Piedmont Office Realty Trust (PDM) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-34626
Entity Registrant Name	Piedmont Office Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	58-2328421
Entity Address, Address Line One	5565 Glenridge Connector Ste. 450
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	770
Local Phone Number	418-8800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PDM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,642,953
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate assets, at cost:
Land	$ 567,244	$ 567,244
Buildings and improvements, less accumulated depreciation of $947,209 and $915,010 as of March 31, 2023 and December 31, 2022, respectively	2,767,363	2,766,990
Intangible lease assets, less accumulated amortization of $83,997 and $90,694 as of March 31, 2023 and December 31, 2022, respectively	106,183	114,380
Construction in progress	46,007	52,010
Total real estate assets	3,486,797	3,500,624
Cash and cash equivalents	170,593	16,536
Tenant receivables, net of allowance for doubtful accounts of $600 and $1,000 as of March 31, 2023 and December 31, 2022, respectively	6,280	4,762
Straight-line rent receivables	176,320	172,019
Restricted cash and escrows	4,183	3,064
Prepaid expenses and other assets	26,810	17,152
Goodwill	82,937	82,937
Interest rate swaps	2,899	4,183
Deferred lease costs, less accumulated amortization of $206,053 and $221,731 as of March 31, 2023 and December 31, 2022, respectively	280,641	284,248
Total assets	4,237,460	4,085,525
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $14,045 and $13,319 as of March 31, 2023 and December 31, 2022, respectively	2,000,955	1,786,681
Secured debt	197,000	197,000
Accounts payable, accrued expenses and accrued capital expenditures	98,464	110,306
Dividends payable	0	25,357
Deferred income	67,056	59,977
Intangible lease liabilities, less accumulated amortization of $35,789 and $36,423 as of March 31, 2023 and December 31, 2022, respectively	53,494	56,949
Interest rate swaps	394	0
Total liabilities	2,417,363	2,236,270
Commitments and Contingencies (Note 6)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of March 31, 2023 or December 31, 2022	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of March 31, 2023 or December 31, 2022	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,642,953 and 123,439,558 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	1,236	1,234
Additional paid-in capital	3,710,767	3,711,005
Cumulative distributions in excess of earnings	(1,883,225)	(1,855,893)
Accumulated other comprehensive loss	(10,266)	(8,679)
Piedmont stockholders’ equity	1,818,512	1,847,667
Noncontrolling interest	1,585	1,588
Total stockholders’ equity	1,820,097	1,849,255
Total liabilities and stockholders’ equity	$ 4,237,460	$ 4,085,525

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Intangible lease assets, accumulated amortization	$ 83,997	$ 90,694
Tenant receivables, allowance for doubtful accounts	600	1,000
Deferred lease costs, accumulated amortization	206,053	221,731
Liabilities:
Discount (premiums) and unamortized debt issuance costs	14,045	13,319
Intangible lease liabilities, accumulated amortization	$ 35,789	$ 36,423
Stockholders’ Equity:
Shares-in-trust, shares authorized (in shares)	150,000,000	150,000,000
Shares-in-trust, shares outstanding (in shares)	0	0
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	123,642,953	123,439,558
Common stock, shares outstanding (in shares)	123,642,953	123,439,558
Building and improvements
Assets:
Buildings and improvements, accumulated depreciation	$ 947,209	$ 915,010

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental and tenant reimbursement revenue	$ 136,829	$ 131,912
Total revenues	142,367	136,149
Expenses:
Property operating costs	57,791	53,622
Depreciation	35,797	31,515
Amortization	22,031	22,252
General and administrative	7,691	7,595
Expenses	123,310	114,984
Other income (expense):
Interest expense	(22,077)	(13,898)
Other income	1,656	2,024
Gain on sale of real estate assets	0	50,673
Other income (expense):	(20,421)	38,799
Net income/(loss)	(1,364)	59,964
Net income applicable to noncontrolling interest	(3)	0
Net income/(loss) applicable to Piedmont	$ (1,367)	$ 59,964
Per share information – basic and diluted:
Net income/(loss) applicable to common stockholders - basic (in dollars per share)	$ (0.01)	$ 0.49
Net income/(loss) applicable to common stockholders - diluted (in dollars per share)	$ (0.01)	$ 0.49
Weighted-average common shares outstanding – basic (in shares)	123,550,047	123,225,145
Weighted-average common shares outstanding – diluted (in shares)	123,550,047	123,509,990
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 507	$ 651
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 5,031	$ 3,586

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss) applicable to Piedmont	$ (1,367)	$ 59,964
Other comprehensive income:
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	(1,103)	3,876
Plus: Reclassification of net loss/(gain) included in net income (See Note 4)	(484)	705
Other comprehensive income/(loss)	(1,587)	4,581
Comprehensive income/(loss) applicable to Piedmont	$ (2,954)	$ 64,545

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common  Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income/(Loss)	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		123,077,000
Beginning balance at Dec. 31, 2021	$ 1,787,423	$ 1,231	$ 3,701,798	$ (1,899,081)	$ (18,154)	$ 1,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(25,905)			(25,899)		(6)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		254,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	4,411	$ 2	4,409
Net income applicable to noncontrolling interest	0
Net income/(loss) applicable to Piedmont	59,964			59,964
Other comprehensive loss	4,581				4,581
Ending balance (in shares) at Mar. 31, 2022		123,331,000
Ending balance at Mar. 31, 2022	$ 1,830,474	$ 1,233	3,706,207	(1,865,016)	(13,573)	1,623
Beginning balance (in shares) at Dec. 31, 2022	123,439,558	123,440,000
Beginning balance at Dec. 31, 2022	$ 1,849,255	$ 1,234	3,711,005	(1,855,893)	(8,679)	1,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(25,971)			(25,965)		(6)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		203,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	(236)	$ 2	(238)
Net income applicable to noncontrolling interest	3					3
Net income/(loss) applicable to Piedmont	(1,367)			(1,367)
Other comprehensive loss	$ (1,587)				(1,587)
Ending balance (in shares) at Mar. 31, 2023	123,642,953	123,643,000
Ending balance at Mar. 31, 2023	$ 1,820,097	$ 1,236	$ 3,710,767	$ (1,883,225)	$ (10,266)	$ 1,585

