0001042776-22-000155 | 10-Q | XBRL Viewer | Piedmont Office Realty Trust INC

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Jul. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-34626
Entity Registrant Name	Piedmont Office Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	58-2328421
Entity Address, Address Line One	5565 Glenridge Connector Ste. 450
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	770
Local Phone Number	418-8800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PDM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,395,381
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate assets, at cost:
Land	$ 521,789	$ 529,941
Buildings and improvements, less accumulated depreciation of $892,131 and $861,206 as of June 30, 2022 and December 31, 2021, respectively	2,497,519	2,513,697
Intangible lease assets, less accumulated amortization of $85,459 and $83,777 as of June 30, 2022 and December 31, 2021, respectively	78,735	94,380
Construction in progress	41,544	43,406
Real estate assets held for sale, net	0	63,887
Total real estate assets	3,139,587	3,245,311
Cash and cash equivalents	6,397	7,419
Tenant receivables, net of allowance for doubtful accounts of $3,000 and $4,000 as of June 30, 2022 and December 31, 2021, respectively	5,164	2,995
Straight-line rent receivables	168,797	162,632
Notes receivable	0	118,500
Restricted cash and escrows	1,459	1,441
Prepaid expenses and other assets	26,955	20,485
Goodwill	98,918	98,918
Interest rate swaps	996	0
Deferred lease costs, less accumulated amortization of $211,757 and $205,100 as of June 30, 2022 and December 31, 2021, respectively	247,281	264,571
Other assets held for sale, net	0	8,393
Total assets	3,695,554	3,930,665
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $14,222 and $12,210 as of June 30, 2022 and December 31, 2021, respectively	1,674,778	1,877,790
Accounts payable, accrued expenses and accrued capital expenditures	99,724	114,453
Dividends payable	0	26,048
Deferred income	72,422	80,686
Intangible lease liabilities, less accumulated amortization of $36,733 and $35,880 as of June 30, 2022 and December 31, 2021, respectively	32,967	39,341
Interest rate swaps	0	4,924
Total liabilities	1,879,891	2,143,242
Commitments and Contingencies (Note 6)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of June 30, 2022 or December 31, 2021	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of June 30, 2022 or December 31, 2021	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,390,448 and 123,076,695 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	1,234	1,231
Additional paid-in capital	3,707,833	3,701,798
Cumulative distributions in excess of earnings	(1,882,962)	(1,899,081)
Accumulated other comprehensive loss	(12,050)	(18,154)
Piedmont stockholders’ equity	1,814,055	1,785,794
Noncontrolling interest	1,608	1,629
Total stockholders’ equity	1,815,663	1,787,423
Total liabilities and stockholders’ equity	$ 3,695,554	$ 3,930,665

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Intangible lease assets, accumulated amortization	$ 85,459	$ 83,777
Tenant receivables, allowance for doubtful accounts	3,000	4,000
Deferred lease costs, accumulated amortization	211,757	205,100
Liabilities:
Discount (premiums) and unamortized debt issuance costs	14,222	12,210
Intangible lease liabilities, accumulated amortization	$ 36,733	$ 35,880
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)	123,390,448	123,076,695
Common stock, shares outstanding (in shares)	123,390,448	123,076,695
Building and improvements
Assets:
Buildings and improvements, accumulated depreciation	$ 892,131	$ 861,206

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental and tenant reimbursement revenue	$ 132,151	$ 126,967	$ 264,063	$ 252,879
Total revenues	136,309	130,218	272,458	259,475
Expenses:
Property operating costs	53,634	51,658	107,256	103,082
Depreciation	32,372	29,998	63,887	58,101
Amortization	21,480	20,693	43,732	43,605
General and administrative	7,027	8,211	14,622	15,462
Expenses	114,513	110,560	229,497	220,250
Other income (expense):
Interest expense	(13,775)	(12,345)	(27,673)	(24,925)
Other income/(expense)	(57)	2,631	1,967	4,987
Gain on sale of real estate assets	1	0	50,674	0
Nonoperating income (expense)	(13,831)	(9,714)	24,968	(19,938)
Net income	7,965	9,944	67,929	19,287
Net loss applicable to noncontrolling interest	1	3	1	4
Net income applicable to Piedmont	$ 7,966	$ 9,947	$ 67,930	$ 19,291
Per share information – basic:
Net income applicable to common stockholders (in dollars per share)	$ 0.06	$ 0.08	$ 0.55	$ 0.16
Per share information – diluted:
Net income applicable to common stockholders (in dollars per share)	$ 0.06	$ 0.08	$ 0.55	$ 0.15
Weighted-average common shares outstanding – basic (in shares)	123,366,482	124,087,113	123,296,204	124,016,933
Weighted-average common shares outstanding – diluted (in shares)	123,678,553	124,703,911	123,617,272	124,555,274
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 326	$ 536	$ 977	$ 1,294
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 3,832	$ 2,715	$ 7,418	$ 5,302

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income applicable to Piedmont	$ 7,966	$ 9,947	$ 67,930	$ 19,291
Other comprehensive income:
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	969	(295)	4,845	1,266
Plus: Reclassification of net loss included in net income (See Note 4)	554	740	1,259	1,466
Other comprehensive income	1,523	445	6,104	2,732
Comprehensive income applicable to Piedmont	$ 9,489	$ 10,392	$ 74,034	$ 22,023

