0001042776-24-000096 | 10-Q | XBRL Viewer | Piedmont Office Realty Trust INC

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

A roll forward of Piedmont's equity based award activity for the six months ended June 30, 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	644,002	$	6.60
Performance Stock Awards Granted	641,985	$	7.64
Change in Estimated Potential Share Awards based on TSR Performance	1,092,402	$	9.92
Performance Stock Awards Vested	(5,734)	$	15.40
Deferred Stock Awards Vested	(427,426)	$	10.76
Deferred Stock Awards Forfeited	(17,665)	$	11.06
Unvested and Potential Stock Awards as of June 30, 2024	3,021,861	$	9.11

The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2024 and 2023, respectively (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	6.95	$	6.57	$	6.60	$	9.60
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	800	$	793	$	4,601	$	4,866

Schedule of Outstanding Employee Stock Awards

A detail of Piedmont’s outstanding stock awards and programs as of June 30, 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.	52,131
February 17, 2022	2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	155,192	(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.	205,841
February 23, 2023	2023-2025 Performance Share Program	—		$	12.37	Shares awarded, if any, will vest immediately upon determination of award in 2026.	380,627	(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.	290,593

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.	1,283,970	(3)
May 7, 2024	Deferred Stock Award-Board of Directors	86,328		$	6.95	Of the shares granted, 100% will vest on the earlier of the 2025 Annual Meeting or May 7, 2025.	86,328
Total							3,021,861

(1)Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through June 30, 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 vested 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 June 30, 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.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

During the three months ended June 30, 2024, Piedmont OP issued $400 million in aggregate principal amount of 6.875% senior notes (the “$400 Million Unsecured Senior Notes”), which mature on July 15, 2029. Upon issuance of the $400 million Unsecured Senior Notes, Piedmont OP received net proceeds of $396 million, reflecting a discount of approximately $4 million which will be amortized to interest expense over the 5-year term of the $400 Million Unsecured Senior Notes using the effective interest method. The $400 Million Unsecured Senior Notes are fully and unconditionally guaranteed by Piedmont. Interest on the $400 Million Unsecured Senior Notes is payable semi-annually on January 15 and July 15 of each year commencing January 15, 2025, and is subject to adjustment if Piedmont's corporate credit rating falls below investment grade, as defined in the credit agreement.

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

The net proceeds from the $400 Million Unsecured Senior Notes were used to repay the balance outstanding under Piedmont's $600 Million Unsecured 2022 Line of Credit and the remaining $25 million outstanding on its $215 Million Unsecured 2023 Term Loan (see discussion below). Piedmont intends to use the remaining proceeds from the $400 Million Unsecured Senior Notes, along with any sales proceeds from any potential property dispositions and Piedmont's $600 Million Unsecured 2022 Line of Credit, to repay the $250 Million Unsecured 2018 Term Loan that matures in March of 2025.

Also, during the six months ended June 30, 2024, Piedmont OP entered into a new $200 Million Unsecured 2024 Term Loan and used the net proceeds, along with its $600 Million Unsecured 2022 Line of Credit, to repay the remaining $100 million balance on the $200 Million Unsecured 2022 Term Loan Facility and $190 million of the $215 Million Unsecured 2023 Term Loan, resulting in a loss on early extinguishment of debt of approximately $0.4 million related to unamortized financing costs. The remaining $25 million of the $215 Million Unsecured 2023 Term Loan was extended and ultimately paid off with the proceeds of the aforementioned $400 Million Unsecured Senior Notes.

The term of the $200 Million Unsecured 2024 Term Loan is three 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 June 30, 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.

Finally, during the six months ended June 30, 2024, Piedmont repaid the remaining $50.2 million balance of the $400 Million Unsecured Senior Notes due 2024 with proceeds from the disposition of the One Lincoln Park building (see Note 8 below).

The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of June 30, 2024 and December 31, 2023 (in thousands):


Facility (1)	Stated Rate (2)		Effective Rate (3)			Maturity		Amount Outstanding as of
								June 30, 2024		December 31, 2023
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	194,169	$	195,879









Subtotal								194,169		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	%		1/31/2025		—		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	%	(5)	6/30/2026	(6)	—		59,000
$200 Million Unsecured 2024 Term Loan	SOFR + 1.30%		6.22	%	(7)	1/29/2027		200,000		—
$600 Million Unsecured Senior Notes due 2028	9.25	%	9.25	%		7/20/2028		600,000		600,000
$400 Million Unsecured Senior Notes due 2029	6.88	%	7.11	%		7/15/2029		400,000		—
$300 Million Unsecured Senior Notes due 2030	3.15	%	3.90	%		8/15/2030		300,000		300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%	2.78	%		4/1/2032		300,000		300,000
Unamortized discounts and debt issuance costs								(22,431)		(15,437)
Subtotal/Weighted Average			6.26	%				$	2,027,569	$	1,858,717
Total/Weighted Average			6.08	%				$	2,221,738	$	2,054,596

(1)All of Piedmont’s outstanding debt as of June 30, 2024 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street.

(2)The all-in stated interest rates for the SOFR selections are comprised of the relevant adjusted SOFR rate (calculated as the 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.

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

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

(5)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.

(6)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.

(7)This 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. See Note 4 for disclosures of Piedmont's derivative instruments.

Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $16.7 million and $21.6 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $62.7 million and $45.1 million for the six months ended June 30, 2024 and 2023, respectively. Also, Piedmont capitalized interest of

approximately $3.0 million and $1.4 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $5.8 million and $2.6 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 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 June 30, 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.