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.21	$ 0.21

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income/(loss)	$ (1,364)	$ 59,964
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	35,797	31,515
Amortization of debt issuance costs inclusive of settled interest rate swaps	1,330	869
Other amortization	19,779	20,111
Reversal of general reserve for uncollectible accounts	(400)	0
Stock compensation expense	1,762	2,814
Gain on sale of real estate assets	0	(50,673)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(5,419)	(3,712)
Increase in prepaid expenses and other assets	(9,007)	(947)
Decrease in accounts payable and accrued expenses	(6,841)	(19,066)
Increase/(decrease) in deferred income	4,761	(1,026)
Net cash provided by operating activities	40,398	39,849
Cash Flows from Investing Activities:
Capitalized expenditures	(36,184)	(32,565)
Net sales proceeds from wholly-owned properties	0	143,594
Proceeds from notes receivable	0	118,500
Deferred lease costs paid	(9,218)	(5,235)
Net cash (used in)/provided by investing activities	(45,402)	224,294
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(515)	(15)
Proceeds from debt	266,603	87,000
Repayments of debt	(53,000)	(296,000)
Value of shares withheld for payment of taxes related to employee stock compensation	(1,579)	(3,366)
Dividends paid	(51,329)	(51,954)
Net cash provided by/(used in) financing activities	160,180	(264,335)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	155,176	(192)
Cash, cash equivalents, and restricted cash and escrows, beginning of period	19,600	8,860
Cash, cash equivalents, and restricted cash and escrows, end of period	$ 174,776	$ 8,668

Organization

Organization	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Piedmont Office Realty Trust, Inc. (“Piedmont”) (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes and engages in the ownership, management, development, redevelopment, and operation of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. As of March 31, 2023, Piedmont owned 51 in-service office properties and one redevelopment asset, primarily located in major U.S. Sunbelt office markets. As of March 31, 2023, the in-service office properties comprised approximately 16.7 million square feet (unaudited) and were 86.1% leased.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year’s results. Piedmont’s consolidated financial statements include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2022. All intercompany balances and transactions have been eliminated upon consolidation. Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity. Consequently, the assets of these special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates include the underlying cash flows and holding periods used in assessing impairment, judgements regarding the recoverability of goodwill, and the assessment of the collectability of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially differ from those estimates. Income Taxes Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements. Operating Leases Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the three months ended March 31, 2023 and 2022, respectively, as follows (in thousands): Three Months Ended March 31, March 31, Fixed payments $ 112,560 $ 109,732 Variable payments 24,269 22,180 Total Rental and Tenant Reimbursement Revenue $ 136,829 $ 131,912 Operating leases where Piedmont is the lessee relate primarily to office space in buildings owned by third parties. Piedmont's right of use asset and corresponding lease liability was approximately $0.1 million and $0.2 million as of March 31, 2023 and December 31, 2022, respectively. The right of use asset is recorded as a component of prepaid expenses and other assets, whereas the corresponding liability is presented as a component of accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. For both the three months ended March 31, 2023 and 2022, Piedmont recognized approximately $20,000, respectively, of operating lease costs related to these office space leases. As of March 31, 2023, the remaining lease term of Piedmont's right of use asset is approximately 2 years, and the discount rate is 3.86%.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt During the three months ended March 31, 2023, Piedmont entered into a new $215 million, floating-rate, unsecured term loan facility (the “$215 Million Unsecured 2023 Term Loan”). The term of the $215 Million Unsecured 2023 Term Loan is one year, with an option to extend for an additional one year for a final maturity date of January 31, 2025. Piedmont may prepay the loan in whole or in part, at any time without premium or penalty. The stated interest rate spread over Adjusted SOFR can vary from 0.85% to 1.70% based upon the then current credit rating of Piedmont. As of March 31, 2023, the applicable interest rate spread on the loan was 1.05%. The $215 Million Unsecured 2023 Term Loan has certain financial covenants that require, among other things, the maintenance of an unencumbered interest rate coverage ratio of at least 1.75, an unencumbered leverage ratio of at least 1.60, a fixed charge coverage ratio of at least 1.50, a leverage ratio of no more than 0.60, and a secured debt ratio of no more than 0.40. Additionally, during the three months ended March 31, 2023, Piedmont amended the $250 million, floating-rate, unsecured term loan facility (the "$250 Million Unsecured 2018 Term Loan") to convert the reference interest rate from LIBOR to SOFR, along with the various other related amendments necessary to affect this conversion. The following table summarizes the terms of Piedmont’s indebtedness outstanding as of March 31, 2023 and December 31, 2022 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of March 31, 2023 December 31, 2022 Secured (Fixed) $197 Million Fixed Rate Mortgage 4.10 % 10/1/2028 $ 197,000 $ 197,000 Subtotal 197,000 197,000 Unsecured (Variable and Fixed) $350 Million Unsecured Senior Notes due 2023 3.40 % 3.43 % 6/01/2023 350,000 350,000 $215 Million Unsecured 2023 Term Loan SOFR + 1.05% 5.95 % (3) 1/31/2024 (4) 215,000 — $400 Million Unsecured Senior Notes due 2024 4.45 % 4.10 % 3/15/2024 400,000 400,000 $200 Million Unsecured 2022 Term Loan Facility SOFR + 1.00% 5.91 % (3) 12/16/2024 (5) 200,000 200,000 $250 Million Unsecured 2018 Term Loan SOFR + 0.95% 4.54 % 3/31/2025 250,000 250,000 $600 Million Unsecured 2022 Line of Credit SOFR + 0.85% — % (3) 6/30/2026 (6) — — $300 Million Unsecured Senior Notes due 2030 3.15 % 3.90 % 8/15/2030 300,000 300,000 $300 Million Unsecured Senior Notes due 2032 2.75 % 2.78 % 4/1/2032 300,000 300,000 Discounts and unamortized debt issuance costs (14,045) (13,319) Subtotal/Weighted Average (7) 4.14 % $ 2,000,955 $ 1,786,681 Total/Weighted Average (7) 4.13 % $ 2,197,955 $ 1,983,681 (1) All of Piedmont’s outstanding debt as of March 31, 2023 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street, which will begin amortizing principal in October 2023. (2) Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts. (3) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal. All SOFR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (4) Piedmont may extend the term for an additional year to a final extended maturity date of January 31, 2025 provided Piedmont is not then in default and upon payment of extension fees. (5) Piedmont may extend the term for six (6) Piedmont may extend the term for up to one (7) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of March 31, 2023. Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $23.4 million and $15.8 million for the three months ended March 31, 2023 and 2022, respectively. Also, Piedmont capitalized interest of approximately $1.2 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, Piedmont believes it was in compliance with all financial covenants associated with its debt instruments. See Note 5 for a description of Piedmont’s estimated fair value of debt as of March 31, 2023.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2023
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, specifically interest rate swap agreements, to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. Cash Flow Hedges of Interest Rate Risk Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for Piedmont making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the three months ended March 31, 2023, Piedmont amended the two remaining LIBOR-designated interest rate swap agreements to change the reference rate from LIBOR to SOFR, in order to match the amended underlying debt terms (see Note 3 above). All of Piedmont's interest rate swap agreements are designated as effective cash flow hedges and are now designated using SOFR. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 24 months. A detail of Piedmont’s interest rate derivatives outstanding as of March 31, 2023 is as follows: Interest Rate Derivatives: Number of Swap Agreements Associated Debt Instrument Total Notional Amount Effective Date Maturity Date Interest rate swaps 2 $250 Million Unsecured 2018 Term Loan $ 100 3/29/2018 3/31/2025 Interest rate swaps 3 $250 Million Unsecured 2018 Term Loan 75 12/2/2022 3/31/2025 Interest rate swaps 3 $250 Million Unsecured 2018 Term Loan 75 12/12/2022 3/31/2025 Total $ 250 Piedmont presents its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2023 and December 31, 2022, respectively, is as follows (in thousands): Interest rate swaps classified as: March 31, December 31, Gross derivative assets $ 2,899 $ 4,183 Gross derivative liabilities (394) — Net derivative asset $ 2,505 $ 4,183 The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the three months ended March 31, 2023 and 2022, respectively, is as follows (in thousands): Three Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships March 31, March 31, Amount of gain/(loss) recognized in OCI $ (1,103) $ 3,876 Amount of previously recorded gain/(loss) reclassified from OCI into interest expense $ 484 $ (705) Total amount of interest expense presented in the consolidated statements of operations $ (22,077) $ (13,898) Piedmont estimates that approximately $2.8 million will be reclassified from OCI as a decrease in interest expense over the next twelve months. Additionally, see Note 5 for fair value disclosures of Piedmont's derivative instruments. Credit-risk-related Contingent Features Piedmont has agreements with its derivative counterparties that contain a provision whereby if Piedmont defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Piedmont could also be declared in default on its derivative obligations. If Piedmont were to breach any of the contractual provisions of the derivative contracts, it could be required to settle its liability obligations under the agreements at their termination value of the estimated fair values plus accrued interest, or approximately $0.4 million as of March 31, 2023 . Additionally, Piedmont has rights of set-off under certain of its derivative agreements related to potential te rmination fees and amounts payable under the agreements, if a termination were to occur.

