0001042776-24-000033 | 10-K | XBRL Viewer | Piedmont Office Realty Trust INC

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Segment Information - Revenue by Geographical Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	$ 577,756	$ 563,766	$ 528,710
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	555,514	539,196	503,453
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	22,242	24,570	25,257
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	161,310	131,230	98,330
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	111,592	109,298	110,729
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	61,688	58,203	54,603
Northern Virginia/Washington D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	60,324	63,534	60,329
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	63,713	61,530	61,563
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	54,040	56,189	52,454
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	$ 42,847	$ 59,212	$ 65,445

Derivative Instruments - Notional Amounts of Outstanding Derivative Positions (Details) - Unsecured Debt	Dec. 31, 2023 USD ($) derivative_contract
Derivative [Line Items]
Interest rate swaps, notional amount	$ 250,000,000
$250 Million Unsecured 2018 Term Loan
Derivative [Line Items]
Debt instrument, face amount	$ 250,000,000
$250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 1
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	2
Interest rate swaps, notional amount	$ 100,000,000
$250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 2
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	3
Interest rate swaps, notional amount	$ 75,000,000
$250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 3
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	3
Interest rate swaps, notional amount	$ 75,000,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Piedmont are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors.

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

All inter-company balances and transactions have been eliminated upon consolidation.

Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity and consequently the assets of the special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates includes the underlying cash flows and holding periods used in assessing impairment, judgements regarding the recoverability of goodwill including the assumptions associated with the capitalization rates and discount rates used in valuing the properties in each reporting unit, and the assessment of the collectibility of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially differ from those estimates.

Real Estate Assets

Piedmont classifies its real estate assets as long-lived assets held for use or as long-lived assets held for sale. Held for use assets are stated at cost, as adjusted for any impairment loss, less accumulated depreciation. Held for sale assets are carried at lower of depreciated cost or estimated fair value, less estimated costs to sell. Piedmont generally reclassifies assets as held for sale once a sales contract has been executed and earnest money has become non-refundable.

Amounts capitalized to real estate assets consist of the cost of acquisition or construction, any tenant improvements or major improvements, betterments that extend the useful life of the related asset, and transaction costs associated with the acquisition of an individual asset that does not qualify as a business combination. All repairs and maintenance are expensed as incurred. Additionally, Piedmont capitalizes interest and other costs such as taxes and insurance while the development, or redevelopment, of a real estate asset is in progress.

Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives:


Buildings			40 years
Building improvements			5-25 years
Land improvements			20-25 years
Tenant allowances			Lease term
Furniture, fixtures, and equipment			3-10 years
Intangible lease assets			Lease term

Piedmont continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of operating properties in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present, management assesses whether the respective carrying values will be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition for assets held for use, or from the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use or the estimated fair value, less costs to sell, for assets held for sale do not exceed the respective asset carrying value, management adjusts such assets to the respective estimated fair values and recognizes an impairment loss. Estimated fair values are calculated based on the following information, depending upon availability, in order of preference: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated sales value (which is based on key assumptions such as estimated market rents, lease-up periods, estimated lease terms, and capitalization and discount rates) less estimated selling costs.

Fair Value of Assets and Liabilities of Acquired Properties

Upon the acquisition of real properties, Piedmont records the fair value of properties (plus any related acquisition costs) allocated based on relative fair value as tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based on their estimated fair values. Piedmont's property acquisitions typically qualify as asset acquisitions under Accounting Standards Codification ("ASC") 805, Business Combinations.

The estimated fair values of the tangible assets of an acquired property are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the estimated fair value of these assets. Management relies on a sales comparison approach using closed land sales and listings in determining the land value, and determines the as-if-vacant estimated fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates the cost to execute similar leases including leasing commissions, legal, and other related costs.

The estimated fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of market rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any

below-market leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental revenues over the remaining terms of the respective leases.

The estimated fair values of in-place leases include an estimate of the direct costs associated with obtaining the acquired or "in place" tenant, estimates of opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. The amount capitalized as a direct cost associated with obtaining a tenant includes commissions, tenant improvements, and other direct costs and is estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in deferred lease costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

Gross intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, recorded as of December 31, 2023 and 2022, respectively, are as follows (in thousands):


	December 31, 2023		December 31, 2022
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	868	$	1,147
In-Place Lease Valuation	$	169,786	$	203,927
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	235,820	$	285,777
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	78,736	$	93,372

For the years ended December 31, 2023, 2022, and 2021, respectively, Piedmont recognized amortization of intangible lease costs in the accompanying consolidated statements of operations, as follows (in thousands):


	2023		2022		2021
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in Amortization	$	68,642	$	74,167	$	69,388
Amortization of Above-Market and Below-Market In-Place Lease Intangibles as a net increase to Rental and Tenant Reimbursement Revenue	$	13,830	$	13,426	$	11,180

Net intangible assets and liabilities as of December 31, 2023 will be amortized as follows (in thousands):


	Intangible Lease Assets
	Above-Market In-place Lease Assets		In-Place Lease Valuation		Intangible Lease Origination Costs (1)		Below-Market In-place Lease Liabilities
For the year ending December 31:
2024	$	109	$	21,570	$	26,305	$	9,756
2025	31		16,194		20,999		8,152
2026	14		12,739		17,740		6,623
2027	13		10,061		14,552		5,535
2028	13		7,934		11,748		4,724
Thereafter	17		13,893		21,015		8,135
	$	197	$	82,391	$	112,359	$	42,925

Weighted-Average Amortization Period (in years)	3		5		6		6

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

Cash and Cash Equivalents

Piedmont considers all highly-liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include cash and short-term investments. The majority of Piedmont’s cash and cash equivalents are held at major commercial banks and at times may exceed the Federal Deposit Insurance Corporation limit of $250,000. Short-term investments consist of investments in money market accounts stated at cost, which approximates estimated fair value, and available-for-sale securities associated with Piedmont's non-qualified deferred compensation program carried at estimated fair value.

Tenant Receivables and Straight-line Rent Receivables

Tenant receivables are comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Piedmont evaluates the collectibility of its operating lease receivables on a tenant/lease-specific basis and recognizes changes in the collectibility assessment of its operating lease receivables as a reduction of rental and tenant reimbursement revenues.

Allowance for Doubtful Accounts

As detailed above, Piedmont records contra-revenue adjustments to reduce tenant and straight-line rent receivables to their net realizable value when collectibility is in question. During the year ended December 31, 2020 Piedmont also established an allowance for doubtful accounts due to the general uncertainty regarding collectibility of certain tenant receivables during the COVID-19 pandemic. The majority of this allowance was ultimately not used and was reversed during the two years ended December 31, 2023. A roll forward of the allowance for doubtful accounts for the years ended December 31, 2023, 2022, and 2021 is as follows:


	Balance at Beginning of Period		Additions/Reversals as Decrease/(Increase) to Revenue		Write-offs		Balance at End of Period
Year Ended December 31,
2023	$	1,000	$	(1,000)	$	—	$	—
2022	$	4,000	$	(3,000)	$	—	$	1,000
2021	$	4,553	$	35	$	(588)	$	4,000

Restricted Cash and Escrows

Restricted cash and escrows principally relate to the following types of items:

•escrow accounts held by lenders to pay future real estate taxes, insurance, debt service, and tenant improvements;

•net sales proceeds from property sales held by qualified intermediary for potential Section 1031 exchange;

•earnest money paid in connection with future acquisitions; and

•security and utility deposits paid by tenants per the terms of their respective leases.

Restricted cash and escrows are generally reclassified to other asset or liability accounts upon being used to purchase assets, satisfy obligations, or settle tenant obligations.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets are primarily comprised of the following items:

•prepaid property taxes, insurance and operating costs;

•receivables which are unrelated to tenants, for example, insurance proceeds receivable from insurers related to casualty losses; and

•equipment, furniture and fixtures, and tenant improvements for Piedmont’s corporate office and property management office space, net of accumulated depreciation.

Prepaid expenses and other assets will be expensed as utilized or depreciated in the case of Piedmont's corporate assets. Balances without a future economic benefit are expensed as they are identified.

Goodwill

Goodwill is the excess of cost of an acquired entity over the amounts specifically assigned to assets acquired and liabilities assumed in purchase accounting for business combinations, and is allocated to each of Piedmont's reporting units. (See Note 14 below for further detail). Piedmont tests the carrying value of the goodwill assigned to each of its reporting units for impairment on an annual basis, or on an interim basis if an event occurs or circumstances change that would indicate it is more likely than not that the fair value of a reporting unit may be less than its carrying value. Such interim circumstances may include, but are not limited to, significant adverse changes in legal factors or in the general business climate, adverse action or assessment by a regulator, unanticipated competition, the loss of key personnel, or persistent declines in an entity’s stock price below the carrying value of the entity.

In performing its goodwill impairment assessment, Piedmont compares the estimated fair value of each of its reporting units to the reporting unit’s carrying value. If Piedmont concludes that the fair value of a reporting unit is less than its carrying value, then Piedmont would recognize a goodwill impairment loss equal to the excess of the reporting unit’s carrying amount over its estimated fair value (not to exceed the total goodwill allocated to that reporting unit).

Estimation of the fair value of each reporting unit involves projections of discounted future cash flows, which are derived using certain assumptions that are subjective in nature. Piedmont also makes assumptions about future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, and the number of months it takes to re-lease the property, among other factors.

As a result of impairment assessments performed during the years ended December 31, 2023 and 2022 Piedmont determined that portions of its goodwill related to various reporting units were impaired, and recorded goodwill impairment charges in each period as further described in Note 6 below.

Interest Rate Derivatives

Piedmont has periodically entered into interest rate derivative agreements to hedge its exposure to changing interest rates. As of December 31, 2023 and 2022, all of Piedmont's interest rate derivatives were designated as effective cash flow hedges and carried on the balance sheet at estimated fair value. Piedmont reassesses the effectiveness of its derivatives designated as cash flow hedges on a regular basis to determine if they continue to be highly effective and if the forecasted transactions remain highly probable. Piedmont does not use derivatives for trading or speculative purposes.

The changes in estimated fair value of interest rate swap agreements designated as effective cash flow hedges are recorded in other comprehensive income (“OCI”), and subsequently reclassified to earnings when the hedged transactions occur. The estimated fair value of the interest rate derivative agreement is recorded as interest rate derivative asset or as interest rate derivative liability in the accompanying consolidated balance sheets. Amounts received or paid under interest rate derivative agreements are recorded as reductions or additions to interest expense in the consolidated statements of operations as incurred. Additionally, when Piedmont settles forward starting swap agreements, any gain or loss is recorded as accumulated other comprehensive income and is amortized to interest expense over the term of the respective notes on a straight line basis (which approximates the effective interest method). Further, Piedmont classifies cash flows from the settlement of hedging derivative instruments in the same category as the underlying exposure which is being hedged. Settlements resulting from the hedge of Piedmont's exposure to interest rate changes are classified as operating cash flows in the accompanying consolidated statements of cash flows.

Deferred Lease Costs

Deferred lease costs are comprised of costs and incentives incurred to acquire operating leases. In addition to direct costs, deferred lease costs also include intangible lease origination costs related to in-place leases acquired as part of a property acquisition.

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

•Approximately $56.1 million, $57.9 million, and $56.4 million of deferred lease costs are included in amortization expense for the years ended December 31, 2023, 2022, and 2021, respectively; and

•Approximately $4.4 million, $4.2 million, and $3.9 million, of deferred lease costs related to lease incentives granted to tenants are included as an offset to rental and tenant reimbursement revenue for the years ended December 31, 2023, 2022, and 2021, respectively.

Upon receipt of an early lease termination notice, Piedmont recognizes any unamortized deferred lease costs ratably over the revised remaining term of the lease after giving effect to the termination notice. If there is no remaining lease term and no other obligation to provide the tenant space in the property, then any unamortized tenant-specific costs are recognized immediately.

Debt

Piedmont records premiums and discounts on debt issuances as an increase/decrease to the principal amount of the loan in the accompanying consolidated balance sheets, and amortizes such premiums or discounts as a component of interest expense over the life of the underlying loan facility using the effective interest method. Piedmont recorded discount amortization of approximately $0.7 million, $0.6 million and $0.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Piedmont presents all debt issuance costs as an offset to the principal amount of debt in the accompanying consolidated balance sheets. Piedmont amortizes these costs to interest expense on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Piedmont recognized amortization of such costs for the years ended December 31, 2023, 2022, and 2021 of approximately $4.7 million, $2.8 million, and $2.7 million, respectively.

