0001042776-22-000061 | 10-K | XBRL Viewer | Piedmont Office Realty Trust INC

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Land	$ 529,941	$ 476,716
Buildings and improvements, less accumulated depreciation of $861,206 and $751,521 as of December 31, 2021 and December 31, 2020, respectively	2,513,697	2,371,521
Intangible lease assets, less accumulated amortization of $83,777 and $67,850 as of December 31, 2021 and December 31, 2020, respectively	94,380	90,594
Construction in progress	43,406	56,749
Real estate assets held for sale, net	63,887	60,454
Total real estate assets	3,245,311	3,056,034
Cash and cash equivalents	7,419	7,331
Tenant receivables, net of allowance for doubtful accounts of $4,000 and $4,553 as of December 31, 2021 and December 31, 2020, respectively	2,995	8,448
Straight-line rent receivables	162,632	148,797
Notes receivable	118,500	118,500
Restricted cash and escrows	1,441	1,883
Prepaid expenses and other assets	20,485	23,277
Goodwill	98,918	98,918
Deferred lease costs, less accumulated amortization of $205,100 and $171,817 as of December 31, 2021 and December 31, 2020, respectively	264,571	272,394
Other assets held for sale, net	8,393	4,228
Total assets	3,930,665	3,739,810
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $12,210 and $10,932 as of December 31, 2021 and December 31, 2020, respectively	1,877,790	1,594,068
Secured debt, inclusive of premiums and unamortized debt issuance costs of $— and $326 as of December 31, 2021 and December 31, 2020, respectively	0	27,936
Accounts payable, accrued expenses, and accrued capital expenditures	114,453	111,997
Dividends payable	26,048	25,683
Deferred income	80,686	36,891
Intangible lease liabilities, less accumulated amortization of $35,880 and $27,344 as of December 31, 2021 and December 31, 2020, respectively	39,341	35,440
Interest rate swaps	4,924	9,834
Total liabilities	2,143,242	1,841,849
Commitments and Contingencies (Note 8)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized, none outstanding as of December 31, 2021 or December 31, 2020	0	0
Preferred stock, no par value, 100,000,000 shares authorized, none outstanding as of December 31, 2021 or December 31, 2020	0	0
Common stock, $0.01 par value; 750,000,000 shares authorized, 123,076,695 shares issued and outstanding as of December 31, 2021; and 123,839,419 shares issued and outstanding at December 31, 2020	1,231	1,238
Additional paid-in capital	3,701,798	3,693,996
Cumulative distributions in excess of earnings	(1,899,081)	(1,774,856)
Accumulated other comprehensive loss	(18,154)	(24,100)
Piedmont stockholders’ equity	1,785,794	1,896,278
Noncontrolling interest	1,629	1,683
Total stockholders’ equity	1,787,423	1,897,961
Total liabilities and stockholders’ equity	$ 3,930,665	$ 3,739,810

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Intangible lease assets, accumulated amortization	$ 83,777	$ 67,850
Tenant receivables, allowance for doubtful accounts	4,000	4,553
Deferred lease costs, accumulated amortization	205,100	171,817
Liabilities:
Intangible lease liabilities, accumulated amortization	$ 35,880	$ 27,344
Stockholders’ Equity:
Shares-in-trust, shares authorized (in shares)	150,000,000	150,000,000
Shares-in-trust, shares outstanding (in shares)	0	0
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	123,076,695	123,839,419
Common stock, shares outstanding (in shares)	123,076,695	123,839,419
Unsecured Debt
Liabilities:
Discount (premium) and unamortized debt issuance costs	$ 12,210	$ 10,932
Secured Debt
Liabilities:
Discount (premium) and unamortized debt issuance costs	0	(326)
Building and building improvements
Assets:
Buildings and improvements, accumulated depreciation	$ 861,206	$ 751,521

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental and tenant reimbursement revenue	$ 514,619	$ 519,953	$ 511,905
Total revenues	528,710	535,024	533,178
Expenses:
Property operating costs	210,932	214,933	211,380
Depreciation	120,615	110,575	106,015
Amortization	85,992	93,294	76,666
Impairment loss on real estate assets	41,000	0	8,953
General and administrative	30,252	27,464	37,895
Total expenses	488,791	446,266	440,909
Other income (expense):
Interest expense	(51,292)	(54,990)	(61,594)
Other income	10,206	2,587	1,571
Loss on extinguishment of debt	0	(9,336)	0
Gain on sale of real estate assets	0	205,666	197,010
Total other income (expense)	(41,086)	143,927	136,987
Net income/(loss)	(1,167)	232,685	229,256
Net loss applicable to noncontrolling interest	14	3	5
Net income/(loss) applicable to Piedmont	$ (1,153)	$ 232,688	$ 229,261
Per share information— basic and diluted:
Basic earnings per share (in dollars per share)	$ (0.01)	$ 1.85	$ 1.82
Diluted earnings per share (in dollars per share)	$ (0.01)	$ 1.85	$ 1.82
Weighted-average shares outstanding - basic (in shares)	123,977,616	125,730,460	125,709,207
Weighted-average shares outstanding - diluted (in shares)	123,977,616	126,104,321	126,182,137
Property management fee revenue
Revenues:
Property related revenue	$ 2,496	$ 2,867	$ 3,398
Other property related income
Revenues:
Property related revenue	$ 11,595	$ 12,204	$ 17,875

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income/(loss) applicable to Piedmont	$ (1,153)	$ 232,688	$ 229,261
Other comprehensive income/(loss):
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	2,994	(26,794)	(5,659)
Plus/(less): Reclassification of net loss/(gain) included in net income (See Note 5)	2,952	1,727	(1,836)
Other comprehensive income/(loss)	5,946	(25,067)	(7,495)
Comprehensive income applicable to Piedmont	$ 4,793	$ 207,621	$ 221,766

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2018		126,219,000
Beginning balance, value at Dec. 31, 2018	$ 1,712,140	$ 1,262	$ 3,683,186	$ (1,982,542)	$ 8,462	$ 1,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchases as part of an announced plan (in shares)		(728,000)
Share repurchases as part of announced plan	(12,482)	$ (7)		(12,475)
Offering costs	(710)		(710)
Dividends to common stockholders, stockholders of subsidiaries, and dividends reinvested	(105,888)		(228)	(105,619)		(41)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		292,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	4,153	$ 3	4,150
Net loss applicable to noncontrolling interests	(5)					(5)
Net income/(loss) applicable to Piedmont	229,261			229,261
Other comprehensive (loss) income	(7,495)				(7,495)
Ending balance, (in shares) at Dec. 31, 2019		125,783,000
Ending balance, value at Dec. 31, 2019	1,818,974	$ 1,258	3,686,398	(1,871,375)	967	1,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchases as part of an announced plan (in shares)		(2,190,000)
Share repurchases as part of announced plan	(30,671)	$ (22)		(30,649)
Dividends to common stockholders, stockholders of subsidiaries, and dividends reinvested	(105,565)		(5)	(105,520)		(40)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		246,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	7,605	$ 2	7,603
Net loss applicable to noncontrolling interests	(3)					(3)
Net income/(loss) applicable to Piedmont	232,688			232,688
Other comprehensive (loss) income	$ (25,067)				(25,067)
Ending balance, (in shares) at Dec. 31, 2020	123,839,419	123,839,000
Ending balance, value at Dec. 31, 2020	$ 1,897,961	$ 1,238	3,693,996	(1,774,856)	(24,100)	1,683
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchases as part of an announced plan (in shares)		(1,060,000)
Share repurchases as part of announced plan	(18,852)	$ (10)		(18,842)
Offering costs	(55)		(55)
Dividends to common stockholders, stockholders of subsidiaries, and dividends reinvested	$ (104,270)		0	(104,230)		(40)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)	297,403	298,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	$ 7,860	$ 3	7,857
Net loss applicable to noncontrolling interests	(14)					(14)
Net income/(loss) applicable to Piedmont	(1,153)			(1,153)
Other comprehensive (loss) income	$ 5,946				5,946
Ending balance, (in shares) at Dec. 31, 2021	123,076,695	123,077,000
Ending balance, value at Dec. 31, 2021	$ 1,787,423	$ 1,231	$ 3,701,798	$ (1,899,081)	$ (18,154)	$ 1,629

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders (in dollars per share)	$ 0.84	$ 0.84	$ 0.84

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income/(loss)	$ (1,167)	$ 232,685	$ 229,256
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	120,615	110,575	106,015
Amortization of debt issuance costs inclusive of settled interest rate swaps	3,270	2,080	87
Other amortization	78,657	84,534	71,609
Impairment loss on real estate assets	41,000	0	8,953
Loss on extinguishment of debt	0	349	0
General reserve/(recovery) for uncollectible accounts	(553)	4,553	0
Stock compensation expense	10,984	9,718	15,446
Gain on sale of real estate assets	0	(205,666)	(197,010)
Changes in other operating assets and liabilities:
Increase in tenant and straight-line rent receivables	(9,691)	(30,887)	(15,706)
Decrease in prepaid expenses and other assets	1,294	823	309
Cash received/(paid) upon settlement of interest rate swaps	623	(19,930)	0
Increase/(decrease) in accounts payable and accrued expenses	1,861	6,264	(11,251)
(Decrease)/increase in deferred income	(4,690)	(1,814)	776
Net cash provided by operating activities	242,203	193,284	208,484
Cash Flows from Investing Activities:
Acquisition of real estate assets, intangibles, and undeveloped land parcels	(226,011)	(417,056)	(326,200)
Capitalized expenditures	(122,626)	(112,580)	(103,553)
Sales proceeds from wholly-owned properties	0	360,094	589,767
Deferred lease costs paid	(20,295)	(28,334)	(25,639)
Net cash (used in)/provided by investing activities	(368,932)	(197,876)	134,375
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(1,038)	(1,363)	(151)
Proceeds from debt	789,580	1,174,383	592,000
Repayments of debt	(535,610)	(1,035,077)	(798,019)
Discount paid due to loan modification	0	(525)	0
Costs of issuance of common stock	(55)	0	(710)
Value of shares withheld for payment of taxes related to employee stock compensation	(3,060)	(2,703)	(3,295)
Repurchases of common stock as part of announced plan	(19,537)	(29,986)	(16,899)
Dividends paid and discount on dividend reinvestments	(103,905)	(106,309)	(106,433)
Net cash provided by/(used in) financing activities	126,375	(1,580)	(333,507)
Net (decrease)/increase in cash, cash equivalents, and restricted cash and escrows	(354)	(6,172)	9,352
Cash, cash equivalents, and restricted cash and escrows, beginning of year	9,214	15,386	6,034
Cash, cash equivalents, and restricted cash and escrows, end of year	$ 8,860	$ 9,214	$ 15,386

Organization	12 Months Ended
Organization	Dec. 31, 2021
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 ownership, management, development, redevelopment, and operation of high-quality, Class A office properties located primarily in select sub-markets within seven major U.S. office markets, with a majority of its revenue being generated from Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. 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, 2021, Piedmont owned 55 in-service office properties and one redevelopment asset in select sub-markets located within seven major U.S. office markets: Dallas, Atlanta, Washington, D.C., Minneapolis, Boston, Orlando, and New York. As of December 31, 2021, Piedmont's 55 in-service office properties comprised approximately 17.1 million square feet (unaudited) of primarily Class A commercial office space and were approximately 86% leased.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Piedmont 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 a majority interest in four properties through three joint ventures. Two of these joint ventures, 1201 and 1225 Eye Street, NW Associates, own the 1201 and 1225 Eye Street buildings, respectively, in Washington, D.C. The other joint venture, Piedmont-CNL Towers Orlando, LLC, owns CNL Center I and II, in Orlando, Florida. All three joint venture investments are consolidated under the voting model. Accordingly, Piedmont’s consolidated financial statements include the accounts of 1201 Eye Street, NW Associates, LLC, 1225 Eye Street, NW Associates, LLC, and Piedmont-CNL Towers Orlando, LLC.

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. The most significant of these estimates includes the underlying cash flows and holding periods used in assessing impairment, judgements regarding the recoverability of goodwill, and the assessment of the collectibility of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially 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 associated with the acquisition of an individual asset that does not qualify as a business combination. 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.

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

Piedmont continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of either operating properties or properties under construction in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, 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.

Fair Value of Assets and Liabilities of Acquired Properties

Upon the acquisition of real properties, Piedmont records the fair value of properties (plus any related acquisition costs) allocated based on relative fair value 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. Substantially all of Piedmont's property acquisitions qualify as asset acquisitions under Accounting Standards Codification ("ASC") 805, Business Combinations.

The estimated fair values of the tangible assets of an acquired property 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, 2021 and 2020, respectively, are as follows (in thousands):


	December 31, 2021		December 31, 2020
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	1,882	$	2,167
In-Place Lease Valuation	$	176,275	$	156,277
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	266,575	$	250,367
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	75,221	$	62,784

For the years ended December 31, 2021, 2020, and 2019, respectively, Piedmont recognized amortization of intangible lease costs in the accompanying consolidated statements of operations, as follows (in thousands):


	2021		2020		2019
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in Amortization	$	69,388	$	77,000	$	62,413
Amortization of Above-Market and Below-Market In-Place Lease Intangibles as a net increase to Rental and Tenant Reimbursement Revenue	$	11,180	$	12,191	$	8,322

Net intangible assets and liabilities as of December 31, 2021 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:
2022	$	323	$	28,725	$	37,612	$	11,806
2023	126		20,569		27,044		8,291
2024	93		14,819		19,828		6,139
2025	27		10,388		14,753		4,645
2026	15		7,158		11,531		3,159
Thereafter	12		12,125		23,050		5,301
	$	596	$	93,784	$	133,818	$	39,341

Weighted-Average Amortization Period (in years)	3		5		5		5

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

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. The majority of Piedmont’s cash and cash equivalents are held at major commercial banks and at times may exceed the Federal Deposit Insurance Corporation limit of $250,000. Short-term investments consist of investments in money market accounts stated at cost, which approximates estimated fair

value, and available-for-sale securities associated with Piedmont's non-qualified deferred compensation program carried at estimated fair value.

