Piedmont Office Realty Trust (PDM) 10-Q 31 Jul 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2019	Jul. 30, 2019
Cover page.
Document Type	10-Q
Document Transition Report	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Entity File Number	001-34626
Entity Registrant Name	Piedmont Office Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	58-2328421
Entity Address, Address Line One	5565 Glenridge Connector Ste. 450
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	770
Local Phone Number	418-8800
Title of 12(b) Security	Common stock
Trading Symbol	PDM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		125,783,408
Document Fiscal Year Focus	2019
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001042776

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate assets, at cost:
Land	$ 517,479	$ 507,422
Buildings and improvements, less accumulated depreciation of $812,664 and $772,093 as of June 30, 2019 and December 31, 2018, respectively	2,342,028	2,305,096
Intangible lease assets, less accumulated amortization of $92,881 and $87,391 as of June 30, 2019 and December 31, 2018, respectively	79,331	77,676
Construction in progress	13,252	15,848
Real estate assets held for sale, net	0	110,552
Total real estate assets	2,952,090	3,016,594
Cash and cash equivalents	7,748	4,571
Tenant receivables	10,494	10,800
Straight-line rent receivables	171,422	162,589
Restricted cash and escrows	1,480	1,463
Prepaid expenses and other assets	33,086	25,356
Goodwill	98,918	98,918
Interest rate swaps	10	1,199
Deferred lease costs, less accumulated amortization of $196,339 and $183,611 as of June 30, 2019 and December 31, 2018, respectively	250,119	250,148
Other assets held for sale, net	0	20,791
Total assets	3,525,367	3,592,429
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $8,806 and $9,879 as of June 30, 2019 and December 31, 2018, respectively	1,472,194	1,495,121
Secured debt, net of premiums and unamortized debt issuance costs of $494 and $645 as of June 30, 2019 and December 31, 2018, respectively	189,782	190,351
Accounts payable, accrued expenses and accrued capital expenditures	97,502	102,519
Dividends payable	0	26,972
Deferred income	24,641	28,779
Intangible lease liabilities, less accumulated amortization of $63,491 and $59,144 as of June 30, 2019 and December 31, 2018, respectively	32,724	35,708
Interest rate swaps	5,549	839
Total liabilities	1,822,392	1,880,289
Commitments and Contingencies (Note 7)
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of June 30, 2019 or December 31, 2018	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of June 30, 2019 or December 31, 2018	0	0
Common stock, $.01 par value, 750,000,000 shares authorized; 125,783,408 and 126,218,554 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	1,258	1,262
Additional paid-in capital	3,687,881	3,683,186
Cumulative distributions in excess of earnings	(1,989,446)	(1,982,542)
Other comprehensive income	1,530	8,462
Piedmont stockholders’ equity	1,701,223	1,710,368
Noncontrolling interest	1,752	1,772
Total stockholders’ equity	1,702,975	1,712,140
Total liabilities and stockholders’ equity	$ 3,525,367	$ 3,592,429

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Intangible lease assets, accumulated amortization	$ 92,881	$ 87,391
Deferred lease costs, accumulated amortization	196,339	183,611
Liabilities:
Intangible lease liabilities, accumulated amortization	$ 63,491	$ 59,144
Stockholders’ Equity:
Shares-in-trust, shares authorized (in shares)	150,000,000	150,000,000
Shares-in-trust, shares outstanding (in shares)	0	0
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	125,783,408	126,218,554
Common stock, shares outstanding (in shares)	125,783,408	126,218,554
Unsecured Debt
Liabilities:
Discount, (premiums) and unamortized debt issuance costs	$ 8,806	$ 9,879
Secured Debt
Liabilities:
Discount, (premiums) and unamortized debt issuance costs	(494)	(645)
Building and improvements
Assets:
Buildings and improvements, accumulated depreciation	$ 812,664	$ 772,093

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental and tenant reimbursement revenue	$ 125,468	$ 123,525	$ 251,634	$ 247,973
Total revenues	130,668	129,174	263,604	259,074
Expenses:
Property operating costs	52,380	52,637	104,185	104,496
Depreciation	26,348	27,115	52,873	54,260
Amortization	18,461	15,245	36,161	31,978
General and administrative	12,418	8,258	21,786	14,810
Operating expenses	109,607	103,255	215,005	205,544
Other income (expense):
Interest expense	(15,112)	(15,687)	(30,605)	(29,445)
Other income	752	731	1,029	1,177
Loss on extinguishment of debt	0	0	0	(1,680)
Gain/(loss) on sale of real estate assets	1,451	(23)	39,338	45,186
Net income	8,152	10,940	58,361	68,768
Net loss applicable to noncontrolling interest	1	2	0	4
Net income applicable to Piedmont	$ 8,153	$ 10,942	$ 58,361	$ 68,772
Per share information – basic:
Net income applicable to common stockholders (in dollars per share)	$ 0.06	$ 0.09	$ 0.46	$ 0.52
Per share information – diluted:
Net income applicable to common stockholders (in dollars per share)	$ 0.06	$ 0.09	$ 0.46	$ 0.52
Weighted-average common shares outstanding – basic (in shares)	125,693,365	128,346,433	125,633,777	132,090,741
Weighted-average common shares outstanding – diluted (in shares)	126,490,507	128,700,743	126,404,294	132,431,642
Net income applicable to common stockholders (in dollars per share)	$ 0.06	$ 0.09	$ 0.46	$ 0.52
Property management fee revenue
Revenues:
Property management and other property related revenue	$ 422	$ 382	$ 2,414	$ 691
Other property related income
Revenues:
Property management and other property related revenue	$ 4,778	$ 5,267	$ 9,556	$ 10,410

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income applicable to Piedmont	$ 8,153	$ 50,208	$ 10,942	$ 57,830	$ 58,361	$ 68,772
Other comprehensive income/(loss):
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	(3,465)		1,747		(5,489)	3,264
Plus: Reclassification of net (gain)/loss included in net income (See Note 5)	(672)		(245)		(1,443)	807
Other comprehensive income/(loss)	(4,137)	$ (2,795)	1,502	$ 2,569	(6,932)	4,071
Comprehensive income applicable to Piedmont	$ 4,016		$ 12,444		$ 51,429	$ 72,843

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Other Comprehensive Income/(Loss)	Non- controlling Interest
Balance at Dec. 31, 2017	$ 1,986,489	$ 1,424	$ 3,677,360	$ (1,702,281)	$ 8,164	$ 1,822
Balance (in shares) at Dec. 31, 2017		142,359,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of an announced plan	(231,888)	$ (125)		(231,763)
Share repurchases as part of an announced plan (in shares)		(12,482,000)
Dividends to common stockholders, stockholders of subsidiaries, and dividends reinvested	(28,311)		(19)	(28,284)		(8)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	2,901	$ 1	2,900
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		148,000
Net (income)/loss applicable to noncontrolling interest	2					2
Net income applicable to Piedmont	57,830			57,830
Other comprehensive loss	2,569				2,569
Balance at Mar. 31, 2018	1,789,588	$ 1,300	3,680,241	(1,904,404)	10,639	1,812
Balance (in shares) at Mar. 31, 2018		130,025,000
Balance at Dec. 31, 2017	1,986,489	$ 1,424	3,677,360	(1,702,281)	8,164	1,822
Balance (in shares) at Dec. 31, 2017		142,359,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (income)/loss applicable to noncontrolling interest	(4)
Net income applicable to Piedmont	68,772
Other comprehensive loss	4,071
Balance at Jun. 30, 2018	1,743,056	$ 1,284	3,681,127	(1,953,291)	12,141	1,795
Balance (in shares) at Jun. 30, 2018		128,371,000
Balance at Mar. 31, 2018	1,789,588	$ 1,300	3,680,241	(1,904,404)	10,639	1,812
Balance (in shares) at Mar. 31, 2018		130,025,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of an announced plan	(32,897)	$ (18)	0	(32,879)
Share repurchases as part of an announced plan (in shares)		(1,861,000)
Dividends to common stockholders, stockholders of subsidiaries, and dividends reinvested	(26,997)		(32)	(26,950)		(15)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	920	$ 2	918
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		207,000
Net (income)/loss applicable to noncontrolling interest	(2)					(2)
Net income applicable to Piedmont	10,942			10,942
Other comprehensive loss	1,502				1,502
Balance at Jun. 30, 2018	1,743,056	$ 1,284	3,681,127	(1,953,291)	12,141	1,795
Balance (in shares) at Jun. 30, 2018		128,371,000
Balance at Dec. 31, 2018	$ 1,712,140	$ 1,262	3,683,186	(1,982,542)	8,462	1,772
Balance (in shares) at Dec. 31, 2018	126,218,554	126,219,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases as part of an announced plan	$ (12,482)	$ (7)		(12,475)
Share repurchases as part of an announced plan (in shares)		(728,000)
Dividends to common stockholders, stockholders of subsidiaries, and dividends reinvested	(26,430)		(48)	(26,375)		(7)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	2,880	$ 1	2,879
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		106,000
Net (income)/loss applicable to noncontrolling interest	1					1
Net income applicable to Piedmont	50,208			50,208
Other comprehensive loss	(2,795)				(2,795)
Balance at Mar. 31, 2019	1,723,522	$ 1,256	3,686,017	(1,971,184)	5,667	1,766
Balance (in shares) at Mar. 31, 2019		125,597,000
Balance at Dec. 31, 2018	$ 1,712,140	$ 1,262	3,683,186	(1,982,542)	8,462	1,772
Balance (in shares) at Dec. 31, 2018	126,218,554	126,219,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (income)/loss applicable to noncontrolling interest	$ 0
Net income applicable to Piedmont	58,361
Other comprehensive loss	(6,932)
Balance at Jun. 30, 2019	$ 1,702,975	$ 1,258	3,687,881	(1,989,446)	1,530	1,752
Balance (in shares) at Jun. 30, 2019	125,783,408	125,783,000
Balance at Mar. 31, 2019	$ 1,723,522	$ 1,256	3,686,017	(1,971,184)	5,667	1,766
Balance (in shares) at Mar. 31, 2019		125,597,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders, stockholders of subsidiaries, and dividends reinvested	(26,522)		(94)	(26,415)		(13)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,960	$ 2	1,958
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		186,000
Net (income)/loss applicable to noncontrolling interest	(1)					(1)
Net income applicable to Piedmont	8,153			8,153
Other comprehensive loss	(4,137)				(4,137)
Balance at Jun. 30, 2019	$ 1,702,975	$ 1,258	$ 3,687,881	$ (1,989,446)	$ 1,530	$ 1,752
Balance (in shares) at Jun. 30, 2019	125,783,408	125,783,000

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.21	$ 0.21	$ 0.42	$ 0.42

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 58,361	$ 68,768
Operating distributions received from unconsolidated joint ventures	0	10
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	52,873	54,260
Amortization of debt issuance costs net of favorable settlement of interest rate swaps	261	(207)
Other amortization	33,650	29,061
Loss on extinguishment of debt	0	1,665
Stock compensation expense	9,831	5,004
Gain on sale of real estate assets	(39,338)	(45,186)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(8,683)	(6,974)
Increase in prepaid expenses and other assets	(7,644)	(6,452)
Cash received upon settlement of interest rate swaps	0	807
Decrease in accounts payable and accrued expenses	(5,255)	(13,672)
Decrease in deferred income	(2,117)	(3,839)
Net cash provided by operating activities	91,939	83,245
Cash Flows from Investing Activities:
Acquisition of real estate assets and intangibles	(94,581)	(28,176)
Capitalized expenditures	(32,279)	(26,476)
Net sales proceeds from wholly-owned properties	168,342	419,557
Note receivable issuance	0	(3,200)
Deferred lease costs paid	(5,358)	(10,219)
Net cash provided by (used in) investing activities, total	36,124	351,486
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(88)	(248)
Proceeds from debt	253,000	773,225
Repayments of debt	(277,663)	(780,721)
Value of shares withheld for payment of taxes related to employee stock compensation	(3,295)	(2,213)
Repurchases of common stock as part of announced plan	(16,899)	(266,062)
Dividends paid and discount on dividend reinvestments	(79,924)	(157,108)
Net cash provided by (used in) financing activities, total	(124,869)	(433,127)
Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect, total	3,194	1,604
Cash, cash equivalents, and restricted cash and escrows, beginning of period	6,034	8,755
Cash, cash equivalents, and restricted cash and escrows, end of period	$ 9,228	$ 10,359