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		123,999,948
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Commitments and Contingencies (Details)	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2024 USD ($) commitment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) commitment	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Number of unrecorded tenant allowance commitment \| commitment	2		2
Contractual obligation	$ 10,000,000		$ 10,000,000
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0	$ 0	$ 0

- 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 + Details

Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Impairment Charges (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 0	$ 0	$ 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

Fair Value Measurement of Financial Instruments

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023, respectively (in thousands):


	June 30, 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)	$	138,454	$	138,454	Level 1	$	825	$	825	Level 1
Tenant receivables, net (1)	$	7,619	$	7,619	Level 1	$	7,915	$	7,915	Level 1

Restricted cash and escrows (1)	$	5,368	$	5,368	Level 1	$	3,381	$	3,381	Level 1
Interest rate swaps	$	3,578	$	3,578	Level 2	$	3,032	$	3,032	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	13,200	$	13,200	Level 1	$	49,706	$	49,706	Level 1

Debt, net	$	2,221,738	$	2,151,483	Level 2	$	2,054,596	$	1,953,447	Level 2

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

Piedmont's debt was carried at book value as of June 30, 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 June 30, 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 June 30, 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.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Section 50
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Property Disposition and Assets Held for Sale

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Property Disposition and Assets Held for Sale

During the six months ended June 30, 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 remaining outstanding balance of approximately $50.2 million on the $400 Million Unsecured Senior Notes due 2024.

As of June 30, 2024, Piedmont was under a binding contract to sell a 46% leased, 12-story, approximately 315,000 square foot office building located at 750 West John Carpenter Freeway in Dallas, Texas for $23 million. Consequently, the building, which is assigned to the Dallas geographic reportable segment, met the criteria for held for sale classification as of June 30, 2024 and the assets of the property are presented as held for sale as of both June 30, 2024 and December 31, 2023 for comparability in the accompanying consolidated balance sheets. Details of amounts held for sale are presented below (in thousands):


	June 30, 2024		December 31, 2023
Real estate assets held for sale, net:
Land	$	7,860	$	7,860
Building and improvements, less accumulated depreciation of $7,821 and $7,376 as of June 30, 2024 and December 31, 2023, respectively	9,832		27,616

Construction in progress	1,034		727
Total real estate assets held for sale, net	$	18,726	$	36,203

Other assets held for sale, net:
Straight-line rent receivables	$	948	$	983

Prepaid expenses and other assets	1,080		908
Deferred lease costs, less accumulated amortization of $752 and $666 as of June 30, 2024 and December 31, 2023, respectively	1,236		1,322

Total other assets held for sale, net	$	3,264	$	3,213

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 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

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the three and six months ended June 30, 2024 and 2023, respectively, as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Fixed payments	$	111,581	$	112,238	$	224,894	$	224,798
Variable payments	25,089		25,265		50,857		49,534
Total Rental and Tenant Reimbursement Revenue	$	136,670	$	137,503	$	275,751	$	274,332

Piedmont is a lessee of office space in one building owned by a third party. Piedmont's right of use asset and corresponding lease liability under the lease was approximately $30,000 and $100,000 as of June 30, 2024 and December 31, 2023, respectively. The right of use asset is recorded as a component of prepaid expenses and other assets, whereas the corresponding liability is presented as a component of accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. For the three months ended and six months ended June 30, 2024 and 2023, Piedmont recognized approximately $20,000 and $40,000, respectively, of operating lease costs related to its office space lease. As of June 30, 2024, the remaining lease term of Piedmont's right of use asset is approximately 5 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.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Fixed and Variable Lease Revenue


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Fixed payments	$	111,581	$	112,238	$	224,894	$	224,798
Variable payments	25,089		25,265		50,857		49,534
Total Rental and Tenant Reimbursement Revenue	$	136,670	$	137,503	$	275,751	$	274,332

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Amount of gain recognized in OCI	$ 828	$ 4,107	$ 3,260	$ 3,022
Total amount of interest expense presented in the consolidated statements of operations	(29,569)	(23,389)	(59,283)	(45,466)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	0	0	(386)	0
Interest rate swaps
Derivative [Line Items]
Amount of gain recognized in OCI	828	4,107	3,260	3,022
Amount of previously recorded gain reclassified from OCI into interest expense	918	818	2,022	1,320
Total amount of interest expense presented in the consolidated statements of operations	(29,569)	(23,389)	(59,283)	(45,466)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	$ 0	$ 0	$ (386)	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss applicable to Piedmont	$ (9,809)	$ (1,988)	$ (37,572)	$ (3,355)
Other comprehensive income/(loss):
Effective portion of gain on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	828	4,107	3,260	3,022
Minus: Reclassification of net gain included in net income (See Note 4)	(918)	(818)	(2,022)	(1,320)
Other comprehensive income/(loss)	(90)	3,289	1,238	1,702
Comprehensive income/(loss) applicable to Piedmont	$ (9,899)	$ 1,301	$ (36,334)	$ (1,653)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies - Schedule of Fixed and Variable Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Fixed payments	$ 111,581	$ 112,238	$ 224,894	$ 224,798
Variable payments	25,089	25,265	50,857	49,534
Total Rental and Tenant Reimbursement Revenue	$ 136,670	$ 137,503	$ 275,751	$ 274,332