Tenant Receivables 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. Piedmont evaluates the collectibility of its operating lease receivables on a tenant/lease-specific basis and recognizes changes in the collectibility assessment of its operating lease receivables as a reduction of rental and tenant reimbursement revenues.

Allowance for Doubtful Accounts

As detailed above, Piedmont records contra-revenue adjustments for tenant/lease-specific changes in the collectibility assessments of its operating lease receivables as a reduction of rental and tenant reimbursement revenues. These charges reduce tenant and straight-line rent receivable to net realizable value upon recognition. In addition, during the year ended December 31, 2020, Piedmont also established an allowance for doubtful accounts for amounts that may become uncollectible in the future. Details of Piedmont's allowance for doubtful accounts for the years ended December 31, 2021, 2020, and 2019 are as follows:


	Balance at Beginning of Period		Additions Charged as Reduction of Revenue		Deductions and Write-offs		Balance at End of Period
Year Ended December 31,
2021	$	4,553	$	35	$	(588)	$	4,000
2020	$	—	$	8,734	$	(4,181)	$	4,553

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;

•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.

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, and is allocated to each of Piedmont's seven reporting units. Piedmont tests the carrying value of the goodwill assigned to each of its seven reporting units for impairment on an annual basis, or on an interim basis if an event occurs or circumstances change that would indicate that a material indicator of impairment exists. 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 a material indicator of impairment exists. If Piedmont concludes, after assessing the totality of events and circumstances during the qualitative analysis, that a material indicator does exist and that it is more likely than not that the goodwill balance in one or more reporting units is impaired, then Piedmont will recognize a goodwill impairment loss equal to the excess of the reporting unit’s carrying amount over its estimated fair value (not to exceed the total goodwill allocated to that reporting unit). There were no changes in the carrying amount of Piedmont's goodwill during the year ended December 31, 2021.

Interest Rate Derivatives

Piedmont periodically enters into interest rate derivative agreements to hedge its exposure to changing interest rates. As of December 31, 2021 and 2020, 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 statements of operations 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.

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

•Approximately $56.4 million, $60.2 million, and $50.3 million of deferred lease costs are included in amortization expense for the years ended December 31, 2021, 2020, and 2019, respectively; and

•Approximately $3.9 million, $3.4 million, and $3.2 million, of deferred lease costs related to lease incentives granted to tenants are included as an offset to rental and tenant reimbursement revenue for the years ended December 31, 2021, 2020, and 2019, respectively.

Upon receipt of an early lease termination notice, Piedmont recognizes any unamortized deferred lease costs 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.

Debt

When mortgage debt is assumed upon the acquisition of real property, Piedmont adjusts the loan to relative 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 $0.3 million, $0.5 million, and $0.5 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Piedmont records premiums and discounts on debt issuances 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 $0.5 million, $0.3 million and $0.2 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Piedmont presents all debt issuance costs as an offset to the principal amount of 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, 2021, 2020, and 2019 of approximately $2.7 million, $3.0 million, and $2.4 million, respectively.

Deferred income

Deferred income is primarily comprised of the following items:

•prepaid rent from tenants;

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

•tenant improvement allowance overages or improvements funded by the tenant where Piedmont owns the underlying improvements.

Deferred income related to prepaid rents from tenants will be recognized as rental 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. Tenant improvement allowance overages or improvements paid for by the tenant, where Piedmont owns all of the underlying improvements, are recorded as deferred income and amortized on a straight-line basis into rental and tenant reimbursement revenue over the term of the respective leases.

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. In February 2020, the board of directors re-authorized the stock repurchase program for up to $200 million in share repurchases under which Piedmont may repurchase its own 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, 2021, Piedmont had approximately $150.5 million of remaining capacity under the program which may be used for share repurchases through February 2022. On February 17, 2022, Piedmont's board of directors extended the existing stock repurchase authorization through February 2024.

Equity Securities Issued At-The-Market

Under Piedmont's at-the-market stock offering program ("ATM program"), Piedmont may offer and sell shares of its common stock from time to time in “at-the-market” offerings with an aggregate gross sales price of up to $250 million. In connection with the ATM Program, Piedmont may, at its discretion, enter into forward equity sale agreements. The use of a forward equity sale agreement would allow Piedmont to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receiving the proceeds from the sale of shares until a later date, allowing Piedmont to better align such funding with its capital needs. Sales of shares of Piedmont’s common stock through its banking relationships, if any, will be made in amounts and at times to be determined by Piedmont from time to time, but Piedmont has no obligation to sell any of the shares in the offering and may suspend sales in connection with the offering at any time. Sales of Piedmont's common stock under forward equity sale agreements, if undertaken, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessments: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for Piedmont's own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to Piedmont's own stock.

Underwriting commissions and offering costs incurred in connection with all common equity offerings, including any potential issuances under Piedmont's ATM Program, are reflected as a reduction of additional paid-in capital.

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 previously sponsored a dividend reinvestment plan ("DRP") pursuant to which common stockholders could elect (if their brokerage agreements allowed) 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. During the year ended December 31, 2020, the board of directors terminated the company-funded DRP offered through its transfer agent.

Noncontrolling Interest

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

Revenue Recognition

Piedmont's revenues consist of the following:

Rental and tenant reimbursement income - consists of revenue from leases with Piedmont's tenants, as well as reimbursements for services prescribed by such leases. Piedmont evaluates contracts at commencement to determine if the contract contains a lease. If a contract is determined to contain a lease, the lease is evaluated to determine whether it is an operating, sales-type, or a direct financing lease. All of Piedmont's leases where Piedmont is the lessor are for the lessee's use of space in Piedmont's commercial office properties and are classified as operating leases.

In most lease arrangements, Piedmont finances improvements to leased space and is deemed the owner of the tenant improvements. The determination of who owns the improvements, whether payments to tenants constitute lease incentives or

tenant improvements, and the timing of revenue recognition requires the exercise of significant judgment based on the facts and circumstances of the specific lease arrangement and is not based on any one factor. When evaluating whether Piedmont or its tenant owns the improvements, management considers a number of factors, including, among other things:

•whether the tenant is obligated by the terms of the lease agreement to construct or install the leasehold improvements as a condition of the lease;

•whether the landlord can require the lessee to make specified improvements or otherwise enforce its economic rights to those assets;

•whether the tenant is required to provide the landlord with documentation supporting the cost of tenant improvements prior to reimbursement by the landlord;

•whether the landlord is obligated to fund cost overruns for the construction of leasehold improvements;

•whether the leasehold improvements are unique to the tenant or could reasonably be used by other parties; and

•whether the estimated economic life of the leasehold improvements is long enough to allow for a significant residual value that could benefit the landlord at the end of the lease term.

These tenant improvements are recorded as capital assets by Piedmont and depreciated, typically over the lease term. Payments made by tenants for tenant improvements owned by Piedmont are treated as deferred revenues and amortized into rental and tenant reimbursement revenue over the lease term.

The timing of rental revenue recognition is largely dependent on our conclusion as to whether Piedmont, or its tenant, is the owner of tenant improvements at the leased property. When Piedmont owns the tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the finished space, which is typically when the improvements being recorded as Piedmont's asset are substantially complete. In some instances, Piedmont may cede control of the leased space to the tenant to be responsible for tenant-owned improvements for the space. In such arrangements, payments made by Piedmont to its tenant are treated as lease incentives and amortized as a reduction to rental and tenant reimbursement revenue over the lease term, which typically begins once the tenant takes possession of the unimproved space.

Lease payments are typically comprised of both fixed base rental payments and separately billed variable lease payments for reimbursement of services performed by Piedmont for the tenant as prescribed by the lease. Fixed base rental payments, as well as any fixed portion of reimbursement income, are recognized on a straight-line basis over the lease term. 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.

Property management fee revenue - consists of revenue earned by Piedmont related to operating and managing office properties owned by other third-parties. Such income is within the scope of ASC 606, Revenue from Contracts with Customers ("ASC 606"). Because property management services represent a performance obligation that are satisfied over the length of the contract, not at any specific point in time, and have the same measure of transfer (time elapsed), property management fee revenue is recognized over time. Any variable consideration transferred as part of these management agreements is recognized in the quarter that the underlying cash receipts are collected, consistent with the allocation objective of allocating the transaction price in an amount that depicts the amount of consideration to which Piedmont expects to be entitled in exchange for transferring the promised service to the customer.

Other property related income - consists of all other property related income from Piedmont's customers (tenants) that is not derived from a contract meeting the definition of a lease and is therefore also within the scope of ASC 606. Examples of such income include parking revenue and income from licenses with unrelated third-parties to place antennae and/or fiber optic cables in or on Piedmont's buildings. These services also represent a performance obligation that is satisfied over the length of the contract, not at any specific point in time, and has the same measure of transfer (time elapsed); therefore, revenue related to these licenses is also recognized over time.

Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that Piedmont identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where Piedmont contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale. In circumstances where Piedmont extends seller financing as part of a sale of real estate assets, Piedmont assesses the collectibility of the notes receivable as of each reporting period end.

Notes receivable that are deemed to be uncollectible or fully in default are reduced to their net realizable value, which approximates their fair value.

Stock-based Compensation

Piedmont has issued stock-based compensation in the form of restricted stock to its employees and board of 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. Forfeitures are recorded when they occur. Awards classified as liability awards are remeasured at each reporting period 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 operations and as general and administrative expense for all other employees and board of directors in the accompanying consolidated statements of operations.

Non-qualified Deferred Compensation Plan

Piedmont previously offered a non-qualified deferred compensation plan ("NQDC Plan") to certain employees which allowed the employee to elect to defer receipt of compensation, including both cash and stock-based compensation, until future taxable years. As of December 31, 2019, Piedmont suspended the NQDC Plan so that no additional amounts may be deferred. Amounts deferred prior to the suspension of the NQDC Plan are invested in trading securities held in a "rabbi trust" and are measured using quoted market prices as of the reporting date, with changes in fair value recognized in net income/(loss). As of December 31, 2021 and 2020, Piedmont held approximately $0.9 million and $0.8 million, respectively, 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, and accrued capital expenditures in the accompanying consolidated balance sheets.

Net Income/(Loss) Available to Common Stockholders Per Share

Net income/(loss) per share-basic is calculated as net income/(loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income/(loss) per share-diluted is calculated as net income/(loss) 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. Further, Piedmont has elected to use the "end of the reporting period" convention when using the treasury stock method to calculate the dilutive effect of any shares issued pursuant to forward equity sale agreements in connection with Piedmont's ATM Program described above. Under this methodology, the assumed sale proceeds are calculated using the closing price of Piedmont's stock as of the end of the respective reporting period.

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, its taxable income distribution requirement. However, Piedmont is subject to federal income taxes related to the operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements. These operations resulted in approximately $(379,000), $4,000, and $160,000 in income tax expense/(recoveries) for the years ended December 31, 2021, 2020, and 2019, respectively, as a component of other income/(expense) in the accompanying consolidated statements of operations. 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 property operating costs in the accompanying consolidated financial statements.

Reclassifications

Certain prior period amounts presented in the accompanying consolidated balance sheets related to the 225 and 235 Presidential Way buildings, which were classified as held for sale as of June 30, 2021 and sold in January 2022 (see Note 13) have been reclassified as of December 31, 2020 to conform to the current period financial statement presentation.

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

During the year ended December 31, 2021, Piedmont acquired the 999 Peachtree Street building, using cash on hand and available funds from the $500 Million Unsecured 2018 Line of Credit. Details are as follows:

Property

Metropolitan Statistical Area

Date of Acquisition

Ownership Percentage Acquired

Rentable Square Feet

Percentage Leased as of Acquisition

Purchase Price
(in millions)

999 Peachtree Street

Atlanta, Georgia

October 22, 2021

100%

621,946

77%

$223.9

Further, Piedmont purchased the remaining undeveloped land parcels and common areas within the Galleria Atlanta development in November 2021 for approximately $4.0 million, giving Piedmont total control of all aspects of the office park.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

During the year ended December 31, 2021, Piedmont issued, through Piedmont OP, $300 million in aggregate principal amount of 2.75% Senior Notes due 2032 (the “$300 Million Unsecured Senior Notes due 2032”), which mature on April 1, 2032. Upon issuance of the $300 Million Unsecured Senior Notes due 2032, Piedmont OP received proceeds of approximately $298.5 million, reflecting a discount of approximately $1.5 million which is amortized as interest expense using the effective interest method over the 10-year and 6-month term of the $300 Million Unsecured Senior Notes due 2032. In addition, in conjunction with the issuance, Piedmont settled one forward starting interest rate swap, consisting of a notional amount of $50 million. The settlement of the swap resulted in a gain of approximately $0.6 million that was recorded as accumulated other comprehensive income and will be amortized as a decrease in interest expense over 10 years (see Note 5 for further detail). The proceeds from the $300 Million Unsecured Senior Notes due 2032 were used to fully repay, without penalty, the Amended and Restated $300 Million Unsecured 2011 Term Loan.

