0001042776-24-000067 | 10-Q | XBRL Viewer | Piedmont Office Realty Trust INC

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Buildings and improvements, accumulated depreciation	$ 1,064,199	$ 1,046,512
Intangible lease assets, accumulated amortization	80,070	88,066
Deferred lease costs, accumulated amortization	217,570	223,913
Liabilities:
Discount (premiums) and unamortized debt issuance costs	15,958	15,437
Intangible lease liabilities, accumulated amortization	$ 35,144	$ 35,811
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)	123,887,808	123,715,298
Common stock, shares outstanding (in shares)	123,887,808	123,715,298

Impairment Charges	3 Months Ended
Impairment Charges	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Charges	Impairment Charges During the three months ended March 31, 2024, management shortened the intended hold period for the 750 West John Carpenter Freeway building located in Irving, Texas and in doing so, determined that the carrying value would not be recovered from the undiscounted future operating cash flows associated with the asset and its eventual disposition. As a result, Piedmont recognized an impairment charge of approximately $17.5 million calculated based on the difference between the carrying value of the asset and the estimated fair value. The estimated fair value was determined based on a negotiated potential selling price with an unrelated, third-party. Additionally during the three months ended March 31, 2024, Piedmont recognized an impairment loss of approximately $0.9 million in conjunction with the sale of One Lincoln Park located in Dallas, Texas. The offer to purchase, contractual negotiations, due diligence, and completion of the sale all occurred during three months ended March 31, 2024 (see Note 8 for further details).

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareAs Piedmont recognized a net loss for both the three months ended March 31, 2024 and 2023, earnings per share is computed using basic weighted-average common shares outstanding.

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

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Certain Non-cash Investing and Financing Activities

Certain non-cash investing and financing activities for the three months ended March 31, 2024 and 2023 (in thousands) are outlined below:


	Three Months Ended
	March 31, 2024		March 31, 2023
Tenant improvements funded by tenants	$	5,590	$	2,318
Accrued capital expenditures and deferred lease costs	$	25,731	$	15,709
Change in accrued dividends	$	(15,142)	$	(25,358)


Change in accrued deferred financing costs	$	(232)	$	53

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 three months ended March 31, 2024 and 2023, to the consolidated balance sheets for the respective period (in thousands):


	2024		2023
Cash and cash equivalents, beginning of period	$	825	$	16,536
Restricted cash and escrows, beginning of period	3,381		3,064


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

Cash and cash equivalents, end of period	$	3,544	$	170,593
Restricted cash and escrows, end of period	4,221		4,183


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	7,765	$	174,776

Debt - Schedule of Debt (Details)	3 Months Ended
Debt - Schedule of Debt (Details)	Mar. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	5.81%
Discounts and unamortized debt issuance costs	$ (15,958,000)	$ (15,437,000)
Total/Weighted Average	2,070,070,000	2,054,596,000
Secured Debt
Debt Instrument [Line Items]
Total/Weighted Average	195,028,000	195,879,000
Secured Debt \| $197 Million Fixed Rate Mortgage
Debt Instrument [Line Items]
Debt instrument, face amount	$ 197,000,000
Stated Rate	4.10%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 195,028,000	195,879,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	5.99%
Discounts and unamortized debt issuance costs	$ (15,958,000)	(15,437,000)
Total/Weighted Average	1,875,042,000	1,858,717,000
Notional amount of interest rate swap agreements	$ 330,000,000
Unsecured Debt \| Adjusted Secured Overnight Financing Rate SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated Rate	4.45%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 0	50,154,000
Unsecured Debt \| $200 Million Unsecured 2022 Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Effective interest rate (percent)	6.70%
Amount outstanding, gross	$ 0	100,000,000
Unsecured Debt \| $200 Million Unsecured 2022 Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Unsecured Debt \| $215 Million Unsecured 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 215,000,000
Effective interest rate (percent)	6.71%
Amount outstanding, gross	$ 25,000,000	215,000,000
Unsecured Debt \| $215 Million Unsecured 2023 Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000
Effective interest rate (percent)	4.79%
Amount outstanding, gross	$ 250,000,000	250,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Effective interest rate (percent)	6.45%
Amount outstanding, gross	$ 216,000,000	59,000,000
Maximum extension period (in years)	1 year
Number of extension periods \| extension	2
Extension period	6 months
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.04%
Unsecured Debt \| $200 Million Unsecured 2024 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Effective interest rate (percent)	6.22%
Amount outstanding, gross	$ 200,000,000	0
Notional amount of interest rate swap agreements	$ 80,000,000
Interest rate on derivative instrument	5.50%
Unsecured Debt \| $200 Million Unsecured 2024 Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Unsecured Debt \| $200 Million Unsecured 2024 Term Loan \| Adjusted Secured Overnight Financing Rate SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Unsecured Debt \| $600 Million Unsecured Senior Notes due 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Stated Rate	9.25%
Effective interest rate (percent)	9.25%
Amount outstanding, gross	$ 600,000,000	600,000,000
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated Rate	3.15%
Effective interest rate (percent)	3.90%
Amount outstanding, gross	$ 300,000,000	300,000,000
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated Rate	2.75%
Effective interest rate (percent)	2.78%
Amount outstanding, gross	$ 300,000,000	$ 300,000,000

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Right of use asset		$ 100	$ 100
Lease liability		$ 100	$ 100
Operating lease costs	$ 20
Operating lease, remaining lease term		8 months
Discount rate		3.86%

Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended
Impairment Charges (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 18,432	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations \| 750 West John Carpenter Freeway
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	17,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| One Lincoln Park
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 900

Supplemental Disclosures for the Statement of Consolidated Cash Flows

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures for the Statement of Consolidated Cash Flows