Fair Value Measurement of Finan

Fair Value Measurement of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments Piedmont considers its cash and cash equivalents, tenant receivables, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of March 31, 2023 and December 31, 2022, respectively (in thousands): March 31, 2023 December 31, 2022 Financial Instrument Carrying Value Estimated Level Within Fair Value Hierarchy Carrying Value Estimated Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 170,593 $ 170,593 Level 1 $ 16,536 $ 16,536 Level 1 Tenant receivables, net (1) $ 6,280 $ 6,280 Level 1 $ 4,762 $ 4,762 Level 1 Restricted cash and escrows (1) $ 4,183 $ 4,183 Level 1 $ 3,064 $ 3,064 Level 1 Interest rate swaps $ 2,899 $ 2,899 Level 2 $ 4,183 $ 4,183 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 20,184 $ 20,184 Level 1 $ 63,225 $ 63,225 Level 1 Interest rate swaps $ 394 $ 394 Level 2 $ — $ — Level 2 Debt, net $ 2,197,955 $ 2,018,146 Level 2 $ 1,983,681 $ 1,825,723 Level 2 (1) For the periods presented, the carrying value of these financial instruments, net of applicable allowance, approximates estimated fair value due to their short-term maturity. Piedmont's debt was carried at book value as of March 31, 2023 and December 31, 2022; however, Piedmont's estimate of its fair value is disclosed in the table above. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the debt facilities, including the period to maturity of each instrument, and uses observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's outstanding debt. Piedmont has not changed its valuation technique for estimating the fair value of its debt. Piedmont’s interest rate swap agreements presented above, and as further discussed in Note 4 are classified as “Interest rate swaps” in the accompanying consolidated balance sheets and were carried at estimated fair value as of March 31, 2023 and December 31, 2022. The valuation of these derivative instruments was determined using widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the derivatives, including the period to maturity of each instrument, and uses observable market-based inputs, including interest rate curves and implied volatilities. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). In addition, Piedmont considered both its own and the respective counterparties’ risk of nonperformance in determining the estimated fair value of its derivative financial instruments by estimating the current and potential future exposure under the derivative financial instruments as of the valuation date. The credit risk of Piedmont and its counterparties was factored into the calculation of the estimated fair value of the interest rate swaps; however, as of March 31, 2023 and December 31, 2022, this credit valuation adjustment did not comprise a material portion of the estimated fair value. Therefore, Piedmont believes that any unobservable inputs used to determine the estimated fair values of its derivative financial instruments are not significant to the fair value measurements in their entirety, and does not consider any of its derivatives to be Level 3 financial instruments.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Under Existing Lease Agreements As a recurring part of its business, Piedmont is typically required under its executed lease agreements to fund tenant improvements, leasing commissions, and building improvements. In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for capital improvements or other financial obligations. Such commitments are accrued and capitalized as the related expenditures are incurred. In addition to the amounts that Piedmont has already committed to as a part of executed leases, Piedmont also anticipates continuing to incur similar market-based tenant improvement allowances and leasing commissions in conjunction with procuring future leases for its existing portfolio of properties. Both the timing and magnitude of expenditures related to future leasing activity can vary due to a number of factors and are highly dependent on the size of the leased square footage and the competitive market conditions of the particular office market at the time a lease is being negotiated. Contingencies Related to Tenant Audits/Disputes

