Piedmont Office Realty Trust Inc

For the period ended Dec 31, 2023. Filed Feb 20, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 20, 2024

PDM$10.08+1.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2023

(dollars in thousands)

Initial Cost to Piedmont · Gross Amount of WhichCarried at December 31, 2023
Description(1) · Location · OwnershipPercentage · Encumbrances · Land · Buildings andImprovements · Total(2) · Costs Capitalized Subsequentto Acquisition(3) · Land · Buildings andImprovements · Total(4) · AccumulatedDepreciationandAmortization · Date ofConstruction · DateAcquired · Life onwhichDepreciationandAmortizationin Latest Statements of Comprehensive Income is Computed (in years)(5)
1430 ENCLAVE PARKWAY	Houston, TX	100%	None	7,100	37,915	45,015	7,248	5,506	46,757	52,263	26,315	1994	12/21/2000	0	-	40
CRESCENT RIDGE II	Minnetonka, MN	100%	None	7,700	45,154	52,854	16,771	8,021	61,604	69,625	32,336	2000	12/21/2000	0	-	40
90 CENTRAL STREET	Boxborough, MA	100%	None	3,642	29,497	33,139	3,386	3,642	32,883	36,525	17,524	2001	5/3/2002	0	-	40
6031 CONNECTION DRIVE	Irving, TX	100%	None	3,157	43,656	46,813	16,000	3,157	59,656	62,813	27,455	1999	8/15/2002	0	-	40
6021 CONNECTION DRIVE	Irving, TX	100%	None	3,157	42,662	45,819	12,169	3,157	54,831	57,988	31,848	2000	8/15/2002	0	-	40
6011 CONNECTION DRIVE	Irving, TX	100%	None	3,157	29,034	32,191	18,524	3,157	47,558	50,715	20,540	1999	8/15/2002	0	-	40
US BANCORP CENTER	Minneapolis, MN	100%	None	11,138	175,629	186,767	38,695	11,138	214,324	225,462	111,336	2000	5/1/2003	0	-	40
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100%	None	6,662	69,031	75,693	(231)	6,662	68,800	75,462	32,759	2000	8/1/2003	0	-	40
400 VIRGINIA AVE	Washington, DC	100%	None	22,146	49,740	71,886	6,646	22,146	56,386	78,532	26,510	1985	11/19/2003	0	-	40
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100%	None	13,636	70,918	84,554	19,047	13,636	89,965	103,601	46,206	1998	11/19/2003	0	-	40
1225 EYE STREET	Washington, DC	98.1%	None	21,959	47,602	69,561	10,084	21,959	57,686	79,645	31,747	1986	11/19/2003	0	-	40
1201 EYE STREET	Washington, DC	98.6%	None	31,985	63,139	95,124	13,756	31,985	76,895	108,880	37,854	2001	11/19/2003	0	-	40
60 BROAD STREET	New York, NY	100%	None	32,522	168,986	201,508	99,451	60,708	240,251	300,959	84,807	1962	12/31/2003	0	-	40
3100 CLARENDON BOULEVARD	Arlington, VA	100%	None	11,700	69,705	81,405	52,948	11,791	122,562	134,353	53,705	1987	12/9/2004	0	-	40
LAS COLINAS CORPORATE CENTER I	Irving, TX	100%	None	3,912	18,830	22,742	2,487	2,543	22,686	25,229	7,329	1998	8/31/2006	0	-	40
LAS COLINAS CORPORATE CENTER II	Irving, TX	100%	None	4,496	29,881	34,377	987	2,543	32,821	35,364	14,931	1998	8/31/2006	0	-	40
ONE MERIDIAN CROSSINGS	Richfield, MN	100%	None	2,919	24,398	27,317	(160)	2,919	24,238	27,157	8,058	1997	10/1/2010	0	-	40

