Piedmont Office Realty Trust (PDM) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Piedmont Office Realty Trust, Inc.
Entity Central Index Key	1,042,776
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		145,357,943

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Land	$ 617,138	$ 617,138
Buildings and improvements, less accumulated depreciation of $881,861 and $856,254 as of March 31, 2017 and December 31, 2016, respectively	2,765,857	2,754,106
Intangible lease assets, less accumulated amortization of $113,129 and $109,152 as of March 31, 2017 and December 31, 2016, respectively	91,932	99,695
Construction in progress	19,165	34,814
Real estate assets held for sale, net	225,071	225,939
Total real estate assets	3,719,163	3,731,692
Investments in and amounts due from unconsolidated joint ventures	7,654	7,360
Cash and cash equivalents	6,808	6,992
Tenant receivables, net of allowance for doubtful accounts of $437 and $197 as of March 31, 2017 and December 31, 2016, respectively	25,194	26,494
Straight-line rent receivables	170,694	163,789
Restricted cash and escrows	1,253	1,212
Prepaid expenses and other assets	21,576	23,655
Goodwill	98,918	98,918
Deferred lease costs, less accumulated amortization of $183,020 and $175,643 as of March 31, 2017 and December 31, 2016, respectively	290,100	298,695
Other assets held for sale, net	9,380	9,361
Total assets	4,350,740	4,368,168
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $9,657 and $10,269 as of March 31, 2017 and December 31, 2016, respectively	1,733,343	1,687,731
Secured debt, net of premiums and unamortized debt issuance costs of $1,112 and $1,161 as of March 31, 2017 and December 31, 2016, respectively	332,471	332,744
Accounts payable, accrued expenses, and accrued capital expenditures	116,077	165,410
Deferred income	30,683	28,406
Intangible lease liabilities, less accumulated amortization of $51,106 and $49,225 as of March 31, 2017 and December 31, 2016, respectively	45,594	48,005
Interest rate swaps	5,475	8,169
Total liabilities	2,263,643	2,270,465
Commitments and Contingencies	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of March 31, 2017 or December 31, 2016	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of March 31, 2017 or December 31, 2016	0	0
Common stock, $.01 par value, 750,000,000 shares authorized; 145,319,847 and 145,235,313 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	1,453	1,452
Additional paid-in capital	3,675,575	3,673,128
Cumulative distributions in excess of earnings	(1,596,276)	(1,580,863)
Other comprehensive income	4,466	2,104
Piedmont stockholders’ equity	2,085,218	2,095,821
Noncontrolling interest	1,879	1,882
Total stockholders’ equity	2,087,097	2,097,703
Total liabilities and stockholders’ equity	$ 4,350,740	$ 4,368,168

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Assets:
Intangible lease assets, accumulated amortization		$ 113,129	$ 109,152
Tenant receivables, allowance for doubtful accounts		437	197
Deferred lease costs, accumulated amortization		183,020	175,643
Liabilities:
Intangible lease liabilities, accumulated amortization		$ 51,106	$ 49,225
Stockholders’ Equity:
Shares-in-trust, shares authorized		150,000,000	150,000,000
Shares-in-trust, shares outstanding		0	0
Preferred stock, par value (in dollars per share)		$ 0	$ 0
Preferred stock, shares authorized		100,000,000	100,000,000
Preferred stock, shares outstanding		0	0
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized		750,000,000	750,000,000
Common stock, shares issued		145,319,847	145,235,313
Common stock, shares outstanding		145,319,847	145,235,313
Unsecured Debt [Member]
Liabilities:
Discount, (premiums) and unamortized debt issuance costs	[1]	$ 9,657	$ 10,269
Secured Debt [Member]
Liabilities:
Discount, (premiums) and unamortized debt issuance costs	[1]	(1,112)	(1,161)
Building and improvements Member]
Assets:
Buildings and improvements, accumulated depreciation		$ 881,861	$ 856,254
[1]	Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of March 31, 2017 and December 31, 2016 is interest-only.

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 123,450	$ 114,738
Tenant reimbursements	24,500	22,751
Property management fee revenue	513	523
Total revenues	148,463	138,012
Expenses:
Property operating costs	55,384	54,279
Depreciation	30,768	31,782
Amortization	20,415	17,806
General and administrative	8,596	7,773
Operating expenses	115,163	111,640
Real estate operating income	33,300	26,372
Other income (expense):
Interest expense	(18,057)	(16,385)
Other income/(expense)	(42)	294
Net loss from casualty events	(58)	0
Equity in income of unconsolidated joint ventures	11	115
Gain/(loss) on sale of real estate assets	(53)	(20)
Net income	15,101	10,376
Less: Net loss/(income) applicable to noncontrolling interest	3	(4)
Net income applicable to Piedmont	$ 15,104	$ 10,372
Per share information – basic and diluted:
Net income applicable to common stockholders (in dollars per share)	$ 0.10	$ 0.07
Weighted-average common shares outstanding – basic	145,286,930	145,276,476
Weighted-average common shares outstanding – diluted	145,833,488	145,791,365

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income applicable to Piedmont	$ 15,104	$ 10,372
Other comprehensive income/(loss):
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	1,044	(10,961)
Plus: Reclassification of previously recorded loss included in net income (See Note 5)	1,306	1,133
Gain/(loss) on investment in available for sale securities	12	(1)
Other comprehensive income/(loss)	2,362	(9,829)
Comprehensive income applicable to Piedmont	$ 17,466	$ 543

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions in Excess of Earnings [Member]	Other Comprehensive Income/ (Loss) [Member]	Non-controlling Interest [Member]
Balance at Dec. 31, 2015	$ 2,123,420	$ 1,455	$ 3,669,977	$ (1,550,698)	$ 1,661	$ 1,025
Balance (in shares) at Dec. 31, 2015		145,512,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss applicable to noncontrolling interest	4
Net income applicable to Piedmont	10,372
Other comprehensive income	$ (9,829)
Balance (in shares) at Mar. 31, 2016	145,235,000
Balance at Dec. 31, 2015	$ 2,123,420	$ 1,455	3,669,977	(1,550,698)	1,661	1,025
Balance (in shares) at Dec. 31, 2015		145,512,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of an announced plan	(7,943)	$ (5)		(7,938)
Share repurchases as part of an announced plan, shares		(462,000)
Offering costs	(342)		(342)
Noncontrolling interest in consolidated joint venture	888					888
Dividends to common stockholders ($0.84 (YTD 2016) and $0.21 (YTD 2017) per share), dividends to stockholders of subsidiary, and dividends reinvested	(122,148)		(173)	(121,959)		(16)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	3,668	$ 2	3,666
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		185,000
Net loss applicable to noncontrolling interest	(15)					(15)
Net income applicable to Piedmont	99,732			99,732
Other comprehensive income	443				443
Balance at Dec. 31, 2016	$ 2,097,703	$ 1,452	3,673,128	(1,580,863)	2,104	1,882
Balance (in shares) at Dec. 31, 2016	145,235,313	145,235,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders ($0.84 (YTD 2016) and $0.21 (YTD 2017) per share), dividends to stockholders of subsidiary, and dividends reinvested	$ (30,548)		(31)	(30,517)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	2,479	$ 1	2,478
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		85,000
Net loss applicable to noncontrolling interest	(3)					(3)
Net income applicable to Piedmont	15,104			15,104
Other comprehensive income	2,362				2,362
Balance at Mar. 31, 2017	$ 2,087,097	$ 1,453	$ 3,675,575	$ (1,596,276)	$ 4,466	$ 1,879
Balance (in shares) at Mar. 31, 2017	145,319,847	145,320,000

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share	$ 0.21	$ 0.84

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net income	$ 15,101	$ 10,376
Operating distributions received from unconsolidated joint ventures	0	209
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	30,768	31,782
Amortization of debt issuance costs	409	425
Other amortization	20,129	17,685
Stock compensation expense	2,897	2,469
Equity in income of unconsolidated joint ventures	(11)	(115)
Loss on sale of real estate assets, net	53	20
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables, net	(6,043)	(5,131)
(Increase)/decrease in restricted cash and escrows	(216)	4,409
Decrease/(increase) in prepaid expenses and other assets	1,921	(18)
Increase in accounts payable and accrued expenses	(17,008)	(13,225)
Increase in deferred income	2,253	822
Net cash provided by operating activities	50,253	49,708
Cash Flows from Investing Activities:
Capitalized expenditures, net of accruals	(28,203)	(26,537)
Net sales proceeds from wholly-owned properties	(64)	45,400
Investments in unconsolidated joint ventures	(284)	0
Deferred lease costs paid	(4,270)	(2,860)
Net cash (used in)/provided by investing activities	(32,821)	16,003
Cash Flows from Financing Activities:
Debt issuance costs paid	(63)	(99)
Proceeds from debt	100,000	178,000
Repayments of debt	(55,345)	(205,262)
Costs of issuance of common stock	0	(42)
Shares withheld to pay tax obligations related to employee stock compensation	(1,128)	(541)
Repurchases of common stock as part of announced plan	0	(7,943)
Dividends paid and discount on dividend reinvestments	(61,080)	(30,533)
Net cash used in financing activities	(17,616)	(66,420)
Net decrease in cash and cash equivalents	(184)	(709)
Cash and cash equivalents, beginning of period	6,992	5,441
Cash and cash equivalents, end of period	6,808	4,732
Supplemental Disclosures of Significant Noncash Investing and Financing Activities:
Accrued dividends and discount on dividend reinvestments	(30,532)	0
Accrued capital expenditures and deferred lease costs	$ 12,478	$ 11,876

