Note 2)
For the year ended December 31, 2016
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	55,007		$	—		$	407,514		$	(2,631	)	$	459,890
Tenant reimbursements	14,081			—			80,378			(498		)	93,961
Property management fee revenue	—			—			16,897			(15,033		)	1,864
	69,088			—			504,789			(18,162		)	555,715
Expenses:
Property operating costs	31,967			—			205,344			(18,377		)	218,934
Depreciation	16,657			—			111,076			—			127,733
Amortization	3,715			—			71,404			—			75,119
Impairment loss on real estate assets	8,259			—			25,642			—			33,901
General and administrative	28,314			311			36,065			(35,446		)	29,244
	88,912			311			449,531			(53,823		)	484,931
Real estate operating income/(loss)	(19,824		)	(311		)	55,258			35,661			70,784
Other income (expense):
Interest expense	(49,108		)	—			(27,636		)	11,884			(64,860		)
Other income/(expense)	9,560			282			2,029			(11,884		)	(13		)
Net recoveries from casualty events and litigation settlements	—			—			34			—			34
Equity in income of unconsolidated joint ventures	362			—			—			—			362
	(39,186		)	282			(25,573		)	—			(64,477		)
Income/(loss) from continuing operations	(59,010		)	(29		)	29,685			35,661			6,307
Gain on sale of real estate assets	31,275			—			62,135			—			93,410
Net income/(loss)	(27,735		)	(29		)	91,820			35,661			99,717
Less: Net loss applicable to noncontrolling interest	—			—			15			—			15
Net income/(loss) applicable to Piedmont	$	(27,735	)	$	(29	)	$	91,835		$	35,661		$	99,732



Condensed Consolidated Statements of Income (As Restated, See Note 2)
For the year ended December 31, 2015
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	67,317		$	—		$	404,460		$	(2,905	)	$	468,872
Tenant reimbursements	13,340			—			100,955			(414		)	113,881
Property management fee revenue	—			—			17,801			(15,785		)	2,016
	80,657			—			523,216			(19,104		)	584,769
Expenses:
Property operating costs	36,380			—			225,428			(19,786		)	242,022
Depreciation	20,891			—			113,612			—			134,503
Amortization	4,598			—			56,288			—			60,886
Impairment loss on real estate assets	6,195			—			37,106			—			43,301
General and administrative	29,645			341			35,923			(35,563		)	30,346
	97,709			341			468,357			(55,349		)	511,058
Real estate operating income/(loss)	(17,052		)	(341		)	54,859			36,245			73,711
Other income (expense):
Interest expense	(51,704		)	—			(33,540		)	11,246			(73,998		)
Other income/(expense)	12,600			—			211			(11,246		)	1,565
Net recoveries/(loss) from casualty events and litigation settlements	23			—			(301		)	—			(278		)
Equity in income of unconsolidated joint ventures	553			—			—			—			553
	(38,528		)	—			(33,630		)	—			(72,158		)
Income/(loss) from continuing operations	(55,580		)	(341		)	21,229			36,245			1,553
Discontinued operations:
Operating income	15			—			69			—			84
Loss on sale of real estate assets	(1		)	—			—			—			(1		)
Income from discontinued operations	14			—			69			—			83
Gain on sale of real estate assets	45,225			—			84,458			—			129,683
Net income/(loss)	(10,341		)	(341		)	105,756			36,245			131,319
Less: Net income applicable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income/(loss) applicable to Piedmont	$	(10,341	)	$	(341	)	$	105,741		$	36,245		$	131,304



Condensed Consolidated Statements of Income (As Revised, See Note 2)
For the year ended December 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental income	$	72,843		$	—		$	386,995		$	(5,203	)	$	454,635
Tenant reimbursements	16,566			—			93,516			(534		)	109,548
Property management fee revenue	—			—			16,516			(14,447		)	2,069
	89,409			—			497,027			(20,184		)	566,252
Expenses:
Property operating costs	42,621			—			217,786			(20,976		)	239,431
Depreciation	23,512			—			115,084			—			138,596
Amortization	4,754			—			51,825			—			56,579
General and administrative	23,235			300			28,232			(27,942		)	23,825
	94,122			300			412,927			(48,918		)	458,431
Real estate operating income/(loss)	(4,713		)	(300		)	84,100			28,734			107,821
Other income (expense):
Interest expense	(47,355		)	—			(39,625		)	12,534			(74,446		)
Other income/(expense)	11,944			—			652			(12,534		)	62
Net recoveries from casualty events and litigation settlements	1,322			1,479			4,191			—			6,992
Equity in loss of unconsolidated joint ventures	(350		)	—			—			—			(350		)
	(34,439		)	1,479			(34,782		)	—			(67,742		)
Income/(loss) from continuing operations	(39,152		)	1,179			49,318			28,734			40,079
Discontinued operations:
Operating income	913			—			41			—			954
Gain on sale of real estate assets	70			—			192			—			262
Income from discontinued operations	983			—			233			—			1,216
Gain on sale of real estate assets	—			—			870			—			870
Net income/(loss)	(38,169		)	1,179			50,421			28,734			42,165
Less: Net income applicable to noncontrolling interest	—			—			(15		)	—			(15		)
Net income/(loss) applicable to Piedmont	$	(38,169	)	$	1,179		$	50,406		$	28,734		$	42,150

Condensed Cash Flow Statement



Condensed Consolidated Statements of Cash Flows (As Restated, See Note 2)
For the year ended December 31, 2016
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided By/(Used In) Operating Activities	$	(26,260	)	$	5,214		$	221,195		$	35,660		$	235,809

Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(5,060		)	—			(454,836		)	—			(459,896		)
Intercompany note receivable	440			—			(71,900		)	71,460			—
Net sales proceeds from wholly-owned properties	200,220			—			165,698			—			365,918
Deferred lease costs paid	(2,758		)	—			(23,138		)	—			(25,896		)
Net cash provided by/(used in) investing activities	192,842			—			(384,176		)	71,460			(119,874		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(264		)	—			—			—			(264		)
Proceeds from debt	695,000			—			—			—			695,000
Repayments of debt	(538,000		)	—			(168,875		)	—			(706,875		)
Intercompany note payable	(9,600		)	—			81,060			(71,460		)	—
Costs of issuance of common stock	—			(342		)	—			—			(342		)
Shares withheld to pay tax obligations related to employee stock compensation	—			(2,344		)	—			—			(2,344		)
Repurchases of common stock as part of announced plan	—			(7,943		)	—			—			(7,943		)
(Distributions to)/repayments from affiliates	(312,218		)	97,016			250,862			(35,660		)	—
Dividends paid and discount on dividend reinvestments	—			(91,601		)	(15		)	—			(91,616		)
Net cash provided by/(used in) financing activities	(165,082		)	(5,214		)	163,032			(107,120		)	(114,384		)
Net increase in cash and cash equivalents	1,500			—			51			—			1,551
Cash and cash equivalents, beginning of year	2,174			150			3,117			—			5,441
Cash and cash equivalents, end of year	$	3,674		$	150		$	3,168		$	—		$	6,992



Condensed Consolidated Statements of Cash Flows (As Restated, See Note 2)
For the year ended December 31, 2015
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided By/(Used In) Operating Activities	$	(27,077	)	$	4,699		$	205,177		$	36,245		$	219,044

Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(12,203		)	—			(489,241		)	—			(501,444		)
Intercompany note receivable	72,000			—			—			(72,000		)	—
Redemption of noncontrolling interest in unconsolidated variable interest entity	—			—			(4,000		)	—			(4,000		)
Net sales proceeds from wholly-owned properties	151,557			—			696,612			—			848,169
Deferred lease costs paid	(3,792		)	—			(33,891		)	—			(37,683		)
Net cash provided by/(used in) investing activities	207,562			—			169,480			(72,000		)	305,042
Cash Flows from Financing Activities:
Debt issuance costs paid	(575		)	—			(506		)	—			(1,081		)
Proceeds from debt	1,142,577			—			159,281			—			1,301,858
Repayments of debt	(1,438,000		)	—			(106,301		)	—			(1,544,301		)
Intercompany note payable	—			—			(72,000		)	72,000			—
Costs of issuance of common stock	—			(326		)	—			—			(326		)
Shares withheld to pay tax obligations related to employee stock compensation	—			(1,710		)	—			—			(1,710		)
Repurchases of common stock as part of announced plan	—			(158,860		)	—			—			(158,860		)
(Distributions to)/repayments from affiliates	109,544			281,073			(354,372		)	(36,245		)	—
Dividends paid and discount on dividend reinvestments	—			(126,516		)	(15		)	—			(126,531		)
Net cash provided by/(used in) financing activities	(186,454		)	(6,339		)	(373,913		)	35,755			(530,951		)
Net increase/(decrease) in cash and cash equivalents	(5,969		)	(1,640		)	744			—			(6,865		)
Cash and cash equivalents, beginning of year	8,143			1,790			2,373			—			12,306
Cash and cash equivalents, end of year	$	2,174		$	150		$	3,117		$	—		$	5,441



Condensed Consolidated Statements of Cash Flows (As Revised, See Note 2)
For the year ended December 31, 2014
(in thousands)	Issuer			Guarantor			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	5,448		$	4,088		$	178,889		$	28,733		$	217,158

Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(23,541		)	—			(267,918		)	—			(291,459		)
Intercompany note receivable	650			—			—			(650		)	—
Net sales proceeds from wholly-owned properties	29,519			—			16,713			—			46,232
Net sales proceeds received from unconsolidated joint ventures	6,017			—			—			—			6,017
Investments in unconsolidated joint ventures	(42		)	—			—			—			(42		)
Deferred lease costs paid	(4,472		)	—			(23,222		)	—			(27,694		)
Net cash provided by/(used in) investing activities	8,131			—			(274,427		)	(650		)	(266,946		)
Cash Flows from Financing Activities:
Debt issuance costs paid	(1,294		)	—			—			—			(1,294		)
Proceeds from debt	1,052,527			—			—			—			1,052,527
Repayments of debt	(238,000		)	—			(575,702		)	—			(813,702		)
Discount due to loan modification	(1,135		)	—			—			—			(1,135		)
Intercompany note payable	—			—			(650		)	650			—
Shares withheld to pay tax obligations related to employee stock compensation	—			(1,275		)	—						(1,275		)
Repurchases of common stock as part of announced plan	—			(54,802		)	—			—			(54,802		)
(Distributions to)/repayments from affiliates	(820,795		)	178,812			670,716			(28,733		)	—
Dividends paid and discount on dividend reinvestments	—			(125,183		)	(15		)	—			(125,198		)
Net cash provided by/(used in) financing activities	(8,697		)	(2,448		)	94,349			(28,083		)	55,121
Net increase/(decrease) in cash and cash equivalents	4,882			1,640			(1,189		)	—			5,333
Cash and cash equivalents, beginning of year	3,261			150			3,562			—			6,973
Cash and cash equivalents, end of year	$	8,143		$	1,790		$	2,373		$	—		$	12,306

Organization (Details) ft² in Millions	12 Months Ended
Organization (Details) ft² in Millions	Dec. 31, 2016 ft² segment property subsidiary market
Real Estate Properties [Line Items]
Number of wholly owned subsidiaries \| subsidiary	2
Percentage ownership by sole general partner	99.90%
Percentage ownership by sole limited partner	0.10%
Rentable square feet \| ft²	19.6
Percentage of annualized lease revenue	87.00%
Number of operating segments \| segment	1
US [Member]
Real Estate Properties [Line Items]
Number of office markets \| market	8
Unconsolidated Joint Venture [Member]
Real Estate Properties [Line Items]
Number of real estate properties	1
In-Service Office Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	65
Rentable square feet \| ft²	18.9
Percentage of Class A commercial office space	94.20%
Redevelopment Asset [Member]
Real Estate Properties [Line Items]
Number of real estate properties	1
Development Assets [Member]
Real Estate Properties [Line Items]
Number of office properties under development	2

Restatement (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended												12 Months Ended
Restatement (Narrative) (Details) $ in Thousands	Apr. 30, 2007 property_management_company	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of property management companies purchased \| property_management_company	2
Reduction to gain on sale of real estate assets		$ (19,652)	$ 57	$ (73,835)	$ 20	$ (84,427)	$ (14,796)	$ (21,520)	$ (8,940)	$ 8	$ 0	$ (878)	$ 0	$ (93,410)	$ (129,683)	$ (870)
Disposals prior to 2014 recorded as an adjustment to cumulative distributions in excess of earnings																	$ 30,140
Other assets held for sale, net		0	$ 0	$ 8,761	$ 11,236	10,777	$ 10,038	$ 9,938	$ 9,703					0	10,777
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to gain on sale of real estate assets														5,152	38,554	262
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Disposals prior to 2014 recorded as an adjustment to cumulative distributions in excess of earnings																	$ 30,100
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] \| Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to gain on sale of real estate assets																$ 1,200
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other assets held for sale, net		$ 0				10,777								$ 0	10,777
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other assets held for sale, net						$ 2,300									$ 2,300

Restatement (Schedule of Previously Reported, Restatement Adjustments, and Restated Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets:
Land	$ 669,848				$ 676,091
Buildings and improvements, less accumulated depreciation	2,927,324				2,837,463
Intangible lease assets, less accumulated amortization	99,695				84,663
Construction in progress	34,825				20,975
Real estate assets held for sale, net	0				76,614
Total real estate assets	3,731,692				3,695,806
Investments in and amounts due from unconsolidated joint ventures	7,360				7,577
Cash and cash equivalents	6,992				5,441				$ 12,306	$ 6,973
Tenant receivables, net of allowance for doubtful accounts	26,494				26,339
Straight-line rent receivables	165,848				147,393
Notes receivable	0				45,400
Restricted cash and escrows	1,212				5,174
Prepaid expenses and other assets	23,655				24,777
Goodwill	98,918	$ 98,918	$ 99,278	$ 104,786	104,786	$ 134,770	$ 139,407	$ 145,340
Deferred lease costs, net	305,997				288,041
Other assets held for sale, net	0	0	8,761	11,236	10,777	10,038	9,938	9,703
Total assets	4,368,168	4,307,118	4,217,680	4,281,993	4,361,511	4,689,613	4,735,408	4,780,000
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs	1,687,731				1,528,221
Secured debt, net of premiums and unamortized debt issuance costs	332,744				501,289
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	165,410				128,465
Deferred income	28,406				27,270
Intangible lease liabilities, net	48,005				42,853
Interest rate swaps	8,169				9,993
Liabilities	2,270,465				2,238,091
Commitments and Contingencies	0				0
Stockholders' Equity:
Shares-in-trust	0				0
Preferred stock	0				0
Common stock	1,452				1,455
Additional paid-in capital	3,673,128				3,669,977
Retained/(cumulative distributions in excess of) earnings	(1,580,863)	(1,580,553)	(1,536,948)	(1,578,728)	(1,550,698)	(1,613,418)	(1,465,715)	(1,411,258)
Other comprehensive income	2,104				1,661
Piedmont stockholders’ equity	2,095,821	2,085,906	2,124,870	2,085,610	2,122,395	2,048,669	2,216,423	2,252,423
Noncontrolling interest	1,882				1,025
Total stockholders’ equity	2,097,703	2,087,804	2,125,895	2,086,639	2,123,420	2,049,698	2,217,448	2,253,452	2,280,677	2,431,019
Total liabilities and stockholders’ equity	4,368,168	$ 4,307,118	$ 4,217,680	$ 4,281,993	4,361,511	$ 4,689,613	$ 4,735,408	$ 4,780,000
Scenario, Previously Reported [Member]
Assets:
Land	669,848				676,091
Buildings and improvements, less accumulated depreciation	2,927,324				2,837,463
Intangible lease assets, less accumulated amortization	99,695				84,663
Construction in progress	34,825				20,975
Real estate assets held for sale, net	0				76,614
Total real estate assets	3,731,692				3,695,806
Investments in and amounts due from unconsolidated joint ventures	7,360				7,577
Cash and cash equivalents	6,992				5,441				$ 12,306	6,973
Tenant receivables, net of allowance for doubtful accounts	26,494				26,339
Straight-line rent receivables	165,848				147,393
Notes receivable	0				45,400
Restricted cash and escrows	1,212				5,174
Prepaid expenses and other assets	23,655				24,777
Goodwill	180,097				180,097
Deferred lease costs, net	305,997				288,041
Other assets held for sale, net	0				8,490
Total assets	4,449,347				4,434,535
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs	1,687,731				1,528,221
Secured debt, net of premiums and unamortized debt issuance costs	332,744				501,289
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	165,410				128,465
Deferred income	28,406				27,270
Intangible lease liabilities, net	48,005				42,853
Interest rate swaps	8,169				9,993
Liabilities	2,270,465				2,238,091
Commitments and Contingencies	0				0
Stockholders' Equity:
Shares-in-trust	0				0
Preferred stock	0				0
Common stock	1,452				1,455
Additional paid-in capital	3,673,128				3,669,977
Retained/(cumulative distributions in excess of) earnings	(1,499,684)				(1,477,674)
Other comprehensive income	2,104				1,661
Piedmont stockholders’ equity	2,177,000				2,195,419
Noncontrolling interest	1,882				1,025
Total stockholders’ equity	2,178,882				2,196,444					$ 2,461,159
Total liabilities and stockholders’ equity	4,449,347				4,434,535
Scenario, Adjustment [Member]
Assets:
Land	0				0
Buildings and improvements, less accumulated depreciation	0				0
Intangible lease assets, less accumulated amortization	0				0
Construction in progress	0				0
Real estate assets held for sale, net	0				0
Investments in and amounts due from unconsolidated joint ventures	0				0
Cash and cash equivalents	0				0
Tenant receivables, net of allowance for doubtful accounts	0				0
Straight-line rent receivables	0				0
Notes receivable	0				0
Restricted cash and escrows	0				0
Prepaid expenses and other assets	0				0
Goodwill	(81,179)				(75,311)
Deferred lease costs, net	0				0
Other assets held for sale, net	0				2,287
Total assets	(81,179)				(73,024)
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs	0				0
Secured debt, net of premiums and unamortized debt issuance costs	0				0
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	0				0
Deferred income	0				0
Intangible lease liabilities, net	0				0
Interest rate swaps	0				0
Liabilities	0
Commitments and Contingencies	0				0
Stockholders' Equity:
Shares-in-trust	0				0
Preferred stock	0				0
Common stock	0				0
Additional paid-in capital	0				0
Retained/(cumulative distributions in excess of) earnings	(81,179)				(73,024)
Other comprehensive income	0				0
Piedmont stockholders’ equity	(81,179)				(73,024)
Noncontrolling interest	0				0
Total stockholders’ equity	(81,179)				(73,024)
Total liabilities and stockholders’ equity	$ (81,179)				$ (73,024)

Restatement (Schedule of Previously Reported, Restatement Adjustments, and Restated Consolidated Statements of Operations) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Revenues:

$ 459,890

$ 468,872

$ 454,635

93,961

113,881

109,548

1,864

2,016

2,069

$ 143,911

$ 138,485

$ 135,307

$ 138,012

$ 139,461

$ 148,815

$ 146,734

$ 149,759

$ 146,711

$ 144,641

$ 138,580

$ 136,320

555,715

584,769

566,252

Expenses:

218,934

242,022

239,431

127,733

134,503

138,596

75,119

60,886

56,579

22,951

10,950

37,105

6,196

33,901

^[1]

43,301

^[1]

29,244

30,346

23,825

484,931

511,058

458,431

26,633

2,988

14,791

26,372

28,938

(3,424)

19,983

28,214

28,789

27,199

26,556

25,277

70,784

73,711

107,821

(64,860)

(73,998)

(74,446)

Net recoveries/(loss) from casualty events and litigation settlements

(13)

1,565

(278)

