Piedmont Office Realty Trust (PDM) 10-Q 18 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 17, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		123,696,475
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate assets, at cost:
Land	$ 567,244	$ 567,244
Buildings and improvements, less accumulated depreciation of $981,052 and $915,010 as of June 30, 2023 and December 31, 2022, respectively	2,787,404	2,766,990
Intangible lease assets, less accumulated amortization of $83,763 and $90,694 as of June 30, 2023 and December 31, 2022, respectively	98,364	114,380
Construction in progress	59,116	52,010
Total real estate assets	3,512,128	3,500,624
Cash and cash equivalents	5,167	16,536
Tenant receivables, net of allowance for doubtful accounts of $600 and $1,000 as of June 30, 2023 and December 31, 2022, respectively	5,387	4,762
Straight-line rent receivables	180,339	172,019
Restricted cash and escrows	5,055	3,064
Prepaid expenses and other assets	23,566	17,152
Goodwill	82,937	82,937
Interest rate swaps	5,693	4,183
Deferred lease costs, less accumulated amortization of $208,072 and $221,731 as of June 30, 2023 and December 31, 2022, respectively	274,077	284,248
Total assets	4,094,349	4,085,525
Liabilities:
Unsecured debt, net of discount and unamortized debt issuance costs of $12,764 and $13,319 as of June 30, 2023 and December 31, 2022, respectively	1,852,236	1,786,681
Secured debt	197,000	197,000
Accounts payable, accrued expenses and accrued capital expenditures	107,629	110,306
Dividends payable	0	25,357
Deferred income	89,815	59,977
Intangible lease liabilities, less accumulated amortization of $33,033 and $36,423 as of June 30, 2023 and December 31, 2022, respectively	50,335	56,949
Total liabilities	2,297,015	2,236,270
Commitments and Contingencies (Note 6)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of June 30, 2023 or December 31, 2022	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of June 30, 2023 or December 31, 2022	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,691,542 and 123,439,558 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	1,237	1,234
Additional paid-in capital	3,712,688	3,711,005
Cumulative distributions in excess of earnings	(1,911,188)	(1,855,893)
Accumulated other comprehensive loss	(6,977)	(8,679)
Piedmont stockholders’ equity	1,795,760	1,847,667
Noncontrolling interest	1,574	1,588
Total stockholders’ equity	1,797,334	1,849,255
Total liabilities and stockholders’ equity	$ 4,094,349	$ 4,085,525

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Intangible lease assets, accumulated amortization	$ 83,763	$ 90,694
Tenant receivables, allowance for doubtful accounts	600	1,000
Deferred lease costs, accumulated amortization	208,072	221,731
Liabilities:
Discount (premiums) and unamortized debt issuance costs	12,764	13,319
Intangible lease liabilities, accumulated amortization	$ 33,033	$ 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)	123,691,542	123,439,558
Common stock, shares outstanding (in shares)	123,691,542	123,439,558
Building and improvements
Assets:
Buildings and improvements, accumulated depreciation	$ 981,052	$ 915,010

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental and tenant reimbursement revenue	$ 137,503	$ 132,151	$ 274,332	$ 264,063
Total revenues	143,072	136,309	285,439	272,458
Expenses:
Property operating costs	58,368	53,634	116,159	107,256
Depreciation	36,475	32,372	72,272	63,887
Amortization	21,333	21,480	43,364	43,732
General and administrative	7,279	7,027	14,970	14,622
Expenses	123,455	114,513	246,765	229,497
Other income (expense):
Interest expense	(23,389)	(13,775)	(45,466)	(27,673)
Other income	1,787	(57)	3,443	1,967
Gain on sale of real estate assets	0	1	0	50,674
Other income (expense):	(21,602)	(13,831)	(42,023)	24,968
Net income/(loss)	(1,985)	7,965	(3,349)	67,929
Net loss/(income) applicable to noncontrolling interest	(3)	1	(6)	1
Net income/(loss) applicable to Piedmont	$ (1,988)	$ 7,966	$ (3,355)	$ 67,930
Per share information – basic and diluted:
Net income/(loss) applicable to common stockholders - basic (in dollars per share)	$ (0.02)	$ 0.06	$ (0.03)	$ 0.55
Net income/(loss) applicable to common stockholders - diluted (in dollars per share)	$ (0.02)	$ 0.06	$ (0.03)	$ 0.55
Weighted-average common shares outstanding – basic (in shares)	123,671,261	123,366,482	123,610,989	123,296,204
Weighted-average common shares outstanding – diluted (in shares)	123,671,261	123,678,553	123,610,989	123,617,272
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 437	$ 326	$ 944	$ 977
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 5,132	$ 3,832	$ 10,163	$ 7,418