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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 acquisition, development, management, and ownership of commercial real estate properties throughout the United States, including properties that are under construction, are newly constructed, or have operating histories. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business primarily through Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont owns 99.9% of, and is the sole general partner of, Piedmont OP and as such, possesses full legal control and authority over the operations of Piedmont OP. The remaining 0.1% ownership interest of Piedmont OP is held indirectly by Piedmont through its wholly-owned subsidiary, Piedmont Office Holdings, Inc. ("POH"), the sole limited partner of Piedmont OP. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through both consolidated and unconsolidated joint ventures. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. As of March 31, 2017 , Piedmont owned 68 in-service office properties, and one building through an unconsolidated joint venture. Piedmont's total consolidated portfolio consists of approximately 20 million square feet of primarily Class A commercial office space, and was 91.5% leased as of March 31, 2017 . As of March 31, 2017 , approximately 88% of Piedmont's ALR was generated from select sub-markets located primarily within eight major U.S. office markets: Atlanta, Boston, Chicago, Dallas, Minneapolis, New York, Orlando, and Washington, D.C. Piedmont internally evaluates all of its real estate assets as one operating segment, and accordingly, does not report segment information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of Piedmont have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“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 Amended Annual Report. 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. Actual results could 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, this 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, POH, which have been provided for in the financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The reclassifications relate to the Two Independence Square building, located in Washington, D.C., which was classified as held for sale as of March 31, 2017. Applicable balances related to the same asset have been reclassified as held for sale as of December 31, 2016. Recent Accounting Pronouncements The FASB has issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") and Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The amendments in ASU 2014-09, which are further clarified in ASU 2016-08, as well as Accounting Standards Update 2016-10 and Accounting Standards Update 2016-12 (collectively the "Revenue Recognition Amendments"), change the criteria for the recognition of certain revenue streams to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services using a five-step determination process. Steps 1 through 5 involve (i) identifying contracts with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations, and (v) recognizing revenue as an entity satisfies a performance obligation. The revenues impacted by the Revenue Recognition Amendments include a portion of Piedmont's tenant reimbursement revenues and property management fee revenues. Lease contracts and reimbursement revenues associated with property taxes and insurance are specifically excluded from the Revenue Recognition Amendments. The Revenue Recognition Amendments are effective in the first quarter of 2018 for Piedmont. Management has substantially completed its initial assessment of the impact of adoption of the Revenue Recognition Amendments. Approximately 90% of Piedmont's total revenues are derived from either long-term leases with its tenants or reimbursement of property tax and insurance expenses, which are excluded from the scope of the Revenue Recognition Amendments. In addition, based on management's assessment to date, Piedmont does not expect the timing of the recognition of reimbursement revenue and revenue from management agreements to change as a result of the new guidance, though certain classifications will change. As a result, although management continues to evaluate the guidance and disclosures required by the Revenue Recognition Amendments, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"). The provisions of ASU 2017-05 define the term "in substance nonfinancial asset" as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) is concentrated in nonfinancial assets. Further, it states that nonfinancial assets should be derecognized once the counterparty obtains control. Finally, the amendments provide clarification for partial sales of nonfinancial assets, and align the accounting for the derecognition of a nonfinancial asset with the sale of a business. ASU 2017-05 is effective concurrent with the amendments in ASU 2014-09, or the first quarter of 2018. Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The amendments in ASU 2016-01 require equity investments, except those accounted for under the equity method of accounting, to be measured at estimated fair value with changes in fair value recognized in net income. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments, and eliminates certain disclosure requirements. The amendments in ASU 2016-01 are effective in the first quarter of 2018, and Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force) ("ASU 2016-18"). The provisions of ASU 2016-18 require entities to show changes in restricted cash and cash equivalents in addition to cash and cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between restricted and unrestricted cash in the statement of cash flows. ASU 2016-18 is effective for Piedmont in the first quarter of 2018, with early adoption permitted. Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2016-02, Leases (Topic 842), ("ASU 2016-02"). The amendments in ASU 2016-02 fundamentally change the definition of a lease, as well as the accounting for operating leases by requiring lessees to recognize assets and liabilities which arise from the lease, consisting of a liability to make lease payments (the lease liability) and a right-of-use asset, representing the right to use the leased asset over the term of the lease. Accounting for leases by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis; however, ASU 2016-02 defines certain tenant reimbursements as non-lease components which will be subject to the guidance under ASU 2014-09. The amendments in ASU 2016-02 are effective in the first quarter of 2019, and Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The provisions of ASU 2016-13 replace the "incurred loss" approach with an "expected loss" model for impairing trade and other receivables, held-to-maturity debt securities, net investment in leases, and off-balance-sheet credit exposures, which will generally result in earlier recognition of allowances for credit losses. Additionally, the provisions change the classification of credit losses related to available-for-sale securities to an allowance, rather than a direct reduction of the amortized cost of the securities. ASU 2016-13 is effective in the first quarter of 2020, with early adoption permitted as of January 1, 2019. Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). The provisions of ASU 2017-04 simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test, which is generally performed annually unless events or circumstances arise which would necessitate evaluating the carrying value for impairment in the interim. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a entity’s goodwill with the carrying amount of that goodwill by determining the fair value of its assets and liabilities (including unrecognized assets and liabilities) following the procedures that would be required in a business combination. Under the provisions of ASU 2017-04, an entity would instead recognize an impairment charge for the amount by which the carrying amount exceeds the entity’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that entity. ASU 2017-04 is effective in the first quarter of 2020, with early adoption permitted as of the first interim or annual impairment test of goodwill after January 1, 2017. Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt During the three months ended March 31, 2017 , Piedmont incurred net borrowings on its $500 Million Unsecured 2015 Line of Credit of approximately $45.0 million . As of March 31, 2017 , Piedmont believes it was in compliance with all financial covenants associated with its debt instruments. See Note 6 for a description of Piedmont’s estimated fair value of debt as of March 31, 2017 . Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $19.2 million and $19.3 million for the three months ended March 31, 2017 and 2016 , respectively. Also, Piedmont capitalized interest of approximately $0.1 million and $1.2 million for the three months ended March 31, 2017 and 2016 , respectively. The following table summarizes the terms of Piedmont’s indebtedness outstanding as of March 31, 2017 and December 31, 2016 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of March 31, 2017 December 31, 2016 Secured (Fixed) $140 Million WDC Fixed-Rate Loans (3) 5.76 % 5.76 % 11/1/2017 $ 140,000 $ 140,000 $35 Million Fixed-Rate Loan (4) 5.55 % 3.75 % 9/1/2021 31,359 31,583 $160 Million Fixed-Rate Loan (5) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 1,112 1,161 Subtotal/Weighted Average (6) 4.64 % 332,471 332,744 Unsecured (Variable and Fixed) $170 Million Unsecured 2015 Term Loan (7) LIBOR + 1.125% 1.99 % 5/15/2018 170,000 170,000 $300 Million Unsecured 2013 Term Loan LIBOR + 1.20% 2.78 % 1/31/2019 300,000 300,000 $500 Million Unsecured 2015 Line of Credit (7) LIBOR + 1.00% 1.94 % 6/18/2019 (8) 223,000 178,000 $300 Million Unsecured 2011 Term Loan LIBOR + 1.15% 3.35 % 1/15/2020 300,000 300,000 $350 Million Senior Notes 3.40 % 3.43 % 6/01/2023 350,000 350,000 $400 Million Senior Notes 4.45 % 4.10 % 3/15/2024 400,000 400,000 Discounts and unamortized debt issuance costs (9,657) (10,269) Subtotal/Weighted Average (6) 3.20 % 1,733,343 1,687,731 Total/Weighted Average (6) 3.43 % $ 2,065,814 $ 2,020,475 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of March 31, 2017 and December 31, 2016 is interest-only. (2) Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts. (3) Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C. (4) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (5) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (6) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of March 31, 2017 . (7) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (8) 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 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Variable interest holders who have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and have the obligation to absorb the majority of losses of the entity or the right to receive significant benefits of the entity must consolidate the VIE. Each of the following VIEs has the sole purpose of holding land and office buildings and their resulting operations, and are classified in the accompanying consolidated balance sheets in the same manner as Piedmont’s wholly-owned properties. A summary of Piedmont’s interests in, and consolidation treatment of, its VIEs and their related carrying values as of March 31, 2017 and December 31, 2016 is as follows (net carrying amount in millions): Entity Piedmont’s % Ownership of Entity Related Building Consolidated/ Unconsolidated Net Carrying Amount as of March 31, 2017 Net Carrying Amount as of December 31, 2016 Primary Beneficiary Considerations 1201 Eye Street N.W. Associates, LLC 49.5% 1201 Eye Street Consolidated $ (3.8 ) $ (6.7 ) In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. 1225 Eye Street N.W. Associates, LLC 49.5% 1225 Eye Street Consolidated $ 9.8 $ 9.9 In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. Piedmont 500 W. Monroe Fee, LLC 100% 500 W. Monroe Consolidated $ 269.5 $ 262.4 The Omnibus Agreement with the previous owner includes equity participation rights for the previous owner, if certain financial returns are achieved; however, Piedmont has sole decision making authority and is entitled to 100% of the economic benefits of the property until such returns are met.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Risk Management Objective of Using Derivatives In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, Piedmont has entered into derivative financial instruments such as interest rate swap agreements and other similar agreements to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. Cash Flow Hedges of Interest Rate Risk Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for Piedmont making fixed-rate payments over the life of the agreements without changing the underlying notional amount. As of March 31, 2017 , Piedmont was party to various interest rate swap agreements, all of which are designated as effective cash flow hedges and fully hedge the variable cash flows associated with its $300 Million Unsecured 2011 Term Loan and its $300 Million Unsecured 2013 Term Loan. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 33 months. A detail of Piedmont’s interest rate derivatives outstanding as of March 31, 2017 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 4 $300 Million Unsecured 2013 Term Loan $ 200 1/30/2014 1/31/2019 Interest rate swaps 2 $300 Million Unsecured 2013 Term Loan 100 8/29/2014 1/31/2019 Interest rate swaps 3 $300 Million Unsecured 2011 Term Loan 300 11/22/2016 1/15/2020 Total $ 600 Piedmont presents its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2017 and December 31, 2016 , respectively, is as follows (in thousands): Interest rate swaps classified as: March 31, December 31, Gross derivative assets $ — $ — Gross derivative liabilities 5,475 8,169 Net derivative liability $ 5,475 $ 8,169 The effective portion of Piedmont's interest rate derivatives, including the gain/(loss) on previously settled forward swaps, that was recorded in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016 , respectively, was as follows (in thousands): Three Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships March 31, March 31, Amount of gain/(loss) recognized in OCI on derivative $ 1,044 $ (10,961 ) Amount of previously recorded loss reclassified from accumulated OCI into interest expense $ 1,306 $ 1,133 Piedmont estimates that approximately $2.5 million will be reclassified from accumulated other comprehensive loss to interest expense over the next twelve months. Piedmont recognized no loss related to hedge ineffectiveness of its cash flow hedges during the three months ended March 31, 2017 and 2016 , respectively. Additionally, see Note 6 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 obligations under the agreements at their termination value of the estimated fair values plus accrued interest, or approximately $5.7 million as of March 31, 2017 . Additionally, Piedmont has rights of set-off under certain of its derivative agreements related to potential termination fees and amounts payable under the agreements, if a termination were to occur.

Fair Value Measurement of Finan

Fair Value Measurement of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments Piedmont considers its cash and cash equivalents, tenant receivables, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of March 31, 2017 and December 31, 2016 , respectively (in thousands): March 31, 2017 December 31, 2016 Financial Instrument Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 6,808 $ 6,808 Level 1 $ 6,992 $ 6,992 Level 1 Tenant receivables, net (1) $ 25,194 $ 25,194 Level 1 $ 26,494 $ 26,494 Level 1 Restricted cash and escrows (1) $ 1,253 $ 1,253 Level 1 $ 1,212 $ 1,212 Level 1 Liabilities: Accounts payable and accrued expenses (1) $ 11,179 $ 11,179 Level 1 $ 44,733 $ 44,733 Level 1 Interest rate swap $ 5,475 $ 5,475 Level 2 $ 8,169 $ 8,169 Level 2 Debt, net $ 2,065,814 $ 2,083,823 Level 2 $ 2,020,475 $ 2,027,436 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 March 31, 2017 and December 31, 2016 ; however, Piedmont's estimate of its estimated 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 and forward starting interest rate swap agreements presented above, and further discussed in Note 5 , are classified as “Interest rate swap” liabilities in the accompanying consolidated balance sheets and were carried at estimated fair value as of March 31, 2017 and December 31, 2016 . 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 that both Piedmont and the counterparties were at risk for as of the valuation date. The credit risk of Piedmont and its counterparties was factored into the calculation of the estimated fair value of the interest rate swaps; however, as of March 31, 2017 and December 31, 2016 , 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 derivative financial instruments to be Level 3 liabilities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Under Existing Lease Agreements Under its existing lease agreements, Piedmont may be required to fund significant 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. Piedmont classifies its capital improvements into two categories: (i) improvements which maintain the building's existing asset value and its revenue generating capacity (“non-incremental capital expenditures”) and (ii) improvements which incrementally enhance the building's asset value by expanding its revenue generating capacity (“incremental capital expenditures”). As of March 31, 2017 , commitments to fund potential non-incremental capital expenditures over the next five years for tenant improvements totaled approximately $33.2 million related to Piedmont's existing lease portfolio over the respective lease terms, the majority of which Piedmont estimates may be required to be funded over the next three years based on when the underlying leases commence. For most of Piedmont’s leases, the timing of the actual funding of these tenant improvements is largely dependent upon tenant requests for reimbursement. In some cases, these obligations may expire with the leases without further recourse to Piedmont. As of March 31, 2017 , commitments for incremental capital expenditures for tenant improvements associated with executed leases totaled approximately $17.1 million . 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 the re-interpretation of language in the lease agreements which could result in the refund of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. Piedmont recorded $0.2 million and $0 of such reductions in reimbursement revenues related to such tenant audits/disputes during the three months ended March 31, 2017 and 2016 , respectively.