6,992

Equity in income/(loss) of unconsolidated joint ventures

362

553

(350)

(64,477)

(72,158)

(67,742)

10,529

(13,065)

(1,553)

10,396

11,164

(21,318)

2,531

9,176

12,567

9,150

9,325

9,037

6,307

1,553

40,079

954

(1)

262

(1)

(3)

(42)

882

360

1,216

19,652

(57)

73,835

(20)

84,427

14,796

21,520

8,940

(8)

878

93,410

129,683

870

Less: Net loss/(income) applicable to noncontrolling interest

30,181

(13,121)

72,281

10,376

95,663

(6,508)

24,048

18,116

12,517

9,166

11,085

9,397

99,717

131,319

42,165

(15)

$ 30,189

$ (13,107)

$ 72,278

$ 10,372

$ 95,660

$ (6,512)

$ 24,044

$ 18,112

$ 12,514

$ 9,162

$ 11,081

$ 9,393

$ 99,732

$ 131,304

$ 42,150

Income from continuing operations and gain on sale of real estate assets (in dollars per share)

$ 0.69

$ 0.87

$ 0.26

Income from discontinued operations (in dollars per share)

0.00

0.01

Net income available to common stockholders (in dollars per share)

$ 0.21

$ (0.09)

$ 0.50

$ 0.07

$ 0.65

$ (0.05)

$ 0.15

$ 0.12

$ 0.08

$ 0.06

$ 0.07

$ 0.06

$ 0.69

$ 0.87

$ 0.27

Weighted-average shares outstanding - basic (in shares)

145,230,382

150,537,757

154,452,121

Weighted-average shares outstanding - diluted (in shares)

145,634,953

150,880,116

154,585,273

Scenario, Previously Reported [Member]

Revenues:

$ 459,890

$ 468,872

$ 454,635

93,961

113,881

109,548

1,864

2,016

2,069

555,715

584,769

566,252

Expenses:

218,934

242,022

239,431

127,733

134,503

138,596

75,119

60,886

56,579

30,898

40,169

29,244

30,346

23,825

481,928

507,926

458,431

73,787

76,843

107,821

(64,860)

(73,998)

(74,446)

Net recoveries/(loss) from casualty events and litigation settlements

(13)

1,565

(278)

6,992

Equity in income/(loss) of unconsolidated joint ventures

362

553

(350)

(64,477)

(72,158)

(67,742)

9,310

4,685

40,079

954

(1)

1,198

2,152

98,562

168,237

1,132

Less: Net loss/(income) applicable to noncontrolling interest

107,872

173,005

43,363

(15)

$ 107,887

$ 172,990

$ 43,348

Income from continuing operations and gain on sale of real estate assets (in dollars per share)

$ 0.74

$ 1.15

$ 0.27

Income from discontinued operations (in dollars per share)

0.00

0.01

Net income available to common stockholders (in dollars per share)

$ 0.74

$ 1.15

$ 0.28

Weighted-average shares outstanding - basic (in shares)

145,230,382

150,537,757

154,452,121

Weighted-average shares outstanding - diluted (in shares)

145,634,953

150,880,116

154,585,273

Restatement Adjustment [Member]

Revenues:

$ 0

Expenses:

3,003

3,132

3,003

3,132

(3,003)

(3,132)

Net recoveries/(loss) from casualty events and litigation settlements

Equity in income/(loss) of unconsolidated joint ventures

(3,003)

(3,132)

(936)

(936)

(5,152)

(38,554)

(262)

Less: Net loss/(income) applicable to noncontrolling interest

(8,155)

(41,686)

(1,198)

$ (8,155)

$ (41,686)

$ (1,198)

Income from continuing operations and gain on sale of real estate assets (in dollars per share)

$ (0.05)

$ (0.28)

$ (0.01)

Income from discontinued operations (in dollars per share)

0.00

Net income available to common stockholders (in dollars per share)

$ (0.05)

$ (0.28)

$ (0.01)

Weighted-average shares outstanding - basic (in shares)

Weighted-average shares outstanding - diluted (in shares)

[1]	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

Restatement (Schedule of Previously Reported, Restatement Adjustments, and Restated Consolidated Statements of Cash Flows) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Operating distributions received from unconsolidated joint ventures

$ 30,181

$ (13,121)

$ 72,281

$ 10,376

$ 95,663

$ (6,508)

$ 24,048

$ 18,116

$ 12,517

$ 9,166

$ 11,085

$ 9,397

$ 99,717

$ 131,319

$ 42,165

579

774

266

Adjustments to reconcile net income to net cash provided by operating activities:

127,733

134,503

138,679

Gain/(loss) on settlement of forward starting interest rate swaps

1,702

1,768

1,578

(1,284)

14,960

74,373

61,221

56,327

$ 22,951

$ 10,950

$ 37,105

$ 6,196

33,901

^[1]

43,301

^[1]

Equity in loss/(income) of unconsolidated joint ventures

7,928

8,789

5,250

(362)

(553)

350

(93,410)

(129,683)

(1,132)

(1,479)

Increase in tenant and straight-line rent receivables, net

(26,747)

(29,478)

(40,505)

Decrease/(increase) in prepaid expenses and other assets

3,229

(5,256)

(135)

1,996

(828)

(1,884)

Increase/(decrease) in accounts payable and accrued expenses

3,729

(162)

2,995

1,441

4,613

(277)

235,809

219,044

217,158

Acquisition of real estate assets, net of related debt assumed, and intangibles

(349,668)

(382,773)

(117,418)

(5,150)

Redemption of noncontrolling interest in unconsolidated variable interest entity

(110,228)

(118,671)

(168,891)

(4,000)

Net sale proceeds received from unconsolidated joint ventures

365,918

848,169

46,232

6,017

(42)

Net cash provided by/(used in) investing activities

(25,896)

(37,683)

(27,694)

(119,874)

305,042

(266,946)

(264)

(1,081)

(1,294)

695,000

1,301,858

1,052,527

(706,875)

(1,544,301)

(813,702)

(1,135)

Shares withheld to pay tax obligations related to employee stock compensation

(342)

(326)

(2,344)

(1,710)

(1,275)

Repurchases of common stock as part of announced plan

(7,943)

(158,860)

(54,802)

Dividends paid and discount on dividend reinvestments

(91,616)

(126,531)

(125,198)

Net cash provided by/(used in) financing activities

(114,384)

(530,951)

55,121

Net increase/(decrease) in cash and cash equivalents

1,551

(6,865)

5,333

5,441

12,306

6,973

5,441

12,306

6,973

Scenario, Previously Reported [Member]

6,992

5,441

12,306

6,992

5,441

12,306

Operating distributions received from unconsolidated joint ventures

107,872

173,005

43,363

579

774

266

Adjustments to reconcile net income to net cash provided by operating activities:

127,733

134,503

138,679

Gain/(loss) on settlement of forward starting interest rate swaps

1,702

1,768

1,578

(1,284)

14,960

74,373

61,221

56,327

30,898

40,169

Equity in loss/(income) of unconsolidated joint ventures

7,928

8,789

5,250

(362)

(553)

350

(98,562)

(168,237)

(2,330)

(1,479)

Increase in tenant and straight-line rent receivables, net

(26,747)

(29,478)

(40,505)

Decrease/(increase) in prepaid expenses and other assets

3,229

(5,256)

(135)

1,996

(828)

(1,884)

Increase/(decrease) in accounts payable and accrued expenses

3,729

(162)

2,995

1,441

4,613

(277)

235,809

219,044

217,158

Acquisition of real estate assets, net of related debt assumed, and intangibles

(349,668)

(382,773)

(117,418)

(5,150)

Redemption of noncontrolling interest in unconsolidated variable interest entity

(110,228)

(118,671)

(168,891)

(4,000)

Net sale proceeds received from unconsolidated joint ventures

365,918

848,169

46,232

6,017

(42)

Net cash provided by/(used in) investing activities

(25,896)

(37,683)

(27,694)

(119,874)

305,042

(266,946)

(264)

(1,081)

(1,294)

695,000

1,301,858

1,052,527

(706,875)

(1,544,301)

(813,702)

(1,135)

Shares withheld to pay tax obligations related to employee stock compensation

(342)

(326)

(2,344)

(1,710)

(1,275)

Repurchases of common stock as part of announced plan

(7,943)

(158,860)

(54,802)

Dividends paid and discount on dividend reinvestments

(91,616)

(126,531)

(125,198)

Net cash provided by/(used in) financing activities

(114,384)

(530,951)

55,121

Net increase/(decrease) in cash and cash equivalents

1,551

(6,865)

5,333

5,441

12,306

6,973

5,441

12,306

6,973

Restatement Adjustment [Member]

6,992

5,441

12,306

6,992

5,441

12,306

Operating distributions received from unconsolidated joint ventures

(8,155)

(41,686)

(1,198)

Adjustments to reconcile net income to net cash provided by operating activities:

Gain/(loss) on settlement of forward starting interest rate swaps

3,003

3,132

Equity in loss/(income) of unconsolidated joint ventures

5,152

38,554

1,198

Increase in tenant and straight-line rent receivables, net

Decrease/(increase) in prepaid expenses and other assets

Increase/(decrease) in accounts payable and accrued expenses

Acquisition of real estate assets, net of related debt assumed, and intangibles

Redemption of noncontrolling interest in unconsolidated variable interest entity

Net sale proceeds received from unconsolidated joint ventures

Net cash provided by/(used in) investing activities

Shares withheld to pay tax obligations related to employee stock compensation

Repurchases of common stock as part of announced plan

Dividends paid and discount on dividend reinvestments

Net cash provided by/(used in) financing activities

Net increase/(decrease) in cash and cash equivalents

$ 0

$ 0

[1]	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

Summary of Significant Accounting Policies (Details)

12 Months Ended

Dec. 31, 2016

USD ($)

property

vote

unconsolidated_joint_venture

$ / shares

Dec. 31, 2015

USD ($)

$ / shares

Dec. 31, 2014

USD ($)