Organization

Organization	6 Months Ended
	Jun. 30, 2019
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, redevelopment, management, and ownership of commercial real estate properties located primarily in eight major office markets in the Eastern-half of 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, taxable REIT subsidiary, Piedmont Office Holdings, Inc. ("POH"), the sole limited partner of Piedmont OP. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. As of June 30, 2019, Piedmont owned 54 in-service office properties and one 487,000-square foot redevelopment asset. As of June 30, 2019, Piedmont's 54 in-service office properties comprised approximately 16.3 million square feet of primarily Class A commercial office space and were 92.6% leased. As of June 30, 2019, approximately 93% of Piedmont's Annualized Lease Revenue was generated primarily from select sub-markets located within eight major 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	6 Months Ended
	Jun. 30, 2019
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 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") for which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2018. 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, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary, POH, which have been provided for in the financial statements. Accounting Pronouncements Adopted during the Six Months Ended June 30, 2019 Leases Piedmont has adopted Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , as well as various associated updates and amendments, which together comprise the requirements for lease accounting under Accounting Standards Codification 842 ("ASC 842"). ASC 842 fundamentally changes the definition of a lease, as well as the accounting for operating leases, by requiring lessees to recognize a liability to make lease payments and a right-of-use asset representing the right to use the leased asset over the term of the lease. ASC 842 also prohibits the capitalization of internal direct payroll costs associated with negotiating and executing leases. Accounting for leases by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis. In conjunction with adopting ASC 842, Piedmont has adopted the following optional practical expedients, transition amendments, or made accounting policy elections as follows: • a package of optional practical expedients which: (1) does not require the reassessment of any expired or existing contracts to determine if they contain a lease or to determine lease classification; and (2) does not require the write-off of any unamortized, previously capitalized, initial direct costs for any existing leases; • an optional practical transition expedient provided by ASU No. 2018-01 which allows Piedmont to exclude certain land easements in place as of January 1, 2019 from the new guidance; • an optional practical expedient provided by ASU No. 2018-11 which allows certain non-lease operating expense reimbursements which are included in the underlying stated lease rate to be accounted for as part of an operating lease where Piedmont is the lessor; • a transitional amendment which allows for the presentation of comparative periods in the year of adoption under ASC 840 (the former leasing guidance), effectively allowing for an initial adoption of ASC 842 (the new leasing guidance) on January 1, 2019 (the "Comparatives Under ASC 840 Option"); • an accounting policy election allowed by ASC 842 related to a recognition and measurement exception for short-term leases (defined as leases which are 12 months or less in duration) where Piedmont is the lessee. Piedmont's short-term lease expense reasonably reflects its lease commitments under such leases; and • an accounting policy election allowed by ASU No. 2018-20 which permits Piedmont to exclude sales and other similar taxes from analysis to ascertain whether they are Piedmont's primary obligation (as lessor), and instead exclude such costs from revenue and account for them as costs of the lessee. The nature of Piedmont's change in accounting principle relates primarily to its accounting for operating leases where Piedmont is a lessee for office space, as prescribed by ASC 842. Due to the adoption of the practical expedients outlined above, Piedmont has not adjusted prior-period information retrospectively, and there is a negligible decrease in net income attributable to Piedmont as a result of accounting for leases where Piedmont is the lessee under ASC 842 as compared to prior operating lease accounting. Operating leases where Piedmont is the lessee relat e primarily to office space in buildings owned by a third party. Piedmont recorded a right to use asset and corresponding lease liability of approximately $0.2 million using Piedmont's incremental borrowing rate as the lease discount rate. For the three and six months ended June 30, 2019, Piedmont recognized approximately $18,400 and $36,900 of operating lease costs, respectively. As of June 30, 2019, the weighted-average lease term of Piedmont's right of use assets is two Piedmont evaluates contracts at commencement to determine if the contract contains a lease. If a contract is determined to contain a lease, the lease is evaluated to determine whether it is an operating or a financing lease. All of Piedmont's leases where Piedmont is the lessor are for the lessee's use of space in Piedmont's commercial office properties and are classified as operating leases. Lease payments are typically comprised of both fixed base rental payments and separately billed variable lease payments for reimbursement of services performed by Piedmont for the tenant as prescribed by the lease. Fixed base rental payments, as well as any fixed portion of reimbursement income, are recognized on a straight-line basis over the lease term. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred. The option to extend or terminate our leases is specific to each underlying tenant agreement; however, generally Piedmont's leases contain penalties for early terminations. None of Piedmont's leases convey the right for the lessee to purchase the underlying property; however, certain leases convey the right of first offer or first refusal on the potential sale of the underlying real estate to the lessee. Piedmont's future minimum lease payments from lessees under non-cancelable operating leases where Piedmont is the lessor as of June 30, 2019 is presented below (in thousands): Years ending December 31: 2019 (1) $ 186,581 2020 360,273 2021 348,129 2022 336,398 2023 302,958 Thereafter 1,306,536 Total $ 2,840,875 (1) Reflects rental payments for the fiscal period July 1, 2019 through December 31, 2019. As required under the Comparatives Under ASC 840 Option described above, Piedmont's future minimum rental income from lessees under non-cancelable operating leases where Piedmont is the lessor as of December 31, 2018 is also presented below (in thousands): Years ending December 31: 2019 $ 370,495 2020 352,541 2021 337,951 2022 324,960 2023 291,603 Thereafter 1,247,649 Total $ 2,925,199 Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of income for the three and six months ended June 30, 2019, respectively, as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Fixed payments $ 102,637 $ 206,296 Variable payments 22,831 45,338 Total Rental and Tenant Reimbursement Revenue $ 125,468 $ 251,634 Additionally, ASU No. 2018-19 clarifies that operating lease receivables are within the scope of ASC 842; therefore, in accordance with ASC 842, effective January 1, 2019, Piedmont elected to evaluate the collectibility of its operating lease receivables on a tenant/lease-specific basis and began recognizing changes in the collectibility assessment of its operating lease receivables as a reduction of rental and tenant reimbursement revenue, rather than as a bad debt expense, a component of property operating costs. Consequently, during the three and six months ended June 30, 2019, Piedmont recognized approximately $51,000 and $42,000 of previously uncollectible operating lease receivables as an increase in rental and reimbursement revenue, respectively, and during the three and six months ended ended June 30, 2018, Piedmont recognized approximately $142,000 and $82,000 of expense related to uncollectible operating lease receivables as additional property operating costs, respectively. Stock Compensation to Non-employees During the six months ended June 30, 2019, Piedmont adopted ASU No. 2018-07, Stock Compensation (Topic 718), Improvements to Non-employee Share-Based Payment Accounting ("ASU 2018-07"). The provisions of ASU 2018-07 align accounting for stock based compensation for non-employees for goods and services with existing accounting for similar compensation for employees. ASU 2018-07 requires an entity to remeasure liability-classified awards that have not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of January 1, 2019. Piedmont's only awards affected by ASU 2018-07 are equity-classified award grants to its independent board of directors, which have been historically recognized in the same manner prescribed by the newly adopted standard. As such, there was no cumulative effect adjustment recognized upon adoption. Reclassifications Although Piedmont has adopted the transitional amendment under ASC 842 described above, Piedmont has combined the presentation of rental income and tenant reimbursements in the accompanying consolidated statements of income for the prior periods to conform to the current period financial presentation under presentation guidance detailed in Accounting Standards Codification 205 Presentation of Financial Statements. These amounts included the presentation of approximately $101.5 million of rental income, and $22.0 million of tenant reimbursements for the three months ended June 30, 2018 as rental and tenant reimbursement revenue of $123.5 million. For the six months ended June 30, 2018, these amounts included the presentation of approximately $202.9 million of rental income, and $45.1 million of tenant reimbursements as rental and tenant reimbursement revenue of $248.0 million. Further, we intend to make a similar reclassification for the years ended December 31, 2018 and 2017 in our Form 10-K for the year ending December 31, 2019. We will present approximately $411.7 million of rental income and $92.7 million of tenant reimbursements for the year ended December 31, 2018 as rental and tenant reimbursement revenue of $504.4 million. We will present approximately $455.1 million of rental income and $98.2 million million of tenant reimbursements for the year ended December 31, 2017 as rental and tenant reimbursement revenue of $553.3 million. Finally, the subtotal of Revenues less Expenses was removed within the accompanying consolidated statements of income for the three and six months ended June 30, 2018 to correct the prior period presentation, and will also be removed from prior annual periods in subsequent filings. Other Recent Accounting Pronouncements The FASB has issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments , as well as ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU No. 2019-05, Financial Instruments- Credit Losses: Targeted Transition Relief (collectively the "Credit Loss Amendments"). The provisions of the Credit Loss Amendments 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. Further, the FASB has issued ASU No. 2018-19 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which is effective concurrent with the Credit Loss Amendments, and excludes receivables arising from operating leases from the scope of the Credit Loss Amendments. Both ASU 2018-19 and the Credit Loss Amendments are 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; however, substantially all of Piedmont's receivables are operating lease receivables and as such, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of the Credit Loss Amendments and ASU 2018-19.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Acquisitions	Acquisitions During the six months ended June 30, 2019, Piedmont acquired one property using cash on hand, as noted below: Property Metropolitan Statistical Area Date of Acquisition Ownership Percentage Acquired Rentable Square Feet Percentage Leased as of Acquisition Net Contractual Purchase Price (1) (in millions) Galleria 100 Atlanta, Georgia May 6, 2019 100 % 414,293 91 % $ 95.1 (1) Price includes the purchase of an adjacent parcel of developable land.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the terms of Piedmont’s indebtedness outstanding as of June 30, 2019 and December 31, 2018 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of June 30, 2019 December 31, 2018 Secured (Fixed) $35 Million Fixed-Rate Loan (3) 5.55 % 3.75 % 9/1/2021 $ 29,288 $ 29,706 $160 Million Fixed-Rate Loan (4) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 494 645 Subtotal/Weighted Average (5) 3.80 % 189,782 190,351 Unsecured (Variable and Fixed) Amended and Restated $300 Million Unsecured 2011 Term Loan LIBOR + 1.00% 3.20 % (7) 11/30/2021 300,000 300,000 $500 Million Unsecured 2018 Line of Credit (6) LIBOR + 0.90% 3.31 % 9/30/2022 (8) 181,000 205,000 $350 Million Unsecured Senior Notes 3.40 % 3.43 % 6/01/2023 350,000 350,000 $400 Million Unsecured Senior Notes 4.45 % 4.10 % 3/15/2024 400,000 400,000 $250 Million Unsecured 2018 Term Loan LIBOR + 1.60% 4.07 % (9) 3/31/2025 250,000 250,000 Discounts and unamortized debt issuance costs (8,806) (9,879) Subtotal/Weighted Average (5) 3.75 % 1,472,194 1,495,121 Total/Weighted Average (5) 3.75 % $ 1,661,976 $ 1,685,472 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of June 30, 2019 and December 31, 2018 is interest-only. (2) Effective rate after consideration of settled or in-place interest rate swap agreements, issuance premiums/discounts, and/or fair market value adjustments upon assumption of debt. (3) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (4) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (5) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of June 30, 2019. (6) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks on all or a portion of the principal. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (7) The facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of changes in Piedmont's credit rating, the rate to that shown as the effective rate through the maturity date of the interest rate swap agreements (see Note 5 for more detail). (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 September 29, 2023) provided Piedmont is not then in default and upon payment of extension fees. (9) The facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of changes to Piedmont's credit rating, $150 million of the principal balance to 4.11% through March 29, 2020, and $100 million of the principal balance to 4.21% from March 30, 2020 through the maturity date of the loan. For the remaining variable portion of the loan, Piedmont may periodically select from multiple interest rate options, including the prime rate and various-length LIBOR locks on all or a portion of the principal. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. The rate presented is the weighted-average rate for the effectively fixed and variable portions of the debt outstanding as of June 30, 2019. Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $14.3 million and $14.8 million for the three months ended June 30, 2019 and 2018, respectively, and approximately $31.9 million and $30.7 million for the six months ended June 30, 2019 and 2018, respectively. Also, Piedmont capitalized interest of approximately $0.6 million and $0.3 million for the three months ended June 30, 2019 and 2018, respectively, and approximately $1.1 million and $0.5 million for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, 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 June 30, 2019.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
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 exchange of the underlying notional amount. As of June 30, 2019, Piedmont was party to interest rate swap agreements, all of which are designated as effective cash flow hedges and fully hedge the variable cash flows covering the entire outstanding balance of the Amended and Restated $300 Million Unsecured 2011 Term Loan, and $150 million of the $250 Million Unsecured 2018 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 69 months. A detail of Piedmont’s interest rate derivatives outstanding as of June 30, 2019 is as follows: Interest Rate Derivatives: Number of Swap Agreements Associated Debt Instrument Total Notional Amount Effective Date Maturity Date Interest rate swaps 3 Amended and Restated $300 Million Unsecured 2011 Term Loan $ 300 11/22/2016 1/15/2020 Interest rate swaps 2 $250 Million Unsecured 2018 Term Loan $ 100 3/29/2018 3/31/2025 Interest rate swaps 1 $250 Million Unsecured 2018 Term Loan $ 50 3/29/2018 3/29/2020 Total $ 450 Piedmont presents its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of Piedmont’s interest rate derivatives on a gross and net basis as of June 30, 2019 and December 31, 2018, respectively, is as follows (in thousands): Interest rate swaps classified as: June 30, December 31, Gross derivative assets $ 10 $ 1,199 Gross derivative liabilities (5,549) (839) Net derivative asset/(liability) $ (5,539) $ 360 The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in other comprehensive income ("OCI") and the accompanying consolidated statements of income as a component of interest expense for the three and six months ended June 30, 2019 and 2018, respectively, was as follows (in thousands): Three Months Ended Six Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships June 30, June 30, June 30, June 30, Amount of gain/(loss) recognized in OCI $ (3,465) $ 1,747 $ (5,489) $ 3,264 Amount of previously recorded gain reclassified from OCI into Interest Expense $ 672 $ 245 $ 1,443 $ 451 Amount of loss recognized on derivatives reclassified from OCI into Loss on Extinguishment of Debt $ — $ — $ — $ (1,258) Total amount of Interest Expense presented in the consolidated statements of income $ (15,112) $ (15,687) $ (30,605) $ (29,445) Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of income (1) $ — $ — $ — $ (1,680) (1) Includes the write-off of approximately $0.4 million of discounts and unamortized debt issuance costs associated with the repayment of debt. Piedmont estimates that approximately $0.5 million will be reclassified from OCI as a reduction of interest expense over the next twelve months. Piedmont recognized no hedge ineffectiveness on its cash flow hedges during the three and six months ended June 30, 2019 and 2018, 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 liability obligations under the agreements at their termination value of the estimated fair values plus accrued interest, or approximately $5.7 million as of June 30, 2019. 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	6 Months Ended
	Jun. 30, 2019
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, notes receivable, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of June 30, 2019 and December 31, 2018, respectively (in thousands): June 30, 2019 December 31, 2018 Financial Instrument Carrying Value Estimated Level Within Fair Value Hierarchy Carrying Value Estimated Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 7,748 $ 7,748 Level 1 $ 4,571 $ 4,571 Level 1 Tenant receivables (1) $ 10,494 $ 10,494 Level 1 $ 10,800 $ 10,800 Level 1 Restricted cash and escrows (1) $ 1,480 $ 1,480 Level 1 $ 1,463 $ 1,463 Level 1 Interest rate swaps $ 10 $ 10 Level 2 $ 1,199 $ 1,199 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 10,708 $ 10,708 Level 1 $ 47,328 $ 47,328 Level 1 Interest rate swaps $ 5,549 $ 5,549 Level 2 $ 839 $ 839 Level 2 Debt, net $ 1,661,976 $ 1,695,546 Level 2 $ 1,685,472 $ 1,698,213 Level 2 (1) For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity. Piedmont's debt was carried at book value as of June 30, 2019 and December 31, 2018; however, to estimate its fair value as disclosed in the table above, Piedmont used 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 observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's outstanding debt. Piedmont has not changed its valuation technique for estimating the fair value of its debt. Piedmont’s interest rate swap agreements presented above (further discussed in Note 5 ) are classified as “Interest rate swap” assets and liabilities in the accompanying consolidated balance sheets and were carried at estimated fair value as of June 30, 2019 and December 31, 2018. The estimated fair value of these derivative instruments was determined using widely accepted valuation techniques such as discounted cash flow analysis based on the contractual terms of the derivatives including the period to maturity of each instrument. Observable market-based inputs, including interest rate curves and implied volatilities, were also used. 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 for both Piedmont and the counterparties that were at risk as of the valuation date. The credit risks of both Piedmont and its counterparties were factored into the calculation of the estimated fair value of the interest rate swaps; however, as of June 30, 2019 and December 31, 2018, 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 assets or liabilities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Under Existing Lease Agreements As a recurring part of its business, Piedmont is typically required under its executed lease agreements to fund tenant improvements, leasing commissions, and building improvements. In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for capital improvements or other financial obligations. As of June 30, 2019, Piedmont had one individually significant unrecorded tenant allowance commitment of approximately $25.5 million for the 17 year, full-building lease with Transocean at its Enclave Place property (301,000 square feet). These commitments will be accrued and capitalized as the related expenditures are incurred. Contingencies Related to Tenant Audits/Disputes Certain lease agreements include provisions that grant tenants the right to engage independent auditors to audit their annual operating expense reconciliations. Such audits may result in different interpretations of language in the lease agreements from that made by Piedmont, whic h could result in requests for refunds of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. Piedmont recorded no such reductions in rental and reimbursement revenues related to such tenant audits/disputes during the three and six months ended June 30, 2019 and approximately $0 and $0.4 million of such reductions in rental and reimbursement revenues related to such tenant audits/disputes during the three and six months ended June 30, 2018, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsDuring the six months ended June 30, 2019, Piedmont entered into employment or retirement agreements with certain of its current and former executive officers as more fully described in its Definitive Proxy Statement and Current Report on Form 8-K filed on March 19, 2019. There were no other related-party transactions during the six months ended June 30, 2019.