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Interest rate swaps	$ 3,578	$ 3,032
Carrying Value
Assets:
Cash and cash equivalents	138,454	825
Restricted cash and escrows	5,368	3,381
Liabilities:
Accounts payable and accrued expenses	13,200	49,706
Debt, net	2,221,738	2,054,596
Carrying Value \| Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	7,619	7,915
Carrying Value \| Interest rate swaps
Assets:
Interest rate swaps	3,578	3,032
Estimated Fair Value \| Level 1
Assets:
Cash and cash equivalents	138,454	825
Restricted cash and escrows	5,368	3,381
Liabilities:
Accounts payable and accrued expenses	13,200	49,706
Estimated Fair Value \| Level 1 \| Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	7,619	7,915
Estimated Fair Value \| Level 2
Liabilities:
Debt, net	2,151,483	1,953,447
Estimated Fair Value \| Interest rate swaps \| Level 2
Assets:
Interest rate swaps	$ 3,578	$ 3,032

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	May 07, 2024	Feb. 20, 2024	Feb. 23, 2023	Feb. 13, 2023	Feb. 10, 2022	Jul. 01, 2019	May 03, 2019	Jun. 30, 2024	Feb. 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)								3,021,861
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)								52,131
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)								205,841
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)								290,593
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, 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%
Deferred Stock Awards \| Deferred Stock Award, Granted May 07, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	86,328
Grant date fair value (in dollars per share)	$ 6.95
Unvested shares (in shares)								86,328
Deferred Stock Awards \| Deferred Stock Award, Granted May 07, 2024 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Performance Share Awards \| Performance Share Program Award, Granted February 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)								155,192
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)								380,627
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)								1,283,970
Chief Executive Officer Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						5 years

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (37,568)	$ (3,349)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	77,683	72,272
Amortization of debt issuance costs inclusive of settled interest rate swaps	3,040	2,744
Other amortization	33,364	39,135
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	4,082	3,925
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(7,054)	(8,692)
Decrease/(increase) in prepaid expenses and other assets	2,005	(6,040)
Decrease in accounts payable and accrued expenses	(1,021)	(4,641)
(Decrease)/increase in deferred income	(3,162)	264
Net cash provided by operating activities	90,187	95,218
Cash Flows from Investing Activities:
Capitalized expenditures	(96,991)	(71,650)
Net sales proceeds from wholly-owned properties	53,308	0
Deferred lease costs paid	(23,839)	(16,940)
Net cash used in investing activities	(67,522)	(88,590)
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(1,931)	(643)
Proceeds from debt	918,972	499,603
Repayments of debt	(752,865)	(436,000)
Costs of issuance of common stock	(89)	0
Value of shares withheld for payment of taxes related to employee stock compensation	(995)	(1,648)
Dividends paid	(46,141)	(77,318)
Net cash provided by/(used in) financing activities	116,951	(16,006)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	139,616	(9,378)
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	$ 143,822	$ 10,222

Subsequent Event (Details) $ / shares in Units, ft² in Thousands, $ in Millions	Jul. 25, 2024 $ / shares	Jul. 23, 2024 USD ($)	Jun. 30, 2024 ft²
Subsequent Event [Line Items]
Area of real estate property (in sq ft)			15,700
750 West John Carpenter Freeway
Subsequent Event [Line Items]
Percentage of office building leased			46.00%
Area of real estate property (in sq ft)			315
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends (in dollars per share) \| $ / shares	$ 0.125
Subsequent Event \| 750 West John Carpenter Freeway
Subsequent Event [Line Items]
Proceed from sale of office building \| $		$ 23

Supplemental Disclosures for the Statement of Consolidated Cash Flows

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures for the Statement of Consolidated Cash Flows

Certain non-cash investing and financing activities for the six months ended June 30, 2024 and 2023 (in thousands) are outlined below:


	Six Months Ended
	June 30, 2024		June 30, 2023
Tenant improvements funded by tenants	$	13,845	$	29,574
Accrued capital expenditures and deferred lease costs	$	35,294	$	24,655
Change in accrued dividends	$	(15,143)	$	(25,358)


Change in accrued deferred financing costs	$	(232)	$	(44)

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the six months ended June 30, 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	$	138,454	$	5,167
Restricted cash and escrows, end of period	5,368		5,055


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	143,822	$	10,222

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental and tenant reimbursement revenue	$ 136,670	$ 137,503	$ 275,751	$ 274,332
Total revenues	143,262	143,072	287,800	285,439
Expenses:
Property operating costs	58,565	58,368	118,009	116,159
Depreciation	38,814	36,475	77,683	72,272
Amortization	18,097	21,333	36,217	43,364
Impairment charges	0	0	18,432	0
General and administrative	8,352	7,279	15,964	14,970
Expenses	123,828	123,455	266,305	246,765
Other income (expense):
Interest expense	(29,569)	(23,389)	(59,283)	(45,466)
Other income	328	1,787	606	3,443
Loss on early extinguishment of debt	0	0	(386)	0
Other income (expense):	(29,241)	(21,602)	(59,063)	(42,023)
Net loss	(9,807)	(1,985)	(37,568)	(3,349)
Net income applicable to noncontrolling interest	(2)	(3)	(4)	(6)
Net loss applicable to Piedmont	$ (9,809)	$ (1,988)	$ (37,572)	$ (3,355)
Per share information – basic and diluted:
Net loss applicable to common stockholders - basic (in dollars per share)	$ (0.08)	$ (0.02)	$ (0.30)	$ (0.03)
Net loss applicable to common stockholders - diluted (in dollars per share)	$ (0.08)	$ (0.02)	$ (0.30)	$ (0.03)
Weighted-average common shares outstanding – basic (in shares)	123,953,442	123,671,261	123,876,562	123,610,989
Weighted-average common shares outstanding – diluted (in shares)	123,953,442	123,671,261	123,876,562	123,610,989
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 482	$ 437	$ 639	$ 944
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 6,110	$ 5,132	$ 11,410	$ 10,163