Oct. 31, 2013

USD ($)

Dec. 31, 2012

class_action_lawsuit

Intangible Lease Liabilities (Below-Market In-Place Leases)

Interest capitalized

$ 4,600,000

$ 3,800,000

$ 2,100,000

97,230,000

85,168,000

Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense

58,150,000

42,278,000

36,007,000

Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues

5,066,000

4,571,000

4,727,000

Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]

Total

99,695,000

84,663,000

Below Market Lease, Net, Amortization Income, Fiscal Maturity [Abstract]

9,138,000

8,470,000

7,270,000

5,670,000

5,468,000

11,989,000

$ 48,005,000

7 years

Number of unconsolidated joint ventures | unconsolidated_joint_venture

Provision for doubtful accounts

$ 216,000

Amortization of deferred common area maintenance recognized

1,400,000

2,500,000

Capitalized internal leasing costs

400,000

1,000,000

700,000

Amortization of deferred lease costs

50,100,000

42,500,000

40,900,000

Amortization of lease incentive

3,900,000

4,700,000

4,200,000

Amortization of fair value adjustments

500,000

200,000

Amortization of debt discount

200,000

Amortization of deferred financing costs and fair market value adjustments on notes payable

$ 2,900,000

$ 2,800,000

2,700,000

Shares-in-trust, shares authorized | shares

150,000,000

Preferred stock, shares authorized | shares

100,000,000

Common stock, shares authorized | shares

750,000,000

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

Number of votes for each share of common stock | vote

Stock repurchase program, authorized amount

$ 200,000,000

Stock repurchase program, remaining authorized repurchase amount

$ 70,200,000

Dividend reinvestment plan, shareholders discount

2.00%

Number of class action lawsuits settled | class_action_lawsuit

2,900,000

Net recoveries/(loss)

$ 34,000

$ (278,000)

6,992,000

Business interruption insurance recoveries

300,000

1,500,000

Income tax expense

415,000

85,000

Reclassification from cash outflows from operating activities to cash outflows from financing activities

$ 235,809,000

219,044,000

217,158,000

Total Revenues Derived from Long Term Leases to Tenants or Reimbursement of Property Tax and Insurance Expenses [Member] | Sales Revenue, Net [Member]

Percentage of total revenues

90.00%

New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09 [Member]

Reclassification from cash outflows from operating activities to cash outflows from financing activities

1,700,000

1,300,000

Hurricane Sandy [Member]

Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Trading Securities [Member]

Net recoveries/(loss)

$ 34,000

(300,000)

4,100,000

Assets held as trading securities

200,000

Restatement Adjustment [Member]

Provision for doubtful accounts

22,000

Recoveries of bad debts

(5,000)

Net recoveries/(loss)

Reclassification from cash outflows from operating activities to cash outflows from financing activities

$ 0

Above-Market In-Place Lease Assets [Member]

Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]

Intangible Lease Assets:

25,425,000

23,684,000

2,590,000

1,600,000

910,000

156,000

104,000

227,000

$ 5,587,000

In-Place Lease Valuation [Member]

3 years

Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]

Intangible Lease Assets:

$ 183,422,000

153,991,000

24,511,000

17,980,000

13,646,000

9,614,000

8,447,000

19,910,000

$ 94,108,000

Intangible Lease Origination Costs (included as component of Deferred Lease Costs) [Member]

6 years

Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]

Intangible Lease Assets:

$ 261,075,000

$ 208,497,000

2017

^[1]

33,791,000

2018

^[1]

27,156,000

2019

^[1]

22,205,000

2020

^[1]

16,786,000

2021

^[1]

14,731,000

Thereafter

^[1]

36,451,000

Total

^[1]

$ 151,120,000

^[1]

7 years

Building [Member]

Building Improvements [Member] | Minimum [Member]

40 years

Building Improvements [Member] | Maximum [Member]

5 years

Land Improvements [Member] | Minimum [Member]

25 years

Land Improvements [Member] | Maximum [Member]

20 years

Furniture, fixtures, and equipment [Member] | Minimum [Member]

25 years

Furniture, fixtures, and equipment [Member] | Maximum [Member]

3 years

1201 Eye Street NW Associates LLC and 1225 Eye Street, NW Associates LLC [Member]

5 years

Number of real estate properties | property

Variable Interest Entity, Primary Beneficiary [Member] | 1201 Eye Street NW Associates LLC and 1225 Eye Street, NW Associates LLC [Member]

Piedmont’s % Ownership of Entity

100.00%

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

Summary of Significant Accounting Policies (Goodwill Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended							36 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Goodwill [Roll Forward]
Goodwill	$ 104,786
Goodwill	98,918	$ 104,786
Restatement Adjustment [Member]
Goodwill [Roll Forward]
Goodwill	104,786	148,759	$ 149,957	$ 155,704	$ 160,007	$ 177,540	$ 180,097	$ 0
Purchase of property management companies results in Goodwill (April 2007)								180,097
Goodwill allocated to impairment loss on real estate assets	(5,152)	(38,554)	(1,198)	(4,412)	(4,303)	(17,533)		0
Goodwill allocated to impairment loss on real estate assets	(716)	(3,132)		(1,335)			(2,557)
Goodwill allocated to other assets held for sale		(2,287)
Goodwill	$ 98,918	$ 104,786	$ 148,759	$ 149,957	$ 155,704	$ 160,007	$ 177,540	$ 180,097

Acquisitions and Development Projects (Details)

Nov. 30, 2016

USD ($)

ft²

Oct. 07, 2016

USD ($)

ft²

Aug. 10, 2016

USD ($)

ft²

Aug. 01, 2016

USD ($)

ft²

building

Dec. 31, 2016

USD ($)

ft²

story

building

Dec. 31, 2015

USD ($)

Number of properties acquired | building

Construction in progress

$ 34,825,000

$ 20,975,000

500 TownPark Building [Member]

^[1]

134,400

Number of stories of office building | story

80.00%

Construction in progress

$ 24,000,000

$ 1,000,000

Enclave Place [Member]

Line of Credit [Member] | Unsecured Debt [Member] | $500 Million Unsecured 2015 Line of Credit [Member]

^[1]

301,000

Proceeds from Unsecured Line of Credit

$ 500,000,000

CNL Center I and CNL Center II [Member]

Number of properties acquired | building

99.00%

622,488

95.00%

One Wayside Road [Member]

$ 166,700,000

100.00%

200,605

100.00%

Galleria 200 Building [Member]

$ 62,900,000

100.00%

431,614

89.00%

750 W. John Carpenter Freeway [Member]

$ 69,600,000

^[1]

100.00%

^[1]

314,714

^[1]

78.00%

Number of acres of adjacent developable land | a

^[1]

$ 50,600,000

3.5

[1]	Including 3.5 acres of adjacent developable land.

Debt (Details)

12 Months Ended

Dec. 31, 2016

USD ($)

period

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Weighted average interest rate

^[1]

3.43%

^[2]

3.55%

^[1],[2]

$ 2,020,475,000

$ 2,029,510,000

Interest payments

$ 69,000,000

76,400,000

$ 72,100,000

Secured Debt [Member]

Weighted average interest rate

^[1],[2]

4.64%

Net premium, discounts, and unamortized debt issuance costs

^[1],[2]

$ 332,744,000

501,289,000

^[1]

$ 1,161,000

1,319,000

Unsecured Debt [Member]

Weighted average interest rate

^[1],[2]

3.19%

Net premium, discounts, and unamortized debt issuance costs

^[1],[2]

$ 1,687,731,000

1,528,221,000

^[1]

(10,269,000)

(12,779,000)

$125.0 Million Fixed-Rate Loan [Member] | Secured Debt [Member]

Amount of principal paid off

$ 125,000,000

^[1]

5.50%

^[1],[3]

5.50%

^[1]

$ 0

125,000,000

$42.5 Million Fixed-Rate Loan [Member] | Secured Debt [Member]

125,000,000

Amount of principal paid off

$ 42,500,000

^[1]

5.70%

^[1],[3]

5.70%

^[1]

$ 0

42,525,000

$500 Million Unsecured 2015 Line of Credit [Member] | Unsecured Debt [Member] | Line of Credit [Member]

42,500,000

Amount of line of credit

500,000,000

Net borrowings incurred

$ 157,000,000

^[1],[3],[4]

1.74%

^[1],[4],[5]

$ 178,000,000

21,000,000

Additional extension period

$ 500,000,000

1 year

Number of extension periods | period

Extension period

6 months

$500 Million Unsecured 2015 Line of Credit [Member] | Unsecured Debt [Member] | Line of Credit [Member] | LIBOR [Member]

$140 Million WDC Fixed-Rate Loans [Member] | Secured Debt [Member]

^[1],[4]

1.00%

^[1],[6]

5.76%

^[1],[3],[6]

5.76%

^[1],[6]

$ 140,000,000

140,000,000

$35.0 Million Fixed-Rate Loan [Member] | Secured Debt [Member]

$ 140,000,000

^[1],[7]

5.55%

^[1],[3],[7]

3.75%

^[1],[7]

$ 31,583,000

32,445,000

$160.0 Million Fixed Rate Loan [Member] | Secured Debt [Member]

$ 35,000,000

^[1],[8]

3.48%

^[1],[3]

3.58%

^[1],[8]

$ 160,000,000

160,000,000

$170 Million Unsecured 2015 Term Loan [Member] | Unsecured Debt [Member]

$ 160,000,000

^[1],[3],[4]

1.78%

^[1],[4]

$ 170,000,000

170,000,000

$170 Million Unsecured 2015 Term Loan [Member] | Unsecured Debt [Member] | LIBOR [Member]

$ 170,000,000

$300 Million Unsecured 2013 Term Loan [Member] | Unsecured Debt [Member]

^[1],[4]

1.125%

^[1]

$ 300,000,000

300,000,000

$300 Million Unsecured 2013 Term Loan [Member] | Unsecured Debt [Member] | Interest Rate Swap [Member]

$ 300,000,000

$300 Million Unsecured 2013 Term Loan [Member] | Unsecured Debt [Member] | LIBOR [Member]

^[1],[3]

2.78%

$300 Million Unsecured 2011 Term Loan [Member] | Unsecured Debt [Member]

^[1]

1.20%

^[1]

$ 300,000,000

300,000,000

$300 Million Unsecured 2011 Term Loan [Member] | Unsecured Debt [Member] | Interest Rate Swap [Member]

$ 300,000,000

$300 Million Unsecured 2011 Term Loan [Member] | Unsecured Debt [Member] | LIBOR [Member]

^[1],[3]

3.35%

$350 Million Unsecured Senior Notes [Member] | Unsecured Debt [Member]

^[1]

1.15%

^[1]

3.40%

^[1],[3]

3.43%

^[1]

$ 350,000,000

350,000,000

$400 Million Unsecured Senior Notes [Member] | Unsecured Debt [Member]

$ 350,000,000

^[1]

4.45%

^[1],[3]

4.10%

^[1]

$ 400,000,000

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 400,000,000

[1]	Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of December 31, 2016 and 2015 is interest-only.
[2]	Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of December 31, 2016.
[3]	Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts.
[4]	On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating.
[5]	Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.
[6]	Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C.
[7]	Collateralized by the 5 Wall Street building in Burlington, Massachusetts.
[8]	Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania.