Certain non-cash investing and financing activities for the three months ended March 31, 2024 and 2023 (in thousands) are outlined below:


	Three Months Ended
	March 31, 2024		March 31, 2023
Tenant improvements funded by tenants	$	5,590	$	2,318
Accrued capital expenditures and deferred lease costs	$	25,731	$	15,709
Change in accrued dividends	$	(15,142)	$	(25,358)


Change in accrued deferred financing costs	$	(232)	$	53


	2024		2023
Cash and cash equivalents, beginning of period	$	825	$	16,536
Restricted cash and escrows, beginning of period	3,381		3,064


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

Cash and cash equivalents, end of period	$	3,544	$	170,593
Restricted cash and escrows, end of period	4,221		4,183


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	7,765	$	174,776

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.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental and tenant reimbursement revenue	$ 139,081	$ 136,829
Total revenues	144,538	142,367
Expenses:
Property operating costs	59,444	57,791
Depreciation	38,869	35,797
Amortization	18,120	22,031
Impairment charges	18,432	0
General and administrative	7,612	7,691
Expenses	142,477	123,310
Other income (expense):
Interest expense	(29,714)	(22,077)
Other income	278	1,656
Loss on early extinguishment of debt	(386)	0
Other income (expense):	(29,822)	(20,421)
Net loss	(27,761)	(1,364)
Net income applicable to noncontrolling interest	(2)	(3)
Net loss applicable to Piedmont	$ (27,763)	$ (1,367)
Per share information – basic and diluted:
Net income/(loss) applicable to common stockholders - basic (in dollars per share)	$ (0.22)	$ (0.01)
Net income/(loss) applicable to common stockholders - diluted (in dollars per share)	$ (0.22)	$ (0.01)
Weighted-average common shares outstanding – basic (in shares)	123,799,683	123,550,047
Weighted-average common shares outstanding – diluted (in shares)	123,799,683	123,550,047
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 157	$ 507
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 5,300	$ 5,031

Commitments and Contingencies (Details)	3 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2024 USD ($) commitment	Mar. 31, 2023 USD ($)
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

Subsequent Event (Details)	Apr. 24, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.125

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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 March 31, 2024, Piedmont had one individually significant 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 months ended March 31, 2024 or 2023.

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 4,148	$ 3,032
Gross derivative liabilities	0	0
Net derivative asset	$ 4,148	$ 3,032

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.125	$ 0.21

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Tenant improvements funded by tenants	$ 5,590	$ 2,318
Accrued capital expenditures and deferred lease costs	25,731	15,709
Change in accrued dividends	(15,142)	(25,358)
Change in accrued deferred financing costs	(232)	53
Cash and cash equivalents	3,544	170,593	$ 825	$ 16,536
Restricted cash and escrows	4,221	4,183	3,381	3,064
Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$ 7,765	$ 174,776	$ 4,206	$ 19,600

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Piedmont are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year’s results.
Principles of Consolidation	Piedmont’s consolidated financial statements include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2023. All intercompany balances and transactions have been eliminated upon consolidation. Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity. Consequently, the assets of these special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates include the underlying cash flows and holding periods used in assessing impairment, judgments regarding the recoverability of goodwill, and the assessment of the collectability of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially differ from those estimates.
Income Taxes	Income Taxes Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements.
Recent Accounting Pronouncements	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 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.
Risk Management Objective of Using Derivatives	Risk Management Objective of Using Derivatives In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, Piedmont has entered into derivative financial instruments, specifically interest rate swap agreements, to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

- Definition

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

+ References + Details

Organization (Details) ft² in Millions	Mar. 31, 2024 ft² property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	49
Area of real estate property (in sq ft) \| ft²	16.0
Percentage leased	87.80%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2

Segment Information

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, Piedmont also owned two properties in Houston that do not meet the definition of an operating or reportable segment as the CODM does not regularly review these properties for purposes of allocating resources or assessing performance. Further, Piedmont does not maintain a significant presence or anticipate further investment in this market. These two properties are the primary contributors to accrual-based net operating income ("NOI") included in "Other" below. During the periods presented, there have been no material inter segment transactions. The accounting policies of the reportable segments are the same as Piedmont's accounting policies.

Accrual-based net operating income ("NOI") by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating costs from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the

recoverability of operating expenses. Piedmont's calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs.

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

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


	Three Months Ended
		March 31, 2024		March 31, 2023
Atlanta		$	41,770	$	39,217
Dallas		28,705		28,282
Orlando		15,349		15,414
Northern Virginia/Washington, D.C.		15,581		14,899
Minneapolis		13,117		14,961
New York		13,691		13,485
Boston		11,143		10,251
Total reportable segments		139,356		136,509
Other		5,182		5,858
Total Revenues		$	144,538	$	142,367

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


	Three Months Ended
		March 31, 2024		March 31, 2023
Atlanta		$	26,143	$	25,186
Dallas		16,535		15,776
Orlando		9,014		9,265
Northern Virginia/Washington, D.C.		9,311		8,980
Minneapolis		6,630		8,222
New York		7,249		7,371
Boston		7,182		6,333
Total reportable segments		82,064		81,133
Other		3,142		3,366
Total NOI		$	85,206	$	84,499

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


	Three Months Ended
		March 31, 2024		March 31, 2023
Net loss applicable to Piedmont		$	(27,763)	$	(1,367)
Management fee revenue (1)		5		(293)



Depreciation and amortization		56,989		57,828
Impairment charges		18,432		—


General and administrative expenses		7,612		7,691
Interest expense		29,714		22,077
Other income		(171)		(1,440)
Loss on early extinguishment of debt		386		—

Net income applicable to noncontrolling interest		2		3
Total NOI		$	85,206	$	84,499

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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Organization	3 Months Ended
Organization	Mar. 31, 2024
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 March 31, 2024, Piedmont owned 49 in-service office properties and two redevelopment assets. As of March 31, 2024, the in-service office properties comprised approximately 16.0 million square feet (unaudited) and were 87.8% leased.

