0001042776-23-000161 | 10-Q | XBRL Viewer | Piedmont Office Realty Trust INC

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Piedmont are 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, 2022.

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, judgments regarding the recoverability of goodwill, and the assessment of the collectability 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 operations for the three and nine months ended September 30, 2023 and 2022, respectively, as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Fixed payments	$	115,250	$	114,280	$	340,048	$	334,256
Variable payments	26,284		25,292		75,818		69,379
Total Rental and Tenant Reimbursement Revenue	$	141,534	$	139,572	$	415,866	$	403,635

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 $0.1 million and $0.2 million as of September 30, 2023 and December 31, 2022, 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 both the three and nine months ended September 30, 2023 and 2022, Piedmont recognized approximately $20,000 and $60,000, respectively, of operating lease costs related to these office space leases. As of September 30, 2023, the remaining lease term of Piedmont's right of use asset is approximately 1 year, and the discount rate is 3.86%.

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share (Details) - shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	1,388,320	194,330	1,216,637	346,695
Weighted-average common shares – basic (in shares)	123,696,475	123,395,381	123,639,797	123,329,626
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards (in shares)	0	302,000	0	301,000
Weighted-average common shares – diluted (in shares)	123,696,475	123,697,455	123,639,797	123,630,501

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 5,841	$ 4,183
Gross derivative liabilities	0	0
Net derivative asset	$ 5,841	$ 4,183

Derivative Instruments

9 Months Ended

Sep. 30, 2023

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, specifically interest rate swap agreements, to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

Cash Flow Hedges of Interest Rate Risk

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for Piedmont making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

During the nine months ended September 30, 2023, Piedmont amended its two remaining LIBOR-designated interest rate swap agreements to change the reference rate from LIBOR to SOFR to match the amended underlying debt terms (see Note 3 above). All of Piedmont's interest rate swap agreements are designated as effective cash flow hedges and are now designated using SOFR. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 18 months.

A detail of Piedmont’s interest rate derivatives outstanding as of September 30, 2023 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

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/2/2022

3/31/2025

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/12/2022

3/31/2025

Total

250

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 September 30, 2023 and December 31, 2022, respectively, is as follows (in thousands):


Interest rate swaps classified as:	September 30, 2023		December 31, 2022
Gross derivative assets	$	5,841	$	4,183
Gross derivative liabilities	—		—
Net derivative asset	$	5,841	$	4,183

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the three and nine months ended September 30, 2023 and 2022, respectively, is as follows (in thousands):


	Three Months Ended				Nine Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Amount of gain recognized in OCI	$	1,248	$	2,662	$	4,270	$	7,507
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense	$	989	$	(194)	$	2,309	$	(1,453)


Total amount of interest expense presented in the consolidated statements of operations	$	(27,361)	$	(17,244)	$	(72,827)	$	(44,917)

Piedmont estimates that approximately $3.2 million will be reclassified from OCI as a 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 September 30, 2023, all of Piedmont's interest rate swap agreements are in an asset position. 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.

Organization	9 Months Ended
Organization	Sep. 30, 2023
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 major U.S. Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. As of September 30, 2023, Piedmont owned 51 in-service office properties and one redevelopment asset, primarily located in major U.S. Sunbelt office markets. As of September 30, 2023, the in-service office properties comprised approximately 16.6 million square feet (unaudited) and were 86.7% leased.

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Interest rate swaps	$ 5,841	$ 4,183
Carrying Value
Assets:
Cash and cash equivalents	5,044	16,536
Restricted cash and escrows	5,983	3,064
Liabilities:
Accounts payable and accrued expenses	15,224	63,225
Debt, net	2,050,319	1,983,681
Carrying Value \| Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	8,806	4,762
Carrying Value \| Interest rate swaps
Assets:
Interest rate swaps	5,841	4,183
Estimated Fair Value \| Level 1
Assets:
Cash and cash equivalents	5,044	16,536
Restricted cash and escrows	5,983	3,064
Liabilities:
Accounts payable and accrued expenses	15,224	63,225
Estimated Fair Value \| Level 1 \| Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	8,806	4,762
Estimated Fair Value \| Level 2
Liabilities:
Debt, net	1,868,624	1,825,723
Estimated Fair Value \| Interest rate swaps \| Level 2
Assets:
Interest rate swaps	$ 5,841	$ 4,183

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, 2021		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]
Costs of issuance of common stock	(461)		(461)
Dividends to common stockholders and stockholders of subsidiaries	(77,751)			(77,724)		(27)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		318,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	7,900	$ 3	7,897
Net income/(loss) attributable to noncontrolling interest	(1)					(1)
Net income/(loss) applicable to Piedmont	71,261			71,261
Other comprehensive income	8,960				8,960
Ending balance (in shares) at Sep. 30, 2022		123,395,000
Ending balance at Sep. 30, 2022	1,797,331	$ 1,234	3,709,234	(1,905,544)	(9,194)	1,601
Beginning balance (in shares) at Jun. 30, 2022		123,390,000
Beginning balance at Jun. 30, 2022	1,815,663	$ 1,234	3,707,833	(1,882,962)	(12,050)	1,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of issuance of common stock	(461)		(461)
Dividends to common stockholders and stockholders of subsidiaries	(25,920)			(25,913)		(7)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		5,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,862		1,862
Net income/(loss) attributable to noncontrolling interest	0
Net income/(loss) applicable to Piedmont	3,331			3,331
Other comprehensive income	2,856				2,856
Ending balance (in shares) at Sep. 30, 2022		123,395,000
Ending balance at Sep. 30, 2022	$ 1,797,331	$ 1,234	3,709,234	(1,905,544)	(9,194)	1,601
Beginning balance (in shares) at Dec. 31, 2022	123,439,558	123,440,000
Beginning balance at Dec. 31, 2022	$ 1,849,255	$ 1,234	3,711,005	(1,855,893)	(8,679)	1,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(67,428)			(67,402)		(26)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		256,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	3,627	$ 3	3,624
Net income/(loss) attributable to noncontrolling interest	7					7
Net income/(loss) applicable to Piedmont	(20,357)			(20,357)
Other comprehensive income	$ 1,961				1,961
Ending balance (in shares) at Sep. 30, 2023	123,696,475	123,696,000
Ending balance at Sep. 30, 2023	$ 1,767,065	$ 1,237	3,714,629	(1,943,652)	(6,718)	1,569
Beginning balance (in shares) at Jun. 30, 2023		123,692,000
Beginning balance at Jun. 30, 2023	1,797,334	$ 1,237	3,712,688	(1,911,188)	(6,977)	1,574
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(15,468)			(15,462)		(6)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		4,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,941		1,941
Net income/(loss) attributable to noncontrolling interest	1					1
Net income/(loss) applicable to Piedmont	(17,002)			(17,002)
Other comprehensive income	$ 259				259
Ending balance (in shares) at Sep. 30, 2023	123,696,475	123,696,000
Ending balance at Sep. 30, 2023	$ 1,767,065	$ 1,237	$ 3,714,629	$ (1,943,652)	$ (6,718)	$ 1,569