Debt (Maturities of Long-term Debt) (Details)
$ in Thousands

Dec. 31, 2016

USD ($)

Debt Disclosure [Abstract]

2017

$ 140,834

2018

170,960

2019

479,014

^[1]

301,072

27,702

910,000

$ 2,029,582

[1]

Includes the balance outstanding as of December 31, 2016 of the $500 Million Unsecured 2015 Line of Credit. However, Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

Variable Interest Entities and Equity Participation Rights (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
1201 Eye Street N.W. Associates, LLC [Member]
Variable Interest Entity [Line Items]
Piedmont’s % Ownership of Entity	49.50%
Net Carrying Amount	$ (6.7)	$ (7.4)
Percent of cash flow entitled to entity	100.00%
1225 Eye Street N.W. Associates, LLC [Member]
Variable Interest Entity [Line Items]
Piedmont’s % Ownership of Entity	49.50%
Net Carrying Amount	$ 9.9	3.8
Percent of cash flow entitled to entity	100.00%
Piedmont 500 W. Monroe Fee LLC [Member]
Variable Interest Entity [Line Items]
Piedmont’s % Ownership of Entity	100.00%
Net Carrying Amount	$ 262.4	$ 251.4
Percent of cash flow entitled to entity	100.00%

Derivative Instruments (Details)	12 Months Ended
Derivative Instruments (Details)	Dec. 31, 2016 USD ($) contract	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Derivative [Line Items]
Net gain/ (loss) related to hedge ineffectiveness and terminations of cash flow hedges	$ 0	$ 37,000	$ 0
Maximum length of time of cash flow hedge	36 months
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Gross derivative assets	$ 0	0
Interest rate swaps	8,169,000	9,993,000
Net derivative liability	8,169,000	9,993,000
Amount that will be reclassified from accumulated other comprehensive income over the next twelve months	4,100,000
Unsecured Debt [Member]
Derivative [Line Items]
Total notional amount of forward starting interest rate agreements	600,000,000
Interest Rate Contract [Member] \| Interest Expense [Member]
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Amount of gain/(loss) recognized in OCI on derivatives	(4,126,000)	(12,509,000)	(17,122,000)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense	4,548,000	$ 5,875,000	$ 5,145,000
Forward Starting Interest Rate Swap [Member]
Derivative [Line Items]
Total notional amount of forward starting interest rate agreements	$ 250,000,000
Number of forward starting interest rate swaps settled \| contract	4
Forward Starting Interest Rate Swap [Member] \| Interest Expense [Member]
Derivative [Line Items]
Settlement value of forward starting interest rate swaps	$ 100,000
Credit Risk Contract [Member]
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Assets needed for immediate settlement, aggregate fair value	8,400,000
$300 Million Unsecured 2011 Term Loan [Member] \| Unsecured Debt [Member]
Derivative [Line Items]
Face amount of facility	300,000,000
$300 Million Unsecured 2011 Term Loan [Member] \| Interest Rate Swap 7 through 9 [Member] \| Unsecured Debt [Member]
Derivative [Line Items]
Total notional amount of forward starting interest rate agreements	$ 300,000,000
Number of Swap Agreements \| contract	3
$300 Million Unsecured 2013 Term Loan [Member] \| Unsecured Debt [Member]
Derivative [Line Items]
Face amount of facility	$ 300,000,000
$300 Million Unsecured 2013 Term Loan [Member] \| Interest Rate Swap 1 through 4 [Member] \| Unsecured Debt [Member]
Derivative [Line Items]
Total notional amount of forward starting interest rate agreements	$ 200,000,000
Number of Swap Agreements \| contract	4
$300 Million Unsecured 2013 Term Loan [Member] \| Interest Rate Swap 5 through 6 [Member] \| Unsecured Debt [Member]
Derivative [Line Items]
Total notional amount of forward starting interest rate agreements	$ 100,000,000
Number of Swap Agreements \| contract	2
$160.0 Million Fixed Rate Loan [Member] \| Secured Debt [Member]
Derivative [Line Items]
Face amount of facility	$ 160,000,000
Total notional amount of forward starting interest rate agreements	250,000,000
Net loss from settlement of forward starting interest rate swaps	1,300,000
Net gain/ (loss) related to hedge ineffectiveness and terminations of cash flow hedges	$ 100,000
Term of loan	7 years

Fair Value Measurements (Details) - USD ($)
$ in Thousands

Dec. 31, 2016

Dec. 31, 2015

Interest rate swap liability

$ 8,169

$ 9,993

Carrying Value [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents

^[1]

6,992

5,441

Restricted cash and escrows

^[1]

26,494

26,339

^[1]

1,212

5,174

Accounts payable and accrued expenses

^[1]

44,733

13,188

Debt, net

2,020,475

2,029,510

Carrying Value [Member] | Interest Rate Swap [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swap liability

8,169

9,993

Carrying Value [Member] | Notes Receivable [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member]

^[1]

45,400

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents

^[1]

6,992

5,441

Restricted cash and escrows

^[1]

26,494

26,339

^[1]

1,212

5,174

Accounts payable and accrued expenses

^[1]

44,733

13,188

Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Notes Receivable [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

45,400

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Debt, net

2,027,436

2,039,139

Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swap liability

$ 8,169

$ 9,993

[1]	For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to its short-term maturity.

Impairment Loss on Real Estate Assets (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

USD ($)

Sep. 30, 2016

USD ($)

Jun. 30, 2016

USD ($)

Mar. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Sep. 30, 2015

USD ($)

Jun. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Jul. 31, 2016

property

Impaired Long-Lived Assets Held and Used [Line Items]

Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Eastpoint I & II [Member]

$ 0

$ 22,951

$ 10,950

$ 0

$ 37,105

$ 6,196

$ 0

$ 33,901

^[1]

$ 43,301

^[1]

$ 0

^[1]

Impaired Long-Lived Assets Held and Used [Line Items]

Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2 Gatehall Drive [Member]

^[2]

6,195

Impaired Long-Lived Assets Held and Used [Line Items]

Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 150 West Jefferson [Member]

^[2]

37,106

Impaired Long-Lived Assets Held and Used [Line Items]

Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 9200 and 9211 Corporate Boulevard [Member]

^[2]

8,259

Impaired Long-Lived Assets Held and Used [Line Items]

Number of assets sold | property

^[3]

22,950

Impairment loss

23,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 9221 Corporate Boulevard [Member]

Impaired Long-Lived Assets Held and Used [Line Items]

^[4]

2,692

$ 0

Loss on impairment

$ 2,700

[1]	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.
[2]	Piedmont recognized an impairment loss on real estate assets based upon the difference between the carrying value of the asset including a proportionate amount of goodwill and the contracted sales price, less estimated selling costs.
[3]	Piedmont elected to sell its remaining two assets and exit the Rockville, Maryland sub-market of Washington, D.C, after selling the 9221 Corporate Boulevard building in July 2016 (mentioned above). Upon management's change in its hold period assumption for the assets from a long-term hold to a near-term sale, Piedmont recognized an impairment loss of approximately $23.0 million. The impairment loss was calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill and the anticipated contracted sales price, less estimated selling costs.
[4]	Piedmont, using a probability-weighted model heavily weighted towards the short-term sale of the 9221 Corporate Boulevard building in Rockville, Maryland, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment of approximately $2.7 million during the year ended December 31, 2016 calculated as the difference between the carrying value of the asset including a proportionate amount of goodwill and the anticipated contract sales price, less estimated selling costs.