Assets Held for Sale

Assets Held for Sale	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale During the three months ended March 31, 2017, Piedmont reclassified the Two Independence building located in Washington, D.C., from real estate assets held for use to real estate assets held for sale as a result of entering into a binding agreement to sell the property. The sale of the Two Independence building is expected to close in mid-2017. Details of assets held for sale as of March 31, 2017 and December 31, 2016 are presented below (in thousands): March 31, 2017 December 31, 2016 Real estate assets held for sale, net: Land $ 52,710 $ 52,710 Building and improvements, less accumulated depreciation of $89,187 and $88,319 as of March 31, 2017 and December 31, 2016, respectively 172,350 173,218 Construction in progress 11 11 Total real estate assets held for sale, net $ 225,071 $ 225,939 Other assets held for sale, net: Straight-line rent receivables $ 2,142 $ 2,059 Deferred lease costs, less accumulated amortization of $2,888 and $2,825 as of March 31, 2017 and December 31, 2016, respectively 7,238 7,302 Total other assets held for sale, net $ 9,380 $ 9,361

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation The Compensation Committee of Piedmont's board of directors has periodically granted deferred stock awards to all of Piedmont's employees and independent directors. The awards typically vest ratably over a multi-year period, or one year for independent director awards. Certain employees' long-term equity incentive program is split equally between the time-vested awards described above and a multi-year performance share program whereby awards may be earned based upon Piedmont's total stockholder return ("TSR") relative to a peer group's TSR. The peer group is predetermined by the board of directors. Any shares earned are awarded at the end of the multi-year performance period and vest upon award. A rollforward of Piedmont's equity based award activity for the three months ended March 31, 2017 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested Stock Awards as of December 31, 2016 944,223 $ 19.44 Deferred Stock Awards Granted — $ — Increase in Estimated Potential Future Performance Share Awards, net of forfeitures 85,185 $ 20.72 Performance Stock Awards Vested (118,446 ) $ 22.00 Deferred Stock Awards Vested (17,625 ) $ 16.45 Deferred Stock Awards Forfeited (2,524 ) $ 19.21 Unvested Stock Awards as of March 31, 2017 890,813 $ 19.29 The following table provides additional information regarding stock award activity during the three months ended March 31, 2017 and 2016 , respectively (in thousands): Three Months Ended March 31, March 31, Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 290 $ 340 Share-based Liability Awards Paid During the Period (1) $ 2,606 $ 1,127 (1) Amount reflects the issuance of performance share awards related to the 2014-16 Performance Share Plan during the current period and the issuance of performance share awards related to the 2013-15 Performance Share Plan during the prior period. A detail of Piedmont’s outstanding stock awards as of March 31, 2017 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Date Fair Value Vesting Schedule Unvested Shares as of March 31, 2017 January 3, 2014 Deferred Stock Award 79,909 $ 16.45 Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively. 35,261 May 9, 2014 Deferred Stock Award 144,625 $ 18.47 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 9, 2015, 2016, and 2017, respectively. 43,844 May 1, 2015 Deferred Stock Award 243,884 $ 17.59 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 1, 2016, 2017, and 2018, respectively. 137,488 May 1, 2015 Fiscal Year 2015-2017 Performance Share Program — $ 18.42 Shares awarded, if any, will vest immediately upon determination of award in 2018. 310,944 (2) May 12, 2016 Deferred Stock Award-Board of Directors 31,368 $ 20.40 Of the shares granted, 100% will vest on May 12, 2017. 31,368 May 24, 2016 Deferred Stock Award 259,957 $ 19.91 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 24, 2017, 2018, and 2019, respectively. 204,699 May 24, 2016 Fiscal Year 2016-2018 Performance Share Program — $ 23.02 Shares awarded, if any, will vest immediately upon determination of award in 2019. 127,209 (2) Total 890,813 (1) Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through March 31, 2017 . (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through March 31, 2017 . Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid. During the three months ended March 31, 2017 and 2016 , Piedmont recognized approximately $3.2 million and $2.5 million of compensation expense related to stock awards, all of which related to the amortization of unvested shares. During the three months ended March 31, 2017 , a net total of 84,534 shares were issued to employees. As of March 31, 2017 , approximately $2.7 million of unrecognized compensation cost related to unvested deferred stock awards remained, which Piedmont will record in its consolidated statements of income over a weighted-average vesting period of approximately one year.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share There are no adjustments to “Net income applicable to Piedmont” for the diluted earnings per share computations. Adjustments to the carrying amount of non-controlling interest as a result of the measurement of a redeemable equity participation do not impact net income or comprehensive income; rather such adjustments are treated as the repurchase of a non-controlling interest. Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock method that would occur if the remaining unvested deferred stock awards vested and resulted in additional common shares outstanding. Unvested deferred stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares. The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three months ended March 31, 2017 and 2016 , respectively (in thousands): Three Months Ended March 31, 2017 March 31, 2016 Weighted-average common shares – basic 145,287 145,276 Plus incremental weighted-average shares from time-vested conversions: Deferred and performance stock awards 546 515 Weighted-average common shares – diluted 145,833 145,791 Common stock issued and outstanding as of period end 145,320 145,235

Guarantor and Non-Guarantor Fin

Guarantor and Non-Guarantor Financial Information	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Guarantor and Non-Guarantor Financial Information	Guarantor and Non-Guarantor Financial Information The following condensed consolidating financial information for Piedmont Operating Partnership, L.P. (the "Issuer"), Piedmont Office Realty Trust, Inc. (the "Guarantor"), and the other directly and indirectly owned subsidiaries of the Guarantor (the "Non-Guarantor Subsidiaries") is provided pursuant to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed registered securities. The Issuer is a wholly-owned subsidiary of the Guarantor, and all guarantees by the Guarantor of securities issued by the Issuer are full and unconditional. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Non-Guarantor Subsidiaries. Condensed Consolidated Balance Sheets As of March 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 46,133 $ — $ 571,005 $ — $ 617,138 Buildings and improvements, less accumulated depreciation 224,818 — 2,541,339 (300 ) 2,765,857 Intangible lease assets, less accumulated amortization 589 — 91,343 — 91,932 Construction in progress 681 — 18,484 — 19,165 Real estate assets held for sale, net — — 225,071 — 225,071 Total real estate assets 272,221 — 3,447,242 (300 ) 3,719,163 Investments in and amounts due from unconsolidated joint ventures 7,654 — — — 7,654 Cash and cash equivalents 3,705 150 2,953 — 6,808 Tenant and straight-line rent receivables, net 19,739 — 176,149 — 195,888 Advances to affiliates 6,480,484 1,314,113 — (7,794,597 ) — Investment in subsidiary — 3,600,047 179 (3,600,226 ) — Notes receivable 88,910 — 95,790 (184,700 ) — Prepaid expenses, restricted cash, escrows, and other assets 4,262 (39 ) 19,504 (898 ) 22,829 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 16,037 — 274,063 — 290,100 Other assets held for sale, net — — 9,380 — 9,380 Total assets $ 6,991,930 $ 4,914,271 $ 4,025,260 $ (11,580,721 ) $ 4,350,740 Liabilities: Debt, net $ 1,747,549 $ — $ 502,965 $ (184,700 ) $ 2,065,814 Accounts payable, accrued expenses, and accrued capital expenditures 14,957 760 101,258 (898 ) 116,077 Advances from affiliates 717,103 5,098,104 2,077,645 (7,892,852 ) — Deferred income 4,585 — 26,098 — 30,683 Intangible lease liabilities, net — — 45,594 — 45,594 Interest rate swaps 5,475 — — — 5,475 Total liabilities 2,489,669 5,098,864 2,753,560 (8,078,450 ) 2,263,643 Stockholders’ Equity: Common stock — 1,453 — — 1,453 Additional paid-in capital 3,596,047 3,678,447 1,307 (3,600,226 ) 3,675,575 Retained/(cumulative distributions in excess of) earnings 901,748 (3,864,493 ) 1,268,514 97,955 (1,596,276 ) Other comprehensive loss 4,466 — — — 4,466 Piedmont stockholders’ equity 4,502,261 (184,593 ) 1,269,821 (3,502,271 ) 2,085,218 Noncontrolling interest — — 1,879 — 1,879 Total stockholders’ equity 4,502,261 (184,593 ) 1,271,700 (3,502,271 ) 2,087,097 Total liabilities and stockholders’ equity $ 6,991,930 $ 4,914,271 $ 4,025,260 $ (11,580,721 ) $ 4,350,740 Condensed Consolidated Balance Sheets As of December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 46,133 $ — $ 571,005 $ — $ 617,138 Buildings and improvements, less accumulated depreciation 228,194 — 2,526,212 (300 ) 2,754,106 Intangible lease assets, less accumulated amortization 725 — 98,970 — 99,695 Construction in progress 145 — 34,669 — 34,814 Real estate assets held for sale, net — — 225,939 — 225,939 Total real estate assets 275,197 — 3,456,795 (300 ) 3,731,692 Investments in and amounts due from unconsolidated joint ventures 7,360 — — — 7,360 Cash and cash equivalents 3,674 150 3,168 — 6,992 Tenant and straight-line rent receivables, net 20,159 — 170,124 — 190,283 Advances to affiliates 6,464,135 1,315,616 — (7,779,751 ) — Investment in subsidiary — 3,630,564 181 (3,630,745 ) — Notes receivable 88,910 — 95,790 (184,700 ) — Prepaid expenses, restricted cash, escrows, and other assets 6,189 — 20,575 (1,897 ) 24,867 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 16,550 — 282,145 — 298,695 Other assets held for sale, net — — 9,361 — 9,361 Total assets $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168 Liabilities: Debt, net $ 1,701,933 $ — $ 503,242 $ (184,700 ) $ 2,020,475 Accounts payable, accrued expenses, and accrued capital expenditures 17,365 31,230 118,712 (1,897 ) 165,410 Advances from affiliates 708,340 5,071,521 2,098,146 (7,878,007 ) — Deferred income 5,206 — 23,200 — 28,406 Intangible lease liabilities, net — — 48,005 — 48,005 Interest rate swaps 8,169 — — — 8,169 Total liabilities 2,441,013 5,102,751 2,791,305 (8,064,604 ) 2,270,465 Stockholders’ Equity: Common stock — 1,452 — — 1,452 Additional paid-in capital 3,626,564 3,676,000 1,309 (3,630,745 ) 3,673,128 Retained/(cumulative distributions in excess of) earnings 911,411 (3,833,873 ) 1,243,643 97,956 (1,580,863 ) Other comprehensive income 2,104 — — — 2,104 Piedmont stockholders’ equity 4,540,079 (156,421 ) 1,244,952 (3,532,789 ) 2,095,821 Noncontrolling interest — — 1,882 — 1,882 Total stockholders’ equity 4,540,079 (156,421 ) 1,246,834 (3,532,789 ) 2,097,703 Total liabilities and stockholders’ equity $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168 Condensed Consolidated Statements of Income For the three months ended March 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 11,424 $ — $ 112,484 $ (458 ) $ 123,450 Tenant reimbursements 3,001 — 21,603 (104 ) 24,500 Property management fee revenue — — 4,624 (4,111 ) 513 14,425 — 138,711 (4,673 ) 148,463 Expenses: Property operating costs 5,802 — 54,255 (4,673 ) 55,384 Depreciation 3,463 — 27,305 — 30,768 Amortization 856 — 19,559 — 20,415 General and administrative 1,702 103 6,791 — 8,596 11,823 103 107,910 (4,673 ) 115,163 Real estate operating income/(loss) 2,602 (103 ) 30,801 — 33,300 Other income (expense): Interest expense (14,444 ) — (7,251 ) 3,638 (18,057 ) Other income/(expense) 2,229 — 1,367 (3,638 ) (42 ) Net loss from casualty events — — (58 ) — (58 ) Equity in income of unconsolidated joint ventures 11 — — — 11 Loss on sale of real estate assets (61 ) — 8 — (53 ) Net income/(loss) (9,663 ) (103 ) 24,867 — 15,101 Less: Net loss applicable to noncontrolling interest — — 3 — 3 Net income/(loss) applicable to Piedmont $ (9,663 ) $ (103 ) $ 24,870 $ — $ 15,104 Condensed Consolidated Statements of Income For the three months ended March 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 15,467 $ — $ 100,036 $ (765 ) $ 114,738 Tenant reimbursements 3,272 — 19,572 (93 ) 22,751 Property management fee revenue — — 4,317 (3,794 ) 523 18,739 — 123,925 (4,652 ) 138,012 Expenses: Property operating costs 8,443 — 50,515 (4,679 ) 54,279 Depreciation 4,899 — 26,883 — 31,782 Amortization 1,051 — 16,755 — 17,806 General and administrative 7,509 76 9,651 (9,463 ) 7,773 21,902 76 103,804 (14,142 ) 111,640 Real estate operating income/(loss) (3,163 ) (76 ) 20,121 9,490 26,372 Other income (expense): Interest expense (12,190 ) — (6,738 ) 2,543 (16,385 ) Other income/(expense) 2,665 — 172 (2,543 ) 294 Equity in income of unconsolidated joint ventures 115 — — — 115 Loss on sale of real estate assets (4 ) — (16 ) — (20 ) Net income/(loss) (12,577 ) (76 ) 13,539 9,490 10,376 Less: Net income applicable to noncontrolling interest — — (4 ) — (4 ) Net income/(loss) applicable to Piedmont $ (12,577 ) $ (76 ) $ 13,535 $ 9,490 $ 10,372 Condensed Consolidated Statements of Cash Flows For the three months ended March 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided by Operating Activities $ (5,749 ) $ 998 $ 55,004 $ — $ 50,253 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (407 ) — (27,796 ) — (28,203 ) Net sales proceeds from wholly-owned properties (58 ) — (6 ) — (64 ) Investments in unconsolidated joint ventures (284 ) — — — (284 ) Deferred lease costs paid (305 ) — (3,965 ) — (4,270 ) Net cash provided by/(used in) investing activities (1,054 ) — (31,767 ) — (32,821 ) Cash Flows from Financing Activities: Debt issuance costs paid (63 ) — — — (63 ) Proceeds from debt 100,000 — — — 100,000 Repayments of debt (55,000 ) — (345 ) — (55,345 ) Shares withheld to pay tax obligations related to employee stock compensation — (1,128 ) — — (1,128 ) (Distributions to)/repayments from affiliates (38,103 ) 61,210 (23,107 ) — — Dividends paid and discount on dividend reinvestments — (61,080 ) — — (61,080 ) Net cash provided by/(used in) financing activities 6,834 (998 ) (23,452 ) — (17,616 ) Net increase/(decrease) in cash and cash equivalents 31 — (215 ) — (184 ) Cash and cash equivalents, beginning of period 3,674 150 3,168 — 6,992 Cash and cash equivalents, end of period $ 3,705 $ 150 $ 2,953 $ — $ 6,808 Condensed Consolidated Statements of Cash Flows For the three months ended March 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided by Operating Activities $ (10,726 ) $ 679 $ 50,265 $ 9,490 $ 49,708 Cash Flows from Investing Activities: Investment in real estate assets and real estate related intangibles, net of accruals (833 ) — (25,704 ) — (26,537 ) Intercompany note receivable — — 9,600 (9,600 ) — Net sales proceeds from wholly-owned properties 45,400 — — — 45,400 Deferred lease costs paid (1,044 ) — (1,816 ) — (2,860 ) Net cash provided by/(used in) investing activities 43,523 — (17,920 ) (9,600 ) 16,003 Cash Flows from Financing Activities: Debt issuance costs paid (99 ) — — — (99 ) Proceeds from debt 178,000 — — — 178,000 Repayments of debt (80,000 ) — (125,262 ) — (205,262 ) Intercompany note payable (9,600 ) — — 9,600 — Costs of issuance of common stock — (42 ) — — (42 ) Shares withheld to pay tax obligations related to employee stock compensation — (541 ) — — (541 ) Repurchases of common stock as part of announced plan — (7,943 ) — — (7,943 ) (Distributions to)/repayments from affiliates (121,791 ) 38,380 92,901 (9,490 ) — Dividends paid and discount on dividend reinvestments — (30,533 ) — — (30,533 ) Net cash provided/(used in) by financing activities (33,490 ) (679 ) (32,361 ) 110 (66,420 ) Net increase/(decrease) in cash and cash equivalents (693 ) — (16 ) — (709 ) Cash and cash equivalents, beginning of period 2,174 150 3,117 — 5,441 Cash and cash equivalents, end of period $ 1,481 $ 150 $ 3,101 $ — $ 4,732