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

During the nine months ended September 30, 2023, Piedmont OP issued $400 million in aggregate principal amount of 9.250% senior notes due 2028 (the “$400 Million Unsecured Senior Notes”), which mature on July 20, 2028. Upon issuance of the $400 Million Unsecured Senior Notes, Piedmont OP received proceeds of $396 million, reflecting a discount of $4 million which will be amortized as interest expense under the effective interest method over the 5-year term of the $400 Million Unsecured Senior Notes. The $400 Million Unsecured Senior Notes are fully and unconditionally guaranteed by Piedmont. Interest on the $400 Million Unsecured Senior Notes is payable semi-annually on January 20 and July 20 of each year commencing January 20, 2024, and is subject to adjustment if Piedmont's corporate credit rating falls below investment grade, as defined in the credit agreement.

The net proceeds from the $400 Million Unsecured Senior Notes were used to fund the purchase of approximately $350 million aggregate principal amount of Piedmont OP's 4.45% senior notes due 2024 that were validly tendered and accepted for purchase in a tender offer commenced substantially concurrently with the offering of the $400 Million Unsecured Senior Notes. In conjunction with the purchase, Piedmont recognized approximately $0.8 million of loss on early extinguishment of debt, comprised of the pro-rata write-off of unamortized debt issuance costs, as well as fees paid. The remaining proceeds from $400 Million Unsecured Senior Notes were used to repay a portion of the borrowings outstanding under the $600 Million Unsecured 2022 Line of Credit.

The $400 Million Unsecured Senior Notes are subject to certain typical covenants that, subject to certain exceptions including (a) a limitation on the ability of Piedmont and Piedmont OP to, among other things, incur additional secured and unsecured indebtedness; (b) a limitation on the ability of Piedmont and Piedmont OP to merge, consolidate, sell, lease or otherwise dispose of their properties and assets substantially as an entirety; and (c) a requirement that Piedmont maintain a pool of unencumbered assets.

During the nine months ended September 30, 2023, Piedmont fully repaid the $350 Million Unsecured Senior Notes, using cash on hand, proceeds from the $215 Million Unsecured 2023 Term Loan discussed below, and borrowings under the $600 Million Unsecured 2022 Line of Credit.

During the nine months ended September 30, 2023, Piedmont entered into a new $215 million, floating-rate, unsecured term loan facility (the “$215 Million Unsecured 2023 Term Loan”). The term of the $215 Million Unsecured 2023 Term Loan is one year, with an option to extend for an additional one year for a final maturity date of January 31, 2025. Piedmont may prepay the loan in whole or in part, at any time without premium or penalty. The stated interest rate spread over Adjusted SOFR can vary from 0.85% to 1.70% based upon the then current credit rating of Piedmont. As of September 30, 2023, the applicable interest rate spread on the loan was 1.05%, and the effective rate was 6.45%.

The $215 Million Unsecured 2023 Term Loan 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.

Finally, during the nine months ended September 30, 2023, Piedmont amended its $250 million, floating-rate, unsecured term loan facility (the "$250 Million Unsecured 2018 Term Loan") to convert the reference interest rate from LIBOR to SOFR, along with the various other related amendments necessary to affect this conversion.

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of September 30, 2023 and December 31, 2022 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								September 30, 2023		December 31, 2022
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	196,721	$	197,000









Subtotal								196,721		197,000
Unsecured (Variable and Fixed)






$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023		—		350,000
$215 Million Unsecured 2023 Term Loan	SOFR + 1.05%		6.45	%	(3)	1/31/2024	(4)	215,000		—
$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024	(5)	50,154		400,000
$200 Million Unsecured 2022 Term Loan Facility	SOFR + 1.00%		6.43	%	(3)	12/16/2024	(6)	200,000		200,000
$250 Million Unsecured 2018 Term Loan	SOFR + 0.95%		4.54	%		3/31/2025		250,000		250,000
$600 Million Unsecured 2022 Line of Credit	SOFR + 0.84%		6.24	%	(3)	6/30/2026	(7)	157,000		—
$400 Million Unsecured Senior Notes due 2028	9.25	%	9.50	%		7/20/2028		400,000		—
$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								(18,556)		(13,319)
Subtotal/Weighted Average (8)	5.60	%						$	1,853,598	$	1,786,681
Total/Weighted Average (8)	5.46	%						$	2,050,319	$	1,983,681

(1)All of Piedmont’s outstanding debt as of September 30, 2023 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street.

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

(3)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. The all-in interest rate associated with each SOFR interest period selection is comprised of the relevant adjusted SOFR rate (comprised of the relevant base SOFR interest rate plus a fixed adjustment of 0.10%) and is subject to an additional spread over the selected rate based on Piedmont’s current credit rating.

(4)Piedmont may extend the term for an additional year to a final extended maturity date of January 31, 2025 provided Piedmont is not then in default and upon payment of extension fees.

(5)Piedmont currently intends to repay the outstanding $50.2 million balance on the $400 Million Unsecured Senior Notes due 2024 through selective property dispositions, cash on hand from operations, and/or borrowings under its existing $600 Million Unsecured 2022 Line of Credit.

(6)Piedmont may extend the term for six additional months to a final extended maturity date of June 18, 2025, provided Piedmont is not then in default and all representations and warranties are true and correct in all material respects and upon payment of extension fees.

(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 September 30, 2023.

Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $24.9 million and $18.3 million for the three months ended September 30, 2023 and 2022, respectively, and approximately $70.0 million and $46.9 million for the nine months ended September 30, 2023 and 2022, respectively. Also, Piedmont capitalized interest of approximately $1.9 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and approximately $4.5 million and $3.2 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, 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 September 30, 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurement of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement of Financial Instruments

Piedmont considers its cash and cash equivalents, tenant receivables, 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 September 30, 2023 and December 31, 2022, respectively (in thousands):


	September 30, 2023					December 31, 2022
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)	$	5,044	$	5,044	Level 1	$	16,536	$	16,536	Level 1
Tenant receivables, net (1)	$	8,806	$	8,806	Level 1	$	4,762	$	4,762	Level 1

Restricted cash and escrows (1)	$	5,983	$	5,983	Level 1	$	3,064	$	3,064	Level 1
Interest rate swaps	$	5,841	$	5,841	Level 2	$	4,183	$	4,183	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	15,224	$	15,224	Level 1	$	63,225	$	63,225	Level 1

Debt, net	$	2,050,319	$	1,868,624	Level 2	$	1,983,681	$	1,825,723	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 September 30, 2023 and December 31, 2022; however, Piedmont's estimate of its fair value is disclosed in the table above. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the debt facilities, including the period to maturity of each instrument, and uses observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's outstanding debt. Piedmont has not changed its valuation technique for estimating the fair value of its 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 September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022, 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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Buildings and improvements, accumulated depreciation	$ 1,013,019	$ 915,010
Intangible lease assets, accumulated amortization	86,197	90,694
Tenant receivables, allowance for doubtful accounts	0	1,000
Deferred lease costs, accumulated amortization	217,804	221,731
Liabilities:
Discount (premiums) and unamortized debt issuance costs	18,556	13,319
Intangible lease liabilities, accumulated amortization	$ 36,985	$ 36,423
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)	123,696,475	123,439,558
Common stock, shares outstanding (in shares)	123,696,475	123,439,558

Organization (Details) ft² in Millions	Sep. 30, 2023 ft² property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	51
Area of real estate property (in sq ft) \| ft²	16.6
Percentage leased	86.70%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	1

Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Debt Instruments [Line Items]
Proceeds from debt			$ 1,112,203,000	$ 761,420,000
Loss on early extinguishment of debt	$ 820,000	$ 0	820,000	0
Interest paid	24,900,000	18,300,000	70,000,000	46,900,000
Interest costs capitalized	1,900,000	$ 1,100,000	$ 4,500,000	$ 3,200,000
Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.10%
$400 Million Unsecured Senior Notes due 2028 \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Stated Rate	9.25%		9.25%
Proceeds from debt			$ 396,000,000
Debt instrument, discount	$ 4,000,000		$ 4,000,000
Debt instrument, term			5 years
Effective interest rate (percent)	9.50%		9.50%
$400 Million Unsecured Senior Notes due 2024 \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Stated Rate	4.45%		4.45%
Debt instrument, repurchase amount	$ 350,000,000		$ 350,000,000
Effective interest rate (percent)	4.10%		4.10%
$600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| Line of Credit
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 600,000,000		$ 600,000,000
Extension period			6 months
Effective interest rate (percent)	6.24%		6.24%
$600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.84%
$350 Million Unsecured Senior Notes due 2023 \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 350,000,000		$ 350,000,000
Stated Rate	3.40%		3.40%
Effective interest rate (percent)	3.43%		3.43%
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 215,000,000		$ 215,000,000
Debt instrument, term			1 year
Extension period			1 year
Effective interest rate (percent)	6.45%		6.45%
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
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			1.05%
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Minimum \| Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.85%
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Maximum \| Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			1.70%
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 250,000,000		$ 250,000,000
Effective interest rate (percent)	4.54%		4.54%
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.95%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.125	$ 0.21	$ 0.545	$ 0.63

Stock Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Annually, the Compensation Committee of Piedmont's Board of Directors has granted deferred stock award units to certain employees at its discretion. Employee awards typically vest ratably over three or four 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 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 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. The number of shares earned, if any, are determined at the end of the multi-year performance period (or upon termination) and vest immediately. In the event that a participant's employment is terminated prior to the end of the multi-year period, in certain circumstances the participant may be entitled to a pro-rated award based on Piedmont's TSR relative performance as of the termination date. The grant date fair value of the multi-year performance share awards is

estimated using the Monte Carlo valuation method and is recognized ratably over the performance period.

A rollforward of Piedmont's equity based award activity for the nine months ended September 30, 2023 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2022	729,424	$	19.21
Deferred Stock Awards Granted	987,094	$	9.60
Performance Stock Awards Granted	424,922	$	12.37
Change in Estimated Potential Share Awards based on TSR Performance	(548,754)	$	14.33
Performance Stock Awards Vested	(90,064)	$	25.83
Deferred Stock Awards Vested	(334,020)	$	15.17
Deferred Stock Awards Forfeited	(16,884)	$	11.26
Unvested and Potential Stock Awards as of September 30, 2023	1,151,718	$	11.50

The following table provides additional information regarding stock award activity during the three and nine months ended September 30, 2023 and 2022, respectively (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	—	$	—	$	9.60	$	16.54
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	200	$	200	$	5,066	$	5,106
Share-based Liability Awards Paid During the Period (1)	$	—	$	—	$	—	$	5,481

(1)Reflects the value of stock earned pursuant to the 2019-21 Performance Share Plan paid out during the nine months ended September 30, 2022.

A detail of Piedmont’s outstanding stock awards and programs as of September 30, 2023 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	26,385	(2)	$	21.04	Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, 2022, 2023 and 2024 respectively.	9,505




February 17, 2021	Deferred Stock Award	212,739		$	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.	57,229
February 18, 2021	2021-2023 Performance Share Program	—		$	23.04	Shares awarded, if any, will vest immediately upon determination of award in 2024.	—	(3)

February 10, 2022	Deferred Stock Award	172,523		$	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.	111,516
February 17, 2022	2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	116,111	(3)

February 13, 2023	Deferred Stock Award	398,024		$	10.55	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively.	326,430
February 23, 2023	2023-2025 Performance Share Program	—		$	12.37	Shares awarded, if any, will vest immediately upon determination of award in 2026.	—	(3)
February 23, 2023	Deferred Stock Award	418,725		$	9.47	Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027 respectively.	409,167
May 10, 2023	Deferred Stock Award-Board of Directors	121,760		$	6.57	Of the shares granted, 100% will vest on the earlier of the 2024 Annual Meeting or May 10, 2024.	121,760
Total							1,151,718

(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 September 30, 2023.

(2)Reflects a special, one-time deferred stock award to Piedmont's Chief Executive Officer effective on July 1, 2019, the date of his promotion to the position, which vests in ratable installments over a five year period beginning July 1, 2020.