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2016 USD ($) category	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Loss Contingencies [Line Items]
Number of tenant and building improvement categories \| category	2
Operating Leases, Future Minimum Payments Due [Abstract]
2017	$ 93
2018	93
2019	93
2020	93
2021	93
Thereafter	2,439
Total	2,904
Land [Member]
Operating Leases, Future Minimum Payments Due [Abstract]
Ground rent expense	100	$ 200	$ 500
Building [Member]
Operating Leases, Future Minimum Payments Due [Abstract]
Net book value of real estate assets subject to operating ground leases	4,700	5,000
Collectibility of Tenant Reimbursements [Member]
Loss Contingencies [Line Items]
Additional expense related to such tenant audits/disputes	$ 1,100	$ 400	$ 600
NonIncremental Capital Expenditures [Member]
Loss Contingencies [Line Items]
Period for commitments for funding non-incremental capital expenditures	3 years
Non-incremental capital expenditures for tenant improvements	$ 35,300
NonIncremental Capital Expenditures [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Period for commitments for funding non-incremental capital expenditures	5 years
Incremental Capital Expenditures [Member]
Loss Contingencies [Line Items]
Non-incremental capital expenditures for tenant improvements	$ 29,800

Stock Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

May 24, 2016

May 12, 2016

May 01, 2015

May 09, 2014

Jan. 03, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

May 24, 2016

May 12, 2016

May 01, 2015

May 09, 2014

Jan. 03, 2014

Stock Awards [Member]

Unvested Deferred Stock Awards as of the beginning of the year (in shares)

959,446

Unvested Deferred Stock Awards as of end of the year (in shares)

944,223

959,446

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at beginning of year (in dollars per share)

$ 18.67

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

19.44

$ 18.67

$ 18.67

Deferred Stock Award [Member]

959,446

Deferred Stock Awards Granted (in shares)

319,083

Deferred Stock Awards Vested (in shares)

(258,776)

Deferred Stock Awards Forfeited (in shares)

(19,885)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Awards Granted, Weighted-Average Grant Date Fair (in dollars per share)

$ 19.96

$ 17.59

$ 17.78

Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share)

18.57

Deferred Stock Awards Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)

$ 18.29

Total Grant Date Fair Value of Deferred Stock Vested During the Period

$ 4,806

$ 4,239

$ 3,353

Performance Shares [Member]

Increase in Estimated Potential Future Performance Share Awards, net of forfeitures (in shares)

(2,358)

Deferred Stock Awards Vested (in shares)

(53,287)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Increase in Estimated Potential Future Performance Share Awards, Weighted Average Grant Date Fair Value (in dollars per share)

$ 21.22

Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share)

$ 18.91

Share-based Liability Awards Paid During the Period

^[1]

$ 1,127

$ 0

Deferred Stock Award, Granted January 3, 2014 [Member] | Deferred Stock Award [Member]

Unvested Deferred Stock Awards as of end of the year (in shares)

52,886

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 16.45

^[2]

86,512

$ 16.45

Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member]

52,886

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member]

20.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member]

20.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member]

20.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Five [Member] | Deferred Stock Award [Member]

20.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 9, 2014 [Member] | Deferred Stock Award [Member]

20.00%

Unvested Deferred Stock Awards as of end of the year (in shares)

44,047

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 18.47

^[2]

144,625

$ 18.47

Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member]

44,047

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Performance Share Program Award, Granted May 9, 2014 [Member] | Performance Shares [Member]

25.00%

Unvested Deferred Stock Awards as of end of the year (in shares)

^[3]

118,448

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 22.00

^[2]

$ 22.00

Deferred Stock Award, Granted May 1, 2015 [Member] | Deferred Stock Award [Member]

^[3]

118,448

Unvested Deferred Stock Awards as of end of the year (in shares)

138,128

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 17.59

^[2]

243,884

$ 17.59

Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member]

138,128

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Performance Share Program Award, Granted May 1, 2015 [Member] | Performance Shares [Member]

25.00%

Unvested Deferred Stock Awards as of end of the year (in shares)

^[3]

268,358

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 18.42

^[2]

$ 18.42

Deferred Stock Award, Granted May 12, 2016 [Member] | Deferred Stock Award [Member] | Independent directors [Member]

^[3]

268,358

Unvested Deferred Stock Awards as of end of the year (in shares)

31,368

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 20.40

^[2]

31,368

$ 20.40

Deferred Stock Award, Granted May 12, 2016 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member] | Independent directors [Member]

31,368

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 24, 2016 [Member] | Deferred Stock Award [Member]

100.00%

Unvested Deferred Stock Awards as of end of the year (in shares)

206,380

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 19.91

^[2]

259,957

$ 19.91

Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche One [Member] | Deferred Stock Award [Member]

206,380

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Two [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Three [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Four [Member] | Deferred Stock Award [Member]

25.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Performance Share Program Award, Granted May 24, 2016 [Member] | Performance Shares [Member]

25.00%

Unvested Deferred Stock Awards as of end of the year (in shares)

^[3]

84,608

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Unvested Deferred Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)

$ 23.02

^[2]

$ 23.02

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[3]

84,608

[1]	Amounts reflect the issuance of performance share awards related to the 2013-15 Performance Share Plan during the period.
[2]	Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2016.
[3]	Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2016. Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense and directors' fees related to stock awards	$ 8.0	$ 8.9	$ 5.3
Compensation expense, non-vested awards	$ 6.5	$ 7.0	$ 3.8
Number of shares issued to employees, directors and officers	185,169
Nonvested awards, total compensation cost not yet recognized	$ 3.8
Weighted Average [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, total compensation cost not yet recognized, period for recognition	1 year
Stock Awards [Member] \| Independent directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Weighted-average common shares—basic	145,230,382	150,537,757	154,452,121
Deferred and performance stock awards (in shares)	405,000	342,000	133,000
Weighted-average shares outstanding - diluted	145,634,953	150,880,116	154,585,273
Common stock, shares outstanding	145,235,313	145,511,644	154,324,089

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of annualized lease revenue	87.00%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2017	$ 434,871
2018	426,532
2019	395,212
2020	359,636
2021	323,940
Thereafter	1,615,265
Total	$ 3,555,456
Customer Concentration Risk [Member] \| Federal Governmental Agencies [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	8.20%

Property Dispositions, Assets Held for Sale and Discontinued Operations (Property Dispositions) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 29, 2016

Dec. 22, 2016

Sep. 28, 2016

Jul. 29, 2016

Jul. 27, 2016

May 02, 2016

Apr. 28, 2016

Apr. 21, 2016

Dec. 21, 2015

Oct. 29, 2015

Sep. 01, 2015

Aug. 10, 2015

Jul. 28, 2015

May 01, 2015

Apr. 29, 2015

Apr. 28, 2015

Jan. 30, 2015

May 29, 2014

May 19, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 2020 W. 89th Street [Member]

$ 365,918

$ 848,169

$ 46,232

Notes receivable

$ 0

$ 45,400

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 870

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Two Park Center [Member]

$ 5,515

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[1]

$ (169)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 3900 Dallas Parkway [Member]

^[1]

$ 6,017

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 8,940

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 5601 Headquarters Drive [Member]

$ 25,803

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 6,390

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | River Corporate Center [Member]

$ 33,326

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 4,144

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Copper Ridge Center [Member]

$ 24,223

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 11,358

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Copper Ridge Center [Member] | Notes Receivable [Member] | Secured Promissory Note [Member]

^[2]

50,372

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Notes receivable

$ 45,400

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Eastpoint I & II [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[3]

$ (177)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 3750 Brookside Parkway [Member]

$ 17,342

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 761

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Chandler Forum [Member]

$ 13,624

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 13,805

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Aon Center [Member]

$ 32,267

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 84,218

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 2 Gatehall Drive [Member]

$ 646,243

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[3]

$ 162

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 1055 East Colorado [Member]

$ 50,369

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 29,462

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Fairway Center II [Member]

$ 60,076

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 14,406

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 1901 Main Street [Member]

$ 33,062

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 29,964

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 1901 Main Street [Member] | Notes Receivable [Member] | Secured Promissory Note [Member]

^[4]

63,149

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Notes receivable

$ 33,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 9221 Corporate Boulevard [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[3]

$ (192)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 150 West Jefferson [Member]

$ 12,035

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[3]

$ (664)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 9200 and 9211 Corporate Boulevard [Member]

$ 77,844

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[3]

$ (41)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 11695 Johns Creek Parkway [Member]

$ 12,519

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 1,978

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Braker Pointe III [Member]

$ 13,827

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 18,579

GAAP basis financial statement net income

$ 48,006

[1]	Property was owned as part of the unconsolidated joint venture, Fund XIII and REIT Joint Venture. As such, the loss on sale was presented as equity in income/(loss) of unconsolidated joint ventures.
[2]	As part of the transaction, Piedmont accepted a secured promissory note from the buyer for the remaining $45.4 million owed on the sale. During the year ended December 31, 2016, the note receivable was repaid in full and such proceeds are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties.
[3]	As discussed in Note 10 above, Piedmont recognized an impairment loss prior to, or in conjunction with, the sale of the property. Therefore, any gain/(loss) recognized upon the consummation of the sale consists solely of adjustments made subsequent to the sale for closing cost estimates or post-closing prorations.
[4]	As part of the transaction, Piedmont accepted a secured promissory note from the buyer for $33.0 million, and the note receivable was repaid in full during the year ended December 31, 2016. As such, the full proceeds from the sale of the property are reflected in the accompanying consolidated statements of cash flows as net sales proceeds from the sale of wholly-owned properties.

Property Dispositions, Assets Held for Sale, and Discontinued Operations (Assets Held-for-Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total other assets held for sale, net	$ 0	$ 0	$ 8,761	$ 11,236	$ 10,777	$ 10,038	$ 9,938	$ 9,703
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total real estate assets held for sale, net	0				76,614
Straight-line rent receivables	0				4,729
Prepaid expenses and other assets	0				66
Allocation of goodwill (see Note 2)	0				2,287
Deferred lease costs, less accumulated amortization of $0 and $1,162 as of December 31, 2016 and 2015, respectively	0				3,695
Accumulated amortization on deferred lease costs	0				1,162
Total other assets held for sale, net	0				10,777
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	0				9,759
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Building and building improvements [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	0				66,840
Accumulated depreciation (building improvements)	0				32,162
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Construction in Progress [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	$ 0				$ 15