Interest on the $300 Million Unsecured Senior Notes due 2032 is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2022. The $300 Million Unsecured Senior Notes due 2032 are fully and unconditionally guaranteed on a senior unsecured basis by Piedmont. Piedmont OP may, at its option, redeem the $300 Million Unsecured Senior Notes due 2032, in whole or in part, prior to January 1, 2032, at a redemption price equal to the greater of (i) 100% of the principal amount of the $300 Million Unsecured Senior Notes due 2032 to be redeemed and (ii) a “make-whole” amount, plus any unpaid accrued interest. In addition, at any time on or after January 1, 2032, Piedmont OP may, at its option, redeem the $300 Million Unsecured Senior Notes due 2032, in whole or in part, at a redemption price equal to 100% of the principal amount of the $300 Million Unsecured Senior Notes due 2032 to be redeemed plus unpaid accrued interest. The $300 Million Unsecured Senior Notes due 2032 are subject to certain typical covenants that, subject to certain exceptions: (a) limit the ability of Piedmont and Piedmont OP to, among other things, incur additional secured and unsecured indebtedness; (b) limit the ability of Piedmont and Piedmont OP to merge, consolidate, sell, lease or otherwise dispose of their properties and assets substantially as an entirety; and (c) require Piedmont to maintain a pool of unencumbered assets. The $300 Million Unsecured Senior Notes due 2032 are also subject to customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the $300 Million Unsecured Senior Notes due 2032 to become or to be declared due and payable.

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2021 and 2020, including net discounts/premiums and unamortized debt issuance costs (in thousands):


Facility	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								2021		(1)	2020
Secured (Fixed)







$35 Million Fixed-Rate Loan	5.55	%	—	%		9/1/2021	(3)	$	—		$	27,610

Net premium and unamortized debt issuance costs								—			326
Subtotal								—			27,936
Unsecured (Variable and Fixed)





Amended and Restated $300 Million Unsecured 2011 Term Loan	LIBOR + 1.00%		—	%		11/30/2021	(4)	—			300,000
$500 Million Unsecured 2018 Line of Credit (5)	LIBOR + 0.90%		1.01	%		9/30/2022	(6)	290,000			5,000
$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023		350,000			350,000
$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024		400,000			400,000
$250 Million Unsecured 2018 Term Loan	LIBOR + 0.95%		2.05	%	(7)	3/31/2025		250,000			250,000
$300 Million Unsecured Senior Notes due 2030	3.15	%	3.90	%		8/15/2030		300,000			300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%	2.78	%	(8)	4/1/2032		300,000			—
Discounts and unamortized debt issuance costs								(12,210)			(10,932)
Subtotal/Weighted Average (9)	2.93	%						1,877,790			1,594,068
Total								$	1,877,790		$	1,622,004

(1)All of Piedmont’s outstanding debt as of December 31, 2021 is interest-only until maturity.

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

(3)Repaid on June 1, 2021 without penalty.

(4)Repaid on September 20, 2021 without penalty.

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

(6)Piedmont may extend the term for up to one additional year (through two available six months extensions to a final extended maturity date of September 29, 2023) provided Piedmont is not then in default and upon payment of extension fees.

(7)The facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of changes to Piedmont's credit rating, $100 million of the principal balance to 3.56% through the maturity date of the loan. For the remaining variable portion of the loan, Piedmont may periodically select from multiple interest rate options, including the prime rate and various-length LIBOR locks on all or a portion of the principal. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. The rate presented is the weighted-average rate for the effectively fixed and variable portions of the debt outstanding as of December 31, 2021 (see Note 5 for more detail).

(8)The $300 Million Unsecured Senior Notes due 2032 have a fixed coupon rate of 2.75%, however, as a result of the issuance of the notes at a discount and after consideration of the impact of a settled interest rate swap agreement, the effective interest rate on this debt is 2.78%.

(9)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of December 31, 2021.

A summary of Piedmont's consolidated principal outstanding for aggregate debt maturities of its indebtedness as of December 31, 2021, is provided below (in thousands):


2022	$	290,000	(1)
2023	350,000
2024	400,000
2025	250,000
2026	—
Thereafter	600,000
Total	$	1,890,000

(1)Includes the balance outstanding as of December 31, 2021 on the $500 million Unsecured 2018 Line of Credit of $290 million. However, Piedmont may extend the term for up to one additional year (through two available six months extensions to a final extended maturity date of September 29, 2023) provided Piedmont is not then in default and upon payment of extension fees.

Piedmont’s weighted-average interest rate as of December 31, 2021 and 2020, for the aforementioned borrowings was approximately 2.93% and 3.03%, respectively. Piedmont made interest payments on all indebtedness, including interest rate swap cash settlements, of approximately $49.4 million, $50.7 million, and $64.0 million during the years ended December 31, 2021, 2020, and 2019, respectively. Also, Piedmont capitalized interest of approximately $3.7 million, $1.0 million, and $2.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, Piedmont believes it was in compliance with all financial covenants associated with its debt instruments. See Note 6 for a description of Piedmont’s estimated fair value of debt as of December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Instruments

12 Months Ended

Dec. 31, 2021

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 exchange of the underlying notional amount.

During the year ended December 31, 2021, Piedmont entered into, and subsequently settled, one forward starting interest rate swap agreement with a notional value of $50 million to hedge the risk of changes in the interest-related cash flows associated with the issuance of the $300 Million Unsecured Senior Notes due 2032 (see Note 4). The settlement resulted in a gain of approximately $0.6 million, which was recorded as accumulated OCI and is being amortized as an offset to interest expense over the following ten years.

During the year ended December 31, 2020, Piedmont entered into and subsequently settled four forward starting interest rate swap agreements with a total notional value of $200 million to hedge the risk of changes in the interest-related cash flows associated with the issuance of the $300 Million Unsecured Senior Notes due 2030. The settlement resulted in a loss of approximately $19.9 million, which was recorded as accumulated OCI and is being amortized as additional interest expense over the ten-year term of the $300 Million Unsecured Senior Notes due 2030.

Finally, as of December 31, 2021, Piedmont was party to two other interest rate swap agreements, which are designated as effective cash flow hedges and hedge the variable cash flows covering $100 million of the $250 Million Unsecured 2018 Term Loan. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows related to these interest rate swap agreements is 39 months.

A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2021 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Notional Amount
(in millions)

Effective Date

Maturity Date

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

100

3/29/2018

3/31/2025

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, 2021 and 2020, respectively, is as follows (in thousands):


Interest rate swaps classified as:	December 31, 2021		December 31, 2020
Gross derivative assets	$	—	$	—
Gross derivative liabilities	(4,924)		(9,834)
Net derivative liability	$	(4,924)	$	(9,834)

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward starting interest rate swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the years ended December 31, 2021, 2020, and 2019, respectively, was as follows (in thousands):


Interest Rate Swaps in Cash Flow Hedging Relationships:	2021		2020		2019
Amount of gain/(loss) recognized in OCI	$	2,994	$	(26,794)	$	(5,659)
Amount of previously recorded gain/(loss) reclassified from OCI into Interest Expense	$	(2,952)	$	(1,727)	$	1,836


Total amount of Interest Expense presented in the consolidated statements of operations	$	(51,292)	$	(54,990)	$	(61,594)
Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of operations	$	—	$	(9,336)	$	—

Piedmont estimates that approximately $2.5 million will be reclassified from OCI as an increase to interest expense over the next twelve months. Piedmont did not recognize any hedge ineffectiveness on its cash flow hedges during the three years ended December 31, 2021.

See Note 6 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 could be required to settle its liability obligations under the agreements at their termination value of the estimated fair values plus accrued interest, or approximately $5.0 million as of December 31, 2021. 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.

Fair Value Measurements of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Instruments

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, 2021 and 2020, respectively (in thousands):


	December 31, 2021					December 31, 2020
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)	$	7,419	$	7,419	Level 1	$	7,331	$	7,331	Level 1
Tenant receivables, net (1)	$	2,995	$	2,995	Level 1	$	8,448	$	8,448	Level 1
Notes receivable	$	118,500	$	120,075	Level 2	$	118,500	$	118,500	Level 2
Restricted cash and escrows (1)	$	1,441	$	1,441	Level 1	$	1,883	$	1,883	Level 1

Liabilities:
Accounts payable and accrued expenses (1)	$	45,065	$	45,065	Level 1	$	45,345	$	45,345	Level 1
Interest rate swaps	$	4,924	$	4,924	Level 2	$	9,834	$	9,834	Level 2
Debt, net	$	1,877,790	$	1,938,563	Level 2	$	1,622,004	$	1,690,377	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 notes receivable and debt were carried at book value as of December 31, 2021 and 2020; however, Piedmont's estimate of the fair value of each of these financial instruments as of each period end is disclosed in the table above. Piedmont issued notes receivable in conjunction with the sale of properties to an unrelated third-party buyer in October 2020. As the facts and circumstances as of December 31, 2020 were substantially unchanged since the issuance of the notes receivable in October 2020, Piedmont determined that the book value of the notes approximated their estimated fair value as of December 31, 2020. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of its notes receivables and debt, including the period to maturity of each note receivable and debt facility, and uses observable market-based inputs for similar loan and debt facilities which have transacted recently in the market. Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's notes receivables and outstanding debt. Consequently, the estimated fair values of the notes receivable as of December 31, 2021 and debt as of both December 31, 2020 and December 31, 2021 are considered to be based on significant other observable inputs (Level 2).

Piedmont’s interest rate swap agreements presented above, and as further discussed in Note 5, are classified as “Interest rate swap” liabilities in the accompanying consolidated balance sheets and were carried at estimated fair value as of December 31, 2021 and 2020. 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, 2021 and 2020, 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 measurements. Piedmont has not changed its valuation technique for estimating the fair value of its notes receivable, debt, or interest rate swap agreements.

- Definition

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.

+ References + Details

Impairment Loss on Real Estate Assets

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Impairment Loss on Real Estate Assets

Piedmont recorded the following impairment losses on real estate assets for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	2021		2020		2019





Two Pierce Place(1)	$	41,000	$	—	$	—
The Dupree(2)	—		—		1,953
600 Corporate Drive(3)	—		—		7,000

Total impairment loss on real estate assets	$	41,000	$	—	$	8,953

(1)Management shortened the intended hold period for the property during the quarter ended December 31, 2021, and in doing so 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 calculated as the difference between the carrying value of the asset and the estimated fair value less costs to sell. The estimated fair value was determined based on the net contract price subsequently entered into with an unrelated, third-party purchaser. 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)The impairment loss recognized was the result of reducing the asset's carrying value to reflect its fair value, estimated based on the net contract price negotiated with a unrelated, third-party purchaser.

(3)Management shortened the intended hold period for the property, and in doing so 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 calculated as the difference between the carrying value of the asset and the estimated fair value less costs to sell. The estimated fair value was determined using widely available market quotations for similar properties, as well as discounted cash flow analysis. Key assumptions used in the analysis were a capitalization and discount rate of 14% and estimated selling costs of 0.75%.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Under Existing Lease Agreements As a recurring part of its business, Piedmont is typically required under its executed lease agreements to fund 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. As of December 31, 2021, Piedmont had one individually significant unrecorded tenant allowance commitment of approximately $18.4 million for the approximately 20-year, approximately 520,000 square foot renewal and expansion on behalf of Piedmont's largest tenant, the State of New York at the 60 Broad Street building in New York City. This commitment will be capitalized as the related expenditures are incurred. 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 different interpretations of language in the lease agreements from that made by Piedmont, which could result in requests for refunds of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. There were no reductions in rental and reimbursement revenues related to such tenant audits/disputes during the year ended December 31, 2021 or 2020. However, Piedmont recorded net recoveries of previously recognized reductions in rental and reimbursement revenues of $0.6 million related to tenant audits/disputes during the year ended December 31, 2019. Contingencies Related to the COVID-19 Pandemic The long-term impacts of the COVID-19 pandemic on our tenants and the global economy remain unclear and any adverse effect on certain of Piedmont's tenant's operating results or future leasing decisions could, in turn, adversely impact Piedmont's business, financial condition and results of operations. 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.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party TransactionsDuring the year ended December 31, 2019, Piedmont entered into employment or retirement agreements with certain of its current and former executive officers as more fully described in its Definitive Proxy Statement and Current Report on Form 8-K filed on March 19, 2019. Further, during the years ended December 31, 2021, 2020, and 2019, Piedmont recognized approximately $0.0 million, $0.1 million, and $0.2 million, respectively, of expense related to a consulting agreement with its former Chief Investment Officer. There were no other related-party transactions during the three years ended December 31, 2021.

Stock Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

The Compensation Committee of Piedmont's board of directors has typically granted deferred stock award units to all of Piedmont's employees based upon the previous year's financial results measured against various board approved performance metrics. Most employee awards vest ratably over three years. In addition, Piedmont's independent directors receive an annual grant of deferred stock award units for services rendered and such awards vest over a one year service period.

Certain management employees' long-term equity incentive program is split equally between the deferred stock award units described above and a multi-year performance share program whereby actual awards are contingent upon Piedmont's total stockholder return ("TSR") performance relative to the TSR of a peer group of office REITs. The target incentives for these certain employees, as well as the peer group to be used for comparative purposes, are predetermined by the board of directors, advised by an outside compensation consultant. None of the shares potentially earned are awarded until the end of the multi-year performance period and vest upon award. The grant date fair value of the multi-year performance share awards is estimated using the Monte Carlo valuation method.