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss) applicable to Piedmont	$ (1,988)	$ 7,966	$ (3,355)	$ 67,930
Other comprehensive income:
Effective portion of gain on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	4,107	969	3,022	4,845
Plus: Reclassification of net loss/(gain) included in net income (See Note 4)	(818)	554	(1,320)	1,259
Other comprehensive income	3,289	1,523	1,702	6,104
Comprehensive income/(loss) applicable to Piedmont	$ 1,301	$ 9,489	$ (1,653)	$ 74,034

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	(51,831)			(51,811)		(20)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		313,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	6,038	$ 3	6,035
Net income/(loss) attributable to noncontrolling interest	(1)					(1)
Net income/(loss) applicable to Piedmont	67,930			67,930
Other comprehensive income	6,104				6,104
Ending balance (in shares) at Jun. 30, 2022		123,390,000
Ending balance at Jun. 30, 2022	1,815,663	$ 1,234	3,707,833	(1,882,962)	(12,050)	1,608
Beginning balance (in shares) at Mar. 31, 2022		123,331,000
Beginning balance at Mar. 31, 2022	1,830,474	$ 1,233	3,706,207	(1,865,016)	(13,573)	1,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(25,926)			(25,912)		(14)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		59,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,627	$ 1	1,626
Net income/(loss) attributable to noncontrolling interest	(1)					(1)
Net income/(loss) applicable to Piedmont	7,966			7,966
Other comprehensive income	1,523				1,523
Ending balance (in shares) at Jun. 30, 2022		123,390,000
Ending balance at Jun. 30, 2022	$ 1,815,663	$ 1,234	3,707,833	(1,882,962)	(12,050)	1,608
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	(51,960)			(51,940)		(20)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		252,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,686	$ 3	1,683
Net income/(loss) attributable to noncontrolling interest	6					6
Net income/(loss) applicable to Piedmont	(3,355)			(3,355)
Other comprehensive income	$ 1,702				1,702
Ending balance (in shares) at Jun. 30, 2023	123,691,542	123,692,000
Ending balance at Jun. 30, 2023	$ 1,797,334	$ 1,237	3,712,688	(1,911,188)	(6,977)	1,574
Beginning balance (in shares) at Mar. 31, 2023		123,643,000
Beginning balance at Mar. 31, 2023	1,820,097	$ 1,236	3,710,767	(1,883,225)	(10,266)	1,585
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(25,989)			(25,975)		(14)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		49,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,922	$ 1	1,921
Net income/(loss) attributable to noncontrolling interest	3					3
Net income/(loss) applicable to Piedmont	(1,988)			(1,988)
Other comprehensive income	$ 3,289				3,289
Ending balance (in shares) at Jun. 30, 2023	123,691,542	123,692,000
Ending balance at Jun. 30, 2023	$ 1,797,334	$ 1,237	$ 3,712,688	$ (1,911,188)	$ (6,977)	$ 1,574

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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 (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income/(loss)	$ (3,349)	$ 67,929
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	72,272	63,887
Amortization of debt issuance costs inclusive of settled interest rate swaps	2,744	1,724
Other amortization	39,135	39,633
Reversal of general reserve for uncollectible accounts	(400)	(1,000)
Stock compensation expense	3,925	4,868
Gain on sale of real estate assets	0	(50,674)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(8,692)	(8,803)
Increase in prepaid expenses and other assets	(6,040)	(3,939)
Decrease in accounts payable and accrued expenses	(4,641)	(11,184)
Increase/(decrease) in deferred income	264	(10,663)
Net cash provided by operating activities	95,218	91,778
Cash Flows from Investing Activities:
Capitalized expenditures	(71,650)	(59,122)
Net sales proceeds from wholly-owned properties	0	143,596
Proceeds from notes receivable	0	118,500
Deferred lease costs paid	(16,940)	(9,679)
Net cash (used in)/provided by investing activities	(88,590)	193,295
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(643)	(80)
Proceeds from debt	499,603	217,585
Repayments of debt	(436,000)	(422,000)
Value of shares withheld for payment of taxes related to employee stock compensation	(1,648)	(3,703)
Dividends paid	(77,318)	(77,879)
Net cash used in financing activities	(16,006)	(286,077)
Net decrease in cash, cash equivalents, and restricted cash and escrows	(9,378)	(1,004)
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	$ 10,222	$ 7,856