Debt - Schedule of Debt (Details)	6 Months Ended
Debt - Schedule of Debt (Details)	Jun. 30, 2024 USD ($) extension	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	6.08%
Unamortized discounts and debt issuance costs	$ (22,431,000)		$ (15,437,000)
Total/Weighted Average	2,221,738,000		2,054,596,000
Secured Debt
Debt Instrument [Line Items]
Total/Weighted Average	194,169,000		195,879,000
Secured Debt \| $197 Million Fixed Rate Mortgage
Debt Instrument [Line Items]
Debt instrument, face amount	$ 197,000,000
Stated Rate (2)	4.10%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 194,169,000		195,879,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	6.26%
Unamortized discounts and debt issuance costs	$ (22,431,000)		(15,437,000)
Total/Weighted Average	2,027,569,000		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 (2)	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	$ 0	$ 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
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate (percent)	6.45%
Amount outstanding, gross	$ 0		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
Basis spread on variable rate	1.30%
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 \| $600 Million Unsecured Senior Notes due 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Stated Rate (2)	9.25%
Effective interest rate (percent)	9.25%
Amount outstanding, gross	$ 600,000,000		600,000,000
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated Rate (2)	6.875%
Effective interest rate (percent)	7.11%
Amount outstanding, gross	$ 400,000,000		0
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated Rate (2)	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)	2.75%
Effective interest rate (percent)	2.78%
Amount outstanding, gross	$ 300,000,000		$ 300,000,000

Impairment Charges	6 Months Ended
Impairment Charges	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Charges	Impairment Charges During the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2024 (see Note 8 for further details).

Stock Based Compensation

6 Months Ended

Jun. 30, 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 a third-party 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 six months ended June 30, 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	644,002	$	6.60
Performance Stock Awards Granted	641,985	$	7.64
Change in Estimated Potential Share Awards based on TSR Performance	1,092,402	$	9.92
Performance Stock Awards Vested	(5,734)	$	15.40
Deferred Stock Awards Vested	(427,426)	$	10.76
Deferred Stock Awards Forfeited	(17,665)	$	11.06
Unvested and Potential Stock Awards as of June 30, 2024	3,021,861	$	9.11

The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2024 and 2023, respectively (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period	$	6.95	$	6.57	$	6.60	$	9.60
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$	800	$	793	$	4,601	$	4,866

A detail of Piedmont’s outstanding stock awards and programs as of June 30, 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.	52,131
February 17, 2022	2022-2024 Performance Share Program	—		$	17.77	Shares awarded, if any, will vest immediately upon determination of award in 2025.	155,192	(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.	205,841
February 23, 2023	2023-2025 Performance Share Program	—		$	12.37	Shares awarded, if any, will vest immediately upon determination of award in 2026.	380,627	(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.	290,593

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.	1,283,970	(3)
May 7, 2024	Deferred Stock Award-Board of Directors	86,328		$	6.95	Of the shares granted, 100% will vest on the earlier of the 2025 Annual Meeting or May 7, 2025.	86,328
Total							3,021,861

During the three months ended June 30, 2024 and 2023, Piedmont recognized approximately $2.2 million and $2.2 million, respectively, of compensation expense related to the amortization of unvested and potential stock awards. During the six months ended June 30, 2024 and 2023, Piedmont recognized approximately $4.1 million and $3.9 million, respectively, of compensation expense related to the amortization of unvested and potential stock awards. During the six months ended June 30, 2024, 279,693 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of June 30, 2024, approximately $16.3 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.

Segment Information (Tables)

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Atlanta	$	43,340	$	40,210	$	85,110	$	79,427
Dallas	26,818		27,779		55,523		56,061
Orlando	15,006		15,464		30,355		30,877
Northern Virginia/Washington, D.C.	15,142		14,880		30,724		29,779
Minneapolis	12,524		15,463		25,640		30,425
New York	13,619		13,249		27,310		26,734
Boston	11,295		10,516		22,438		20,766
Total reportable segments	137,744		137,561		277,100		274,069
Other	5,518		5,511		10,700		11,370
Total Revenues	$	143,262	$	143,072	$	287,800	$	285,439

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


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Atlanta	$	27,759	$	26,096	$	53,903	$	51,282
Dallas	15,510		15,203		32,045		30,978
Orlando	8,055		9,286		17,067		18,551
Northern Virginia/Washington, D.C.	9,368		8,993		18,680		17,973
Minneapolis	5,882		8,233		12,512		16,456
New York	7,744		7,351		14,994		14,722
Boston	7,146		6,458		14,327		12,791
Total reportable segments	81,464		81,620		163,528		162,753
Other	3,085		3,046		6,227		6,412
Total NOI	$	84,549	$	84,666	$	169,755	$	169,165

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


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net loss applicable to Piedmont	$	(9,809)	$	(1,988)	$	(37,572)	$	(3,355)
Management fee revenue (1)	(256)		(254)		(252)		(546)



Depreciation and amortization	56,911		57,808		113,901		115,636
Impairment charges	—		—		18,432		—


General and administrative expenses	8,352		7,279		15,964		14,970
Interest expense	29,569		23,389		59,283		45,466
Other income	(220)		(1,571)		(391)		(3,012)
Loss on early extinguishment of debt	—		—		386		—

Net income applicable to noncontrolling interest	2		3		4		6
Total NOI	$	84,549	$	84,666	$	169,755	$	169,165

(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.

