Property Dispositions and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2019

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):

Buildings Sold	Location	Date of Sale	Gain on Sale of Real Estate Assets			Net Sales Proceeds
Sarasota Commerce Center II	Sarasota, Florida	June 16, 2017	$	6,493		$	23,090
Two Independence Square	Washington, D.C.	July 5, 2017	$	109,381	(1)	$	352,428
8560 Upland Drive	Denver, Colorado	July 27, 2017	$	3,683		$	12,334	(2)
2017 Disposition Portfolio	Various(3)	January 4, 2018	$	45,275		$	419,644	(4)
800 North Brand Boulevard	Glendale, California	November 29, 2018	$	30,416		$	155,583
One Independence Square	Washington, D.C.	February 28, 2019	$	33,176		$	163,623
The Dupree	Atlanta, Georgia	September 4, 2019	$	—	(5)	$	12,631
500 West Monroe Street	Chicago, Illinois	October 28, 2019	$	157,739		$	408,851

⁽¹⁾Gain on sale of real estate assets during the year ended December 31, 2019 reflects an approximately $6.1 million adjustment of the gain on sale for the Two Independence Square building related to the reimbursement of certain previously disputed tenant improvement overages.

⁽²⁾Property was owned as part of an unconsolidated joint venture. As such, the gain on sale is presented as equity in income of unconsolidated joint ventures in the accompanying consolidated statement of income. Amounts shown above reflect Piedmont's approximately 72% ownership.

⁽³⁾The 2017 Disposition Portfolio is comprised of the following properties: Desert Canyon 300 in Phoenix, Arizona; Windy Point I & II in Schaumburg, Illinois; 2300 Cabot Drive in Lisle, Illinois; 1075 West Entrance Drive in Auburn Hills, Michigan; Auburn Hills Corporate Center in Auburn Hills, Michigan; 5301 Maryland Way in Brentwood, Tennessee; Suwanee Gateway One in Suwanee, Georgia; 5601 Hiatus Road in Tamarac, Florida; Piedmont Pointe I & II in Bethesda, Maryland; 1200 Crown Colony Drive in Quincy, Massachusetts; 2001 N.W. 64th Street in Fort Lauderdale, Florida, and 2120 West End Avenue in Nashville, Tennessee.

⁽⁴⁾Piedmont accepted a secured $3.2 million promissory note from the buyer for a portion of the sales price, which was subsequently paid in full by the borrower.

⁽⁵⁾As discussed in Note 7 above, Piedmont recognized an impairment loss prior to the sale of the property.

Assets Held For Sale and Discontinude Operations

Details of amounts held for sale as of December 31, 2019 and 2018 are presented below (in thousands):

	December 31, 2019		December 31, 2018
Real estate assets held for sale, net:
Land	$	—	$	67,552
Building and improvements, less accumulated depreciation of $0 and $102,476 as of December 31, 2019, and 2018, respectively	—		261,463
Construction in progress	—		2,053
Total real estate assets held for sale, net	$	—	$	331,068
Other assets held for sale, net:
Straight-line rent receivables	$	—	$	36,584
Prepaid expenses and other assets	—		1,095
Deferred lease costs, less accumulated amortization of $0 and $9,138 as of December 31, 2019 and 2018, respectively	—		23,554
Total other assets held for sale, net	$	—	$	61,233
Other liabilities held for sale, net:
Accrued expenses	$	—	$	8,780