Property Dispositions, Assets Held for Sale, and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Thousands			3 Months Ended												12 Months Ended
	Apr. 30, 2014	Mar. 19, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain/(Loss) on Sale															$ 0	$ (1)	$ 262
Net Sales Proceeds															365,918	848,169	46,232
Other income (expense):
Operating income, excluding gain/(loss) on sale of real estate assets															0	84	954
Gain/(loss) on sale of real estate assets															0	(1)	262
Income from discontinued operations			$ 0	$ 1	$ (1)	$ 0	$ 72	$ 14	$ (3)	$ 0	$ (42)	$ 16	$ 882	$ 360	0	83	1,216
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain/(Loss) on Sale															0	(1)	262
Revenues:
Rental income															0	19	1,365
Tenant reimbursements															0	64	125
Property management fee revenue															0	0	1
Revenue															0	83	1,491
Expenses:
Property operating costs															0	(1)	225
Depreciation															0	0	83
Amortization															0	0	223
Expenses															0	(1)	531
Other income (expense):
Other income/(expense)															0	0	(6)
Total Other income (expense)															0	0	(6)
Operating income, excluding gain/(loss) on sale of real estate assets															0	84	954
Gain/(loss) on sale of real estate assets															0	(1)	262
Income from discontinued operations															$ 0	$ 83	$ 1,216
Discontinued Operations, Disposed of by Sale [Member] \| 11107 and 11109 Sunset Hills Road [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain/(Loss) on Sale		$ (102)
Net Sales Proceeds		22,326
Other income (expense):
Gain/(loss) on sale of real estate assets		$ (102)
Discontinued Operations, Disposed of by Sale [Member] \| 1441 West Long Lake Road [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain/(Loss) on Sale	$ 182
Net Sales Proceeds	7,202
Other income (expense):
Gain/(loss) on sale of real estate assets	182
Discontinued Operations, Disposed of by Sale [Member] \| 4685 Investment Drive [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain/(Loss) on Sale	191
Net Sales Proceeds	11,198
Other income (expense):
Gain/(loss) on sale of real estate assets	$ 191

Supplemental Disclosures of Noncash Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures and deferred lease costs	$ 14,427	$ 20,630	$ 19,896
Accrued dividends and discount on dividend reinvestments	30,532	0	0
Escrowed cash from prior year applied to acquisitions in the current year	0	(5,050)	0
Change in accrued share repurchases as part of an announced plan	$ 0	$ 0	$ (2,006)

Income Taxes (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Income Taxes [Line Items]

$ 30,189

$ (13,107)

$ 72,278

$ 10,372

$ 95,660

$ (6,512)

$ 24,044

$ 18,112

$ 12,514

$ 9,162

$ 11,081

$ 9,393

$ 99,732

$ 131,304

$ 42,150

Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes

69,214

(1,717)

50,810

Rental income accrued for income tax purposes less than amounts for financial reporting purposes

(18,964)

(12,123)

(28,504)

Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes

(4,895)

(4,614)

(4,705)

Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes

(118,713)

(43,493)

(28,360)

Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes

42,019

54,425

5,727

Income tax basis net income, prior to dividends paid deduction

$ 67,999

$ 126,273

$ 36,650

Ordinary income, Percent

81.77%

31.75%

29.32%

Return of capital, Percent

18.23%

0.00%

70.68%

Capital gains, Percent

0.00%

68.25%

0.00%

Common Stock Dividends, Percent

100.00%

Tax basis of total assets

4,300,000

^[1]

4,200,000

$ 4,300,000

^[1]

$ 4,200,000

Accrued interest and penalties related to uncertain tax positions

$ 3,800

3,800

Piedmont Washington Properties, Inc [Member]

Income Taxes [Line Items]

Taxable income (loss) in excess of amount for financial reporting purposes

(1,042)

2,491

$ (468)

Piedmont Office Holdings, Inc [Member]

Income Taxes [Line Items]

Taxable income (loss) in excess of amount for financial reporting purposes

$ 648

$ 0

[1]	The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $4.3 billion.

Quarterly Results (unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Statement of Income Data:

Revenues

$ 143,911

$ 138,485

$ 135,307

$ 138,012

$ 139,461

$ 148,815

$ 146,734

$ 149,759

$ 146,711

$ 144,641

$ 138,580

$ 136,320

$ 555,715

$ 584,769

$ 566,252

22,951

10,950

37,105

6,196

33,901

^[1]

43,301

^[1]

Income/(loss) from continuing operations

26,633

2,988

14,791

26,372

28,938

(3,424)

19,983

28,214

28,789

27,199

26,556

25,277

70,784

73,711

107,821

10,529

(13,065)

(1,553)

10,396

11,164

(21,318)

2,531

9,176

12,567

9,150

9,325

9,037

6,307

1,553

40,079

Income/(loss) from discontinued operations

(1)

(3)

(42)

882

360

1,216

19,652

(57)

73,835

(20)

84,427

14,796

21,520

8,940

(8)

878

93,410

129,683

870

30,181

(13,121)

72,281

10,376

95,663

(6,508)

24,048

18,116

12,517

9,166

11,085

9,397

99,717

131,319

42,165

$ 30,189

$ (13,107)

$ 72,278

$ 10,372

$ 95,660

$ (6,512)

$ 24,044

$ 18,112

$ 12,514

$ 9,162

$ 11,081

$ 9,393

$ 99,732

$ 131,304

$ 42,150

Net income/(loss) applicable to Piedmont

$ 0.21

$ (0.09)

$ 0.50

$ 0.07

$ 0.65

$ (0.05)

$ 0.15

$ 0.12

$ 0.08

$ 0.06

$ 0.07

$ 0.06

$ 0.69

$ 0.87

$ 0.27

Dividends declared per share

$ 0.21

$ 0.2

Balance Sheet Data:

Goodwill

$ 98,918

$ 99,278

$ 104,786

$ 134,770

$ 139,407

$ 145,340

$ 98,918

$ 104,786

Other assets held for sale, net

8,761

11,236

10,777

10,038

9,938

9,703

10,777

Total assets

4,368,168

4,307,118

4,217,680

4,281,993

4,361,511

4,689,613

4,735,408

4,780,000

4,368,168

4,361,511

Debt, net

2,020,475

1,994,078

1,884,314

2,002,918

2,029,510

2,421,099

2,312,804

2,318,717

2,020,475

2,029,510

Cumulative distributions in excess of earnings

(1,580,863)

(1,580,553)

(1,536,948)

(1,578,728)

(1,550,698)

(1,613,418)

(1,465,715)

(1,411,258)

(1,580,863)

(1,550,698)