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation Annually, the Compensation Committee of Piedmont's Board of Directors has granted deferred stock award units to certain employees at its discretion. Employee awards typically vest ratably over three Certain management employees' long-term equity incentive program is split between the deferred stock award units described above and a multi-year performance share program whereby actual awards are contingent upon Piedmont's total stockholder return ("TSR") performance relative to the TSR of a peer group of office REITs. The target incentives for these certain employees, as well as the peer group to be used for comparative purposes, are predetermined by the board of directors, advised by an outside compensation consultant. The number of shares earned, if any, are determined at the end of the multi-year performance period (or upon termination) and vest immediately. In the event that a participant's employment is terminated prior to the end of the multi-year period, in certain circumstances the participant may be entitled to a pro-rated award based on Piedmont's TSR relative performance as of the termination date. The grant date fair value of the multi-year performance share awards is estimated using the Monte Carlo valuation method and is recognized ratably over the performance period. A rollforward of Piedmont's equity based award activity for the three months ended March 31, 2023 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2022 729,424 $ 19.21 Deferred Stock Awards Granted 865,334 $ 10.03 Performance Stock Awards Granted 424,922 $ 12.37 Change in Estimated Potential Share Awards based on TSR Performance 30,977 $ 21.06 Performance Stock Awards Vested (90,064) $ 25.83 Deferred Stock Awards Vested (265,471) $ 15.34 Deferred Stock Awards Forfeited (138) $ 17.15 Unvested and Potential Stock Awards as of March 31, 2023 1,694,984 $ 13.09 The following table provides additional information regarding stock award activity during the three months ended March 31, 2023 and 2022, respectively (in thousands, except per share amounts): Three Months Ended March 31, March 31, Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period $ 10.03 $ 16.85 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 4,073 $ 3,319 Share-based Liability Awards Paid During the Period (1) $ — $ 5,481 (1) Reflects the value of stock earned pursuant to the 2019-21 Performance Share Plan during the three months ended March 31, 2022. A detail of Piedmont’s outstanding stock awards and programs as of March 31, 2023 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Vesting Schedule Unvested Shares May 3, 2019 Deferred Stock Award 30,958 (2) $ 21.04 Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, 2022, 2023 and 2024 respectively. 19,011 February 17, 2021 Deferred Stock Award 212,936 $ 17.15 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 17, 2022, 2023, and 2024, respectively. 58,664 February 18, 2021 2021-2023 Performance Share Program — $ 23.04 Shares awarded, if any, will vest immediately upon determination of award in 2024. 96,754 (3) February 10, 2022 Deferred Stock Award 172,923 $ 16.85 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively. 114,868 February 17, 2022 2022-2024 Performance Share Program — $ 17.77 Shares awarded, if any, will vest immediately upon determination of award in 2025. 174,167 (3) May 11, 2022 Deferred Stock Award-Board of Directors 52,762 $ 13.61 Of the shares granted, 100% will vest on the earlier of the 2023 Annual Meeting or May 11, 2023. 52,762 February 13, 2023 Deferred Stock Award 398,906 $ 10.55 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively. 334,427 February 23, 2023 2023-2025 Performance Share Program — $ 12.37 Shares awarded, if any, will vest immediately upon determination of award in 2026. 424,922 (3) February 23, 2023 Deferred Stock Award 419,410 $ 9.47 Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027 respectively. 419,410 Total 1,694,985 (1) Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through March 31, 2023. (2) Includes a special, one-time deferred stock award to Piedmont's Chief Executive Officer effective on July 1, 2019, the date of his promotion to the position, which vests in ratable installments over a five year period beginning July 1, 2020. (3) Estimated based on Piedmont's cumulative TSR for the respective performance period through March 31, 2023. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs. During the three months ended March 31, 2023 and 2022, Piedmont recognized approximately $1.8 million and $2.8 million, respectively, of compensation expense related to stock awards, of which $1.8 million and $1.7 million, respectively, is related to the amortization of unvested and potential stock awards and fair value adjustment for liability awards. During the three months ended March 31, 2023, 203,395 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of March 31, 2023, approximately $17.7 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately two years.

Supplemental Disclosures for th

Supplemental Disclosures for the Statement of Consolidated Cash Flows	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022 (in thousands) are outlined below: Three Months Ended March 31, March 31, Accrued capital expenditures and deferred lease costs $ 15,709 $ 15,557 Change in accrued dividends $ (25,358) $ (26,048) Accrued deferred financing costs $ 53 $ — The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the three months ended March 31, 2023 and 2022, to the consolidated balance sheets for the respective period (in thousands): 2023 2022 Cash and cash equivalents, beginning of period $ 16,536 $ 7,419 Restricted cash and escrows, beginning of period 3,064 1,441 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period $ 19,600 $ 8,860 Cash and cash equivalents, end of period $ 170,593 $ 7,211 Restricted cash and escrows, end of period 4,183 1,457 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period $ 174,776 $ 8,668 Amounts in restricted cash and escrows typically represent: escrow accounts required for future property repairs; escrow accounts for the payment of real estate taxes as required under certain of Piedmont's debt agreements; earnest money deposited by a buyer to secure the purchase of one of Piedmont's properties; or security or utility deposits held for tenants as a condition of their lease agreement.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share There are no adjustments to “Net income/(loss) applicable to Piedmont” for the diluted earnings per share computations. Net income/(loss) per share-basic is calculated as net income/(loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income/(loss) per share-diluted is calculated as net income/(loss) available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock method that would occur if the remaining unvested and potential stock awards vested and resulted in additional common shares outstanding. Unvested and potential stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares. For the three months ended March 31, 2023 and 2022, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of 1,204,123 and 195,837, respectively. The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the three months ended March 31, 2023 and 2022, respectively (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Weighted-average common shares – basic 123,550 123,225 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards — 285 Weighted-average common shares – diluted 123,550 123,510