Assets Held for Sale

Assets Held for Sale	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for SaleAs of June 30, 2019, no properties met the criteria for held for sale classification; however, as of December 31, 2018, the One Independence Square building in Washington, D.C. met the criteria for held for sale classification. Consequently its assets as of December 31, 2018 are presented as held for sale in the accompanying consolidated balance sheets. The One Independence Square building was sold on February 28, 2019. In conjunction with the sale of One Independence Square, Piedmont recognized a gain on real estate assets of approximately $33.1 million, and net sales proceeds of approximately $163.6 million. Details of assets held for sale as of June 30, 2019 and December 31, 2018 are presented below (in thousands): June 30, 2019 December 31, 2018 Real estate assets held for sale, net: Land $ — $ 30,562 Building and improvements, less accumulated depreciation of $0 and $48,453 as of June 30, 2019 and December 31, 2018, respectively — 77,936 Construction in progress — 2,054 Total real estate assets held for sale, net $ — $ 110,552 Other assets held for sale, net: Straight-line rent receivables $ — $ 10,756 Prepaid expenses and other assets — 430 Deferred lease costs, less accumulated amortization of $0 and $2,446 as of June 30, 2019 and December 31, 2018, respectively — 9,605 Total other assets held for sale, net $ — $ 20,791

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2019
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 award units to all of Piedmont's employees and independent directors. Employee awards typically vest ratably over a multi-year period and independent director awards vest over one year. Certain management employees' long-term equity incentive program is split equally between the time-vested award units described above and a multi-year performance share program whereby the actual awards are contingent upon Piedmont's total stockholder return ("TSR") relative to a peer group of office REITs' TSR. The long-term equity incentives for these certain employees, as well as the peer group, is predetermined by the Board of Directors, advised by an outside compensation consultant. Any shares earned are awarded at the end of the multi-year performance period and vest upon award. The fair values of the multi-year performance share awards are estimated using a Monte Carlo valuation method. A rollforward of Piedmont's equity based award activity for the six months ended June 30, 2019 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2018 1,227,483 $ 23.14 Deferred Stock Awards Granted 354,057 $ 21.02 Increase in Estimated Potential Share Award 420,894 $ 29.52 Performance Stock Awards Vested (139,127) $ 23.02 Deferred Stock Awards Vested (440,450) $ 19.66 Deferred Stock Awards Forfeited (11,554) $ 18.96 Unvested and Potential Stock Awards as of June 30, 2019 1,411,303 $ 25.64 The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2019 and 2018, respectively (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period $ 21.02 $ 17.84 $ 21.02 $ 17.84 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 8,318 $ 5,639 $ 8,658 $ 6,363 Share-based Liability Awards Paid During the Period (1) $ — $ — $ 3,239 $ 2,947 (1) Amounts reflect the issuance of performance share awards related to the 2016-18 and 2015-17 Performance Share Plans during the six months ended June 30, 2019 and 2018, respectively. A detail of Piedmont’s outstanding stock awards as of June 30, 2019 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Vesting Schedule Unvested Shares May 18, 2017 Deferred Stock Award 196,036 $ 21.38 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 18, 2018, 2019, and 2020, respectively. 41,341 May 18, 2017 Fiscal Year 2017-2019 Performance Share Program — $ 30.45 Shares awarded, if any, will vest immediately upon determination of award in 2020. 286,670 (2) May 17, 2018 Deferred Stock Award 271,169 $ 17.84 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 17, 2019, 2020, and 2021, respectively. 109,306 May 17, 2018 Fiscal Year 2018-2020 Performance Share Program — $ 23.52 Shares awarded, if any, will vest immediately upon determination of award in 2021. 366,032 (2) May 15, 2019 Deferred Stock Award-Board of Directors 25,974 $ 20.79 Of the shares granted, 100% will vest by May 15, 2020. 25,974 May 3, 2019 Deferred Stock Award 300,825 $ 21.04 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 3, 2020, 2021, and 2022, respectively. 196,633 May 3, 2019 Fiscal Year 2019-2021 Performance Share Program — $ 29.43 Shares awarded, if any, will vest immediately upon determination of award in 2022. 385,347 (2) Total 1,411,303 (1) Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through June 30, 2019. (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 2019. Share estimates are subject to change in future periods based upon Piedmont's relative performance compared to its peer group of office REITs' TSR. During the three months ended June 30, 2019 and 2018, Piedmont recognized approximately $4.4 million and $4.0 million of compensation expense related to stock awards of which $2.9 million and $2.6 million is related to the amortization of unvested shares, respectively. During the six months ended June 30, 2019 and 2018, Piedmont recognized approximately $5.9 million and $5.0 million of compensation expense related to stock awards of which $4.4 million and $3.9 million is related to the amortization of unvested shares, respectively. During the six months ended June 30, 2019, a net total of 292,675 shares were issued to employees. As of June 30, 2019, approximately $5.5 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 two years.

Supplemental Disclosures for th

Supplemental Disclosures for the Stmt of Consolidated Cash Flows	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures for the Statement of Consolidated Cash Flows	Supplemental Disclosures for the Statement of Consolidated Cash Flows Certain non cash investing and financing activities for the six months ended June 30, 2019 and 2018, (in thousands) are outlined below: Six Months Ended June 30, 2019 June 30, 2018 Accrued capital expenditures and deferred lease costs $ 11,989 $ 8,920 Change in accrued dividends and discount on dividend reinvestments $ (26,972) $ (101,800) Change in accrued share repurchases as part of an announced plan $ (4,417) $ (1,277) Accrued deferred financing costs $ 37 $ — The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as reported, or previously reported, within the consolidated balance sheet to the consolidated statement of cash flows as of the six months ended June 30, 2019 and 2018, respectively (in thousands). Six Months Ended June 30, 2019 June 30, 2018 Cash and cash equivalents, beginning of period $ 4,571 $ 7,382 Restricted cash and escrows, beginning of period 1,463 1,373 Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows, beginning of period $ 6,034 $ 8,755 Cash and cash equivalents, end of period $ 7,748 $ 8,944 Restricted cash and escrows, end of period 1,480 1,415 Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows, end of period $ 9,228 $ 10,359 Amounts in restricted cash and escrows typically represent escrow accounts for the payment of real estate taxes which are required under certain of Piedmont's debt agreements; earnest money deposited by a buyer to secure the purchase of one of our properties; or security or utility deposits held for tenants as a condition of their lease agreement.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
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. 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. For the three months ended June 30, 2019 and 2018, Piedmont calculated and excluded anti-dilutive shares of 104,439 and 155,529, respectively, and for the six months ended June 30, 2019 and 2018, Piedmont calculated and excluded anti-dilutive shares of 200,111 and 223,233, respectively. 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 and six months ended June 30, 2019 and 2018, respectively (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Weighted-average common shares – basic 125,693 128,346 125,634 132,091 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards 798 355 770 341 Weighted-average common shares – diluted 126,491 128,701 126,404 132,432

Guarantor and Non-Guarantor Fin

Guarantor and Non-Guarantor Financial Information	6 Months Ended
	Jun. 30, 2019
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 (the "Parent", "Guarantor", and/or "Consolidated"), Piedmont OP (the "Issuer"), and the other directly and indirectly owned subsidiaries of Piedmont as the Guarantor (the "Non-Guarantors") 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 Consolidating Balance Sheets As of June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Assets: Real estate assets, at cost: Land $ — $ 36,094 $ 481,385 $ — $ 517,479 Buildings and improvements, less accumulated depreciation — 186,061 2,156,267 (300) 2,342,028 Intangible lease assets, less accumulated amortization — — 79,331 — 79,331 Construction in progress — 785 12,467 — 13,252 Total real estate assets — 222,940 2,729,450 (300) 2,952,090 Cash and cash equivalents 150 3,484 4,114 — 7,748 Tenant and straight-line rent receivables — 16,744 165,172 — 181,916 Investment in subsidiaries 1,703,277 2,839,828 164 (4,543,269) — Notes receivable — 810 144,500 (145,310) — Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets 71 5,868 28,689 (52) 34,576 Goodwill — 98,918 — — 98,918 Deferred lease costs, net — 14,369 235,750 — 250,119 Total assets $ 1,703,498 $ 3,202,961 $ 3,307,839 $ (4,688,931) $ 3,525,367 Liabilities: Debt, net $ — $ 1,472,146 $ 335,140 $ (145,310) $ 1,661,976 Accounts payable, accrued expenses, and accrued capital expenditures 523 13,085 83,946 (52) 97,502 Deferred income — 2,210 22,431 — 24,641 Intangible lease liabilities, net — — 32,724 — 32,724 Interest rate swaps — 5,549 — — 5,549 Total liabilities 523 1,492,990 474,241 (145,362) 1,822,392 Equity: Total stockholders’ equity 1,702,975 1,709,971 2,833,598 (4,543,569) 1,702,975 Total liabilities and stockholders’ equity $ 1,703,498 $ 3,202,961 $ 3,307,839 $ (4,688,931) $ 3,525,367 Condensed Consolidating Balance Sheets As of December 31, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Assets: Real estate assets, at cost: Land $ — $ 36,094 $ 471,328 $ — $ 507,422 Buildings and improvements, less accumulated depreciation — 176,927 2,128,469 (300) 2,305,096 Intangible lease assets, less accumulated amortization — — 77,676 — 77,676 Construction in progress — 5,708 10,140 — 15,848 Real estate assets held for sale, net — — 110,552 — 110,552 Total real estate assets — 218,729 2,798,165 (300) 3,016,594 Cash and cash equivalents 150 — 4,939 (518) 4,571 Tenant and straight-line rent receivables — 16,143 157,246 — 173,389 Investment in subsidiaries 1,744,122 2,704,337 166 (4,448,625) — Notes receivable — 810 144,500 (145,310) — Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets 42 5,682 22,318 (24) 28,018 Goodwill — 98,918 — — 98,918 Deferred lease costs, net — 15,158 234,990 — 250,148 Other assets held for sale, net — — 20,791 — 20,791 Total assets $ 1,744,314 $ 3,059,777 $ 3,383,115 $ (4,594,777) $ 3,592,429 Liabilities: Debt, net $ — $ 1,495,065 $ 335,717 $ (145,310) $ 1,685,472 Accounts payable, accrued expenses, dividends payable, interest rate swaps and accrued capital expenditures 32,174 15,382 83,316 (542) 130,330 Deferred income — 2,274 26,505 — 28,779 Intangible lease liabilities, net — — 35,708 — 35,708 Total liabilities 32,174 1,512,721 481,246 (145,852) 1,880,289 Equity: Total stockholders’ equity 1,712,140 1,547,056 2,901,869 (4,448,925) 1,712,140 Total liabilities and stockholders’ equity $ 1,744,314 $ 3,059,777 $ 3,383,115 $ (4,594,777) $ 3,592,429
Guarantor and Non-Guarantor Financial Information	Consolidating Statements of Income For the three months ended June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Revenues: Rental and tenant reimbursement revenue $ — $ 11,271 $ 114,906 $ (709) $ 125,468 Property management fee revenue — — 4,331 (3,909) 422 Other property related income — 40 4,738 — 4,778 — 11,311 123,975 (4,618) 130,668 Expenses: Property operating costs — 5,255 51,743 (4,618) 52,380 Depreciation — 3,009 23,339 — 26,348 Amortization — 469 17,992 — 18,461 General and administrative 94 1,567 10,757 — 12,418 94 10,300 103,831 (4,618) 109,607 Other income (expense): Interest expense — (13,392) (3,600) 1,880 (15,112) Other income/(expense) — 38 2,594 (1,880) 752 Gain on sale of real estate assets — — 1,451 — 1,451 Income/(loss) before consolidated subsidiaries (94) (12,343) 20,589 — 8,152 Income from subsidiaries 8,247 24,118 — (32,365) — Net income 8,153 11,775 20,589 (32,365) 8,152 Plus: Net loss applicable to noncontrolling interest — — 1 — 1 Net income applicable to Piedmont $ 8,153 $ 11,775 $ 20,590 $ (32,365) $ 8,153 Consolidating Statements of Income For the three months ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Revenues: Rental and tenant reimbursement revenue $ — $ 11,433 $ 112,684 $ (592) $ 123,525 Property management fee revenue — — 4,147 (3,765) 382 Other property related income — 29 5,238 — 5,267 — 11,462 122,069 (4,357) 129,174 Expenses: Property operating costs — 4,927 52,067 (4,357) 52,637 Depreciation — 2,846 24,269 — 27,115 Amortization — 463 14,782 — 15,245 General and administrative 86 1,539 6,633 — 8,258 86 9,775 97,751 (4,357) 103,255 Other income (expense): Interest expense — (13,953) (3,614) 1,880 (15,687) Other income/(expense) — 36 2,575 (1,880) 731 Loss on sale of real estate assets, net — (13) (10) — (23) — (13,930) (1,049) — (14,979) Income/(loss) before consolidated subsidiaries (86) (12,243) 23,269 — 10,940 Income from subsidiaries 11,028 24,557 — (35,585) — Net income 10,942 12,314 23,269 (35,585) 10,940 Plus: Net loss applicable to noncontrolling interest — — 2 — 2 Net income applicable to Piedmont $ 10,942 $ 12,314 $ 23,271 $ (35,585) $ 10,942
Guarantor and Non-Guarantor Financial Information	Consolidating Statements of Income For the six months ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Revenues: Rental and tenant reimbursement revenue $ — $ 22,892 $ 226,189 $ (1,108) $ 247,973 Property management fee revenue — — 8,328 (7,637) 691 Other property related income — 57 10,353 — 10,410 — 22,949 244,870 (8,745) 259,074 Expenses: Property operating costs — 9,641 103,600 (8,745) 104,496 Depreciation — 5,710 48,550 — 54,260 Amortization — 1,074 30,904 — 31,978 General and administrative 186 3,425 11,199 — 14,810 186 19,850 194,253 (8,745) 205,544 Other income (expense): Interest expense — (25,975) (7,312) 3,842 (29,445) Other income/(expense) — 160 4,859 (3,842) 1,177 Loss on extinguishment of debt — (1,680) — — (1,680) Gain on sale of real estate assets, net — 1,417 43,769 — 45,186 — (26,078) 41,316 — 15,238 Income/(loss) before consolidated subsidiaries (186) (22,979) 91,933 — 68,768 Income from subsidiaries 68,958 92,226 — (161,184) $ — Net income 68,772 69,247 91,933 (161,184) 68,768 Plus: Net loss applicable to noncontrolling interest — — 4 — 4 Net income applicable to Piedmont $ 68,772 $ 69,247 $ 91,937 $ (161,184) $ 68,772
Guarantor and Non-Guarantor Financial Information	Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net income $ 8,153 $ 11,775 $ 20,590 $ (32,365) $ 8,153 Other comprehensive loss: Effective portion of loss on derivative instruments that are designated and qualify as cash flow hedges (3,465) (3,465) — 3,465 (3,465) Less: Reclassification of net gain included in net income (672) (672) — 672 (672) Other comprehensive loss (4,137) (4,137) — 4,137 (4,137) Comprehensive income $ 4,016 $ 7,638 $ 20,590 $ (28,228) $ 4,016 Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net income $ 10,942 $ 12,314 $ 23,271 $ (35,585) $ 10,942 Other comprehensive income: Effective portion of gain on derivative instruments that are designated and qualify as cash flow hedges 1,747 1,747 — (1,747) 1,747 Less: Reclassification of net gain included in net income (245) (245) — 245 (245) Other comprehensive income 1,502 1,502 — (1,502) 1,502 Comprehensive income $ 12,444 $ 13,816 $ 23,271 $ (37,087) $ 12,444
Guarantor and Non-Guarantor Financial Information	Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net income $ 58,361 $ 24,176 $ 83,463 $ (107,639) $ 58,361 Other comprehensive loss: Effective portion of loss on derivative instruments that are designated and qualify as cash flow hedges (5,489) (5,489) — 5,489 (5,489) Less: Reclassification of net gain included in net income (1,443) (1,443) — 1,443 (1,443) Other comprehensive loss (6,932) (6,932) — 6,932 (6,932) Comprehensive income $ 51,429 $ 17,244 $ 83,463 $ (100,707) $ 51,429 Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net income $ 68,772 $ 69,247 $ 91,937 $ (161,184) $ 68,772 Other comprehensive income: Effective portion of gain on derivative instruments that are designated and qualify as cash flow hedges 3,264 3,264 — (3,264) 3,264 Plus: Reclassification of net loss included in net income 807 807 — (807) 807 Other comprehensive income 4,071 4,071 — (4,071) 4,071 Comprehensive income $ 72,843 $ 73,318 $ 91,937 $ (165,255) $ 72,843
Guarantor and Non-Guarantor Financial Information	Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net Cash Provided by Operating Activities $ 71,842 $ 73,022 $ 99,557 $ (161,176) $ 83,245 Cash Flows from Investing Activities: Investment in real estate assets and intangibles — (3,159) (51,493) — (54,652) Intercompany note receivable — 88,000 — (88,000) — Net sales proceeds from wholly-owned properties — 36,572 382,985 — 419,557 Note receivable issuance — — (3,200) — (3,200) Deferred lease costs paid — (20) (10,199) — (10,219) Distributions from subsidiaries 353,518 64,863 — (418,381) — Net cash provided by investing activities 353,518 186,256 318,093 (506,381) 351,486 Cash Flows from Financing Activities: Debt issuance costs paid — (248) — — (248) Proceeds from debt — 773,225 — — 773,225 Repayments of debt — (780,000) (721) — (780,721) Intercompany note payable — — (88,000) 88,000 — Value of shares withheld to pay tax obligations related to employee stock compensation (2,213) — — — (2,213) Repurchases of common stock as part of announced plan (266,062) — — — (266,062) Distributions (157,085) (250,818) (328,762) 579,557 (157,108) Net cash used in financing activities (425,360) (257,841) (417,483) 667,557 (433,127) Net increase in cash, cash equivalents, and restricted cash and escrows — 1,437 167 — 1,604 Cash, cash equivalents, and restricted cash and escrows, beginning of period 150 3,906 4,699 — 8,755 Cash, cash equivalents, and restricted cash and escrows, end of period $ 150 $ 5,343 $ 4,866 $ — $ 10,359