(3)Estimated based on Piedmont's cumulative TSR for the respective performance period through September 30, 2023. 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 September 30, 2023 and 2022, Piedmont recognized approximately $2.1 million and $2.0 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 nine months ended September 30, 2023 and 2022, Piedmont recognized approximately $6.0 million and $6.9 million, respectively, of compensation expense related to stock awards, of which $6.0 million and $5.8 million, respectively, is related to the amortization of unvested and potential stock awards and fair value adjustment for liability awards. During the nine months ended September 30, 2023, 256,917 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of September 30, 2023, approximately $14.0 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately 1.3 years.

Summary of Significant Accounting Policies - Schedule of Fixed and Variable Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Fixed payments	$ 115,250	$ 114,280	$ 340,048	$ 334,256
Variable payments	26,284	25,292	75,818	69,379
Total Rental and Tenant Reimbursement Revenue	$ 141,534	$ 139,572	$ 415,866	$ 403,635

Debt - Schedule of Debt (Details)	9 Months Ended
Debt - Schedule of Debt (Details)	Sep. 30, 2023 USD ($) extension	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	5.46%
Discounts and unamortized debt issuance costs	$ (18,556,000)	$ (13,319,000)
Total/Weighted Average	2,050,319,000	1,983,681,000
Secured Debt
Debt Instrument [Line Items]
Total/Weighted Average	196,721,000	197,000,000
Secured Debt \| $197 Million Fixed Rate Mortgage
Debt Instrument [Line Items]
Debt instrument, face amount	$ 197,000,000
Stated Rate	4.10%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 196,721,000	197,000,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	5.60%
Discounts and unamortized debt issuance costs	$ (18,556,000)	(13,319,000)
Total/Weighted Average	$ 1,853,598,000	1,786,681,000
Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Unsecured Debt \| $350 Million Unsecured Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000
Stated Rate	3.40%
Effective interest rate (percent)	3.43%
Amount outstanding, gross	$ 0	350,000,000
Unsecured Debt \| $215 Million Unsecured 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 215,000,000
Effective interest rate (percent)	6.45%
Amount outstanding, gross	$ 215,000,000	0
Extension period	1 year
Unsecured Debt \| $215 Million Unsecured 2023 Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated Rate	4.45%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 50,154,000	400,000,000
Unsecured Debt \| $200 Million Unsecured 2022 Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Effective interest rate (percent)	6.43%
Amount outstanding, gross	$ 200,000,000	200,000,000
Extension period	6 months
Unsecured Debt \| $200 Million Unsecured 2022 Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000
Effective interest rate (percent)	4.54%
Amount outstanding, gross	$ 250,000,000	250,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.95%
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Effective interest rate (percent)	6.24%
Amount outstanding, gross	$ 157,000,000	0
Extension period	6 months
Maximum extension period (in years)	1 year
Number of extension periods \| extension	2
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	0.84%
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated Rate	9.25%
Effective interest rate (percent)	9.50%
Amount outstanding, gross	$ 400,000,000	0
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated Rate	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]
Debt instrument, face amount	$ 300,000,000
Stated Rate	2.75%
Effective interest rate (percent)	2.78%
Amount outstanding, gross	$ 300,000,000	$ 300,000,000

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		123,713,423
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of September 30, 2023 and December 31, 2022 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								September 30, 2023		December 31, 2022
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	196,721	$	197,000









Subtotal								196,721		197,000
Unsecured (Variable and Fixed)






$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023		—		350,000
$215 Million Unsecured 2023 Term Loan	SOFR + 1.05%		6.45	%	(3)	1/31/2024	(4)	215,000		—
$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024	(5)	50,154		400,000
$200 Million Unsecured 2022 Term Loan Facility	SOFR + 1.00%		6.43	%	(3)	12/16/2024	(6)	200,000		200,000
$250 Million Unsecured 2018 Term Loan	SOFR + 0.95%		4.54	%		3/31/2025		250,000		250,000
$600 Million Unsecured 2022 Line of Credit	SOFR + 0.84%		6.24	%	(3)	6/30/2026	(7)	157,000		—
$400 Million Unsecured Senior Notes due 2028	9.25	%	9.50	%		7/20/2028		400,000		—
$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								(18,556)		(13,319)
Subtotal/Weighted Average (8)	5.60	%						$	1,853,598	$	1,786,681
Total/Weighted Average (8)	5.46	%						$	2,050,319	$	1,983,681

(1)All of Piedmont’s outstanding debt as of September 30, 2023 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street.

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

(4)Piedmont may extend the term for an additional year to a final extended maturity date of January 31, 2025 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 September 30, 2023.

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Amount of gain recognized in OCI	$ 1,248	$ 2,662	$ 4,270	$ 7,507
Total amount of interest expense presented in the consolidated statements of operations	(27,361)	(17,244)	(72,827)	(44,917)
Interest rate swaps
Derivative [Line Items]
Amount of gain recognized in OCI	1,248	2,662	4,270	7,507
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense	989	(194)	2,309	(1,453)
Total amount of interest expense presented in the consolidated statements of operations	$ (27,361)	$ (17,244)	$ (72,827)	$ (44,917)

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Supplemental Disclosures for the Statement of Consolidated Cash Flows

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures for the Statement of Consolidated Cash Flows

Certain non-cash investing and financing activities for the nine months ended September 30, 2023 and 2022 (in thousands) are outlined below:


	Nine Months Ended
	September 30, 2023		September 30, 2022
Tenant improvements funded by tenants	$	30,790	$	2,928
Accrued capital expenditures and deferred lease costs	$	17,458	$	18,424
Change in accrued dividends	$	(25,358)	$	(26,048)


Change in accrued deferred financing costs	$	(32)	$	71
Accrued stock issuance costs	$	—	$	150

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 nine months ended September 30, 2023 and 2022, to the consolidated balance sheets for the respective period (in thousands):


	2023		2022
Cash and cash equivalents, beginning of period	$	16,536	$	7,419
Restricted cash and escrows, beginning of period	3,064		1,441


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	19,600	$	8,860

Cash and cash equivalents, end of period	$	5,044	$	10,653
Restricted cash and escrows, end of period	5,983		2,191


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	11,027	$	12,844

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.

Segment Information

9 Months Ended

Sep. 30, 2023

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: Atlanta, Dallas, Orlando, Washington, D.C./Northern Virginia, Minneapolis, New York, and Boston. These operating segments are also Piedmont’s reportable segments. As of September 30, 2023, 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.