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Piedmont's President and Chief Executive Officer has been identified as Piedmont's chief operating decision maker ("CODM"), as defined by GAAP. The CODM evaluates Piedmont's portfolio and assesses the ongoing operations and performance of its properties utilizing the following geographic segments: Atlanta, Dallas, Orlando, Washington, D.C./Northern Virginia, Minneapolis, New York, and Boston. These operating segments are also Piedmont’s reportable segments. As of March 31, 2023, Piedmont also owned two properties in Houston that do not meet the definition of an operating or reportable segment as the CODM does not regularly review these properties for purposes of allocating resources or assessing performance. Further, Piedmont does not maintain a significant presence or anticipate further investment in this market. These two properties are the primary contributors to accrual-based net operating income ("NOI") included in "Other" below. During the periods presented, there have been no material inter segment transactions. The accounting policies of the reportable segments are the same as Piedmont's accounting policies. Accrual-based net operating income ("NOI") by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating costs from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. Piedmont's calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance. The following table presents accrual-based lease revenue and other property related income included in NOI by geographic reportable segment (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Atlanta $ 39,217 $ 29,268 Dallas 28,282 27,085 Orlando 15,414 13,906 Washington, D.C./Northern Virginia 14,899 15,606 Minneapolis 14,961 15,109 New York 13,485 13,875 Boston 10,251 15,365 Total reportable segments 136,509 130,214 Other 5,858 5,935 Total Revenues $ 142,367 $ 136,149 The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Atlanta $ 25,186 $ 18,555 Dallas 15,776 16,099 Orlando 9,265 8,499 Washington, D.C./Northern Virginia 8,980 10,047 Minneapolis 8,222 7,914 New York 7,371 7,757 Boston 6,333 10,473 Total reportable segments 81,133 79,344 Other 3,366 3,037 Total NOI $ 84,499 $ 82,381 A reconciliation of Net income/(loss) applicable to Piedmont to NOI is presented below (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Net income/(loss) applicable to Piedmont $ (1,367) $ 59,964 Management fee revenue (1) (293) (362) Depreciation and amortization 57,828 53,767 General and administrative expenses 7,691 7,595 Interest expense 22,077 13,898 Other income (1,440) (1,808) Gain on sale of real estate assets — (50,673) Net income applicable to noncontrolling interests 3 — NOI $ 84,499 $ 82,381 (1) Presented net of related operating expenses incurred to earn such management fee revenue. Such operating expenses are a component of property operating costs in the accompanying consolidated statements of operations.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Second Quarter Dividend Declaration On May 1, 2023, the board of directors of Piedmont declared a dividend for the second quarter of 2023 in the amount of $0.21 per common share outstanding to stockholders of record as of the close of business on May 26, 2023. Such dividend will be paid on June 16, 2023.

Summary of Significant Accoun_2

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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Fixed and Variable Lease Revenue	Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the three months ended March 31, 2023 and 2022, respectively, as follows (in thousands): Three Months Ended March 31, March 31, Fixed payments $ 112,560 $ 109,732 Variable payments 24,269 22,180 Total Rental and Tenant Reimbursement Revenue $ 136,829 $ 131,912

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the terms of Piedmont’s indebtedness outstanding as of March 31, 2023 and December 31, 2022 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of March 31, 2023 December 31, 2022 Secured (Fixed) $197 Million Fixed Rate Mortgage 4.10 % 10/1/2028 $ 197,000 $ 197,000 Subtotal 197,000 197,000 Unsecured (Variable and Fixed) $350 Million Unsecured Senior Notes due 2023 3.40 % 3.43 % 6/01/2023 350,000 350,000 $215 Million Unsecured 2023 Term Loan SOFR + 1.05% 5.95 % (3) 1/31/2024 (4) 215,000 — $400 Million Unsecured Senior Notes due 2024 4.45 % 4.10 % 3/15/2024 400,000 400,000 $200 Million Unsecured 2022 Term Loan Facility SOFR + 1.00% 5.91 % (3) 12/16/2024 (5) 200,000 200,000 $250 Million Unsecured 2018 Term Loan SOFR + 0.95% 4.54 % 3/31/2025 250,000 250,000 $600 Million Unsecured 2022 Line of Credit SOFR + 0.85% — % (3) 6/30/2026 (6) — — $300 Million Unsecured Senior Notes due 2030 3.15 % 3.90 % 8/15/2030 300,000 300,000 $300 Million Unsecured Senior Notes due 2032 2.75 % 2.78 % 4/1/2032 300,000 300,000 Discounts and unamortized debt issuance costs (14,045) (13,319) Subtotal/Weighted Average (7) 4.14 % $ 2,000,955 $ 1,786,681 Total/Weighted Average (7) 4.13 % $ 2,197,955 $ 1,983,681 (1) All of Piedmont’s outstanding debt as of March 31, 2023 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street, which will begin amortizing principal in October 2023. (2) Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts. (3) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal. All SOFR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. (4) Piedmont may extend the term for an additional year to a final extended maturity date of January 31, 2025 provided Piedmont is not then in default and upon payment of extension fees. (5) Piedmont may extend the term for six (6) Piedmont may extend the term for up to one (7) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of March 31, 2023.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	A detail of Piedmont’s interest rate derivatives outstanding as of March 31, 2023 is as follows: Interest Rate Derivatives: Number of Swap Agreements Associated Debt Instrument Total Notional Amount Effective Date Maturity Date Interest rate swaps 2 $250 Million Unsecured 2018 Term Loan $ 100 3/29/2018 3/31/2025 Interest rate swaps 3 $250 Million Unsecured 2018 Term Loan 75 12/2/2022 3/31/2025 Interest rate swaps 3 $250 Million Unsecured 2018 Term Loan 75 12/12/2022 3/31/2025 Total $ 250
Schedule of Interest Rate Derivatives	A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2023 and December 31, 2022, respectively, is as follows (in thousands): Interest rate swaps classified as: March 31, December 31, Gross derivative assets $ 2,899 $ 4,183 Gross derivative liabilities (394) — Net derivative asset $ 2,505 $ 4,183
Schedule of Derivative Instruments, Effect on Other Comprehensive Income	The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the three months ended March 31, 2023 and 2022, respectively, is as follows (in thousands): Three Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships March 31, March 31, Amount of gain/(loss) recognized in OCI $ (1,103) $ 3,876 Amount of previously recorded gain/(loss) reclassified from OCI into interest expense $ 484 $ (705) Total amount of interest expense presented in the consolidated statements of operations $ (22,077) $ (13,898)