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Third Quarter Dividend Declaration On July 31, 2019, the Board of Directors of Piedmont declared dividends for the third quarter 2019 in the amount of $0.21 per common share outstanding to stockholders of record as of the close of business on August 30, 2019. Such dividends are to be paid on September 20, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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 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") for which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2018. 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, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary, POH, which have been provided for in the financial statements.
Recent Accounting Pronouncements	Accounting Pronouncements Adopted during the Six Months Ended June 30, 2019 Leases Piedmont has adopted Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , as well as various associated updates and amendments, which together comprise the requirements for lease accounting under Accounting Standards Codification 842 ("ASC 842"). ASC 842 fundamentally changes the definition of a lease, as well as the accounting for operating leases, by requiring lessees to recognize a liability to make lease payments and a right-of-use asset representing the right to use the leased asset over the term of the lease. ASC 842 also prohibits the capitalization of internal direct payroll costs associated with negotiating and executing leases. Accounting for leases by lessors is substantially unchanged from prior practice as lessors will continue to recognize lease revenue on a straight-line basis. In conjunction with adopting ASC 842, Piedmont has adopted the following optional practical expedients, transition amendments, or made accounting policy elections as follows: • a package of optional practical expedients which: (1) does not require the reassessment of any expired or existing contracts to determine if they contain a lease or to determine lease classification; and (2) does not require the write-off of any unamortized, previously capitalized, initial direct costs for any existing leases; • an optional practical transition expedient provided by ASU No. 2018-01 which allows Piedmont to exclude certain land easements in place as of January 1, 2019 from the new guidance; • an optional practical expedient provided by ASU No. 2018-11 which allows certain non-lease operating expense reimbursements which are included in the underlying stated lease rate to be accounted for as part of an operating lease where Piedmont is the lessor; • a transitional amendment which allows for the presentation of comparative periods in the year of adoption under ASC 840 (the former leasing guidance), effectively allowing for an initial adoption of ASC 842 (the new leasing guidance) on January 1, 2019 (the "Comparatives Under ASC 840 Option"); • an accounting policy election allowed by ASC 842 related to a recognition and measurement exception for short-term leases (defined as leases which are 12 months or less in duration) where Piedmont is the lessee. Piedmont's short-term lease expense reasonably reflects its lease commitments under such leases; and • an accounting policy election allowed by ASU No. 2018-20 which permits Piedmont to exclude sales and other similar taxes from analysis to ascertain whether they are Piedmont's primary obligation (as lessor), and instead exclude such costs from revenue and account for them as costs of the lessee. The nature of Piedmont's change in accounting principle relates primarily to its accounting for operating leases where Piedmont is a lessee for office space, as prescribed by ASC 842. Due to the adoption of the practical expedients outlined above, Piedmont has not adjusted prior-period information retrospectively, and there is a negligible decrease in net income attributable to Piedmont as a result of accounting for leases where Piedmont is the lessee under ASC 842 as compared to prior operating lease accounting. Operating leases where Piedmont is the lessee relat e primarily to office space in buildings owned by a third party. Piedmont recorded a right to use asset and corresponding lease liability of approximately $0.2 million using Piedmont's incremental borrowing rate as the lease discount rate. For the three and six months ended June 30, 2019, Piedmont recognized approximately $18,400 and $36,900 of operating lease costs, respectively. As of June 30, 2019, the weighted-average lease term of Piedmont's right of use assets is two Piedmont evaluates contracts at commencement to determine if the contract contains a lease. If a contract is determined to contain a lease, the lease is evaluated to determine whether it is an operating or a financing lease. All of Piedmont's leases where Piedmont is the lessor are for the lessee's use of space in Piedmont's commercial office properties and are classified as operating leases. Lease payments are typically comprised of both fixed base rental payments and separately billed variable lease payments for reimbursement of services performed by Piedmont for the tenant as prescribed by the lease. Fixed base rental payments, as well as any fixed portion of reimbursement income, are recognized on a straight-line basis over the lease term. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred. The option to extend or terminate our leases is specific to each underlying tenant agreement; however, generally Piedmont's leases contain penalties for early terminations. None of Piedmont's leases convey the right for the lessee to purchase the underlying property; however, certain leases convey the right of first offer or first refusal on the potential sale of the underlying real estate to the lessee. Piedmont's future minimum lease payments from lessees under non-cancelable operating leases where Piedmont is the lessor as of June 30, 2019 is presented below (in thousands): Years ending December 31: 2019 (1) $ 186,581 2020 360,273 2021 348,129 2022 336,398 2023 302,958 Thereafter 1,306,536 Total $ 2,840,875 (1) Reflects rental payments for the fiscal period July 1, 2019 through December 31, 2019. As required under the Comparatives Under ASC 840 Option described above, Piedmont's future minimum rental income from lessees under non-cancelable operating leases where Piedmont is the lessor as of December 31, 2018 is also presented below (in thousands): Years ending December 31: 2019 $ 370,495 2020 352,541 2021 337,951 2022 324,960 2023 291,603 Thereafter 1,247,649 Total $ 2,925,199 Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of income for the three and six months ended June 30, 2019, respectively, as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Fixed payments $ 102,637 $ 206,296 Variable payments 22,831 45,338 Total Rental and Tenant Reimbursement Revenue $ 125,468 $ 251,634 Additionally, ASU No. 2018-19 clarifies that operating lease receivables are within the scope of ASC 842; therefore, in accordance with ASC 842, effective January 1, 2019, Piedmont elected to evaluate the collectibility of its operating lease receivables on a tenant/lease-specific basis and began recognizing changes in the collectibility assessment of its operating lease receivables as a reduction of rental and tenant reimbursement revenue, rather than as a bad debt expense, a component of property operating costs. Consequently, during the three and six months ended June 30, 2019, Piedmont recognized approximately $51,000 and $42,000 of previously uncollectible operating lease receivables as an increase in rental and reimbursement revenue, respectively, and during the three and six months ended ended June 30, 2018, Piedmont recognized approximately $142,000 and $82,000 of expense related to uncollectible operating lease receivables as additional property operating costs, respectively. Stock Compensation to Non-employees During the six months ended June 30, 2019, Piedmont adopted ASU No. 2018-07, Stock Compensation (Topic 718), Improvements to Non-employee Share-Based Payment Accounting ("ASU 2018-07"). The provisions of ASU 2018-07 align accounting for stock based compensation for non-employees for goods and services with existing accounting for similar compensation for employees. ASU 2018-07 requires an entity to remeasure liability-classified awards that have not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of January 1, 2019. Piedmont's only awards affected by ASU 2018-07 are equity-classified award grants to its independent board of directors, which have been historically recognized in the same manner prescribed by the newly adopted standard. As such, there was no cumulative effect adjustment recognized upon adoption. Reclassifications Although Piedmont has adopted the transitional amendment under ASC 842 described above, Piedmont has combined the presentation of rental income and tenant reimbursements in the accompanying consolidated statements of income for the prior periods to conform to the current period financial presentation under presentation guidance detailed in Accounting Standards Codification 205 Presentation of Financial Statements. These amounts included the presentation of approximately $101.5 million of rental income, and $22.0 million of tenant reimbursements for the three months ended June 30, 2018 as rental and tenant reimbursement revenue of $123.5 million. For the six months ended June 30, 2018, these amounts included the presentation of approximately $202.9 million of rental income, and $45.1 million of tenant reimbursements as rental and tenant reimbursement revenue of $248.0 million. Further, we intend to make a similar reclassification for the years ended December 31, 2018 and 2017 in our Form 10-K for the year ending December 31, 2019. We will present approximately $411.7 million of rental income and $92.7 million of tenant reimbursements for the year ended December 31, 2018 as rental and tenant reimbursement revenue of $504.4 million. We will present approximately $455.1 million of rental income and $98.2 million million of tenant reimbursements for the year ended December 31, 2017 as rental and tenant reimbursement revenue of $553.3 million. Finally, the subtotal of Revenues less Expenses was removed within the accompanying consolidated statements of income for the three and six months ended June 30, 2018 to correct the prior period presentation, and will also be removed from prior annual periods in subsequent filings. Other Recent Accounting Pronouncements The FASB has issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments , as well as ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU No. 2019-05, Financial Instruments- Credit Losses: Targeted Transition Relief (collectively the "Credit Loss Amendments"). The provisions of the Credit Loss Amendments 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. Further, the FASB has issued ASU No. 2018-19 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which is effective concurrent with the Credit Loss Amendments, and excludes receivables arising from operating leases from the scope of the Credit Loss Amendments. Both ASU 2018-19 and the Credit Loss Amendments are 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; however, substantially all of Piedmont's receivables are operating lease receivables and as such, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of the Credit Loss Amendments and ASU 2018-19.
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Future Minimum Rent Income	Piedmont's future minimum lease payments from lessees under non-cancelable operating leases where Piedmont is the lessor as of June 30, 2019 is presented below (in thousands): Years ending December 31: 2019 (1) $ 186,581 2020 360,273 2021 348,129 2022 336,398 2023 302,958 Thereafter 1,306,536 Total $ 2,840,875 (1) Reflects rental payments for the fiscal period July 1, 2019 through December 31, 2019.
Schedule of Future Minimum Rental Income	As required under the Comparatives Under ASC 840 Option described above, Piedmont's future minimum rental income from lessees under non-cancelable operating leases where Piedmont is the lessor as of December 31, 2018 is also presented below (in thousands): Years ending December 31: 2019 $ 370,495 2020 352,541 2021 337,951 2022 324,960 2023 291,603 Thereafter 1,247,649 Total $ 2,925,199
Fixed and Variable Lease Revenue	Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of income for the three and six months ended June 30, 2019, respectively, as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Fixed payments $ 102,637 $ 206,296 Variable payments 22,831 45,338 Total Rental and Tenant Reimbursement Revenue $ 125,468 $ 251,634