Organization

Organization	6 Months Ended
	Jun. 30, 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 June 30, 2023, Piedmont owned 51 in-service office properties and one redevelopment asset, primarily located in major U.S. Sunbelt office markets. As of June 30, 2023, the in-service office properties comprised approximately 16.7 million square feet (unaudited) and were 86.2% leased.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively, as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Fixed payments $ 112,238 $ 110,244 $ 224,798 $ 219,976 Variable payments 25,265 21,907 49,534 44,087 Total Rental and Tenant Reimbursement Revenue $ 137,503 $ 132,151 $ 274,332 $ 264,063 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 June 30, 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 and six months ended June 30, 2023 and 2022, Piedmont recognized approximately $20,000 and $40,000, respectively, of operating lease costs related to these office space leases. As of June 30, 2023, the remaining lease term of Piedmont's right of use asset is approximately 1 year, and the discount rate is 3.86%.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt During the six months ended June 30, 2023, Piedmont fully repaid the $350 Million Unsecured Senior Notes, using cash on hand and draws under the $600 Million Unsecured 2022 Line of Credit. Additionally, during the six months ended June 30, 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 June 30, 2023, the applicable interest rate spread on the loan was 1.05%, and the effective rate was 6.20%. 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. Finally, during the six months ended June 30, 2023, Piedmont amended its $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 June 30, 2023 and December 31, 2022 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of June 30, 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 $215 Million Unsecured 2023 Term Loan SOFR + 1.05% 6.20 % (3) 1/31/2024 (4) 215,000 — $400 Million Unsecured Senior Notes due 2024 4.45 % 4.10 % 3/15/2024 (5) 400,000 400,000 $200 Million Unsecured 2022 Term Loan Facility SOFR + 1.00% 6.20 % (3) 12/16/2024 (6) 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% 6.00 % (3) 6/30/2026 (7) 200,000 — $300 Million Unsecured Senior Notes due 2030 3.15 % 3.90 % 8/15/2030 300,000 300,000 $300 Million Unsecured Senior Notes due 2032 2.75 % 2.78 % 4/1/2032 300,000 300,000 Discounts and unamortized debt issuance costs (12,764) (13,319) Subtotal/Weighted Average (8) 4.54 % $ 1,852,236 $ 1,786,681 Total/Weighted Average (8) 4.49 % $ 2,049,236 $ 1,983,681 (1) All of Piedmont’s outstanding debt as of June 30, 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. The all-in interest rate associated with each SOFR interest period selection is comprised of the relevant adjusted SOFR rate (comprised of the relevant base SOFR interest rate plus a fixed adjustment of 0.10%) and 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 currently intends to repay the $400 million Unsecured Senior Notes due 2024 through debt refinancing, selective property dispositions, cash on hand from operations, and/or draws under its existing $600 million Unsecured 2022 Line of Credit. (6) Piedmont may extend the term for six (7) Piedmont may extend the term for up to one (8) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of June 30, 2023. Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $21.6 million and $12.8 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $45.1 million and $28.6 million for the six months ended June 30, 2023 and 2022, respectively. Also, Piedmont capitalized interest of approximately $1.4 million and $1.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $2.6 million and $2.1 million for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 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 June 30, 2023.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 21 months. A detail of Piedmont’s interest rate derivatives outstanding as of June 30, 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 June 30, 2023 and December 31, 2022, respectively, is as follows (in thousands): Interest rate swaps classified as: June 30, December 31, Gross derivative assets $ 5,693 $ 4,183 Gross derivative liabilities — — Net derivative asset $ 5,693 $ 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 and six months ended June 30, 2023 and 2022, respectively, is 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 recognized in OCI $ 4,107 $ 969 $ 3,022 $ 4,845 Amount of previously recorded gain/(loss) reclassified from OCI into interest expense $ 818 $ (554) $ 1,320 $ (1,259) Total amount of interest expense presented in the consolidated statements of operations $ (23,389) $ (13,775) $ (45,466) $ (27,673) Piedmont estimates that approximately $3.3 million will be reclassified from OCI as a decrease in interest expense over the next twelve months. Additionally, see Note 5 for fair value disclosures of Piedmont's derivative instruments. Credit-risk-related Contingent Features Piedmont has agreements with its derivative counterparties that contain a provision whereby if Piedmont defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Piedmont could also be declared in default on its derivative obligations. If Piedmont were to breach any of the contractual provisions of the derivative contracts, it could be required to settle its liability obligations under the agreements at their termination value of the estimated fair values plus accrued interest. However, as of June 30, 2023, all of Piedmont's interest rate swap agreements are in an asset position. Additionally, Piedmont has rights of set-off under certain of its derivative agreements related to potential 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022, respectively (in thousands): June 30, 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) $ 5,167 $ 5,167 Level 1 $ 16,536 $ 16,536 Level 1 Tenant receivables, net (1) $ 5,387 $ 5,387 Level 1 $ 4,762 $ 4,762 Level 1 Restricted cash and escrows (1) $ 5,055 $ 5,055 Level 1 $ 3,064 $ 3,064 Level 1 Interest rate swaps $ 5,693 $ 5,693 Level 2 $ 4,183 $ 4,183 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 14,116 $ 14,116 Level 1 $ 63,225 $ 63,225 Level 1 Debt, net $ 2,049,236 $ 1,868,492 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 June 30, 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 987,094 $ 9.60 Performance Stock Awards Granted 424,922 $ 12.37 Change in Estimated Potential Share Awards based on TSR Performance 121,141 $ 16.30 Performance Stock Awards Vested (90,064) $ 25.83 Deferred Stock Awards Vested (324,514) $ 15.00 Deferred Stock Awards Forfeited (196) $ 17.15 Unvested and Potential Stock Awards as of June 30, 2023 1,847,807 $ 12.70 The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2023 and 2022, 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 per share of Deferred Stock Granted During the Period $ 6.57 $ 14.62 $ 9.60 $ 16.54 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 793 $ 1,587 $ 4,866 $ 4,906 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 paid out during the six months ended June 30, 2022. A detail of Piedmont’s outstanding stock awards and programs as of June 30, 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 212,739 $ 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. 58,052 February 18, 2021 2021-2023 Performance Share Program — $ 23.04 Shares awarded, if any, will vest immediately upon determination of award in 2024. 116,098 (3) February 10, 2022 Deferred Stock Award 172,523 $ 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. 113,741 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) February 13, 2023 Deferred Stock Award 398,024 $ 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. 331,939 February 23, 2023 2023-2025 Performance Share Program — $ 12.37 Shares awarded, if any, will vest immediately upon determination of award in 2026. 495,741 (3) February 23, 2023 Deferred Stock Award 418,725 $ 9.47 Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027 respectively. 417,298 May 10, 2023 Deferred Stock Award-Board of Directors 121,760 $ 6.57 Of the shares granted, 100% will vest on the earlier of the 2024 Annual Meeting or May 10, 2024. 121,760 Total 1,847,807 (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, 2023. (2) Reflects a special, one-time deferred stock award to Piedmont's Chief Executive Officer effective on July 1, 2019, the date of his promotion to the position, which vests in ratable installments over a five year period beginning July 1, 2020. (3) Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 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 June 30, 2023 and 2022, Piedmont recognized approximately $2.2 million and $2.1 million, respectively, of compensation expense related to stock awards, all of which related to the amortization of unvested and potential stock awards and fair value adjustment for liability awards. During the six months ended June 30, 2023 and 2022, Piedmont recognized approximately $3.9 million and $4.9 million, respectively, of compensation expense related to stock awards, of which $3.9 million and $3.8 million, respectively, is related to the amortization of unvested and potential stock awards and fair value adjustment for liability awards. During the six months ended June 30, 2023, 251,984 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of June 30, 2023, approximately $16.3 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately two years.