A rollforward of Piedmont's equity based award activity for the year ended December 31, 2021 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2020	1,009,530	$	24.37
Deferred Stock Awards Granted	331,354	$	17.24
Increase in Estimated Potential Share Awards based on relative TSR Performance for the performance period to date	272,297	$	24.47
Performance Stock Awards Vested	(200,674)	$	23.52
Deferred Stock Awards Vested	(279,136)	$	18.78
Deferred Stock Awards Forfeited	(34,190)	$	19.56
Unvested and Potential Stock Awards as of December 31, 2021	1,099,181	$	23.97

The following table provides additional information regarding stock award activity during the years ended 2021, 2020, and 2019 (in thousands except for per share amounts):


	2021		2020		2019
Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period	$	17.24	$	22.39	$	21.02
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	5,242	$	4,826	$	8,658
Share-based Liability Awards Paid During the Period (1)	$	3,610	$	4,116	$	6,683

(1)Amounts reflect the issuance of performance share awards related to the 2018-20, 2017-19, and 2016-18 Performance Share Plans during the years ended December 31, 2021, 2020, and 2019, respectively, as well as performance share award liabilities settled in cash in July 2019 for retirement and separation associated with the senior management transition on June 30, 2019.

A detail of Piedmont’s outstanding employee restricted stock awards and programs as of December 31, 2021 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, 2021



















May 3, 2019	Deferred Stock Award	250,643	$	21.04	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 3, 2020, 2021, and 2022, respectively.	72,071
May 3, 2019	Fiscal Year 2019-2021 Performance Share Program	—	$	29.43	Shares awarded, if any, will vest immediately upon determination of award in 2022.	267,744	(2)
February 19, 2020	Deferred Stock Award	158,960	$	24.41	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 19, 2021, 2022, and 2023, respectively.	86,294
March 19, 2020	Fiscal Year 2020-2022 Performance Share Program	—	$	25.83	Shares awarded, if any, will vest immediately upon determination of award in 2023.	249,518	(2)
February 17, 2021	Deferred Stock Award	266,172	$	17.15	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 17, 2022, 2023, and 2024, respectively.	200,611
February 18, 2021	Fiscal Year 2021-2023 Performance Share Program	—	$	23.04	Shares awarded, if any, will vest immediately upon determination of award in 2024.	187,866	(2)
May 11, 2021	Deferred Stock Award-Board of Directors	35,077	$	17.96	Of the shares granted, 100% will vest by May 11, 2022.	35,077

Total						1,099,181

(1)Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2021.

(2)Estimated based on Piedmont's cumulative TSR for the respective performance period through December 31, 2021. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs.

During the years ended December 31, 2021, 2020, and 2019, Piedmont recognized approximately $11.0 million, $9.7 million and $15.1 million of compensation expense related to stock awards, of which approximately $9.7 million, $8.5 million and $13.6 million related to the amortization of unvested shares and potential stock awards and the fair value adjustment for liability awards, respectively. During the year ended December 31, 2021, a total of 297,403 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of December 31, 2021, approximately $6.8 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately one year.

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

There are no adjustments to “Net income/(loss) applicable to Piedmont” for the diluted earnings per share computations.

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 and potential stock awards vested and resulted in additional common shares outstanding. Unvested and potential stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares. For each of the years ended December 31, 2021, 2020, and 2019, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of approximately 1,114,025, 289,681, and 156,317, respectively.

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, 2021, 2020, and 2019, respectively (in thousands):


	2021	2020	2019
Weighted-average common shares—basic	123,978	125,730	125,709
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	—	374	473
Weighted-average common shares—diluted	123,978	126,104	126,182

Operating Leases

12 Months Ended

Dec. 31, 2021

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 liabilities related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets.

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2021 is presented below (in thousands):


Years ending December 31:
2022	$	410,387
2023	390,093
2024	357,834
2025	316,986
2026	270,815
Thereafter	1,152,345
Total	$	2,898,460

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019, respectively, as follows (in thousands):


	2021		2020		2019
Fixed payments	$	427,174	$	433,841	$	418,245
Variable payments	87,445		86,112		93,660
Total Rental and Tenant Reimbursement Revenue	$	514,619	$	519,953	$	511,905

Operating leases where Piedmont is the lessee relate primarily to office space in buildings owned by third parties. Piedmont's right to use asset and corresponding lease liability, using Piedmont's incremental borrowing rate as the lease discount rate, was approximately $0.1 million for the year ended December 31, 2021 and approximately $0.2 million for the year ended December 31, 2020. For both the years ended December 31, 2021 and December 31, 2020, Piedmont recognized approximately

$0.1 million of operating lease costs. As of December 31, 2021, the lease term of Piedmont's right of use asset is less than 1 year, and the discount rate is 1.06%.

Operating Leases

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2021 is presented below (in thousands):


Years ending December 31:
2022	$	410,387
2023	390,093
2024	357,834
2025	316,986
2026	270,815
Thereafter	1,152,345
Total	$	2,898,460


	2021		2020		2019
Fixed payments	$	427,174	$	433,841	$	418,245
Variable payments	87,445		86,112		93,660
Total Rental and Tenant Reimbursement Revenue	$	514,619	$	519,953	$	511,905

$0.1 million of operating lease costs. As of December 31, 2021, the lease term of Piedmont's right of use asset is less than 1 year, and the discount rate is 1.06%.

Property Dispositions and Assets Held for Sale

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions and Assets Held for Sale

Property Dispositions

None of Piedmont's property dispositions during the three years ended December 31, 2021 met the criteria to be reported as discontinued operations. The operational results and gain on sale of real estate assets are presented as continuing operations in the accompanying consolidated statements of operations, unless otherwise indicated below. 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
























One Independence Square	Washington, D.C.	February 28, 2019	$	33,176		$	163,623
The Dupree	Atlanta, Georgia	September 4, 2019	$	—	(1)	$	12,631
500 West Monroe Street	Chicago, Illinois	October 28, 2019	$	157,739		$	408,851
1901 Market Street	Philadelphia, Pennsylvania	June 25, 2020	$	191,030		$	350,805
New Jersey Portfolio	Various(2)	October 28, 2020	$	14,636		$	9,289	(3)

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

(2)The New Jersey Portfolio is comprised of the following three properties: 200 Bridgewater Crossing in Bridgewater, New Jersey; 400 Bridgewater Crossing in Bridgewater, New Jersey; and 600 Corporate Drive in Lebanon, New Jersey.

(3)Piedmont accepted a secured $102.8 million promissory note from the buyer, which matures on October 31, 2023 and bears interest at 6% per annum. The note may be extended for three available one-year periods upon payment of applicable extension fees. Further, Piedmont also accepted a mezzanine note for $15.7 million, bearing interest at 13.55% per annum, which may be repaid any time before the October 31, 2023 maturity without penalty.

Assets Held for Sale

On January 28, 2022, Piedmont sold the 225 and 235 Presidential Way assets in Woburn, Massachusetts for $129.0 million, or $293 per square foot. The assets, which were assigned to the Boston geographic reportable segment, met the criteria for held for sale classification in the accompanying consolidated balance sheets both as of December 31, 2021, as well as December 31, 2020 for comparability.

Details of amounts held for sale as of December 31, 2021 and 2020 are presented below (in thousands):


	December 31, 2021		December 31, 2020
Real estate assets held for sale, net:
Land	$	7,750	$	7,750
Building and improvements, less accumulated depreciation of $16,699 and $16,021 as of December 31, 2021, and 2020, respectively	55,110		52,704

Construction in progress	1,027		—
Total real estate assets held for sale, net	$	63,887	$	60,454

Other assets held for sale, net:
Straight-line rent receivables	$	2,966	$	2,356

Deferred lease costs, less accumulated amortization of $996 and $802 as of December 31, 2021 and 2020, respectively	5,427		1,872

Total other assets held for sale, net	$	8,393	$	4,228

Supplemental Disclosures for the Statement of Consolidated Cash Flows

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures for the Statement of Consolidated Cash Flows

Certain noncash investing and financing activities for the years ended December 31, 2021, 2020, and 2019 (in thousands) are outlined below:


	2021		2020		2019
Accrued capital expenditures and deferred lease costs	$	24,817	$	20,103	$	38,366
Change in accrued dividends	$	(365)	$	(744)	$	(545)


Change in accrued share repurchases as part of an announced plan	$	(685)	$	685	$	(4,417)
Notes receivable issued in conjunction with property dispositions	$	—	$	118,500	$	—

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2021, 2020, and 2019 to the consolidated balance sheets for the respective period (in thousands):


	2021		2020		2019
Cash and cash equivalents, beginning of period	$	7,331	$	13,545	$	4,571
Restricted cash and escrows, beginning of period	1,883		1,841		1,463


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	9,214	$	15,386	$	6,034

Cash and cash equivalents, end of period	$	7,419	$	7,331	$	13,545
Restricted cash and escrows, end of period	1,441		1,883		1,841


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	8,860	$	9,214	$	15,386

Amounts in restricted cash and escrows typically represent: escrow accounts required for future property repairs; escrow accounts for the payment of real estate taxes as required under certain of Piedmont's debt agreements; earnest money deposited by a buyer to secure the purchase of one of Piedmont's properties; or security or utility deposits held for tenants as a condition of their lease agreement.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Piedmont’s income tax basis net income/(loss) for the years ended December 31, 2021, 2020, and 2019, is calculated as follows (in thousands):


	2021		2020		2019
GAAP basis financial statement net income/(loss)	$	(1,153)	$	232,688	$	229,261
Increase/(decrease) in net income/(loss) resulting from:
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	75,969		73,784		10,381
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,798)		(25,726)		(34,804)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(9,465)		(11,625)		(7,698)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	—		(222,037)		(85,463)
Taxable income or loss of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes	3,518		1,345		411
Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes	51,095		10,970		23,127
Taxable income for POH in excess of/(less than) amount for financial reporting purposes	(654)		1,499		175
Income tax basis net income, prior to dividends paid deduction	$	100,512	$	60,898	$	135,390

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:


	2021		2020		2019
Ordinary income	96.34	%	91.91	%	29.82	%
Return of capital	3.66	%	8.09	%	—	%
Capital gains	—	%	—	%	70.18	%
	100	%	100	%	100	%

Piedmont has no uncertain tax positions as of December 31, 2021 and 2020, respectively. Piedmont recognized approximately $0, $1.0 million, $1.4 million of recoveries of previously recorded estimated accrued interest and penalties for the years ended December 31, 2021, 2020 and 2019. The tax years 2018 to 2020 remain open to examination by various federal and state taxing authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment InformationPiedmont's President and Chief Executive Officer has been identified as Piedmont's chief operating decision maker ("CODM"), as defined by GAAP. The CODM evaluates Piedmont's portfolio and assesses the ongoing operations and performance of its properties utilizing the following geographic segments: Dallas, Atlanta, Washington, D.C., Minneapolis, Boston, Orlando, and New York. These operating segments are also Piedmont’s reportable segments. As of December 31, 2021, Piedmont also owned two properties in Houston and one property in Chicago that do not meet the definition of an operating or reportable segment as the CODM does not regularly review these properties for purposes of allocating resources or assessing performance. Subsequent to December 31, 2021, Piedmont sold the last remaining asset owned in the Chicago office market (see Note 17). Further, Piedmont does not maintain a significant presence or anticipate further investment in these markets. These three properties are included in "Corporate and other" below. During the periods presented, there have been no material inter segment transactions. The accounting policies of the reportable segments are the same as Piedmont's accounting policies.

Accrual-based net operating income ("NOI") by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating costs from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. Piedmont's calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs.

Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance.