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Second Quarter Dividend Declaration On May 2, 2017 , the board of directors of Piedmont declared dividends for the second quarter 2017 in the amount of $0.21 per common share outstanding to stockholders of record as of the close of business on May 26, 2017 . Such dividends are to be paid on June 16, 2017 . Renewal of Stock Repurchase Plan Also on May 2, 2017, the board of directors of Piedmont re-authorized Piedmont's stock repurchase plan to permit the purchase of shares of common stock having an aggregate purchase price of up to $250 million between May 2, 2017 and May 2, 2019. This authorization supersedes and replaces Piedmont's previously authorized stock repurchase plan.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements of Piedmont have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“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 Amended Annual Report. 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. Actual results could 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, this 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, POH, which have been provided for in the financial statements.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The reclassifications relate to the Two Independence Square building, located in Washington, D.C., which was classified as held for sale as of March 31, 2017. Applicable balances related to the same asset have been reclassified as held for sale as of December 31, 2016.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The FASB has issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") and Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The amendments in ASU 2014-09, which are further clarified in ASU 2016-08, as well as Accounting Standards Update 2016-10 and Accounting Standards Update 2016-12 (collectively the "Revenue Recognition Amendments"), change the criteria for the recognition of certain revenue streams to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services using a five-step determination process. Steps 1 through 5 involve (i) identifying contracts with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations, and (v) recognizing revenue as an entity satisfies a performance obligation. The revenues impacted by the Revenue Recognition Amendments include a portion of Piedmont's tenant reimbursement revenues and property management fee revenues. Lease contracts and reimbursement revenues associated with property taxes and insurance are specifically excluded from the Revenue Recognition Amendments. The Revenue Recognition Amendments are effective in the first quarter of 2018 for Piedmont. Management has substantially completed its initial assessment of the impact of adoption of the Revenue Recognition Amendments. Approximately 90% of Piedmont's total revenues are derived from either long-term leases with its tenants or reimbursement of property tax and insurance expenses, which are excluded from the scope of the Revenue Recognition Amendments. In addition, based on management's assessment to date, Piedmont does not expect the timing of the recognition of reimbursement revenue and revenue from management agreements to change as a result of the new guidance, though certain classifications will change. As a result, although management continues to evaluate the guidance and disclosures required by the Revenue Recognition Amendments, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"). The provisions of ASU 2017-05 define the term "in substance nonfinancial asset" as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) is concentrated in nonfinancial assets. Further, it states that nonfinancial assets should be derecognized once the counterparty obtains control. Finally, the amendments provide clarification for partial sales of nonfinancial assets, and align the accounting for the derecognition of a nonfinancial asset with the sale of a business. ASU 2017-05 is effective concurrent with the amendments in ASU 2014-09, or the first quarter of 2018. Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The amendments in ASU 2016-01 require equity investments, except those accounted for under the equity method of accounting, to be measured at estimated fair value with changes in fair value recognized in net income. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments, and eliminates certain disclosure requirements. The amendments in ASU 2016-01 are effective in the first quarter of 2018, and Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force) ("ASU 2016-18"). The provisions of ASU 2016-18 require entities to show changes in restricted cash and cash equivalents in addition to cash and cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between restricted and unrestricted cash in the statement of cash flows. ASU 2016-18 is effective for Piedmont in the first quarter of 2018, with early adoption permitted. Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption. The FASB has issued Accounting Standards Update No. 2016-02, Leases (Topic 842), ("ASU 2016-02"). The amendments in ASU 2016-02 fundamentally change the definition of a lease, as well as the accounting for operating leases by requiring lessees to recognize assets and liabilities which arise from the lease, consisting of a liability to make lease payments (the lease liability) and a right-of-use asset, representing the right to use the leased asset over the term of the lease. Accounting for leases by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis; however, ASU 2016-02 defines certain tenant reimbursements as non-lease components which will be subject to the guidance under ASU 2014-09. The amendments in ASU 2016-02 are effective in the first quarter of 2019, and Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The provisions of ASU 2016-13 replace the "incurred loss" approach with an "expected loss" model for impairing trade and other receivables, held-to-maturity debt securities, net investment in leases, and off-balance-sheet credit exposures, which will generally result in earlier recognition of allowances for credit losses. Additionally, the provisions change the classification of credit losses related to available-for-sale securities to an allowance, rather than a direct reduction of the amortized cost of the securities. ASU 2016-13 is effective in the first quarter of 2020, with early adoption permitted as of January 1, 2019. Piedmont is currently evaluating the potential impact of adoption. The FASB has issued Accounting Standards Update No. 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). The provisions of ASU 2017-04 simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test, which is generally performed annually unless events or circumstances arise which would necessitate evaluating the carrying value for impairment in the interim. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a entity’s goodwill with the carrying amount of that goodwill by determining the fair value of its assets and liabilities (including unrecognized assets and liabilities) following the procedures that would be required in a business combination. Under the provisions of ASU 2017-04, an entity would instead recognize an impairment charge for the amount by which the carrying amount exceeds the entity’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that entity. ASU 2017-04 is effective in the first quarter of 2020, with early adoption permitted as of the first interim or annual impairment test of goodwill after January 1, 2017. Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption.
Risk Management Objective of Using Derivatives	Risk Management Objective of Using Derivatives In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, Piedmont has entered into derivative financial instruments such as interest rate swap agreements and other similar agreements to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the terms of Piedmont’s indebtedness outstanding as of March 31, 2017 and December 31, 2016 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of March 31, 2017 December 31, 2016 Secured (Fixed) $140 Million WDC Fixed-Rate Loans (3) 5.76 % 5.76 % 11/1/2017 $ 140,000 $ 140,000 $35 Million Fixed-Rate Loan (4) 5.55 % 3.75 % 9/1/2021 31,359 31,583 $160 Million Fixed-Rate Loan (5) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 1,112 1,161 Subtotal/Weighted Average (6) 4.64 % 332,471 332,744 Unsecured (Variable and Fixed) $170 Million Unsecured 2015 Term Loan (7) LIBOR + 1.125% 1.99 % 5/15/2018 170,000 170,000 $300 Million Unsecured 2013 Term Loan LIBOR + 1.20% 2.78 % 1/31/2019 300,000 300,000 $500 Million Unsecured 2015 Line of Credit (7) LIBOR + 1.00% 1.94 % 6/18/2019 (8) 223,000 178,000 $300 Million Unsecured 2011 Term Loan LIBOR + 1.15% 3.35 % 1/15/2020 300,000 300,000 $350 Million Senior Notes 3.40 % 3.43 % 6/01/2023 350,000 350,000 $400 Million Senior Notes 4.45 % 4.10 % 3/15/2024 400,000 400,000 Discounts and unamortized debt issuance costs (9,657) (10,269) Subtotal/Weighted Average (6) 3.20 % 1,733,343 1,687,731 Total/Weighted Average (6) 3.43 % $ 2,065,814 $ 2,020,475 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of March 31, 2017 and December 31, 2016 is interest-only. (2) Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts. (3) Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C. (4) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (5) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (6) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of March 31, 2017 . (7) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (8) 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 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	A summary of Piedmont’s interests in, and consolidation treatment of, its VIEs and their related carrying values as of March 31, 2017 and December 31, 2016 is as follows (net carrying amount in millions): Entity Piedmont’s % Ownership of Entity Related Building Consolidated/ Unconsolidated Net Carrying Amount as of March 31, 2017 Net Carrying Amount as of December 31, 2016 Primary Beneficiary Considerations 1201 Eye Street N.W. Associates, LLC 49.5% 1201 Eye Street Consolidated $ (3.8 ) $ (6.7 ) In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. 1225 Eye Street N.W. Associates, LLC 49.5% 1225 Eye Street Consolidated $ 9.8 $ 9.9 In accordance with the partnership’s governing documents, Piedmont is entitled to 100% of the cash flow of the entity and has sole discretion in directing the management and leasing activities of the building. Piedmont 500 W. Monroe Fee, LLC 100% 500 W. Monroe Consolidated $ 269.5 $ 262.4 The Omnibus Agreement with the previous owner includes equity participation rights for the previous owner, if certain financial returns are achieved; however, Piedmont has sole decision making authority and is entitled to 100% of the economic benefits of the property until such returns are met.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	A detail of Piedmont’s interest rate derivatives outstanding as of March 31, 2017 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 4 $300 Million Unsecured 2013 Term Loan $ 200 1/30/2014 1/31/2019 Interest rate swaps 2 $300 Million Unsecured 2013 Term Loan 100 8/29/2014 1/31/2019 Interest rate swaps 3 $300 Million Unsecured 2011 Term Loan 300 11/22/2016 1/15/2020 Total $ 600
Schedule of Interest Rate Derivatives	A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2017 and December 31, 2016 , respectively, is as follows (in thousands): Interest rate swaps classified as: March 31, December 31, Gross derivative assets $ — $ — Gross derivative liabilities 5,475 8,169 Net derivative liability $ 5,475 $ 8,169
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The effective portion of Piedmont's interest rate derivatives, including the gain/(loss) on previously settled forward swaps, that was recorded in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016 , respectively, was as follows (in thousands): Three Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships March 31, March 31, Amount of gain/(loss) recognized in OCI on derivative $ 1,044 $ (10,961 ) Amount of previously recorded loss reclassified from accumulated OCI into interest expense $ 1,306 $ 1,133