Piedmont stockholders' equity

2,095,821

2,085,906

2,124,870

2,085,610

2,122,395

2,048,669

2,216,423

2,252,423

2,095,821

2,122,395

Total stockholders' equity

2,097,703

2,087,804

2,125,895

2,086,639

2,123,420

2,049,698

2,217,448

2,253,452

$ 2,280,677

2,097,703

2,123,420

$ 2,280,677

$ 2,431,019

Total liabilities and stockholders' equity

$ 4,368,168

$ 4,307,118

$ 4,217,680

$ 4,281,993

$ 4,361,511

$ 4,689,613

$ 4,735,408

$ 4,780,000

$ 4,368,168

$ 4,361,511

[1]	The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

Guarantor and Non-Guarantor Financial Information- Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets:
Land	$ 669,848				$ 676,091
Buildings and improvements, less accumulated depreciation	2,927,324				2,837,463
Intangible lease assets, less accumulated amortization	99,695				84,663
Construction in progress	34,825				20,975
Real estate assets held for sale, net	0				76,614
Total real estate assets	3,731,692				3,695,806
Investments in and amounts due from unconsolidated joint ventures	7,360				7,577
Cash and cash equivalents	6,992				5,441				$ 12,306	$ 6,973
Tenant and straight-line receivables, net	192,342				173,732
Advances to affiliates	0				0
Investment in subsidiary	0				0
Notes receivable	0				45,400
Prepaid expenses, restricted cash, escrows, and other assets	24,867				29,951
Goodwill	98,918	$ 98,918	$ 99,278	$ 104,786	104,786	$ 134,770	$ 139,407	$ 145,340
Deferred lease costs, net	305,997				288,041
Other assets held for sale, net	0	0	8,761	11,236	10,777	10,038	9,938	9,703
Total assets	4,368,168	4,307,118	4,217,680	4,281,993	4,361,511	4,689,613	4,735,408	4,780,000
Liabilities:
Debt, net	2,020,475	1,994,078	1,884,314	2,002,918	2,029,510	2,421,099	2,312,804	2,318,717
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	165,410				128,465
Advances from affiliates	0				0
Deferred income	28,406				27,270
Intangible lease liabilities, net	48,005				42,853
Interest rate swaps	8,169				9,993
Total liabilities	2,270,465				2,238,091
Stockholders’ Equity:
Common stock	1,452				1,455
Additional paid-in capital	3,673,128				3,669,977
Retained/(cumulative distributions in excess of) earnings	(1,580,863)	(1,580,553)	(1,536,948)	(1,578,728)	(1,550,698)	(1,613,418)	(1,465,715)	(1,411,258)
Other comprehensive loss	2,104				1,661
Piedmont stockholders’ equity	2,095,821	2,085,906	2,124,870	2,085,610	2,122,395	2,048,669	2,216,423	2,252,423
Noncontrolling interest	1,882				1,025
Total stockholders’ equity	2,097,703	2,087,804	2,125,895	2,086,639	2,123,420	2,049,698	2,217,448	2,253,452	2,280,677	2,431,019
Total liabilities and stockholders’ equity	4,368,168	$ 4,307,118	$ 4,217,680	$ 4,281,993	4,361,511	$ 4,689,613	$ 4,735,408	$ 4,780,000
Eliminations [Member]
Assets:
Land	0				0
Buildings and improvements, less accumulated depreciation	(300)				(300)
Intangible lease assets, less accumulated amortization	0				0
Construction in progress	0				0
Real estate assets held for sale, net					0
Total real estate assets	(300)				(300)
Investments in and amounts due from unconsolidated joint ventures	0				0
Cash and cash equivalents	0				0				0	0
Tenant and straight-line receivables, net	0				0
Advances to affiliates	(7,779,751)				(7,378,873)
Investment in subsidiary	(3,630,745)				(3,752,709)
Notes receivable	(184,700)				(113,240)
Prepaid expenses, restricted cash, escrows, and other assets	(1,897)				(1,258)
Goodwill	0				0
Deferred lease costs, net	0				0
Other assets held for sale, net					0
Total assets	(11,597,393)				(11,246,380)
Liabilities:
Debt, net	(184,700)				(113,240)
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	(1,897)				(1,258)
Advances from affiliates	(7,878,007)				(7,456,369)
Deferred income	0				0
Intangible lease liabilities, net	0				0
Interest rate swaps	0				0
Total liabilities	(8,064,604)				(7,570,867)
Stockholders’ Equity:
Common stock	0				0
Additional paid-in capital	(3,630,745)				(3,752,710)
Retained/(cumulative distributions in excess of) earnings	97,956				77,197
Other comprehensive loss	0				0
Piedmont stockholders’ equity	(3,532,789)				(3,675,513)
Noncontrolling interest	0				0
Total stockholders’ equity	(3,532,789)				(3,675,513)
Total liabilities and stockholders’ equity	(11,597,393)				(11,246,380)
Issuer [Member]
Assets:
Land	46,133				54,459
Buildings and improvements, less accumulated depreciation	228,194				270,057
Intangible lease assets, less accumulated amortization	725				1,268
Construction in progress	145				240
Real estate assets held for sale, net					76,614
Total real estate assets	275,197				402,638
Investments in and amounts due from unconsolidated joint ventures	7,360				7,577
Cash and cash equivalents	3,674				2,174				8,143	3,261
Tenant and straight-line receivables, net	20,159				23,738
Advances to affiliates	6,464,135				6,127,343
Investment in subsidiary	0				0
Notes receivable	88,910				134,750
Prepaid expenses, restricted cash, escrows, and other assets	6,189				7,091
Goodwill	98,918				104,786
Deferred lease costs, net	16,550				20,939
Other assets held for sale, net					10,777
Total assets	6,981,092				6,841,813
Liabilities:
Debt, net	1,701,933				1,552,007
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	17,365				18,954
Advances from affiliates	708,340				580,526
Deferred income	5,206				5,905
Intangible lease liabilities, net	0				0
Interest rate swaps	8,169				9,993
Total liabilities	2,441,013				2,167,385
Stockholders’ Equity:
Common stock	0				0
Additional paid-in capital	3,626,564				3,748,524
Retained/(cumulative distributions in excess of) earnings	911,411				924,243
Other comprehensive loss	2,104				1,661
Piedmont stockholders’ equity	4,540,079				4,674,428
Noncontrolling interest	0				0
Total stockholders’ equity	4,540,079				4,674,428
Total liabilities and stockholders’ equity	6,981,092				6,841,813
Guarantor [Member]
Assets:
Land	0				0
Buildings and improvements, less accumulated depreciation	0				0
Intangible lease assets, less accumulated amortization	0				0
Construction in progress	0				0
Real estate assets held for sale, net					0
Total real estate assets	0				0
Investments in and amounts due from unconsolidated joint ventures	0				0
Cash and cash equivalents	150				150				1,790	150
Tenant and straight-line receivables, net	0				0
Advances to affiliates	1,315,616				1,251,530
Investment in subsidiary	3,630,564				3,752,523
Notes receivable	0				0
Prepaid expenses, restricted cash, escrows, and other assets	0				0
Goodwill	0				0
Deferred lease costs, net	0				0
Other assets held for sale, net					0
Total assets	4,946,330				5,004,203
Liabilities:
Debt, net	0				0
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	31,230				580
Advances from affiliates	5,071,521				5,033,266
Deferred income	0				0
Intangible lease liabilities, net	0				0
Interest rate swaps	0				0
Total liabilities	5,102,751				5,033,846
Stockholders’ Equity:
Common stock	1,452				1,455
Additional paid-in capital	3,676,000				3,672,849
Retained/(cumulative distributions in excess of) earnings	(3,833,873)				(3,703,947)
Other comprehensive loss	0				0
Piedmont stockholders’ equity	(156,421)				(29,643)
Noncontrolling interest	0				0
Total stockholders’ equity	(156,421)				(29,643)
Total liabilities and stockholders’ equity	4,946,330				5,004,203
Non-Guarantor Subsidiaries [Member]
Assets:
Land	623,715				621,632
Buildings and improvements, less accumulated depreciation	2,699,430				2,567,706
Intangible lease assets, less accumulated amortization	98,970				83,395
Construction in progress	34,680				20,735
Real estate assets held for sale, net					0
Total real estate assets	3,456,795				3,293,468
Investments in and amounts due from unconsolidated joint ventures	0				0
Cash and cash equivalents	3,168				3,117				$ 2,373	$ 3,562
Tenant and straight-line receivables, net	172,183				149,994
Advances to affiliates	0				0
Investment in subsidiary	181				186
Notes receivable	95,790				23,890
Prepaid expenses, restricted cash, escrows, and other assets	20,575				24,118
Goodwill	0				0
Deferred lease costs, net	289,447				267,102
Other assets held for sale, net					0
Total assets	4,038,139				3,761,875
Liabilities:
Debt, net	503,242				590,743
Accounts payable, accrued expenses, dividends payable, and accrued capital expenditures	118,712				110,189
Advances from affiliates	2,098,146				1,842,577
Deferred income	23,200				21,365
Intangible lease liabilities, net	48,005				42,853
Interest rate swaps	0				0
Total liabilities	2,791,305				2,607,727
Stockholders’ Equity:
Common stock	0				0
Additional paid-in capital	1,309				1,314
Retained/(cumulative distributions in excess of) earnings	1,243,643				1,151,809
Other comprehensive loss	0				0
Piedmont stockholders’ equity	1,244,952				1,153,123
Noncontrolling interest	1,882				1,025
Total stockholders’ equity	1,246,834				1,154,148
Total liabilities and stockholders’ equity	$ 4,038,139				$ 3,761,875

Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Income (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Revenues:

$ 459,890

$ 468,872

$ 454,635

93,961

113,881

109,548

1,864

2,016

2,069

$ 143,911

$ 138,485

$ 135,307

$ 138,012

$ 139,461

$ 148,815

$ 146,734

$ 149,759

$ 146,711

$ 144,641

$ 138,580

$ 136,320

555,715

584,769

566,252

Expenses:

218,934

242,022

239,431

127,733

134,503

138,596

75,119

60,886

56,579

22,951

10,950

37,105

6,196

33,901

^[1]

43,301

^[1]

29,244

30,346

23,825

484,931

511,058

458,431

26,633

2,988

14,791

26,372

28,938

(3,424)

19,983

28,214

28,789

27,199

26,556

25,277

70,784

73,711

107,821

(64,860)

(73,998)

(74,446)

Net recoveries/(loss) from casualty events and litigation settlements

(13)

1,565

(278)

6,992

Equity in income/(loss) of unconsolidated joint ventures

362

553

(350)

(64,477)

(72,158)

(67,742)

10,529

(13,065)

(1,553)

10,396

11,164

(21,318)

2,531

9,176

12,567

9,150

9,325

9,037

6,307

1,553

40,079

954

(1)

262

(1)

(3)

(42)

882

360

1,216

19,652

(57)

73,835

(20)

84,427

14,796

21,520

8,940

(8)

878

93,410

129,683

870

Less: Net loss/(income) applicable to noncontrolling interest

30,181

(13,121)

72,281

10,376

95,663

(6,508)

24,048

18,116

12,517

9,166

11,085

9,397

99,717

131,319

42,165

(15)

$ 30,189

$ (13,107)

$ 72,278

$ 10,372

$ 95,660

$ (6,512)

$ 24,044

$ 18,112

$ 12,514

$ 9,162

$ 11,081

$ 9,393

99,732

131,304

42,150

Eliminations [Member]

Revenues:

(2,631)

(2,905)

(5,203)

(498)

(414)

(534)

(15,033)

(15,785)

(14,447)

(18,162)

(19,104)

(20,184)

Expenses:

(18,377)

(19,786)

(20,976)

(35,446)

(35,563)

(27,942)

(53,823)

(55,349)

(48,918)

35,661

36,245

28,734

11,884

11,246

12,534

Net recoveries/(loss) from casualty events and litigation settlements

(11,884)

(11,246)

(12,534)

Equity in income/(loss) of unconsolidated joint ventures

35,661

36,245

28,734

Less: Net loss/(income) applicable to noncontrolling interest

35,661

36,245

28,734

35,661

36,245

28,734

Issuer [Member]

Revenues:

55,007

67,317

72,843

14,081

13,340

16,566

69,088

80,657

89,409

Expenses:

31,967

36,380

42,621

16,657

20,891

23,512

3,715

4,598

4,754

8,259

6,195

28,314

29,645

23,235

88,912

97,709

94,122

(19,824)

(17,052)

(4,713)

(49,108)

(51,704)

(47,355)

Net recoveries/(loss) from casualty events and litigation settlements

9,560

12,600

11,944

1,322

Equity in income/(loss) of unconsolidated joint ventures

362

553

(350)

(39,186)

(38,528)

(34,439)

(59,010)

(55,580)

(39,152)

913

(1)

983

31,275

45,225

Less: Net loss/(income) applicable to noncontrolling interest

(27,735)

(10,341)

(38,169)

(27,735)

(10,341)

(38,169)

Guarantor [Member]

Revenues:

Expenses:

311

341

300

311

341

300

(311)

(341)

(300)

Net recoveries/(loss) from casualty events and litigation settlements

282

1,479

Equity in income/(loss) of unconsolidated joint ventures

282

1,479

(29)

(341)

1,179

Less: Net loss/(income) applicable to noncontrolling interest

(29)

(341)

1,179

Non-Guarantor Subsidiaries [Member]

(29)

(341)

1,179

Revenues:

407,514

404,460

386,995

80,378

100,955

93,516

16,897

17,801

16,516

504,789

523,216

497,027

Expenses:

205,344

225,428

217,786

111,076

113,612

115,084

71,404

56,288

51,825

25,642

37,106

36,065

35,923

28,232

449,531

468,357

412,927

55,258

54,859

84,100

(27,636)

(33,540)

(39,625)

Net recoveries/(loss) from casualty events and litigation settlements

2,029

211

652

(301)

4,191

Equity in income/(loss) of unconsolidated joint ventures

(25,573)

(33,630)

(34,782)

29,685

21,229

49,318

192

233

62,135

84,458

870

Less: Net loss/(income) applicable to noncontrolling interest

91,820

105,756

50,421

(15)