The following table presents accrual-based lease revenue and other property related income included in NOI by geographic reportable segment (in thousands):


	Years Ended December 31,
	2021		2020		2019
Dallas	$	110,729	$	101,727	$	55,346
Atlanta	98,330		95,403		75,699
Washington, D.C.	60,329		59,760		64,481
Minneapolis	61,563		61,465		64,318
Boston	65,445		61,338		64,739
Orlando	54,603		54,886		57,084
New York	52,454		69,827		75,587
Total reportable segments	503,453		504,406		457,254
Corporate and other	25,257		30,618		75,924
Total Revenues	$	528,710	$	535,024	$	533,178

The following table presents NOI by geographic reportable segments (in thousands):


	Years Ended December 31,
	2021		2020		2019
Dallas	$	66,155	$	59,845	$	29,438
Atlanta	62,772		60,276		47,287
Washington, D.C.	36,914		36,696		41,167
Minneapolis	32,538		33,588		35,610
Boston	45,587		41,722		44,016
Orlando	33,449		34,427		35,433
New York	30,049		38,990		44,036
Total reportable segments	307,464		305,544		276,987
Corporate and other	10,163		13,915		43,637
Total NOI	$	317,627	$	319,459	$	320,624

A reconciliation of Net income/(loss) applicable to Piedmont to NOI is presented below (in thousands):


	Years Ended December 31,
	2021		2020		2019
Net income/(loss) applicable to Piedmont	$	(1,153)	$	232,688	$	229,261
Management fee revenue (1)	(1,269)		(1,495)		(2,518)



Depreciation and amortization	206,608		203,869		182,682
Impairment loss on real estate assets	41,000		—		8,953

General and administrative expenses	30,252		27,464		37,895
Interest expense	51,292		54,990		61,594
Other income	(9,089)		(1,724)		(228)
Loss on extinguishment of debt	—		9,336		—
Gain on sale of real estate assets	—		(205,666)		(197,010)
Net loss applicable to noncontrolling interests	(14)		(3)		(5)
NOI	$	317,627	$	319,459	$	320,624

(1)Presented net of related operating expenses incurred to earn such management fee revenue. Such operating expenses are a component of property operating costs in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Declaration of Dividend for the First Quarter 2022 On February 2, 2022, the board of directors declared a dividend for the first quarter 2022 in the amount of $0.21 per share on its common stock to stockholders of record as of the close of business on February 25, 2022, payable on March 18, 2022. Sale of Two Pierce Place On January 25, 2022, Piedmont sold the Two Pierce Place building in Itasca, Illinois, the last remaining asset owned in the Chicago office market, for a sales price of approximately $24.0 million. Sale of 225/235 Presidential Way On January 28, 2022, Piedmont sold the 225 and 235 Presidential Way assets in Woburn, Massachusetts for $129.0 million.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2021

(dollars in thousands)


					Initial Cost to Piedmont				Gross Amount of Which Carried at December 31, 2021
Description(1)	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total(2)	Costs Capitalized Subsequent to Acquisition(3)	Land	Buildings and Improvements	Total(4)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization in 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	22,978	1994	12/21/2000	0	-	40
CRESCENT RIDGE II	Minnetonka, MN	100	%	None	7,700	45,154	52,854	13,398	8,021	58,231	66,252	30,731	2000	12/21/2000	0	-	40
90 CENTRAL STREET	Boxborough, MA	100	%	None	3,642	29,497	33,139	3,437	3,642	32,934	36,576	15,631	2001	5/3/2002	0	-	40
6031 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	43,656	46,813	8,461	3,157	52,117	55,274	23,355	1999	8/15/2002	0	-	40
6021 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	42,662	45,819	11,546	3,157	54,208	57,365	27,836	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	17,235	1999	8/15/2002	0	-	40
US BANCORP CENTER	Minneapolis, MN	100	%	None	11,138	175,629	186,767	31,266	11,138	206,895	218,033	98,531	2000	5/1/2003	0	-	40
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100	%	None	6,662	69,031	75,693	(7,667)	6,662	61,364	68,026	26,905	2000	8/1/2003	0	-	40
400 VIRGINIA AVE	Washington, DC	100	%	None	22,146	49,740	71,886	7,109	22,146	56,849	78,995	22,783	1985	11/19/2003	0	-	40
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100	%	None	13,636	70,918	84,554	18,285	13,636	89,203	102,839	39,660	1998	11/19/2003	0	-	40
1225 EYE STREET	Washington, DC	98.1	%	None	21,959	47,602	69,561	9,961	21,959	57,563	79,522	28,068	1986	11/19/2003	0	-	40
1201 EYE STREET	Washington, DC	98.6	%	None	31,985	63,139	95,124	12,836	31,985	75,975	107,960	32,023	2001	11/19/2003	0	-	40
60 BROAD STREET	New York, NY	100	%	None	32,522	168,986	201,508	79,454	60,708	220,254	280,962	69,099	1962	12/31/2003	0	-	40
1414 MASSACHUSETTS AVENUE	Cambridge, MA	100	%	None	4,210	35,821	40,031	(5,837)	4,365	29,829	34,194	12,625	1873	1/8/2004	0	-	40
ONE BRATTLE SQUARE	Cambridge, MA	100	%	None	6,974	64,940	71,914	(20,120)	7,113	44,681	51,794	20,315	1991	2/26/2004	0	-	40
3100 CLARENDON BOULEVARD	Arlington, VA	100	%	None	11,700	69,705	81,405	50,889	11,791	120,503	132,294	43,413	1987	12/9/2004	0	-	40
LAS COLINAS CORPORATE CENTER I	Irving, TX	100	%	None	3,912	18,830	22,742	(3,183)	2,543	17,016	19,559	7,238	1998	8/31/2006	0	-	40
LAS COLINAS CORPORATE CENTER II	Irving, TX	100	%	None	4,496	29,881	34,377	(1,721)	2,543	30,113	32,656	13,229	1998	8/31/2006	0	-	40



					Initial Cost				Gross Amount of Which Carried at December 31, 2021
Description(1)	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total(2)	Costs Capitalized Subsequent to Acquisition(3)	Land	Buildings and Improvements	Total(4)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed (in years)(5)
TWO PIERCE PLACE(6)	Itasca, IL	100	%	None	4,370	70,632	75,002	(26,780)	8,156	40,066	48,222	28,288	1991	12/7/2006	0	-	40
ONE MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,919	24,398	27,317	629	2,919	25,027	27,946	7,891	1997	10/1/2010	0	-	40
TWO MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,661	25,742	28,403	654	2,661	26,396	29,057	8,240	1998	10/1/2010	0	-	40
THE MEDICI	Atlanta, GA	100	%	None	1,780	11,510	13,290	5,830	1,780	17,340	19,120	7,150	2008	6/7/2011	0	-	40
225 PRESIDENTIAL WAY(7)	Boston, MA	100	%	None	3,626	36,916	40,542	(3,534)	3,612	33,396	37,008	7,686	2001	9/13/2011	0	-	40
235 PRESIDENTIAL WAY(7)	Boston, MA	100	%	None	4,154	44,048	48,202	(4,624)	4,138	39,440	43,578	9,012	2000	9/13/2011	0	-	40
400 TOWNPARK	Lake Mary, FL	100	%	None	2,570	20,555	23,125	5,635	2,570	26,190	28,760	9,198	2008	11/10/2011	0	-	40
ARLINGTON GATEWAY	Arlington, VA	100	%	None	36,930	129,070	166,000	3,443	36,930	132,513	169,443	31,625	2005	3/4/2013	0	-	40
5 & 15 WAYSIDE ROAD	Burlington, MA	100	%	None	7,190	55,445	62,635	7,852	7,190	63,297	70,487	18,510	1999 / 2001	3/22/2013	0	-	40
6565 MACARTHUR BOULEVARD	Irving, TX	100	%	None	4,820	37,767	42,587	1,462	4,820	39,229	44,049	9,633	1998	12/5/2013	0	-	40
ONE LINCOLN PARK	Dallas, TX	100	%	None	6,640	44,810	51,450	4,075	6,640	48,885	55,525	12,430	1999	12/20/2013	0	-	40
161 CORPORATE CENTER	Irving, TX	100	%	None	2,020	10,680	12,700	(714)	2,020	9,966	11,986	2,485	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	10,311	2008	6/27/2014	0	-	40
1155 PERIMETER CENTER WEST	Atlanta, GA	100	%	None	5,870	66,849	72,719	15,433	5,870	82,282	88,152	16,320	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	4,551	2016	N/A	0	-	40
PARK PLACE ON TURTLE CREEK	Dallas, TX	100	%	None	4,470	38,048	42,518	6,298	4,470	44,346	48,816	9,337	1986	1/16/2015	0	-	40
80 CENTRAL STREET	Boxborough, MA	100	%	None	1,980	8,930	10,910	3,574	1,980	12,504	14,484	2,762	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	14,106	2015	N/A	0	-	40
200 SOUTH ORANGE AVENUE	Orlando, FL	100	%	None	11,660	139,015	150,675	27,491	11,660	166,506	178,166	27,673	1988	11/4/2015	0	-	40
GALLERIA 300	Atlanta, GA	100	%	None	4,000	73,554	77,554	7,698	4,000	81,252	85,252	16,151	1987	11/4/2015	0	-	40


					Initial Cost								Gross Amount of Which Carried at December 31, 2021
Description(1)	Location	Ownership Percentage		Encumbrances	Land		Buildings and Improvements		Total(2)		Costs Capitalized Subsequent to Acquisition(3)		Land		Buildings and Improvements		Total(4)		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed (in years)(5)
GLENRIDGE HIGHLANDS ONE	Atlanta, GA	100	%	None	5,960		50,013		55,973		3,835		5,960		53,848		59,808		10,211		1998	11/24/2015	0	-	40
CNL CENTER I	Orlando, FL	99	%	None	6,470		77,858		84,328		2,131		6,470		79,989		86,459		14,759		1999	8/1/2016	0	-	40
CNL CENTER II	Orlando, FL	99	%	None	4,550		55,609		60,159		494		4,550		56,103		60,653		11,268		2006	8/1/2016	0	-	40
ONE WAYSIDE ROAD	Boston, MA	100	%	None	6,240		57,124		63,364		1,900		6,240		59,024		65,264		8,622		1997 / 2008	8/10/2016	0	-	40
GALLERIA 200	Atlanta, GA	100	%	None	6,470		55,825		62,295		13,762		6,470		69,587		76,057		10,881		1984	10/7/2016	0	-	40
750 WEST JOHN CARPENTER FREEWAY	Irving, TX	100	%	None	7,860		36,303		44,163		3,766		7,860		40,069		47,929		10,713		1999	11/30/2016	0	-	40
NORMAN POINTE I	Bloomington, MN	100	%	None	4,358		22,322		26,680		4,466		4,361		26,785		31,146		4,887		2000	12/28/2017	0	-	40
501 WEST CHURCH STREET	Orlando, FL	100	%	None	2,805		28,119		30,924		—		2,805		28,119		30,924		4,576		2003	2/23/2018	0	-	40
9320 EXCELSIOR BOULEVARD	Hopkins, MN	100	%	None	3,760		35,289		39,049		(553)		3,707		34,789		38,496		6,593		2010	10/25/2018	0	-	40
25 BURLINGTON MALL ROAD	Burlington, MA	100	%	None	10,230		54,787		65,017		7,178		10,230		61,965		72,195		7,859		1987	12/12/2018	0	-	40
GALLERIA 100	Atlanta, GA	100	%	None	7,285		72,449		79,734		1,430		7,285		73,879		81,164		10,790		1982	5/6/2019	0	-	40
GALLERIA 400	Atlanta, GA	100	%	None	5,687		92,915		98,602		1,484		5,687		94,399		100,086		9,742		1999	8/23/2019	0	-	40
GALLERIA 600	Atlanta, GA	100	%	None	5,418		81,003		86,421		(128)		5,418		80,875		86,293		7,212		2002	8/23/2019	0	-	40
ONE GALLERIA TOWER	Dallas, TX	100	%	None	5,286		107,767		113,053		11,321		5,286		119,088		124,374		12,535		1982	2/12/2020	0		40
TWO GALLERIA TOWER	Dallas, TX	100	%	None	3,835		109,605		113,440		3,432		3,836		113,036		116,872		10,774		1985	2/12/2020	0		40
THREE GALLERIA TOWER	Dallas, TX	100	%	None	6,541		125,490		132,031		1,743		6,541		127,233		133,774		12,352		1991	2/12/2020	0		40
222 SOUTH ORANGE AVENUE	Orlando, FL	100	%	None	1,899		18,417		20,316		1,756		1,899		20,173		22,072		15		1959	10/29/2020	0		40
999 PEACHTREE STREET	Atlanta, GA	100	%	None	49,067		156,109		205,176		178		49,067		156,287		205,354		2,191		1987	10/22/2021	0		40
UNDEVELOPED LAND PARCELS (6)	Various	100	%	None	48,667		—		48,667		1,634		45,777		4,524		50,301		688		N/A	Various			N/A
Total—All Properties					$	512,898	$	3,299,408	$	3,812,306	$	394,687	$	537,691	$	3,669,302	$	4,206,993	$	961,682

(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 $3.7 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.

(6)During the year ended December 31, 2021, Piedmont recognized a $41.0 million impairment charge on the Two Pierce Place asset. See Note 7 for further detail.

(7)As of December 31, 2021, the 225 and 235 Presidential Way assets were under a binding contract to be sold, and were presented as held for sale in the accompanying consolidated balance sheets. See N ote 13 for further information. The sale of the assets closed on January 28, 2022.

(8)Undeveloped Land Parcels includes land parcels that Piedmont may develop in the future.

Piedmont Office Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2021

(dollars in thousands)


	2021		2020		2019
Real Estate:
Balance at the beginning of the year	$	3,891,426	$	3,818,287	$	3,924,531
Additions to/improvements of real estate	379,516		493,760		406,832
Assets disposed	—		(393,231)		(452,672)
Assets impaired (1)	(41,000)		—		(8,953)
Write-offs of intangible assets (2)	(13,646)		(15,891)		(36,428)
Write-offs of fully depreciated/amortized assets	(9,303)		(11,499)		(15,023)
Balance at the end of the year	$	4,206,993	$	3,891,426	$	3,818,287
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$	835,392	$	875,777	$	907,937
Depreciation and amortization expense	149,239		142,762		132,600
Assets disposed	—		(155,757)		(113,309)
Write-offs of intangible assets (2)	(13,646)		(15,891)		(36,428)
Write-offs of fully depreciated/amortized assets	(9,303)		(11,499)		(15,023)
Balance at the end of the year	$	961,682	$	835,392	$	875,777

(1)Piedmont recognized an impairment loss on the Two Pierce Place building during the year ended December 31, 2021, as well as the Dupree building and the 600 Corporate Drive building during the year ended December 31, 2019 (see Note 7).

(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, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Principles of Consolidation

Principles of Consolidation

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			3-10 years
Intangible lease assets			Lease term

Fair Value of Assets and Liabilities of Acquired Properties

Cash and Cash Equivalents

value, and available-for-sale securities associated with Piedmont's non-qualified deferred compensation program carried at estimated fair value.