Fair Value Measurement of Fin25

Fair Value Measurement of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of March 31, 2017 and December 31, 2016 , respectively (in thousands): March 31, 2017 December 31, 2016 Financial Instrument Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Carrying Value Estimated Fair Value Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 6,808 $ 6,808 Level 1 $ 6,992 $ 6,992 Level 1 Tenant receivables, net (1) $ 25,194 $ 25,194 Level 1 $ 26,494 $ 26,494 Level 1 Restricted cash and escrows (1) $ 1,253 $ 1,253 Level 1 $ 1,212 $ 1,212 Level 1 Liabilities: Accounts payable and accrued expenses (1) $ 11,179 $ 11,179 Level 1 $ 44,733 $ 44,733 Level 1 Interest rate swap $ 5,475 $ 5,475 Level 2 $ 8,169 $ 8,169 Level 2 Debt, net $ 2,065,814 $ 2,083,823 Level 2 $ 2,020,475 $ 2,027,436 Level 2 (1) For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Assets Held-for-sale	Details of assets held for sale as of March 31, 2017 and December 31, 2016 are presented below (in thousands): March 31, 2017 December 31, 2016 Real estate assets held for sale, net: Land $ 52,710 $ 52,710 Building and improvements, less accumulated depreciation of $89,187 and $88,319 as of March 31, 2017 and December 31, 2016, respectively 172,350 173,218 Construction in progress 11 11 Total real estate assets held for sale, net $ 225,071 $ 225,939 Other assets held for sale, net: Straight-line rent receivables $ 2,142 $ 2,059 Deferred lease costs, less accumulated amortization of $2,888 and $2,825 as of March 31, 2017 and December 31, 2016, respectively 7,238 7,302 Total other assets held for sale, net $ 9,380 $ 9,361

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Share Activity	A rollforward of Piedmont's equity based award activity for the three months ended March 31, 2017 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested Stock Awards as of December 31, 2016 944,223 $ 19.44 Deferred Stock Awards Granted — $ — Increase in Estimated Potential Future Performance Share Awards, net of forfeitures 85,185 $ 20.72 Performance Stock Awards Vested (118,446 ) $ 22.00 Deferred Stock Awards Vested (17,625 ) $ 16.45 Deferred Stock Awards Forfeited (2,524 ) $ 19.21 Unvested Stock Awards as of March 31, 2017 890,813 $ 19.29 The following table provides additional information regarding stock award activity during the three months ended March 31, 2017 and 2016 , respectively (in thousands): Three Months Ended March 31, March 31, Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 290 $ 340 Share-based Liability Awards Paid During the Period (1) $ 2,606 $ 1,127 (1) Amount reflects the issuance of performance share awards related to the 2014-16 Performance Share Plan during the current period and the issuance of performance share awards related to the 2013-15 Performance Share Plan during the prior period.
Schedule of Outstanding Employee Stock Awards	A detail of Piedmont’s outstanding stock awards as of March 31, 2017 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Date Fair Value Vesting Schedule Unvested Shares as of March 31, 2017 January 3, 2014 Deferred Stock Award 79,909 $ 16.45 Of the shares granted, 20% vested or will vest on January 3, 2015, 2016, 2017, 2018, and 2019, respectively. 35,261 May 9, 2014 Deferred Stock Award 144,625 $ 18.47 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 9, 2015, 2016, and 2017, respectively. 43,844 May 1, 2015 Deferred Stock Award 243,884 $ 17.59 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 1, 2016, 2017, and 2018, respectively. 137,488 May 1, 2015 Fiscal Year 2015-2017 Performance Share Program — $ 18.42 Shares awarded, if any, will vest immediately upon determination of award in 2018. 310,944 (2) May 12, 2016 Deferred Stock Award-Board of Directors 31,368 $ 20.40 Of the shares granted, 100% will vest on May 12, 2017. 31,368 May 24, 2016 Deferred Stock Award 259,957 $ 19.91 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 24, 2017, 2018, and 2019, respectively. 204,699 May 24, 2016 Fiscal Year 2016-2018 Performance Share Program — $ 23.02 Shares awarded, if any, will vest immediately upon determination of award in 2019. 127,209 (2) Total 890,813 (1) Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through March 31, 2017 . (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through March 31, 2017 . Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three months ended March 31, 2017 and 2016 , respectively (in thousands): Three Months Ended March 31, 2017 March 31, 2016 Weighted-average common shares – basic 145,287 145,276 Plus incremental weighted-average shares from time-vested conversions: Deferred and performance stock awards 546 515 Weighted-average common shares – diluted 145,833 145,791 Common stock issued and outstanding as of period end 145,320 145,235

Guarantor and Non-Guarantor F29

Guarantor and Non-Guarantor Financial Information (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets	Condensed Consolidated Balance Sheets As of March 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 46,133 $ — $ 571,005 $ — $ 617,138 Buildings and improvements, less accumulated depreciation 224,818 — 2,541,339 (300 ) 2,765,857 Intangible lease assets, less accumulated amortization 589 — 91,343 — 91,932 Construction in progress 681 — 18,484 — 19,165 Real estate assets held for sale, net — — 225,071 — 225,071 Total real estate assets 272,221 — 3,447,242 (300 ) 3,719,163 Investments in and amounts due from unconsolidated joint ventures 7,654 — — — 7,654 Cash and cash equivalents 3,705 150 2,953 — 6,808 Tenant and straight-line rent receivables, net 19,739 — 176,149 — 195,888 Advances to affiliates 6,480,484 1,314,113 — (7,794,597 ) — Investment in subsidiary — 3,600,047 179 (3,600,226 ) — Notes receivable 88,910 — 95,790 (184,700 ) — Prepaid expenses, restricted cash, escrows, and other assets 4,262 (39 ) 19,504 (898 ) 22,829 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 16,037 — 274,063 — 290,100 Other assets held for sale, net — — 9,380 — 9,380 Total assets $ 6,991,930 $ 4,914,271 $ 4,025,260 $ (11,580,721 ) $ 4,350,740 Liabilities: Debt, net $ 1,747,549 $ — $ 502,965 $ (184,700 ) $ 2,065,814 Accounts payable, accrued expenses, and accrued capital expenditures 14,957 760 101,258 (898 ) 116,077 Advances from affiliates 717,103 5,098,104 2,077,645 (7,892,852 ) — Deferred income 4,585 — 26,098 — 30,683 Intangible lease liabilities, net — — 45,594 — 45,594 Interest rate swaps 5,475 — — — 5,475 Total liabilities 2,489,669 5,098,864 2,753,560 (8,078,450 ) 2,263,643 Stockholders’ Equity: Common stock — 1,453 — — 1,453 Additional paid-in capital 3,596,047 3,678,447 1,307 (3,600,226 ) 3,675,575 Retained/(cumulative distributions in excess of) earnings 901,748 (3,864,493 ) 1,268,514 97,955 (1,596,276 ) Other comprehensive loss 4,466 — — — 4,466 Piedmont stockholders’ equity 4,502,261 (184,593 ) 1,269,821 (3,502,271 ) 2,085,218 Noncontrolling interest — — 1,879 — 1,879 Total stockholders’ equity 4,502,261 (184,593 ) 1,271,700 (3,502,271 ) 2,087,097 Total liabilities and stockholders’ equity $ 6,991,930 $ 4,914,271 $ 4,025,260 $ (11,580,721 ) $ 4,350,740 Condensed Consolidated Balance Sheets As of December 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Assets: Real estate assets, at cost: Land $ 46,133 $ — $ 571,005 $ — $ 617,138 Buildings and improvements, less accumulated depreciation 228,194 — 2,526,212 (300 ) 2,754,106 Intangible lease assets, less accumulated amortization 725 — 98,970 — 99,695 Construction in progress 145 — 34,669 — 34,814 Real estate assets held for sale, net — — 225,939 — 225,939 Total real estate assets 275,197 — 3,456,795 (300 ) 3,731,692 Investments in and amounts due from unconsolidated joint ventures 7,360 — — — 7,360 Cash and cash equivalents 3,674 150 3,168 — 6,992 Tenant and straight-line rent receivables, net 20,159 — 170,124 — 190,283 Advances to affiliates 6,464,135 1,315,616 — (7,779,751 ) — Investment in subsidiary — 3,630,564 181 (3,630,745 ) — Notes receivable 88,910 — 95,790 (184,700 ) — Prepaid expenses, restricted cash, escrows, and other assets 6,189 — 20,575 (1,897 ) 24,867 Goodwill 98,918 — — — 98,918 Deferred lease costs, net 16,550 — 282,145 — 298,695 Other assets held for sale, net — — 9,361 — 9,361 Total assets $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168 Liabilities: Debt, net $ 1,701,933 $ — $ 503,242 $ (184,700 ) $ 2,020,475 Accounts payable, accrued expenses, and accrued capital expenditures 17,365 31,230 118,712 (1,897 ) 165,410 Advances from affiliates 708,340 5,071,521 2,098,146 (7,878,007 ) — Deferred income 5,206 — 23,200 — 28,406 Intangible lease liabilities, net — — 48,005 — 48,005 Interest rate swaps 8,169 — — — 8,169 Total liabilities 2,441,013 5,102,751 2,791,305 (8,064,604 ) 2,270,465 Stockholders’ Equity: Common stock — 1,452 — — 1,452 Additional paid-in capital 3,626,564 3,676,000 1,309 (3,630,745 ) 3,673,128 Retained/(cumulative distributions in excess of) earnings 911,411 (3,833,873 ) 1,243,643 97,956 (1,580,863 ) Other comprehensive income 2,104 — — — 2,104 Piedmont stockholders’ equity 4,540,079 (156,421 ) 1,244,952 (3,532,789 ) 2,095,821 Noncontrolling interest — — 1,882 — 1,882 Total stockholders’ equity 4,540,079 (156,421 ) 1,246,834 (3,532,789 ) 2,097,703 Total liabilities and stockholders’ equity $ 6,981,092 $ 4,946,330 $ 4,038,139 $ (11,597,393 ) $ 4,368,168
Condensed Consolidated Statements of Income	Condensed Consolidated Statements of Income For the three months ended March 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 11,424 $ — $ 112,484 $ (458 ) $ 123,450 Tenant reimbursements 3,001 — 21,603 (104 ) 24,500 Property management fee revenue — — 4,624 (4,111 ) 513 14,425 — 138,711 (4,673 ) 148,463 Expenses: Property operating costs 5,802 — 54,255 (4,673 ) 55,384 Depreciation 3,463 — 27,305 — 30,768 Amortization 856 — 19,559 — 20,415 General and administrative 1,702 103 6,791 — 8,596 11,823 103 107,910 (4,673 ) 115,163 Real estate operating income/(loss) 2,602 (103 ) 30,801 — 33,300 Other income (expense): Interest expense (14,444 ) — (7,251 ) 3,638 (18,057 ) Other income/(expense) 2,229 — 1,367 (3,638 ) (42 ) Net loss from casualty events — — (58 ) — (58 ) Equity in income of unconsolidated joint ventures 11 — — — 11 Loss on sale of real estate assets (61 ) — 8 — (53 ) Net income/(loss) (9,663 ) (103 ) 24,867 — 15,101 Less: Net loss applicable to noncontrolling interest — — 3 — 3 Net income/(loss) applicable to Piedmont $ (9,663 ) $ (103 ) $ 24,870 $ — $ 15,104 Condensed Consolidated Statements of Income For the three months ended March 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental income $ 15,467 $ — $ 100,036 $ (765 ) $ 114,738 Tenant reimbursements 3,272 — 19,572 (93 ) 22,751 Property management fee revenue — — 4,317 (3,794 ) 523 18,739 — 123,925 (4,652 ) 138,012 Expenses: Property operating costs 8,443 — 50,515 (4,679 ) 54,279 Depreciation 4,899 — 26,883 — 31,782 Amortization 1,051 — 16,755 — 17,806 General and administrative 7,509 76 9,651 (9,463 ) 7,773 21,902 76 103,804 (14,142 ) 111,640 Real estate operating income/(loss) (3,163 ) (76 ) 20,121 9,490 26,372 Other income (expense): Interest expense (12,190 ) — (6,738 ) 2,543 (16,385 ) Other income/(expense) 2,665 — 172 (2,543 ) 294 Equity in income of unconsolidated joint ventures 115 — — — 115 Loss on sale of real estate assets (4 ) — (16 ) — (20 ) Net income/(loss) (12,577 ) (76 ) 13,539 9,490 10,376 Less: Net income applicable to noncontrolling interest — — (4 ) — (4 ) Net income/(loss) applicable to Piedmont $ (12,577 ) $ (76 ) $ 13,535 $ 9,490 $ 10,372
Condensed Consolidated Statements of Cash Flows	Condensed Consolidated Statements of Cash Flows For the three months ended March 31, 2017 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided by Operating Activities $ (5,749 ) $ 998 $ 55,004 $ — $ 50,253 Cash Flows from Investing Activities: Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals (407 ) — (27,796 ) — (28,203 ) Net sales proceeds from wholly-owned properties (58 ) — (6 ) — (64 ) Investments in unconsolidated joint ventures (284 ) — — — (284 ) Deferred lease costs paid (305 ) — (3,965 ) — (4,270 ) Net cash provided by/(used in) investing activities (1,054 ) — (31,767 ) — (32,821 ) Cash Flows from Financing Activities: Debt issuance costs paid (63 ) — — — (63 ) Proceeds from debt 100,000 — — — 100,000 Repayments of debt (55,000 ) — (345 ) — (55,345 ) Shares withheld to pay tax obligations related to employee stock compensation — (1,128 ) — — (1,128 ) (Distributions to)/repayments from affiliates (38,103 ) 61,210 (23,107 ) — — Dividends paid and discount on dividend reinvestments — (61,080 ) — — (61,080 ) Net cash provided by/(used in) financing activities 6,834 (998 ) (23,452 ) — (17,616 ) Net increase/(decrease) in cash and cash equivalents 31 — (215 ) — (184 ) Cash and cash equivalents, beginning of period 3,674 150 3,168 — 6,992 Cash and cash equivalents, end of period $ 3,705 $ 150 $ 2,953 $ — $ 6,808 Condensed Consolidated Statements of Cash Flows For the three months ended March 31, 2016 (in thousands) Issuer Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net Cash Provided by Operating Activities $ (10,726 ) $ 679 $ 50,265 $ 9,490 $ 49,708 Cash Flows from Investing Activities: Investment in real estate assets and real estate related intangibles, net of accruals (833 ) — (25,704 ) — (26,537 ) Intercompany note receivable — — 9,600 (9,600 ) — Net sales proceeds from wholly-owned properties 45,400 — — — 45,400 Deferred lease costs paid (1,044 ) — (1,816 ) — (2,860 ) Net cash provided by/(used in) investing activities 43,523 — (17,920 ) (9,600 ) 16,003 Cash Flows from Financing Activities: Debt issuance costs paid (99 ) — — — (99 ) Proceeds from debt 178,000 — — — 178,000 Repayments of debt (80,000 ) — (125,262 ) — (205,262 ) Intercompany note payable (9,600 ) — — 9,600 — Costs of issuance of common stock — (42 ) — — (42 ) Shares withheld to pay tax obligations related to employee stock compensation — (541 ) — — (541 ) Repurchases of common stock as part of announced plan — (7,943 ) — — (7,943 ) (Distributions to)/repayments from affiliates (121,791 ) 38,380 92,901 (9,490 ) — Dividends paid and discount on dividend reinvestments — (30,533 ) — — (30,533 ) Net cash provided/(used in) by financing activities (33,490 ) (679 ) (32,361 ) 110 (66,420 ) Net increase/(decrease) in cash and cash equivalents (693 ) — (16 ) — (709 ) Cash and cash equivalents, beginning of period 2,174 150 3,117 — 5,441 Cash and cash equivalents, end of period $ 1,481 $ 150 $ 3,101 $ — $ 4,732