Fair Value Measurement of Fin_2

Fair Value Measurement of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, by Balance Sheet Grouping	The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of March 31, 2023 and December 31, 2022, respectively (in thousands): March 31, 2023 December 31, 2022 Financial Instrument Carrying Value Estimated Level Within Fair Value Hierarchy Carrying Value Estimated Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 170,593 $ 170,593 Level 1 $ 16,536 $ 16,536 Level 1 Tenant receivables, net (1) $ 6,280 $ 6,280 Level 1 $ 4,762 $ 4,762 Level 1 Restricted cash and escrows (1) $ 4,183 $ 4,183 Level 1 $ 3,064 $ 3,064 Level 1 Interest rate swaps $ 2,899 $ 2,899 Level 2 $ 4,183 $ 4,183 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 20,184 $ 20,184 Level 1 $ 63,225 $ 63,225 Level 1 Interest rate swaps $ 394 $ 394 Level 2 $ — $ — Level 2 Debt, net $ 2,197,955 $ 2,018,146 Level 2 $ 1,983,681 $ 1,825,723 Level 2 (1) For the periods presented, the carrying value of these financial instruments, net of applicable allowance, approximates estimated fair value due to their short-term maturity.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	A rollforward of Piedmont's equity based award activity for the three months ended March 31, 2023 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2022 729,424 $ 19.21 Deferred Stock Awards Granted 865,334 $ 10.03 Performance Stock Awards Granted 424,922 $ 12.37 Change in Estimated Potential Share Awards based on TSR Performance 30,977 $ 21.06 Performance Stock Awards Vested (90,064) $ 25.83 Deferred Stock Awards Vested (265,471) $ 15.34 Deferred Stock Awards Forfeited (138) $ 17.15 Unvested and Potential Stock Awards as of March 31, 2023 1,694,984 $ 13.09 The following table provides additional information regarding stock award activity during the three months ended March 31, 2023 and 2022, respectively (in thousands, except per share amounts): Three Months Ended March 31, March 31, Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period $ 10.03 $ 16.85 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 4,073 $ 3,319 Share-based Liability Awards Paid During the Period (1) $ — $ 5,481 (1) Reflects the value of stock earned pursuant to the 2019-21 Performance Share Plan during the three months ended March 31, 2022.
Schedule of Outstanding Employee Stock Awards	A detail of Piedmont’s outstanding stock awards and programs as of March 31, 2023 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Vesting Schedule Unvested Shares May 3, 2019 Deferred Stock Award 30,958 (2) $ 21.04 Of the shares granted, 20% vested or will vest on July 1, 2020, 2021, 2022, 2023 and 2024 respectively. 19,011 February 17, 2021 Deferred Stock Award 212,936 $ 17.15 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 17, 2022, 2023, and 2024, respectively. 58,664 February 18, 2021 2021-2023 Performance Share Program — $ 23.04 Shares awarded, if any, will vest immediately upon determination of award in 2024. 96,754 (3) February 10, 2022 Deferred Stock Award 172,923 $ 16.85 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively. 114,868 February 17, 2022 2022-2024 Performance Share Program — $ 17.77 Shares awarded, if any, will vest immediately upon determination of award in 2025. 174,167 (3) May 11, 2022 Deferred Stock Award-Board of Directors 52,762 $ 13.61 Of the shares granted, 100% will vest on the earlier of the 2023 Annual Meeting or May 11, 2023. 52,762 February 13, 2023 Deferred Stock Award 398,906 $ 10.55 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively. 334,427 February 23, 2023 2023-2025 Performance Share Program — $ 12.37 Shares awarded, if any, will vest immediately upon determination of award in 2026. 424,922 (3) February 23, 2023 Deferred Stock Award 419,410 $ 9.47 Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027 respectively. 419,410 Total 1,694,985 (1) Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through March 31, 2023. (2) Includes a special, one-time deferred stock award to Piedmont's Chief Executive Officer effective on July 1, 2019, the date of his promotion to the position, which vests in ratable installments over a five year period beginning July 1, 2020. (3) Estimated based on Piedmont's cumulative TSR for the respective performance period through March 31, 2023. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs.

Supplemental Disclosures for _2

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Certain Non-cash Investing and Financing Activities	Certain non-cash investing and financing activities for the three months ended March 31, 2023 and 2022 (in thousands) are outlined below: Three Months Ended March 31, March 31, Accrued capital expenditures and deferred lease costs $ 15,709 $ 15,557 Change in accrued dividends $ (25,358) $ (26,048) Accrued deferred financing costs $ 53 $ — The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the three months ended March 31, 2023 and 2022, to the consolidated balance sheets for the respective period (in thousands): 2023 2022 Cash and cash equivalents, beginning of period $ 16,536 $ 7,419 Restricted cash and escrows, beginning of period 3,064 1,441 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period $ 19,600 $ 8,860 Cash and cash equivalents, end of period $ 170,593 $ 7,211 Restricted cash and escrows, end of period 4,183 1,457 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period $ 174,776 $ 8,668

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Denominator for the Basic and Diluted Earnings Per Share Computations	The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the three months ended March 31, 2023 and 2022, respectively (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Weighted-average common shares – basic 123,550 123,225 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards — 285 Weighted-average common shares – diluted 123,550 123,510

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Revenue and Net Operating Income, by Segment	The following table presents accrual-based lease revenue and other property related income included in NOI by geographic reportable segment (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Atlanta $ 39,217 $ 29,268 Dallas 28,282 27,085 Orlando 15,414 13,906 Washington, D.C./Northern Virginia 14,899 15,606 Minneapolis 14,961 15,109 New York 13,485 13,875 Boston 10,251 15,365 Total reportable segments 136,509 130,214 Other 5,858 5,935 Total Revenues $ 142,367 $ 136,149 The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Atlanta $ 25,186 $ 18,555 Dallas 15,776 16,099 Orlando 9,265 8,499 Washington, D.C./Northern Virginia 8,980 10,047 Minneapolis 8,222 7,914 New York 7,371 7,757 Boston 6,333 10,473 Total reportable segments 81,133 79,344 Other 3,366 3,037 Total NOI $ 84,499 $ 82,381 A reconciliation of Net income/(loss) applicable to Piedmont to NOI is presented below (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Net income/(loss) applicable to Piedmont $ (1,367) $ 59,964 Management fee revenue (1) (293) (362) Depreciation and amortization 57,828 53,767 General and administrative expenses 7,691 7,595 Interest expense 22,077 13,898 Other income (1,440) (1,808) Gain on sale of real estate assets — (50,673) Net income applicable to noncontrolling interests 3 — NOI $ 84,499 $ 82,381 (1) Presented net of related operating expenses incurred to earn such management fee revenue. Such operating expenses are a component of property operating costs in the accompanying consolidated statements of operations.

