Piedmont Office Realty Trust (PDM) 10-Q 24 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34626
Entity Registrant Name	Piedmont Office Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	58-2328421
Entity Address, Address Line One	5565 Glenridge Connector Ste. 450
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	770
Local Phone Number	418-8800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PDM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,999,948
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate assets, at cost:
Land	$ 552,744	$ 559,384
Buildings and improvements, less accumulated depreciation of $1,116,169 and $1,039,136 as of September 30, 2024 and December 31, 2023, respectively	2,699,779	2,749,113
Intangible lease assets, less accumulated amortization of $80,620 and $88,066 as of September 30, 2024 and December 31, 2023, respectively	65,385	82,588
Construction in progress	143,966	85,239
Real estate assets held for sale, net	0	36,203
Total real estate assets	3,461,874	3,512,527
Cash and cash equivalents	133,624	825
Tenant receivables	6,963	7,915
Straight-line rent receivables	189,904	182,856
Restricted cash and escrows	3,343	3,381
Prepaid expenses and other assets	26,455	27,559
Goodwill	53,491	53,491
Interest rate swaps	992	3,032
Deferred lease costs, less accumulated amortization of $206,814 and $223,248 as of September 30, 2024 and December 31, 2023, respectively	261,571	262,283
Other assets held for sale, net	0	3,213
Total assets	4,138,217	4,057,082
Liabilities:
Unsecured debt, net of unamortized discount and debt issuance costs of $21,393 and $15,437 as of September 30, 2024 and December 31, 2023, respectively	2,028,607	1,858,717
Secured debt	193,300	195,879
Accounts payable, accrued expenses and accrued capital expenditures	150,648	131,516
Dividends payable	0	15,143
Deferred income	99,294	89,930
Intangible lease liabilities, less accumulated amortization of $33,322 and $35,811 as of September 30, 2024 and December 31, 2023, respectively	35,165	42,925
Interest rate swaps	1,035	0
Total liabilities	2,508,049	2,334,110
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of September 30, 2024 or December 31, 2023	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of September 30, 2024 or December 31, 2023	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,999,948 and 123,715,298 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,240	1,237
Additional paid-in capital	3,721,423	3,716,742
Cumulative distributions in excess of earnings	(2,082,716)	(1,987,147)
Accumulated other comprehensive loss	(11,314)	(9,418)
Piedmont stockholders’ equity	1,628,633	1,721,414
Noncontrolling interest	1,535	1,558
Total stockholders’ equity	1,630,168	1,722,972
Total liabilities and stockholders’ equity	$ 4,138,217	$ 4,057,082

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Buildings and improvements, accumulated depreciation	$ 1,116,169	$ 1,039,136
Intangible lease assets, accumulated amortization	80,620	88,066
Deferred lease costs, accumulated amortization	206,814	223,248
Liabilities:
Unamortized discounts and debt issuance costs	21,393	15,437
Intangible lease liabilities, accumulated amortization	$ 33,322	$ 35,811
Stockholders’ Equity:
Shares-in-trust, shares authorized (in shares)	150,000,000	150,000,000
Shares-in-trust, shares outstanding (in shares)	0	0
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	123,999,948	123,715,298
Common stock, shares outstanding (in shares)	123,999,948	123,715,298

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental and tenant reimbursement revenue	$ 132,832	$ 141,534	$ 408,583	$ 415,866
Total revenues	139,293	146,986	427,093	432,425
Expenses:
Property operating costs	57,510	59,847	175,519	176,006
Depreciation	39,000	38,150	116,683	110,422
Amortization	17,067	20,160	53,284	63,524
Impairment charges	0	10,957	18,432	10,957
General and administrative	6,809	7,043	22,773	22,013
Expenses	120,386	136,157	386,691	382,922
Other income (expense):
Interest expense	(32,072)	(27,361)	(91,355)	(72,827)
Other income	2,091	351	2,697	3,794
Loss on early extinguishment of debt	0	(820)	(386)	(820)
Loss on sale of real estate assets	(445)	0	(445)	0
Other income (expense):	(30,426)	(27,830)	(89,489)	(69,853)
Net loss	(11,519)	(17,001)	(49,087)	(20,350)
Net income applicable to noncontrolling interest	0	(1)	(4)	(7)
Net loss applicable to Piedmont	$ (11,519)	$ (17,002)	$ (49,091)	$ (20,357)
Per share information – basic and diluted:
Net loss applicable to common stockholders - basic (in dollars per share)	$ (0.09)	$ (0.14)	$ (0.40)	$ (0.16)
Net loss applicable to common stockholders - diluted (in dollars per share)	$ (0.09)	$ (0.14)	$ (0.40)	$ (0.16)
Weighted-average common shares outstanding – basic (in shares)	123,999,948	123,696,475	123,917,991	123,639,797
Weighted-average common shares outstanding – diluted (in shares)	123,999,948	123,696,475	123,917,991	123,639,797
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 896	$ 396	$ 1,535	$ 1,340
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 5,565	$ 5,056	$ 16,975	$ 15,219