Property Dispositions	3 Months Ended
Property Dispositions	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions During the three months ended March 31, 2024, Piedmont sold the One Lincoln Park building located in Dallas, Texas, to an unrelated, third-party owner/user for net sale proceeds of approximately $53.3 million which were used to repay the balance of the $400 Million Unsecured Senior Notes due 2024.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Fixed and Variable Lease Revenue

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the three months ended March 31, 2024 and 2023, respectively, as follows (in thousands):


	Three Months Ended
		March 31, 2024		March 31, 2023
Fixed payments		$	113,313	$	112,560
Variable payments		25,768		24,269
Total Rental and Tenant Reimbursement Revenue		$	139,081	$	136,829

Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Risk Management Objective of Using Derivatives

In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, Piedmont has entered into derivative financial instruments, specifically interest rate swap agreements, to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

Cash Flow Hedges of Interest Rate Risk

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

During the three months ended March 31, 2024, Piedmont entered into two interest rate swap agreements to partially hedge the risk of changes in the interest-related cash flows associated with the $200 Million Unsecured 2024 Term Loan (see Note 3 above). All of Piedmont's interest rate swap agreements are designated as effective cash flow hedges and are designated using SOFR. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 22 months.

A detail of Piedmont’s interest rate derivatives outstanding as of March 31, 2024 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Total Notional Amount
(in millions)

Effective Date

Maturity Date

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

100

3/29/2018

3/31/2025

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/2/2022

3/31/2025

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/12/2022

3/31/2025

Interest rate swaps

$200 Million Unsecured 2024 Term Loan

2/1/2024

2/1/2026

Total

330

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 March 31, 2024 and December 31, 2023, respectively, is as follows (in thousands):


Interest rate swaps classified as:	March 31, 2024		December 31, 2023
Gross derivative assets	$	4,148	$	3,032
Gross derivative liabilities	—		—
Net derivative asset	$	4,148	$	3,032

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the three months ended March 31, 2024 and 2023, respectively, is as follows (in thousands):


	Three Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships		March 31, 2024		March 31, 2023
Amount of gain/(loss) recognized in OCI		$	2,431	$	(1,103)
Amount of previously recorded gain reclassified from OCI into interest expense		$	1,103	$	484


Total amount of interest expense presented in the consolidated statements of operations		$	(29,714)	$	(22,077)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations		$	(386)	$	—

Piedmont estimates that approximately $2.3 million will be reclassified from OCI as a decrease in interest expense over the next twelve months. Additionally, see Note 5 for fair value disclosures of Piedmont's derivative instruments.

Credit-risk-related Contingent Features

Piedmont has agreements with its derivative counterparties that contain a provision whereby if Piedmont defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Piedmont could also be declared in default on its derivative obligations. If Piedmont were to breach any of the contractual provisions of the derivative contracts, it could be required to settle its liability obligations under the agreements at their termination value of the estimated fair values plus accrued interest. However, as of March 31, 2024, 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.

Stock Based Compensation - Rollforward of Stock Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shares
Unvested and potential stock awards, end of period (in shares)	2,221,042
Stock Awards
Shares
Unvested and potential stock awards, beginning of period (in shares)	1,094,297
Unvested and potential stock awards, end of period (in shares)	2,221,042
Weighted-Average Grant Date Fair Value
Unvested and potential stock awards, beginning of period (in dollars per share)	$ 11.35
Unvested and potential stock awards, end of period (in dollars per share)	$ 9.09
Deferred Stock Awards
Shares
Stock awards granted (in shares)	557,674
Stock awards vested (in shares)	(305,666)
Deferred stock awards forfeited (in shares)	(16,657)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 6.55	$ 10.03
Stock awards vested (in dollars per share)	12.43
Deferred stock awards forfeited (in dollars per share)	$ 11.11
Performance Share Awards
Shares
Stock awards granted (in shares)	641,985
Change in estimated potential share award based on TSR performance (in shares)	249,409
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 7.64
Change in estimated potential share award based on TSR performance (in dollars per share)	$ 12.86

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	$ 2,431	$ (1,103)
Total amount of interest expense presented in the consolidated statements of operations	(29,714)	(22,077)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	(386)	0
Interest rate swaps
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	2,431	(1,103)
Amount of previously recorded gain reclassified from OCI into interest expense	1,103	484
Total amount of interest expense presented in the consolidated statements of operations	(29,714)	(22,077)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	$ (386)	$ 0

- Definition

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

+ References + Details

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	Feb. 20, 2024	May 10, 2023	Feb. 23, 2023	Feb. 13, 2023	Feb. 10, 2022	Jul. 01, 2019	May 03, 2019	Mar. 31, 2024	Feb. 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)								2,221,042
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)							26,385
Grant date fair value (in dollars per share)							$ 21.04
Unvested shares (in shares)								9,505
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 3, 2019 \| Year 5
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)					145,674
Grant date fair value (in dollars per share)					$ 16.85
Unvested shares (in shares)								52,190
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 10, 2022 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 13, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)				347,945
Grant date fair value (in dollars per share)				$ 10.55
Unvested shares (in shares)								206,196
Deferred Stock Awards \| Deferred Stock Award, Granted February 13, 2023 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 13, 2023 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 13, 2023 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 13, 2023 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			372,394
Grant date fair value (in dollars per share)			$ 9.47
Unvested shares (in shares)								291,187
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award-Board of Directors, Granted May 10, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		121,760
Grant date fair value (in dollars per share)		$ 6.57
Unvested shares (in shares)								121,760
Deferred Stock Awards \| Deferred Stock Award-Board of Directors, Granted May 10, 2023 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		100.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	557,674
Grant date fair value (in dollars per share)	$ 6.55
Unvested shares (in shares)								557,674
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Performance Share Awards \| Performance Share Program Award, Granted February 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)									0
Grant date fair value (in dollars per share)									$ 17.77
Unvested shares (in shares)								113,920
Performance Share Awards \| Performance Share Program Award, Granted February 23, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			0
Grant date fair value (in dollars per share)			$ 12.37
Unvested shares (in shares)								226,625
Performance Share Awards \| Performance Share Program Award, Granted February 20, 2024
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)	$ 7.64
Unvested shares (in shares)								641,985
Chief Executive Officer Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						5 years