Deferred income

Deferred income is primarily comprised of the following items:

•prepaid rent from tenants;

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

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

Deferred income related to prepaid rents from tenants will be recognized as rental income in the period it is earned. Amounts related to operating expense reconciliations or property tax expense are relieved when the tenant's reconciliation is completed in accordance with the underlying lease, and payment is issued to the tenant. Tenant improvement allowance overages or improvements paid for by the tenant, where Piedmont owns all of the underlying improvements, are recorded as deferred income and amortized on a straight-line basis into rental and tenant reimbursement revenue over the term of the respective leases.

Shares-in-trust

To date, Piedmont has not issued any shares-in-trust; however, under Piedmont’s charter, it has authority to issue a total of 150,000,000 shares-in-trust, which would be issued only in the event that there is a purported transfer of, or other change in or affecting the ownership of, Piedmont’s capital stock that would result in a violation of the ownership limits that are included in Piedmont’s charter to protect its REIT status.

Preferred Stock

To date, Piedmont has not issued any shares of preferred stock; however, Piedmont is authorized to issue up to 100,000,000 shares of one or more classes or series of preferred stock. Piedmont’s board of directors may determine the relative rights, preferences, and privileges of any class or series of preferred stock that may be issued, and can be more beneficial than the rights, preferences, and privileges attributable to Piedmont’s common stock.

Common Stock

Under Piedmont’s charter, it has authority to issue a total of 750,000,000 shares of common stock with a par value of $0.01 per share. Each share of common stock is entitled to one vote and participates in distributions equally. Piedmont previously had a board-authorized stock repurchase program, which expired in February 2024, under which it repurchased its own shares from time to time in the open market, in accordance with applicable securities laws.

Equity Securities Issued At-The-Market

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

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

Dividends

As a REIT, Piedmont is required by the Internal Revenue Code of 1986, as amended (the “Code”), to make distributions to stockholders each taxable year equal to at least 90% of its annual taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders (“REIT taxable income”).

Noncontrolling Interest

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

Revenue Recognition

Piedmont's revenues consist of the following:

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

In most lease arrangements, Piedmont finances improvements to leased space and is deemed the owner of the tenant improvements. The determination of who owns the improvements, whether payments to tenants constitute lease incentives or tenant improvements, and the timing of revenue recognition requires the exercise of significant judgment based on the facts and circumstances of the specific lease arrangement and is not based on any one factor. When evaluating whether Piedmont or its tenant owns the improvements, management considers a number of factors, including, among other things:

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

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

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

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

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

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

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

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

Lease payments are typically comprised of both fixed base rental payments and separately billed variable lease payments for reimbursement of services performed by Piedmont for the tenant as prescribed by the lease. Fixed base rental payments, as well as any fixed portion of reimbursement income, are recognized on a straight-line basis over the lease term. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred. Rents and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets.

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

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

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

Stock-based Compensation

Piedmont has issued stock-based compensation in the form of deferred stock units to its employees and board of directors. For employees, Piedmont's Long-term Incentive Compensation ("LTIC") program is comprised of an annual deferred stock unit component (the "Annual Deferred Stock Unit" program) and a multi-year performance share component (the "Performance Share" program). All awards granted during the three years ended December 31, 2023 pursuant to both the Annual Deferred Stock Unit and Performance Share programs, as well as director's awards, were classified as equity awards and expensed on a straight-line basis over the vesting period, with issuances recorded as a reduction to additional paid in capital. Forfeitures are recorded when they occur. Awards granted prior to the three-year service period (2020-2022) pursuant to the Performance Share component of the LTIC program were classified as liability awards and remeasured at fair value as of the end of each reporting period during the service period, with issuances recorded as a reduction to accrued expense. Compensation expense recognized related to both of these award types is recorded as property operating costs for those employees whose job is related to property operations and as general and administrative expense for all other employees and board of directors in the accompanying consolidated statements of operations.

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

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

Income Taxes

Piedmont has elected to be taxed as a REIT under the Code, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. However, Piedmont is subject to federal income taxes related to the operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements. These operations resulted in approximately $39,000, $10,000, and $379,000 in income tax recoveries for the years ended December 31, 2023, 2022, and 2021, respectively, as a component of other income/(expense) in the accompanying consolidated statements of operations. Further, Piedmont is subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in property operating costs in the accompanying consolidated financial statements.

Recent Accounting Pronouncements

Segment Expense Disclosure

The Financial Accounting Standards Board (the "FASB") has issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures ("ASU 2023-07). ASU 2023-07 requires expanded disclosure of significant segment expenses which are regularly provided to the chief operating decision maker ("CODM"); all entities that have a single reportable segment must provide existing segment disclosures; disclosure of the title and position of the CODM; and entities must disclose the amounts and a qualitative description of "other segment items", representing the difference between segment revenue less segment expenses reported in segment profit or loss. ASU 2023-07 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2024, and subsequent interim periods thereafter. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2023-07.

Income Tax Disclosure

The FASB has issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09). ASU 2023-09 requires expanded disclosure of tax information, including a rate reconciliation and the amounts of

annual income taxes paid (net of refunds received), segregated by federal, state, and local jurisdictions. The amendments of ASU 2023-09 also require disclosure of income from continuing operations before income tax separated by domestic and foreign income, and eliminate the requirement to disclose the nature and estimates of the range of reasonable possible changes to unrecognized tax benefits within the following twelve months of the reporting period end. ASU 2023-09 is effective for Piedmont beginning with the filing of the Form 10-K for the year ended December 31, 2025. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2023-09.

Debt - Additional Information (Details) - USD ($)		12 Months Ended
Debt - Additional Information (Details) - USD ($)	Jan. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 20, 2024
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ (820,000)	$ 0	$ 0
Amount outstanding, gross		$ 2,070,033,000
Weighted average interest rate (percent)		5.82%	3.89%
Interest paid		$ 81,000,000	$ 66,100,000	49,400,000
Interest capitalized		$ 7,000,000	4,200,000	$ 3,700,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average interest rate (percent)		5.99%
Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Amount outstanding, gross					$ 325,000,000
Long-term debt, term					3 years
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument term		1 year
Debt instrument, face amount		$ 215,000,000
Amount outstanding, gross		$ 215,000,000	0
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate		1.30%
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Repayments of unsecured debt	$ 190,000,000
Amount outstanding, gross	25,000,000
$600 Million Unsecured Senior Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600,000,000
Stated Rate		9.25%
Amount outstanding, gross		$ 600,000,000	0
$350 Million Unsecured Senior Notes due 2023 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 350,000,000
Stated Rate		3.40%
Amount outstanding, gross		$ 0	350,000,000
$400 Million Unsecured Senior Notes due 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 400,000,000
Stated Rate		4.45%
Repayments of unsecured debt		$ 350,000,000
Loss on early extinguishment of debt		(800,000)
Amount outstanding, gross		50,154,000	400,000,000
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		200,000,000
Repayments of unsecured debt		100,000,000
Amount outstanding, gross		$ 100,000,000	200,000,000
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate		1.25%
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Repayments of unsecured debt	$ 100,000,000
$200 Million Syndicated Bank Term Loan \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument term	3 years
Debt instrument, face amount	$ 200,000,000
$200 Million Syndicated Bank Term Loan \| Unsecured Debt \| Subsequent Event \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate	1.30%
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 250,000,000
Amount outstanding, gross		$ 250,000,000	$ 250,000,000
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate		1.20%

Debt - Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 368,317
2025	253,588
2026	62,738
2027	3,895
2028	781,495
Thereafter	600,000
Total	$ 2,070,033

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Tenant improvements funded by tenants	$ 33,472	$ 2,961	$ 48,842
Accrued capital expenditures and deferred lease costs	28,173	24,379	24,817
Change in accrued dividends	(10,215)	(691)	(365)
Change in accrued share repurchases as part of an announced plan	0	0	(685)
Change in accrued deferred financing costs	(189)	44	0
Cash and cash equivalents	825	16,536	7,419	$ 7,331
Restricted cash and escrows	3,381	3,064	1,441	1,883
Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows	$ 4,206	$ 19,600	$ 8,860	$ 9,214

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Refinancing Activity On January 30, 2024, Piedmont entered into a new $200 million syndicated bank term loan maturing in January 2027; paid off the remaining $100 million outstanding under the $200 Million Unsecured 2022 Term Loan Facility; repaid $190 million of the $215 Million Unsecured 2023 Term Loan and extended the remaining balance to January of 2025. See Note 3 above for further details. Declaration of Dividend for the First Quarter 2024 On February 1, 2024, the board of directors declared a dividend for the first quarter 2024 in the amount of $0.125 per share on its common stock to stockholders of record as of the close of business on February 23, 2024, payable on March 15, 2024.

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 8.1	$ 8.8	$ 11.0
Amortization of unvested shares	$ 8.1	$ 7.7	$ 9.7
Total shares issued to employees, directors, and officers (in shares)	275,740
Unrecognized compensation cost related to nonvested	$ 11.4
Independent Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
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

Property Dispositions and Assets Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds	$ 1,946	$ 297,388	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets	1,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Two Pierce Place
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets	1,741
Net Sales Proceeds	24,272
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 225 and 235 Presidential Way
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets	49,218
Net Sales Proceeds	119,609
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Cambridge Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale of Real Estate Assets	102,570
Net Sales Proceeds	$ 155,307

Derivative Instruments - Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Amount of gain recognized in OCI	$ 2,626	$ 8,202	$ 2,994
Total amount of Interest Expense presented in the consolidated statements of operations	(101,258)	(65,656)	(51,292)
Total amount of Loss on Early Extinguishment of Debt presented in the consolidated statements of operations	(820)	0	0
Interest Rate Swaps
Derivative [Line Items]
Amount of gain recognized in OCI	2,626	8,202	2,994
Amount of previously recorded gain/(loss) reclassified from OCI into Interest Expense	3,365	(1,273)	(2,952)
Total amount of Interest Expense presented in the consolidated statements of operations	(101,258)	(65,656)	(51,292)
Total amount of Loss on Early Extinguishment of Debt presented in the consolidated statements of operations	$ (820)	$ 0	$ 0

- Definition

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

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Atlanta, Georgia

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Stock Award
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)	$ 9.60	$ 16.30	$ 17.24
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 5,448	$ 6,414	$ 5,242
Performance Shares
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	$ 5,481	$ 3,610

- 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

Segment Information (Tables)

12 Months Ended

Dec. 31, 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):


	Years Ended December 31,
	2023		2022		2021
Atlanta	$	161,310	$	131,230	$	98,330
Dallas	111,592		109,298		110,729
Orlando	61,688		58,203		54,603
Northern Virginia/Washington, D.C.	60,324		63,534		60,329
Minneapolis	63,713		61,530		61,563
New York	54,040		56,189		52,454
Boston	42,847		59,212		65,445
Total reportable segments	555,514		539,196		503,453
Other	22,242		24,570		25,257
Total Revenues	$	577,756	$	563,766	$	528,710

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


	Years Ended December 31,
	2023		2022		2021
Atlanta	$	103,475	$	82,878	$	62,772
Dallas	64,566		62,444		66,155
Orlando	36,639		35,327		33,449
Northern Virginia/Washington, D.C.	36,334		39,994		36,914
Minneapolis	33,302		31,886		32,538
New York	29,357		31,252		30,049
Boston	25,703		39,101		45,587
Total reportable segments	329,376		322,882		307,464
Other	12,969		14,685		10,163
Total NOI	$	342,345	$	337,567	$	317,627

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


	Years Ended December 31,
	2023		2022		2021
Net income/(loss) applicable to Piedmont	$	(48,387)	$	146,830	$	(1,153)
Management fee revenue (1)	(1,004)		(1,004)		(1,269)



Depreciation and amortization	236,214		224,553		206,608
Impairment charges	29,446		25,981		41,000


General and administrative expenses	29,190		29,127		30,252
Interest expense	101,258		65,656		51,292
Other income	(3,256)		(1,847)		(9,089)
Loss on early extinguishment of debt	820		—		—
Gain on sale of real estate assets	(1,946)		(151,729)		—
Net loss applicable to noncontrolling interests	10		—		(14)
NOI	$	342,345	$	337,567	$	317,627

(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.