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2024 and December 31, 2023, respectively, is as follows (in thousands):


Interest rate swaps classified as:	June 30, 2024		December 31, 2023
Gross derivative assets	$	3,578	$	3,032
Gross derivative liabilities	—		—
Net derivative asset	$	3,578	$	3,032

Schedule of Derivative Instruments, Effect on Other Comprehensive Income

The gain on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the three and six months ended June 30, 2024 and 2023, respectively, is as follows (in thousands):


	Three Months Ended				Six Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Amount of gain recognized in OCI	$	828	$	4,107	$	3,260	$	3,022
Amount of previously recorded gain reclassified from OCI into interest expense	$	918	$	818	$	2,022	$	1,320


Total amount of interest expense presented in the consolidated statements of operations	$	(29,569)	$	(23,389)	$	(59,283)	$	(45,466)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	$	—	$	—	$	(386)	$	—

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 84,549	$ 84,666	$ 169,755	$ 169,165
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	81,464	81,620	163,528	162,753
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	3,085	3,046	6,227	6,412
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	27,759	26,096	53,903	51,282
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	15,510	15,203	32,045	30,978
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	8,055	9,286	17,067	18,551
Northern Virginia/Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	9,368	8,993	18,680	17,973
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	5,882	8,233	12,512	16,456
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	7,744	7,351	14,994	14,722
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 7,146	$ 6,458	$ 14,327	$ 12,791

Property Disposition and Assets Held for Sale - Narrative (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
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
Area of real estate property (in sq ft) \| ft²	15,700
Real estate, held-for-sale	$ 18,726,000		$ 36,203,000
$400 Million Unsecured Senior Notes due 2024 \| Unsecured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of unsecured debt	50,200,000
Debt instrument, face amount	$ 400,000,000
750 West John Carpenter Freeway
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of office building leased	46.00%
Area of real estate property (in sq ft) \| ft²	315
Real estate, held-for-sale	$ 23,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| One Lincoln Park
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

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details)	Jun. 30, 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

Segment Information - Revenue by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 143,262	$ 143,072	$ 287,800	$ 285,439
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	137,744	137,561	277,100	274,069
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	5,518	5,511	10,700	11,370
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	43,340	40,210	85,110	79,427
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	26,818	27,779	55,523	56,061
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,006	15,464	30,355	30,877
Northern Virginia/Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,142	14,880	30,724	29,779
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	12,524	15,463	25,640	30,425
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	13,619	13,249	27,310	26,734
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 11,295	$ 10,516	$ 22,438	$ 20,766

Fair Value Measurement of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023, respectively (in thousands):


	June 30, 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)	$	138,454	$	138,454	Level 1	$	825	$	825	Level 1
Tenant receivables, net (1)	$	7,619	$	7,619	Level 1	$	7,915	$	7,915	Level 1

Restricted cash and escrows (1)	$	5,368	$	5,368	Level 1	$	3,381	$	3,381	Level 1
Interest rate swaps	$	3,578	$	3,578	Level 2	$	3,032	$	3,032	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	13,200	$	13,200	Level 1	$	49,706	$	49,706	Level 1

Debt, net	$	2,221,738	$	2,151,483	Level 2	$	2,054,596	$	1,953,447	Level 2

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

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Tenant improvements funded by tenants	$ 13,845	$ 29,574
Accrued capital expenditures and deferred lease costs	35,294	24,655
Change in accrued dividends	(15,143)	(25,358)
Change in accrued deferred financing costs	(232)	(44)
Cash and cash equivalents	138,454	5,167	$ 825	$ 16,536
Restricted cash and escrows	5,368	5,055	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	$ 143,822	$ 10,222	$ 4,206	$ 19,600

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

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Certain Non-cash Investing and Financing Activities

Certain non-cash investing and financing activities for the six months ended June 30, 2024 and 2023 (in thousands) are outlined below:


	Six Months Ended
	June 30, 2024		June 30, 2023
Tenant improvements funded by tenants	$	13,845	$	29,574
Accrued capital expenditures and deferred lease costs	$	35,294	$	24,655
Change in accrued dividends	$	(15,143)	$	(25,358)


Change in accrued deferred financing costs	$	(232)	$	(44)


	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	$	138,454	$	5,167
Restricted cash and escrows, end of period	5,368		5,055


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	143,822	$	10,222

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) building	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of buildings leased \| building			1
Right of use asset	$ 30		$ 30		$ 100
Lease liability	30		30		$ 100
Operating lease costs	$ 20	$ 40	$ 20	$ 40
Operating lease, remaining lease term	5 months		5 months
Discount rate	3.86%		3.86%

Property Disposition and Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets Held For Sale and Discontinued Operations

Details of amounts held for sale are presented below (in thousands):


	June 30, 2024		December 31, 2023
Real estate assets held for sale, net:
Land	$	7,860	$	7,860
Building and improvements, less accumulated depreciation of $7,821 and $7,376 as of June 30, 2024 and December 31, 2023, respectively	9,832		27,616

Construction in progress	1,034		727
Total real estate assets held for sale, net	$	18,726	$	36,203

Other assets held for sale, net:
Straight-line rent receivables	$	948	$	983

Prepaid expenses and other assets	1,080		908
Deferred lease costs, less accumulated amortization of $752 and $666 as of June 30, 2024 and December 31, 2023, respectively	1,236		1,322

Total other assets held for sale, net	$	3,264	$	3,213

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 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

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of June 30, 2024 and December 31, 2023 (in thousands):


Facility (1)	Stated Rate (2)		Effective Rate (3)			Maturity		Amount Outstanding as of
								June 30, 2024		December 31, 2023
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	194,169	$	195,879