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue and Net Operating Income, by Segment

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


	Three Months Ended
		March 31, 2024		March 31, 2023
Atlanta		$	41,770	$	39,217
Dallas		28,705		28,282
Orlando		15,349		15,414
Northern Virginia/Washington, D.C.		15,581		14,899
Minneapolis		13,117		14,961
New York		13,691		13,485
Boston		11,143		10,251
Total reportable segments		139,356		136,509
Other		5,182		5,858
Total Revenues		$	144,538	$	142,367

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


	Three Months Ended
		March 31, 2024		March 31, 2023
Atlanta		$	26,143	$	25,186
Dallas		16,535		15,776
Orlando		9,014		9,265
Northern Virginia/Washington, D.C.		9,311		8,980
Minneapolis		6,630		8,222
New York		7,249		7,371
Boston		7,182		6,333
Total reportable segments		82,064		81,133
Other		3,142		3,366
Total NOI		$	85,206	$	84,499

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


	Three Months Ended
		March 31, 2024		March 31, 2023
Net loss applicable to Piedmont		$	(27,763)	$	(1,367)
Management fee revenue (1)		5		(293)



Depreciation and amortization		56,989		57,828
Impairment charges		18,432		—


General and administrative expenses		7,612		7,691
Interest expense		29,714		22,077
Other income		(171)		(1,440)
Loss on early extinguishment of debt		386		—

Net income applicable to noncontrolling interest		2		3
Total NOI		$	85,206	$	84,499

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of March 31, 2024 and December 31, 2023 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								March 31, 2024		December 31, 2023
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	195,028	$	195,879









Subtotal								195,028		195,879
Unsecured (Variable and Fixed)







$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024		—		50,154
$200 Million Unsecured 2022 Term Loan Facility	SOFR + 1.25%		6.70	%		12/16/2024		—		100,000
$215 Million Unsecured 2023 Term Loan	SOFR + 1.30%		6.71	%	(3)	1/31/2025	(4)	25,000		215,000
$250 Million Unsecured 2018 Term Loan	SOFR + 1.20%		4.79	%		3/31/2025	(4)	250,000		250,000
$600 Million Unsecured 2022 Line of Credit	SOFR + 1.04%		6.45	%	(3)	6/30/2026	(5)	216,000		59,000
$200 Million Unsecured 2024 Term Loan	SOFR + 1.30%		6.22	%	(6)	1/29/2027		200,000		—
$600 Million Unsecured Senior Notes due 2028	9.25	%	9.25	%		7/20/2028		600,000		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								(15,958)		(15,437)
Subtotal/Weighted Average (7)	5.99	%						$	1,875,042	$	1,858,717
Total/Weighted Average (7)	5.81	%						$	2,070,070	$	2,054,596

(1)All of Piedmont’s outstanding debt as of March 31, 2024 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 or Piedmont OP's current credit rating.

(4)Piedmont currently intends to repay the outstanding balance on debt due within one year through selective property dispositions, cash on hand from operations, and/or borrowings under its existing $600 Million Unsecured 2022 Line of Credit.

(5)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.

(6)The term loan has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix the interest rate on $80 million of the term loan to 5.50% through February 1, 2026, assuming no change in Piedmont's or Piedmont OP's credit rating. For the remaining variable portion of the loan, Piedmont may select from multiple interest rate options, including the prime rate and various length SOFR locks. All SOFR selections are 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. See Note 4 for disclosures of Piedmont's derivative instruments.

(7)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of March 31, 2024.

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Second Quarter Dividend Declaration On April 24, 2024, the board of directors of Piedmont declared a dividend for the second quarter of 2024 in the amount of $0.125 per common share outstanding to stockholders of record as of the close of business on May 24, 2024. Such dividend will be paid on June 14, 2024.

Fair Value Measurement of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement of Financial Instruments

Piedmont considers its cash and cash equivalents, tenant receivables, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of March 31, 2024 and December 31, 2023, respectively (in thousands):


	March 31, 2024					December 31, 2023
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)	$	3,544	$	3,544	Level 1	$	825	$	825	Level 1
Tenant receivables, net (1)	$	10,338	$	10,338	Level 1	$	7,915	$	7,915	Level 1

Restricted cash and escrows (1)	$	4,221	$	4,221	Level 1	$	3,381	$	3,381	Level 1
Interest rate swaps	$	4,148	$	4,148	Level 2	$	3,032	$	3,032	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	13,903	$	13,903	Level 1	$	49,706	$	49,706	Level 1

Debt, net	$	2,070,070	$	1,970,703	Level 2	$	2,054,596	$	1,953,447	Level 2

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

Piedmont's debt was carried at book value as of March 31, 2024 and December 31, 2023; 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023, 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

Property Dispositions (Details) - USD ($)	3 Months Ended
Property Dispositions (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds from wholly-owned properties	$ 53,308,000	$ 0
$400 Million Unsecured Senior Notes due 2024 \| Unsecured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount	400,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Dallas, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds from wholly-owned properties	$ 53,300,000