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of Purchased Assets	During the six months ended June 30, 2019, Piedmont acquired one property using cash on hand, as noted below: Property Metropolitan Statistical Area Date of Acquisition Ownership Percentage Acquired Rentable Square Feet Percentage Leased as of Acquisition Net Contractual Purchase Price (1) (in millions) Galleria 100 Atlanta, Georgia May 6, 2019 100 % 414,293 91 % $ 95.1 (1) Price includes the purchase of an adjacent parcel of developable land.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the terms of Piedmont’s indebtedness outstanding as of June 30, 2019 and December 31, 2018 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of June 30, 2019 December 31, 2018 Secured (Fixed) $35 Million Fixed-Rate Loan (3) 5.55 % 3.75 % 9/1/2021 $ 29,288 $ 29,706 $160 Million Fixed-Rate Loan (4) 3.48 % 3.58 % 7/5/2022 160,000 160,000 Net premium and unamortized debt issuance costs 494 645 Subtotal/Weighted Average (5) 3.80 % 189,782 190,351 Unsecured (Variable and Fixed) Amended and Restated $300 Million Unsecured 2011 Term Loan LIBOR + 1.00% 3.20 % (7) 11/30/2021 300,000 300,000 $500 Million Unsecured 2018 Line of Credit (6) LIBOR + 0.90% 3.31 % 9/30/2022 (8) 181,000 205,000 $350 Million Unsecured Senior Notes 3.40 % 3.43 % 6/01/2023 350,000 350,000 $400 Million Unsecured Senior Notes 4.45 % 4.10 % 3/15/2024 400,000 400,000 $250 Million Unsecured 2018 Term Loan LIBOR + 1.60% 4.07 % (9) 3/31/2025 250,000 250,000 Discounts and unamortized debt issuance costs (8,806) (9,879) Subtotal/Weighted Average (5) 3.75 % 1,472,194 1,495,121 Total/Weighted Average (5) 3.75 % $ 1,661,976 $ 1,685,472 (1) Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of June 30, 2019 and December 31, 2018 is interest-only. (2) Effective rate after consideration of settled or in-place interest rate swap agreements, issuance premiums/discounts, and/or fair market value adjustments upon assumption of debt. (3) Collateralized by the 5 Wall Street building in Burlington, Massachusetts. (4) Collateralized by the 1901 Market Street building in Philadelphia, Pennsylvania. (5) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of June 30, 2019. (6) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks on all or a portion of the principal. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (7) The facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of changes in Piedmont's credit rating, the rate to that shown as the effective rate through the maturity date of the interest rate swap agreements (see Note 5 for more detail). (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 September 29, 2023) provided Piedmont is not then in default and upon payment of extension fees. (9) The facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of changes to Piedmont's credit rating, $150 million of the principal balance to 4.11% through March 29, 2020, and $100 million of the principal balance to 4.21% from March 30, 2020 through the maturity date of the loan. For the remaining variable portion of the loan, Piedmont may periodically select from multiple interest rate options, including the prime rate and various-length LIBOR locks on all or a portion of the principal. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. The rate presented is the weighted-average rate for the effectively fixed and variable portions of the debt outstanding as of June 30, 2019.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	A detail of Piedmont’s interest rate derivatives outstanding as of June 30, 2019 is as follows: Interest Rate Derivatives: Number of Swap Agreements Associated Debt Instrument Total Notional Amount Effective Date Maturity Date Interest rate swaps 3 Amended and Restated $300 Million Unsecured 2011 Term Loan $ 300 11/22/2016 1/15/2020 Interest rate swaps 2 $250 Million Unsecured 2018 Term Loan $ 100 3/29/2018 3/31/2025 Interest rate swaps 1 $250 Million Unsecured 2018 Term Loan $ 50 3/29/2018 3/29/2020 Total $ 450
Schedule of Interest Rate Derivatives	A detail of Piedmont’s interest rate derivatives on a gross and net basis as of June 30, 2019 and December 31, 2018, respectively, is as follows (in thousands): Interest rate swaps classified as: June 30, December 31, Gross derivative assets $ 10 $ 1,199 Gross derivative liabilities (5,549) (839) Net derivative asset/(liability) $ (5,539) $ 360
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in other comprehensive income ("OCI") and the accompanying consolidated statements of income as a component of interest expense for the three and six months ended June 30, 2019 and 2018, respectively, was as follows (in thousands): Three Months Ended Six Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships June 30, June 30, June 30, June 30, Amount of gain/(loss) recognized in OCI $ (3,465) $ 1,747 $ (5,489) $ 3,264 Amount of previously recorded gain reclassified from OCI into Interest Expense $ 672 $ 245 $ 1,443 $ 451 Amount of loss recognized on derivatives reclassified from OCI into Loss on Extinguishment of Debt $ — $ — $ — $ (1,258) Total amount of Interest Expense presented in the consolidated statements of income $ (15,112) $ (15,687) $ (30,605) $ (29,445) Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of income (1) $ — $ — $ — $ (1,680) (1) Includes the write-off of approximately $0.4 million of discounts and unamortized debt issuance costs associated with the repayment of debt.

Fair Value Measurement of Fin_2

Fair Value Measurement of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	June 30, 2019 and December 31, 2018, respectively (in thousands): June 30, 2019 December 31, 2018 Financial Instrument Carrying Value Estimated Level Within Fair Value Hierarchy Carrying Value Estimated Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 7,748 $ 7,748 Level 1 $ 4,571 $ 4,571 Level 1 Tenant receivables (1) $ 10,494 $ 10,494 Level 1 $ 10,800 $ 10,800 Level 1 Restricted cash and escrows (1) $ 1,480 $ 1,480 Level 1 $ 1,463 $ 1,463 Level 1 Interest rate swaps $ 10 $ 10 Level 2 $ 1,199 $ 1,199 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 10,708 $ 10,708 Level 1 $ 47,328 $ 47,328 Level 1 Interest rate swaps $ 5,549 $ 5,549 Level 2 $ 839 $ 839 Level 2 Debt, net $ 1,661,976 $ 1,695,546 Level 2 $ 1,685,472 $ 1,698,213 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)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets Held for Sale	Details of assets held for sale as of June 30, 2019 and December 31, 2018 are presented below (in thousands): June 30, 2019 December 31, 2018 Real estate assets held for sale, net: Land $ — $ 30,562 Building and improvements, less accumulated depreciation of $0 and $48,453 as of June 30, 2019 and December 31, 2018, respectively — 77,936 Construction in progress — 2,054 Total real estate assets held for sale, net $ — $ 110,552 Other assets held for sale, net: Straight-line rent receivables $ — $ 10,756 Prepaid expenses and other assets — 430 Deferred lease costs, less accumulated amortization of $0 and $2,446 as of June 30, 2019 and December 31, 2018, respectively — 9,605 Total other assets held for sale, net $ — $ 20,791

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
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 six months ended June 30, 2019 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2018 1,227,483 $ 23.14 Deferred Stock Awards Granted 354,057 $ 21.02 Increase in Estimated Potential Share Award 420,894 $ 29.52 Performance Stock Awards Vested (139,127) $ 23.02 Deferred Stock Awards Vested (440,450) $ 19.66 Deferred Stock Awards Forfeited (11,554) $ 18.96 Unvested and Potential Stock Awards as of June 30, 2019 1,411,303 $ 25.64 The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2019 and 2018, respectively (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Weighted-Average Grant Date Fair Value of Deferred Stock Granted During the Period $ 21.02 $ 17.84 $ 21.02 $ 17.84 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 8,318 $ 5,639 $ 8,658 $ 6,363 Share-based Liability Awards Paid During the Period (1) $ — $ — $ 3,239 $ 2,947 (1) Amounts reflect the issuance of performance share awards related to the 2016-18 and 2015-17 Performance Share Plans during the six months ended June 30, 2019 and 2018, respectively.
Schedule of Outstanding Employee Stock Awards	A detail of Piedmont’s outstanding stock awards as of June 30, 2019 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Vesting Schedule Unvested Shares May 18, 2017 Deferred Stock Award 196,036 $ 21.38 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 18, 2018, 2019, and 2020, respectively. 41,341 May 18, 2017 Fiscal Year 2017-2019 Performance Share Program — $ 30.45 Shares awarded, if any, will vest immediately upon determination of award in 2020. 286,670 (2) May 17, 2018 Deferred Stock Award 271,169 $ 17.84 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 17, 2019, 2020, and 2021, respectively. 109,306 May 17, 2018 Fiscal Year 2018-2020 Performance Share Program — $ 23.52 Shares awarded, if any, will vest immediately upon determination of award in 2021. 366,032 (2) May 15, 2019 Deferred Stock Award-Board of Directors 25,974 $ 20.79 Of the shares granted, 100% will vest by May 15, 2020. 25,974 May 3, 2019 Deferred Stock Award 300,825 $ 21.04 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on May 3, 2020, 2021, and 2022, respectively. 196,633 May 3, 2019 Fiscal Year 2019-2021 Performance Share Program — $ 29.43 Shares awarded, if any, will vest immediately upon determination of award in 2022. 385,347 (2) Total 1,411,303 (1) Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through June 30, 2019. (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 2019. Share estimates are subject to change in future periods based upon Piedmont's relative performance compared to its peer group of office REITs' TSR.

Supplemental Disclosures for _2

Supplemental Disclosures for the Stmt of Consolidated Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Certain non cash investing and financing activities for the six months ended June 30, 2019 and 2018, (in thousands) are outlined below: Six Months Ended June 30, 2019 June 30, 2018 Accrued capital expenditures and deferred lease costs $ 11,989 $ 8,920 Change in accrued dividends and discount on dividend reinvestments $ (26,972) $ (101,800) Change in accrued share repurchases as part of an announced plan $ (4,417) $ (1,277) Accrued deferred financing costs $ 37 $ — The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as reported, or previously reported, within the consolidated balance sheet to the consolidated statement of cash flows as of the six months ended June 30, 2019 and 2018, respectively (in thousands). Six Months Ended June 30, 2019 June 30, 2018 Cash and cash equivalents, beginning of period $ 4,571 $ 7,382 Restricted cash and escrows, beginning of period 1,463 1,373 Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows, beginning of period $ 6,034 $ 8,755 Cash and cash equivalents, end of period $ 7,748 $ 8,944 Restricted cash and escrows, end of period 1,480 1,415 Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows, end of period $ 9,228 $ 10,359

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
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 and six months ended June 30, 2019 and 2018, respectively (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Weighted-average common shares – basic 125,693 128,346 125,634 132,091 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards 798 355 770 341 Weighted-average common shares – diluted 126,491 128,701 126,404 132,432