Impairment Charges - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Goodwill impairment loss	$ 29.4	$ 16.0

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lessor, Operating Lease, Payments to be Received

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2023 is presented below (in thousands):


Years ending December 31:
2024	$	424,131
2025	401,657
2026	362,576
2027	322,114
2028	275,559
Thereafter	1,079,279
Total	$	2,865,316

Schedule of Operating Lease, Lease Income

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021, respectively, as follows (in thousands):


	2023		2022		2021
Fixed payments	$	454,405	$	451,403	$	427,174
Variable payments	100,908		94,338		87,445
Total Rental and Tenant Reimbursement Revenue	$	555,313	$	545,741	$	514,619

Debt - Schedule of Debt (Details)		12 Months Ended
Debt - Schedule of Debt (Details)	Jan. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) extension	Feb. 20, 2024 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Subtotal/weighted average (percent)		5.82%		3.89%
Amount outstanding, gross		$ 2,070,033,000
Discounts and unamortized debt issuance costs		(15,437,000)		$ (13,319,000)
Total/Weighted Average		2,054,596,000		1,983,681,000
Secured Debt
Debt Instrument [Line Items]
Total/Weighted Average		$ 195,879,000		197,000,000
Unsecured Debt
Debt Instrument [Line Items]
Subtotal/weighted average (percent)		5.99%
Discounts and unamortized debt issuance costs		$ (15,437,000)		(13,319,000)
Total/Weighted Average		$ 1,858,717,000		1,786,681,000
Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Amount outstanding, gross			$ 325,000,000
Unsecured Debt \| Adjusted Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate		0.10%
$197 Million Fixed-Rate Mortgage \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 197,000,000
Stated Rate		4.10%
Effective rate (percent)		4.10%
Amount outstanding, gross		$ 195,879,000		197,000,000
$350 Million Unsecured Senior Notes due 2023 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 350,000,000
Stated Rate		3.40%
Effective rate (percent)		3.43%
Amount outstanding, gross		$ 0		350,000,000
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 215,000,000
Effective rate (percent)		6.71%
Amount outstanding, gross		$ 215,000,000		0
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Amount outstanding, gross	$ 25,000,000
Repayments of unsecured debt	190,000,000
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate		1.30%
$400 Million Unsecured Senior Notes due 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 400,000,000
Stated Rate		4.45%
Effective rate (percent)		4.10%
Amount outstanding, gross		$ 50,154,000		400,000,000
Repayments of unsecured debt		350,000,000
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000,000
Effective rate (percent)		6.70%
Amount outstanding, gross		$ 100,000,000		200,000,000
Repayments of unsecured debt		$ 100,000,000
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Repayments of unsecured debt	$ 100,000,000
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate		1.25%
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 250,000,000
Effective rate (percent)		4.79%
Amount outstanding, gross		$ 250,000,000		250,000,000
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate		1.20%
$600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600,000,000
Effective rate (percent)		6.45%
Amount outstanding, gross		$ 59,000,000		0
Additional extension period		1 year
Number of extension periods \| extension		2
Maturity extension period		6 months
$600 Million Unsecured 2022 Line of Credit \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Line of Credit
Debt Instrument [Line Items]
Spread on variable rate		1.04%
$600 Million Unsecured Senior Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600,000,000
Stated Rate		9.25%
Effective rate (percent)		9.25%
Amount outstanding, gross		$ 600,000,000		0
$300 Million Unsecured Senior Notes due 2030 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 300,000,000
Stated Rate		3.15%
Effective rate (percent)		3.90%
Amount outstanding, gross		$ 300,000,000		300,000,000
$300 Million Unsecured Senior Notes due 2032 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 300,000,000			$ 300,000,000
Stated Rate		2.75%
Effective rate (percent)		2.78%
Amount outstanding, gross		$ 300,000,000		$ 300,000,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020		123,839,000
Beginning balance at Dec. 31, 2020	$ 1,897,961	$ 1,238	$ 3,693,996	$ (1,774,856)	$ (24,100)	$ 1,683
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of announced plan (in shares)		(1,060,000)
Share repurchases as part of announced plan	(18,852)	$ (10)		(18,842)
Offering costs	(55)		(55)
Dividends to common stockholders and stockholders of subsidiaries	(104,270)			(104,230)		(40)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		298,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	7,860	$ 3	7,857
Net (loss) income applicable to noncontrolling interest	(14)					(14)
Net income/(loss) applicable to Piedmont	(1,153)			(1,153)
Other comprehensive income	5,946				5,946
Ending balance (in shares) at Dec. 31, 2021		123,077,000
Ending 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]
Offering costs	(460)		(460)
Dividends to common stockholders and stockholders of subsidiaries	(103,683)			(103,642)		(41)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		363,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	9,670	$ 3	9,667
Net (loss) income applicable to noncontrolling interest	0
Net income/(loss) applicable to Piedmont	146,830			146,830
Other comprehensive income	$ 9,475				9,475
Ending balance (in shares) at Dec. 31, 2022	123,439,558	123,440,000
Ending 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	(82,907)			(82,867)		(40)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		275,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	5,740	$ 3	5,737
Net (loss) income applicable to noncontrolling interest	10					10
Net income/(loss) applicable to Piedmont	(48,387)			(48,387)
Other comprehensive income	$ (739)				(739)
Ending balance (in shares) at Dec. 31, 2023	123,715,298	123,715,000
Ending balance at Dec. 31, 2023	$ 1,722,972	$ 1,237	$ 3,716,742	$ (1,987,147)	$ (9,418)	$ 1,558

Summary of Significant Accounting Policies - Net Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible Lease Assets
Total	$ 82,588	$ 114,380
Intangible Lease Origination Costs
2024	26,305
2025	20,999
2026	17,740
2027	14,552
2028	11,748
Thereafter	21,015
Total	$ 112,359
Weighted-Average Amortization Period (in years)	6 years
Below-Market In-place Lease Liabilities
2024	$ 9,756
2025	8,152
2026	6,623
2027	5,535
2028	4,724
Thereafter	8,135
Total	$ 42,925
Weighted-Average Amortization Period (in years)	6 years
Above-Market In-Place Lease Assets
Intangible Lease Assets
2024	$ 109
2025	31
2026	14
2027	13
2028	13
Thereafter	17
Total	$ 197
Weighted-Average Amortization Period (in years)	3 years
In-Place Lease Valuation
Intangible Lease Assets
2024	$ 21,570
2025	16,194
2026	12,739
2027	10,061
2028	7,934
Thereafter	13,893
Total	$ 82,391
Weighted-Average Amortization Period (in years)	5 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (48,387)	$ 146,830	$ (1,153)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders (in dollars per share)	$ 0.67	$ 0.84	$ 0.84

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Buildings and improvements, accumulated depreciation	$ 1,046,512	$ 915,010
Intangible lease assets, accumulated amortization	88,066	90,694
Tenant receivables, allowance for doubtful accounts	0	1,000
Deferred lease costs, accumulated amortization	223,913	221,731
Liabilities:
Discount (premium) and unamortized debt issuance costs	15,437	13,319
Intangible lease liabilities, accumulated amortization	$ 35,811	$ 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)	123,715,298	123,439,558
Common stock, shares outstanding (in shares)	123,715,298	123,439,558

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Principles of Consolidation

Principles of Consolidation

All inter-company balances and transactions have been eliminated upon consolidation.

Use of Estimates

Real Estate Assets

Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives:


Buildings			40 years
Building improvements			5-25 years
Land improvements			20-25 years
Tenant allowances			Lease term
Furniture, fixtures, and equipment			3-10 years
Intangible lease assets			Lease term

Fair Value of Assets and Liabilities of Acquired Properties

Cash and Cash Equivalents

Tenant Receivables and Straight-line Rent Receivables

Allowance for Doubtful Accounts

Restricted Cash and Escrows

Restricted cash and escrows principally relate to the following types of items:

•escrow accounts held by lenders to pay future real estate taxes, insurance, debt service, and tenant improvements;

•net sales proceeds from property sales held by qualified intermediary for potential Section 1031 exchange;

•earnest money paid in connection with future acquisitions; and

•security and utility deposits paid by tenants per the terms of their respective leases.

Restricted cash and escrows are generally reclassified to other asset or liability accounts upon being used to purchase assets, satisfy obligations, or settle tenant obligations.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets are primarily comprised of the following items:

•prepaid property taxes, insurance and operating costs;

•receivables which are unrelated to tenants, for example, insurance proceeds receivable from insurers related to casualty losses; and

•equipment, furniture and fixtures, and tenant improvements for Piedmont’s corporate office and property management office space, net of accumulated depreciation.

Goodwill

Interest Rate Derivatives and Risk Management Objective of Using Derivatives

Interest Rate 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.

Deferred Lease Costs

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

•Approximately $56.1 million, $57.9 million, and $56.4 million of deferred lease costs are included in amortization expense for the years ended December 31, 2023, 2022, and 2021, respectively; and

Debt

When mortgage debt is assumed upon the acquisition of real property, Piedmont adjusts the loan to relative fair value with a corresponding adjustment to building and other intangible assets assumed as part of the purchase. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method.Piedmont records premiums and discounts on debt issuances as an increase/decrease to the principal amount of the loan in the accompanying consolidated balance sheets, and amortizes such premiums or discounts as a component of interest expense over the life of the underlying loan facility using the effective interest method.Piedmont presents all debt issuance costs as an offset to the principal amount of debt in the accompanying consolidated balance sheets. Piedmont amortizes these costs to interest expense on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements.

Deferred income and Revenue Recognition

Deferred income

Deferred income is primarily comprised of the following items:

•prepaid rent from tenants;

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

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

Revenue Recognition

Piedmont's revenues consist of the following:

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

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

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

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

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

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

Shares-in-trust, Preferred Stock, Common Stock, Equity Securities Issued At-The-Market, Dividends

Shares-in-trust

Preferred Stock

Common Stock

Equity Securities Issued At-The-Market

Dividends

Noncontrolling Interest

Stock-based Compensation

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

Income Taxes

Recent Accounting Pronouncements

Segment Expense Disclosure

Income Tax Disclosure

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income/(loss)	$ (48,377)	$ 146,830	$ (1,167)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	148,458	133,616	120,615
Amortization of debt issuance costs inclusive of settled interest rate swaps	5,854	3,757	3,270
Other amortization	78,388	81,777	78,657
Impairment charges	29,446	25,981	41,000
Loss on early extinguishment of debt	287	0	0
Reduction of general reserve for uncollectible accounts	(1,000)	(3,000)	(553)
Stock compensation expense	8,093	8,968	10,984
Gain on sale of real estate assets	(1,946)	(151,729)	0
Changes in other operating assets and liabilities:
Increase in tenant and straight-line rent receivables	(14,120)	(14,163)	(9,691)
Decrease/(increase) in prepaid expenses and other assets	(10,693)	4,774	1,294
Cash received upon settlement of interest rate swaps	0	0	623
Increase/(decrease) in accounts payable and accrued expenses	19,260	(1,590)	1,861
Decrease in deferred income	(3,519)	(20,006)	(4,690)
Net cash provided by operating activities	210,131	215,215	242,203
Cash Flows from Investing Activities:
Acquisition of real estate assets, intangibles, and undeveloped land parcels	0	(270,908)	(226,011)
Capitalized expenditures	(158,191)	(121,359)	(122,626)
Sales proceeds from wholly-owned properties	1,946	297,388	0
Note receivable repayment	0	118,500	0
Deferred lease costs paid	(39,775)	(24,868)	(20,295)
Net cash used in investing activities	(196,020)	(1,247)	(368,932)
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(2,318)	(374)	(1,038)
Proceeds from debt	1,412,659	803,420	789,580
Repayments of debt	(1,344,967)	(897,000)	(535,610)
Discount paid due to loan modification	0	(500)	0
Costs of issuance of common stock	0	(460)	(55)
Value of shares withheld for payment of taxes related to employee stock compensation	(1,757)	(3,940)	(3,060)
Repurchases of common stock as part of announced plan	0	0	(19,537)
Dividends paid	(93,122)	(104,374)	(103,905)
Net cash (used in)/provided by financing activities	(29,505)	(203,228)	126,375
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	(15,394)	10,740	(354)
Cash, cash equivalents, and restricted cash and escrows, beginning of year	19,600	8,860	9,214
Cash, cash equivalents, and restricted cash and escrows, end of year	$ 4,206	$ 19,600	$ 8,860