Debt - Narrative (Details) - USD ($)	3 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Debt Instruments [Line Items]
Loss on early extinguishment of debt	$ 386,000	$ 0
Interest paid	46,000,000	23,400,000
Interest costs capitalized	$ 2,800,000	$ 1,200,000
Unsecured Debt \| Adjusted Secured Overnight Financing Rate SOFR
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	0.10%
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	3 years
Effective interest rate (percent)	6.22%
Minimum unencumbered interest coverage ratio	1.75
Minimum unencumbered leverage ratio	1.60
Minimum fixed charge coverage ratio	1.50
Maximum leverage ratio	0.60
Maximum secured debt ratio	0.40
Amount outstanding, gross	$ 200,000,000		$ 0
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt \| Adjusted Secured Overnight Financing Rate SOFR
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	1.30%
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt \| Adjusted Secured Overnight Financing Rate SOFR \| Minimum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	0.85%
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt \| Adjusted Secured Overnight Financing Rate SOFR \| Maximum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	1.70%
$200 Million Unsecured 2022 Term Loan Facility \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 200,000,000
Effective interest rate (percent)	6.70%
Repayments of unsecured debt	$ 100,000,000
Loss on early extinguishment of debt	386,000
Amount outstanding, gross	0		100,000,000
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 215,000,000
Effective interest rate (percent)	6.71%
Repayments of unsecured debt	$ 190,000,000
Amount outstanding, gross	25,000,000		215,000,000
$400 Million Unsecured Senior Notes due 2024 \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 400,000,000
Effective interest rate (percent)	4.10%
Repayments of unsecured debt	$ 50,200,000
Amount outstanding, gross	$ 0		$ 50,154,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net loss	$ (27,761)	$ (1,364)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	38,869	35,797
Amortization of debt issuance costs inclusive of settled interest rate swaps	1,419	1,330
Other amortization	16,661	19,779
Impairment charges	18,432	0
Loss on early extinguishment of debt	386	0
Reversal of general reserve for uncollectible accounts	0	(400)
Stock compensation expense	1,881	1,762
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(6,663)	(5,419)
Decrease/(increase) in prepaid expenses and other assets	3,662	(9,007)
Decrease in accounts payable and accrued expenses	(23,626)	(6,841)
Increase in deferred income	101	4,761
Net cash provided by operating activities	23,361	40,398
Cash Flows from Investing Activities:
Capitalized expenditures	(46,063)	(36,184)
Net sales proceeds from wholly-owned properties	53,308	0
Deferred lease costs paid	(9,212)	(9,218)
Net cash used in investing activities	(1,967)	(45,402)
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(747)	(515)
Proceeds from debt	459,400	266,603
Repayments of debt	(445,005)	(53,000)
Value of shares withheld for payment of taxes related to employee stock compensation	(855)	(1,579)
Dividends paid	(30,628)	(51,329)
Net cash (used in)/provided by financing activities	(17,835)	160,180
Net increase in cash, cash equivalents, and restricted cash and escrows	3,559	155,176
Cash, cash equivalents, and restricted cash and escrows, beginning of period	4,206	19,600
Cash, cash equivalents, and restricted cash and escrows, end of period	$ 7,765	$ 174,776

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

During the three months ended March 31, 2024, through its subsidiary Piedmont OP, Piedmont entered into a new $200 million unsecured, syndicated bank term loan (the “$200 Million Unsecured 2024 Term Loan”). The term of the $200 Million Unsecured 2024 Term Loan is 3 years, with a maturity date of January 29, 2027. Piedmont may prepay the loan in whole or in part, at any time without premium or penalty. The stated interest rate spread over Adjusted SOFR can vary from 0.85% to 1.70% based upon the then current credit rating of Piedmont or Piedmont OP, whichever is higher. As of March 31, 2024, the applicable interest rate spread on the loan was 1.30%, and the effective rate was 6.22%.

The $200 Million Unsecured 2024 Term Loan has certain financial covenants that require, among other things, the maintenance of an unencumbered interest rate coverage ratio of at least 1.75, an unencumbered leverage ratio of at least 1.60, a fixed charge coverage ratio of at least 1.50, a leverage ratio of no more than 0.60, and a secured debt ratio of no more than 0.40.

During the three months ended March 31, 2024, Piedmont repaid the outstanding balance of $100 million on the $200 Million Unsecured 2022 Term Loan Facility which was scheduled to mature in December 2024, using proceeds from the $200 Million Unsecured 2024 Term Loan, mentioned above. In conjunction with this repayment, Piedmont recognized a loss of approximately $0.4 million for unamortized financing costs due to the early extinguishment of debt. Piedmont also repaid $190 million of the $215 Million Unsecured 2023 Term Loan scheduled to mature on January 31, 2024 using proceeds from the $200 Million Unsecured 2024 Term Loan and the $600 Million Unsecured 2022 Line of Credit. The remaining $25 million of the $215 Million Unsecured 2023 Term Loan that was outstanding after the $190 million pay down was extended to a maturity date of January 31, 2025.

Finally, during the three months ended March 31, 2024, Piedmont repaid the remaining $50.2 million balance of the $400 Million Unsecured Senior Notes due 2024 with proceeds from the disposition of real estate assets, including the One Lincoln Park building (see Note 8 below).