- 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 (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income/(Loss)	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2020		123,839,000
Beginning balance 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]
Costs of issuance of common stock	(55)		(55)
Dividends to common stockholders and stockholders of subsidiaries	(52,135)			(52,114)		(21)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		293,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	4,718	$ 3	4,715
Net loss applicable to noncontrolling interests	(4)					(4)
Net income applicable to Piedmont	19,291			19,291
Other comprehensive income	2,732				2,732
Ending balance (in shares) at Jun. 30, 2021		124,132,000
Ending balance at Jun. 30, 2021	1,872,508	$ 1,241	3,698,656	(1,807,679)	(21,368)	1,658
Beginning balance (in shares) at Mar. 31, 2021		124,029,000
Beginning balance at Mar. 31, 2021	1,887,345	$ 1,240	3,697,801	(1,791,558)	(21,813)	1,675
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of issuance of common stock	(55)		(55)
Dividends to common stockholders and stockholders of subsidiaries	(26,082)			(26,068)		(14)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		103,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	911	$ 1	910
Net loss applicable to noncontrolling interests	(3)					(3)
Net income applicable to Piedmont	9,947			9,947
Other comprehensive income	445				445
Ending balance (in shares) at Jun. 30, 2021		124,132,000
Ending balance at Jun. 30, 2021	$ 1,872,508	$ 1,241	3,698,656	(1,807,679)	(21,368)	1,658
Beginning balance (in shares) at Dec. 31, 2021	123,076,695	123,077,000
Beginning balance at Dec. 31, 2021	$ 1,787,423	$ 1,231	3,701,798	(1,899,081)	(18,154)	1,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(51,831)			(51,811)		(20)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		313,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	6,038	$ 3	6,035
Net loss applicable to noncontrolling interests	(1)					(1)
Net income applicable to Piedmont	67,930			67,930
Other comprehensive income	$ 6,104				6,104
Ending balance (in shares) at Jun. 30, 2022	123,390,448	123,390,000
Ending balance at Jun. 30, 2022	$ 1,815,663	$ 1,234	3,707,833	(1,882,962)	(12,050)	1,608
Beginning balance (in shares) at Mar. 31, 2022		123,331,000
Beginning balance at Mar. 31, 2022	1,830,474	$ 1,233	3,706,207	(1,865,016)	(13,573)	1,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(25,926)			(25,912)		(14)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		59,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,627	$ 1	1,626
Net loss applicable to noncontrolling interests	(1)					(1)
Net income applicable to Piedmont	7,966			7,966
Other comprehensive income	$ 1,523				1,523
Ending balance (in shares) at Jun. 30, 2022	123,390,448	123,390,000
Ending balance at Jun. 30, 2022	$ 1,815,663	$ 1,234	$ 3,707,833	$ (1,882,962)	$ (12,050)	$ 1,608

Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.21	$ 0.21	$ 0.42	$ 0.42

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 67,929	$ 19,287
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	63,887	58,101
Amortization of debt issuance costs inclusive of settled interest rate swaps	1,724	1,441
Other amortization	39,633	40,120
General reserve for uncollectible accounts	(1,000)	412
Stock compensation expense	4,868	6,451
Gain on sale of real estate assets	(50,674)	0
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(8,803)	(6,959)
Increase in prepaid expenses and other assets	(3,939)	(7,122)
Decrease in accounts payable and accrued expenses	(11,184)	(8,821)
Decrease in deferred income	(10,663)	(2,718)
Net cash provided by operating activities	91,778	100,192
Cash Flows from Investing Activities:
Capitalized expenditures	(59,122)	(54,706)
Net sales proceeds from wholly-owned properties	143,596	0
Proceeds from notes receivable	118,500	0
Deferred lease costs paid	(9,679)	(6,871)
Net cash provided by/(used in) investing activities	193,295	(61,577)
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(80)	(52)
Proceeds from debt	217,585	169,000
Repayments of debt	(422,000)	(125,610)
Costs of issuance of common stock	0	(29)
Value of shares withheld for payment of taxes related to employee stock compensation	(3,703)	(2,936)
Repurchases of common stock as part of announced plan	0	(685)
Dividends paid	(77,879)	(77,817)
Net cash used in financing activities	(286,077)	(38,129)
Net (decrease)/increase in cash, cash equivalents, and restricted cash and escrows	(1,004)	486
Cash, cash equivalents, and restricted cash and escrows, beginning of period	8,860	9,214
Cash, cash equivalents, and restricted cash and escrows, end of period	$ 7,856	$ 9,700

Organization	6 Months Ended
Organization	Jun. 30, 2022
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 the Sunbelt. 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 June 30, 2022, Piedmont owned 52 in-service, Class A office properties and one redevelopment asset, primarily located within the Sunbelt. As of June 30, 2022, the in-service portfolio comprised approximately 16.1 million square feet (unaudited) and was 87.0% leased.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Piedmont have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year’s results.

Piedmont’s consolidated financial statements 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. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2021.

All intercompany 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. Consequently, the assets of these 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 include 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.

Income Taxes

Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, 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. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements.

Operating Leases

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of income for the three and six months ended June 30, 2022 and 2021, respectively, as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Fixed payments	$	110,244	$	105,209	$	219,976	$	210,379
Variable payments	21,907		21,758		44,087		42,500
Total Rental and Tenant Reimbursement Revenue	$	132,151	$	126,967	$	264,063	$	252,879

Operating leases where Piedmont is the lessee relate primarily to office space in buildings owned by third parties. Piedmont's right of use asset and corresponding lease liability was approximately $20,000 and $60,000 as of June 30, 2022 and December 31, 2021, respectively. The right of use asset is recorded as a component of prepaid expenses and other assets, whereas the corresponding liability is presented as a component of accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. For the three and six months ended June 30, 2022 and 2021, Piedmont recognized approximately $20,000 and $40,000, respectively, of operating lease costs related to these office space leases. As of June 30, 2022, the remaining lease term of Piedmont's right of use asset is approximately three months, and the discount rate is 1.06%.

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

During the six months ended June 30, 2022, Piedmont amended and restated its $500 Million Unsecured 2018 Line of Credit. The $500 Million Unsecured 2018 Line of Credit had an initial maturity date of September 30, 2022. As amended and restated, the size of the line of credit has been expanded to $600 million (the "$600 Million Unsecured 2022 Line of Credit"). The term of the new $600 Million Unsecured 2022 Line of Credit has been extended to June 30, 2026, and Piedmont may extend the term for up to one additional year (through two available six-month extensions) provided Piedmont is not then in default and all representations and warranties are true and correct in all material respects and upon payment of applicable extension fees. Under certain terms of the agreement, Piedmont may increase the new facility by up to an additional $500 million, to an aggregate size of $1.1 billion, provided that no existing bank has any obligation to participate in such increase. Piedmont paid customary arrangement and upfront fees to the lenders in connection with the closing of the new facility.

The $600 Million Unsecured 2022 Line of Credit has the option to bear interest at varying levels (determined with reference to the greater of the credit rating for Piedmont or Piedmont OP) based on the Adjusted Term SOFR Rate, Adjusted Daily Effective SOFR Rate, or the Base Rate, all as defined in the facility agreement. Further, the Base Rate is defined as the greater of the prime rate, the federal funds rate plus 0.5%, or the Adjusted Term SOFR Rate for a one-month period plus 1.0%. The term SOFR loans are available with interest periods selected by Piedmont of one, three, or six months. The stated interest rate spread over Adjusted SOFR can vary from 0.725% to 1.4% based upon the greater of the then current credit rating of Piedmont. As of June 30, 2022, based upon Piedmont’s current BBB (S&P) credit rating, the current stated Adjusted SOFR spread on the loan is 0.85%.