Supplemental Disclosures for th

Supplemental Disclosures for the Statement of Consolidated Cash Flows	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023 and 2022 (in thousands) are outlined below: Six Months Ended June 30, June 30, Accrued capital expenditures and deferred lease costs $ 24,655 $ 23,809 Change in accrued dividends $ (25,358) $ (26,048) Change in accrued deferred financing costs $ (44) $ 59 The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the six months ended June 30, 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 $ 5,167 $ 6,397 Restricted cash and escrows, end of period 5,055 1,459 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period $ 10,222 $ 7,856 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 and 2022, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of approximately 1,830,910 and 156,251, respectively, and for the six months ended June 30, 2023 and 2022, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of 1,489,358 and 294,348, 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 and six months ended June 30, 2023 and 2022, respectively (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Weighted-average common shares – basic 123,671 123,366 123,611 123,296 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards — 313 — 321 Weighted-average common shares – diluted 123,671 123,679 123,611 123,617

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 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 Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Atlanta $ 40,210 $ 29,264 $ 79,427 $ 58,532 Dallas 27,779 26,417 56,061 53,502 Orlando 15,464 14,476 30,877 28,382 Washington, D.C./Northern Virginia 14,880 15,766 29,779 31,372 Minneapolis 15,463 15,408 30,425 30,518 New York 13,249 14,061 26,734 27,936 Boston 10,516 14,696 20,766 30,061 Total reportable segments 137,561 130,088 274,069 260,303 Other 5,511 6,221 11,370 12,155 Total Revenues $ 143,072 $ 136,309 $ 285,439 $ 272,458 The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Atlanta $ 26,096 $ 18,172 $ 51,282 $ 36,727 Dallas 15,203 15,764 30,978 31,863 Orlando 9,286 8,842 18,551 17,341 Washington, D.C./Northern Virginia 8,993 10,092 17,973 20,139 Minneapolis 8,233 7,964 16,456 15,878 New York 7,351 8,187 14,722 15,943 Boston 6,458 9,803 12,791 20,275 Total reportable segments 81,620 78,824 162,753 158,166 Other 3,046 3,864 6,412 6,902 Total NOI $ 84,666 $ 82,688 $ 169,165 $ 165,068 A reconciliation of Net income/(loss) applicable to Piedmont to NOI is presented below (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net income/(loss) applicable to Piedmont $ (1,988) $ 7,966 $ (3,355) $ 67,930 Management fee revenue (1) (254) (203) (546) (565) Depreciation and amortization 57,808 53,852 115,636 107,619 General and administrative expenses 7,279 7,027 14,970 14,622 Interest expense 23,389 13,775 45,466 27,673 Other income (1,571) 273 (3,012) (1,536) Gain on sale of real estate assets — (1) — (50,674) Net income/(loss) applicable to noncontrolling interest 3 (1) 6 (1) NOI $ 84,666 $ 82,688 $ 169,165 $ 165,068 (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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively, as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Fixed payments $ 112,238 $ 110,244 $ 224,798 $ 219,976 Variable payments 25,265 21,907 49,534 44,087 Total Rental and Tenant Reimbursement Revenue $ 137,503 $ 132,151 $ 274,332 $ 264,063

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the terms of Piedmont’s indebtedness outstanding as of June 30, 2023 and December 31, 2022 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of June 30, 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 $215 Million Unsecured 2023 Term Loan SOFR + 1.05% 6.20 % (3) 1/31/2024 (4) 215,000 — $400 Million Unsecured Senior Notes due 2024 4.45 % 4.10 % 3/15/2024 (5) 400,000 400,000 $200 Million Unsecured 2022 Term Loan Facility SOFR + 1.00% 6.20 % (3) 12/16/2024 (6) 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% 6.00 % (3) 6/30/2026 (7) 200,000 — $300 Million Unsecured Senior Notes due 2030 3.15 % 3.90 % 8/15/2030 300,000 300,000 $300 Million Unsecured Senior Notes due 2032 2.75 % 2.78 % 4/1/2032 300,000 300,000 Discounts and unamortized debt issuance costs (12,764) (13,319) Subtotal/Weighted Average (8) 4.54 % $ 1,852,236 $ 1,786,681 Total/Weighted Average (8) 4.49 % $ 2,049,236 $ 1,983,681 (1) All of Piedmont’s outstanding debt as of June 30, 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. The all-in interest rate associated with each SOFR interest period selection is comprised of the relevant adjusted SOFR rate (comprised of the relevant base SOFR interest rate plus a fixed adjustment of 0.10%) and 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 currently intends to repay the $400 million Unsecured Senior Notes due 2024 through debt refinancing, selective property dispositions, cash on hand from operations, and/or draws under its existing $600 million Unsecured 2022 Line of Credit. (6) Piedmont may extend the term for six (7) Piedmont may extend the term for up to one (8) Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of June 30, 2023.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023 and December 31, 2022, respectively, is as follows (in thousands): Interest rate swaps classified as: June 30, December 31, Gross derivative assets $ 5,693 $ 4,183 Gross derivative liabilities — — Net derivative asset $ 5,693 $ 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 and six months ended June 30, 2023 and 2022, respectively, is 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 recognized in OCI $ 4,107 $ 969 $ 3,022 $ 4,845 Amount of previously recorded gain/(loss) reclassified from OCI into interest expense $ 818 $ (554) $ 1,320 $ (1,259) Total amount of interest expense presented in the consolidated statements of operations $ (23,389) $ (13,775) $ (45,466) $ (27,673)

