Piedmont Office Realty Trust Inc

For the period ended Dec 31, 2024. Filed Feb 19, 2025.

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.

FY2024 · Filed Feb 19, 2025

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, 2024

(dollars in thousands)

Initial Cost to Piedmont · Gross Amount of WhichCarried at December 31, 2024
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	27,984	1994	12/21/2000	0	-	40
CRESCENT RIDGE II	Minnetonka, MN	100%	None	7,700	45,154	52,854	20,783	8,021	65,616	73,637	34,554	2000	12/21/2000	0	-	40
90 CENTRAL STREET	Boxborough, MA	100%	None	3,642	29,497	33,139	(2,431)	3,642	27,066	30,708	18,552	2001	5/3/2002	0	-	40
6031 CONNECTION DRIVE	Irving, TX	100%	None	3,157	43,656	46,813	16,701	3,157	60,357	63,514	29,996	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	33,887	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	22,193	1999	8/15/2002	0	-	40
US BANCORP CENTER	Minneapolis, MN	100%	None	11,138	175,629	186,767	32,148	11,138	207,777	218,915	107,096	2000	5/1/2003	0	-	40
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100%	None	6,662	69,031	75,693	2,344	6,662	71,375	78,037	36,609	2000	8/1/2003	0	-	40
400 VIRGINIA AVE	Washington, DC	100%	None	22,146	49,740	71,886	6,242	22,146	55,982	78,128	28,170	1985	11/19/2003	0	-	40
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100%	None	13,636	70,918	84,554	20,390	13,636	91,308	104,944	46,215	1998	11/19/2003	0	-	40
1225 EYE STREET	Washington, DC	98.1%	None	21,959	47,602	69,561	12,999	21,959	60,601	82,560	33,530	1986	11/19/2003	0	-	40
1201 EYE STREET	Washington, DC	98.6%	None	31,985	63,139	95,124	14,715	31,985	77,854	109,839	40,804	2001	11/19/2003	0	-	40
60 BROAD STREET	New York, NY	100%	None	32,522	168,986	201,508	113,309	60,708	254,109	314,817	95,013	1962	12/31/2003	0	-	40
3100 CLARENDON BOULEVARD	Arlington, VA	100%	None	11,700	69,705	81,405	49,860	11,791	119,474	131,265	55,771	1987	12/9/2004	0	-	40
LAS COLINAS CORPORATE CENTER I	Irving, TX	100%	None	3,912	18,830	22,742	4,511	2,543	24,710	27,253	8,520	1998	8/31/2006	0	-	40
LAS COLINAS CORPORATE CENTER II	Irving, TX	100%	None	4,496	29,881	34,377	6,008	2,543	37,842	40,385	16,431	1998	8/31/2006	0	-	40
ONE MERIDIAN	Richfield, MN	100%	None	2,919	24,398	27,317	1,141	2,919	25,539	28,458	8,708	1997	10/1/2010	0	-	40

Initial Cost · Gross Amount of WhichCarried at December 31, 2024
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	Richfield, MN	100%	None	2,661	25,742	28,403	13,454	2,661	39,196	41,857	9,447	1998	10/1/2010	0	-	40
THE MEDICI	Atlanta, GA	100%	None	1,780	11,510	13,290	10,308	1,780	21,818	23,598	8,628	2008	6/7/2011	0	-	40
400 TOWNPARK	Lake Mary, FL	100%	None	2,570	20,555	23,125	4,945	2,570	25,500	28,070	11,630	2008	11/10/2011	0	-	40
ARLINGTON GATEWAY	Arlington, VA	100%	None	36,930	129,070	166,000	7,669	36,930	136,739	173,669	41,788	2005	3/4/2013	0	-	40
5 & 15 WAYSIDE ROAD	Burlington, MA	100%	None	7,190	55,445	62,635	34,577	7,190	90,022	97,212	27,464	1999 / 2001	3/22/2013	0	-	40
6565 MACARTHUR BOULEVARD	Irving, TX	100%	None	4,820	37,767	42,587	6,124	4,820	43,891	48,711	14,565	1998	12/5/2013	0	-	40
161 CORPORATE CENTER	Irving, TX	100%	None	2,020	10,680	12,700	(4,901)	2,020	5,779	7,799	3,518	1998	12/30/2013	0	-	40
5 WALL STREET	Burlington, MA	100%	None	9,560	50,276	59,836	6,357	9,560	56,633	66,193	17,962	2008	6/27/2014	0	-	40
1155 PERIMETER CENTER WEST	Atlanta, GA	100%	None	5,870	66,849	72,719	26,414	5,870	93,263	99,133	27,385	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	7,725	2016	N/A	0	-	40
PARK PLACE ON TURTLE CREEK	Dallas, TX	100%	None	4,470	38,048	42,518	10,923	4,470	48,971	53,441	13,945	1986	1/16/2015	0	-	40
80 CENTRAL STREET	Boxborough, MA	100%	None	1,980	8,930	10,910	696	1,980	9,626	11,606	3,295	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	24,649	2015	N/A	0	-	40
200 SOUTH ORANGE AVENUE	Orlando, FL	100%	None	11,660	139,015	150,675	54,402	11,660	193,417	205,077	40,792	1988	11/4/2015	0	-	40
GALLERIA 300	Atlanta, GA	100%	None	4,000	73,554	77,554	22,369	4,000	95,923	99,923	26,005	1987	11/4/2015	0	-	40
GLENRIDGE HIGHLANDS ONE	Atlanta, GA	100%	None	5,960	50,013	55,973	13,342	5,960	63,355	69,315	15,288	1998	11/24/2015	0	-	40
CNL CENTER I	Orlando, FL	99%	None	6,470	77,858	84,328	5,540	6,470	83,398	89,868	22,442	1999	8/1/2016	0	-	40
CNL CENTER II	Orlando, FL	99%	None	4,550	55,609	60,159	427	4,550	56,036	60,586	14,140	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	15,490	1997 / 2008	8/10/2016	0	-	40