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of March 31, 2024 and December 31, 2023 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								March 31, 2024		December 31, 2023
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	195,028	$	195,879









Subtotal								195,028		195,879
Unsecured (Variable and Fixed)







$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024		—		50,154
$200 Million Unsecured 2022 Term Loan Facility	SOFR + 1.25%		6.70	%		12/16/2024		—		100,000
$215 Million Unsecured 2023 Term Loan	SOFR + 1.30%		6.71	%	(3)	1/31/2025	(4)	25,000		215,000
$250 Million Unsecured 2018 Term Loan	SOFR + 1.20%		4.79	%		3/31/2025	(4)	250,000		250,000
$600 Million Unsecured 2022 Line of Credit	SOFR + 1.04%		6.45	%	(3)	6/30/2026	(5)	216,000		59,000
$200 Million Unsecured 2024 Term Loan	SOFR + 1.30%		6.22	%	(6)	1/29/2027		200,000		—
$600 Million Unsecured Senior Notes due 2028	9.25	%	9.25	%		7/20/2028		600,000		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								(15,958)		(15,437)
Subtotal/Weighted Average (7)	5.99	%						$	1,875,042	$	1,858,717
Total/Weighted Average (7)	5.81	%						$	2,070,070	$	2,054,596

(1)All of Piedmont’s outstanding debt as of March 31, 2024 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.

(7)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of March 31, 2024.

Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $46.0 million and $23.4 million for the three months ended March 31, 2024 and 2023, respectively. Also, Piedmont capitalized

interest of approximately $2.8 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, 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 March 31, 2024.

- 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

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income/(Loss)	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2022		123,440,000
Beginning balance at Dec. 31, 2022	$ 1,849,255	$ 1,234	$ 3,711,005	$ (1,855,893)	$ (8,679)	$ 1,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(25,971)			(25,965)		(6)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		203,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	(236)	$ 2	(238)
Net income/(loss) attributable to noncontrolling interest	3					3
Net loss applicable to Piedmont	(1,367)			(1,367)
Other comprehensive income (loss)	(1,587)				(1,587)
Ending balance (in shares) at Mar. 31, 2023		123,643,000
Ending balance at Mar. 31, 2023	$ 1,820,097	$ 1,236	3,710,767	(1,883,225)	(10,266)	1,585
Beginning balance (in shares) at Dec. 31, 2023	123,715,298	123,715,000
Beginning balance at Dec. 31, 2023	$ 1,722,972	$ 1,237	3,716,742	(1,987,147)	(9,418)	1,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(15,486)			(15,479)		(7)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		173,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	859	$ 2	857
Net income/(loss) attributable to noncontrolling interest	2					2
Net loss applicable to Piedmont	(27,763)			(27,763)
Other comprehensive income (loss)	$ 1,328				1,328
Ending balance (in shares) at Mar. 31, 2024	123,887,808	123,888,000
Ending balance at Mar. 31, 2024	$ 1,681,912	$ 1,239	$ 3,717,599	$ (2,030,389)	$ (8,090)	$ 1,553

- Definition

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

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+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Fair Value Measurement of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, respectively (in thousands):


	March 31, 2024					December 31, 2023
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)	$	3,544	$	3,544	Level 1	$	825	$	825	Level 1
Tenant receivables, net (1)	$	10,338	$	10,338	Level 1	$	7,915	$	7,915	Level 1

Restricted cash and escrows (1)	$	4,221	$	4,221	Level 1	$	3,381	$	3,381	Level 1
Interest rate swaps	$	4,148	$	4,148	Level 2	$	3,032	$	3,032	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	13,903	$	13,903	Level 1	$	49,706	$	49,706	Level 1

Debt, net	$	2,070,070	$	1,970,703	Level 2	$	2,054,596	$	1,953,447	Level 2

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

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Share Activity

A roll forward of Piedmont's equity based award activity for the three months ended March 31, 2024 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2023	1,094,297	$	11.35
Deferred Stock Awards Granted	557,674	$	6.55
Performance Stock Awards Granted	641,985	$	7.64
Change in Estimated Potential Share Awards based on TSR Performance	249,409	$	12.86

Deferred Stock Awards Vested	(305,666)	$	12.43
Deferred Stock Awards Forfeited	(16,657)	$	11.11
Unvested and Potential Stock Awards as of March 31, 2024	2,221,042	$	9.09

The following table provides additional information regarding stock award activity during the three months ended March 31, 2024 and 2023, respectively (in thousands, except per share amounts):


	Three Months Ended
		March 31, 2024		March 31, 2023
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period		$	6.55	$	10.03
Total Grant Date Fair Value of Deferred Stock Vested During the Period		$	3,801	$	4,073

Schedule of Outstanding Employee Stock Awards

A detail of Piedmont’s outstanding stock awards and programs as of March 31, 2024 is as follows:


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






















May 3, 2019	Deferred Stock Award	26,385	(2)	$	21.04	Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, 2022, 2023 and 2024, respectively.	9,505







February 10, 2022	Deferred Stock Award	145,674		$	16.85	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively.	52,190
February 17, 2022	2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	113,920	(3)

February 13, 2023	Deferred Stock Award	347,945		$	10.55	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively.	206,196
February 23, 2023	2023-2025 Performance Share Program	—		$	12.37	Shares awarded, if any, will vest immediately upon determination of award in 2026.	226,625	(3)
February 23, 2023	Deferred Stock Award	372,394		$	9.47	Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027, respectively.	291,187
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
February 20, 2024	Deferred Stock Award	557,674		$	6.55	Of the shares granted, 25% will vest on February 20, 2025, 2026, 2027, and 2028, respectively.	557,674
February 20, 2024	2024-2026 Performance Share Program	—		$	7.64	Shares awarded, if any, will vest immediately upon determination of award in 2027.	641,985	(3)
Total							2,221,042

(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 March 31, 2024.

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

(3)Estimated based on Piedmont's cumulative TSR for the respective performance period through March 31, 2024. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs.