Initial Cost · Gross Amount of WhichCarried at December 31, 2023
Description(1) · Location · OwnershipPercentage · Encumbrances · Land · Buildings andImprovements · Total(2) · Costs Capitalized Subsequentto Acquisition(3) · Land · Buildings andImprovements · Total(4) · AccumulatedDepreciationandAmortization · Date ofConstruction · DateAcquired · Life onwhichDepreciationandAmortizationin Latest Statements of Comprehensive Income is Computed (in years)(5)
TWO MERIDIAN CROSSINGS	Richfield, MN	100%	None	2,661	25,742	28,403	1,930	2,661	27,672	30,333	8,579	1998	10/1/2010	0	-	40
THE MEDICI	Atlanta, GA	100%	None	1,780	11,510	13,290	5,927	1,780	17,437	19,217	7,780	2008	6/7/2011	0	-	40
400 TOWNPARK	Lake Mary, FL	100%	None	2,570	20,555	23,125	4,865	2,570	25,420	27,990	10,495	2008	11/10/2011	0	-	40
ARLINGTON GATEWAY	Arlington, VA	100%	None	36,930	129,070	166,000	6,235	36,930	135,305	172,235	39,897	2005	3/4/2013	0	-	40
5 & 15 WAYSIDE ROAD	Burlington, MA	100%	None	7,190	55,445	62,635	34,682	7,190	90,127	97,317	22,155	1999 / 2001	3/22/2013	0	-	40
6565 MACARTHUR BOULEVARD	Irving, TX	100%	None	4,820	37,767	42,587	6,458	4,820	44,225	49,045	13,607	1998	12/5/2013	0	-	40
ONE LINCOLN PARK	Dallas, TX	100%	None	6,640	44,810	51,450	12,098	6,640	56,908	63,548	13,849	1999	12/20/2013	0	-	40
161 CORPORATE CENTER	Irving, TX	100%	None	2,020	10,680	12,700	499	2,020	11,179	13,199	2,922	1998	12/30/2013	0	-	40
5 WALL STREET	Burlington, MA	100%	None	9,560	50,276	59,836	6,108	9,560	56,384	65,944	15,390	2008	6/27/2014	0	-	40
1155 PERIMETER CENTER WEST	Atlanta, GA	100%	None	5,870	66,849	72,719	23,884	5,870	90,733	96,603	21,694	2000	8/28/2014	0	-	40
500 TOWNPARK	Lake Mary, FL	100%	None	2,147	21,925	24,072	5,123	2,147	27,048	29,195	6,667	2016	N/A	0	-	40
PARK PLACE ON TURTLE CREEK	Dallas, TX	100%	None	4,470	38,048	42,518	8,766	4,470	46,814	51,284	11,589	1986	1/16/2015	0	-	40
80 CENTRAL STREET	Boxborough, MA	100%	None	1,980	8,930	10,910	3,168	1,980	12,098	14,078	2,632	1988	7/24/2015	0	-	40
ENCLAVE PLACE	Houston, TX	100%	None	1,890	60,094	61,984	35,319	1,890	95,413	97,303	21,135	2015	N/A	0	-	40
200 SOUTH ORANGE AVENUE	Orlando, FL	100%	None	11,660	139,015	150,675	46,241	11,660	185,256	196,916	40,236	1988	11/4/2015	0	-	40
GALLERIA 300	Atlanta, GA	100%	None	4,000	73,554	77,554	11,030	4,000	84,584	88,584	21,884	1987	11/4/2015	0	-	40
GLENRIDGE HIGHLANDS ONE	Atlanta, GA	100%	None	5,960	50,013	55,973	8,070	5,960	58,083	64,043	12,862	1998	11/24/2015	0	-	40
CNL CENTER I	Orlando, FL	99%	None	6,470	77,858	84,328	5,780	6,470	83,638	90,108	19,367	1999	8/1/2016	0	-	40
CNL CENTER II	Orlando, FL	99%	None	4,550	55,609	60,159	2,157	4,550	57,766	62,316	14,573	2006	8/1/2016	0	-	40
ONE WAYSIDE ROAD	Boston, MA	100%	None	6,240	57,124	63,364	2,029	6,240	59,153	65,393	13,200	1997 / 2008	8/10/2016	0	-	40