Stock Based Compensation - Outstanding Employee Deferred 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	Dec. 31, 2023	Feb. 17, 2022	Feb. 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested potential shares (in shares)								1,094,297
Chief Executive Officer Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						5 years
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)							26,385
Grant date fair value (in dollars per share)							$ 21.04
Unvested potential shares (in shares)								9,505
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)							20.00%
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)							20.00%
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)							20.00%
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)							20.00%
Deferred Stock Award, Granted May 3, 2019 \| Deferred Stock Award \| Year 5
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)							20.00%
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)					211,595
Grant date fair value (in dollars per share)					$ 17.15
Unvested potential shares (in shares)								54,088
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)					25.00%
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)					25.00%
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)					25.00%
Deferred Stock Award, Granted February 17, 2021 \| Deferred Stock Award \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)					25.00%
Performance Share Program Award, Granted February 18, 2021 \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)										0
Grant date fair value (in dollars per share)										$ 23.04
Unvested potential shares (in shares)								0
Deferred Stock Award, Granted February 10, 2022 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)				170,369
Grant date fair value (in dollars per share)				$ 16.85
Unvested potential shares (in shares)								106,472
Deferred Stock Award, Granted February 10, 2022 \| Deferred Stock Award \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)				25.00%
Deferred Stock Award, Granted February 10, 2022 \| Deferred Stock Award \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)				25.00%
Deferred Stock Award, Granted February 10, 2022 \| Deferred Stock Award \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)				25.00%
Deferred Stock Award, Granted February 10, 2022 \| Deferred Stock Award \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)				25.00%
Performance Share Program Award, Granted February 17, 2022 \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)									0
Grant date fair value (in dollars per share)									$ 17.77
Unvested potential shares (in shares)								91,136
Deferred Stock Award, Granted February 13, 2023 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			392,991
Grant date fair value (in dollars per share)			$ 10.55
Unvested potential shares (in shares)								314,629
Deferred Stock Award, Granted February 13, 2023 \| Deferred Stock Award \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)			25.00%
Deferred Stock Award, Granted February 13, 2023 \| Deferred Stock Award \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)			25.00%
Deferred Stock Award, Granted February 13, 2023 \| Deferred Stock Award \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)			25.00%
Deferred Stock Award, Granted February 13, 2023 \| Deferred Stock Award \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)			25.00%
Performance Share Program Award, Granted February 23, 2023 \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		0
Grant date fair value (in dollars per share)		$ 12.37
Unvested potential shares (in shares)								0
Deferred Stock Award, Granted February 23, 2023 \| Deferred Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		413,433
Grant date fair value (in dollars per share)		$ 9.47
Unvested potential shares (in shares)								396,707
Deferred Stock Award, Granted February 23, 2023 \| Deferred Stock Award \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)		25.00%
Deferred Stock Award, Granted February 23, 2023 \| Deferred Stock Award \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)		25.00%
Deferred Stock Award, Granted February 23, 2023 \| Deferred Stock Award \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)		25.00%
Deferred Stock Award, Granted February 23, 2023 \| Deferred Stock Award \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)		25.00%
Deferred Stock Award-Board of Directors, Granted May 10, 2023 \| Deferred Stock Award
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 potential shares (in shares)								121,760
Deferred Stock Award-Board of Directors, Granted May 10, 2023 \| Deferred Stock Award \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting schedule (percent)	100.00%

Impairment Charges

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Impairment Charges

Goodwill Impairment Charges

During the years ended December 31, 2023 and 2022, Piedmont considered the decline in its stock price to be an indicator of impairment and performed several interim impairment assessments of its goodwill balance. These assessments involved comparing the estimated fair value of each of its reporting units (see Note 14) 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 the interim impairment assessments performed during the years ended December 31, 2023 and 2022, Piedmont determined that the carrying values of its Boston, Minneapolis, New York, and Northern Virginia/Washington D.C. reporting units (inclusive of each segment's assigned goodwill balance) exceeded the estimated fair value of each respective reporting unit and recorded goodwill impairment charges of approximately $29.4 million and $16.0 million, respectively, in the accompanying consolidated statement of operations. As the carrying value (inclusive of the assigned goodwill balance) of the Boston, Minneapolis, and Northern Virginia/Washington D.C. reporting units exceeded the estimated fair value of each respective reporting unit by an amount greater than the goodwill balance assigned to each unit, the charges for the Boston, Minneapolis, and Northern Virginia/Washington D.C. reporting units were equal to the goodwill balance that had been assigned to each segment. As this was not the case for the New York segment, the charge related to the New York reporting unit, was calculated based on the amount by which the carrying amount of the New York segment (inclusive of the assigned goodwill balance) exceeded the fair value of the New York reporting unit.

The fair value measurements used in the evaluations 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 ranges of discount rates and the capitalization rate used for each segment in the above analyses, at the respective time the analyses were performed, were as follows:


		Range of Discount Rates		Range of Capitalization Rates
Reporting Unit	Valuation Date	Low	High	Low	High
Boston	December 31, 2023	8.25%	9.75%	8.25%	9.00%
Minneapolis	September 30, 2023	8.50%	9.25%	8.50%	9.00%
New York	December 31, 2023	9.50%	9.50%	9.00%	9.00%
Northern Virginia/Washington D.C.	December 31, 2022	8.50%	9.50%	8.25%	9.25%

Impairment Losses on Real Estate Assets

Piedmont recorded the following impairment losses on real estate assets for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021




9320 Excelsior Boulevard	$	—	$	10,000	$	—
Two Pierce Place	—		—		41,000



Total impairment loss on real estate assets	$	—	$	10,000	$	41,000

Management shortened the intended hold period for each of the above buildings and in doing so, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment calculated as the difference between the carrying value of the asset and the estimated fair value less costs to sell. The estimated fair values were determined based on net contract prices with unrelated, third-party purchasers for each respective building. The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers. The Two Pierce Place building was subsequently sold during the year ended December 31, 2022.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Real Estate Assets Useful Lives

Piedmont’s real estate assets are depreciated or amortized using the straight-line method over the following useful lives:


Buildings			40 years
Building improvements			5-25 years
Land improvements			20-25 years
Tenant allowances			Lease term
Furniture, fixtures, and equipment			3-10 years
Intangible lease assets			Lease term

Schedule of Gross Intangible Assets and Liabilities

Gross intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, recorded as of December 31, 2023 and 2022, respectively, are as follows (in thousands):


	December 31, 2023		December 31, 2022
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	868	$	1,147
In-Place Lease Valuation	$	169,786	$	203,927
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	235,820	$	285,777
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	78,736	$	93,372

Schedule of Amortization of Intangible Lease Costs


	2023		2022		2021
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in Amortization	$	68,642	$	74,167	$	69,388
Amortization of Above-Market and Below-Market In-Place Lease Intangibles as a net increase to Rental and Tenant Reimbursement Revenue	$	13,830	$	13,426	$	11,180

Schedule of Net Intangible Assets and Liabilities

Net intangible assets and liabilities as of December 31, 2023 will be amortized as follows (in thousands):


	Intangible Lease Assets
	Above-Market In-place Lease Assets		In-Place Lease Valuation		Intangible Lease Origination Costs (1)		Below-Market In-place Lease Liabilities
For the year ending December 31:
2024	$	109	$	21,570	$	26,305	$	9,756
2025	31		16,194		20,999		8,152
2026	14		12,739		17,740		6,623
2027	13		10,061		14,552		5,535
2028	13		7,934		11,748		4,724
Thereafter	17		13,893		21,015		8,135
	$	197	$	82,391	$	112,359	$	42,925

Weighted-Average Amortization Period (in years)	3		5		6		6

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

Schedule of Allowance for Doubtful Accounts

A roll forward of the allowance for doubtful accounts for the years ended December 31, 2023, 2022, and 2021 is as follows:


	Balance at Beginning of Period		Additions/Reversals as Decrease/(Increase) to Revenue		Write-offs		Balance at End of Period
Year Ended December 31,
2023	$	1,000	$	(1,000)	$	—	$	—
2022	$	4,000	$	(3,000)	$	—	$	1,000
2021	$	4,553	$	35	$	(588)	$	4,000

Subsequent Events (Details) - USD ($)			12 Months Ended
Subsequent Events (Details) - USD ($)	Feb. 01, 2024	Jan. 30, 2024	Dec. 31, 2023
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.125
$200 Million Syndicated Bank Term Loan \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, face amount		$ 200,000,000
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt
Subsequent Event [Line Items]
Debt instrument, face amount			$ 200,000,000
Repayments of unsecured debt			100,000,000
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Repayments of unsecured debt		100,000,000
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt
Subsequent Event [Line Items]
Debt instrument, face amount			$ 215,000,000
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Repayments of unsecured debt		$ 190,000,000

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021, respectively (in thousands):


	2023	2022	2021
Weighted-average common shares—basic	123,659	123,351	123,978
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	—	173	—
Weighted-average common shares—diluted	123,659	123,524	123,978

Earnings Per Share

12 Months Ended

Dec. 31, 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 each of the years ended December 31, 2023, 2022, and 2021, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of approximately 1,030,824, 421,005, and 1,114,025, respectively.


	2023	2022	2021
Weighted-average common shares—basic	123,659	123,351	123,978
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	—	173	—
Weighted-average common shares—diluted	123,659	123,524	123,978

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Operating Leases - Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed payments	$ 454,405	$ 451,403	$ 427,174
Variable payments	100,908	94,338	87,445
Total Rental and Tenant Reimbursement Revenue	$ 555,313	$ 545,741	$ 514,619

Segment Information

12 Months Ended

Dec. 31, 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, Northern Virginia/Washington, D.C., Minneapolis, New York, and Boston. These operating segments are also Piedmont’s reportable segments. As of December 31, 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):


	Years Ended December 31,
	2023		2022		2021
Atlanta	$	161,310	$	131,230	$	98,330
Dallas	111,592		109,298		110,729
Orlando	61,688		58,203		54,603
Northern Virginia/Washington, D.C.	60,324		63,534		60,329
Minneapolis	63,713		61,530		61,563
New York	54,040		56,189		52,454
Boston	42,847		59,212		65,445
Total reportable segments	555,514		539,196		503,453
Other	22,242		24,570		25,257
Total Revenues	$	577,756	$	563,766	$	528,710

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


	Years Ended December 31,
	2023		2022		2021
Atlanta	$	103,475	$	82,878	$	62,772
Dallas	64,566		62,444		66,155
Orlando	36,639		35,327		33,449
Northern Virginia/Washington, D.C.	36,334		39,994		36,914
Minneapolis	33,302		31,886		32,538
New York	29,357		31,252		30,049
Boston	25,703		39,101		45,587
Total reportable segments	329,376		322,882		307,464
Other	12,969		14,685		10,163
Total NOI	$	342,345	$	337,567	$	317,627

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


	Years Ended December 31,
	2023		2022		2021
Net income/(loss) applicable to Piedmont	$	(48,387)	$	146,830	$	(1,153)
Management fee revenue (1)	(1,004)		(1,004)		(1,269)



Depreciation and amortization	236,214		224,553		206,608
Impairment charges	29,446		25,981		41,000


General and administrative expenses	29,190		29,127		30,252
Interest expense	101,258		65,656		51,292
Other income	(3,256)		(1,847)		(9,089)
Loss on early extinguishment of debt	820		—		—
Gain on sale of real estate assets	(1,946)		(151,729)		—
Net loss applicable to noncontrolling interests	10		—		(14)
NOI	$	342,345	$	337,567	$	317,627

- 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
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-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
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-Name Accounting Standards Codification
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-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
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-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

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Net income/(loss) applicable to Piedmont	$ (48,387)	$ 146,830	$ (1,153)
Management fee revenue	(1,004)	(1,004)	(1,269)
Depreciation and amortization	236,214	224,553	206,608
Impairment charges	29,446	25,981	41,000
General and administrative expenses	29,190	29,127	30,252
Interest expense	101,258	65,656	51,292
Other income	(3,256)	(1,847)	(9,089)
Loss on early extinguishment of debt	820	0	0
Gain on sale of real estate assets	(1,946)	(151,729)	0
Net loss applicable to noncontrolling interests	10	0	(14)
NOI	$ 342,345	$ 337,567	$ 317,627

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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. As of December 31, 2023, Piedmont had one individually significant unrecorded tenant allowance commitment greater than $10 million. These commitments will be capitalized as the related expenditures are incurred. Contingencies Related to Tenant Audits/Disputes Certain lease agreements include provisions that grant tenants the right to engage independent auditors to audit their annual operating expense reconciliations. Such audits may result in different interpretations of language in the lease agreements from that made by Piedmont, which could result in requests for refunds of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. There were no such reductions during the three years ended December 31, 2023. Litigation Piedmont is from time to time a party to legal proceedings, which arise in the ordinary course of its business. None of these ordinary course legal proceedings are reasonably likely to have a material adverse effect on results of operations or financial condition. Piedmont is not aware of any such legal proceedings contemplated by governmental authorities.