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

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

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Atlanta	$	40,433	$	34,026	$	119,860	$	92,558
Dallas	28,619		28,379		84,680		81,881
Orlando	15,234		15,131		46,112		43,513
Washington, D.C./Northern Virginia	15,251		15,608		45,029		46,980
Minneapolis	16,700		15,470		47,125		45,987
New York	13,940		14,525		40,674		42,461
Boston	10,875		14,735		31,642		44,797
Total reportable segments	141,052		137,874		415,122		398,177
Other	5,934		6,226		17,303		18,381
Total Revenues	$	146,986	$	144,100	$	432,425	$	416,558

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Atlanta	$	25,965	$	21,627	$	77,247	$	58,354
Dallas	16,334		15,325		47,313		47,189
Orlando	8,895		8,865		27,446		26,206
Washington, D.C./Northern Virginia	9,183		9,712		27,156		29,851
Minneapolis	9,166		8,072		25,622		23,950
New York	7,565		7,959		22,286		23,901
Boston	6,422		9,646		19,213		29,922
Total reportable segments	83,530		81,206		246,283		239,373
Other	3,544		3,893		9,956		10,794
Total NOI	$	87,074	$	85,099	$	256,239	$	250,167

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net income/(loss) applicable to Piedmont	$	(17,002)	$	3,331	$	(20,357)	$	71,261
Management fee revenue (1)	(210)		(177)		(756)		(743)



Depreciation and amortization	58,311		58,230		173,946		165,850
Goodwill impairment charge	10,957		—		10,957		—


General and administrative expenses	7,043		6,590		22,013		21,212
Interest expense	27,361		17,244		72,827		44,917
Other income	(207)		(119)		(3,218)		(1,655)
Loss on early extinguishment of debt	820		—		820		—
Gain on sale of real estate assets	—		—		—		(50,674)
Net income/(loss) applicable to noncontrolling interest	1		—		7		(1)
NOI	$	87,074	$	85,099	$	256,239	$	250,167

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Right of use asset	$ 100		$ 100		$ 200
Lease liability	100		100		$ 200
Operating lease costs	$ 20,000	$ 60	$ 20,000	$ 60
Operating lease, remaining lease term	1 year		1 year
Discount rate	3.86%		3.86%

Fair Value Measurement of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of 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 September 30, 2023 and December 31, 2022, respectively (in thousands):


	September 30, 2023					December 31, 2022
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)	$	5,044	$	5,044	Level 1	$	16,536	$	16,536	Level 1
Tenant receivables, net (1)	$	8,806	$	8,806	Level 1	$	4,762	$	4,762	Level 1

Restricted cash and escrows (1)	$	5,983	$	5,983	Level 1	$	3,064	$	3,064	Level 1
Interest rate swaps	$	5,841	$	5,841	Level 2	$	4,183	$	4,183	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	15,224	$	15,224	Level 1	$	63,225	$	63,225	Level 1

Debt, net	$	2,050,319	$	1,868,624	Level 2	$	1,983,681	$	1,825,723	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.

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Share Activity

A rollforward of Piedmont's equity based award activity for the nine months ended September 30, 2023 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2022	729,424	$	19.21
Deferred Stock Awards Granted	987,094	$	9.60
Performance Stock Awards Granted	424,922	$	12.37
Change in Estimated Potential Share Awards based on TSR Performance	(548,754)	$	14.33
Performance Stock Awards Vested	(90,064)	$	25.83
Deferred Stock Awards Vested	(334,020)	$	15.17
Deferred Stock Awards Forfeited	(16,884)	$	11.26
Unvested and Potential Stock Awards as of September 30, 2023	1,151,718	$	11.50


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	—	$	—	$	9.60	$	16.54
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	200	$	200	$	5,066	$	5,106
Share-based Liability Awards Paid During the Period (1)	$	—	$	—	$	—	$	5,481

(1)Reflects the value of stock earned pursuant to the 2019-21 Performance Share Plan paid out during the nine months ended September 30, 2022.

Schedule of Outstanding Employee Stock Awards

A detail of Piedmont’s outstanding stock awards and programs as of September 30, 2023 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	26,385	(2)	$	21.04	Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, 2022, 2023 and 2024 respectively.	9,505




February 17, 2021	Deferred Stock Award	212,739		$	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.	57,229
February 18, 2021	2021-2023 Performance Share Program	—		$	23.04	Shares awarded, if any, will vest immediately upon determination of award in 2024.	—	(3)

February 10, 2022	Deferred Stock Award	172,523		$	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.	111,516
February 17, 2022	2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	116,111	(3)

February 13, 2023	Deferred Stock Award	398,024		$	10.55	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively.	326,430
February 23, 2023	2023-2025 Performance Share Program	—		$	12.37	Shares awarded, if any, will vest immediately upon determination of award in 2026.	—	(3)
February 23, 2023	Deferred Stock Award	418,725		$	9.47	Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027 respectively.	409,167
May 10, 2023	Deferred Stock Award-Board of Directors	121,760		$	6.57	Of the shares granted, 100% will vest on the earlier of the 2024 Annual Meeting or May 10, 2024.	121,760
Total							1,151,718

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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. Such commitments are accrued and capitalized as the related expenditures are incurred. In addition to the amounts that Piedmont has already committed to as a part of executed leases, Piedmont also anticipates continuing to incur similar market-based tenant improvement allowances and leasing commissions in conjunction with procuring future leases for its existing portfolio of properties. Both the timing and magnitude of expenditures related to future leasing activity can vary due to a number of factors and are highly dependent on the size of the leased square footage and the competitive market conditions of the particular office market at the time a lease is being negotiated. 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 and nine months ended September 30, 2023 or 2022.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income/(loss)	$ (20,350)	$ 71,260
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	110,422	98,828
Amortization of debt issuance costs inclusive of settled interest rate swaps	4,263	2,738
Other amortization	55,897	60,457
Goodwill impairment charge	10,957	0
Loss on early extinguishment of debt	287	0
Reversal of general reserve for uncollectible accounts	(1,000)	(2,000)
Stock compensation expense	6,029	6,880
Gain on sale of real estate assets	0	(50,674)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(13,015)	(14,760)
Increase in prepaid expenses and other assets	(8,789)	(933)
Increase in accounts payable and accrued expenses	16,606	4,571
Decrease in deferred income	(776)	(12,383)
Net cash provided by operating activities	160,531	163,984
Cash Flows from Investing Activities:
Acquisition of real estate assets, net of related debt assumed, and intangibles	0	(270,899)
Capitalized expenditures	(113,392)	(95,507)
Net sales proceeds from wholly-owned properties	0	143,596
Proceeds from notes receivable	0	118,500
Deferred lease costs paid	(23,603)	(16,042)
Net cash used in investing activities	(136,995)	(120,352)
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(1,720)	(194)
Proceeds from debt	1,112,203	761,420
Repayments of debt	(1,048,125)	(693,000)
Costs of issuance of common stock	0	(311)
Value of shares withheld for payment of taxes related to employee stock compensation	(1,681)	(3,764)
Dividends paid	(92,786)	(103,799)
Net cash used in financing activities	(32,109)	(39,648)
Net (decrease)/increase in cash, cash equivalents, and restricted cash and escrows	(8,573)	3,984
Cash, cash equivalents, and restricted cash and escrows, beginning of period	19,600	8,860
Cash, cash equivalents, and restricted cash and escrows, end of period	$ 11,027	$ 12,844