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details)	Mar. 31, 2024 USD ($) derivative_contract
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	2
Unsecured Debt
Derivative [Line Items]
Notional amount of interest rate swap agreements	$ 330,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan
Derivative [Line Items]
Debt instrument, face amount	$ 250,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 1
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	2
Notional amount of interest rate swap agreements	$ 100,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 2
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	3
Notional amount of interest rate swap agreements	$ 75,000,000
Unsecured Debt \| $250 Million Unsecured 2018 Term Loan \| Interest Rate Swap, Tranche 3
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	3
Notional amount of interest rate swap agreements	$ 75,000,000
Unsecured Debt \| $200 Million Unsecured 2024 Term Loan
Derivative [Line Items]
Number of Swap Agreements \| derivative_contract	2
Debt instrument, face amount	$ 200,000,000
Notional amount of interest rate swap agreements	$ 80,000,000

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Interest rate swaps	$ 4,148	$ 3,032
Carrying Value
Assets:
Cash and cash equivalents	3,544	825
Restricted cash and escrows	4,221	3,381
Liabilities:
Accounts payable and accrued expenses	13,903	49,706
Debt, net	2,070,070	2,054,596
Carrying Value \| Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	10,338	7,915
Carrying Value \| Interest rate swaps
Assets:
Interest rate swaps	4,148	3,032
Estimated Fair Value \| Level 1
Assets:
Cash and cash equivalents	3,544	825
Restricted cash and escrows	4,221	3,381
Liabilities:
Accounts payable and accrued expenses	13,903	49,706
Estimated Fair Value \| Level 1 \| Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	10,338	7,915
Estimated Fair Value \| Level 2
Liabilities:
Debt, net	1,970,703	1,953,447
Estimated Fair Value \| Interest rate swaps \| Level 2
Assets:
Interest rate swaps	$ 4,148	$ 3,032

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss applicable to Piedmont	$ (27,763)	$ (1,367)
Other comprehensive income/(loss):
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	2,431	(1,103)
Minus: Reclassification of net gain included in net income (See Note 4)	(1,103)	(484)
Other comprehensive income/(loss)	1,328	(1,587)
Comprehensive loss applicable to Piedmont	$ (26,435)	$ (2,954)

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Schedule of Fixed and Variable Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Fixed payments	$ 113,313	$ 112,560
Variable payments	25,768	24,269
Total Rental and Tenant Reimbursement Revenue	$ 139,081	$ 136,829

Stock Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

On an annual basis, 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 allocated between the deferred stock award units described above and a multi-year performance share program whereby actual awards are contingent upon Piedmont's total stockholder return ("TSR") performance relative to the TSR of a peer group of office REITs. The target incentives for these employees, as well as the peer group to be used for comparative purposes, are predetermined by the board of directors, based on advice given 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 roll forward of Piedmont's equity based award activity for the three months ended March 31, 2024 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2023	1,094,297	$	11.35
Deferred Stock Awards Granted	557,674	$	6.55
Performance Stock Awards Granted	641,985	$	7.64
Change in Estimated Potential Share Awards based on TSR Performance	249,409	$	12.86

Deferred Stock Awards Vested	(305,666)	$	12.43
Deferred Stock Awards Forfeited	(16,657)	$	11.11
Unvested and Potential Stock Awards as of March 31, 2024	2,221,042	$	9.09

The following table provides additional information regarding stock award activity during the three months ended March 31, 2024 and 2023, respectively (in thousands, except per share amounts):


	Three Months Ended
		March 31, 2024		March 31, 2023
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period		$	6.55	$	10.03
Total Grant Date Fair Value of Deferred Stock Vested During the Period		$	3,801	$	4,073

A detail of Piedmont’s outstanding stock awards and programs as of March 31, 2024 is as follows:


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






















May 3, 2019	Deferred Stock Award	26,385	(2)	$	21.04	Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, 2022, 2023 and 2024, respectively.	9,505







February 10, 2022	Deferred Stock Award	145,674		$	16.85	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively.	52,190
February 17, 2022	2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	113,920	(3)

February 13, 2023	Deferred Stock Award	347,945		$	10.55	Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively.	206,196
February 23, 2023	2023-2025 Performance Share Program	—		$	12.37	Shares awarded, if any, will vest immediately upon determination of award in 2026.	226,625	(3)
February 23, 2023	Deferred Stock Award	372,394		$	9.47	Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027, respectively.	291,187
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
February 20, 2024	Deferred Stock Award	557,674		$	6.55	Of the shares granted, 25% will vest on February 20, 2025, 2026, 2027, and 2028, respectively.	557,674
February 20, 2024	2024-2026 Performance Share Program	—		$	7.64	Shares awarded, if any, will vest immediately upon determination of award in 2027.	641,985	(3)
Total							2,221,042

During the three months ended March 31, 2024 and 2023, Piedmont recognized approximately $1.9 million and $1.8 million, respectively, of compensation expense related to the amortization of unvested and potential stock awards. During the three months ended March 31, 2024, 172,510 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of March 31, 2024, approximately $17.9 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately 1.8 years.

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 1.9	$ 1.8
Total shares issued to employees, directors, and officers (in shares)	172,510
Unrecognized compensation cost related to nonvested	$ 17.9
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 9 months 18 days
Independent Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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

Piedmont’s consolidated financial statements include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2023.

All intercompany balances and transactions have been eliminated upon consolidation.

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

Use of Estimates

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

Income Taxes

Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements.

Operating Leases


	Three Months Ended
		March 31, 2024		March 31, 2023
Fixed payments		$	113,313	$	112,560
Variable payments		25,768		24,269
Total Rental and Tenant Reimbursement Revenue		$	139,081	$	136,829

Operating leases where Piedmont is the lessee relate primarily to office space in buildings owned by third parties. Piedmont's right of use asset and corresponding lease liability was approximately $100,000 as of both March 31, 2024 and December 31, 2023. The right of use asset is recorded as a component of prepaid expenses and other assets, whereas the corresponding liability is presented as a component of accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. For both the three months ended March 31, 2024 and 2023, Piedmont recognized approximately $20,000 of operating lease costs related to these office space leases. As of March 31, 2024, the remaining lease term of Piedmont's right of use asset is approximately 8 months, and the discount rate is 3.86%.