Organization (Details) ft² in Millions	Dec. 31, 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	87.10%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income/(loss) applicable to Piedmont	$ (48,387)	$ 146,830	$ (1,153)
Other comprehensive income/(loss):
Effective portion of gain on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	2,626	8,202	2,994
Plus: Reclassification of net (gain)/loss included in net income (See Note 4)	(3,365)	1,273	2,952
Other comprehensive income/(loss)	(739)	9,475	5,946
Comprehensive income/(loss) applicable to Piedmont	$ (49,126)	$ 156,305	$ 4,793

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental and tenant reimbursement revenue	$ 555,313	$ 545,741	$ 514,619
Total revenues	577,756	563,766	528,710
Expenses:
Property operating costs	235,091	226,058	210,932
Depreciation	148,458	133,616	120,615
Amortization	87,756	90,937	85,992
Impairment charges	29,446	25,981	41,000
General and administrative	29,190	29,127	30,252
Total expenses	529,941	505,719	488,791
Other income (expense):
Interest expense	(101,258)	(65,656)	(51,292)
Other income	3,940	2,710	10,206
Loss on early extinguishment of debt	(820)	0	0
Gain on sale of real estate assets	1,946	151,729	0
Total other income (expense)	(96,192)	88,783	(41,086)
Net income/(loss)	(48,377)	146,830	(1,167)
Net (income)/loss applicable to noncontrolling interest	(10)	0	14
Net income/(loss) applicable to Piedmont	$ (48,387)	$ 146,830	$ (1,153)
Per share information— basic and diluted:
Net income/(loss) applicable to common stockholders - basic (in dollars per share)	$ (0.39)	$ 1.19	$ (0.01)
Net income/(loss) applicable to common stockholders - diluted (in dollars per share)	$ (0.39)	$ 1.19	$ (0.01)
Weighted-average shares outstanding - basic (in shares)	123,658,622	123,351,187	123,977,616
Weighted-average shares outstanding - diluted (in shares)	123,658,622	123,523,881	123,977,616
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 1,729	$ 1,675	$ 2,496
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 20,714	$ 16,350	$ 11,595

Derivative Instruments - Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 3,032	$ 4,183
Gross derivative liabilities	0	0
Net derivative assets	$ 3,032	$ 4,183

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate assets, at cost:
Land	$ 567,244	$ 567,244
Buildings and improvements, less accumulated depreciation of $1,046,512 and $915,010 as of December 31, 2023 and December 31, 2022, respectively	2,776,729	2,766,990
Intangible lease assets, less accumulated amortization of $88,066 and $90,694 as of December 31, 2023 and December 31, 2022, respectively	82,588	114,380
Construction in progress	85,966	52,010
Total real estate assets	3,512,527	3,500,624
Cash and cash equivalents	825	16,536
Tenant receivables, net of allowance for doubtful accounts of $0 and $1,000 as of December 31, 2023 and December 31, 2022, respectively	7,915	4,762
Straight-line rent receivables	183,839	172,019
Restricted cash and escrows	3,381	3,064
Prepaid expenses and other assets	28,466	17,152
Goodwill	53,491	82,937
Interest rate swaps	3,032	4,183
Deferred lease costs, less accumulated amortization of $223,913 and $221,731 as of December 31, 2023 and December 31, 2022, respectively	263,606	284,248
Total assets	4,057,082	4,085,525
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $15,437 and $13,319 as of December 31, 2023 and December 31, 2022, respectively	1,858,717	1,786,681
Secured debt	195,879	197,000
Accounts payable, accrued expenses, and accrued capital expenditures	131,516	110,306
Dividends payable	15,143	25,357
Deferred income	89,930	59,977
Intangible lease liabilities, less accumulated amortization of $35,811 and $36,423 as of December 31, 2023 and December 31, 2022, respectively	42,925	56,949
Total liabilities	2,334,110	2,236,270
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized, none outstanding as of December 31, 2023 or December 31, 2022	0	0
Preferred stock, no par value, 100,000,000 shares authorized, none outstanding as of December 31, 2023 or December 31, 2022	0	0
Common stock, $0.01 par value; 750,000,000 shares authorized, 123,715,298 shares issued and outstanding as of December 31, 2023; and 123,439,558 shares issued and outstanding at December 31, 2022	1,237	1,234
Additional paid-in capital	3,716,742	3,711,005
Cumulative distributions in excess of earnings	(1,987,147)	(1,855,893)
Accumulated other comprehensive loss	(9,418)	(8,679)
Piedmont stockholders’ equity	1,721,414	1,847,667
Noncontrolling interest	1,558	1,588
Total stockholders’ equity	1,722,972	1,849,255
Total liabilities and stockholders’ equity	$ 4,057,082	$ 4,085,525

Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Risk Management Objective of Using Derivatives

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.

As of December 31, 2023, Piedmont was party to a total of eight interest rate swap agreements which are designated as effective cash flow hedges and fully hedge the variable cash flows covering the entire outstanding balance of the $250 Million Unsecured 2018 Term Loan through the maturity of the loan in March 2025. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows related to these interest rate swap agreements is 15 months.

During the year ended December 31, 2021, Piedmont entered into, and subsequently settled, one forward starting interest rate swap agreement with a notional value of $50 million to hedge the risk of changes in the interest-related cash flows associated with the issuance of the $300 Million Unsecured Senior Notes due 2032 (see Note 3). The settlement resulted in a gain of approximately $0.6 million, which was recorded as accumulated OCI and is being amortized as an offset to interest expense over the following ten years.

A detail of Piedmont’s interest rate derivatives outstanding as of December 31, 2023 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Notional Amount
(in millions)

Effective Date

Maturity Date

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

100

3/29/2018

3/31/2025

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


Interest rate swaps classified as:	December 31, 2023		December 31, 2022
Gross derivative assets	$	3,032	$	4,183
Gross derivative liabilities	—		—
Net derivative assets	$	3,032	$	4,183

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward starting interest rate swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the years ended December 31, 2023, 2022, and 2021, respectively, was as follows (in thousands):


Interest Rate Swaps in Cash Flow Hedging Relationships:	2023		2022		2021
Amount of gain recognized in OCI	$	2,626	$	8,202	$	2,994
Amount of previously recorded gain/(loss) reclassified from OCI into Interest Expense	$	3,365	$	(1,273)	$	(2,952)


Total amount of Interest Expense presented in the consolidated statements of operations	$	(101,258)	$	(65,656)	$	(51,292)
Total amount of Loss on Early Extinguishment of Debt presented in the consolidated statements of operations	$	(820)	$	—	$	—

Piedmont estimates that approximately $1.3 million will be reclassified from OCI as a decrease in interest expense over the next twelve months. Piedmont did not recognize any hedge ineffectiveness on its cash flow hedges during the three years ended December 31, 2023.

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 December 31, 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.

Supplemental Disclosures for the Statement of Consolidated Cash Flows

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures for the Statement of Consolidated Cash Flows

Certain noncash investing and financing activities for the years ended December 31, 2023, 2022, and 2021 (in thousands) are outlined below:


	2023		2022		2021
Tenant improvements funded by tenants	$	33,472	$	2,961	$	48,842
Accrued capital expenditures and deferred lease costs	$	28,173	$	24,379	$	24,817
Change in accrued dividends	$	(10,215)	$	(691)	$	(365)


Change in accrued share repurchases as part of an announced plan	$	—	$	—	$	(685)

Change in accrued deferred financing costs	$	(189)	$	44	$	—

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2023, 2022, and 2021 to the consolidated balance sheets for the respective period (in thousands):


	2023		2022		2021
Cash and cash equivalents, beginning of period	$	16,536	$	7,419	$	7,331
Restricted cash and escrows, beginning of period	3,064		1,441		1,883


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	19,600	$	8,860	$	9,214

Cash and cash equivalents, end of period	$	825	$	16,536	$	7,419
Restricted cash and escrows, end of period	3,381		3,064		1,441


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	4,206	$	19,600	$	8,860

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.

Operating Leases - Rental Income Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 424,131
2025	401,657
2026	362,576
2027	322,114
2028	275,559
Thereafter	1,079,279
Total	$ 2,865,316

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 887,613,659
Entity Common Stock, Shares Outstanding		123,800,864
Documents Incorporated by Reference	Registrant incorporates by reference portions of the Piedmont Office Realty Trust, Inc. Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III) to be filed no later than April 30, 2024.
Entity Central Index Key	0001042776
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Stock Based Compensation - Equity Based Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Unvested and potential stock awards, end of period (in shares)	1,094,297
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)	1,094,297	729,424
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)	$ 11.35	$ 19.21
Deferred Stock Award
Shares
Stock awards granted (in shares)	987,094
Stock awards vested (in shares)	(366,466)
Deferred stock awards forfeited (in shares)	(16,884)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 9.60	$ 16.30	$ 17.24
Stock awards vested (in dollars per share)	14.87
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)	(573,729)
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)	14.48
Stock awards vested (in dollars per share)	$ 25.83

Operating Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Prepaid expenses and other assets	Prepaid expenses and other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses, and accrued capital expenditures	Accounts payable, accrued expenses, and accrued capital expenditures
Lease liability	$ 0.1	$ 0.2
Right-of-use asset	0.1	0.2
Operating lease cost	$ 0.1	$ 0.1	$ 0.1
Operating lease, weighted average remaining lease term	1 year
Weighted-average discount rate	3.86%

Summary of Significant Accounting Policies - Real Estate Assets Useful Lives (Details)	Dec. 31, 2023
Buildings
Property, Plant and Equipment [Line Items]
Useful life	40 years
Building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of December 31, 2023 and 2022, including net discounts/premiums and unamortized debt issuance costs (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								2023		2022
Secured (Fixed)
$197 Million Fixed-Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	195,879	$	197,000









								195,879		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 + 1.30%		6.71	%	(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 + 1.25%		6.70	%	(3)	12/16/2024	(6)	100,000		200,000
$250 Million Unsecured 2018 Term Loan	SOFR + 1.20%		4.79	%		3/31/2025		250,000		250,000
$600 Million Unsecured 2022 Line of Credit(6)	SOFR + 1.04%		6.45	%	(3)	6/30/2026	(7)	59,000		—
$600 Million Unsecured Senior Notes due 2028	9.25	%	9.25	%		7/20/2028		600,000		—
$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								(15,437)		(13,319)
Subtotal/Weighted Average(8)	5.99	%						1,858,717		1,786,681
Total/Weighted Average(8)	5.82	%						$	2,054,596	$	1,983,681

(1)All of Piedmont’s outstanding debt as of December 31, 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)On January 30, 2024, Piedmont repaid $190 million of the $215 Million Unsecured 2023 Term Loan and extended the remaining balance to January 31, 2025.

(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)On January 30, 2024, Piedmont repaid the $100 million balance.

(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 December 31, 2023.

Schedule of Maturities of Long-term Debt

A summary of Piedmont's consolidated principal outstanding for aggregate debt maturities of its indebtedness as of December 31, 2023, is provided below (in thousands):


2024	$	368,317
2025	253,588
2026	62,738
2027	3,895
2028	781,495
Thereafter	600,000
Total	$	2,070,033

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Basis Net Income/(Loss)

Piedmont’s income tax basis net income/(loss) for the years ended December 31, 2023, 2022, and 2021, is calculated as follows (in thousands):


	2023		2022		2021
GAAP basis financial statement net income/(loss)	$	(48,387)	$	146,830	$	(1,153)
Increase/(decrease) in net income/(loss) resulting from:
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	93,791		96,694		75,969
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,817)		(26,211)		(18,798)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(12,049)		(13,022)		(9,465)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	—		(137,871)		—
Taxable income or loss of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes	6,212		3,111		3,518
Other expenses, including impairment charges, for financial reporting purposes in excess of amounts for income tax purposes	40,173		30,310		51,095
Taxable income for POH in excess of/(less than) amount for financial reporting purposes	61		—		(654)
Income tax basis net income, prior to dividends paid deduction	$	60,984	$	99,841	$	100,512

Schedule of Dividends Distributions Per Common Share

The composition of Piedmont’s distributions per common share is presented below:


	2023		2022		2021
Ordinary income	63.22	%	82.85	%	96.34	%
Return of capital	34.69	%	3.79	%	3.66	%
Capital gains	2.08	%	13.36	%	—	%
	100	%	100	%	100	%

Summary of Significant Accounting Policies - Amortization of Intangible Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in Amortization	$ 68,642	$ 74,167	$ 69,388
Amortization of Above-Market and Below-Market In-Place Lease Intangibles as a net increase to Rental and Tenant Reimbursement Revenue	$ 13,830	$ 13,426	$ 11,180

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Equity Based Award Activity

A rollforward of Piedmont's equity based award activity for the year ended December 31, 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	(573,729)	$	14.48
Performance Stock Awards Vested	(90,064)	$	25.83
Deferred Stock Awards Vested	(366,466)	$	14.87
Deferred Stock Awards Forfeited	(16,884)	$	11.26
Unvested and Potential Stock Awards as of December 31, 2023	1,094,297	$	11.35

The following table provides additional information regarding stock award activity during the years ended 2023, 2022, and 2021 (in thousands except for per share amounts):


	2023		2022		2021
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	9.60	$	16.30	$	17.24
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	5,448	$	6,414	$	5,242
Share-based Liability Awards Paid During the Period (1)	$	—	$	5,481	$	3,610

(1)Amounts reflect the issuance of performance share awards related to the 2019-21 and 2018-20 Performance Share Plans during the years ended December 31, 2022, and 2021, respectively.