The $600 Million Unsecured 2022 Line of Credit has certain financial covenants that require, among other things, the maintenance of an unencumbered interest rate coverage ratio of at least 1.75, an unencumbered leverage ratio of at least 1.60, a fixed charge coverage ratio of at least 1.50, a leverage ratio of no more than 0.60, and a secured debt ratio of no more than 0.40.

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of June 30, 2022 and December 31, 2021 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								June 30, 2022		December 31, 2021




















$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023	(3)	$	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%		2.98	%	(4)	3/31/2025		250,000		250,000
$600 Million Unsecured 2022 Line of Credit(5)	SOFR + 0.85%		2.45	%	(6)	6/30/2026	(7)	89,000		290,000
$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	%		4/1/2032		300,000		300,000
Discounts and unamortized debt issuance costs								(14,222)		(12,210)
Total/Weighted Average (8)	3.38	%						$	1,674,778	$	1,877,790

(1)All of Piedmont’s outstanding debt as of June 30, 2022 is unsecured and interest-only until maturity.

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

(3)Piedmont currently intends to repay the $350 Million Unsecured Senior Notes due 2023 through debt refinancing, cash on hand, cash flow from operations, and/or draws under its existing $600 Million Unsecured 2022 Line of Credit.

(4)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 June 30, 2022 (see Note 4 for more detail).

(5)As mentioned above, during the three months ended June 30, 2022, Piedmont amended and restated its $500 Million Unsecured 2018 Line of Credit and it is now reflected as the $600 Million Unsecured 2022 Line of Credit. The $500 Million Unsecured 2018 Line of Credit had a stated rate of LIBOR + 0.90% as of December 31, 2021.

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

(7)Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 30, 2027) provided Piedmont is not then in default and upon payment of extension fees.

(8)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of June 30, 2022.

Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $12.8 million and $8.8 million for the three months ended June 30, 2022 and 2021, respectively, and approximately $28.6 million and $25.3 million for the six months ended June 30, 2022 and 2021, respectively. Also, Piedmont capitalized interest of approximately $1.1 million and $0.9 million for the three months ended June 30, 2022 and 2021, respectively, and approximately $2.1 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, Piedmont believes it was in compliance with all financial covenants associated with its debt instruments.

See Note 5 for a description of Piedmont’s estimated fair value of debt as of June 30, 2022.

- 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
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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 https://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
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Instruments

6 Months Ended

Jun. 30, 2022

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.

The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 33 months. A detail of Piedmont’s interest rate derivatives outstanding as of June 30, 2022 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Total 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 June 30, 2022 and December 31, 2021, respectively, is as follows (in thousands):


Interest rate swaps classified as:	June 30, 2022		December 31, 2021
Gross derivative assets	$	996	$	—
Gross derivative liabilities	—		(4,924)
Net derivative asset/(liability)	$	996	$	(4,924)

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in other comprehensive income ("OCI") and the accompanying consolidated statements of income as a component of interest expense for the three and six months ended June 30, 2022 and 2021, respectively, is as follows (in thousands):


	Three Months Ended				Six Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Amount of gain/(loss) recognized in OCI	$	969	$	(295)	$	4,845	$	1,266
Amount of previously recorded loss reclassified from OCI into interest expense	$	(554)	$	(740)	$	(1,259)	$	(1,466)


Total amount of interest expense presented in the consolidated statements of income	$	(13,775)	$	(12,345)	$	(27,673)	$	(24,925)

Piedmont estimates that approximately $0.1 million will be reclassified from OCI as an decrease in interest expense over the next twelve months. Additionally, see Note 5 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. However, as of June 30, 2022, both of Piedmont's interest rate swap agreements are in an asset position, and as such Piedmont would only owe accrued interest if a breach occurred, or approximately $5,000. 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 Measurement of Financial Instruments

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement 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 June 30, 2022 and December 31, 2021, respectively (in thousands):


	June 30, 2022					December 31, 2021
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)	$	6,397	$	6,397	Level 1	$	7,419	$	7,419	Level 1
Tenant receivables, net (1)	$	5,164	$	5,164	Level 1	$	2,995	$	2,995	Level 1
Notes receivable	$	—	$	—		$	118,500	$	120,075	Level 2
Restricted cash and escrows (1)	$	1,459	$	1,459	Level 1	$	1,441	$	1,441	Level 1
Interest rate swaps	$	996	$	996	Level 2	$	—	$	—	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	14,129	$	14,129	Level 1	$	45,065	$	45,065	Level 1
Interest rate swaps	$	—	$	—	Level 2	$	4,924	$	4,924	Level 2
Debt, net	$	1,674,778	$	1,582,253	Level 2	$	1,877,790	$	1,938,563	Level 2

(1)For the periods presented, the carrying value of these financial instruments, net of applicable allowance, approximates estimated fair value due to their short-term maturity.

Piedmont's debt was carried at book value as of June 30, 2022 and December 31, 2021, and its notes receivable were carried at book value as of December 31, 2021; 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 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 and debt as of December 31, 2021 and the estimated fair value of debt as of June 30, 2022 are considered to be based on significant other observable inputs (Level 2). Piedmont has not changed its valuation technique for estimating the fair value of its notes receivable or debt.

Piedmont’s interest rate swap agreements presented above, and as further discussed in Note 4, are classified as “Interest rate swaps” in the accompanying consolidated balance sheets and were carried at estimated fair value as of June 30, 2022 and December 31, 2021. 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 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 June 30, 2022 and December 31, 2021, 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 derivatives to be Level 3 financial instruments.

- 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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
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 June 30, 2022, Piedmont had one individually significant unrecorded tenant allowance commitment of approximately $13.3 million for the approximately 20-year, 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 accrued and 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 three or six months ended June 30, 2022 or 2021. Binding Contract to Purchase 1180 Peachtree Street During the three months ended June 30, 2022, Piedmont entered into a binding contract to purchase 1180 Peachtree Street, an iconic, 41-story, Class AA, LEED Platinum, trophy office building located at the epicenter of Midtown Atlanta, Georgia, for a net purchase price of $465 million, which includes the assumption of an existing $197 million, 4.1% fixed rate mortgage secured by the property. The transaction is expected to close during the third quarter of 2022.