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Net income/(loss) applicable to Piedmont	$ (17,002)	$ 3,331	$ (20,357)	$ 71,261
Management fee revenue	(210)	(177)	(756)	(743)
Depreciation and amortization	58,311	58,230	173,946	165,850
Goodwill impairment charge	10,957	0	10,957	0
General and administrative expenses	7,043	6,590	22,013	21,212
Interest expense	27,361	17,244	72,827	44,917
Other income	(207)	(119)	(3,218)	(1,655)
Loss on early extinguishment of debt	(820)	0	(820)	0
Gain on sale of real estate assets	0	0	0	(50,674)
Net income/(loss) applicable to noncontrolling interest	1	0	7	(1)
NOI	$ 87,074	$ 85,099	$ 256,239	$ 250,167

Stock Based Compensation - Rollforward of Stock Awards (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Shares
Unvested and potential stock awards, end of period (in shares)	1,151,718		1,151,718
Stock Awards
Shares
Unvested and potential stock awards, beginning of period (in shares)			729,424
Unvested and potential stock awards, end of period (in shares)	1,151,718		1,151,718
Weighted-Average Grant Date Fair Value
Unvested and potential stock awards, beginning of period (in dollars per share)			$ 19.21
Unvested and potential stock awards, end of period (in dollars per share)	$ 11.50		$ 11.50
Deferred Stock Awards
Shares
Stock awards granted (in shares)			987,094
Stock awards vested (in shares)			(334,020)
Deferred stock awards forfeited (in shares)			(16,884)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 0	$ 0	$ 9.60	$ 16.54
Stock awards vested (in dollars per share)			15.17
Deferred stock awards forfeited (in dollars per share)			$ 11.26
Performance Share Awards
Shares
Stock awards granted (in shares)			424,922
Change in estimated potential share award based on TSR performance (in shares)			(548,754)
Stock awards vested (in shares)			(90,064)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)			$ 12.37
Change in estimated potential share award based on TSR performance (in dollars per share)			14.33
Stock awards vested (in dollars per share)			$ 25.83

Goodwill Impairment Charge (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Indefinite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 10,957	$ 0	$ 10,957	$ 0
Minimum \| Measurement Input, Discount Rate
Indefinite-Lived Intangible Assets [Line Items]
Goodwill, measurement input	8.50%
Minimum \| Measurement Input, Cap Rate
Indefinite-Lived Intangible Assets [Line Items]
Goodwill, measurement input	8.50%
Maximum \| Measurement Input, Discount Rate
Indefinite-Lived Intangible Assets [Line Items]
Goodwill, measurement input	9.25%
Maximum \| Measurement Input, Cap Rate
Indefinite-Lived Intangible Assets [Line Items]
Goodwill, measurement input	9.00%

Segment Information - Narrative (Details)	Sep. 30, 2023 property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	51
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 146,986	$ 144,100	$ 432,425	$ 416,558
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	141,052	137,874	415,122	398,177
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	5,934	6,226	17,303	18,381
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	40,433	34,026	119,860	92,558
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	28,619	28,379	84,680	81,881
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,234	15,131	46,112	43,513
Washington, D.C./Northern Virginia \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,251	15,608	45,029	46,980
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	16,700	15,470	47,125	45,987
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	13,940	14,525	40,674	42,461
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 10,875	$ 14,735	$ 31,642	$ 44,797

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate assets, at cost:
Land	$ 567,244	$ 567,244
Buildings and improvements, less accumulated depreciation of $1,013,019 and $915,010 as of September 30, 2023 and December 31, 2022, respectively	2,769,366	2,766,990
Intangible lease assets, less accumulated amortization of $86,197 and $90,694 as of September 30, 2023 and December 31, 2022, respectively	91,387	114,380
Construction in progress	74,579	52,010
Total real estate assets	3,502,576	3,500,624
Cash and cash equivalents	5,044	16,536
Tenant receivables, net of allowance for doubtful accounts of $0 and $1,000 as of September 30, 2023 and December 31, 2022, respectively	8,806	4,762
Straight-line rent receivables	181,843	172,019
Restricted cash and escrows	5,983	3,064
Prepaid expenses and other assets	26,156	17,152
Goodwill	71,980	82,937
Interest rate swaps	5,841	4,183
Deferred lease costs, less accumulated amortization of $217,804 and $221,731 as of September 30, 2023 and December 31, 2022, respectively	265,549	284,248
Total assets	4,073,778	4,085,525
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $18,556 and $13,319 as of September 30, 2023 and December 31, 2022, respectively	1,853,598	1,786,681
Secured debt	196,721	197,000
Accounts payable, accrued expenses and accrued capital expenditures	120,579	110,306
Dividends payable	0	25,357
Deferred income	89,990	59,977
Intangible lease liabilities, less accumulated amortization of $36,985 and $36,423 as of September 30, 2023 and December 31, 2022, respectively	45,825	56,949
Total liabilities	2,306,713	2,236,270
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of September 30, 2023 or December 31, 2022	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of September 30, 2023 or December 31, 2022	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,696,475 and 123,439,558 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	1,237	1,234
Additional paid-in capital	3,714,629	3,711,005
Cumulative distributions in excess of earnings	(1,943,652)	(1,855,893)
Accumulated other comprehensive loss	(6,718)	(8,679)
Piedmont stockholders’ equity	1,765,496	1,847,667
Noncontrolling interest	1,569	1,588
Total stockholders’ equity	1,767,065	1,849,255
Total liabilities and stockholders’ equity	$ 4,073,778	$ 4,085,525