Subtotal								194,169		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	%		1/31/2025		—		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	%	(5)	6/30/2026	(6)	—		59,000
$200 Million Unsecured 2024 Term Loan	SOFR + 1.30%		6.22	%	(7)	1/29/2027		200,000		—
$600 Million Unsecured Senior Notes due 2028	9.25	%	9.25	%		7/20/2028		600,000		600,000
$400 Million Unsecured Senior Notes due 2029	6.88	%	7.11	%		7/15/2029		400,000		—
$300 Million Unsecured Senior Notes due 2030	3.15	%	3.90	%		8/15/2030		300,000		300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%	2.78	%		4/1/2032		300,000		300,000
Unamortized discounts and debt issuance costs								(22,431)		(15,437)
Subtotal/Weighted Average			6.26	%				$	2,027,569	$	1,858,717
Total/Weighted Average			6.08	%				$	2,221,738	$	2,054,596

(1)All of Piedmont’s outstanding debt as of June 30, 2024 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street.

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

(5)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.

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	(51,960)			(51,940)		(20)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		252,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,686	$ 3	1,683
Net income applicable to noncontrolling interest	6					6
Net loss applicable to Piedmont	(3,355)			(3,355)
Other comprehensive income (loss)	1,702				1,702
Ending balance (in shares) at Jun. 30, 2023		123,692,000
Ending balance at Jun. 30, 2023	1,797,334	$ 1,237	3,712,688	(1,911,188)	(6,977)	1,574
Beginning balance (in shares) at Mar. 31, 2023		123,643,000
Beginning balance at Mar. 31, 2023	1,820,097	$ 1,236	3,710,767	(1,883,225)	(10,266)	1,585
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(25,989)			(25,975)		(14)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		49,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,922	$ 1	1,921
Net income applicable to noncontrolling interest	3					3
Net loss applicable to Piedmont	(1,988)			(1,988)
Other comprehensive income (loss)	3,289				3,289
Ending balance (in shares) at Jun. 30, 2023		123,692,000
Ending balance at Jun. 30, 2023	$ 1,797,334	$ 1,237	3,712,688	(1,911,188)	(6,977)	1,574
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]
Costs of issuance of common stock	(89)		(89)
Dividends to common stockholders and stockholders of subsidiaries	(30,998)			(30,978)		(20)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		280,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	2,769	$ 3	2,766
Net income applicable to noncontrolling interest	4					4
Net loss applicable to Piedmont	(37,572)			(37,572)
Other comprehensive income (loss)	$ 1,238				1,238
Ending balance (in shares) at Jun. 30, 2024	123,994,991	123,995,000
Ending balance at Jun. 30, 2024	$ 1,658,324	$ 1,240	3,719,419	(2,055,697)	(8,180)	1,542
Beginning balance (in shares) at Mar. 31, 2024		123,888,000
Beginning balance at Mar. 31, 2024	1,681,912	$ 1,239	3,717,599	(2,030,389)	(8,090)	1,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of issuance of common stock	(89)		(89)
Dividends to common stockholders and stockholders of subsidiaries	(15,512)			(15,499)		(13)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		107,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,910	$ 1	1,909
Net income applicable to noncontrolling interest	2					2
Net loss applicable to Piedmont	(9,809)			(9,809)
Other comprehensive income (loss)	$ (90)				(90)
Ending balance (in shares) at Jun. 30, 2024	123,994,991	123,995,000
Ending balance at Jun. 30, 2024	$ 1,658,324	$ 1,240	$ 3,719,419	$ (2,055,697)	$ (8,180)	$ 1,542

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Buildings and improvements, accumulated depreciation	$ 1,080,613	$ 1,039,136
Intangible lease assets, accumulated amortization	80,251	88,066
Deferred lease costs, accumulated amortization	201,008	223,248
Liabilities:
Unamortized discounts and debt issuance costs	22,431	15,437
Intangible lease liabilities, accumulated amortization	$ 31,054	$ 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)	123,994,991	123,715,298
Common stock, shares outstanding (in shares)	123,994,991	123,715,298

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareAs Piedmont recognized a net loss for both the three and six months ended June 30, 2024 and 2023, earnings per share is computed using basic weighted-average common shares outstanding.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 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 June 30, 2024, Piedmont had two individually significant tenant allowances 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 and six months ended June 30, 2024 or 2023.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate assets, at cost:
Land	$ 552,744	$ 559,384
Buildings and improvements, less accumulated depreciation of $1,080,613 and $1,039,136 as of June 30, 2024 and December 31, 2023, respectively	2,710,583	2,749,113
Intangible lease assets, less accumulated amortization of $80,251 and $88,066 as of June 30, 2024 and December 31, 2023, respectively	70,764	82,588
Construction in progress	115,213	85,239
Real estate, held-for-sale	18,726	36,203
Total real estate assets	3,468,030	3,512,527
Cash and cash equivalents	138,454	825
Tenant receivables	7,619	7,915
Straight-line rent receivables	186,913	182,856
Restricted cash and escrows	5,368	3,381
Prepaid expenses and other assets	25,224	27,559
Goodwill	53,491	53,491
Interest rate swaps	3,578	3,032
Deferred lease costs, less accumulated amortization of $201,008 and $223,248 as of June 30, 2024 and December 31, 2023, respectively	266,702	262,283
Other assets held for sale, net	3,264	3,213
Total assets	4,158,643	4,057,082
Liabilities:
Unsecured debt, net of unamortized discount and debt issuance costs of $22,431 and $15,437 as of June 30, 2024 and December 31, 2023, respectively	2,027,569	1,858,717
Secured debt	194,169	195,879
Accounts payable, accrued expenses and accrued capital expenditures	140,793	131,516
Dividends payable	0	15,143
Deferred income	100,131	89,930
Intangible lease liabilities, less accumulated amortization of $31,054 and $35,811 as of June 30, 2024 and December 31, 2023, respectively	37,657	42,925
Total liabilities	2,500,319	2,334,110
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of June 30, 2024 or December 31, 2023	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of June 30, 2024 or December 31, 2023	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,994,991 and 123,715,298 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,240	1,237
Additional paid-in capital	3,719,419	3,716,742
Cumulative distributions in excess of earnings	(2,055,697)	(1,987,147)
Accumulated other comprehensive loss	(8,180)	(9,418)
Piedmont stockholders’ equity	1,656,782	1,721,414
Noncontrolling interest	1,542	1,558
Total stockholders’ equity	1,658,324	1,722,972
Total liabilities and stockholders’ equity	$ 4,158,643	$ 4,057,082