Tenant Receivables and Straight-line Rent Receivables

Allowance for Doubtful Accounts

Allowance for Doubtful AccountsAs detailed above, Piedmont records contra-revenue adjustments for tenant/lease-specific changes in the collectibility assessments of its operating lease receivables as a reduction of rental and tenant reimbursement revenues. These charges reduce tenant and straight-line rent receivable to net realizable value upon recognition. In addition, during the year ended December 31, 2020, Piedmont also established an allowance for doubtful accounts for amounts that may become uncollectible in the future.

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;

•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

Interest Rate 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 operations as follows:

•Approximately $56.4 million, $60.2 million, and $50.3 million of deferred lease costs are included in amortization expense for the years ended December 31, 2021, 2020, and 2019, respectively; and

Debt

DebtWhen mortgage debt is assumed upon the acquisition of real property, Piedmont adjusts the loan to relative 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.Piedmont records premiums and discounts on debt issuances 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 presents all debt issuance costs as an offset to the principal amount of 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.

Deferred Income and Revenue Recognition

Deferred income

Deferred income is primarily comprised of the following items:

•prepaid rent from tenants;

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

•tenant improvement allowance overages or improvements funded by the tenant where Piedmont owns the underlying improvements.

Revenue Recognition

Piedmont's revenues consist of the following:

•whether the tenant is obligated by the terms of the lease agreement to construct or install the leasehold improvements as a condition of the lease;

•whether the landlord can require the lessee to make specified improvements or otherwise enforce its economic rights to those assets;

•whether the tenant is required to provide the landlord with documentation supporting the cost of tenant improvements prior to reimbursement by the landlord;

•whether the landlord is obligated to fund cost overruns for the construction of leasehold improvements;

•whether the leasehold improvements are unique to the tenant or could reasonably be used by other parties; and

•whether the estimated economic life of the leasehold improvements is long enough to allow for a significant residual value that could benefit the landlord at the end of the lease term.

Notes receivable that are deemed to be uncollectible or fully in default are reduced to their net realizable value, which approximates their fair value.

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

Shares-in-trust

Preferred Stock

Common Stock

Equity Securities Issued At-The-Market

Dividends

Noncontrolling Interest

Stock-based Compensation and Nonqualified Deferred Compensation Plan

Stock-based Compensation

Non-qualified Deferred Compensation Plan

Net Income Available to Common Stockholders Per Share

Net Income/(Loss) Available to Common Stockholders Per Share

Income Taxes

Reclassifications

ReclassificationsCertain prior period amounts presented in the accompanying consolidated balance sheets related to the 225 and 235 Presidential Way buildings, which were classified as held for sale as of June 30, 2021 and sold in January 2022 (see Note 13) have been reclassified as of December 31, 2020 to conform to the current period financial statement presentation.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Real Estate Assets Useful Lives

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


	December 31, 2021		December 31, 2020
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	1,882	$	2,167
In-Place Lease Valuation	$	176,275	$	156,277
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	266,575	$	250,367
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	75,221	$	62,784

Schedule of Amortization Of Intangible Lease Costs


	2021		2020		2019
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in Amortization	$	69,388	$	77,000	$	62,413
Amortization of Above-Market and Below-Market In-Place Lease Intangibles as a net increase to Rental and Tenant Reimbursement Revenue	$	11,180	$	12,191	$	8,322

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Net intangible assets and liabilities as of December 31, 2021 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:
2022	$	323	$	28,725	$	37,612	$	11,806
2023	126		20,569		27,044		8,291
2024	93		14,819		19,828		6,139
2025	27		10,388		14,753		4,645
2026	15		7,158		11,531		3,159
Thereafter	12		12,125		23,050		5,301
	$	596	$	93,784	$	133,818	$	39,341

Weighted-Average Amortization Period (in years)	3		5		5		5

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

Allowance For Doubtful Accounts

Details of Piedmont's allowance for doubtful accounts for the years ended December 31, 2021, 2020, and 2019 are as follows:


	Balance at Beginning of Period		Additions Charged as Reduction of Revenue		Deductions and Write-offs		Balance at End of Period
Year Ended December 31,
2021	$	4,553	$	35	$	(588)	$	4,000
2020	$	—	$	8,734	$	(4,181)	$	4,553

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

Property

Metropolitan Statistical Area

Date of Acquisition

Ownership Percentage Acquired

Rentable Square Feet

Percentage Leased as of Acquisition

Purchase Price
(in millions)

999 Peachtree Street

Atlanta, Georgia

October 22, 2021

100%

621,946

77%

$223.9

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt


Facility	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								2021		(1)	2020
Secured (Fixed)







$35 Million Fixed-Rate Loan	5.55	%	—	%		9/1/2021	(3)	$	—		$	27,610

Net premium and unamortized debt issuance costs								—			326
Subtotal								—			27,936
Unsecured (Variable and Fixed)





Amended and Restated $300 Million Unsecured 2011 Term Loan	LIBOR + 1.00%		—	%		11/30/2021	(4)	—			300,000
$500 Million Unsecured 2018 Line of Credit (5)	LIBOR + 0.90%		1.01	%		9/30/2022	(6)	290,000			5,000
$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023		350,000			350,000
$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024		400,000			400,000
$250 Million Unsecured 2018 Term Loan	LIBOR + 0.95%		2.05	%	(7)	3/31/2025		250,000			250,000
$300 Million Unsecured Senior Notes due 2030	3.15	%	3.90	%		8/15/2030		300,000			300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%	2.78	%	(8)	4/1/2032		300,000			—
Discounts and unamortized debt issuance costs								(12,210)			(10,932)
Subtotal/Weighted Average (9)	2.93	%						1,877,790			1,594,068
Total								$	1,877,790		$	1,622,004

(1)All of Piedmont’s outstanding debt as of December 31, 2021 is interest-only until maturity.

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

(3)Repaid on June 1, 2021 without penalty.

(4)Repaid on September 20, 2021 without penalty.

(9)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of December 31, 2021.

Schedule of Maturities of Long-term Debt

A summary of Piedmont's consolidated principal outstanding for aggregate debt maturities of its indebtedness as of December 31, 2021, is provided below (in thousands):


2022	$	290,000	(1)
2023	350,000
2024	400,000
2025	250,000
2026	—
Thereafter	600,000
Total	$	1,890,000

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2021 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Notional Amount
(in millions)

Effective Date

Maturity Date

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

100

3/29/2018

3/31/2025

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2021 and 2020, respectively, is as follows (in thousands):


Interest rate swaps classified as:	December 31, 2021		December 31, 2020
Gross derivative assets	$	—	$	—
Gross derivative liabilities	(4,924)		(9,834)
Net derivative liability	$	(4,924)	$	(9,834)

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


Interest Rate Swaps in Cash Flow Hedging Relationships:	2021		2020		2019
Amount of gain/(loss) recognized in OCI	$	2,994	$	(26,794)	$	(5,659)
Amount of previously recorded gain/(loss) reclassified from OCI into Interest Expense	$	(2,952)	$	(1,727)	$	1,836


Total amount of Interest Expense presented in the consolidated statements of operations	$	(51,292)	$	(54,990)	$	(61,594)
Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of operations	$	—	$	(9,336)	$	—

Fair Value Measurements of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020, respectively (in thousands):


	December 31, 2021					December 31, 2020
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)	$	7,419	$	7,419	Level 1	$	7,331	$	7,331	Level 1
Tenant receivables, net (1)	$	2,995	$	2,995	Level 1	$	8,448	$	8,448	Level 1
Notes receivable	$	118,500	$	120,075	Level 2	$	118,500	$	118,500	Level 2
Restricted cash and escrows (1)	$	1,441	$	1,441	Level 1	$	1,883	$	1,883	Level 1

Liabilities:
Accounts payable and accrued expenses (1)	$	45,065	$	45,065	Level 1	$	45,345	$	45,345	Level 1
Interest rate swaps	$	4,924	$	4,924	Level 2	$	9,834	$	9,834	Level 2
Debt, net	$	1,877,790	$	1,938,563	Level 2	$	1,622,004	$	1,690,377	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, 2021

Real Estate [Abstract]

Impairment Loss on Real Estate Assets

Piedmont recorded the following impairment losses on real estate assets for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	2021		2020		2019





Two Pierce Place(1)	$	41,000	$	—	$	—
The Dupree(2)	—		—		1,953
600 Corporate Drive(3)	—		—		7,000

Total impairment loss on real estate assets	$	41,000	$	—	$	8,953

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Nonvested Share Activity

A rollforward of Piedmont's equity based award activity for the year ended December 31, 2021 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2020	1,009,530	$	24.37
Deferred Stock Awards Granted	331,354	$	17.24
Increase in Estimated Potential Share Awards based on relative TSR Performance for the performance period to date	272,297	$	24.47
Performance Stock Awards Vested	(200,674)	$	23.52
Deferred Stock Awards Vested	(279,136)	$	18.78
Deferred Stock Awards Forfeited	(34,190)	$	19.56
Unvested and Potential Stock Awards as of December 31, 2021	1,099,181	$	23.97

The following table provides additional information regarding stock award activity during the years ended 2021, 2020, and 2019 (in thousands except for per share amounts):


	2021		2020		2019
Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period	$	17.24	$	22.39	$	21.02
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	5,242	$	4,826	$	8,658
Share-based Liability Awards Paid During the Period (1)	$	3,610	$	4,116	$	6,683

Schedule of Outstanding Employee Deferred Stock Awards

A detail of Piedmont’s outstanding employee restricted stock awards and programs as of December 31, 2021 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, 2021



















May 3, 2019	Deferred Stock Award	250,643	$	21.04	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 3, 2020, 2021, and 2022, respectively.	72,071
May 3, 2019	Fiscal Year 2019-2021 Performance Share Program	—	$	29.43	Shares awarded, if any, will vest immediately upon determination of award in 2022.	267,744	(2)
February 19, 2020	Deferred Stock Award	158,960	$	24.41	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 19, 2021, 2022, and 2023, respectively.	86,294
March 19, 2020	Fiscal Year 2020-2022 Performance Share Program	—	$	25.83	Shares awarded, if any, will vest immediately upon determination of award in 2023.	249,518	(2)
February 17, 2021	Deferred Stock Award	266,172	$	17.15	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 17, 2022, 2023, and 2024, respectively.	200,611
February 18, 2021	Fiscal Year 2021-2023 Performance Share Program	—	$	23.04	Shares awarded, if any, will vest immediately upon determination of award in 2024.	187,866	(2)
May 11, 2021	Deferred Stock Award-Board of Directors	35,077	$	17.96	Of the shares granted, 100% will vest by May 11, 2022.	35,077

Total						1,099,181

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	2021	2020	2019
Weighted-average common shares—basic	123,978	125,730	125,709
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	—	374	473
Weighted-average common shares—diluted	123,978	126,104	126,182

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessor, Operating Lease, Payments to be Received

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2021 is presented below (in thousands):


Years ending December 31:
2022	$	410,387
2023	390,093
2024	357,834
2025	316,986
2026	270,815
Thereafter	1,152,345
Total	$	2,898,460

Operating Lease, Lease Income


	2021		2020		2019
Fixed payments	$	427,174	$	433,841	$	418,245
Variable payments	87,445		86,112		93,660
Total Rental and Tenant Reimbursement Revenue	$	514,619	$	519,953	$	511,905

Property Dispositions and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2021

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
























One Independence Square	Washington, D.C.	February 28, 2019	$	33,176		$	163,623
The Dupree	Atlanta, Georgia	September 4, 2019	$	—	(1)	$	12,631
500 West Monroe Street	Chicago, Illinois	October 28, 2019	$	157,739		$	408,851
1901 Market Street	Philadelphia, Pennsylvania	June 25, 2020	$	191,030		$	350,805
New Jersey Portfolio	Various(2)	October 28, 2020	$	14,636		$	9,289	(3)

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

Assets Held For Sale and Discontinued Operations

Details of amounts held for sale as of December 31, 2021 and 2020 are presented below (in thousands):


	December 31, 2021		December 31, 2020
Real estate assets held for sale, net:
Land	$	7,750	$	7,750
Building and improvements, less accumulated depreciation of $16,699 and $16,021 as of December 31, 2021, and 2020, respectively	55,110		52,704

Construction in progress	1,027		—
Total real estate assets held for sale, net	$	63,887	$	60,454

Other assets held for sale, net:
Straight-line rent receivables	$	2,966	$	2,356

Deferred lease costs, less accumulated amortization of $996 and $802 as of December 31, 2021 and 2020, respectively	5,427		1,872

Total other assets held for sale, net	$	8,393	$	4,228

- Definition

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.