Schedule of Outstanding Employee Deferred Stock Awards

A detail of Piedmont’s outstanding stock awards and programs as of December 31, 2023 is as follows:


Date of grant	Type of Award	Net Shares Granted (1)		Grant Date Fair Value		Vesting Schedule	Unvested and Potential Shares as of December 31, 2023



















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	211,595		$	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.	54,088
February 18, 2021	Fiscal Year 2021-2023 Performance Share Program	—		$	23.04	Shares awarded, if any, will vest immediately upon determination of award in 2024.	—	(3)
February 10, 2022	Deferred Stock Award	170,369		$	16.85	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2023, and 2025, respectively.	106,472
February 17, 2022	Fiscal Year 2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	91,136	(3)
February 13, 2023	Deferred Stock Award	392,991		$	10.55	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, 2026, respectively.	314,629
February 23, 2023	Fiscal Year 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	413,433		$	9.47	Of the shares granted, 25% vested or will vest on February 23, 2024, 2025, 2026, and 2027 respectively.	396,707
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							1,094,297

(1)Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through December 31, 2023.

(2)Includes a special, one-time deferred stock award to Piedmont's Chief Executive Officer effective 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 December 31, 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.

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 1,000	$ 4,000	$ 4,553
Additions/Reversals as Decrease/(Increase) to Revenue	(1,000)	(3,000)	35
Write-offs	0	0	(588)
Balance at End of Period	$ 0	$ 1,000	$ 4,000

Impairment Charges - Impairment Losses on Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment loss on real estate assets	$ 29,446	$ 25,981	$ 41,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment loss on real estate assets	0	10,000	41,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| 9320 Excelsior Boulevard
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment loss on real estate assets	0	10,000	0
Disposal Group, Held-for-sale, Not Discontinued Operations \| Two Pierce Place
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment loss on real estate assets	$ 0	$ 0	$ 41,000

Stock Based Compensation

12 Months Ended

Dec. 31, 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 these 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 year ended December 31, 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	(573,729)	$	14.48
Performance Stock Awards Vested	(90,064)	$	25.83
Deferred Stock Awards Vested	(366,466)	$	14.87
Deferred Stock Awards Forfeited	(16,884)	$	11.26
Unvested and Potential Stock Awards as of December 31, 2023	1,094,297	$	11.35

The following table provides additional information regarding stock award activity during the years ended 2023, 2022, and 2021 (in thousands except for per share amounts):


	2023		2022		2021
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	9.60	$	16.30	$	17.24
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	5,448	$	6,414	$	5,242
Share-based Liability Awards Paid During the Period (1)	$	—	$	5,481	$	3,610

(1)Amounts reflect the issuance of performance share awards related to the 2019-21 and 2018-20 Performance Share Plans during the years ended December 31, 2022, and 2021, respectively.

A detail of Piedmont’s outstanding stock awards and programs as of December 31, 2023 is as follows:


Date of grant	Type of Award	Net Shares Granted (1)		Grant Date Fair Value		Vesting Schedule	Unvested and Potential Shares as of December 31, 2023



















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	211,595		$	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.	54,088
February 18, 2021	Fiscal Year 2021-2023 Performance Share Program	—		$	23.04	Shares awarded, if any, will vest immediately upon determination of award in 2024.	—	(3)
February 10, 2022	Deferred Stock Award	170,369		$	16.85	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2023, and 2025, respectively.	106,472
February 17, 2022	Fiscal Year 2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	91,136	(3)
February 13, 2023	Deferred Stock Award	392,991		$	10.55	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, 2026, respectively.	314,629
February 23, 2023	Fiscal Year 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	413,433		$	9.47	Of the shares granted, 25% vested or will vest on February 23, 2024, 2025, 2026, and 2027 respectively.	396,707
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							1,094,297

During the years ended December 31, 2023, 2022, and 2021, Piedmont recognized approximately $8.1 million, $8.8 million and $11.0 million of compensation expense related to stock awards, of which approximately $8.1 million, $7.7 million and $9.7 million related to the amortization of unvested shares and potential stock awards and the fair value adjustment for liability awards, respectively. During the year ended December 31, 2023, a total of 275,740 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of December 31, 2023, approximately $11.4 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately one year.

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Notional Amount
(in millions)

Effective Date

Maturity Date

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

100

3/29/2018

3/31/2025

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


Interest rate swaps classified as:	December 31, 2023		December 31, 2022
Gross derivative assets	$	3,032	$	4,183
Gross derivative liabilities	—		—
Net derivative assets	$	3,032	$	4,183

Schedule of Effect on Other Comprehensive Income (Loss)


Interest Rate Swaps in Cash Flow Hedging Relationships:	2023		2022		2021
Amount of gain recognized in OCI	$	2,626	$	8,202	$	2,994
Amount of previously recorded gain/(loss) reclassified from OCI into Interest Expense	$	3,365	$	(1,273)	$	(2,952)


Total amount of Interest Expense presented in the consolidated statements of operations	$	(101,258)	$	(65,656)	$	(51,292)
Total amount of Loss on Early Extinguishment of Debt presented in the consolidated statements of operations	$	(820)	$	—	$	—

Fair Value Measurements of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Interest rate swaps	$ 3,032	$ 4,183
Carrying Value
Assets:
Cash and cash equivalents	825	16,536
Restricted cash and escrows	3,381	3,064
Liabilities:
Accounts payable and accrued expenses	49,706	63,225
Debt, net	2,054,596	1,983,681
Carrying Value \| Interest Rate Swaps
Assets:
Interest rate swaps	3,032	4,183
Carrying Value \| Trade Accounts Receivable
Assets:
Tenant receivables, net	7,915	4,762
Estimated Fair Value \| Level 1
Assets:
Cash and cash equivalents	825	16,536
Restricted cash and escrows	3,381	3,064
Liabilities:
Accounts payable and accrued expenses	49,706	63,225
Estimated Fair Value \| Level 1 \| Trade Accounts Receivable
Assets:
Tenant receivables, net	7,915	4,762
Estimated Fair Value \| Level 2
Liabilities:
Debt, net	1,953,447	1,825,723
Estimated Fair Value \| Level 2 \| Interest Rate Swaps
Assets:
Interest rate swaps	$ 3,032	$ 4,183

Fair Value Measurements of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Instruments

Piedmont considers its cash and cash equivalents, tenant receivables, notes receivable, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of December 31, 2023 and 2022, respectively (in thousands):


	December 31, 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)	$	825	$	825	Level 1	$	16,536	$	16,536	Level 1
Tenant receivables, net (1)	$	7,915	$	7,915	Level 1	$	4,762	$	4,762	Level 1

Restricted cash and escrows (1)	$	3,381	$	3,381	Level 1	$	3,064	$	3,064	Level 1
Interest rate swaps	$	3,032	$	3,032	Level 2	$	4,183	$	4,183	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	49,706	$	49,706	Level 1	$	63,225	$	63,225	Level 1

Debt, net	$	2,054,596	$	1,953,447	Level 2	$	1,983,681	$	1,825,723	Level 2

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

Piedmont's debt was carried at book value as of December 31, 2023 and 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 December 31, 2023 and 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 December 31, 2023 and 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

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

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2023

(dollars in thousands)


					Initial Cost to Piedmont				Gross Amount of Which Carried at December 31, 2023
Description(1)	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total(2)	Costs Capitalized Subsequent to Acquisition(3)	Land	Buildings and Improvements	Total(4)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed (in years)(5)
1430 ENCLAVE PARKWAY	Houston, TX	100	%	None	7,100	37,915	45,015	7,248	5,506	46,757	52,263	26,315	1994	12/21/2000	0	-	40
CRESCENT RIDGE II	Minnetonka, MN	100	%	None	7,700	45,154	52,854	16,771	8,021	61,604	69,625	32,336	2000	12/21/2000	0	-	40
90 CENTRAL STREET	Boxborough, MA	100	%	None	3,642	29,497	33,139	3,386	3,642	32,883	36,525	17,524	2001	5/3/2002	0	-	40
6031 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	43,656	46,813	16,000	3,157	59,656	62,813	27,455	1999	8/15/2002	0	-	40
6021 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	42,662	45,819	12,169	3,157	54,831	57,988	31,848	2000	8/15/2002	0	-	40
6011 CONNECTION DRIVE	Irving, TX	100	%	None	3,157	29,034	32,191	18,524	3,157	47,558	50,715	20,540	1999	8/15/2002	0	-	40
US BANCORP CENTER	Minneapolis, MN	100	%	None	11,138	175,629	186,767	38,695	11,138	214,324	225,462	111,336	2000	5/1/2003	0	-	40
GLENRIDGE HIGHLANDS TWO	Atlanta, GA	100	%	None	6,662	69,031	75,693	(231)	6,662	68,800	75,462	32,759	2000	8/1/2003	0	-	40
400 VIRGINIA AVE	Washington, DC	100	%	None	22,146	49,740	71,886	6,646	22,146	56,386	78,532	26,510	1985	11/19/2003	0	-	40
4250 NORTH FAIRFAX DRIVE	Arlington, VA	100	%	None	13,636	70,918	84,554	19,047	13,636	89,965	103,601	46,206	1998	11/19/2003	0	-	40
1225 EYE STREET	Washington, DC	98.1	%	None	21,959	47,602	69,561	10,084	21,959	57,686	79,645	31,747	1986	11/19/2003	0	-	40
1201 EYE STREET	Washington, DC	98.6	%	None	31,985	63,139	95,124	13,756	31,985	76,895	108,880	37,854	2001	11/19/2003	0	-	40
60 BROAD STREET	New York, NY	100	%	None	32,522	168,986	201,508	99,451	60,708	240,251	300,959	84,807	1962	12/31/2003	0	-	40
3100 CLARENDON BOULEVARD	Arlington, VA	100	%	None	11,700	69,705	81,405	52,948	11,791	122,562	134,353	53,705	1987	12/9/2004	0	-	40
LAS COLINAS CORPORATE CENTER I	Irving, TX	100	%	None	3,912	18,830	22,742	2,487	2,543	22,686	25,229	7,329	1998	8/31/2006	0	-	40
LAS COLINAS CORPORATE CENTER II	Irving, TX	100	%	None	4,496	29,881	34,377	987	2,543	32,821	35,364	14,931	1998	8/31/2006	0	-	40
ONE MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,919	24,398	27,317	(160)	2,919	24,238	27,157	8,058	1997	10/1/2010	0	-	40