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss applicable to Piedmont	$ (11,519)	$ (17,002)	$ (49,091)	$ (20,357)
Other comprehensive income/(loss):
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	(2,091)	1,248	1,168	4,270
Minus: Reclassification of net gain included in net loss (See Note 4)	(1,043)	(989)	(3,064)	(2,309)
Other comprehensive income/(loss)	(3,134)	259	(1,896)	1,961
Comprehensive loss applicable to Piedmont	$ (14,653)	$ (16,743)	$ (50,987)	$ (18,396)

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, 2022		123,440,000
Beginning balance at Dec. 31, 2022	$ 1,849,255	$ 1,234	$ 3,711,005	$ (1,855,893)	$ (8,679)	$ 1,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(67,428)			(67,402)		(26)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		256,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	3,627	$ 3	3,624
Net income applicable to noncontrolling interest	7					7
Net loss applicable to Piedmont	(20,357)			(20,357)
Other comprehensive income (loss)	1,961				1,961
Ending balance (in shares) at Sep. 30, 2023		123,696,000
Ending balance at Sep. 30, 2023	1,767,065	$ 1,237	3,714,629	(1,943,652)	(6,718)	1,569
Beginning balance (in shares) at Jun. 30, 2023		123,692,000
Beginning balance at Jun. 30, 2023	1,797,334	$ 1,237	3,712,688	(1,911,188)	(6,977)	1,574
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(15,468)			(15,462)		(6)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		4,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	1,941		1,941
Net income applicable to noncontrolling interest	1					1
Net loss applicable to Piedmont	(17,002)			(17,002)
Other comprehensive income (loss)	259				259
Ending balance (in shares) at Sep. 30, 2023		123,696,000
Ending balance at Sep. 30, 2023	$ 1,767,065	$ 1,237	3,714,629	(1,943,652)	(6,718)	1,569
Beginning balance (in shares) at Dec. 31, 2023	123,715,298	123,715,000
Beginning balance at Dec. 31, 2023	$ 1,722,972	$ 1,237	3,716,742	(1,987,147)	(9,418)	1,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of issuance of common stock	(89)		(89)
Dividends to common stockholders and stockholders of subsidiaries	(46,505)			(46,478)		(27)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		285,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	4,773	$ 3	4,770
Net income applicable to noncontrolling interest	4					4
Net loss applicable to Piedmont	(49,091)			(49,091)
Other comprehensive income (loss)	$ (1,896)				(1,896)
Ending balance (in shares) at Sep. 30, 2024	123,999,948	124,000,000
Ending balance at Sep. 30, 2024	$ 1,630,168	$ 1,240	3,721,423	(2,082,716)	(11,314)	1,535
Beginning balance (in shares) at Jun. 30, 2024		123,995,000
Beginning balance at Jun. 30, 2024	1,658,324	$ 1,240	3,719,419	(2,055,697)	(8,180)	1,542
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends to common stockholders and stockholders of subsidiaries	(15,507)			(15,500)		(7)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		5,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	2,004		2,004
Net income applicable to noncontrolling interest	0
Net loss applicable to Piedmont	(11,519)			(11,519)
Other comprehensive income (loss)	$ (3,134)				(3,134)
Ending balance (in shares) at Sep. 30, 2024	123,999,948	124,000,000
Ending balance at Sep. 30, 2024	$ 1,630,168	$ 1,240	$ 3,721,423	$ (2,082,716)	$ (11,314)	$ 1,535