Property Dispositions

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

The following properties were sold during six months ended June 30, 2022 (in thousands):


Buildings Sold	Location / Reportable Segment	Date of Sale	Gain on Sale of Real Estate Assets		Net Sales Proceeds





























Two Pierce Place	Itasca, Illinois / Other	January 25, 2022	$	1,741	$	24,272
225 and 235 Presidential Way	Boston, Massachusetts / Boston	January 28, 2022	$	48,933	$	119,324
Total			$	50,674	$	143,596

The 225 and 235 Presidential Way assets met the criteria to be presented in the accompanying consolidated balance sheet as held for sale assets as of December 31, 2021. Details of such amounts as of December 31, 2021 are as follows (in thousands):


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

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

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


Deferred lease costs, less accumulated amortization of $996 as of December 31, 2021	5,427

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

Also during the six months ended June 30, 2022, Piedmont received $118.5 million in proceeds from the payoff of two notes receivable that Piedmont had received in late 2020 from the buyer of its remaining New Jersey properties. The proceeds were used to pay down Piedmont's unsecured line of credit.

Stock Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

The Compensation Committee of Piedmont's Board of Directors has granted deferred stock award units to eligible employees at its discretion 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 (or upon termination) and vest upon award and are pro-rated if certain terminations occur before the end of the multi-year period. 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 six months ended June 30, 2022 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2021	1,099,181	$	23.97
Deferred Stock Awards Granted	299,322	$	16.54
Change in Estimated Potential Share Awards based on TSR Performance	78,003	$	20.49
Performance Stock Awards Vested	(267,744)	$	29.43
Deferred Stock Awards Vested	(257,169)	$	19.08
Deferred Stock Awards Forfeited	(4,953)	$	18.08
Unvested and Potential Stock Awards as of June 30, 2022	946,640	$	20.03

The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2022 and 2021, respectively (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	14.62	$	17.96	$	16.54	$	17.24
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	1,587	$	2,550	$	4,906	$	5,002
Share-based Liability Awards Paid During the Period (1)	$	—	$	—	$	5,481	$	3,610

(1)Reflects the value of stock earned pursuant to the 2019-21 and 2018-20 Performance Share Plans during the six months ended June 30, 2022 and 2021, respectively.

A detail of Piedmont’s outstanding stock awards and programs as of June 30, 2022 is as follows:


Date of grant	Type of Award	Net Shares Granted (1)	Grant Date Fair Value		Vesting Schedule	Unvested Shares






















May 3, 2019	Deferred Stock Award	35,531	$	21.04	Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, and 2022, 2023 and 2024 respectively.	28,517

February 19, 2020	Deferred Stock Award	142,083	$	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.	41,801
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.	166,345	(2)

February 17, 2021	Deferred Stock Award	239,521	$	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.	129,527
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.	154,712	(2)

February 10, 2022	Deferred Stock Award	231,933	$	16.85	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively.	190,374
February 17, 2022	Fiscal Year 2022-2024 Performance Share Program	—	$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	194,330	(2)
May 11, 2022	Deferred Stock Award-Board of Directors	41,034	$	14.62	Of the shares granted, 100% will vest on the earlier of the 2023 Annual Meeting or May 11, 2023.	41,034
Total						946,640

(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 June 30, 2022.

(2)Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 2022. 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 three months ended June 30, 2022 and 2021, Piedmont recognized approximately $2.1 million and $3.2 million, respectively, of compensation expense related to stock awards, all of which related to the amortization of unvested and potential stock awards and fair value adjustment for liability awards. During the six months ended June 30, 2022 and 2021, Piedmont recognized approximately $4.9 million and $6.5 million, respectively, of compensation expense related to stock awards, of which $3.8 million and $5.2 million is related to the amortization of unvested and potential stock awards and fair value adjustment for liability awards. During the six months ended June 30, 2022, 313,753 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of June 30, 2022, approximately $10.1 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of income over a weighted-average vesting period of approximately one year.

Supplemental Disclosures for the Statement of Consolidated Cash Flows

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures for the Statement of Consolidated Cash Flows

Certain non-cash investing and financing activities for the six months ended June 30, 2022 and 2021 (in thousands) are outlined below:


	Six Months Ended
	June 30, 2022		June 30, 2021
Accrued capital expenditures and deferred lease costs	$	23,809	$	33,199
Change in accrued dividends	$	(26,048)	$	(25,682)

Change in accrued share repurchases as part of an announced plan	$	—	$	(685)
Accrued deferred financing costs	$	59	$	—
Accrued stock issuance costs	$	—	$	26

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 six months ended June 30, 2022 and 2021, to the consolidated balance sheets for the respective period (in thousands):


	2022		2021
Cash and cash equivalents, beginning of period	$	7,419	$	7,331
Restricted cash and escrows, beginning of period	1,441		1,883


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

Cash and cash equivalents, end of period	$	6,397	$	8,122
Restricted cash and escrows, end of period	1,459		1,578


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	7,856	$	9,700

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.

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares 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 the three months ended June 30, 2022 and 2021, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of approximately 156,251 and 20,099, respectively, and for the six months ended June 30, 2022 and 2021, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of 294,348 and 169,813, respectively.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three and six months ended June 30, 2022 and 2021, respectively (in thousands):


	Three Months Ended		Six Months Ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Weighted-average common shares – basic	123,366	124,087	123,296	124,017
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	313	617	321	538
Weighted-average common shares – diluted	123,679	124,704	123,617	124,555

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Piedmont'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, Boston, Washington, D.C., Minneapolis, Orlando, and New York. These operating segments are also Piedmont’s reportable segments. As of June 30, 2022, Piedmont also owned two properties in Houston 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. Further, Piedmont does not maintain a significant presence or anticipate further investment in this market. These two properties are the primary contributors to accrual-based net operating income ("NOI") included in "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.

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):


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Atlanta	$	29,264	$	23,145	$	58,532	$	45,849
Dallas	26,417		28,931		53,502		56,425
Washington, D.C.	15,766		14,971		31,372		29,284
Boston	14,696		15,725		30,061		31,234
Orlando	14,476		12,903		28,382		28,380
New York	14,061		13,296		27,936		26,484
Minneapolis	15,408		15,089		30,518		30,354
Total reportable segments	130,088		124,060		260,303		248,010
Other	6,221		6,158		12,155		11,465
Total Revenues	$	136,309	$	130,218	$	272,458	$	259,475

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


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Atlanta	$	18,172	$	14,703	$	36,727	$	29,598
Dallas	15,764		17,244		31,863		34,020
Washington, D.C.	10,092		9,188		20,139		17,659
Boston	9,803		11,048		20,275		21,771
Orlando	8,842		7,839		17,341		18,088
New York	8,187		7,939		15,943		15,133
Minneapolis	7,964		8,414		15,878		16,467
Total reportable segments	78,824		76,375		158,166		152,736
Other	3,864		2,407		6,902		3,705
Total NOI	$	82,688	$	78,782	$	165,068	$	156,441