					Initial Cost				Gross Amount of Which Carried at December 31, 2023
Description(1)	Location	Ownership Percentage		Encumbrances	Land	Buildings and Improvements	Total(2)	Costs Capitalized Subsequent to Acquisition(3)	Land	Buildings and Improvements	Total(4)	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed (in years)(5)
TWO MERIDIAN CROSSINGS	Richfield, MN	100	%	None	2,661	25,742	28,403	1,930	2,661	27,672	30,333	8,579	1998	10/1/2010	0	-	40
THE MEDICI	Atlanta, GA	100	%	None	1,780	11,510	13,290	5,927	1,780	17,437	19,217	7,780	2008	6/7/2011	0	-	40
400 TOWNPARK	Lake Mary, FL	100	%	None	2,570	20,555	23,125	4,865	2,570	25,420	27,990	10,495	2008	11/10/2011	0	-	40
ARLINGTON GATEWAY	Arlington, VA	100	%	None	36,930	129,070	166,000	6,235	36,930	135,305	172,235	39,897	2005	3/4/2013	0	-	40
5 & 15 WAYSIDE ROAD	Burlington, MA	100	%	None	7,190	55,445	62,635	34,682	7,190	90,127	97,317	22,155	1999 / 2001	3/22/2013	0	-	40
6565 MACARTHUR BOULEVARD	Irving, TX	100	%	None	4,820	37,767	42,587	6,458	4,820	44,225	49,045	13,607	1998	12/5/2013	0	-	40
ONE LINCOLN PARK	Dallas, TX	100	%	None	6,640	44,810	51,450	12,098	6,640	56,908	63,548	13,849	1999	12/20/2013	0	-	40
161 CORPORATE CENTER	Irving, TX	100	%	None	2,020	10,680	12,700	499	2,020	11,179	13,199	2,922	1998	12/30/2013	0	-	40
5 WALL STREET	Burlington, MA	100	%	None	9,560	50,276	59,836	6,108	9,560	56,384	65,944	15,390	2008	6/27/2014	0	-	40
1155 PERIMETER CENTER WEST	Atlanta, GA	100	%	None	5,870	66,849	72,719	23,884	5,870	90,733	96,603	21,694	2000	8/28/2014	0	-	40
500 TOWNPARK	Lake Mary, FL	100	%	None	2,147	21,925	24,072	5,123	2,147	27,048	29,195	6,667	2016	N/A	0	-	40
PARK PLACE ON TURTLE CREEK	Dallas, TX	100	%	None	4,470	38,048	42,518	8,766	4,470	46,814	51,284	11,589	1986	1/16/2015	0	-	40
80 CENTRAL STREET	Boxborough, MA	100	%	None	1,980	8,930	10,910	3,168	1,980	12,098	14,078	2,632	1988	7/24/2015	0	-	40
ENCLAVE PLACE	Houston, TX	100	%	None	1,890	60,094	61,984	35,319	1,890	95,413	97,303	21,135	2015	N/A	0	-	40
200 SOUTH ORANGE AVENUE	Orlando, FL	100	%	None	11,660	139,015	150,675	46,241	11,660	185,256	196,916	40,236	1988	11/4/2015	0	-	40
GALLERIA 300	Atlanta, GA	100	%	None	4,000	73,554	77,554	11,030	4,000	84,584	88,584	21,884	1987	11/4/2015	0	-	40
GLENRIDGE HIGHLANDS ONE	Atlanta, GA	100	%	None	5,960	50,013	55,973	8,070	5,960	58,083	64,043	12,862	1998	11/24/2015	0	-	40
CNL CENTER I	Orlando, FL	99	%	None	6,470	77,858	84,328	5,780	6,470	83,638	90,108	19,367	1999	8/1/2016	0	-	40
CNL CENTER II	Orlando, FL	99	%	None	4,550	55,609	60,159	2,157	4,550	57,766	62,316	14,573	2006	8/1/2016	0	-	40
ONE WAYSIDE ROAD	Boston, MA	100	%	None	6,240	57,124	63,364	2,029	6,240	59,153	65,393	13,200	1997 / 2008	8/10/2016	0	-	40


						Initial Cost								Gross Amount of Which Carried at December 31, 2023
Description(1)	Location	Ownership Percentage		Encumbrances		Land		Buildings and Improvements		Total(2)		Costs Capitalized Subsequent to Acquisition(3)		Land		Buildings and Improvements		Total(4)		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which Depreciation and Amortization in Latest Statements of Comprehensive Income is Computed (in years)(5)
GALLERIA 200	Atlanta, GA	100	%	None		6,470		55,825		62,295		23,490		6,470		79,315		85,785		17,637		1984	10/7/2016	0	-	40
750 WEST JOHN CARPENTER FREEWAY	Irving, TX	100	%	None		7,860		36,303		44,163		(584)		7,860		35,719		43,579		7,376		1999	11/30/2016	0	-	40
NORMAN POINTE I	Bloomington, MN	100	%	None		4,358		22,322		26,680		5,275		4,361		27,594		31,955		7,937		2000	12/28/2017	0	-	40
501 WEST CHURCH STREET	Orlando, FL	100	%	None		2,805		28,119		30,924		277		2,805		28,396		31,201		6,937		2003	2/23/2018	0	-	40
9320 EXCELSIOR BOULEVARD	Hopkins, MN	100	%	None		3,760		35,289		39,049		(10,466)		3,707		24,876		28,583		10,716		2010	10/25/2018	0	-	40
25 BURLINGTON MALL ROAD	Burlington, MA	100	%	None		10,230		54,787		65,017		4,480		10,230		59,267		69,497		8,398		1987	12/12/2018	0	-	40
GALLERIA 100	Atlanta, GA	100	%	None		7,285		72,449		79,734		5,556		7,285		78,005		85,290		13,634		1982	5/6/2019	0	-	40
GALLERIA 400	Atlanta, GA	100	%	None		5,687		92,915		98,602		3,124		5,687		96,039		101,726		13,071		1999	8/23/2019	0	-	40
GALLERIA 600	Atlanta, GA	100	%	None		5,418		81,003		86,421		11,452		5,418		92,455		97,873		11,522		2002	8/23/2019	0	-	40
ONE GALLERIA TOWER	Dallas, TX	100	%	None		5,286		107,767		113,053		16,150		5,286		123,917		129,203		24,254		1982	2/12/2020	0		40
TWO GALLERIA TOWER	Dallas, TX	100	%	None		3,835		109,605		113,440		7,140		3,836		116,744		120,580		21,200		1985	2/12/2020	0		40
THREE GALLERIA TOWER	Dallas, TX	100	%	None		6,541		125,490		132,031		2,637		6,541		128,127		134,668		14,521		1991	2/12/2020	0		40
222 SOUTH ORANGE AVENUE	Orlando, FL	100	%	None		1,899		18,417		20,316		10,798		1,899		29,215		31,114		136		1959	10/29/2020	0		40
999 PEACHTREE STREET	Atlanta, GA	100	%	None		49,067		156,109		205,176		29,572		49,067		185,681		234,748		21,236		1987	10/22/2021	0		40
1180 PEACHTREE STREET	Atlanta, GA	100	%	$	195,879	56,932		389,654		446,586		3,129		56,932		392,783		449,715		24,047		2005	8/10/2022	0		40
UNDEVELOPED LAND PARCELS	Various	100	%	None		48,667		—		48,667		3,697		45,782		6,582		52,364		183		N/A	Various		N/A
Total—All Properties						$	546,496	$	3,436,705	$	3,983,201	$	663,904	$	567,244	$	4,079,861	$	4,647,105	$	1,134,578

(1) All of Piedmont's properties are office buildings, except for the separately described Undeveloped Land Parcels.

(2) Total initial cost excludes purchase price allocated to intangible lease origination costs and intangible lease liabilities.

(3) Includes improvements and carrying costs capitalized subsequent to acquisition, as well as reductions related to write-offs of fully depreciated/amortized capitalized assets and impairment losses on real estate assets.

(4) The net carrying value of Piedmont’s total assets for federal income tax purposes is approximately $3.9 billion.

(5) Piedmont’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, Tenant Improvements and Lease Intangibles are amortized over the lease term. Generally, Building Improvements are depreciated over 5 - 25 years, Land Improvements are depreciated over 20 - 25 years, and Buildings are depreciated over 40 years.

Piedmont Office Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2023

(dollars in thousands)


	2023		2022		2021
Real Estate:
Balance at the beginning of the year	$	4,506,328	$	4,206,993	$	3,891,426
Additions to/improvements of real estate	191,305		565,552		379,516
Assets disposed	—		(214,728)		—
Assets impaired (1)	—		(10,000)		(41,000)
Write-offs of fully amortized intangible assets	(34,419)		(26,430)		(13,646)
Write-offs of fully depreciated assets	(16,109)		(15,059)		(9,303)
Balance at the end of the year	$	4,647,105	$	4,506,328	$	4,206,993
Accumulated Depreciation and Amortization:
Balance at the beginning of the year	$	1,005,704	$	961,682	$	835,392
Depreciation and amortization expense	179,402		166,234		149,239
Assets disposed	—		(80,723)		—
Write-offs of fully amortized intangible assets	(34,419)		(26,430)		(13,646)
Write-offs of fully depreciated assets	(16,109)		(15,059)		(9,303)
Balance at the end of the year	$	1,134,578	$	1,005,704	$	961,682

(1)Piedmont recognized an impairment loss on the 9320 Excelsior Building during the year ended December 31, 2022, as well as the Two Pierce Place building during the year ended December 31, 2021. (See Note 6 to the accompanying consolidated financial statements).

Property Dispositions and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Property Dispositions

Details of such properties sold are presented below (in thousands):


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





























Two Pierce Place	Itasca, Illinois	Other	January 25, 2022	$	1,741	$	24,272
225 and 235 Presidential Way	Boston, Massachusetts	Boston	January 28, 2022	$	49,218	$	119,609
Cambridge Portfolio (1)	Cambridge, Massachusetts	Boston	December 2022	$	102,570	$	155,307	(2)

(1)The Cambridge Portfolio is comprised of the One Brattle Square building and the 1414 Massachusetts Avenue building in Cambridge, Massachusetts. The closing date for One Brattle Square was December 13, 2022, and the sale of 1414 Massachusetts Avenue closed on December 20, 2022.

(2)During the year ended December 31, 2023, Piedmont recorded additional gain on sale as a result of receiving $1.9 million in previously escrowed sales proceeds.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Summary of Significant Accounting Policies - Gross Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Liabilities (Below-Market In-Place Leases)	$ 78,736	$ 93,372
Above-Market In-Place Lease Assets
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets	868	1,147
In-Place Lease Valuation
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets	169,786	203,927
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets	$ 235,820	$ 285,777

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

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Certain noncash investing and financing activities for the years ended December 31, 2023, 2022, and 2021 (in thousands) are outlined below:


	2023		2022		2021
Tenant improvements funded by tenants	$	33,472	$	2,961	$	48,842
Accrued capital expenditures and deferred lease costs	$	28,173	$	24,379	$	24,817
Change in accrued dividends	$	(10,215)	$	(691)	$	(365)


Change in accrued share repurchases as part of an announced plan	$	—	$	—	$	(685)

Change in accrued deferred financing costs	$	(189)	$	44	$	—


	2023		2022		2021
Cash and cash equivalents, beginning of period	$	16,536	$	7,419	$	7,331
Restricted cash and escrows, beginning of period	3,064		1,441		1,883


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	19,600	$	8,860	$	9,214

Cash and cash equivalents, end of period	$	825	$	16,536	$	7,419
Restricted cash and escrows, end of period	3,381		3,064		1,441


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	4,206	$	19,600	$	8,860

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 342,345	$ 337,567	$ 317,627
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	329,376	322,882	307,464
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	12,969	14,685	10,163
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	103,475	82,878	62,772
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	64,566	62,444	66,155
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	36,639	35,327	33,449
Northern Virginia/Washington D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	36,334	39,994	36,914
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	33,302	31,886	32,538
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	29,357	31,252	30,049
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 25,703	$ 39,101	$ 45,587

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	1,030,824	421,005	1,114,025
Weighted-average common shares - basic (in shares)	123,658,622	123,351,187	123,977,616
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards (in shares)	0	173,000	0
Weighted-average common shares - diluted (in shares)	123,658,622	123,523,881	123,977,616

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

During the year ended December 31, 2023, Piedmont entered into a new, one-year, $215 million, floating-rate, unsecured term loan facility (the “$215 Million Unsecured 2023 Term Loan”) and issued $600 million in aggregate principal amount of 9.250% senior notes due July 20, 2028 (the “$600 Million Unsecured Senior Notes due 2028”).

The $600 Million Unsecured Senior Notes due 2028 are fully and unconditionally guaranteed by Piedmont. Interest 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 with either Moody’s Investors Services Inc. or S&P Global Ratings falls below investment grade (i.e. BBB-/Baa3). The $600 Million Unsecured Senior Notes due 2028 are subject to typical covenants that, subject to certain exceptions, include: (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.

Also during the year ended December 31, 2023, Piedmont:

•fully repaid its $350 Million Unsecured Senior Notes that matured on June 1, 2023;

•redeemed and repaid (using proceeds from the $600 Million Unsecured Senior Notes due 2028) approximately $350 million of its $400 Million Senior Notes due 2024 through a tender offer, resulting in the recognition of an approximately $0.8 million of loss on early extinguishment of debt; and,

•repaid $100 million of the $200 Million Unsecured 2022 Term Loan Facility, scheduled to mature in December 2024.

On January 30, 2024, Piedmont:

•entered into a new, three-year, $200 Million unsecured syndicated bank term loan, due January 30, 2027 at Adjusted Daily Secured Overnight Financing Rate ("SOFR") plus 130 basis points;

•paid off the remaining $100 million of the $200 Million Unsecured 2022 Term Loan Facility;

•repaid $190 million of the $215 Million Unsecured 2023 Term Loan that was scheduled to mature on January 31, 2024; and,

•extended the remaining $25 million of the $215 Million Unsecured 2023 Term Loan to January 31, 2025.

As a result of the above refinancing activity, as of the date of this filing, Piedmont has approximately $325 million of unsecured debt with final maturities over the next three years.

Finally, during the year ended December 31, 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.