Organization (Details)

Organization (Details) ft² in Millions	Mar. 31, 2023 ft² property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	51
Area of real estate property (in sq ft) | ft²	16.7
Percentage leased	86.10%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Fixed and Variable Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Fixed payments	$ 112,560	$ 109,732
Variable payments	24,269	22,180
Total Rental and Tenant Reimbursement Revenue	$ 136,829	$ 131,912

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Right of use asset	$ 100		$ 200
Lease liability	100		$ 200
Operating lease costs	$ 20	$ 20
Operating lease, remaining lease term	2 years
Discount rate	3.86%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Debt Instruments [Line Items]
Interest paid	$ 23,400,000	$ 15,800,000
Interest costs capitalized	1,200,000	$ 1,000,000
$215 Million Unsecured 2023 Term Loan Facility | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 215,000,000
Debt instrument, term	1 year
Extension period	1 year
Unencumbered interest coverage ratio	1.75
Unencumbered leverage ratio	1.60
Fixed charge coverage ratio	1.50
Maximum leverage ratio	0.60
Maximum secured debt ratio	0.40
$215 Million Unsecured 2023 Term Loan Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	1.05%
$215 Million Unsecured 2023 Term Loan Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Minimum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	0.85%
$215 Million Unsecured 2023 Term Loan Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Maximum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	1.70%
$250 Million Unsecured 2018 Term Loan | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 250,000,000
$250 Million Unsecured 2018 Term Loan | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate	0.95%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) extension	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	4.13%
Discounts and unamortized debt issuance costs	$ (14,045,000)	$ (13,319,000)
Total/Weighted Average	2,197,955,000	1,983,681,000
Secured Debt
Debt Instrument [Line Items]
Total/Weighted Average	197,000,000	197,000,000
Secured Debt | $197 Million Fixed Rate Mortgage
Debt Instrument [Line Items]
Debt instrument, face amount	$ 197,000,000
Stated Rate	4.10%
Amount outstanding, gross	$ 197,000,000	197,000,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	4.14%
Discounts and unamortized debt issuance costs	$ (14,045,000)	(13,319,000)
Total/Weighted Average	2,000,955,000	1,786,681,000
Unsecured Debt | $350 Million Unsecured Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000
Stated Rate	3.40%
Effective interest rate (percent)	3.43%
Amount outstanding, gross	$ 350,000,000	350,000,000
Unsecured Debt | $215 Million Unsecured 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 215,000,000
Effective interest rate (percent)	5.95%
Amount outstanding, gross	$ 215,000,000	0
Unsecured Debt | $215 Million Unsecured 2023 Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Unsecured Debt | $400 Million Unsecured Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated Rate	4.45%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 400,000,000	400,000,000
Unsecured Debt | $200 Million Unsecured 2022 Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Effective interest rate (percent)	5.91%
Amount outstanding, gross	$ 200,000,000	200,000,000
Extension period	6 months
Unsecured Debt | $200 Million Unsecured 2022 Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Unsecured Debt | $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000
Effective interest rate (percent)	4.54%
Amount outstanding, gross	$ 250,000,000	250,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.95%
Unsecured Debt | $600 Million Unsecured 2022 Line of Credit | Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Effective interest rate (percent)	0%
Amount outstanding, gross	$ 0	0
Unsecured Debt | $600 Million Unsecured 2022 Line of Credit | Secured Overnight Financing Rate (SOFR) | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Unsecured Debt | $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated Rate	3.15%
Effective interest rate (percent)	3.90%
Amount outstanding, gross	$ 300,000,000	300,000,000
Unsecured Debt | $300 Million Unsecured Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated Rate	2.75%
Effective interest rate (percent)	2.78%
Amount outstanding, gross	$ 300,000,000	$ 300,000,000
Unsecured Debt | Unsecured 500 Million 2018 Line Of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum extension period (in years)	1 year
Number of extension periods | extension	2
Extension period	6 months

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) derivative_contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of swap agreements | derivative_contract	2
Maximum period of extension term	24 months
Decrease in interest expense over the next twelve months	$ 2.8
Fair value and accrued interest	$ 0.4

Derivative Instruments - Schedu

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

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 2,899	$ 4,183
Gross derivative liabilities	(394)	0
Net derivative asset	$ 2,505	$ 4,183

Derivative Instruments - Effect

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	$ (1,103)	$ 3,876
Total amount of interest expense presented in the consolidated statements of operations	(22,077)	(13,898)
Interest rate swaps
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	(1,103)	3,876
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense	484	(705)
Total amount of interest expense presented in the consolidated statements of operations	$ (22,077)	$ (13,898)

Fair Value Measurement of Fin_3

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Interest rate swaps	$ 2,899	$ 4,183
Liabilities:
Interest rate swaps	394	0
Carrying Value
Assets:
Cash and cash equivalents	170,593	16,536
Restricted cash and escrows	4,183	3,064
Liabilities:
Accounts payable and accrued expenses	20,184	63,225
Debt, net	2,197,955	1,983,681
Carrying Value | Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	6,280	4,762
Carrying Value | Interest rate swaps
Assets:
Interest rate swaps	2,899	4,183
Liabilities:
Interest rate swaps	394	0
Estimated Fair Value | Level 1
Assets:
Cash and cash equivalents	170,593	16,536
Restricted cash and escrows	4,183	3,064
Liabilities:
Accounts payable and accrued expenses	20,184	63,225
Estimated Fair Value | Level 1 | Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	6,280	4,762
Estimated Fair Value | Level 2
Liabilities:
Debt, net	2,018,146	1,825,723
Estimated Fair Value | Interest rate swaps | Level 2
Assets:
Interest rate swaps	2,899	4,183
Liabilities:
Interest rate swaps	$ 394	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 1.8	$ 2.8
Amortization of unvested shares	$ 1.8	$ 1.7
Total shares issued to employees, directors, and officers (in shares)	203,395
Unrecognized compensation cost related to nonvested	$ 17.7
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested, weighted-average vesting period	2 years
Independent Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Stock Based Compensation - Roll