Initial Cost · Gross Amount of WhichCarried at December 31, 2023
Description(1) · Location · OwnershipPercentage · Encumbrances · Land · Buildings andImprovements · Total(2) · Costs Capitalized Subsequentto Acquisition(3) · Land · Buildings andImprovements · Total(4) · AccumulatedDepreciationandAmortization · Date ofConstruction · DateAcquired · Life onwhichDepreciationandAmortizationin Latest Statements of Comprehensive Income is Computed (in years)(5)
GALLERIA 200	Atlanta, GA	100%	None	6,470		55,825		62,295		23,490		6,470		79,315		85,785		17,637		1984		10/7/2016		0	-	40
750 WEST JOHN CARPENTER FREEWAY	Irving, TX	100%	None	7,860		36,303		44,163		(584)		7,860		35,719		43,579		7,376		1999		11/30/2016		0	-	40
NORMAN POINTE I	Bloomington, MN	100%	None	4,358		22,322		26,680		5,275		4,361		27,594		31,955		7,937		2000		12/28/2017		0	-	40
501 WEST CHURCH STREET	Orlando, FL	100%	None	2,805		28,119		30,924		277		2,805		28,396		31,201		6,937		2003		2/23/2018		0	-	40
9320 EXCELSIOR BOULEVARD	Hopkins, MN	100%	None	3,760		35,289		39,049		(10,466)		3,707		24,876		28,583		10,716		2010		10/25/2018		0	-	40
25 BURLINGTON MALL ROAD	Burlington, MA	100%	None	10,230		54,787		65,017		4,480		10,230		59,267		69,497		8,398		1987		12/12/2018		0	-	40
GALLERIA 100	Atlanta, GA	100%	None	7,285		72,449		79,734		5,556		7,285		78,005		85,290		13,634		1982		5/6/2019		0	-	40
GALLERIA 400	Atlanta, GA	100%	None	5,687		92,915		98,602		3,124		5,687		96,039		101,726		13,071		1999		8/23/2019		0	-	40
GALLERIA 600	Atlanta, GA	100%	None	5,418		81,003		86,421		11,452		5,418		92,455		97,873		11,522		2002		8/23/2019		0	-	40
ONE GALLERIA TOWER	Dallas, TX	100%	None	5,286		107,767		113,053		16,150		5,286		123,917		129,203		24,254		1982		2/12/2020		0		40
TWO GALLERIA TOWER	Dallas, TX	100%	None	3,835		109,605		113,440		7,140		3,836		116,744		120,580		21,200		1985		2/12/2020		0		40
THREE GALLERIA TOWER	Dallas, TX	100%	None	6,541		125,490		132,031		2,637		6,541		128,127		134,668		14,521		1991		2/12/2020		0		40
222 SOUTH ORANGE AVENUE	Orlando, FL	100%	None	1,899		18,417		20,316		10,798		1,899		29,215		31,114		136		1959		10/29/2020		0		40
999 PEACHTREE STREET	Atlanta, GA	100%	None	49,067		156,109		205,176		29,572		49,067		185,681		234,748		21,236		1987		10/22/2021		0		40
1180 PEACHTREE STREET	Atlanta, GA	100%	$195,879		56,932		389,654		446,586		3,129		56,932		392,783		449,715		24,047		2005		8/10/2022		0		40
UNDEVELOPED LAND PARCELS	Various	100%	None	48,667		—		48,667		3,697		45,782		6,582		52,364		183		N/A		Various			N/A
Total—All Properties				$546,496		$3,436,705		$3,983,201		$663,904		$567,244		$4,079,861		$4,647,105		$1,134,578

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

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

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

(4) The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $3.9 billion.

(5) Piedmont’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, Tenant Improvements and Lease Intangibles are amortized over the lease term. Generally, Building Improvements are depreciated over 5 -25 years, Land Improvements are depreciated over 20 -25 years, and Buildings are depreciated over 40 years.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2023

(dollars in thousands)

	2023	2022	2021
Real Estate:
Balance at the beginning of the year	$4,506,328	$4,206,993	$3,891,426
Additions to/improvements of real estate	191,305	565,552	379,516
Assets disposed	—	(214,728)	—
Assets impaired (1)	—	(10,000)	(41,000)
Write-offs of fully amortized intangible assets	(34,419)	(26,430)	(13,646)
Write-offs of fully depreciated assets	(16,109)	(15,059)	(9,303)
Balance at the end of the year	$4,647,105	$4,506,328	$4,206,993
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$1,005,704	$961,682	$835,392
Depreciation and amortization expense	179,402	166,234	149,239
Assets disposed	—	(80,723)	—
Write-offs of fully amortized intangible assets	(34,419)	(26,430)	(13,646)
Write-offs of fully depreciated assets	(16,109)	(15,059)	(9,303)
Balance at the end of the year	$1,134,578	$1,005,704	$961,682

(1)Piedmont recognized an impairment loss on the 9320 Excelsior Building during the year ended December 31, 2022, as well as the Two Pierce Place building during the year ended December 31, 2021. (See Note 6 to the accompanying consolidated financial statements).

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.