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								2023		2022
Secured (Fixed)
$197 Million Fixed-Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	195,879	$	197,000









								195,879		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 + 1.30%		6.71	%	(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 + 1.25%		6.70	%	(3)	12/16/2024	(6)	100,000		200,000
$250 Million Unsecured 2018 Term Loan	SOFR + 1.20%		4.79	%		3/31/2025		250,000		250,000
$600 Million Unsecured 2022 Line of Credit(6)	SOFR + 1.04%		6.45	%	(3)	6/30/2026	(7)	59,000		—
$600 Million Unsecured Senior Notes due 2028	9.25	%	9.25	%		7/20/2028		600,000		—
$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								(15,437)		(13,319)
Subtotal/Weighted Average(8)	5.99	%						1,858,717		1,786,681
Total/Weighted Average(8)	5.82	%						$	2,054,596	$	1,983,681

(1)All of Piedmont’s outstanding debt as of December 31, 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)On January 30, 2024, Piedmont repaid $190 million of the $215 Million Unsecured 2023 Term Loan and extended the remaining balance to January 31, 2025.

(6)On January 30, 2024, Piedmont repaid the $100 million balance.

(8)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of December 31, 2023.

A summary of Piedmont's consolidated principal outstanding for aggregate debt maturities of its indebtedness as of December 31, 2023, is provided below (in thousands):


2024	$	368,317
2025	253,588
2026	62,738
2027	3,895
2028	781,495
Thereafter	600,000
Total	$	2,070,033

Piedmont’s weighted-average interest rate as of December 31, 2023 and 2022, for the aforementioned borrowings was approximately 5.82% and 3.89%, respectively. Piedmont made interest payments on all indebtedness, including interest rate swap cash settlements, of approximately $81.0 million, $66.1 million, and $49.4 million during the years ended December 31, 2023, 2022, and 2021, respectively. Also, Piedmont capitalized interest of approximately $7.0 million, $4.2 million, and $3.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 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 December 31, 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))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-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
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-Paragraph 1B
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-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
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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

Property Dispositions and Assets Held for Sale

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions and Assets Held for Sale

Property Dispositions

None of Piedmont's property dispositions during the three years ended December 31, 2023 met the criteria to be reported as discontinued operations. The operational results and gain on sale of real estate assets are presented as continuing operations in the accompanying consolidated statements of operations. Details of such properties sold are presented below (in thousands):


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





























Two Pierce Place	Itasca, Illinois	Other	January 25, 2022	$	1,741	$	24,272
225 and 235 Presidential Way	Boston, Massachusetts	Boston	January 28, 2022	$	49,218	$	119,609
Cambridge Portfolio (1)	Cambridge, Massachusetts	Boston	December 2022	$	102,570	$	155,307	(2)

(2)During the year ended December 31, 2023, Piedmont recorded additional gain on sale as a result of receiving $1.9 million in previously escrowed sales proceeds.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Piedmont’s income tax basis net income/(loss) for the years ended December 31, 2023, 2022, and 2021, is calculated as follows (in thousands):


	2023		2022		2021
GAAP basis financial statement net income/(loss)	$	(48,387)	$	146,830	$	(1,153)
Increase/(decrease) in net income/(loss) resulting from:
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	93,791		96,694		75,969
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,817)		(26,211)		(18,798)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(12,049)		(13,022)		(9,465)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	—		(137,871)		—
Taxable income or loss of Piedmont Washington Properties, Inc., in excess of amount for financial reporting purposes	6,212		3,111		3,518
Other expenses, including impairment charges, for financial reporting purposes in excess of amounts for income tax purposes	40,173		30,310		51,095
Taxable income for POH in excess of/(less than) amount for financial reporting purposes	61		—		(654)
Income tax basis net income, prior to dividends paid deduction	$	60,984	$	99,841	$	100,512

For income tax purposes, dividends to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder’s invested capital. The composition of Piedmont’s distributions per common share is presented below:


	2023		2022		2021
Ordinary income	63.22	%	82.85	%	96.34	%
Return of capital	34.69	%	3.79	%	3.66	%
Capital gains	2.08	%	13.36	%	—	%
	100	%	100	%	100	%

Piedmont had no uncertain tax positions as of December 31, 2023 or 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
GAAP basis financial statement net income/(loss)	$ (48,387,000)	$ 146,830,000	$ (1,153,000)
Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes	93,791,000	96,694,000	75,969,000
Rental income accrued for income tax purposes less than amounts for financial reporting purposes	(18,817,000)	(26,211,000)	(18,798,000)
Net amortization of above/below-market lease intangibles for income tax purposes in excess of amounts for financial reporting purposes	(12,049,000)	(13,022,000)	(9,465,000)
Gain on disposal of property for financial reporting purposes in excess of amounts for income tax purposes	0	(137,871,000)	0
Other expenses, including impairment charges, for financial reporting purposes in excess of amounts for income tax purposes	40,173,000	30,310,000	51,095,000
Income tax basis net income, prior to dividends paid deduction	$ 60,984,000	$ 99,841,000	$ 100,512,000
Ordinary income	63.22%	82.85%	96.34%
Return of capital	34.69%	3.79%	3.66%
Capital gains	2.08%	13.36%	0.00%
Common stock dividends, percent	100.00%	100.00%	100.00%
Accrued interest and penalties related to uncertain tax positions	$ 0	$ 0
Piedmont Washington Properties, Inc
Income Taxes [Line Items]
Taxable income for subsidiary in excess of/(less than) amount for financial reporting purposes	6,212,000	3,111,000	$ 3,518,000
Piedmont Office Holdings, Inc
Income Taxes [Line Items]
Taxable income for subsidiary in excess of/(less than) amount for financial reporting purposes	$ 61,000	$ 0	$ (654,000)

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property joint_venture vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of real estate properties \| property	51
Number of properties owned with majority interest \| property	4
Number of joint ventures \| joint_venture	3
Amortization of deferred lease costs	$ 56,100,000	$ 57,900,000	$ 56,400,000
Amortization of lease incentive	4,400,000	4,200,000	3,900,000
Amortization of fair value adjustments	0	0	300,000
Amortization of debt discount	700,000	600,000	500,000
Amortization of deferred financing costs and fair market value adjustments on notes payable	$ 4,700,000	$ 2,800,000	2,700,000
Shares-in-trust, shares authorized (in shares) \| shares	150,000,000	150,000,000
Preferred stock, shares authorized (in shares) \| shares	100,000,000	100,000,000
Common stock, shares authorized (in shares) \| shares	750,000,000	750,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of votes for each share of common stock \| vote	1
At-the-market offerings, maximum amount	$ 250,000,000
Income tax expense (benefit)	$ (39,000)	$ (10,000)	$ (379,000)
1201 Eye Street NW Associates LLC and 1225 Eye Street, NW Associates LLC
Significant Accounting Policies [Line Items]
Number of joint ventures \| joint_venture	2

Organization	12 Months Ended
Organization	Dec. 31, 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 December 31, 2023, Piedmont owned 51 in-service office properties and one redevelopment asset, primarily located in major U.S. Sunbelt office markets. As of December 31, 2023, the in-service office properties comprised approximately 16.6 million square feet (unaudited) and were 87.1% leased.

Derivative Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) derivative_contract	Dec. 31, 2021 USD ($) derivative_contract
Derivative [Line Items]
Maximum length of time of cash flow hedge	15 months
Decrease in interest expense over the next twelve months	$ 1,300,000
Unsecured Debt
Derivative [Line Items]
Derivative, notional amount	250,000,000
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt
Derivative [Line Items]
Debt instrument, face amount	250,000,000
$300 Million Unsecured Senior Notes due 2032 \| Unsecured Debt
Derivative [Line Items]
Debt instrument, face amount	$ 300,000,000	$ 300,000,000
Interest Rate Swaps
Derivative [Line Items]
Number of swap agreements \| derivative_contract	8
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Number of swap agreements \| derivative_contract		1
Derivative, notional amount		$ 50,000,000
Settlement resulted in a gain		$ 600,000
Gain and loss on settlement of interest rate swap agreement, amortization period		10 years

Impairment Charges (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Discount Rates and the Capitalization Rate by Segment

The ranges of discount rates and the capitalization rate used for each segment in the above analyses, at the respective time the analyses were performed, were as follows:


		Range of Discount Rates		Range of Capitalization Rates
Reporting Unit	Valuation Date	Low	High	Low	High
Boston	December 31, 2023	8.25%	9.75%	8.25%	9.00%
Minneapolis	September 30, 2023	8.50%	9.25%	8.50%	9.00%
New York	December 31, 2023	9.50%	9.50%	9.00%	9.00%
Northern Virginia/Washington D.C.	December 31, 2022	8.50%	9.50%	8.25%	9.25%

Schedule of Impairment Losses on Real Estate Assets

Piedmont recorded the following impairment losses on real estate assets for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021




9320 Excelsior Boulevard	$	—	$	10,000	$	—
Two Pierce Place	—		—		41,000



Total impairment loss on real estate assets	$	—	$	10,000	$	41,000

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2023 USD ($) commitment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Number of unrecorded tenant allowance commitment \| commitment	1
Contractual obligation	$ 10,000,000
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0	$ 0

Operating Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating Leases

Piedmont’s real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease term, options for early terminations subject to specified penalties, and other terms and conditions as negotiated. Piedmont retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, generally they are not significant. Exposure to credit risk exists to the extent that tenant receivables exceed this amount. Security deposits liabilities related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets.

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2023 is presented below (in thousands):


Years ending December 31:
2024	$	424,131
2025	401,657
2026	362,576
2027	322,114
2028	275,559
Thereafter	1,079,279
Total	$	2,865,316


	2023		2022		2021
Fixed payments	$	454,405	$	451,403	$	427,174
Variable payments	100,908		94,338		87,445
Total Rental and Tenant Reimbursement Revenue	$	555,313	$	545,741	$	514,619

Operating leases where Piedmont is the lessee relate primarily to office space in buildings owned by third parties and managed by Piedmont. Piedmont's right to use asset and corresponding lease liability, using Piedmont's incremental borrowing rate as the lease discount rate, was approximately $0.1 million for the year ended December 31, 2023 and approximately $0.2 million for the year ended December 31, 2022. For the three years ended December 31, 2023, Piedmont recognized approximately $0.1 million of operating lease costs, respectively. As of December 31, 2023, the lease term of Piedmont's right of use asset is one year, and the discount rate is 3.86%.

Operating Leases

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2023 is presented below (in thousands):


Years ending December 31:
2024	$	424,131
2025	401,657
2026	362,576
2027	322,114
2028	275,559
Thereafter	1,079,279
Total	$	2,865,316


	2023		2022		2021
Fixed payments	$	454,405	$	451,403	$	427,174
Variable payments	100,908		94,338		87,445
Total Rental and Tenant Reimbursement Revenue	$	555,313	$	545,741	$	514,619

Fair Value Measurements of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022, respectively (in thousands):


	December 31, 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)	$	825	$	825	Level 1	$	16,536	$	16,536	Level 1
Tenant receivables, net (1)	$	7,915	$	7,915	Level 1	$	4,762	$	4,762	Level 1

Restricted cash and escrows (1)	$	3,381	$	3,381	Level 1	$	3,064	$	3,064	Level 1
Interest rate swaps	$	3,032	$	3,032	Level 2	$	4,183	$	4,183	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	49,706	$	49,706	Level 1	$	63,225	$	63,225	Level 1

Debt, net	$	2,054,596	$	1,953,447	Level 2	$	1,983,681	$	1,825,723	Level 2

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

Impairment Charges - Discount Rates and the Capitalization Rate by Segment (Details)	12 Months Ended
	Dec. 31, 2023
Minimum \| Range of Discount Rates \| Boston
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	8.25%
Minimum \| Range of Discount Rates \| Minneapolis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	8.50%
Minimum \| Range of Discount Rates \| New York
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.50%
Minimum \| Range of Discount Rates \| Northern Virginia/Washington D.C.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	8.50%
Minimum \| Range of Capitalization Rates \| Boston
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	8.25%
Minimum \| Range of Capitalization Rates \| Minneapolis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	8.50%
Minimum \| Range of Capitalization Rates \| New York
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.00%
Minimum \| Range of Capitalization Rates \| Northern Virginia/Washington D.C.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	8.25%
Maximum \| Range of Discount Rates \| Boston
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.75%
Maximum \| Range of Discount Rates \| Minneapolis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.25%
Maximum \| Range of Discount Rates \| New York
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.50%
Maximum \| Range of Discount Rates \| Northern Virginia/Washington D.C.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.50%
Maximum \| Range of Capitalization Rates \| Boston
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.00%
Maximum \| Range of Capitalization Rates \| Minneapolis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.00%
Maximum \| Range of Capitalization Rates \| New York
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.00%
Maximum \| Range of Capitalization Rates \| Northern Virginia/Washington D.C.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	9.25%