+ References

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+ Details

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Certain noncash investing and financing activities for the years ended December 31, 2021, 2020, and 2019 (in thousands) are outlined below:


	2021		2020		2019
Accrued capital expenditures and deferred lease costs	$	24,817	$	20,103	$	38,366
Change in accrued dividends	$	(365)	$	(744)	$	(545)


Change in accrued share repurchases as part of an announced plan	$	(685)	$	685	$	(4,417)
Notes receivable issued in conjunction with property dispositions	$	—	$	118,500	$	—


	2021		2020		2019
Cash and cash equivalents, beginning of period	$	7,331	$	13,545	$	4,571
Restricted cash and escrows, beginning of period	1,883		1,841		1,463


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	9,214	$	15,386	$	6,034

Cash and cash equivalents, end of period	$	7,419	$	7,331	$	13,545
Restricted cash and escrows, end of period	1,441		1,883		1,841


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	8,860	$	9,214	$	15,386

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Tax Basis Income

Piedmont’s income tax basis net income/(loss) for the years ended December 31, 2021, 2020, and 2019, is calculated as follows (in thousands):


	2021		2020		2019
GAAP basis financial statement net income/(loss)	$	(1,153)	$	232,688	$	229,261
Increase/(decrease) in net income/(loss) resulting from:
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	75,969		73,784		10,381
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,798)		(25,726)		(34,804)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(9,465)		(11,625)		(7,698)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	—		(222,037)		(85,463)
Taxable income or loss of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes	3,518		1,345		411
Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes	51,095		10,970		23,127
Taxable income for POH in excess of/(less than) amount for financial reporting purposes	(654)		1,499		175
Income tax basis net income, prior to dividends paid deduction	$	100,512	$	60,898	$	135,390

Schedule of Characterization Of Dividends To Common Stockholders


	2021		2020		2019
Ordinary income	96.34	%	91.91	%	29.82	%
Return of capital	3.66	%	8.09	%	—	%
Capital gains	—	%	—	%	70.18	%
	100	%	100	%	100	%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Revenue and Net Operating Income, by Segment


	Years Ended December 31,
	2021		2020		2019
Dallas	$	110,729	$	101,727	$	55,346
Atlanta	98,330		95,403		75,699
Washington, D.C.	60,329		59,760		64,481
Minneapolis	61,563		61,465		64,318
Boston	65,445		61,338		64,739
Orlando	54,603		54,886		57,084
New York	52,454		69,827		75,587
Total reportable segments	503,453		504,406		457,254
Corporate and other	25,257		30,618		75,924
Total Revenues	$	528,710	$	535,024	$	533,178

The following table presents NOI by geographic reportable segments (in thousands):


	Years Ended December 31,
	2021		2020		2019
Dallas	$	66,155	$	59,845	$	29,438
Atlanta	62,772		60,276		47,287
Washington, D.C.	36,914		36,696		41,167
Minneapolis	32,538		33,588		35,610
Boston	45,587		41,722		44,016
Orlando	33,449		34,427		35,433
New York	30,049		38,990		44,036
Total reportable segments	307,464		305,544		276,987
Corporate and other	10,163		13,915		43,637
Total NOI	$	317,627	$	319,459	$	320,624

A reconciliation of Net income/(loss) applicable to Piedmont to NOI is presented below (in thousands):


	Years Ended December 31,
	2021		2020		2019
Net income/(loss) applicable to Piedmont	$	(1,153)	$	232,688	$	229,261
Management fee revenue (1)	(1,269)		(1,495)		(2,518)



Depreciation and amortization	206,608		203,869		182,682
Impairment loss on real estate assets	41,000		—		8,953

General and administrative expenses	30,252		27,464		37,895
Interest expense	51,292		54,990		61,594
Other income	(9,089)		(1,724)		(228)
Loss on extinguishment of debt	—		9,336		—
Gain on sale of real estate assets	—		(205,666)		(197,010)
Net loss applicable to noncontrolling interests	(14)		(3)		(5)
NOI	$	317,627	$	319,459	$	320,624

Organization (Details) ft² in Millions	Dec. 31, 2021 ft² officeMarket property
Real Estate Properties [Line Items]
Number of real estate properties	4
Area of real estate property (in sq ft) \| ft²	17.1
US
Real Estate Properties [Line Items]
Number of office markets \| officeMarket	7
In-Service Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	55
Percentage of Class A commercial office space	86.00%
Redevelopment Asset
Real Estate Properties [Line Items]
Number of real estate properties	1

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) property jointVenture reportingUnit vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Feb. 29, 2020 USD ($)
Significant Accounting Policies [Line Items]
Number of real estate properties \| property	4
Number of joint ventures \| jointVenture	2
Number of reporting units \| reportingUnit	7
Change in goodwill balance	$ 0
Amortization of deferred lease costs	56,400,000	$ 60,200,000	$ 50,300,000
Amortization of lease incentive	3,900,000	3,400,000	3,200,000
Amortization of fair value adjustments	300,000	500,000	500,000
Amortization of debt discount	500,000	300,000	200,000
Amortization of deferred financing costs and fair market value adjustments on notes payable	$ 2,700,000	$ 3,000,000	2,400,000
Shares-in-trust, shares authorized (in shares) \| shares	150,000,000	150,000,000
Preferred stock, shares authorized (in shares) \| shares	100,000,000	100,000,000
Common stock, shares authorized (in shares) \| shares	750,000,000	750,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of votes for each share of common stock \| vote	1
Stock repurchase program, authorized amount				$ 200,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 150,500,000
At-the-market offerings, maximum amount	250,000,000
Income tax expense (benefit)	(379,000)	$ 4,000	$ 160,000
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits
Significant Accounting Policies [Line Items]
Assets held as trading securities	$ 900,000	$ 800,000

Summary of Significant Accounting Policies - Real Estate Assets Useful Life (Details)	12 Months Ended
	Dec. 31, 2021
Buildings
Property, Plant and Equipment [Line Items]
Useful life	40 years
Building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Summary of Significant Accounting Policies - Gross Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$ 266,575	$ 250,367
Intangible Lease Liabilities (Below-Market In-Place Leases)	75,221	62,784
Above-Market In-place Lease Assets
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets	1,882	2,167
In-Place Lease Valuation
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets	$ 176,275	$ 156,277

Summary of Significant Accounting Policies - Intangible Asset Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in Amortization	$ 69,388	$ 77,000	$ 62,413
Amortization of Above-Market and Below-Market In-Place Lease Intangibles as a net increase to Rental and Tenant Reimbursement Revenue	$ 11,180	$ 12,191	$ 8,322

Summary of Significant Accounting Policies - Future Amortization of Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Lease Assets
Total	$ 94,380	$ 90,594
Intangible Lease Origination Costs
2022	37,612
2023	27,044
2024	19,828
2025	14,753
2026	11,531
Thereafter	23,050
Total	$ 133,818
Weighted-Average Amortization Period (in years)	5 years
Below-Market In-place Lease Liabilities
2022	$ 11,806
2023	8,291
2024	6,139
2025	4,645
2026	3,159
Thereafter	5,301
Total	$ 39,341
Weighted-Average Amortization Period (in years)	5 years
Above-Market In-place Lease Assets
Intangible Lease Assets
2022	$ 323
2023	126
2024	93
2025	27
2026	15
Thereafter	12
Total	$ 596
Weighted-Average Amortization Period (in years)	3 years
In-Place Lease Valuation
Intangible Lease Assets
2022	$ 28,725
2023	20,569
2024	14,819
2025	10,388
2026	7,158
Thereafter	12,125
Total	$ 93,784
Weighted-Average Amortization Period (in years)	5 years

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 4,553	$ 0
Additions Charged as Reduction of Revenue	35	8,734
Deductions and Write-offs	(588)	(4,181)
Balance at End of Period	$ 4,000	$ 4,553

Acquisitions (Details)		12 Months Ended
Acquisitions (Details)	Oct. 22, 2021 USD ($) ft²	Dec. 31, 2021 USD ($) ft²
Business Acquisition [Line Items]
Rentable Square Feet \| ft²		17,100,000
Percentage Leased as of Acquisition	77.00%
999 Peachtree Street
Business Acquisition [Line Items]
Ownership Percentage Acquired	100.00%
Rentable Square Feet \| ft²	621,946
Purchase Price (in millions)	$ 223,900,000
Galleria Atlanta
Business Acquisition [Line Items]
Purchase Price (in millions)		$ 4,000,000
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit
Business Acquisition [Line Items]
Face amount of facility		$ 500,000,000

Debt - Additional Information (Details)	12 Months Ended
Debt - Additional Information (Details)	Dec. 31, 2021 USD ($) derivativeContract	Dec. 31, 2020 USD ($) derivativeContract	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate	2.93%	3.03%
Interest paid	$ 49,400,000	$ 50,700,000	$ 64,000,000
Interest capitalized	$ 3,700,000	$ 1,000,000	$ 2,100,000
Forward Starting Interest Rate Swaps
Debt Instrument [Line Items]
Number of swap agreements \| derivativeContract	1	4
Derivative, notional amount	$ 50,000,000	$ 200,000,000
Settlement resulted in a gain	$ 600,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average interest rate	2.93%
$300 Million 2021 Senior Notes \| Unsecured Debt
Debt Instrument [Line Items]
Face amount of facility	$ 300,000,000
Stated rate (percentage)	2.75%
Proceeds from issuance of debt	$ 298,500,000
Debt instrument, discount	$ 1,500,000
Debt instrument term	10 years
Debt instrument, redemption price, percentage	100.00%
$300 Million 2011 Unsecured Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Face amount of facility	$ 300,000,000

Debt - Schedule of Debt (Details)	12 Months Ended
Debt - Schedule of Debt (Details)	Dec. 31, 2021 USD ($) extension	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Subtotal/weighted average	2.93%	3.03%
Amount outstanding	$ 1,877,790,000	$ 1,622,004,000
Secured Debt
Debt Instrument [Line Items]
Amount outstanding	0	27,936,000
Premium (discount) and unamortized debt issuance costs	0	326,000
Secured Debt \| $35 Million Fixed-Rate Loan
Debt Instrument [Line Items]
Face amount of facility	$ 35,000,000
Stated rate (percentage)	5.55%
Effective rate	0.00%
Amount outstanding	$ 0	27,610,000
Unsecured Debt
Debt Instrument [Line Items]
Subtotal/weighted average	2.93%
Amount outstanding	$ 1,877,790,000	1,594,068,000
Premium (discount) and unamortized debt issuance costs	(12,210,000)	(10,932,000)
Unsecured Debt \| Amended and Restated $300 Million Unsecured 2011 Term Loan
Debt Instrument [Line Items]
Face amount of facility	$ 300,000,000
Effective rate	0.00%
Amount outstanding	$ 0	300,000,000
Unsecured Debt \| Amended and Restated $300 Million Unsecured 2011 Term Loan \| LIBOR
Debt Instrument [Line Items]
Spread on variable rate	1.00%
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit
Debt Instrument [Line Items]
Face amount of facility	$ 500,000,000
Additional extension period	1 year
Number of extension periods \| extension	2
Maturity extension period	6 months
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Face amount of facility	$ 500,000,000
Effective rate	1.01%
Amount outstanding	$ 290,000,000	5,000,000
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Spread on variable rate	0.90%
Unsecured Debt \| $350 Million Unsecured Senior Notes due 2023
Debt Instrument [Line Items]
Face amount of facility	$ 350,000,000
Stated rate (percentage)	3.40%
Effective rate	3.43%
Amount outstanding	$ 350,000,000	350,000,000
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2024
Debt Instrument [Line Items]
Face amount of facility	$ 400,000,000
Stated rate (percentage)	4.45%
Effective rate	4.10%
Amount outstanding	$ 400,000,000	400,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Face amount of facility	$ 250,000,000
Effective rate	2.05%
Amount outstanding	$ 250,000,000	250,000,000
Derivative, notional amount	$ 100,000,000
Derivative fixed interest rate	3.56%
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| LIBOR
Debt Instrument [Line Items]
Spread on variable rate	0.95%
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Face amount of facility		300,000,000
Stated rate (percentage)	3.15%
Effective rate	3.90%
Amount outstanding	$ 300,000,000	300,000,000
Unsecured Debt \| $300 Million 2021 Senior Notes
Debt Instrument [Line Items]
Face amount of facility	$ 300,000,000
Stated rate (percentage)	2.75%
Effective rate	2.78%
Amount outstanding	$ 300,000,000	$ 0

Debt - Maturities of Long-term Debt (Details)	12 Months Ended
Debt - Maturities of Long-term Debt (Details)	Dec. 31, 2021 USD ($) extension	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
2022	$ 290,000,000
2023	350,000,000
2024	400,000,000
2025	250,000,000
2026	0
Thereafter	600,000,000
Total	1,890,000,000
Notes payable	1,877,790,000	$ 1,622,004,000
Unsecured Debt
Debt Instrument [Line Items]
Notes payable	1,877,790,000	1,594,068,000
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit
Debt Instrument [Line Items]
Face amount of facility	$ 500,000,000
Additional extension period	1 year
Number of extension periods \| extension	2
Maturity extension period	6 months
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Face amount of facility	$ 500,000,000
Notes payable	$ 290,000,000	$ 5,000,000

Derivative Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) derivativeContract	Dec. 31, 2020 USD ($) derivativeContract
Derivative [Line Items]
Maximum length of time of cash flow hedge	39 months
Gain (loss) to be reclassified	$ 2,500,000
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Number of swap agreements \| derivativeContract	1	4
Derivative, notional amount	$ 50,000,000	$ 200,000,000
Settlement resulted in a gain	$ 600,000
Gain and loss on settlement of interest rate swap agreement, amortization period	10 years	10 years
Settlement resulted in a loss		$ 19,900,000
Interest rate swaps
Derivative [Line Items]
Number of terminated derivatives \| derivativeContract	2
Credit Risk Contract
Derivative [Line Items]
Assets needed for immediate settlement, aggregate fair value	$ 5,000,000
Unsecured Debt \| $300 Million 2021 Senior Notes
Derivative [Line Items]
Face amount of facility	300,000,000
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2030
Derivative [Line Items]
Face amount of facility		$ 300,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan
Derivative [Line Items]
Derivative, notional amount	100,000,000
Face amount of facility	250,000,000
Amount of hedged debt	$ 100,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Interest rate swaps
Derivative [Line Items]
Number of swap agreements \| derivativeContract	2
Derivative, notional amount	$ 100,000,000