Guarantor and Non-Guarantor F_2

Guarantor and Non-Guarantor Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets As of June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Assets: Real estate assets, at cost: Land $ — $ 36,094 $ 481,385 $ — $ 517,479 Buildings and improvements, less accumulated depreciation — 186,061 2,156,267 (300) 2,342,028 Intangible lease assets, less accumulated amortization — — 79,331 — 79,331 Construction in progress — 785 12,467 — 13,252 Total real estate assets — 222,940 2,729,450 (300) 2,952,090 Cash and cash equivalents 150 3,484 4,114 — 7,748 Tenant and straight-line rent receivables — 16,744 165,172 — 181,916 Investment in subsidiaries 1,703,277 2,839,828 164 (4,543,269) — Notes receivable — 810 144,500 (145,310) — Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets 71 5,868 28,689 (52) 34,576 Goodwill — 98,918 — — 98,918 Deferred lease costs, net — 14,369 235,750 — 250,119 Total assets $ 1,703,498 $ 3,202,961 $ 3,307,839 $ (4,688,931) $ 3,525,367 Liabilities: Debt, net $ — $ 1,472,146 $ 335,140 $ (145,310) $ 1,661,976 Accounts payable, accrued expenses, and accrued capital expenditures 523 13,085 83,946 (52) 97,502 Deferred income — 2,210 22,431 — 24,641 Intangible lease liabilities, net — — 32,724 — 32,724 Interest rate swaps — 5,549 — — 5,549 Total liabilities 523 1,492,990 474,241 (145,362) 1,822,392 Equity: Total stockholders’ equity 1,702,975 1,709,971 2,833,598 (4,543,569) 1,702,975 Total liabilities and stockholders’ equity $ 1,703,498 $ 3,202,961 $ 3,307,839 $ (4,688,931) $ 3,525,367 Condensed Consolidating Balance Sheets As of December 31, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Assets: Real estate assets, at cost: Land $ — $ 36,094 $ 471,328 $ — $ 507,422 Buildings and improvements, less accumulated depreciation — 176,927 2,128,469 (300) 2,305,096 Intangible lease assets, less accumulated amortization — — 77,676 — 77,676 Construction in progress — 5,708 10,140 — 15,848 Real estate assets held for sale, net — — 110,552 — 110,552 Total real estate assets — 218,729 2,798,165 (300) 3,016,594 Cash and cash equivalents 150 — 4,939 (518) 4,571 Tenant and straight-line rent receivables — 16,143 157,246 — 173,389 Investment in subsidiaries 1,744,122 2,704,337 166 (4,448,625) — Notes receivable — 810 144,500 (145,310) — Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets 42 5,682 22,318 (24) 28,018 Goodwill — 98,918 — — 98,918 Deferred lease costs, net — 15,158 234,990 — 250,148 Other assets held for sale, net — — 20,791 — 20,791 Total assets $ 1,744,314 $ 3,059,777 $ 3,383,115 $ (4,594,777) $ 3,592,429 Liabilities: Debt, net $ — $ 1,495,065 $ 335,717 $ (145,310) $ 1,685,472 Accounts payable, accrued expenses, dividends payable, interest rate swaps and accrued capital expenditures 32,174 15,382 83,316 (542) 130,330 Deferred income — 2,274 26,505 — 28,779 Intangible lease liabilities, net — — 35,708 — 35,708 Total liabilities 32,174 1,512,721 481,246 (145,852) 1,880,289 Equity: Total stockholders’ equity 1,712,140 1,547,056 2,901,869 (4,448,925) 1,712,140 Total liabilities and stockholders’ equity $ 1,744,314 $ 3,059,777 $ 3,383,115 $ (4,594,777) $ 3,592,429
Consolidating Statements of Income	Consolidating Statements of Income For the six months ended June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Revenues: Rental and tenant reimbursement revenue $ — $ 22,536 $ 230,502 $ (1,404) $ 251,634 Property management fee revenue — — 10,339 (7,925) 2,414 Other property related income — 77 9,479 — 9,556 — 22,613 250,320 (9,329) 263,604 Expenses: Property operating costs — 10,341 103,173 (9,329) 104,185 Depreciation — 5,979 46,894 — 52,873 Amortization — 949 35,212 — 36,161 General and administrative 195 3,327 18,264 — 21,786 195 20,596 203,543 (9,329) 215,005 Other income (expense): Interest expense — (27,162) (7,190) 3,747 (30,605) Other income/(expense) — 110 4,666 (3,747) 1,029 Gain on sale of real estate assets — 128 39,210 — 39,338 — (26,924) 36,686 — 9,762 Income/(loss) before consolidated subsidiaries (195) (24,907) 83,463 — 58,361 Income from subsidiaries 58,556 49,083 — (107,639) — Net income 58,361 24,176 83,463 (107,639) 58,361 Plus: Net loss applicable to noncontrolling interest — — — — — Net income applicable to Piedmont $ 58,361 $ 24,176 $ 83,463 $ (107,639) $ 58,361 Consolidating Statements of Income For the six months ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Revenues: Rental and tenant reimbursement revenue $ — $ 22,892 $ 226,189 $ (1,108) $ 247,973 Property management fee revenue — — 8,328 (7,637) 691 Other property related income — 57 10,353 — 10,410 — 22,949 244,870 (8,745) 259,074 Expenses: Property operating costs — 9,641 103,600 (8,745) 104,496 Depreciation — 5,710 48,550 — 54,260 Amortization — 1,074 30,904 — 31,978 General and administrative 186 3,425 11,199 — 14,810 186 19,850 194,253 (8,745) 205,544 Other income (expense): Interest expense — (25,975) (7,312) 3,842 (29,445) Other income/(expense) — 160 4,859 (3,842) 1,177 Loss on extinguishment of debt — (1,680) — — (1,680) Gain on sale of real estate assets, net — 1,417 43,769 — 45,186 — (26,078) 41,316 — 15,238 Income/(loss) before consolidated subsidiaries (186) (22,979) 91,933 — 68,768 Income from subsidiaries 68,958 92,226 — (161,184) $ — Net income 68,772 69,247 91,933 (161,184) 68,768 Plus: Net loss applicable to noncontrolling interest — — 4 — 4 Net income applicable to Piedmont $ 68,772 $ 69,247 $ 91,937 $ (161,184) $ 68,772
Consolidating Statements of Comprehensive Income	Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net income $ 8,153 $ 11,775 $ 20,590 $ (32,365) $ 8,153 Other comprehensive loss: Effective portion of loss on derivative instruments that are designated and qualify as cash flow hedges (3,465) (3,465) — 3,465 (3,465) Less: Reclassification of net gain included in net income (672) (672) — 672 (672) Other comprehensive loss (4,137) (4,137) — 4,137 (4,137) Comprehensive income $ 4,016 $ 7,638 $ 20,590 $ (28,228) $ 4,016 Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net income $ 10,942 $ 12,314 $ 23,271 $ (35,585) $ 10,942 Other comprehensive income: Effective portion of gain on derivative instruments that are designated and qualify as cash flow hedges 1,747 1,747 — (1,747) 1,747 Less: Reclassification of net gain included in net income (245) (245) — 245 (245) Other comprehensive income 1,502 1,502 — (1,502) 1,502 Comprehensive income $ 12,444 $ 13,816 $ 23,271 $ (37,087) $ 12,444
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2019 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net Cash Provided by Operating Activities $ 63,408 $ 28,208 $ 107,444 $ (107,121) $ 91,939 Cash Flows from Investing Activities: Investment in real estate assets and intangibles — (10,616) (116,244) — (126,860) Net sales proceeds from wholly-owned properties — 128 168,214 — 168,342 Deferred lease costs paid — (327) (5,031) — (5,358) Distributions from subsidiaries 36,690 199,035 — (235,725) — Net cash provided by investing activities 36,690 188,220 46,939 (235,725) 36,124 Cash Flows from Financing Activities: Debt issuance and other costs paid — (88) — — (88) Proceeds from debt — 253,000 — — 253,000 Repayments of debt — (277,000) (663) — (277,663) Value of shares withheld to pay tax obligations related to employee stock compensation (3,295) — — — (3,295) Repurchases of common stock as part of announced plan (16,899) — — — (16,899) Distributions (79,904) (188,856) (154,528) 343,364 (79,924) Net cash used in financing activities (100,098) (212,944) (155,191) 343,364 (124,869) Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows — 3,484 (808) 518 3,194 Cash, cash equivalents, and restricted cash and escrows, beginning of period 150 32 6,370 (518) 6,034 Cash, cash equivalents, and restricted cash and escrows, end of period $ 150 $ 3,516 $ 5,562 $ — $ 9,228 Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2018 (in thousands) Piedmont Piedmont OP Non-Guarantors Eliminations Consolidated Net Cash Provided by Operating Activities $ 71,842 $ 73,022 $ 99,557 $ (161,176) $ 83,245 Cash Flows from Investing Activities: Investment in real estate assets and intangibles — (3,159) (51,493) — (54,652) Intercompany note receivable — 88,000 — (88,000) — Net sales proceeds from wholly-owned properties — 36,572 382,985 — 419,557 Note receivable issuance — — (3,200) — (3,200) Deferred lease costs paid — (20) (10,199) — (10,219) Distributions from subsidiaries 353,518 64,863 — (418,381) — Net cash provided by investing activities 353,518 186,256 318,093 (506,381) 351,486 Cash Flows from Financing Activities: Debt issuance costs paid — (248) — — (248) Proceeds from debt — 773,225 — — 773,225 Repayments of debt — (780,000) (721) — (780,721) Intercompany note payable — — (88,000) 88,000 — Value of shares withheld to pay tax obligations related to employee stock compensation (2,213) — — — (2,213) Repurchases of common stock as part of announced plan (266,062) — — — (266,062) Distributions (157,085) (250,818) (328,762) 579,557 (157,108) Net cash used in financing activities (425,360) (257,841) (417,483) 667,557 (433,127) Net increase in cash, cash equivalents, and restricted cash and escrows — 1,437 167 — 1,604 Cash, cash equivalents, and restricted cash and escrows, beginning of period 150 3,906 4,699 — 8,755 Cash, cash equivalents, and restricted cash and escrows, end of period $ 150 $ 5,343 $ 4,866 $ — $ 10,359

Organization (Details)

Organization (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2019ft²marketsubsidiarypropertysegmentasset
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%
Number of redevelopment assets | asset	1
Percentage of annualized lease revenue	93.00%
Number of operating segments | segment	1
U.S.
Real Estate Properties [Line Items]
Number of major U.S. office markets | market	8
In Service Office Properties
Real Estate Properties [Line Items]
Number of real estate properties | property	54
Area of real estate property (in sq ft)	16,300
Percentage leased	92.60%
Redevelopment Asset
Real Estate Properties [Line Items]
Area of real estate property (in sq ft)	487

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Concentration Risk [Line Items]
Weighted-average lease term of right-of-use assets			2 years
Right of use assets weighted-average discount rate	3.35%		3.35%
Rental and tenant reimbursement revenue	$ 125,468,000	$ 123,525,000	$ 251,634,000	$ 247,973,000	$ 504,400,000	$ 553,300,000
Fixed payments	102,637,000		206,296,000
Accounting Standards Update 2016-02
Concentration Risk [Line Items]
Right of use asset							$ 200,000
Lease liability							$ 200,000
Operating lease costs	18,400		36,900
Reclassification Adjustment | Accounting Standards Update 2016-02
Concentration Risk [Line Items]
Reclassification out of rental income		101,500,000		202,900,000	411,700,000	455,100,000
Reclassification out of tenant reimbursement		22,000,000		45,100,000	$ 92,700,000	$ 98,200,000
Rental and Tenant Reimbursement Revenue | Accounting Standards Update 2016-02
Concentration Risk [Line Items]
Uncollectible accounts expense	$ (51,000)		$ (42,000)
Property Operating Costs | Accounting Standards Update 2016-02
Concentration Risk [Line Items]
Recoveries of bad debt expense		$ 142,000		$ 82,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Schedule of Future Minimum Rental Income) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
2019	$ 186,581
2020	360,273
2021	348,129
2022	336,398
2023	302,958
Thereafter	1,306,536
Total	$ 2,840,875
2019		$ 370,495
2020		352,541
2021		337,951
2022		324,960
2023		291,603
Thereafter		1,247,649
Total		$ 2,925,199

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Schedule of Fixed and Variable Lease Payments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Fixed payments	$ 102,637		$ 206,296
Variable payments	22,831		45,338
Total Rental and Tenant Reimbursement Revenue	$ 125,468	$ 123,525	$ 251,634	$ 247,973	$ 504,400	$ 553,300

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	May 06, 2019USD ($)ft²	Jun. 30, 2019property
Property, Plant and Equipment [Line Items]
Number of properties acquired | property		1
Galleria 100
Property, Plant and Equipment [Line Items]
Ownership percentage acquired	100.00%
Rentable square feet (in sq ft) | ft²	414,293
Percentage leased	91.00%
Net contractual purchase price | $	$ 95,100

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	3.75%
Amount outstanding	$ 1,661,976,000	$ 1,685,472,000
Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap agreements	450,000,000
Seven-Year Interest Rate Swap Agreement | Interest rate swaps
Debt Instrument [Line Items]
Notional amount of interest rate swap agreements	$ 100,000,000
Secured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	3.80%
Amount outstanding	$ 189,782,000	190,351,000
Discounts and unamortized debt issuance costs	$ 494,000	645,000
Secured Debt | $35 Million Fixed-Rate Loan
Debt Instrument [Line Items]
Stated rate (percent)	5.55%
Effective interest rate (percent)	3.75%
Amount outstanding	$ 29,288,000	29,706,000
Face amount of debt instrument	$ 35,000,000	35,000,000
Secured Debt | $160 Million Fixed Rate Loan
Debt Instrument [Line Items]
Stated rate (percent)	3.48%
Effective interest rate (percent)	3.58%
Amount outstanding	$ 160,000,000	160,000,000
Face amount of debt instrument	$ 160,000,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	3.75%
Amount outstanding	$ 1,472,194,000	1,495,121,000
Discounts and unamortized debt issuance costs	(8,806,000)	(9,879,000)
Unsecured Debt | Amended and Restated $300 Million Unsecured 2011 Term Loan
Debt Instrument [Line Items]
Amount outstanding	300,000,000	300,000,000
Face amount of debt instrument	$ 300,000,000
Unsecured Debt | Amended and Restated $300 Million Unsecured 2011 Term Loan | Interest rate swaps
Debt Instrument [Line Items]
Effective interest rate (percent)	3.20%
Unsecured Debt | Amended and Restated $300 Million Unsecured 2011 Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.00%
Unsecured Debt | $500 Million Unsecured 2018 Line of Credit
Debt Instrument [Line Items]
Face amount of debt instrument	$ 500,000,000
Unsecured Debt | $500 Million Unsecured 2018 Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.90%
Unsecured Debt | $500 Million Unsecured 2018 Line of Credit | Line of Credit
Debt Instrument [Line Items]
Effective interest rate (percent)	3.31%
Amount outstanding	$ 181,000,000	205,000,000
Maximum extension period (in years)	1 year
Number of extension periods | extension	2
Extension period (in months)	6 months
Unsecured Debt | $350 Million Unsecured Senior Notes
Debt Instrument [Line Items]
Stated rate (percent)	3.40%
Effective interest rate (percent)	3.43%
Amount outstanding	$ 350,000,000	350,000,000
Face amount of debt instrument	$ 350,000,000
Unsecured Debt | $400 Million Unsecured Senior Notes
Debt Instrument [Line Items]
Stated rate (percent)	4.45%
Effective interest rate (percent)	4.10%
Amount outstanding	$ 400,000,000	400,000,000
Face amount of debt instrument	$ 400,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Effective interest rate (percent)	4.07%
Amount outstanding	$ 250,000,000	$ 250,000,000
Face amount of debt instrument	250,000,000
Notional amount of interest rate swap agreements	$ 150,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.60%
Through March 29, 2020 | Unsecured Debt | $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Interest rate on derivative instrument	4.11%
From March 30, 2020 through March 31, 2025 | Unsecured Debt | $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Interest rate on derivative instrument	4.21%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt Disclosure [Abstract]
Interest paid	$ 14,300	$ 14,800	$ 31,900	$ 30,700
Interest costs capitalized	$ 600	$ 300	$ 1,100	$ 500

Derivative Instruments (Details

Derivative Instruments (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)contract	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)contract	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Derivative [Line Items]
Maximum period of extension term			69 months
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Gross derivative assets	$ 10,000		$ 10,000		$ 1,199,000
Gross derivative liabilities	(5,549,000)		(5,549,000)		(839,000)
Net derivative asset/(liability)	(5,539,000)		(5,539,000)		$ 360,000
Amount of gain/(loss) recognized in OCI	(3,465,000)	$ 1,747,000	(5,489,000)	$ 3,264,000
Total amount of Interest Expense presented in the consolidated statements of income	(15,112,000)	(15,687,000)	(30,605,000)	(29,445,000)
Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of income	0	0	0	(1,680,000)
Loss on write off of discount and unamortized debt issuance costs			400,000
Gain (loss) to be reclassified	500,000		500,000
Gain (loss) from hedge ineffectiveness	0	0	0	0
Interest rate swaps
Derivative [Line Items]
Total notional amount	450,000,000		450,000,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Total amount of Interest Expense presented in the consolidated statements of income	(15,112,000)	(15,687,000)	(30,605,000)	(29,445,000)
Interest rate swaps | Interest Expense
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Amount of gain/(loss) recognized in OCI	(3,465,000)	1,747,000	(5,489,000)	3,264,000
Amount of gain/(loss) reclassified from OCI	672,000	245,000	1,443,000	451,000
Interest rate swaps | Gain (Loss) On Extinguishment Of Debt
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Amount of gain/(loss) reclassified from OCI	0	$ 0	0	$ (1,258,000)
Credit Risk Contract
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net [Abstract]
Assets needed for immediate settlement, aggregate fair value	5,700,000		5,700,000
Unsecured Debt | Amended and Restated $300 Million Unsecured 2011 Term Loan
Derivative [Line Items]
Face amount of debt instrument	$ 300,000,000		$ 300,000,000
Unsecured Debt | Amended and Restated $300 Million Unsecured 2011 Term Loan | Interest rate swaps
Derivative [Line Items]
Number of Swap Agreements | contract	3		3
Total notional amount	$ 300,000,000		$ 300,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan
Derivative [Line Items]
Face amount of debt instrument	250,000,000		250,000,000
Hedged portion of long-term debt	150,000,000		150,000,000
Total notional amount	$ 150,000,000		$ 150,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan | Interest rate swaps
Derivative [Line Items]
Number of Swap Agreements | contract	2		2
Total notional amount	$ 100,000,000		$ 100,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan Maturing 2020 | Interest rate swaps
Derivative [Line Items]
Number of Swap Agreements | contract	1		1
Total notional amount	$ 50,000,000		$ 50,000,000