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 2.1	$ 2.0	$ 6.0	$ 6.9
Amortization of unvested shares			$ 6.0	$ 5.8
Total shares issued to employees, directors, and officers (in shares)			256,917
Unrecognized compensation cost related to nonvested	$ 14.0		$ 14.0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
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 3 months 18 days
Independent Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Piedmont are 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	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, 2022. 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, judgments regarding the recoverability of goodwill, and the assessment of the collectability 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, specifically interest rate swap 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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss) applicable to Piedmont	$ (17,002)	$ 3,331	$ (20,357)	$ 71,261
Other comprehensive income:
Effective portion of gain on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	1,248	2,662	4,270	7,507
Plus: Reclassification of net loss/(gain) included in net income (See Note 4)	(989)	194	(2,309)	1,453
Other comprehensive income	259	2,856	1,961	8,960
Comprehensive income/(loss) applicable to Piedmont	$ (16,743)	$ 6,187	$ (18,396)	$ 80,221

- Definition

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

+ References

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+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Fourth Quarter Dividend Declaration On October 25, 2023, the board of directors of Piedmont declared a dividend for the fourth quarter of 2023 in the amount of $0.125 per common share outstanding to stockholders of record as of the close of business on November 24, 2023. Such dividend will be paid on January 2, 2024.

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 87,074	$ 85,099	$ 256,239	$ 250,167
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	83,530	81,206	246,283	239,373
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	3,544	3,893	9,956	10,794
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	25,965	21,627	77,247	58,354
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	16,334	15,325	47,313	47,189
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	8,895	8,865	27,446	26,206
Washington, D.C./Northern Virginia \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	9,183	9,712	27,156	29,851
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	9,166	8,072	25,622	23,950
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	7,565	7,959	22,286	23,901
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 6,422	$ 9,646	$ 19,213	$ 29,922

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Fixed and Variable Lease Revenue


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Fixed payments	$	115,250	$	114,280	$	340,048	$	334,256
Variable payments	26,284		25,292		75,818		69,379
Total Rental and Tenant Reimbursement Revenue	$	141,534	$	139,572	$	415,866	$	403,635

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Atlanta	$	40,433	$	34,026	$	119,860	$	92,558
Dallas	28,619		28,379		84,680		81,881
Orlando	15,234		15,131		46,112		43,513
Washington, D.C./Northern Virginia	15,251		15,608		45,029		46,980
Minneapolis	16,700		15,470		47,125		45,987
New York	13,940		14,525		40,674		42,461
Boston	10,875		14,735		31,642		44,797
Total reportable segments	141,052		137,874		415,122		398,177
Other	5,934		6,226		17,303		18,381
Total Revenues	$	146,986	$	144,100	$	432,425	$	416,558

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Atlanta	$	25,965	$	21,627	$	77,247	$	58,354
Dallas	16,334		15,325		47,313		47,189
Orlando	8,895		8,865		27,446		26,206
Washington, D.C./Northern Virginia	9,183		9,712		27,156		29,851
Minneapolis	9,166		8,072		25,622		23,950
New York	7,565		7,959		22,286		23,901
Boston	6,422		9,646		19,213		29,922
Total reportable segments	83,530		81,206		246,283		239,373
Other	3,544		3,893		9,956		10,794
Total NOI	$	87,074	$	85,099	$	256,239	$	250,167

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net income/(loss) applicable to Piedmont	$	(17,002)	$	3,331	$	(20,357)	$	71,261
Management fee revenue (1)	(210)		(177)		(756)		(743)



Depreciation and amortization	58,311		58,230		173,946		165,850
Goodwill impairment charge	10,957		—		10,957		—


General and administrative expenses	7,043		6,590		22,013		21,212
Interest expense	27,361		17,244		72,827		44,917
Other income	(207)		(119)		(3,218)		(1,655)
Loss on early extinguishment of debt	820		—		820		—
Gain on sale of real estate assets	—		—		—		(50,674)
Net income/(loss) applicable to noncontrolling interest	1		—		7		(1)
NOI	$	87,074	$	85,099	$	256,239	$	250,167

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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

Net income/(loss) per share-basic is calculated as net income/(loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income/(loss) per share-diluted is calculated as net income/(loss) available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including 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 September 30, 2023 and 2022, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of approximately 1,388,320 and 194,330, respectively, and for the nine months ended September 30, 2023 and 2022, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of 1,216,637 and 346,695, respectively.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
Weighted-average common shares – basic	123,696	123,395	123,640	123,330
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	—	302	—	301
Weighted-average common shares – diluted	123,696	123,697	123,640	123,631

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

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Certain Non-cash Investing and Financing Activities

Certain non-cash investing and financing activities for the nine months ended September 30, 2023 and 2022 (in thousands) are outlined below:


	Nine Months Ended
	September 30, 2023		September 30, 2022
Tenant improvements funded by tenants	$	30,790	$	2,928
Accrued capital expenditures and deferred lease costs	$	17,458	$	18,424
Change in accrued dividends	$	(25,358)	$	(26,048)


Change in accrued deferred financing costs	$	(32)	$	71
Accrued stock issuance costs	$	—	$	150


	2023		2022
Cash and cash equivalents, beginning of period	$	16,536	$	7,419
Restricted cash and escrows, beginning of period	3,064		1,441


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	19,600	$	8,860

Cash and cash equivalents, end of period	$	5,044	$	10,653
Restricted cash and escrows, end of period	5,983		2,191


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	11,027	$	12,844

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	May 10, 2023	Feb. 23, 2023	Feb. 13, 2023	Feb. 10, 2022	Feb. 17, 2021	Jul. 01, 2019	May 03, 2019	Sep. 30, 2023	Feb. 17, 2022	Feb. 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)								1,151,718
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)							26,385
Grant date fair value (in dollars per share)							$ 21.04
Unvested shares (in shares)								9,505
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 17, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)					212,739
Grant date fair value (in dollars per share)					$ 17.15
Unvested shares (in shares)								57,229
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)				172,523
Grant date fair value (in dollars per share)				$ 16.85
Unvested shares (in shares)								111,516
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, Granted February 13, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			398,024
Grant date fair value (in dollars per share)			$ 10.55
Unvested shares (in shares)								326,430
Deferred Stock Awards \| Deferred Stock Award, Granted February 13, 2023 \| 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 13, 2023 \| 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 13, 2023 \| 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 13, 2023 \| 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 23, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		418,725
Grant date fair value (in dollars per share)		$ 9.47
Unvested shares (in shares)								409,167
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| 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 23, 2023 \| 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 23, 2023 \| 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 23, 2023 \| 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 10, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	121,760
Grant date fair value (in dollars per share)	$ 6.57
Unvested shares (in shares)								121,760
Deferred Stock Awards \| Deferred Stock Award-Board of Directors, Granted May 10, 2023 \| 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 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)								0
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)								116,111
Performance Share Awards \| Performance Share Program Award, Granted February 23, 2023
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)		$ 12.37
Unvested shares (in shares)								0
Chief Executive Officer Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						5 years