Fair Value Measurement of Fin_2

Fair Value Measurement of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022, respectively (in thousands): June 30, 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) $ 5,167 $ 5,167 Level 1 $ 16,536 $ 16,536 Level 1 Tenant receivables, net (1) $ 5,387 $ 5,387 Level 1 $ 4,762 $ 4,762 Level 1 Restricted cash and escrows (1) $ 5,055 $ 5,055 Level 1 $ 3,064 $ 3,064 Level 1 Interest rate swaps $ 5,693 $ 5,693 Level 2 $ 4,183 $ 4,183 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 14,116 $ 14,116 Level 1 $ 63,225 $ 63,225 Level 1 Debt, net $ 2,049,236 $ 1,868,492 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)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	A rollforward of Piedmont's equity based award activity for the six months ended June 30, 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 987,094 $ 9.60 Performance Stock Awards Granted 424,922 $ 12.37 Change in Estimated Potential Share Awards based on TSR Performance 121,141 $ 16.30 Performance Stock Awards Vested (90,064) $ 25.83 Deferred Stock Awards Vested (324,514) $ 15.00 Deferred Stock Awards Forfeited (196) $ 17.15 Unvested and Potential Stock Awards as of June 30, 2023 1,847,807 $ 12.70 The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2023 and 2022, 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 per share of Deferred Stock Granted During the Period $ 6.57 $ 14.62 $ 9.60 $ 16.54 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 793 $ 1,587 $ 4,866 $ 4,906 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 paid out during the six months ended June 30, 2022.
Schedule of Outstanding Employee Stock Awards	A detail of Piedmont’s outstanding stock awards and programs as of June 30, 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 212,739 $ 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. 58,052 February 18, 2021 2021-2023 Performance Share Program — $ 23.04 Shares awarded, if any, will vest immediately upon determination of award in 2024. 116,098 (3) February 10, 2022 Deferred Stock Award 172,523 $ 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. 113,741 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) February 13, 2023 Deferred Stock Award 398,024 $ 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. 331,939 February 23, 2023 2023-2025 Performance Share Program — $ 12.37 Shares awarded, if any, will vest immediately upon determination of award in 2026. 495,741 (3) February 23, 2023 Deferred Stock Award 418,725 $ 9.47 Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027 respectively. 417,298 May 10, 2023 Deferred Stock Award-Board of Directors 121,760 $ 6.57 Of the shares granted, 100% will vest on the earlier of the 2024 Annual Meeting or May 10, 2024. 121,760 Total 1,847,807 (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, 2023. (2) Reflects a special, one-time deferred stock award to Piedmont's Chief Executive Officer effective on July 1, 2019, the date of his promotion to the position, which vests in ratable installments over a five year period beginning July 1, 2020. (3) Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 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)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Certain Non-cash Investing and Financing Activities	Certain non-cash investing and financing activities for the six months ended June 30, 2023 and 2022 (in thousands) are outlined below: Six Months Ended June 30, June 30, Accrued capital expenditures and deferred lease costs $ 24,655 $ 23,809 Change in accrued dividends $ (25,358) $ (26,048) Change in accrued deferred financing costs $ (44) $ 59 The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the six months ended June 30, 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 $ 5,167 $ 6,397 Restricted cash and escrows, end of period 5,055 1,459 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period $ 10,222 $ 7,856

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Weighted-average common shares – basic 123,671 123,366 123,611 123,296 Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards — 313 — 321 Weighted-average common shares – diluted 123,671 123,679 123,611 123,617

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Atlanta $ 40,210 $ 29,264 $ 79,427 $ 58,532 Dallas 27,779 26,417 56,061 53,502 Orlando 15,464 14,476 30,877 28,382 Washington, D.C./Northern Virginia 14,880 15,766 29,779 31,372 Minneapolis 15,463 15,408 30,425 30,518 New York 13,249 14,061 26,734 27,936 Boston 10,516 14,696 20,766 30,061 Total reportable segments 137,561 130,088 274,069 260,303 Other 5,511 6,221 11,370 12,155 Total Revenues $ 143,072 $ 136,309 $ 285,439 $ 272,458 The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Atlanta $ 26,096 $ 18,172 $ 51,282 $ 36,727 Dallas 15,203 15,764 30,978 31,863 Orlando 9,286 8,842 18,551 17,341 Washington, D.C./Northern Virginia 8,993 10,092 17,973 20,139 Minneapolis 8,233 7,964 16,456 15,878 New York 7,351 8,187 14,722 15,943 Boston 6,458 9,803 12,791 20,275 Total reportable segments 81,620 78,824 162,753 158,166 Other 3,046 3,864 6,412 6,902 Total NOI $ 84,666 $ 82,688 $ 169,165 $ 165,068 A reconciliation of Net income/(loss) applicable to Piedmont to NOI is presented below (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net income/(loss) applicable to Piedmont $ (1,988) $ 7,966 $ (3,355) $ 67,930 Management fee revenue (1) (254) (203) (546) (565) Depreciation and amortization 57,808 53,852 115,636 107,619 General and administrative expenses 7,279 7,027 14,970 14,622 Interest expense 23,389 13,775 45,466 27,673 Other income (1,571) 273 (3,012) (1,536) Gain on sale of real estate assets — (1) — (50,674) Net income/(loss) applicable to noncontrolling interest 3 (1) 6 (1) NOI $ 84,666 $ 82,688 $ 169,165 $ 165,068 (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	Jun. 30, 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	86.20%
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Fixed payments	$ 112,238	$ 110,244	$ 224,798	$ 219,976
Variable payments	25,265	21,907	49,534	44,087
Total Rental and Tenant Reimbursement Revenue	$ 137,503	$ 132,151	$ 274,332	$ 264,063