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


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income applicable to Piedmont	$	7,966	$	9,947	$	67,930	$	19,291
Management fee revenue (1)	(203)		(247)		(565)		(637)



Depreciation and amortization	53,852		50,691		107,619		101,706



General and administrative expenses	7,027		8,211		14,622		15,462
Interest expense	13,775		12,345		27,673		24,925
Other income	273		(2,162)		(1,536)		(4,302)

Gain on sale of real estate assets	(1)		—		(50,674)		—
Net loss applicable to noncontrolling interests	(1)		(3)		(1)		(4)
NOI	$	82,688	$	78,782	$	165,068	$	156,441

(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 income.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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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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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Third Quarter Dividend Declaration On July 27, 2022, the board of directors of Piedmont declared a dividend for the third quarter of 2022 in the amount of $0.21 per common share outstanding to stockholders of record as of the close of business on August 26, 2022. Such dividend will be paid on September 16, 2022. Delayed-Draw, Unsecured Term Loan Closing On July 22, 2022, Piedmont entered into a $200 million delayed-draw, unsecured, floating rate, term loan bearing interest at the Adjusted Term SOFR Rate (as defined in the term loan agreement) + 100 bps. The proceeds will be used to fund, on an interim basis, a majority of the cash portion of the 1180 Peachtree Street acquisition mentioned above (see Note 6).

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Piedmont have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year’s results.
Principles of Consolidation	All intercompany 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. Consequently, the assets of these 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	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 include 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.
Income Taxes	Income Taxes Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, 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. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements.
Risk Management Objective of Using Derivatives	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.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Fixed and Variable Lease Revenue


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Fixed payments	$	110,244	$	105,209	$	219,976	$	210,379
Variable payments	21,907		21,758		44,087		42,500
Total Rental and Tenant Reimbursement Revenue	$	132,151	$	126,967	$	264,063	$	252,879

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of June 30, 2022 and December 31, 2021 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								June 30, 2022		December 31, 2021




















$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023	(3)	$	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%		2.98	%	(4)	3/31/2025		250,000		250,000
$600 Million Unsecured 2022 Line of Credit(5)	SOFR + 0.85%		2.45	%	(6)	6/30/2026	(7)	89,000		290,000
$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	%		4/1/2032		300,000		300,000
Discounts and unamortized debt issuance costs								(14,222)		(12,210)
Total/Weighted Average (8)	3.38	%						$	1,674,778	$	1,877,790

(1)All of Piedmont’s outstanding debt as of June 30, 2022 is unsecured and interest-only until maturity.

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

(8)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of June 30, 2022.

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Total 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 June 30, 2022 and December 31, 2021, respectively, is as follows (in thousands):


Interest rate swaps classified as:	June 30, 2022		December 31, 2021
Gross derivative assets	$	996	$	—
Gross derivative liabilities	—		(4,924)
Net derivative asset/(liability)	$	996	$	(4,924)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income


	Three Months Ended				Six Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Amount of gain/(loss) recognized in OCI	$	969	$	(295)	$	4,845	$	1,266
Amount of previously recorded loss reclassified from OCI into interest expense	$	(554)	$	(740)	$	(1,259)	$	(1,466)


Total amount of interest expense presented in the consolidated statements of income	$	(13,775)	$	(12,345)	$	(27,673)	$	(24,925)

Fair Value Measurement of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021, respectively (in thousands):


	June 30, 2022					December 31, 2021
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)	$	6,397	$	6,397	Level 1	$	7,419	$	7,419	Level 1
Tenant receivables, net (1)	$	5,164	$	5,164	Level 1	$	2,995	$	2,995	Level 1
Notes receivable	$	—	$	—		$	118,500	$	120,075	Level 2
Restricted cash and escrows (1)	$	1,459	$	1,459	Level 1	$	1,441	$	1,441	Level 1
Interest rate swaps	$	996	$	996	Level 2	$	—	$	—	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	14,129	$	14,129	Level 1	$	45,065	$	45,065	Level 1
Interest rate swaps	$	—	$	—	Level 2	$	4,924	$	4,924	Level 2
Debt, net	$	1,674,778	$	1,582,253	Level 2	$	1,877,790	$	1,938,563	Level 2

(1)For the periods presented, the carrying value of these financial instruments, net of applicable allowance, approximates estimated fair value due to their short-term maturity.

Property Dispositions (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following properties were sold during six months ended June 30, 2022 (in thousands):


Buildings Sold	Location / Reportable Segment	Date of Sale	Gain on Sale of Real Estate Assets		Net Sales Proceeds





























Two Pierce Place	Itasca, Illinois / Other	January 25, 2022	$	1,741	$	24,272
225 and 235 Presidential Way	Boston, Massachusetts / Boston	January 28, 2022	$	48,933	$	119,324
Total			$	50,674	$	143,596

Assets Held For Sale and Discontinued Operations

Details of such amounts as of December 31, 2021 are as follows (in thousands):


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

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

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


Deferred lease costs, less accumulated amortization of $996 as of December 31, 2021	5,427

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

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Share Activity

A rollforward of Piedmont's equity based award activity for the six months ended June 30, 2022 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2021	1,099,181	$	23.97
Deferred Stock Awards Granted	299,322	$	16.54
Change in Estimated Potential Share Awards based on TSR Performance	78,003	$	20.49
Performance Stock Awards Vested	(267,744)	$	29.43
Deferred Stock Awards Vested	(257,169)	$	19.08
Deferred Stock Awards Forfeited	(4,953)	$	18.08
Unvested and Potential Stock Awards as of June 30, 2022	946,640	$	20.03

The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2022 and 2021, respectively (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	14.62	$	17.96	$	16.54	$	17.24
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	1,587	$	2,550	$	4,906	$	5,002
Share-based Liability Awards Paid During the Period (1)	$	—	$	—	$	5,481	$	3,610

(1)Reflects the value of stock earned pursuant to the 2019-21 and 2018-20 Performance Share Plans during the six months ended June 30, 2022 and 2021, respectively.