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.125	$ 0.125	$ 0.375	$ 0.545

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (49,087)	$ (20,350)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	116,683	110,422
Amortization of debt issuance costs inclusive of settled interest rate swaps	4,858	4,263
Other amortization	49,006	55,897
Impairment charges	18,432	10,957
Loss on early extinguishment of debt	386	287
Reversal of general reserve for uncollectible accounts	0	(1,000)
Stock compensation expense	6,267	6,029
Loss on sale of real estate assets	445	0
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(9,385)	(13,015)
Decrease/(increase) in prepaid expenses and other assets	894	(8,789)
Increase in accounts payable and accrued expenses	1,621	16,606
Decrease in deferred income	(7,049)	(776)
Net cash provided by operating activities	133,071	160,531
Cash Flows from Investing Activities:
Capitalized expenditures	(139,986)	(113,392)
Net sales proceeds from wholly-owned properties	74,892	0
Deferred lease costs paid	(35,466)	(23,603)
Net cash used in investing activities	(100,560)	(136,995)
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(2,225)	(1,720)
Proceeds from debt	918,972	1,112,203
Repayments of debt	(753,733)	(1,048,125)
Costs of issuance of common stock	(89)	0
Value of shares withheld for payment of taxes related to employee stock compensation	(1,027)	(1,681)
Dividends paid	(61,648)	(92,786)
Net cash provided by/(used in) financing activities	100,250	(32,109)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	132,761	(8,573)
Cash, cash equivalents, and restricted cash and escrows, beginning of period	4,206	19,600
Cash, cash equivalents, and restricted cash and escrows, end of period	$ 136,967	$ 11,027