Fair Value Measurement of Fin_3

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	$ 10	$ 1,199
Interest rate swaps	5,549	839
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	7,748	4,571
Restricted cash and escrows	1,480	1,463
Accounts payable and accrued expenses	10,708	47,328
Debt, net	1,661,976	1,685,472
Tenant receivables, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tenant receivables, net	10,494	10,800
Level 1 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	7,748	4,571
Restricted cash and escrows	1,480	1,463
Accounts payable and accrued expenses	10,708	47,328
Level 1 | Tenant receivables, net | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tenant receivables, net	10,494	10,800
Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	1,695,546	1,698,213
Interest rate swaps | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	10	1,199
Interest rate swaps	5,549	839
Interest rate swaps | Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	10	1,199
Interest rate swaps	$ 5,549	$ 839

Commitments and Contingencies (

Commitments and Contingencies (Details) ft² in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²	Jun. 30, 2018USD ($)
Loss Contingencies [Line Items]
Unrecorded tenant allowance commitment	$ 25,500,000		$ 25,500,000
Area Of Tenant Allowance Commitment | ft²	301		301
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0	$ 0	$ 400,000
Non-Incremental Capital Expenditures
Loss Contingencies [Line Items]
Period for commitments for funding non-incremental capital expenditures			5 years
Non-Incremental Capital Expenditures | Maximum
Loss Contingencies [Line Items]
Period for commitments for funding non-incremental capital expenditures			3 years

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on sale of real estate	$ 33,100
Proceeds from sale of real estate	$ 163,600	$ (168,342)	$ (419,557)
Total other assets held for sale, net		0		$ 20,791
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total real estate assets held for sale, net		0		110,552
Straight-line rent receivables		0		10,756
Prepaid expenses and other assets		0		430
Deferred lease costs, less accumulated amortization of $0 and $2,446 as of June 30, 2019 and December 31, 2018, respectively		0		9,605
Total other assets held for sale, net		0		20,791
Accumulated amortization on deferred lease costs		0		2,446
Disposal Group, Held-for-sale, Not Discontinued Operations | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:		0		30,562
Disposal Group, Held-for-sale, Not Discontinued Operations | Building and building improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:		0		77,936
Accumulated depreciation (building improvements)		0		48,453
Disposal Group, Held-for-sale, Not Discontinued Operations | Construction in progress
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate assets held for sale, net:		$ 0		$ 2,054

Stock Based Compensation (Rollf

Stock Based Compensation (Rollforward of Stock Awards) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Shares
Increase in estimated potential share award (in shares)			420,894
Unvested and potential stock awards, end of period (in shares)	1,411,303		1,411,303
Weighted-Average Grant Date Fair Value
Increase in estimated potential share award (in dollars per share)			$ 29.52
Stock Awards
Shares
Unvested and potential stock awards, beginning of period (in shares)			1,227,483
Unvested and potential stock awards, end of period (in shares)	1,411,303		1,411,303
Weighted-Average Grant Date Fair Value
Unvested and potential stock awards, beginning of period (in dollars per share)			$ 23.14
Unvested and potential stock awards, end of period (in dollars per share)	$ 25.64		$ 25.64
Deferred Stock Awards
Shares
Deferred stock awards granted (in shares)			354,057
Stock awards vested (in shares)			(440,450)
Deferred stock awards forfeited (in shares)			(11,554)
Weighted-Average Grant Date Fair Value
Deferred stock awards granted (in dollars per share)	$ 21.02	$ 17.84	$ 21.02	$ 17.84
Stock awards vested (in dollars per share)			19.66
Deferred stock awards forfeited (in dollars per share)			$ 18.96
Performance Share Awards
Shares
Stock awards vested (in shares)			(139,127)
Weighted-Average Grant Date Fair Value
Stock awards vested (in dollars per share)			$ 23.02

Stock Based Compensation (Addit

Stock Based Compensation (Additional Information Regarding Stock Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Deferred Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock awards granted (in dollars per share)	$ 21.02	$ 17.84	$ 21.02	$ 17.84
Weighted-average grant date fair value of deferred stock granted during the period	$ 8,318	$ 5,639	$ 8,658	$ 6,363
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Liability Awards Paid During the Period	$ 0	$ 0	$ 3,239	$ 2,947

Stock Based Compensation (Outst

Stock Based Compensation (Outstanding Employee Stock Awards) (Details) - $ / shares	May 15, 2019	May 03, 2019	May 17, 2018	May 18, 2017	Jun. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)					1,411,303
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share)					$ 25.64	$ 23.14
Unvested shares (in shares)					1,411,303	1,227,483
Deferred Stock Awards | Deferred Stock Award, Granted May 18, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)				196,036
Grant date fair value (in dollars per share)				$ 21.38
Unvested shares (in shares)					41,341
Deferred Stock Awards | Deferred Stock Award, Granted May 18, 2017 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 18, 2017 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 18, 2017 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 18, 2017 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 17, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)			271,169
Grant date fair value (in dollars per share)			$ 17.84
Unvested shares (in shares)					109,306
Deferred Stock Awards | Deferred Stock Award, Granted May 17, 2018 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 17, 2018 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 17, 2018 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 17, 2018 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 15,2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)	25,974
Grant date fair value (in dollars per share)	$ 20.79
Unvested shares (in shares)					25,974
Deferred Stock Awards | Deferred Stock Award, Granted May 15,2019 | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)		300,825
Grant date fair value (in dollars per share)		$ 21.04
Unvested shares (in shares)					196,633
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Performance Share Awards | Performance Share Program Award, Granted May 18, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)				0
Grant date fair value (in dollars per share)				$ 30.45
Unvested shares (in shares)					286,670
Performance Share Awards | Performance Share Program Award, Granted May 17, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)			0
Grant date fair value (in dollars per share)			$ 23.52
Unvested shares (in shares)					366,032
Performance Share Awards | Performance Share Program Award, Granted May 3, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Shares Granted (in shares)		0
Grant date fair value (in dollars per share)		$ 29.43
Unvested shares (in shares)					385,347

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 4.4	$ 4	$ 5.9	$ 5
Amortization of unvested shares	2.9	$ 2.6	$ 4.4	$ 3.9
Total shares issued to employees, directors, and officers (in shares)			292,675
Unrecognized compensation cost related to nonvested	$ 5.5		$ 5.5
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested, weighted-average vesting period			2 years

Supplemental Disclosures for _3

Supplemental Disclosures for the Stmt of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures and deferred lease costs	$ 11,989	$ 8,920
Change in accrued dividends and discount on dividend reinvestments	(26,972)	(101,800)
Change in accrued share repurchases as part of an announced plan	(4,417)	(1,277)
Accrued deferred financing costs	37	0
Cash and cash equivalents	7,748	8,944	$ 4,571	$ 7,382
Restricted cash and escrows	1,480	1,415	1,463	1,373
Total cash, cash equivalents, and restricted cash and escrows shown in the consolidated statement of cash flows	$ 9,228	$ 10,359	$ 6,034	$ 8,755

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	104,439	155,529	200,111	223,233
Weighted-average common shares – basic (in shares)	125,693,365	128,346,433	125,633,777	132,090,741
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards (in shares)	798,000	355,000	770,000	341,000
Weighted-average common shares – diluted (in shares)	126,490,507	128,700,743	126,404,294	132,431,642

Guarantor and Non-Guarantor F_3

Guarantor and Non-Guarantor Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets:
Land	$ 517,479		$ 507,422
Buildings and improvements, less accumulated depreciation	2,342,028		2,305,096
Intangible lease assets, less accumulated amortization	79,331		77,676
Construction in progress	13,252		15,848
Real estate assets held for sale, net	0		110,552
Total real estate assets	2,952,090		3,016,594
Cash and cash equivalents	7,748		4,571	$ 8,944		$ 7,382
Tenant and straight-line rent receivables	181,916		173,389
Investment in subsidiaries	0		0
Notes receivable	0		0
Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets	34,576		28,018
Goodwill	98,918		98,918
Deferred lease costs, net	250,119		250,148
Other assets held for sale, net	0		20,791
Total assets	3,525,367		3,592,429
Liabilities:
Debt, net	1,661,976		1,685,472
Accounts payable, accrued expenses, interest rate swaps and accrued capital expenditures	97,502		130,330
Deferred income	24,641		28,779
Intangible lease liabilities, net	32,724		35,708
Interest rate swaps	5,549		839
Total liabilities	1,822,392		1,880,289
Equity:
Total stockholders’ equity	1,702,975	$ 1,723,522	1,712,140	$ 1,743,056	$ 1,789,588	$ 1,986,489
Total liabilities and stockholders’ equity	3,525,367		3,592,429
Eliminations
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
Total real estate assets	(300)		(300)
Cash and cash equivalents	0		(518)
Tenant and straight-line rent receivables	0		0
Investment in subsidiaries	(4,543,269)		(4,448,625)
Notes receivable	(145,310)		(145,310)
Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets	(52)		(24)
Goodwill	0		0
Deferred lease costs, net	0		0
Other assets held for sale, net			0
Total assets	(4,688,931)		(4,594,777)
Liabilities:
Debt, net	(145,310)		(145,310)
Accounts payable, accrued expenses, interest rate swaps and accrued capital expenditures	(52)		(542)
Deferred income	0		0
Intangible lease liabilities, net	0		0
Interest rate swaps	0
Total liabilities	(145,362)		(145,852)
Equity:
Total stockholders’ equity	(4,543,569)		(4,448,925)
Total liabilities and stockholders’ equity	(4,688,931)		(4,594,777)
Piedmont (Parent) (Guarantor) | Reportable Legal Entities
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
Total real estate assets	0		0
Cash and cash equivalents	150		150
Tenant and straight-line rent receivables	0		0
Investment in subsidiaries	1,703,277		1,744,122
Notes receivable	0		0
Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets	71		42
Goodwill	0		0
Deferred lease costs, net	0		0
Other assets held for sale, net			0
Total assets	1,703,498		1,744,314
Liabilities:
Debt, net	0		0
Accounts payable, accrued expenses, interest rate swaps and accrued capital expenditures	523		32,174
Deferred income	0		0
Intangible lease liabilities, net	0		0
Interest rate swaps	0
Total liabilities	523		32,174
Equity:
Total stockholders’ equity	1,702,975		1,712,140
Total liabilities and stockholders’ equity	1,703,498		1,744,314
Piedmont OP (the Issuer) | Reportable Legal Entities
Assets:
Land	36,094		36,094
Buildings and improvements, less accumulated depreciation	186,061		176,927
Intangible lease assets, less accumulated amortization	0		0
Construction in progress	785		5,708
Real estate assets held for sale, net			0
Total real estate assets	222,940		218,729
Cash and cash equivalents	3,484		0
Tenant and straight-line rent receivables	16,744		16,143
Investment in subsidiaries	2,839,828		2,704,337
Notes receivable	810		810
Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets	5,868		5,682
Goodwill	98,918		98,918
Deferred lease costs, net	14,369		15,158
Other assets held for sale, net			0
Total assets	3,202,961		3,059,777
Liabilities:
Debt, net	1,472,146		1,495,065
Accounts payable, accrued expenses, interest rate swaps and accrued capital expenditures	13,085		15,382
Deferred income	2,210		2,274
Intangible lease liabilities, net	0		0
Interest rate swaps	5,549
Total liabilities	1,492,990		1,512,721
Equity:
Total stockholders’ equity	1,709,971		1,547,056
Total liabilities and stockholders’ equity	3,202,961		3,059,777
Non-Guarantors | Reportable Legal Entities
Assets:
Land	481,385		471,328
Buildings and improvements, less accumulated depreciation	2,156,267		2,128,469
Intangible lease assets, less accumulated amortization	79,331		77,676
Construction in progress	12,467		10,140
Real estate assets held for sale, net			110,552
Total real estate assets	2,729,450		2,798,165
Cash and cash equivalents	4,114		4,939
Tenant and straight-line rent receivables	165,172		157,246
Investment in subsidiaries	164		166
Notes receivable	144,500		144,500
Prepaid expenses, restricted cash, escrows, interest rate swaps, and other assets	28,689		22,318
Goodwill	0		0
Deferred lease costs, net	235,750		234,990
Other assets held for sale, net			20,791
Total assets	3,307,839		3,383,115
Liabilities:
Debt, net	335,140		335,717
Accounts payable, accrued expenses, interest rate swaps and accrued capital expenditures	83,946		83,316
Deferred income	22,431		26,505
Intangible lease liabilities, net	32,724		35,708
Interest rate swaps	0
Total liabilities	474,241		481,246
Equity:
Total stockholders’ equity	2,833,598		2,901,869
Total liabilities and stockholders’ equity	$ 3,307,839		$ 3,383,115