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Denominator for the Basic and Diluted Earnings Per Share Computations


	Three Months Ended		Nine Months Ended
	September 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
Weighted-average common shares – basic	123,696	123,395	123,640	123,330
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	—	302	—	301
Weighted-average common shares – diluted	123,696	123,697	123,640	123,631

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details)	Sep. 30, 2023 USD ($) derivative_contract
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	2
Notional amount of interest rate swap agreements	$ 250,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan
Derivative [Line Items]
Debt instrument, face amount	$ 250,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 1
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	2
Notional amount of interest rate swap agreements	$ 100,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 2
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	3
Notional amount of interest rate swap agreements	$ 75,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 3
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	3
Notional amount of interest rate swap agreements	$ 75,000,000

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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)	$ 0	$ 0	$ 9.60	$ 16.54
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 200	$ 200	$ 5,066	$ 5,106
Performance Share 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)			$ 12.37
Share-based liability awards paid during the period	$ 0	$ 0	$ 0	$ 5,481

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 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

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/2/2022

3/31/2025

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/12/2022

3/31/2025

Total

250

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of September 30, 2023 and December 31, 2022, respectively, is as follows (in thousands):


Interest rate swaps classified as:	September 30, 2023		December 31, 2022
Gross derivative assets	$	5,841	$	4,183
Gross derivative liabilities	—		—
Net derivative asset	$	5,841	$	4,183

Schedule of Derivative Instruments, Effect on Other Comprehensive Income


	Three Months Ended				Nine Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Amount of gain recognized in OCI	$	1,248	$	2,662	$	4,270	$	7,507
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense	$	989	$	(194)	$	2,309	$	(1,453)


Total amount of interest expense presented in the consolidated statements of operations	$	(27,361)	$	(17,244)	$	(72,827)	$	(44,917)

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Tenant improvements funded by tenants	$ 30,790	$ 2,928
Accrued capital expenditures and deferred lease costs	17,458	18,424
Change in accrued dividends	(25,358)	(26,048)
Change in accrued deferred financing costs	(32)	71
Accrued stock issuance costs	0	150
Cash and cash equivalents	5,044	10,653	$ 16,536	$ 7,419
Restricted cash and escrows	5,983	2,191	3,064	1,441
Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$ 11,027	$ 12,844	$ 19,600	$ 8,860

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental and tenant reimbursement revenue	$ 141,534	$ 139,572	$ 415,866	$ 403,635
Total revenues	146,986	144,100	432,425	416,558
Expenses:
Property operating costs	59,847	59,039	176,006	166,295
Depreciation	38,150	34,941	110,422	98,828
Amortization	20,160	23,290	63,524	67,022
Goodwill impairment charge	10,957	0	10,957	0
General and administrative	7,043	6,590	22,013	21,212
Expenses	136,157	123,860	382,922	353,357
Other income (expense):
Interest expense	(27,361)	(17,244)	(72,827)	(44,917)
Other income	351	335	3,794	2,302
Loss on early extinguishment of debt	(820)	0	(820)	0
Gain on sale of real estate assets	0	0	0	50,674
Other income (expense):	(27,830)	(16,909)	(69,853)	8,059
Net income/(loss)	(17,001)	3,331	(20,350)	71,260
Net loss/(income) applicable to noncontrolling interest	(1)	0	(7)	1
Net income/(loss) applicable to Piedmont	$ (17,002)	$ 3,331	$ (20,357)	$ 71,261
Per share information – basic and diluted:
Net income/(loss) applicable to common stockholders - basic (in dollars per share)	$ (0.14)	$ 0.03	$ (0.16)	$ 0.58
Net income/(loss) applicable to common stockholders - diluted (in dollars per share)	$ (0.14)	$ 0.03	$ (0.16)	$ 0.58
Weighted-average common shares outstanding – basic (in shares)	123,696,475	123,395,381	123,639,797	123,329,626
Weighted-average common shares outstanding – diluted (in shares)	123,696,475	123,697,455	123,639,797	123,630,501
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 396	$ 303	$ 1,340	$ 1,280
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 5,056	$ 4,225	$ 15,219	$ 11,643

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0	$ 0	$ 0

Goodwill Impairment Charge	9 Months Ended
Goodwill Impairment Charge	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Impairment Charge	Goodwill Impairment Charge During the three months ended September 30, 2023, Piedmont considered the decline in its stock price to be an indicator of impairment and performed an interim impairment assessment of its goodwill balance. This assessment involved comparing the estimated fair value of each of its reporting units (see Note 11) to the reporting unit’s carrying value, inclusive of the goodwill balance allocated to the reporting unit. Estimation of the fair value of each reporting unit involved the projection of discounted future cash flows using certain assumptions that are subjective in nature, including assumptions regarding future market rental rates and the number of months it may take to re-lease a property subsequent to the expiration of current lease agreements, as well as future property operating expenses, among other factors. Based on its analysis, Piedmont determined that the only reporting unit where the carrying value exceeded the estimated fair value (inclusive of the assigned goodwill balance) as of September 30, 2023 was the Minneapolis reporting unit. Consequently, Piedmont recorded an approximately $11.0 million goodwill impairment charge equal to the goodwill balance that had been assigned to the Minneapolis reporting unit in the accompanying consolidated statement of operations. The fair value measurements used in the evaluation described above are considered to be Level 3 valuations within the fair value hierarchy as defined by GAAP as the measurements involve projections of discounted future cash flows, which are derived from unobservable assumptions, the most subjective of which are capitalization rates and discount rates for each respective reporting unit. The range of discount rates and the capitalization rate used in the analysis for the Minneapolis reporting unit were 8.50% to 9.25% and 8.50% to 9.00%, respectively.

Derivative Instruments - Narrative (Details) $ in Millions	9 Months Ended
Derivative Instruments - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) derivative_contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of swap agreements \| derivative_contract	2
Maximum period of extension term	18 months
Decrease in interest expense over the next twelve months \| $	$ 3.2

Subsequent Event (Details)	Oct. 25, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.125