Segment Information - Narrative (Details)	Jun. 30, 2024 property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	31
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 - Rollforward of Stock Awards (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Shares
Unvested and potential stock awards, end of period (in shares)	3,021,861		3,021,861
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)	3,021,861		3,021,861
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)	$ 9.11		$ 9.11
Deferred Stock Awards
Shares
Stock awards granted (in shares)			644,002
Stock awards vested (in shares)			(427,426)
Deferred stock awards forfeited (in shares)			(17,665)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 6.95	$ 6.57	$ 6.60	$ 9.60
Stock awards vested (in dollars per share)			10.76
Deferred stock awards forfeited (in dollars per share)			$ 11.06
Performance Share Awards
Shares
Stock awards granted (in shares)			641,985
Change in estimated potential share award based on TSR performance (in shares)			1,092,402
Stock awards vested (in shares)			(5,734)
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)			9.92
Stock awards vested (in dollars per share)			$ 15.40

Derivative Instruments

6 Months Ended

Jun. 30, 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 six months ended June 30, 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 19 months.

A detail of Piedmont’s interest rate derivatives outstanding as of June 30, 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 June 30, 2024 and December 31, 2023, respectively, is as follows (in thousands):


Interest rate swaps classified as:	June 30, 2024		December 31, 2023
Gross derivative assets	$	3,578	$	3,032
Gross derivative liabilities	—		—
Net derivative asset	$	3,578	$	3,032


	Three Months Ended				Six Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Amount of gain recognized in OCI	$	828	$	4,107	$	3,260	$	3,022
Amount of previously recorded gain reclassified from OCI into interest expense	$	918	$	818	$	2,022	$	1,320


Total amount of interest expense presented in the consolidated statements of operations	$	(29,569)	$	(23,389)	$	(59,283)	$	(45,466)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	$	—	$	—	$	(386)	$	—

Piedmont estimates that approximately $1.6 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 June 30, 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.

Organization	6 Months Ended
Organization	Jun. 30, 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 June 30, 2024, Piedmont owned and operated a portfolio comprised of 31 in-service projects and three redevelopment projects. The in-service office projects total approximately 15.7 million square feet (unaudited) of primarily Class A office space and were 87.3% leased as of June 30, 2024.

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Third Quarter Dividend Declaration On July 25, 2024, the board of directors of Piedmont declared a dividend for the third quarter of 2024 in the amount of $0.125 per common share outstanding to stockholders of record as of the close of business on August 23, 2024. Such dividend will be paid on September 20, 2024. Sale of 750 West John Carpenter Freeway On July 23, 2024, Piedmont sold 750 West John Carpenter Freeway, in Dallas, Texas for $23 million, to an unrelated third party. The building is a 12-story, approximately 315,000 square foot office building which was approximately 46% leased as of June 30, 2024.

Property Disposition and Assets Held for Sale - Details of Amounts Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other assets held for sale, net:
Total other assets held for sale, net	$ 3,264	$ 3,213
Disposal Group, Held-for-sale, Not Discontinued Operations
Real estate assets held for sale, net:
Real estate assets held for sale, net	18,726	36,203
Other assets held for sale, net:
Straight-line rent receivables	948	983
Prepaid expenses and other assets	1,080	908
Deferred lease costs, less accumulated amortization of $752 and $666 as of June 30, 2024 and December 31, 2023, respectively	1,236	1,322
Total other assets held for sale, net	3,264	3,213
Accumulated amortization on deferred lease costs	752	666
Disposal Group, Held-for-sale, Not Discontinued Operations \| Land
Real estate assets held for sale, net:
Real estate assets held for sale, net	7,860	7,860
Disposal Group, Held-for-sale, Not Discontinued Operations \| Building and building improvements
Real estate assets held for sale, net:
Real estate assets held for sale, net	9,832	27,616
Accumulated depreciation (building improvements)	7,821	7,376
Disposal Group, Held-for-sale, Not Discontinued Operations \| Construction in progress
Real estate assets held for sale, net:
Real estate assets held for sale, net	$ 1,034	$ 727

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - Deferred Stock Awards - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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)	$ 6.95	$ 6.57	$ 6.60	$ 9.60
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 800	$ 793	$ 4,601	$ 4,866

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 1D
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.125	$ 0.21	$ 0.25	$ 0.42

Organization (Details) ft² in Millions	Jun. 30, 2024 ft² property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	31
Area of real estate property (in sq ft) \| ft²	15.7
Percentage leased	87.30%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	3