Guarantor and Non-Guarantor F_4

Guarantor and Non-Guarantor Financial Information (Income) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental and tenant reimbursement revenue	$ 125,468		$ 123,525		$ 251,634	$ 247,973	$ 504,400	$ 553,300
Total revenues	130,668		129,174		263,604	259,074
Expenses:
Property operating costs	52,380		52,637		104,185	104,496
Depreciation	26,348		27,115		52,873	54,260
Amortization	18,461		15,245		36,161	31,978
General and administrative	12,418		8,258		21,786	14,810
Operating expenses	109,607		103,255		215,005	205,544
Other income (expense):
Interest expense	(15,112)		(15,687)		(30,605)	(29,445)
Other income/(expense)	752		731		1,029	1,177
Loss on extinguishment of debt	0		0		0	(1,680)
Gain on sale of real estate assets	1,451		(23)		39,338	45,186
Nonoperating Income (Expense)			(14,979)		9,762	15,238
Income/(loss) before consolidated subsidiaries	8,152		10,940		58,361	68,768
Income from subsidiaries	0		0		0	0
Net income	8,152		10,940		58,361	68,768
Net loss applicable to noncontrolling interest	1	$ (1)	2	$ (2)	0	4
Net income applicable to Piedmont	8,153	$ 50,208	10,942	$ 57,830	58,361	68,772
Eliminations
Revenues:
Rental and tenant reimbursement revenue	(709)		(592)		(1,404)	(1,108)
Total revenues	(4,618)		(4,357)		(9,329)	(8,745)
Expenses:
Property operating costs	(4,618)		(4,357)		(9,329)	(8,745)
Depreciation	0		0		0	0
Amortization	0		0		0	0
General and administrative	0		0		0	0
Operating expenses	(4,618)		(4,357)		(9,329)	(8,745)
Other income (expense):
Interest expense	1,880		1,880		3,747	3,842
Other income/(expense)	(1,880)		(1,880)		(3,747)	(3,842)
Loss on extinguishment of debt						0
Gain on sale of real estate assets	0		0		0	0
Nonoperating Income (Expense)			0		0	0
Income/(loss) before consolidated subsidiaries	0		0		0	0
Income from subsidiaries	(32,365)		(35,585)		(107,639)	(161,184)
Net income	(32,365)		(35,585)		(107,639)	(161,184)
Net loss applicable to noncontrolling interest	0		0		0	0
Net income applicable to Piedmont	(32,365)		(35,585)		(107,639)	(161,184)
Piedmont (Parent) (Guarantor) | Reportable Legal Entities
Revenues:
Rental and tenant reimbursement revenue	0		0		0	0
Total revenues	0		0		0	0
Expenses:
Property operating costs	0		0		0	0
Depreciation	0		0		0	0
Amortization	0		0		0	0
General and administrative	94		86		195	186
Operating expenses	94		86		195	186
Other income (expense):
Interest expense	0		0		0	0
Other income/(expense)	0		0		0	0
Loss on extinguishment of debt						0
Gain on sale of real estate assets	0		0		0	0
Nonoperating Income (Expense)			0		0	0
Income/(loss) before consolidated subsidiaries	(94)		(86)		(195)	(186)
Income from subsidiaries	8,247		11,028		58,556	68,958
Net income	8,153		10,942		58,361	68,772
Net loss applicable to noncontrolling interest	0		0		0	0
Net income applicable to Piedmont	8,153		10,942		58,361	68,772
Piedmont OP (the Issuer) | Reportable Legal Entities
Revenues:
Rental and tenant reimbursement revenue	11,271		11,433		22,536	22,892
Total revenues	11,311		11,462		22,613	22,949
Expenses:
Property operating costs	5,255		4,927		10,341	9,641
Depreciation	3,009		2,846		5,979	5,710
Amortization	469		463		949	1,074
General and administrative	1,567		1,539		3,327	3,425
Operating expenses	10,300		9,775		20,596	19,850
Other income (expense):
Interest expense	(13,392)		(13,953)		(27,162)	(25,975)
Other income/(expense)	38		36		110	160
Loss on extinguishment of debt						(1,680)
Gain on sale of real estate assets	0		(13)		128	1,417
Nonoperating Income (Expense)			(13,930)		(26,924)	(26,078)
Income/(loss) before consolidated subsidiaries	(12,343)		(12,243)		(24,907)	(22,979)
Income from subsidiaries	24,118		24,557		49,083	92,226
Net income	11,775		12,314		24,176	69,247
Net loss applicable to noncontrolling interest	0		0		0	0
Net income applicable to Piedmont	11,775		12,314		24,176	69,247
Non-Guarantors | Reportable Legal Entities
Revenues:
Rental and tenant reimbursement revenue	114,906		112,684		230,502	226,189
Total revenues	123,975		122,069		250,320	244,870
Expenses:
Property operating costs	51,743		52,067		103,173	103,600
Depreciation	23,339		24,269		46,894	48,550
Amortization	17,992		14,782		35,212	30,904
General and administrative	10,757		6,633		18,264	11,199
Operating expenses	103,831		97,751		203,543	194,253
Other income (expense):
Interest expense	(3,600)		(3,614)		(7,190)	(7,312)
Other income/(expense)	2,594		2,575		4,666	4,859
Loss on extinguishment of debt						0
Gain on sale of real estate assets	1,451		(10)		39,210	43,769
Nonoperating Income (Expense)			(1,049)		36,686	41,316
Income/(loss) before consolidated subsidiaries	20,589		23,269		83,463	91,933
Income from subsidiaries	0		0		0	0
Net income	20,589		23,269		83,463	91,933
Net loss applicable to noncontrolling interest	1		2		0	4
Net income applicable to Piedmont	20,590		23,271		83,463	91,937
Property management fee revenue
Revenues:
Property management and other property related revenue	422		382		2,414	691
Property management fee revenue | Eliminations
Revenues:
Property management and other property related revenue	(3,909)		(3,765)		(7,925)	(7,637)
Property management fee revenue | Piedmont (Parent) (Guarantor) | Reportable Legal Entities
Revenues:
Property management and other property related revenue	0		0		0	0
Property management fee revenue | Piedmont OP (the Issuer) | Reportable Legal Entities
Revenues:
Property management and other property related revenue	0		0		0	0
Property management fee revenue | Non-Guarantors | Reportable Legal Entities
Revenues:
Property management and other property related revenue	4,331		4,147		10,339	8,328
Other property related income
Revenues:
Property management and other property related revenue	4,778		5,267		9,556	10,410
Other property related income | Eliminations
Revenues:
Property management and other property related revenue	0		0		0	0
Other property related income | Piedmont (Parent) (Guarantor) | Reportable Legal Entities
Revenues:
Property management and other property related revenue	0		0		0	0
Other property related income | Piedmont OP (the Issuer) | Reportable Legal Entities
Revenues:
Property management and other property related revenue	40		29		77	57
Other property related income | Non-Guarantors | Reportable Legal Entities
Revenues:
Property management and other property related revenue	$ 4,738		$ 5,238		$ 9,479	$ 10,353

Guarantor and Non-Guarantor F_5

Guarantor and Non-Guarantor Financial Information (Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net income applicable to Piedmont	$ 8,153	$ 50,208	$ 10,942	$ 57,830	$ 58,361	$ 68,772
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	(3,465)		1,747		(5,489)	3,264
Plus: Reclassification of gain included in net income	(672)		(245)		(1,443)	807
Other comprehensive income/(loss)	(4,137)	$ (2,795)	1,502	$ 2,569	(6,932)	4,071
Comprehensive income applicable to Piedmont	4,016		12,444		51,429	72,843
Reportable Legal Entities | Piedmont (Parent) (Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net income applicable to Piedmont	8,153		10,942		58,361	68,772
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	(3,465)		1,747		(5,489)	3,264
Plus: Reclassification of gain included in net income	(672)		(245)		(1,443)	807
Other comprehensive income/(loss)	(4,137)		1,502		(6,932)	4,071
Comprehensive income applicable to Piedmont	4,016		12,444		51,429	72,843
Reportable Legal Entities | Piedmont OP (the Issuer)
Condensed Financial Statements, Captions [Line Items]
Net income applicable to Piedmont	11,775		12,314		24,176	69,247
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	(3,465)		1,747		(5,489)	3,264
Plus: Reclassification of gain included in net income	(672)		(245)		(1,443)	807
Other comprehensive income/(loss)	(4,137)		1,502		(6,932)	4,071
Comprehensive income applicable to Piedmont	7,638		13,816		17,244	73,318
Reportable Legal Entities | Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net income applicable to Piedmont	20,590		23,271		83,463	91,937
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	0		0		0	0
Plus: Reclassification of gain included in net income	0		0		0	0
Other comprehensive income/(loss)	0		0		0	0
Comprehensive income applicable to Piedmont	20,590		23,271		83,463	91,937
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net income applicable to Piedmont	(32,365)		(35,585)		(107,639)	(161,184)
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 5)	3,465		(1,747)		5,489	(3,264)
Plus: Reclassification of gain included in net income	672		245		1,443	(807)
Other comprehensive income/(loss)	4,137		(1,502)		6,932	(4,071)
Comprehensive income applicable to Piedmont	$ (28,228)		$ (37,087)		$ (100,707)	$ (165,255)

Guarantor and Non-Guarantor F_6

Guarantor and Non-Guarantor Financial Information (Cash Flows) (Details) - USD ($)	Feb. 28, 2019	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		$ 91,939,000	$ 83,245,000
Cash Flows from Investing Activities:
Investment in real estate assets and real estate related intangibles		(126,860,000)	(54,652,000)
Intercompany note receivable			0
Net sales proceeds from wholly-owned properties	$ (163,600,000)	168,342,000	419,557,000
Note receivable issuance		0	(3,200,000)
Deferred lease costs paid		(5,358,000)	(10,219,000)
Distributions from subsidiaries		0	0
Net cash provided by (used in) investing activities, total		36,124,000	351,486,000
Cash Flows from Financing Activities:
Debt issuance and other costs paid		(88,000)	(248,000)
Proceeds from debt		253,000,000	773,225,000
Repayments of debt		(277,663,000)	(780,721,000)
Intercompany note payable			0
Value of shares withheld to pay tax obligations related to employee stock compensation		(3,295,000)	(2,213,000)
Repurchases of common stock as part of announced plan		(16,899,000)	(266,062,000)
Distributions		(79,924,000)	(157,108,000)
Net cash provided by (used in) financing activities, total		(124,869,000)	(433,127,000)
Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect, total		3,194,000	1,604,000
Cash, cash equivalents, and restricted cash and escrows, beginning of period		6,034,000	8,755,000
Cash, cash equivalents, and restricted cash and escrows, end of period		9,228,000	10,359,000
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(107,121,000)	(161,176,000)
Cash Flows from Investing Activities:
Investment in real estate assets and real estate related intangibles		0	0
Intercompany note receivable			(88,000,000)
Net sales proceeds from wholly-owned properties		0	0
Note receivable issuance			0
Deferred lease costs paid		0	0
Distributions from subsidiaries		(235,725,000)	(418,381,000)
Net cash provided by (used in) investing activities, total		(235,725,000)	(506,381,000)
Cash Flows from Financing Activities:
Debt issuance and other costs paid		0	0
Proceeds from debt		0	0
Repayments of debt		0	0
Intercompany note payable			88,000,000
Value of shares withheld to pay tax obligations related to employee stock compensation		0	0
Repurchases of common stock as part of announced plan		0	0
Distributions		343,364,000	579,557,000
Net cash provided by (used in) financing activities, total		343,364,000	667,557,000
Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect, total		518,000	0
Cash, cash equivalents, and restricted cash and escrows, beginning of period		(518,000)	0
Cash, cash equivalents, and restricted cash and escrows, end of period		0	0
Piedmont (Parent) (Guarantor) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		63,408,000	71,842,000
Cash Flows from Investing Activities:
Investment in real estate assets and real estate related intangibles		0	0
Intercompany note receivable			0
Net sales proceeds from wholly-owned properties		0	0
Note receivable issuance			0
Deferred lease costs paid		0	0
Distributions from subsidiaries		36,690,000	353,518,000
Net cash provided by (used in) investing activities, total		36,690,000	353,518,000
Cash Flows from Financing Activities:
Debt issuance and other costs paid		0	0
Proceeds from debt		0	0
Repayments of debt		0	0
Intercompany note payable			0
Value of shares withheld to pay tax obligations related to employee stock compensation		(3,295,000)	(2,213,000)
Repurchases of common stock as part of announced plan		(16,899,000)	(266,062,000)
Distributions		(79,904,000)	(157,085,000)
Net cash provided by (used in) financing activities, total		(100,098,000)	(425,360,000)
Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect, total		0	0
Cash, cash equivalents, and restricted cash and escrows, beginning of period		150,000	150,000
Cash, cash equivalents, and restricted cash and escrows, end of period		150,000	150,000
Piedmont OP (the Issuer) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		28,208,000	73,022,000
Cash Flows from Investing Activities:
Investment in real estate assets and real estate related intangibles		(10,616,000)	(3,159,000)
Intercompany note receivable			88,000,000
Net sales proceeds from wholly-owned properties		128,000	36,572,000
Note receivable issuance			0
Deferred lease costs paid		(327,000)	(20,000)
Distributions from subsidiaries		199,035,000	64,863,000
Net cash provided by (used in) investing activities, total		188,220,000	186,256,000
Cash Flows from Financing Activities:
Debt issuance and other costs paid		(88,000)	(248,000)
Proceeds from debt		253,000,000	773,225,000
Repayments of debt		(277,000,000)	(780,000,000)
Intercompany note payable			0
Value of shares withheld to pay tax obligations related to employee stock compensation		0	0
Repurchases of common stock as part of announced plan		0	0
Distributions		(188,856,000)	(250,818,000)
Net cash provided by (used in) financing activities, total		(212,944,000)	(257,841,000)
Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect, total		3,484,000	1,437,000
Cash, cash equivalents, and restricted cash and escrows, beginning of period		32,000	3,906,000
Cash, cash equivalents, and restricted cash and escrows, end of period		3,516,000	5,343,000
Non-Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		107,444,000	99,557,000
Cash Flows from Investing Activities:
Investment in real estate assets and real estate related intangibles		(116,244,000)	(51,493,000)
Intercompany note receivable			0
Net sales proceeds from wholly-owned properties		168,214,000	382,985,000
Note receivable issuance			(3,200,000)
Deferred lease costs paid		(5,031,000)	(10,199,000)
Distributions from subsidiaries		0	0
Net cash provided by (used in) investing activities, total		46,939,000	318,093,000
Cash Flows from Financing Activities:
Debt issuance and other costs paid		0	0
Proceeds from debt		0	0
Repayments of debt		(663,000)	(721,000)
Intercompany note payable			(88,000,000)
Value of shares withheld to pay tax obligations related to employee stock compensation		0	0
Repurchases of common stock as part of announced plan		0	0
Distributions		(154,528,000)	(328,762,000)
Net cash provided by (used in) financing activities, total		(155,191,000)	(417,483,000)
Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect, total		(808,000)	167,000
Cash, cash equivalents, and restricted cash and escrows, beginning of period		6,370,000	4,699,000
Cash, cash equivalents, and restricted cash and escrows, end of period		$ 5,562,000	$ 4,866,000

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 31, 2019$ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.21

Uncategorized Items - pdm-20190

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 94,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (94,000)