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Right of use asset	$ 100		$ 100		$ 200
Lease liability	100		100		$ 200
Operating lease costs	$ 20,000	$ 40	$ 20,000	$ 40
Operating lease, remaining lease term	1 year		1 year
Discount rate	3.86%		3.86%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Debt Instruments [Line Items]
Interest paid	$ 21,600,000	$ 12,800,000	$ 45,100,000	$ 28,600,000
Interest costs capitalized	1,400,000	$ 1,100,000	$ 2,600,000	$ 2,100,000
Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.10%
$350 Million Unsecured Senior Notes due 2023 | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 350,000,000		$ 350,000,000
Effective interest rate (percent)	3.43%		3.43%
$600 Million Unsecured 2022 Line of Credit | Unsecured Debt | Line of Credit
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 600,000,000		$ 600,000,000
Effective interest rate (percent)	6%		6%
$600 Million Unsecured 2022 Line of Credit | Unsecured Debt | Line of Credit | Secured Overnight Financing Rate (SOFR)
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.85%
$215 Million Unsecured 2023 Term Loan | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 215,000,000		$ 215,000,000
Debt instrument, term			1 year
Extension period			1 year
Effective interest rate (percent)	6.20%		6.20%
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 | 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 | 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 | 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		$ 250,000,000
Effective interest rate (percent)	4.54%		4.54%
$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)	6 Months Ended
	Jun. 30, 2023 USD ($) extension	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	4.49%
Discounts and unamortized debt issuance costs	$ (12,764,000)	$ (13,319,000)
Total/Weighted Average	2,049,236,000	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)	4.54%
Discounts and unamortized debt issuance costs	$ (12,764,000)	(13,319,000)
Total/Weighted Average	$ 1,852,236,000	1,786,681,000
Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
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	$ 0	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)	6.20%
Amount outstanding, gross	$ 215,000,000	0
Extension period	1 year
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)	6.20%
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)	6%
Amount outstanding, gross	$ 200,000,000	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	6 Months Ended
	Jun. 30, 2023 USD ($) derivative_contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of swap agreements | derivative_contract	2
Maximum period of extension term	21 months
Decrease in interest expense over the next twelve months | $	$ 3.3

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details)	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 5,693	$ 4,183
Gross derivative liabilities	0	0
Net derivative asset	$ 5,693	$ 4,183

Derivative Instruments - Effect

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Amount of gain recognized in OCI	$ 4,107	$ 969	$ 3,022	$ 4,845
Total amount of interest expense presented in the consolidated statements of operations	(23,389)	(13,775)	(45,466)	(27,673)
Interest rate swaps
Derivative [Line Items]
Amount of gain recognized in OCI	4,107	969	3,022	4,845
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense	818	(554)	1,320	(1,259)
Total amount of interest expense presented in the consolidated statements of operations	$ (23,389)	$ (13,775)	$ (45,466)	$ (27,673)

Fair Value Measurement of Fin_3

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Interest rate swaps	$ 5,693	$ 4,183
Carrying Value
Assets:
Cash and cash equivalents	5,167	16,536
Restricted cash and escrows	5,055	3,064
Liabilities:
Accounts payable and accrued expenses	14,116	63,225
Debt, net	2,049,236	1,983,681
Carrying Value | Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	5,387	4,762
Carrying Value | Interest rate swaps
Assets:
Interest rate swaps	5,693	4,183
Estimated Fair Value | Level 1
Assets:
Cash and cash equivalents	5,167	16,536
Restricted cash and escrows	5,055	3,064
Liabilities:
Accounts payable and accrued expenses	14,116	63,225
Estimated Fair Value | Level 1 | Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	5,387	4,762
Estimated Fair Value | Level 2
Liabilities:
Debt, net	1,868,492	1,825,723
Estimated Fair Value | Interest rate swaps | Level 2
Assets:
Interest rate swaps	$ 5,693	$ 4,183