Schedule of Outstanding Employee Stock Awards

A detail of Piedmont’s outstanding stock awards and programs as of June 30, 2022 is as follows:


Date of grant	Type of Award	Net Shares Granted (1)	Grant Date Fair Value		Vesting Schedule	Unvested Shares






















May 3, 2019	Deferred Stock Award	35,531	$	21.04	Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, and 2022, 2023 and 2024 respectively.	28,517

February 19, 2020	Deferred Stock Award	142,083	$	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.	41,801
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.	166,345	(2)

February 17, 2021	Deferred Stock Award	239,521	$	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.	129,527
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.	154,712	(2)

February 10, 2022	Deferred Stock Award	231,933	$	16.85	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively.	190,374
February 17, 2022	Fiscal Year 2022-2024 Performance Share Program	—	$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	194,330	(2)
May 11, 2022	Deferred Stock Award-Board of Directors	41,034	$	14.62	Of the shares granted, 100% will vest on the earlier of the 2023 Annual Meeting or May 11, 2023.	41,034
Total						946,640

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

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Certain non-cash investing and financing activities for the six months ended June 30, 2022 and 2021 (in thousands) are outlined below:


	Six Months Ended
	June 30, 2022		June 30, 2021
Accrued capital expenditures and deferred lease costs	$	23,809	$	33,199
Change in accrued dividends	$	(26,048)	$	(25,682)

Change in accrued share repurchases as part of an announced plan	$	—	$	(685)
Accrued deferred financing costs	$	59	$	—
Accrued stock issuance costs	$	—	$	26


	2022		2021
Cash and cash equivalents, beginning of period	$	7,419	$	7,331
Restricted cash and escrows, beginning of period	1,441		1,883


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

Cash and cash equivalents, end of period	$	6,397	$	8,122
Restricted cash and escrows, end of period	1,459		1,578


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	7,856	$	9,700

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Three Months Ended		Six Months Ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Weighted-average common shares – basic	123,366	124,087	123,296	124,017
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	313	617	321	538
Weighted-average common shares – diluted	123,679	124,704	123,617	124,555

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Revenue and Net Operating Income, by Segment

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


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Atlanta	$	29,264	$	23,145	$	58,532	$	45,849
Dallas	26,417		28,931		53,502		56,425
Washington, D.C.	15,766		14,971		31,372		29,284
Boston	14,696		15,725		30,061		31,234
Orlando	14,476		12,903		28,382		28,380
New York	14,061		13,296		27,936		26,484
Minneapolis	15,408		15,089		30,518		30,354
Total reportable segments	130,088		124,060		260,303		248,010
Other	6,221		6,158		12,155		11,465
Total Revenues	$	136,309	$	130,218	$	272,458	$	259,475

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


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Atlanta	$	18,172	$	14,703	$	36,727	$	29,598
Dallas	15,764		17,244		31,863		34,020
Washington, D.C.	10,092		9,188		20,139		17,659
Boston	9,803		11,048		20,275		21,771
Orlando	8,842		7,839		17,341		18,088
New York	8,187		7,939		15,943		15,133
Minneapolis	7,964		8,414		15,878		16,467
Total reportable segments	78,824		76,375		158,166		152,736
Other	3,864		2,407		6,902		3,705
Total NOI	$	82,688	$	78,782	$	165,068	$	156,441

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


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income applicable to Piedmont	$	7,966	$	9,947	$	67,930	$	19,291
Management fee revenue (1)	(203)		(247)		(565)		(637)



Depreciation and amortization	53,852		50,691		107,619		101,706



General and administrative expenses	7,027		8,211		14,622		15,462
Interest expense	13,775		12,345		27,673		24,925
Other income	273		(2,162)		(1,536)		(4,302)

Gain on sale of real estate assets	(1)		—		(50,674)		—
Net loss applicable to noncontrolling interests	(1)		(3)		(1)		(4)
NOI	$	82,688	$	78,782	$	165,068	$	156,441

Organization (Details) ft² in Millions	Jun. 30, 2022 ft² property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	52
Area of real estate property (in sq ft) \| ft²	16.1
Percentage leased	87.00%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	1

Summary of Significant Accounting Policies - Schedule of Fixed and Variable Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Fixed payments	$ 110,244	$ 105,209	$ 219,976	$ 210,379
Variable payments	21,907	21,758	44,087	42,500
Total Rental and Tenant Reimbursement Revenue	$ 132,151	$ 126,967	$ 264,063	$ 252,879

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounting Policies [Abstract]
Right of use asset	$ 20		$ 20		$ 60
Lease liability	20		20		$ 60
Operating lease costs	$ 20,000	$ 40	$ 20,000	$ 40
Operating lease, remaining lease term	3 months		3 months
Operating lease, discount rate	1.06%		1.06%

Debt - Narrative (Details)	3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) extension	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Debt Instruments [Line Items]
Interest paid	$ 12,800,000	$ 8,800,000	$ 28,600,000	$ 25,300,000
Interest costs capitalized	1,100,000	$ 900,000	2,100,000	$ 1,700,000
$500 Million Unsecured 2018 Line of Credit \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Face amount of debt instrument	500,000,000		$ 500,000,000		$ 500,000,000
Maximum extension period (in years)			1 year
Extension period (in months)			6 months
$600 Million Unsecured 2022 Line of Credit \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Face amount of debt instrument	600,000,000		$ 600,000,000
Maximum extension period (in years)			1 year
Extension period (in months)			6 months
$600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| SOFR
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.85%
Interest rate period, tranche one			1 month
Interest rate period, tranche three			6 months
Line of Credit \| $500 Million Unsecured 2018 Line of Credit \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Face amount of debt instrument	500,000,000		$ 500,000,000
Line of Credit \| $600 Million Unsecured 2022 Line of Credit \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Amount of line of credit	600,000,000		$ 600,000,000
Number of extension periods \| extension			2
Optional increase to maximum borrowing capacity	500,000,000		$ 500,000,000
Maximum borrowing capacity, after optional increase	$ 1,100,000,000		$ 1,100,000,000
Unencumbered interest coverage ratio			1.75
Unencumbered leverage ratio			1.60
Fixed charge coverage ratio			1.50
Maximum leverage ratio			0.60
Maximum secured debt ratio			0.40
Line of Credit \| $600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| Federal Funds Effective Rate Plus
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.50%
Line of Credit \| $600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| SOFR
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			1.00%
Interest rate during period			1 month
Interest rate period, tranche two			3 months
Line of Credit \| $600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| SOFR \| Minimum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.725%
Line of Credit \| $600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| SOFR \| Maximum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			1.40%