Stock Based Compensation - Rollforward of Stock Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares
Unvested and potential stock awards, end of period (in shares)	1,694,985
Stock Awards
Shares
Unvested and potential stock awards, beginning of period (in shares)	729,424
Unvested and potential stock awards, end of period (in shares)	1,694,984
Weighted-Average Grant Date Fair Value
Unvested and potential stock awards, beginning of period (in dollars per share)	$ 19.21
Unvested and potential stock awards, end of period (in dollars per share)	$ 13.09
Deferred Stock Awards
Shares
Stock awards granted (in shares)	865,334
Stock awards vested (in shares)	(265,471)
Deferred stock awards forfeited (in shares)	(138)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 10.03	$ 16.85
Stock awards vested (in dollars per share)	15.34
Deferred stock awards forfeited (in dollars per share)	$ 17.15
Performance Share Awards
Shares
Stock awards granted (in shares)	424,922
Change in estimated potential share award based on TSR performance (in shares)	30,977
Stock awards vested (in shares)	(90,064)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 12.37
Change in estimated potential share award based on TSR performance (in dollars per share)	21.06
Stock awards vested (in dollars per share)	$ 25.83

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Deferred Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of deferred stock granted during the period (in dollars per share)	$ 10.03	$ 16.85
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 4,073	$ 3,319
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of deferred stock granted during the period (in dollars per share)	$ 12.37
Share-based liability awards paid during the period	$ 0	$ 5,481

Stock Based Compensation - Outs

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	Feb. 23, 2023	Feb. 13, 2023	May 11, 2022	Feb. 10, 2022	Feb. 17, 2021	Jul. 01, 2019	May 03, 2019	Mar. 31, 2023	Feb. 17, 2022	Feb. 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)								1,694,985
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)							30,958
Grant date fair value (in dollars per share)							$ 21.04
Unvested shares (in shares)								19,011
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20%
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20%
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20%
Deferred Stock Awards | Deferred Stock Award, Granted May 3, 2019 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							20%
Deferred Stock Awards | Deferred Stock Award, Granted February 17, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)					212,936
Grant date fair value (in dollars per share)					$ 17.15
Unvested shares (in shares)								58,664
Deferred Stock Awards | Deferred Stock Award, Granted February 17, 2021 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25%
Deferred Stock Awards | Deferred Stock Award, Granted February 17, 2021 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25%
Deferred Stock Awards | Deferred Stock Award, Granted February 17, 2021 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25%
Deferred Stock Awards | Deferred Stock Award, Granted February 17, 2021 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25%
Deferred Stock Awards | Deferred Stock Award, Granted February 10, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)				172,923
Grant date fair value (in dollars per share)				$ 16.85
Unvested shares (in shares)								114,868
Deferred Stock Awards | Deferred Stock Award, Granted February 10, 2022 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25%
Deferred Stock Awards | Deferred Stock Award, Granted February 10, 2022 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25%
Deferred Stock Awards | Deferred Stock Award, Granted February 10, 2022 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25%
Deferred Stock Awards | Deferred Stock Award, Granted February 10, 2022 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25%
Deferred Stock Awards | Deferred Stock Award-Board of Directors, Granted May 11, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			52,762
Grant date fair value (in dollars per share)			$ 13.61
Unvested shares (in shares)								52,762
Deferred Stock Awards | Deferred Stock Award-Board of Directors, Granted May 11, 2022 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			100%
Deferred Stock Awards | Deferred Stock Award, Granted February 13, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		398,906
Grant date fair value (in dollars per share)		$ 10.55
Unvested shares (in shares)								334,427
Deferred Stock Awards | Deferred Stock Award, Granted February 13, 2023 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 13, 2023 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 13, 2023 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 13, 2023 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 23, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	419,410
Grant date fair value (in dollars per share)	$ 9.47
Unvested shares (in shares)								419,410
Deferred Stock Awards | Deferred Stock Award, Granted February 23, 2023 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
Performance Share Awards | Performance Share Program Award, Granted February 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)										0
Grant date fair value (in dollars per share)										$ 23.04
Unvested shares (in shares)								96,754
Performance Share Awards | Performance Share Program Award, Granted February 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)									0
Grant date fair value (in dollars per share)									$ 17.77
Unvested shares (in shares)								174,167
Performance Share Awards | Performance Share Program Award, Granted February 23, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	0
Grant date fair value (in dollars per share)	$ 12.37
Unvested shares (in shares)								424,922
Chief Executive Officer Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						5 years

Supplemental Disclosures for _3

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures and deferred lease costs	$ 15,709	$ 15,557
Change in accrued dividends	(25,358)	(26,048)
Accrued deferred financing costs	53	0
Cash and cash equivalents	170,593	7,211	$ 16,536	$ 7,419
Restricted cash and escrows	4,183	1,457	3,064	1,441
Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$ 174,776	$ 8,668	$ 19,600	$ 8,860

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	1,204,123	195,837
Weighted-average common shares – basic (in shares)	123,550,047	123,225,145
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards (in shares)	0	285,000
Weighted-average common shares – diluted (in shares)	123,550,047	123,509,990

Segment Information - Narrative

Segment Information - Narrative (Details)	Mar. 31, 2023 property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	51
Other Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2
Other Segments | Houston
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	2

Segment Information - Revenue b

Segment Information - Revenue by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 142,367	$ 136,149
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	136,509	130,214
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	5,858	5,935
Atlanta | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	39,217	29,268
Dallas | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	28,282	27,085
Orlando | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,414	13,906
Washington, D.C./Northern Virginia | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,899	15,606
Minneapolis | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,961	15,109
New York | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	13,485	13,875
Boston | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 10,251	$ 15,365

Segment Information - NOI by Ge

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 84,499	$ 82,381
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	81,133	79,344
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	3,366	3,037
Atlanta | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	25,186	18,555
Dallas | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	15,776	16,099
Orlando | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	9,265	8,499
Washington, D.C./Northern Virginia | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	8,980	10,047
Minneapolis | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	8,222	7,914
New York | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	7,371	7,757
Boston | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 6,333	$ 10,473

Segment Information - Reconcili

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Net income/(loss) applicable to Piedmont	$ (1,367)	$ 59,964
Management fee revenue	(293)	(362)
Depreciation and amortization	57,828	53,767
General and administrative expenses	7,691	7,595
Interest expense	22,077	13,898
Other income	(1,440)	(1,808)
Gain on sale of real estate assets	0	(50,673)
Net income applicable to noncontrolling interests	3	0
NOI	$ 84,499	$ 82,381

Subsequent Event (Details)

Subsequent Event (Details)	May 01, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.21