Initial Cost · Gross Amount of WhichCarried at December 31, 2024
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		28,446		6,470		84,271		90,741		19,708		1984		10/7/2016		0	-	40
NORMAN POINTE I	Bloomington, MN	100%	None	4,358		22,322		26,680		7,226		4,361		29,545		33,906		9,662		2000		12/28/2017		0	-	40
501 WEST CHURCH STREET	Orlando, FL	100%	None	2,805		28,119		30,924		887		2,805		29,006		31,811		4,270		2003		2/23/2018		0	-	40
9320 EXCELSIOR BOULEVARD	Hopkins, MN	100%	None	3,760		35,289		39,049		(15,208)		3,707		20,134		23,841		4,374		2010		10/25/2018		0	-	40
25 BURLINGTON MALL ROAD	Burlington, MA	100%	None	10,230		54,787		65,017		5,309		10,230		60,096		70,326		11,001		1987		12/12/2018		0	-	40
GALLERIA 100	Atlanta, GA	100%	None	7,285		72,449		79,734		8,479		7,285		80,928		88,213		16,453		1982		5/6/2019		0	-	40
GALLERIA 400	Atlanta, GA	100%	None	5,687		92,915		98,602		4,003		5,687		96,918		102,605		16,428		1999		8/23/2019		0	-	40
GALLERIA 600	Atlanta, GA	100%	None	5,418		81,003		86,421		36,172		5,418		117,175		122,593		15,104		2002		8/23/2019		0	-	40
ONE GALLERIA TOWER	Dallas, TX	100%	None	5,286		107,767		113,053		33,722		5,286		141,489		146,775		28,267		1982		2/12/2020		0		40
TWO GALLERIA TOWER	Dallas, TX	100%	None	3,835		109,605		113,440		21,018		3,836		130,622		134,458		26,865		1985		2/12/2020		0		40
THREE GALLERIA TOWER	Dallas, TX	100%	None	6,541		125,490		132,031		7,931		6,541		133,421		139,962		18,764		1991		2/12/2020		0		40
222 SOUTH ORANGE AVENUE	Orlando, FL	100%	None	1,899		18,417		20,316		22,834		1,899		41,251		43,150		345		1959		10/29/2020		0		40
999 PEACHTREE STREET	Atlanta, GA	100%	None	49,067		156,109		205,176		41,585		49,067		197,694		246,761		29,309		1987		10/22/2021		0		40
1180 PEACHTREE STREET	Atlanta, GA	100%	$192,423		56,932		389,654		446,586		2,444		56,932		392,098		449,030		35,906		2005		8/10/2022		0		40
UNDEVELOPED LAND PARCELS	Various	100%	None	48,667		—		48,667		3,899		45,782		6,784		52,566		227		N/A		Various			N/A
Total—All Properties				$531,996		$3,355,592		$3,887,588		$800,525		$552,744		$4,135,369		$4,688,113		$1,226,874

(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 charges related to real estate assets.

(4) The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $4.3 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, 2024

(dollars in thousands)

	2024	2023	2022
Real Estate:
Balance at the beginning of the year	$4,647,105	$4,506,328	$4,206,993
Additions to/improvements of real estate	227,737	191,305	565,552
Assets disposed	(89,666)	—	(214,728)
Assets impaired (1)	(33,832)	—	(10,000)
Write-offs of fully amortized intangible assets	(34,194)	(34,419)	(26,430)
Write-offs of fully depreciated assets	(29,037)	(16,109)	(15,059)
Balance at the end of the year	$4,688,113	$4,647,105	$4,506,328
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$1,134,578	$1,005,704	$961,682
Depreciation and amortization expense	177,622	179,402	166,234
Assets disposed	(22,095)	—	(80,723)
Write-offs of fully amortized intangible assets	(34,194)	(34,419)	(26,430)
Write-offs of fully depreciated assets	(29,037)	(16,109)	(15,059)
Balance at the end of the year	$1,226,874	$1,134,578	$1,005,704

(1)Piedmont recognized an impairment loss on the One Lincoln Park, 750 West John Carpenter Freeway, 80 and 90 Central Street, and 161 Corporate Center during the year ended December 31, 2024 as well as the 9320 Excelsior Building during the year ended December 31, 2022. (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.