Debt - Schedule of Debt (Details)	6 Months Ended	12 Months Ended
Debt - Schedule of Debt (Details)	Jun. 30, 2022 USD ($) extension	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Net premium (discounts) and unamortized debt issuance costs	$ (14,222,000)	$ (12,210,000)
$250 Million Unsecured 2018 Term Loan \| Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap agreements	$ 100,000,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	3.38%
Net premium (discounts) and unamortized debt issuance costs	$ (14,222,000)	(12,210,000)
Amount outstanding, net	1,674,778,000	1,877,790,000
Unsecured Debt \| $350 Million Unsecured Senior Notes due 2023
Debt Instrument [Line Items]
Face amount of debt instrument	$ 350,000,000
Stated rate (percent)	3.40%
Effective interest rate (percent)	3.43%
Amount outstanding, gross	$ 350,000,000	350,000,000
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2024
Debt Instrument [Line Items]
Face amount of debt instrument	$ 400,000,000
Stated rate (percent)	4.45%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 400,000,000	400,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Face amount of debt instrument	$ 250,000,000
Effective interest rate (percent)	2.98%
Amount outstanding, gross	$ 250,000,000	250,000,000
Interest rate on derivative instrument	3.56%
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.95%
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit
Debt Instrument [Line Items]
Face amount of debt instrument	$ 600,000,000
Effective interest rate (percent)	2.45%
Amount outstanding, gross	$ 89,000,000	290,000,000
Maximum extension period (in years)	1 year
Extension period (in months)	6 months
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Face amount of debt instrument	$ 300,000,000
Stated rate (percent)	3.15%
Effective interest rate (percent)	3.90%
Amount outstanding, gross	$ 300,000,000	300,000,000
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2032
Debt Instrument [Line Items]
Face amount of debt instrument	$ 300,000,000
Stated rate (percent)	2.75%
Effective interest rate (percent)	2.78%
Amount outstanding, gross	$ 300,000,000	300,000,000
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit
Debt Instrument [Line Items]
Face amount of debt instrument	$ 500,000,000	$ 500,000,000
Maximum extension period (in years)	1 year
Number of extension periods \| extension	2
Extension period (in months)	6 months
Unsecured Debt \| $500 Million Unsecured 2018 Line of Credit \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.90%

Derivative Instruments - Narrative (Details) $ in Thousands	6 Months Ended
Derivative Instruments - Narrative (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum period of extension term	33 months
Loss to be reclassified over the next twelve months	$ (100)
Assets needed for immediate settlement, aggregate fair value	$ 5

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - $250 Million Unsecured 2018 Term Loan	Jun. 30, 2022 USD ($) derivative_contract
Interest rate swaps
Derivative [Line Items]
Number of swap agreements \| derivative_contract	2
Notional amount of interest rate swap agreements	$ 100,000,000
Unsecured Debt
Derivative [Line Items]
Face amount of debt instrument	250,000,000
Unsecured Debt \| Interest rate swaps
Derivative [Line Items]
Face amount of debt instrument	$ 250,000,000

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 996	$ 0
Gross derivative liabilities	0	(4,924)
Net derivative asset/(liability)	$ 996	$ (4,924)

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	$ 969	$ (295)	$ 4,845	$ 1,266
Total amount of interest expense presented in the consolidated statements of income	(13,775)	(12,345)	(27,673)	(24,925)
Interest rate swaps
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	969	(295)	4,845	1,266
Amount of previously recorded loss reclassified from OCI into interest expense	(554)	(740)	(1,259)	(1,466)
Total amount of interest expense presented in the consolidated statements of income	$ (13,775)	$ (12,345)	$ (27,673)	$ (24,925)

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Interest rate swaps	$ 996	$ 0
Liabilities:
Interest rate swaps	0	4,924
Carrying Value
Assets:
Cash and cash equivalents	6,397	7,419
Notes receivable	0	118,500
Restricted cash and escrows	1,459	1,441
Liabilities:
Accounts payable and accrued expenses	14,129	45,065
Debt, net	1,674,778	1,877,790
Tenant receivables, net of allowance for doubtful accounts \| Carrying Value
Assets:
Tenant receivables, net	5,164	2,995
Level 1 \| Estimated Fair Value
Assets:
Cash and cash equivalents	6,397	7,419
Restricted cash and escrows	1,459	1,441
Liabilities:
Accounts payable and accrued expenses	14,129	45,065
Level 1 \| Tenant receivables, net of allowance for doubtful accounts \| Estimated Fair Value
Assets:
Tenant receivables, net	5,164	2,995
Level 2 \| Estimated Fair Value
Assets:
Notes receivable	0	120,075
Liabilities:
Debt, net	1,582,253	1,938,563
Interest rate swaps \| Carrying Value
Assets:
Interest rate swaps	996	0
Liabilities:
Interest rate swaps	0	4,924
Interest rate swaps \| Level 2 \| Estimated Fair Value
Assets:
Interest rate swaps	996	0
Liabilities:
Interest rate swaps	$ 0	$ 4,924

Commitments and Contingencies (Details) ft² in Thousands	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) ft² in Thousands	Jun. 30, 2022 USD ($) ft² commitment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² commitment	Jun. 30, 2021 USD ($)
Loss Contingencies [Line Items]
Number of unrecorded tenant allowance commitments \| commitment	1		1
Unrecorded tenant allowance commitment	$ 13,300,000		$ 13,300,000
Unrecorded tenant allowance renewal term			20 years
Unrecorded tenant allowance expansion area (in sq. ft) \| ft²	520		520
1180 Peachtree Street Building
Loss Contingencies [Line Items]
Net purchase price	$ 465,000,000
Asset acquisition, mortgage assumed	$ 197,000,000		$ 197,000,000
Asset acquisition, mortgage assumed, percentage	4.10%		4.10%
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0	$ 0	$ 0

Property Dispositions - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets	$ 1	$ 0	$ 50,674	$ 0
Net Sales Proceeds			143,596	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Two Pierce Place
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets			1,741
Net Sales Proceeds			24,272
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 225 and 235 Presidential Way
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets			48,933
Net Sales Proceeds			$ 119,324

Property Dispositions - Assets Held-for-Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total other assets held for sale, net	$ 0	$ 8,393
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
Straight-line rent receivables		2,966
Accumulated amortization on deferred lease costs		996
Deferred lease costs, less accumulated amortization of $0 and $996 as of June 30, 2022 and December 31, 2021, respectively		5,427
Total other assets held for sale, net		8,393
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
Disposal Group, Held-for-sale, Not Discontinued Operations \| Building and improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accumulated depreciation (building improvements)		16,699
Real estate assets held for sale, net		55,110
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

Property Dispositions - Narrative (Details) $ in Millions	6 Months Ended
Property Dispositions - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($) note
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of financing receivable notes collected \| note	2
Secured Notes Receivable \| Real Estate Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from collection of finance receivables \| $	$ 118.5