Organization (Details)

Organization (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2017ft²segmentpropertysubsidiarymarket
Real Estate Properties [Line Items]
Number of wholly-owned subsidiaries | subsidiary	2
Percentage ownership by sole general partner	99.90%
Percentage ownership by sole limited partner	0.10%
Percentage of annualized lease revenue	88.00%
Number of operating segments | segment	1
U.S. [Member]
Real Estate Properties [Line Items]
Number of major U.S. office markets | market	8
Unconsolidated Joint Venture [Member]
Real Estate Properties [Line Items]
Number of real estate properties	1
In Service Office Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	68
Square footage of real estate property | ft²	20
Percentage leased	91.50%

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Recent Accounting Pronouncements) (Details)	12 Months Ended
	Dec. 31, 2016
Sales Revenue, Net [Member] | Total Revenues Derived from Long Term Leases to Tenants or Reimbursement of Property Tax and Insurance Expenses [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total revenues	90.00%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Interest payments on debt facilities	$ 19,200,000	$ 19,300,000
Capitalized interest	100,000	$ 1,200,000
Line of Credit [Member] | Unsecured Debt [Member] | $500 Million Unsecured 2015 Line of Credit [Member]
Debt Instrument [Line Items]
Amount of line of credit	500,000,000
Net borrowings incurred	$ 45,000,000

Debt (Details)

Debt (Details)		3 Months Ended
		Mar. 31, 2017USD ($)period	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Weighted Average Rate	[1],[2],[3]	3.43%
Amount Outstanding	[2],[3]	$ 2,065,814,000	$ 2,020,475,000
Secured Debt [Member]
Debt Instrument [Line Items]
Weighted Average Rate	[1],[2],[3]	4.64%
Amount Outstanding	[2],[3]	$ 332,471,000	332,744,000
Net premium, discounts, and unamortized debt issuance costs	[2]	1,112,000	1,161,000
Secured Debt [Member] | $140 Million WDC Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2],[4]	$ 140,000,000
Stated Rate	[2],[4]	5.76%
Effective interest rate	[1],[2],[4]	5.76%
Amount Outstanding	[2],[4]	$ 140,000,000	140,000,000
Secured Debt [Member] | $35 Million Fixed-Rate Loan [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2],[5]	$ 35,000,000
Stated Rate	[2],[5]	5.55%
Effective interest rate	[1],[2]	3.75%
Amount Outstanding	[2],[5]	$ 31,359,000	31,583,000
Secured Debt [Member] | $160 Million Fixed Rate Loan [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2],[6]	$ 160,000,000
Stated Rate	[2],[6]	3.48%
Effective interest rate	[1],[2],[6]	3.58%
Amount Outstanding	[2],[6]	$ 160,000,000	160,000,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Weighted Average Rate	[1],[2],[3]	3.20%
Amount Outstanding	[2],[3]	$ 1,733,343,000	1,687,731,000
Net premium, discounts, and unamortized debt issuance costs	[2]	(9,657,000)	(10,269,000)
Unsecured Debt [Member] | $170 Million Unsecured 2015 Term Loan [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2]	$ 170,000,000
Effective interest rate	[1],[2],[7]	1.99%
Amount Outstanding	[2],[7]	$ 170,000,000	170,000,000
Unsecured Debt [Member] | $170 Million Unsecured 2015 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1.125%
Unsecured Debt [Member] | $300 million Unsecured 2013 Term Loan [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2]	$ 300,000,000
Amount Outstanding	[2]	$ 300,000,000	300,000,000
Unsecured Debt [Member] | $300 million Unsecured 2013 Term Loan [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Effective interest rate	[1],[2]	2.78%
Unsecured Debt [Member] | $300 million Unsecured 2013 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1.20%
Unsecured Debt [Member] | $500 Million Unsecured 2015 Line of Credit [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2],[7],[8]	$ 500,000,000
Effective interest rate	[1],[2],[7]	1.94%
Amount Outstanding	[2],[7],[8]	$ 223,000,000	178,000,000
Maximum extension period		1 year
Number of extension periods | period		2
Extension period		6 months
Unsecured Debt [Member] | $500 Million Unsecured 2015 Line of Credit [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2],[7],[8]	1.00%
Unsecured Debt [Member] | $300 Million Unsecured 2011 Term Loan [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2]	$ 300,000,000
Amount Outstanding	[2]	$ 300,000,000	300,000,000
Unsecured Debt [Member] | $300 Million Unsecured 2011 Term Loan [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Effective interest rate	[1],[2]	3.35%
Unsecured Debt [Member] | $300 Million Unsecured 2011 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1.15%
Unsecured Debt [Member] | $350 Million Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2]	$ 350,000,000
Stated Rate	[2]	3.40%
Effective interest rate	[1],[2]	3.43%
Amount Outstanding	[2]	$ 350,000,000	350,000,000
Unsecured Debt [Member] | $400 Million Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	[2]	$ 400,000,000
Stated Rate	[2]	4.45%
Effective interest rate	[1],[2]	4.10%
Amount Outstanding	[2]	$ 400,000,000	$ 400,000,000
[1]	Effective rate after consideration of settled or in place interest rate swap agreements and/or issuance premiums or discounts.
[2]	Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of March 31, 2017 and December 31, 2016 is interest-only.
[3]	Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates in the table as of March 31, 2017.
[4]	Collateralized by the 1201 and 1225 Eye Street buildings in Washington, D.C.
[5]	Collateralized by the 5 Wall Street building in Burlington, Massachusetts.
[6]	Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania.
[7]	On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating.
[8]	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 18, 2020) provided Piedmont is not then in default and upon payment of extension fees.

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Eye Street 1201 N.W. Associates LLC [Member]
Variable Interest Entity [Line Items]
Piedmont’s % Ownership of Entity	49.50%
Net Carrying Amount	$ (3.8)	$ (6.7)
Variable interest entity, percentage of cash flow and economic benefits	100.00%
Eye Street 1225 N.W. Associates LLC [Member]
Variable Interest Entity [Line Items]
Piedmont’s % Ownership of Entity	49.50%
Net Carrying Amount	$ 9.8	9.9
Variable interest entity, percentage of cash flow and economic benefits	100.00%
Piedmont 500 W. Monroe Fee LLC [Member]
Variable Interest Entity [Line Items]
Piedmont’s % Ownership of Entity	100.00%
Net Carrying Amount	$ 269.5	$ 262.4
Variable interest entity, percentage of cash flow and economic benefits	100.00%

Derivative Instruments (Details

Derivative Instruments (Details)		3 Months Ended
		Mar. 31, 2017USD ($)contract	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Derivative [Line Items]
Maximum period of extension term		33 months
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Gross derivative assets		$ 0		$ 0
Interest rate swaps		5,475,000		8,169,000
Net derivative liability		5,475,000		$ 8,169,000
Loss to be reclassified from accumulated other comprehensive loss to interest expense over next twelve months		2,500,000
Loss related to hedge ineffectiveness and terminations of cash flow hedges		0	$ 0
Interest Rate Swap [Member]
Derivative [Line Items]
Total notional value		600,000,000
Interest Rate Swap [Member] | Interest Expense [Member]
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Amount of gain/(loss) recognized in OCI on derivative		1,044,000	(10,961,000)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense		1,306,000	$ 1,133,000
Credit Risk Contract [Member]
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Assets needed for immediate settlement, aggregate fair value		5,700,000
Unsecured Debt [Member] | $300 million Unsecured 2013 Term Loan [Member]
Derivative [Line Items]
Face amount of debt instrument	[1]	$ 300,000,000
Unsecured Debt [Member] | $300 million Unsecured 2013 Term Loan [Member] | Interest Rate Swap 1 through 4 [Member]
Derivative [Line Items]
Number of Swap Agreements | contract		4
Total notional value		$ 200,000,000
Unsecured Debt [Member] | $300 million Unsecured 2013 Term Loan [Member] | Interest Rate Swap 5 through 6 [Member]
Derivative [Line Items]
Number of Swap Agreements | contract		2
Total notional value		$ 100,000,000
Unsecured Debt [Member] | $300 Million Unsecured 2011 Term Loan [Member]
Derivative [Line Items]
Face amount of debt instrument	[1]	$ 300,000,000
Unsecured Debt [Member] | $300 Million Unsecured 2011 Term Loan [Member] | Interest Rate Swap 7 through 9 [Member]
Derivative [Line Items]
Number of Swap Agreements | contract		3
Total notional value		$ 300,000,000
[1]	Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of March 31, 2017 and December 31, 2016 is interest-only.