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 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.

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 is as follows:

Interest Rate Derivatives:

Number of Swap Agreements

Associated Debt Instrument

Total Notional Amount
(in millions)

Effective Date

Maturity Date

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

100

3/29/2018

3/31/2025

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/2/2022

3/31/2025

Interest rate swaps

$250 Million Unsecured 2018 Term Loan

12/12/2022

3/31/2025

Interest rate swaps

$200 Million Unsecured 2024 Term Loan

2/1/2024

2/1/2026

Total

330

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2024 and December 31, 2023, respectively, is as follows (in thousands):


Interest rate swaps classified as:	March 31, 2024		December 31, 2023
Gross derivative assets	$	4,148	$	3,032
Gross derivative liabilities	—		—
Net derivative asset	$	4,148	$	3,032

Schedule of Derivative Instruments, Effect on Other Comprehensive Income


	Three Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships		March 31, 2024		March 31, 2023
Amount of gain/(loss) recognized in OCI		$	2,431	$	(1,103)
Amount of previously recorded gain reclassified from OCI into interest expense		$	1,103	$	484


Total amount of interest expense presented in the consolidated statements of operations		$	(29,714)	$	(22,077)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations		$	(386)	$	—

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34626
Entity Registrant Name	Piedmont Office Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	58-2328421
Entity Address, Address Line One	5565 Glenridge Connector Ste. 450
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	770
Local Phone Number	418-8800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PDM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,891,340
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Segment Information - Revenue by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 144,538	$ 142,367
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	139,356	136,509
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	5,182	5,858
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	41,770	39,217
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	28,705	28,282
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,349	15,414
Northern Virginia/Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,581	14,899
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	13,117	14,961
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	13,691	13,485
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 11,143	$ 10,251

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 85,206	$ 84,499
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	82,064	81,133
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	3,142	3,366
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	26,143	25,186
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	16,535	15,776
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	9,014	9,265
Northern Virginia/Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	9,311	8,980
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	6,630	8,222
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	7,249	7,371
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 7,182	$ 6,333

Segment Information - Narrative (Details)	Mar. 31, 2024 property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	49
Other Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2
Other Segments \| Houston
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of deferred stock granted during the period (in dollars per share)	$ 6.55	$ 10.03
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 3,801	$ 4,073
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of deferred stock granted during the period (in dollars per share)	$ 7.64

- 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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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Derivative Instruments - Narrative (Details)	3 Months Ended
Derivative Instruments - Narrative (Details)	Mar. 31, 2024 USD ($) derivative_contract
Derivative [Line Items]
Number of swap agreements \| derivative_contract	2
Maximum period of extension term	22 months
Decrease in interest expense over the next twelve months \| $	$ 2,300,000
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt
Derivative [Line Items]
Number of swap agreements \| derivative_contract	2
Debt instrument, face amount \| $	$ 200,000,000

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Net loss applicable to Piedmont	$ (27,763)	$ (1,367)
Management fee revenue	5	(293)
Depreciation and amortization	56,989	57,828
Impairment charges	18,432	0
General and administrative expenses	7,612	7,691
Interest expense	29,714	22,077
Other income	(171)	(1,440)
Loss on early extinguishment of debt	(386)	0
Net income applicable to noncontrolling interest	2	3
Total NOI	$ 85,206	$ 84,499

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate assets, at cost:
Land	$ 560,604	$ 567,244
Buildings and improvements, less accumulated depreciation of $1,064,199 and $1,046,512 as of March 31, 2024 and December 31, 2023, respectively	2,723,046	2,776,729
Intangible lease assets, less accumulated amortization of $80,070 and $88,066 as of March 31, 2024 and December 31, 2023, respectively	76,734	82,588
Construction in progress	92,091	85,966
Total real estate assets	3,452,475	3,512,527
Cash and cash equivalents	3,544	825
Tenant receivables	10,338	7,915
Straight-line rent receivables	184,750	183,839
Restricted cash and escrows	4,221	3,381
Prepaid expenses and other assets	23,853	28,466
Goodwill	53,491	53,491
Interest rate swaps	4,148	3,032
Deferred lease costs, less accumulated amortization of $217,570 and $223,913 as of March 31, 2024 and December 31, 2023, respectively	257,176	263,606
Total assets	3,993,996	4,057,082
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $15,958 and $15,437 as of March 31, 2024 and December 31, 2023, respectively	1,875,042	1,858,717
Secured debt	195,028	195,879
Accounts payable, accrued expenses and accrued capital expenditures	106,638	131,516
Dividends payable	0	15,143
Deferred income	95,139	89,930
Intangible lease liabilities, less accumulated amortization of $35,144 and $35,811 as of March 31, 2024 and December 31, 2023, respectively	40,237	42,925
Total liabilities	2,312,084	2,334,110
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of March 31, 2024 or December 31, 2023	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of March 31, 2024 or December 31, 2023	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,887,808 and 123,715,298 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	1,239	1,237
Additional paid-in capital	3,717,599	3,716,742
Cumulative distributions in excess of earnings	(2,030,389)	(1,987,147)
Accumulated other comprehensive loss	(8,090)	(9,418)
Piedmont stockholders’ equity	1,680,359	1,721,414
Noncontrolling interest	1,553	1,558
Total stockholders’ equity	1,681,912	1,722,972
Total liabilities and stockholders’ equity	$ 3,993,996	$ 4,057,082