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - Unsecured Debt - $250 Million Unsecured 2018 Term Loan	Dec. 31, 2021 USD ($) derivativeContract
Derivative [Line Items]
Face amount of facility	$ 250,000,000
Derivative, notional amount	$ 100,000,000
Interest rate swaps
Derivative [Line Items]
Number of swap agreements \| derivativeContract	2
Derivative, notional amount	$ 100,000,000

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 0	$ 0
Gross derivative liabilities	(4,924)	(9,834)
Net derivative liability	$ (4,924)	$ (9,834)

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	$ 2,994	$ (26,794)	$ (5,659)
Total amount of Interest Expense presented in the consolidated statements of operations	(51,292)	(54,990)	(61,594)
Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of operations	0	(9,336)	0
Interest rate swaps
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	2,994	(26,794)	(5,659)
Amount of gain/(loss) reclassified from OCI	(2,952)	(1,727)	1,836
Total amount of Interest Expense presented in the consolidated statements of operations	(51,292)	(54,990)	(61,594)
Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of operations	$ 0	$ (9,336)	$ 0

Fair Value Measurements of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	$ 4,924	$ 9,834
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	7,419	7,331
Tenant receivables, net	2,995	8,448
Notes receivable	118,500	118,500
Restricted cash and escrows	1,441	1,883
Accounts payable and accrued expenses	45,065	45,345
Debt, net	1,877,790	1,622,004
Carrying Value \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	4,924	9,834
Estimated Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	7,419	7,331
Tenant receivables, net	2,995	8,448
Restricted cash and escrows	1,441	1,883
Accounts payable and accrued expenses	45,065	45,345
Estimated Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	120,075	118,500
Debt, net	1,938,563	1,690,377
Estimated Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	$ 4,924	$ 9,834

Impairment Loss on Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on real estate assets	$ 41,000	$ 0	$ 8,953
Capitalization
Impaired Long-Lived Assets Held and Used [Line Items]
Loss on impairment, measurement input	14.00%
Estimated Selling Costs
Impaired Long-Lived Assets Held and Used [Line Items]
Loss on impairment, measurement input	0.75%
Disposal Group, Held-for-sale, Not Discontinued Operations \| Two Pierce Place
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on real estate assets	$ 41,000	0	0
Disposal Group, Held-for-sale, Not Discontinued Operations \| The Dupree
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on real estate assets	0	0	1,953
Disposal Group, Held-for-sale, Not Discontinued Operations \| 600 Corporate Drive
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on real estate assets	$ 0	$ 0	$ 7,000

Commitments and Contingencies (Details) ft² in Thousands	12 Months Ended
Commitments and Contingencies (Details) ft² in Thousands	Dec. 31, 2021 USD ($) ft² jointVenture	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Number of unrecorded tenant allowance commitments \| jointVenture	1
Unrecorded tenant allowance commitment	$ 18,400,000
Unrecorded tenant allowance renewal term	20 years
Unrecorded tenant allowance expansion area \| ft²	520
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Additional expense related to such tenant audits/disputes	$ 0	$ 0
Recovery of previously recognized loss contingencies			$ 600,000

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Related party consulting agreement expense recognized	$ 0.0	$ 0.1	$ 0.2

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Compensation expense and directors' fees related to stock awards	$ 11.0	$ 9.7	$ 15.1
Compensation expense, non-vested awards	$ 9.7	$ 8.5	$ 13.6
Number of shares issued to employees, directors and officers (in shares)	297,403
Nonvested awards, total compensation cost not yet recognized	$ 6.8
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, total compensation cost not yet recognized, period for recognition	1 year
Independent Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Stock Based Compensation - Rollforward of Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Rollforward of deferred stock award activity
Unvested and Potential Stock Awards as of end of the year (in shares)	1,099,181
Stock Awards
Rollforward of deferred stock award activity
Unvested and Potential Stock Awards as of the beginning of the year (in shares)	1,009,530
Unvested and Potential Stock Awards as of end of the year (in shares)	1,099,181	1,009,530
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Unvested and Potential Stock Awards, Weighted-Average Grant Date Fair Value at beginning of year (in dollars per share)	$ 24.37
Unvested and Potential Stock Awards, Weighted-Average Grant Date Fair Value at end of year (in dollars per share)	$ 23.97	$ 24.37
Deferred Stock Award
Rollforward of deferred stock award activity
Stock Awards Granted (in shares)	331,354
Stock Awards Vested (in shares)	(279,136)
Stock Awards Forfeited (in shares)	(34,190)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Stock Awards Granted, Weighted-Average Grant Date Fair (in dollars per share)	$ 17.24	$ 22.39	$ 21.02
Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	18.78
Stock Awards Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)	$ 19.56
Performance Shares
Rollforward of deferred stock award activity
Increase in Estimated Potential Share Awards based on TSR Performance for the performance period to date (in shares)	272,297
Stock Awards Vested (in shares)	(200,674)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Stock Awards Increase in Estimated Potential Share Awards based on TSR Performance for the performance period to date, Weighted-Average Grant Date Fair (in dollars per share)	$ 24.47
Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 23.52

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Awards Granted, Weighted-Average Grant Date Fair (in dollars per share)	$ 17.24	$ 22.39	$ 21.02
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 5,242	$ 4,826	$ 8,658
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Liability Awards Paid During the Period	$ 3,610	$ 4,116	$ 6,683

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	May 11, 2021	Feb. 17, 2021	Feb. 19, 2020	May 03, 2019	Dec. 31, 2021	Feb. 18, 2021	Mar. 19, 2020	Feb. 19, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)					1,099,181
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)				250,643
Grant Date Fair Value (in dollars per share)				$ 21.04
Unvested shares (in shares)					72,071
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Performance Share Program Award, Granted May 3, 2019 \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)				0
Grant Date Fair Value (in dollars per share)				$ 29.43
Unvested shares (in shares)					267,744
Deferred Stock Award, Granted February 19, 2020 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)								158,960
Grant Date Fair Value (in dollars per share)								$ 24.41
Unvested shares (in shares)					86,294
Deferred Stock Award, Granted February 19, 2020 \| Deferred Stock Award \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Award, Granted February 19, 2020 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Award, Granted February 19, 2020 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Award, Granted February 19, 2020 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Performance Share Program Award, Granted March 19, 2020 \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)							0
Grant Date Fair Value (in dollars per share)							$ 25.83
Unvested shares (in shares)					249,518
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)		266,172
Grant Date Fair Value (in dollars per share)		$ 17.15
Unvested shares (in shares)					200,611
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Share-based Compensation Award, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Performance Share Program Award, Granted February 18, 2021 \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)						0
Grant Date Fair Value (in dollars per share)						$ 23.04
Unvested shares (in shares)					187,866
Deferred Stock Award, Granted May 11, 2021 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	35,077
Grant Date Fair Value (in dollars per share)	$ 17.96
Vesting percentage	100.00%
Unvested shares (in shares)					35,077

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,114,025	289,681	156,317
Weighted-average common shares outstanding - basic (in shares)	123,977,616	125,730,460	125,709,207
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards (in shares)	0	374,000	473,000
Weighted-average common shares outstanding - diluted (in shares)	123,977,616	126,104,321	126,182,137

Operating Leases - Rental Income Maturity (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 410,387
2023	390,093
2024	357,834
2025	316,986
2026	270,815
Thereafter	1,152,345
Total	$ 2,898,460

Operating Leases - Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed payments	$ 427,174	$ 433,841	$ 418,245
Variable payments	87,445	86,112	93,660
Total Rental and Tenant Reimbursement Revenue	$ 514,619	$ 519,953	$ 511,905

Operating Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Prepaid expenses and other assets	Prepaid expenses and other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses, and accrued capital expenditures	Accounts payable, accrued expenses, and accrued capital expenditures
Lease liability	$ 0.1	$ 0.2
Right-of-use asset	0.1	0.2
Operating lease cost	$ 0.1	$ 0.1
Operating lease, weighted average remaining lease term	1 year
Weighted-average discount rate	1.06%

Property Dispositions and Assets Held for Sale - Property Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 28, 2020 USD ($) extension
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes receivable	$ 118,500	$ 118,500
Real Estate Loan \| Secured Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes receivable				$ 102,800
Notes receivable, interest rate				6.00%
Notes receivable, number of extension terms \| extension				3
Notes receivable, extension term duration	1 year
Real Estate Loan \| Mezzanine Note Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes receivable				$ 15,700
Notes receivable, interest rate				13.55%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| One Independence Square
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets			$ 33,176
Net Sales Proceeds			163,623
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| The Dupree
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets			0
Net Sales Proceeds			12,631
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 500 West Monroe Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets			157,739
Net Sales Proceeds			$ 408,851
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 1901 Market Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets		191,030
Net Sales Proceeds		350,805
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| New Jersey Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets		14,636
Net Sales Proceeds		$ 9,289

Property Dispositions and Assets Held for Sale - Assets Held for Sale Narrative (Details) - 225 and 235 Presidential Way - Subsequent Event $ in Millions	Jan. 28, 2022 USD ($) $ / ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration \| $	$ 129.0
Disposal group, including discontinued operation, consideration per square foot \| $ / ft²	293

Property Dispositions and Assets Held for Sale - Assets Held-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total other assets held for sale, net	$ 8,393	$ 4,228
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total real estate assets held for sale, net	63,887	60,454
Straight-line rent receivables	2,966	2,356
Deferred lease costs, less accumulated amortization of $996 and $802 as of December 31, 2021 and 2020, respectively	5,427	1,872
Accumulated amortization on deferred lease costs	996	802
Total other assets held for sale, net	8,393	4,228
Disposal Group, Held-for-sale, Not Discontinued Operations \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	7,750	7,750
Disposal Group, Held-for-sale, Not Discontinued Operations \| Building and building improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	55,110	52,704
Accumulated depreciation, real estate assets held for sale	16,699	16,021
Disposal Group, Held-for-sale, Not Discontinued Operations \| Construction in progress
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	$ 1,027	$ 0

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures and deferred lease costs	$ 24,817	$ 20,103	$ 38,366
Change in accrued dividends	(365)	(744)	(545)
Change in accrued share repurchases as part of an announced plan	(685)	685	(4,417)
Notes receivable issued in conjunction with property dispositions	0	118,500	0
Cash and cash equivalents	7,419	7,331	13,545	$ 4,571
Restricted cash and escrows	1,441	1,883	1,841	1,463
Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows	$ 8,860	$ 9,214	$ 15,386	$ 6,034

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
GAAP basis financial statement net income/(loss)	$ (1,153,000)	$ 232,688,000	$ 229,261,000
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	75,969,000	73,784,000	10,381,000
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,798,000)	(25,726,000)	(34,804,000)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(9,465,000)	(11,625,000)	(7,698,000)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	0	(222,037,000)	(85,463,000)
Taxable income for subsidiary in excess of/(less than) amount for financial reporting purposes	(654,000)	1,499,000	175,000
Other expenses, including impairment loss on real estate assets, for financial reporting purposes in excess of amounts for income tax purposes	51,095,000	10,970,000	23,127,000
Income tax basis net income, prior to dividends paid deduction	$ 100,512,000	$ 60,898,000	$ 135,390,000
Ordinary income, percent	96.34%	91.91%	29.82%
Return of capital, percent	3.66%	8.09%	0.00%
Capital gains, percent	0.00%	0.00%	70.18%
Common stock dividends, percent	100.00%	100.00%	100.00%
Accrued interest and penalties related to uncertain tax positions	$ 0	$ 0
Recovery of previously recognized interest and penalties related to taxes	$ 0	$ 1,000,000	$ 1,400,000

Segment Information - Additional Information (Details)	Dec. 31, 2021 property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	4
Other Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	3
Other Segments \| Houston
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2
Other Segments \| Chicago
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	1

Segment Information - Revenue by Geographical Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 528,710	$ 535,024	$ 533,178
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	503,453	504,406	457,254
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	25,257	30,618	75,924
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	110,729	101,727	55,346
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	98,330	95,403	75,699
Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	60,329	59,760	64,481
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	61,563	61,465	64,318
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	65,445	61,338	64,739
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	54,603	54,886	57,084
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 52,454	$ 69,827	$ 75,587

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	$ 317,627	$ 319,459	$ 320,624
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	307,464	305,544	276,987
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	10,163	13,915	43,637
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	66,155	59,845	29,438
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	62,772	60,276	47,287
Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	36,914	36,696	41,167
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	32,538	33,588	35,610
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	45,587	41,722	44,016
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	33,449	34,427	35,433
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net operating income	$ 30,049	$ 38,990	$ 44,036

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Net income/(loss) applicable to Piedmont	$ (1,153)	$ 232,688	$ 229,261
Management fee revenue	(1,269)	(1,495)	(2,518)
Depreciation	120,615	110,575	106,015
Depreciation and amortization	206,608	203,869	182,682
Impairment loss on real estate assets	41,000	0	8,953
General and administrative	30,252	27,464	37,895
Interest expense	51,292	54,990	61,594
Other income	(9,089)	(1,724)	(228)
Loss on extinguishment of debt	0	9,336	0
Gain on sale of real estate assets	0	(205,666)	(197,010)
Net loss applicable to noncontrolling interests	(14)	(3)	(5)
NOI	$ 317,627	$ 319,459	$ 320,624

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2022	Jan. 28, 2022	Jan. 25, 2022
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.21
Two Pierce Place
Subsequent Event [Line Items]
Disposal group, including discontinued operation, consideration			$ 24.0
225 and 235 Presidential Way
Subsequent Event [Line Items]
Disposal group, including discontinued operation, consideration		$ 129.0