Fair Value Measurement of Fin36

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap		$ 5,475	$ 8,169
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	[1]	6,808	6,992
Restricted cash and escrows	[1]	1,253	1,212
Accounts payable and accrued expenses	[1]	11,179	44,733
Debt, net		2,065,814	2,020,475
Interest Rate Swap [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap		5,475	8,169
Tenant receivables, net [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tenant receivables, net	[1]	25,194	26,494
Level 1 [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	[1]	6,808	6,992
Restricted cash and escrows	[1]	1,253	1,212
Accounts payable and accrued expenses	[1]	11,179	44,733
Level 1 [Member] | Tenant receivables, net [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tenant receivables, net	[1]	25,194	26,494
Level 2 [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net		2,083,823	2,027,436
Level 2 [Member] | Interest Rate Swap [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap		$ 5,475	$ 8,169
[1]	For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity.

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)category	Mar. 31, 2016USD ($)
Loss Contingencies [Line Items]
Number of tenant and building improvement categories | category	2
Collectibility of Tenant Reimbursements [Member]
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0.2	$ 0
Non-Incremental Capital Expenditures [Member]
Loss Contingencies [Line Items]
Period for commitments for funding non-incremental capital expenditures	5 years
Potential obligations for tenant improvements	$ 33.2
Non-Incremental Capital Expenditures [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Period for commitments for funding non-incremental capital expenditures	3 years
Incremental Capital Expenditures [Member]
Loss Contingencies [Line Items]
Potential obligations for tenant improvements	$ 17.1

Assets Held for Sale (Schedule

Assets Held for Sale (Schedule of Assets Held for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other assets held for sale, net	$ 9,380	$ 9,361
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total real estate assets held for sale, net	225,071	225,939
Straight-line rent receivables	2,142	2,059
Deferred lease costs, less accumulated amortization of $2,888 and $2,825 as of March 31, 2017 and December 31, 2016, respectively	7,238	7,302
Accumulated amortization on deferred lease costs	2,888	2,825
Other assets held for sale, net	9,380	9,361
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	52,710	52,710
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Building and improvements Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	172,350	173,218
Accumulated depreciation and amortization	89,187	88,319
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Construction in progress [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:	$ 11	$ 11

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 3.2	$ 2.5
Total shares issued to employees, directors, and officers (in shares)	84,534
Unrecognized compensation cost related to nonvested	$ 2.7
Weighted Average [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested, weighted-average vesting period (in years)	1 year
Stock Awards [Member] | Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Stock Based Compensation (Rollf

Stock Based Compensation (Rollforward of Stock Awards) (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested Stock Awards, Beginning of period (in shares) | shares	944,223
Unvested Stock Awards, End of period (in shares) | shares	890,813
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Stock Awards, Weighted-Average Grant Date Fair Value, Beginning of period (in dollars per share) | $ / shares	$ 19.44
Unvested Stock Awards, Weighted-Average Grant Date Fair Value, End of period (in dollars per share) | $ / shares	$ 19.29
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Increase in Estimated Potential Future Performance Share Awards, net of forfeitures (in shares) | shares	85,185
Performance Stock Awards and Deferred Stock Awards Vested (in shares) | shares	(118,446)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Increase in Estimated Potential Future Performance Share Awards, net of forfeitures, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 20.72
Performance Stock Awards and Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 22
Deferred Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Deferred Stock Awards Granted (in shares) | shares	0
Performance Stock Awards and Deferred Stock Awards Vested (in shares) | shares	(17,625)
Deferred Stock Awards Forfeited (in shares) | shares	(2,524)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Deferred Stock Awards Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 0
Performance Stock Awards and Deferred Stock Awards Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares	16.45
Deferred Stock Awards Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 19.21

Stock Based Compensation (Addit

Stock Based Compensation (Additional Information Regarding Stock Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Deferred Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period (per share)		$ 0
Total Grant Date Fair Value of Deferred Stock Vested During the Period		$ 290	$ 340
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Liability Awards Paid During the Period	[1]	$ 2,606	$ 1,127
[1]	Amount reflects the issuance of performance share awards related to the 2014-16 Performance Share Plan during the current period and the issuance of performance share awards related to the 2013-15 Performance Share Plan during the prior period.

Stock Based Compensation (Outst

Stock Based Compensation (Outstanding Employee Stock Awards) (Details) - $ / shares		May 24, 2016	May 12, 2016	May 01, 2015	May 09, 2014	Jan. 03, 2014	Mar. 31, 2017	Dec. 31, 2016
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date Fair Value (in dollars per share)							$ 19.29	$ 19.44
Unvested Shares (in shares)							890,813	944,223
Deferred Stock Awards [Member] | Deferred Stock Award, Granted January 3, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	[1]					79,909
Grant Date Fair Value (in dollars per share)						$ 16.45
Unvested Shares (in shares)							35,261
Deferred Stock Awards [Member] | Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						20.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						20.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						20.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						20.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted January 3, 2014 [Member] | Share-based Compensation Award, Tranche Five [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						20.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 9, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	[1]				144,625
Grant Date Fair Value (in dollars per share)					$ 18.47
Unvested Shares (in shares)							43,844
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 9, 2014 [Member] | Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 1, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	[1]			243,884
Grant Date Fair Value (in dollars per share)				$ 17.59
Unvested Shares (in shares)							137,488
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 1, 2015 [Member] | Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 12, 2016 [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	[1]		31,368
Grant Date Fair Value (in dollars per share)			$ 20.40
Unvested Shares (in shares)							31,368
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 12, 2016 [Member] | Share-based Compensation Award, Tranche One [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			100.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 24, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	[1]	259,957
Grant Date Fair Value (in dollars per share)		$ 19.91
Unvested Shares (in shares)							204,699
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards [Member] | Deferred Stock Award, Granted May 24, 2016 [Member] | Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Performance Share Program Award [Member] | Performance Share Program Award, Granted May 1, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	[1]			0
Grant Date Fair Value (in dollars per share)				$ 18.42
Unvested Shares (in shares)	[2]						310,944
Performance Share Program Award [Member] | Performance Share Program Award, Granted May 24, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	[1]	0
Grant Date Fair Value (in dollars per share)		$ 23.02
Unvested Shares (in shares)	[2]						127,209
[1]	Amounts reflect the total grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through March 31, 2017.
[2]	Estimated based on Piedmont's cumulative TSR for the respective performance period through March 31, 2017. Share estimates are subject to change in future periods based on both Piedmont's and its peers' stock performance and dividends paid.

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Earnings Per Share [Abstract]
Weighted-average common shares – basic	145,286,930	145,276,476
Deferred and performance stock awards (in shares)	546,000	515,000
Weighted-average common shares outstanding – diluted	145,833,488	145,791,365
Common stock, shares issued	145,319,847		145,235,313
Common stock, shares outstanding	145,319,847	145,235,000	145,235,313

Guarantor and Non-Guarantor F44

Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets:
Land	$ 617,138	$ 617,138
Buildings and improvements, less accumulated depreciation	2,765,857	2,754,106
Intangible lease assets, less accumulated amortization	91,932	99,695
Construction in progress	19,165	34,814
Real estate assets held for sale, net	225,071	225,939
Total real estate assets	3,719,163	3,731,692
Investments in and amounts due from unconsolidated joint ventures	7,654	7,360
Cash and cash equivalents	6,808	6,992	$ 4,732	$ 5,441
Tenant and straight-line rent receivables, net	195,888	190,283
Advances to affiliates	0	0
Investment in subsidiary	0	0
Note receivable	0	0
Prepaid expenses, restricted cash, escrows, and other assets	22,829	24,867
Goodwill	98,918	98,918
Deferred lease costs, net	290,100	298,695
Other assets held for sale, net	9,380	9,361
Total assets	4,350,740	4,368,168
Liabilities:
Debt, net	2,065,814	2,020,475
Accounts payable, accrued expenses, and accrued capital expenditures	116,077	165,410
Advances from affiliates	0	0
Deferred income	30,683	28,406
Intangible lease liabilities, net	45,594	48,005
Interest rate swaps	5,475	8,169
Total liabilities	2,263,643	2,270,465
Stockholders’ Equity:
Common stock	1,453	1,452
Additional paid-in capital	3,675,575	3,673,128
Cumulative distributions in excess of earnings	(1,596,276)	(1,580,863)
Other comprehensive income	4,466	2,104
Piedmont stockholders’ equity	2,085,218	2,095,821
Noncontrolling interest	1,879	1,882
Total stockholders’ equity	2,087,097	2,097,703		2,123,420
Total liabilities and stockholders’ equity	4,350,740	4,368,168
Eliminations [Member]
Assets:
Land	0	0
Buildings and improvements, less accumulated depreciation	(300)	(300)
Intangible lease assets, less accumulated amortization	0	0
Construction in progress	0	0
Real estate assets held for sale, net	0	0
Total real estate assets	(300)	(300)
Investments in and amounts due from unconsolidated joint ventures	0	0
Cash and cash equivalents	0	0	0	0
Tenant and straight-line rent receivables, net	0	0
Advances to affiliates	(7,794,597)	(7,779,751)
Investment in subsidiary	(3,600,226)	(3,630,745)
Note receivable	(184,700)	(184,700)
Prepaid expenses, restricted cash, escrows, and other assets	(898)	(1,897)
Goodwill	0	0
Deferred lease costs, net	0	0
Other assets held for sale, net	0	0
Total assets	(11,580,721)	(11,597,393)
Liabilities:
Debt, net	(184,700)	(184,700)
Accounts payable, accrued expenses, and accrued capital expenditures	(898)	(1,897)
Advances from affiliates	(7,892,852)	(7,878,007)
Deferred income	0	0
Intangible lease liabilities, net	0	0
Interest rate swaps	0	0
Total liabilities	(8,078,450)	(8,064,604)
Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(3,600,226)	(3,630,745)
Cumulative distributions in excess of earnings	97,955	97,956
Other comprehensive income	0	0
Piedmont stockholders’ equity	(3,502,271)	(3,532,789)
Noncontrolling interest	0	0
Total stockholders’ equity	(3,502,271)	(3,532,789)
Total liabilities and stockholders’ equity	(11,580,721)	(11,597,393)
Issuer [Member]
Assets:
Land	46,133	46,133
Buildings and improvements, less accumulated depreciation	224,818	228,194
Intangible lease assets, less accumulated amortization	589	725
Construction in progress	681	145
Real estate assets held for sale, net	0	0
Total real estate assets	272,221	275,197
Investments in and amounts due from unconsolidated joint ventures	7,654	7,360
Cash and cash equivalents	3,705	3,674	1,481	2,174
Tenant and straight-line rent receivables, net	19,739	20,159
Advances to affiliates	6,480,484	6,464,135
Investment in subsidiary	0	0
Note receivable	88,910	88,910
Prepaid expenses, restricted cash, escrows, and other assets	4,262	6,189
Goodwill	98,918	98,918
Deferred lease costs, net	16,037	16,550
Other assets held for sale, net	0	0
Total assets	6,991,930	6,981,092
Liabilities:
Debt, net	1,747,549	1,701,933
Accounts payable, accrued expenses, and accrued capital expenditures	14,957	17,365
Advances from affiliates	717,103	708,340
Deferred income	4,585	5,206
Intangible lease liabilities, net	0	0
Interest rate swaps	5,475	8,169
Total liabilities	2,489,669	2,441,013
Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	3,596,047	3,626,564
Cumulative distributions in excess of earnings	901,748	911,411
Other comprehensive income	4,466	2,104
Piedmont stockholders’ equity	4,502,261	4,540,079
Noncontrolling interest	0	0
Total stockholders’ equity	4,502,261	4,540,079
Total liabilities and stockholders’ equity	6,991,930	6,981,092
Guarantor [Member]
Assets:
Land	0	0
Buildings and improvements, less accumulated depreciation	0	0
Intangible lease assets, less accumulated amortization	0	0
Construction in progress	0	0
Real estate assets held for sale, net	0	0
Total real estate assets	0	0
Investments in and amounts due from unconsolidated joint ventures	0	0
Cash and cash equivalents	150	150	150	150
Tenant and straight-line rent receivables, net	0	0
Advances to affiliates	1,314,113	1,315,616
Investment in subsidiary	3,600,047	3,630,564
Note receivable	0	0
Prepaid expenses, restricted cash, escrows, and other assets	(39)	0
Goodwill	0	0
Deferred lease costs, net	0	0
Other assets held for sale, net	0	0
Total assets	4,914,271	4,946,330
Liabilities:
Debt, net	0	0
Accounts payable, accrued expenses, and accrued capital expenditures	760	31,230
Advances from affiliates	5,098,104	5,071,521
Deferred income	0	0
Intangible lease liabilities, net	0	0
Interest rate swaps	0	0
Total liabilities	5,098,864	5,102,751
Stockholders’ Equity:
Common stock	1,453	1,452
Additional paid-in capital	3,678,447	3,676,000
Cumulative distributions in excess of earnings	(3,864,493)	(3,833,873)
Other comprehensive income	0	0
Piedmont stockholders’ equity	(184,593)	(156,421)
Noncontrolling interest	0	0
Total stockholders’ equity	(184,593)	(156,421)
Total liabilities and stockholders’ equity	4,914,271	4,946,330
Non-Guarantor Subsidiaries [Member]
Assets:
Land	571,005	571,005
Buildings and improvements, less accumulated depreciation	2,541,339	2,526,212
Intangible lease assets, less accumulated amortization	91,343	98,970
Construction in progress	18,484	34,669
Real estate assets held for sale, net	225,071	225,939
Total real estate assets	3,447,242	3,456,795
Investments in and amounts due from unconsolidated joint ventures	0	0
Cash and cash equivalents	2,953	3,168	$ 3,101	$ 3,117
Tenant and straight-line rent receivables, net	176,149	170,124
Advances to affiliates	0	0
Investment in subsidiary	179	181
Note receivable	95,790	95,790
Prepaid expenses, restricted cash, escrows, and other assets	19,504	20,575
Goodwill	0	0
Deferred lease costs, net	274,063	282,145
Other assets held for sale, net	9,380	9,361
Total assets	4,025,260	4,038,139
Liabilities:
Debt, net	502,965	503,242
Accounts payable, accrued expenses, and accrued capital expenditures	101,258	118,712
Advances from affiliates	2,077,645	2,098,146
Deferred income	26,098	23,200
Intangible lease liabilities, net	45,594	48,005
Interest rate swaps	0	0
Total liabilities	2,753,560	2,791,305
Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	1,307	1,309
Cumulative distributions in excess of earnings	1,268,514	1,243,643
Other comprehensive income	0	0
Piedmont stockholders’ equity	1,269,821	1,244,952
Noncontrolling interest	1,879	1,882
Total stockholders’ equity	1,271,700	1,246,834
Total liabilities and stockholders’ equity	$ 4,025,260	$ 4,038,139