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Compensation expense related to stock awards	$ 2.1	$ 3.2	$ 4.9	$ 6.5
Amortization of unvested shares			$ 3.8	$ 5.2
Total shares issued to employees, directors, and officers (in shares)			313,753
Unrecognized compensation cost related to nonvested	$ 10.1		$ 10.1
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested, weighted-average vesting period			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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Shares
Unvested and potential stock awards, end of period (in shares)	946,640		946,640
Stock Awards
Shares
Unvested and potential stock awards, beginning of period (in shares)			1,099,181
Unvested and potential stock awards, end of period (in shares)	946,640		946,640
Weighted-Average Grant Date Fair Value
Unvested and potential stock awards, beginning of period (in dollars per share)			$ 23.97
Unvested and potential stock awards, end of period (in dollars per share)	$ 20.03		$ 20.03
Deferred Stock Awards
Shares
Deferred stock awards granted (in shares)			299,322
Stock awards vested (in shares)			(257,169)
Deferred stock awards forfeited (in shares)			(4,953)
Weighted-Average Grant Date Fair Value
Deferred stock awards granted (in dollars per share)	$ 14.62	$ 17.96	$ 16.54	$ 17.24
Stock awards vested (in dollars per share)			19.08
Deferred stock awards forfeited (in dollars per share)			$ 18.08
Performance Share Awards
Shares
Change in estimated potential share award based on TSR performance (in shares)			78,003
Stock awards vested (in shares)			(267,744)
Weighted-Average Grant Date Fair Value
Change in estimated potential share award (in dollars per share)			$ 20.49
Stock awards vested (in dollars per share)			$ 29.43

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Deferred Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period (in dollars per share)	$ 14.62	$ 17.96	$ 16.54	$ 17.24
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 1,587	$ 2,550	$ 4,906	$ 5,002
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Liability Awards Paid During the Period	$ 0	$ 0	$ 5,481	$ 3,610

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	Mar. 11, 2022	Feb. 10, 2022	Feb. 17, 2021	Feb. 19, 2020	May 03, 2019	Jun. 30, 2022	Feb. 17, 2022	Feb. 18, 2021	Mar. 19, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)						946,640
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)					35,531
Grant date fair value (in dollars per share)					$ 21.04
Unvested shares (in shares)						28,517
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 19, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)				142,083
Grant date fair value (in dollars per share)				$ 24.41
Unvested shares (in shares)						41,801
Deferred Stock Awards \| Deferred Stock Award, Granted February 19, 2020 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 19, 2020 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 19, 2020 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 19, 2020 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			239,521
Grant date fair value (in dollars per share)			$ 17.15
Unvested shares (in shares)						129,527
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2021 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2021 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2021 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2021 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		231,933
Grant date fair value (in dollars per share)		$ 16.85
Unvested shares (in shares)						190,374
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards \| Deferred Stock Award-Board of Directors, Granted May 11, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	41,034
Grant date fair value (in dollars per share)	$ 14.62
Unvested shares (in shares)						41,034
Deferred Stock Awards \| Deferred Stock Award-Board of Directors, Granted May 11, 2022 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Performance Share Awards \| Performance Share Program Award, Granted March 19, 2020
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)						166,345
Performance Share Awards \| Performance Share Program Award, Granted February 18, 2021
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)						154,712
Performance Share Awards \| Performance Share Program Award, Granted February 17, 2022
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)							$ 17.77
Unvested shares (in shares)						194,330

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures and deferred lease costs	$ 23,809	$ 33,199
Change in accrued dividends	(26,048)	(25,682)
Change in accrued share repurchases as part of an announced plan	0	(685)
Accrued deferred financing costs	59	0
Accrued stock issuance costs	0	26
Cash and cash equivalents	6,397	8,122	$ 7,419	$ 7,331
Restricted cash and escrows	1,459	1,578	1,441	1,883
Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$ 7,856	$ 9,700	$ 8,860	$ 9,214

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share (Details) - shares	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	156,251	20,099	294,348	169,813
Weighted-average common shares – basic (in shares)	123,366,482	124,087,113	123,296,204	124,016,933
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards (in shares)	313,000	617,000	321,000	538,000
Weighted-average common shares – diluted (in shares)	123,678,553	124,703,911	123,617,272	124,555,274

Segment Information - Narrative (Details)	Jun. 30, 2022 property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	52
Other Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2
Other Segments \| Houston
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2

Segment Information - Revenue by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 136,309	$ 130,218	$ 272,458	$ 259,475
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	130,088	124,060	260,303	248,010
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	6,221	6,158	12,155	11,465
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	29,264	23,145	58,532	45,849
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	26,417	28,931	53,502	56,425
Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,766	14,971	31,372	29,284
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,696	15,725	30,061	31,234
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,476	12,903	28,382	28,380
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,061	13,296	27,936	26,484
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 15,408	$ 15,089	$ 30,518	$ 30,354

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 82,688	$ 78,782	$ 165,068	$ 156,441
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	78,824	76,375	158,166	152,736
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	3,864	2,407	6,902	3,705
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	18,172	14,703	36,727	29,598
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	15,764	17,244	31,863	34,020
Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	10,092	9,188	20,139	17,659
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	9,803	11,048	20,275	21,771
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	8,842	7,839	17,341	18,088
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	8,187	7,939	15,943	15,133
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 7,964	$ 8,414	$ 15,878	$ 16,467

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Net income applicable to Piedmont	$ 7,966	$ 9,947	$ 67,930	$ 19,291
Management fee revenue	(203)	(247)	(565)	(637)
Depreciation and amortization	53,852	50,691	107,619	101,706
General and administrative expenses	7,027	8,211	14,622	15,462
Interest expense	13,775	12,345	27,673	24,925
Other income	273	(2,162)	(1,536)	(4,302)
Gain on sale of real estate assets	(1)	0	(50,674)	0
Net loss applicable to noncontrolling interests	(1)	(3)	(1)	(4)
NOI	$ 82,688	$ 78,782	$ 165,068	$ 156,441

Subsequent Event (Details) - Subsequent Event - USD ($)	Jul. 27, 2022	Jul. 22, 2022
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.21
Unsecured Debt \| Delayed-Draw, Unsecured Term Loan
Subsequent Event [Line Items]
Face amount of debt instrument		$ 200,000,000
Unsecured Debt \| Delayed-Draw, Unsecured Term Loan \| SOFR
Subsequent Event [Line Items]
Basis spread on variable rate		1.00%