Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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	3-10 years
Intangible lease assets	Lease term

Schedule of Finite-Lived Intangible Assets by Major Class

Gross intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, recorded at acquisition as of December 31, 2019 and 2018, respectively, are as follows (in thousands):

	December 31, 2019		December 31, 2018
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	2,082	$	7,620
In-Place Lease Valuation	$	157,101	$	157,447
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	256,627	$	241,516
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	84,292	$	94,852

Amortization Of Intangible Lease Costs

For the years ended December 31, 2019, 2018, and 2017, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands):

	2019		2018		2017
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense	$	62,413	$	48,940	$	58,467
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues	$	8,322	$	7,615	$	6,575

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Net intangible assets and liabilities as of December 31, 2019 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:
2020	$	423	$	22,397	$	34,267	$	8,304
2021	367		18,650		30,112		7,901
2022	272		13,950		23,341		6,421
2023	97		9,383		16,055		4,616
2024	64		4,861		9,576		1,706
Thereafter	—		10,515		22,957		3,778
	$	1,223	$	79,756	$	136,308	$	32,726
Weighted-Average Amortization Period (in years)	3		5		6		5

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