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 2.2	$ 2.1	$ 3.9	$ 4.9
Amortization of unvested shares			$ 3.9	$ 3.8
Total shares issued to employees, directors, and officers (in shares)			251,984
Unrecognized compensation cost related to nonvested	$ 16.3		$ 16.3
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested, weighted-average vesting period			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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Shares
Unvested and potential stock awards, end of period (in shares)	1,847,807		1,847,807
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)	1,847,807		1,847,807
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)	$ 12.70		$ 12.70
Deferred Stock Awards
Shares
Stock awards granted (in shares)			987,094
Stock awards vested (in shares)			(324,514)
Deferred stock awards forfeited (in shares)			(196)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 6.57	$ 14.62	$ 9.60	$ 16.54
Stock awards vested (in dollars per share)			15
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)			121,141
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)			16.30
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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)	$ 6.57	$ 14.62	$ 9.60	$ 16.54
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 793	$ 1,587	$ 4,866	$ 4,906
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	$ 0	$ 0	$ 5,481

Stock Based Compensation - Outs

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	May 10, 2023	Feb. 23, 2023	Feb. 13, 2023	Feb. 10, 2022	Feb. 17, 2021	Jul. 01, 2019	May 03, 2019	Jun. 30, 2023	Mar. 31, 2023	Feb. 17, 2022	Feb. 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)								1,847,807
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)					212,739
Grant date fair value (in dollars per share)					$ 17.15
Unvested shares (in shares)								58,052
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)				172,523
Grant date fair value (in dollars per share)				$ 16.85
Unvested shares (in shares)								113,741
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, Granted February 13, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			398,024
Grant date fair value (in dollars per share)			$ 10.55
Unvested shares (in shares)								331,939
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)		418,725
Grant date fair value (in dollars per share)		$ 9.47
Unvested shares (in shares)								417,298
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%
Deferred Stock Awards | Deferred Stock Award, Granted February 23, 2023 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 23, 2023 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 23, 2023 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award-Board of Directors, Granted May 10, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)									121,760
Grant date fair value (in dollars per share)									$ 6.57
Unvested shares (in shares)									121,760
Deferred Stock Awards | Deferred Stock Award-Board of Directors, Granted May 10, 2023 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100%
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)								116,098
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)								495,741
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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures and deferred lease costs	$ 24,655	$ 23,809
Change in accrued dividends	(25,358)	(26,048)
Change in accrued deferred financing costs	(44)	59
Cash and cash equivalents	5,167	6,397	$ 16,536	$ 7,419
Restricted cash and escrows	5,055	1,459	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	$ 10,222	$ 7,856	$ 19,600	$ 8,860

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	1,830,910	156,251	1,489,358	294,348
Weighted-average common shares – basic (in shares)	123,671,261	123,366,482	123,610,989	123,296,204
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards (in shares)	0	313,000	0	321,000
Weighted-average common shares – diluted (in shares)	123,671,261	123,678,553	123,610,989	123,617,272

Segment Information - Narrative

Segment Information - Narrative (Details)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 143,072	$ 136,309	$ 285,439	$ 272,458
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	137,561	130,088	274,069	260,303
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	5,511	6,221	11,370	12,155
Atlanta | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	40,210	29,264	79,427	58,532
Dallas | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	27,779	26,417	56,061	53,502
Orlando | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,464	14,476	30,877	28,382
Washington, D.C./Northern Virginia | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,880	15,766	29,779	31,372
Minneapolis | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	15,463	15,408	30,425	30,518
New York | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	13,249	14,061	26,734	27,936
Boston | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 10,516	$ 14,696	$ 20,766	$ 30,061

Segment Information - NOI by Ge

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 84,666	$ 82,688	$ 169,165	$ 165,068
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	81,620	78,824	162,753	158,166
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	3,046	3,864	6,412	6,902
Atlanta | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	26,096	18,172	51,282	36,727
Dallas | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	15,203	15,764	30,978	31,863
Orlando | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	9,286	8,842	18,551	17,341
Washington, D.C./Northern Virginia | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	8,993	10,092	17,973	20,139
Minneapolis | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	8,233	7,964	16,456	15,878
New York | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	7,351	8,187	14,722	15,943
Boston | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NOI	$ 6,458	$ 9,803	$ 12,791	$ 20,275

Segment Information - Reconcili

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Net income/(loss) applicable to Piedmont	$ (1,988)	$ 7,966	$ (3,355)	$ 67,930
Management fee revenue	(254)	(203)	(546)	(565)
Depreciation and amortization	57,808	53,852	115,636	107,619
General and administrative expenses	7,279	7,027	14,970	14,622
Interest expense	23,389	13,775	45,466	27,673
Other income	(1,571)	273	(3,012)	(1,536)
Gain on sale of real estate assets	0	(1)	0	(50,674)
Net income/(loss) applicable to noncontrolling interest	3	(1)	6	(1)
NOI	$ 84,666	$ 82,688	$ 169,165	$ 165,068