Guarantor and Non-Guarantor F45

Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues:
Rental income	$ 123,450	$ 114,738
Tenant reimbursements	24,500	22,751
Property management fee revenue	513	523
Total revenues	148,463	138,012
Expenses:
Property operating costs	55,384	54,279
Depreciation	30,768	31,782
Amortization	20,415	17,806
General and administrative	8,596	7,773
Operating expenses	115,163	111,640
Real estate operating income	33,300	26,372
Other income (expense):
Interest expense	(18,057)	(16,385)
Other income/(expense)	(42)	294
Net loss from casualty events	(58)	0
Equity in income of unconsolidated joint ventures	11	115
Gain/(loss) on sale of real estate assets	(53)	(20)
Net income	15,101	10,376
Less: Net loss/(income) applicable to noncontrolling interest	3	(4)	$ 15
Net income applicable to Piedmont	15,104	10,372	$ 99,732
Eliminations [Member]
Revenues:
Rental income	(458)	(765)
Tenant reimbursements	(104)	(93)
Property management fee revenue	(4,111)	(3,794)
Total revenues	(4,673)	(4,652)
Expenses:
Property operating costs	(4,673)	(4,679)
Depreciation	0	0
Amortization	0	0
General and administrative	0	(9,463)
Operating expenses	(4,673)	(14,142)
Real estate operating income	0	9,490
Other income (expense):
Interest expense	3,638	2,543
Other income/(expense)	(3,638)	(2,543)
Net loss from casualty events	0
Equity in income of unconsolidated joint ventures	0	0
Gain/(loss) on sale of real estate assets	0	0
Net income	0	9,490
Less: Net loss/(income) applicable to noncontrolling interest	0	0
Net income applicable to Piedmont	0	9,490
Issuer [Member]
Revenues:
Rental income	11,424	15,467
Tenant reimbursements	3,001	3,272
Property management fee revenue	0	0
Total revenues	14,425	18,739
Expenses:
Property operating costs	5,802	8,443
Depreciation	3,463	4,899
Amortization	856	1,051
General and administrative	1,702	7,509
Operating expenses	11,823	21,902
Real estate operating income	2,602	(3,163)
Other income (expense):
Interest expense	(14,444)	(12,190)
Other income/(expense)	2,229	2,665
Net loss from casualty events	0
Equity in income of unconsolidated joint ventures	11	115
Gain/(loss) on sale of real estate assets	(61)	(4)
Net income	(9,663)	(12,577)
Less: Net loss/(income) applicable to noncontrolling interest	0	0
Net income applicable to Piedmont	(9,663)	(12,577)
Guarantor [Member]
Revenues:
Rental income	0	0
Tenant reimbursements	0	0
Property management fee revenue	0	0
Total revenues	0	0
Expenses:
Property operating costs	0	0
Depreciation	0	0
Amortization	0	0
General and administrative	103	76
Operating expenses	103	76
Real estate operating income	(103)	(76)
Other income (expense):
Interest expense	0	0
Other income/(expense)	0	0
Net loss from casualty events	0
Equity in income of unconsolidated joint ventures	0	0
Gain/(loss) on sale of real estate assets	0	0
Net income	(103)	(76)
Less: Net loss/(income) applicable to noncontrolling interest	0	0
Net income applicable to Piedmont	(103)	(76)
Non-Guarantor Subsidiaries [Member]
Revenues:
Rental income	112,484	100,036
Tenant reimbursements	21,603	19,572
Property management fee revenue	4,624	4,317
Total revenues	138,711	123,925
Expenses:
Property operating costs	54,255	50,515
Depreciation	27,305	26,883
Amortization	19,559	16,755
General and administrative	6,791	9,651
Operating expenses	107,910	103,804
Real estate operating income	30,801	20,121
Other income (expense):
Interest expense	(7,251)	(6,738)
Other income/(expense)	1,367	172
Net loss from casualty events	(58)
Equity in income of unconsolidated joint ventures	0	0
Gain/(loss) on sale of real estate assets	8	(16)
Net income	24,867	13,539
Less: Net loss/(income) applicable to noncontrolling interest	3	(4)
Net income applicable to Piedmont	$ 24,870	$ 13,535

Guarantor and Non-Guarantor F46

Guarantor and Non-Guarantor Financial Information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by Operating Activities	$ 50,253	$ 49,708
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(28,203)	(26,537)
Intercompany note receivable		0
Net sales proceeds from wholly-owned properties	(64)	45,400
Investments in unconsolidated joint ventures	(284)	0
Deferred lease costs paid	(4,270)	(2,860)
Net cash (used in)/provided by investing activities	(32,821)	16,003
Cash Flows from Financing Activities:
Debt issuance costs paid	(63)	(99)
Proceeds from debt	100,000	178,000
Repayments of debt	(55,345)	(205,262)
Intercompany note payable		0
Costs of issuance of common stock	0	(42)
Shares withheld to pay tax obligations related to employee stock compensation	(1,128)	(541)
Repurchases of common stock as part of announced plan	0	(7,943)
(Distributions to)/repayments from affiliates	0	0
Dividends paid and discount on dividend reinvestments	(61,080)	(30,533)
Net cash used in financing activities	(17,616)	(66,420)
Net decrease in cash and cash equivalents	(184)	(709)
Cash and cash equivalents, beginning of period	6,992	5,441
Cash and cash equivalents, end of period	6,808	4,732
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by Operating Activities	0	9,490
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	0	0
Intercompany note receivable		(9,600)
Net sales proceeds from wholly-owned properties	0	0
Investments in unconsolidated joint ventures	0
Deferred lease costs paid	0	0
Net cash (used in)/provided by investing activities	0	(9,600)
Cash Flows from Financing Activities:
Debt issuance costs paid	0	0
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany note payable		9,600
Costs of issuance of common stock		0
Shares withheld to pay tax obligations related to employee stock compensation	0	0
Repurchases of common stock as part of announced plan		0
(Distributions to)/repayments from affiliates	0	(9,490)
Dividends paid and discount on dividend reinvestments	0	0
Net cash used in financing activities	0	110
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Issuer [Member]
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by Operating Activities	(5,749)	(10,726)
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(407)	(833)
Intercompany note receivable		0
Net sales proceeds from wholly-owned properties	(58)	45,400
Investments in unconsolidated joint ventures	(284)
Deferred lease costs paid	(305)	(1,044)
Net cash (used in)/provided by investing activities	(1,054)	43,523
Cash Flows from Financing Activities:
Debt issuance costs paid	(63)	(99)
Proceeds from debt	100,000	178,000
Repayments of debt	(55,000)	(80,000)
Intercompany note payable		(9,600)
Costs of issuance of common stock		0
Shares withheld to pay tax obligations related to employee stock compensation	0	0
Repurchases of common stock as part of announced plan		0
(Distributions to)/repayments from affiliates	(38,103)	(121,791)
Dividends paid and discount on dividend reinvestments	0	0
Net cash used in financing activities	6,834	(33,490)
Net decrease in cash and cash equivalents	31	(693)
Cash and cash equivalents, beginning of period	3,674	2,174
Cash and cash equivalents, end of period	3,705	1,481
Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by Operating Activities	998	679
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	0	0
Intercompany note receivable		0
Net sales proceeds from wholly-owned properties	0	0
Investments in unconsolidated joint ventures	0
Deferred lease costs paid	0	0
Net cash (used in)/provided by investing activities	0	0
Cash Flows from Financing Activities:
Debt issuance costs paid	0	0
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany note payable		0
Costs of issuance of common stock		(42)
Shares withheld to pay tax obligations related to employee stock compensation	(1,128)	(541)
Repurchases of common stock as part of announced plan		(7,943)
(Distributions to)/repayments from affiliates	61,210	38,380
Dividends paid and discount on dividend reinvestments	(61,080)	(30,533)
Net cash used in financing activities	(998)	(679)
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	150	150
Cash and cash equivalents, end of period	150	150
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by Operating Activities	55,004	50,265
Cash Flows from Investing Activities:
Investment in real estate assets, consolidated joint venture, and real estate related intangibles, net of accruals	(27,796)	(25,704)
Intercompany note receivable		9,600
Net sales proceeds from wholly-owned properties	(6)	0
Investments in unconsolidated joint ventures	0
Deferred lease costs paid	(3,965)	(1,816)
Net cash (used in)/provided by investing activities	(31,767)	(17,920)
Cash Flows from Financing Activities:
Debt issuance costs paid	0	0
Proceeds from debt	0	0
Repayments of debt	(345)	(125,262)
Intercompany note payable		0
Costs of issuance of common stock		0
Shares withheld to pay tax obligations related to employee stock compensation	0	0
Repurchases of common stock as part of announced plan		0
(Distributions to)/repayments from affiliates	(23,107)	92,901
Dividends paid and discount on dividend reinvestments	0	0
Net cash used in financing activities	(23,452)	(32,361)
Net decrease in cash and cash equivalents	(215)	(16)
Cash and cash equivalents, beginning of period	3,168	3,117
Cash and cash equivalents, end of period	$ 2,953	$ 3,101

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	May 02, 2017USD ($)$ / shares
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares	$ 0.21
Aggregate purchase price for re-authorized stock repurchase plan | $	$ 250,000,000