Segment Information

6 Months Ended

Jun. 30, 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 projects 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 June 30, 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 nor 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				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Atlanta	$	43,340	$	40,210	$	85,110	$	79,427
Dallas	26,818		27,779		55,523		56,061
Orlando	15,006		15,464		30,355		30,877
Northern Virginia/Washington, D.C.	15,142		14,880		30,724		29,779
Minneapolis	12,524		15,463		25,640		30,425
New York	13,619		13,249		27,310		26,734
Boston	11,295		10,516		22,438		20,766
Total reportable segments	137,744		137,561		277,100		274,069
Other	5,518		5,511		10,700		11,370
Total Revenues	$	143,262	$	143,072	$	287,800	$	285,439

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


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Atlanta	$	27,759	$	26,096	$	53,903	$	51,282
Dallas	15,510		15,203		32,045		30,978
Orlando	8,055		9,286		17,067		18,551
Northern Virginia/Washington, D.C.	9,368		8,993		18,680		17,973
Minneapolis	5,882		8,233		12,512		16,456
New York	7,744		7,351		14,994		14,722
Boston	7,146		6,458		14,327		12,791
Total reportable segments	81,464		81,620		163,528		162,753
Other	3,085		3,046		6,227		6,412
Total NOI	$	84,549	$	84,666	$	169,755	$	169,165

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


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net loss applicable to Piedmont	$	(9,809)	$	(1,988)	$	(37,572)	$	(3,355)
Management fee revenue (1)	(256)		(254)		(252)		(546)



Depreciation and amortization	56,911		57,808		113,901		115,636
Impairment charges	—		—		18,432		—


General and administrative expenses	8,352		7,279		15,964		14,970
Interest expense	29,569		23,389		59,283		45,466
Other income	(220)		(1,571)		(391)		(3,012)
Loss on early extinguishment of debt	—		—		386		—

Net income applicable to noncontrolling interest	2		3		4		6
Total NOI	$	84,549	$	84,666	$	169,755	$	169,165

- Definition

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

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+ Details

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 3,578	$ 3,032
Gross derivative liabilities	0	0
Net derivative asset	$ 3,578	$ 3,032

Derivative Instruments - Narrative (Details)	6 Months Ended
Derivative Instruments - Narrative (Details)	Jun. 30, 2024 USD ($) derivative_contract
Derivative [Line Items]
Number of swap agreements \| derivative_contract	2
Maximum period of extension term	19 months
Decrease in interest expense over the next twelve months \| $	$ 1,600,000
$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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Net loss applicable to Piedmont	$ (9,809)	$ (1,988)	$ (37,572)	$ (3,355)
Management fee revenue	(256)	(254)	(252)	(546)
Depreciation and amortization	56,911	57,808	113,901	115,636
Impairment charges	0	0	18,432	0
General and administrative expenses	8,352	7,279	15,964	14,970
Interest expense	29,569	23,389	59,283	45,466
Other income	(220)	(1,571)	(391)	(3,012)
Loss on early extinguishment of debt	0	0	(386)	0
Net income applicable to noncontrolling interest	2	3	4	6
Total NOI	$ 84,549	$ 84,666	$ 169,755	$ 169,165

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Schedule of Debt Instruments [Line Items]
Proceeds from debt			$ 918,972,000	$ 499,603,000
Loss on early extinguishment of debt	$ 0	$ 0	386,000	0
Interest paid	16,700,000	21,600,000	62,700,000	45,100,000
Interest costs capitalized	3,000,000	$ 1,400,000	5,800,000	$ 2,600,000
Unsecured Debt
Schedule of Debt Instruments [Line Items]
Loss on early extinguishment of debt			400,000
$400 Million Unsecured Senior Notes due 2029 \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Stated rate	6.875%		6.875%
Proceeds from debt	$ 396,000,000
Debt instrument, discount	$ 4,000,000		$ 4,000,000
Debt instrument, term	5 years
Amount outstanding, gross	$ 400,000,000		$ 400,000,000			$ 0
Effective interest rate (percent)	7.11%		7.11%
$600 Million Unsecured 2022 Line of Credit \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 600,000,000		$ 600,000,000
$215 Million Unsecured 2023 Term Loan \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	215,000,000		215,000,000
Repayments of unsecured debt	25,000,000		190,000,000
Amount outstanding, gross	$ 0		$ 0		$ 25,000,000	215,000,000
Effective interest rate (percent)	6.71%		6.71%
$250 Million Unsecured 2018 Term Loan \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 250,000,000		$ 250,000,000
Amount outstanding, gross	$ 250,000,000		$ 250,000,000			250,000,000
Effective interest rate (percent)	4.79%		4.79%
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 200,000,000		$ 200,000,000
Debt instrument, term			3 years
Amount outstanding, gross	$ 200,000,000		$ 200,000,000			0
Basis spread on variable rate			1.30%
Effective interest rate (percent)	6.22%		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
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt \| Minimum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.85%
$200 Million Unsecured 2024 Term Loan \| Unsecured Debt \| 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		$ 200,000,000
Repayments of unsecured debt			100,000,000
Amount outstanding, gross	$ 0		0			100,000,000
Loss on early extinguishment of debt			$ 386,000
Effective interest rate (percent)	6.70%		6.70%
$400 Million Unsecured Senior Notes due 2024 \| Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Stated rate	4.45%		4.45%
Repayments of unsecured debt			$ 50,200,000
Amount outstanding, gross	$ 0		$ 0			$ 50,154,000
Effective interest rate (percent)	4.10%		4.10%

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 2.2	$ 2.2	$ 4.1	$ 3.9
Total shares issued to employees, directors, and officers (in shares)			279,693
Unrecognized compensation cost related to nonvested	$ 16.3		$ 16.3
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