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Piedmont Office Realty Trust, Inc. (“Piedmont”) (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes and engages in the ownership, management, development, redevelopment, and operation of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. As of September 30, 2024, Piedmont owned and operated a portfolio comprised of 30 in-service projects and three redevelopment projects. The in-service office projects total approximately 15.3 million square feet (unaudited) of primarily Class A office space and were 88.8% leased as of September 30, 2024.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, 2023. All intercompany balances and transactions have been eliminated upon consolidation. Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity. Consequently, the assets of these special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates include the underlying cash flows and holding periods used in assessing impairment, judgments regarding the recoverability of goodwill, and the assessment of the collectability of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially differ from those estimates. Income Taxes Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements. Operating Leases Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023, respectively, as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Fixed payments $ 109,393 $ 115,250 $ 334,287 $ 340,048 Variable payments 23,439 26,284 74,296 75,818 Total Rental and Tenant Reimbursement Revenue $ 132,832 $ 141,534 $ 408,583 $ 415,866 Piedmont is a lessee of office space in one building owned by a third party. Piedmont's right of use asset and corresponding lease liability under the lease was approximately $15,000 and $100,000 as of September 30, 2024 and December 31, 2023, respectively. The right of use asset is recorded as a component of prepaid expenses and other assets, whereas the corresponding liability is presented as a component of accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. For both the three and nine months ended September 30, 2024 and 2023, Piedmont recognized approximately $20,000 and $60,000, respectively, of operating lease costs related to its office space lease. As of September 30, 2024, the remaining lease term of Piedmont's right of use asset is approximately 2 months, and the discount rate is 3.86%. Recent Accounting Pronouncements Segment Expense Disclosure The Financial Accounting Standards Board (the "FASB") has issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures ("ASU 2023-07). ASU 2023-07 requires expanded disclosure of significant segment expenses which are regularly provided to the chief operating decision maker ("CODM"); all entities that have a single reportable segment must provide existing segment disclosures; disclosure of the title and position of the CODM; and entities must disclose the amounts and a qualitative description of "other segment items", representing the difference between segment revenue less segment expenses reported in segment profit or loss. ASU 2023-07 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2024, and subsequent interim periods thereafter. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2023-07. Income Tax Disclosure The FASB has issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09). ASU 2023-09 requires expanded disclosure of tax information, including a rate reconciliation and the amounts of annual income taxes paid (net of refunds received), segregated by federal, state, and local jurisdictions. The amendments of ASU 2023-09 also require disclosure of income from continuing operations before income tax separated by domestic and foreign income, and eliminate the requirement to disclose the nature and estimates of the range of reasonable possible changes to unrecognized tax benefits within the following twelve months of the reporting period end. ASU 2023-09 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2025. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2023-09.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt During the nine months ended September 30, 2024, Piedmont OP issued $400 million in aggregate principal amount of 6.875% senior notes (the “$400 Million Unsecured Senior Notes”), which mature on July 15, 2029. Upon issuance of the $400 Million Unsecured Senior Notes, Piedmont OP received net proceeds of $396 million, reflecting a discount of approximately $4 million which will be amortized to interest expense over the 5-year term of the $400 Million Unsecured Senior Notes using the effective interest method. The $400 Million Unsecured Senior Notes are fully and unconditionally guaranteed by Piedmont. Interest on the $400 Million Unsecured Senior Notes is payable semi-annually on January 15 and July 15 of each year commencing January 15, 2025, and is subject to adjustment if the credit rating on the $400 Million Unsecured Notes falls below investment grade, as defined in the credit agreement. The $400 Million Unsecured Senior Notes are subject to certain typical covenants that, subject to certain exceptions, include (a) a limitation on the ability of Piedmont and Piedmont OP to, among other things, incur additional secured and unsecured indebtedness; (b) a limitation on the ability of Piedmont and Piedmont OP to merge, consolidate, sell, lease or otherwise dispose of their properties and assets substantially as an entirety; and (c) a requirement that Piedmont maintain a pool of unencumbered assets. The net proceeds from the $400 Million Unsecured Senior Notes were used to repay the balance outstanding under Piedmont's $600 Million Unsecured 2022 Line of Credit and the remaining $25 million outstanding on its $215 Million Unsecured 2023 Term Loan (see discussion below). Piedmont intends to use the remaining proceeds from the $400 Million Unsecured Senior Notes, along with any sales proceeds from any potential property dispositions and Piedmont's available bank credit, to repay the $250 Million Unsecured 2018 Term Loan that matures in March of 2025. Also, during the nine months ended September 30, 2024, Piedmont OP entered into a new $200 Million Unsecured 2024 Term Loan and used the net proceeds, along with its $600 Million Unsecured 2022 Line of Credit, to repay the remaining $100 million balance on the $200 Million Unsecured 2022 Term Loan Facility and $190 million of the $215 Million Unsecured 2023 Term Loan, resulting in a loss on early extinguishment of debt of approximately $0.4 million related to unamortized financing costs. The remaining $25 million of the $215 Million Unsecured 2023 Term Loan was extended and ultimately paid off with the proceeds of the aforementioned $400 Million Unsecured Senior Notes. The term of the $200 Million Unsecured 2024 Term Loan is three years, with a maturity date of January 29, 2027. Piedmont may prepay the loan in whole or in part, at any time without premium or penalty. The stated interest rate spread over Adjusted SOFR can vary from 0.85% to 1.70% based upon the then current credit rating of Piedmont or Piedmont OP, whichever is higher. During any period that either Piedmont or Piedmont OP has received credit ratings from two different credit rating agencies that are not equivalent, the credit rating shall be determined as the higher of the two credit ratings. As of September 30, 2024, the applicable interest rate spread on the loan was 1.30%, and the effective rate was 5.41%. The $200 Million Unsecured 2024 Term Loan has certain financial covenants that require, among other things, the maintenance of an unencumbered interest rate coverage ratio of at least 1.75, an unencumbered leverage ratio of at least 1.60, a fixed charge coverage ratio of at least 1.50, a leverage ratio of no more than 0.60, and a secured debt ratio of no more than 0.40. Finally, during the nine months ended September 30, 2024, Piedmont repaid the remaining $50.2 million balance of the $400 Million Unsecured Senior Notes due 2024 with proceeds from the disposition of the One Lincoln Park building (see Note 8 below). The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of September 30, 2024 and December 31, 2023 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of September 30, 2024 December 31, 2023 Secured (Fixed) $197 Million Fixed Rate Mortgage 4.10 % 4.10 % 10/1/2028 $ 193,300 $ 195,879 Subtotal 193,300 195,879 Unsecured (Variable and Fixed) $400 Million Unsecured Senior Notes due 2024 4.45 % 4.10 % 3/15/2024 — 50,154 $200 Million Unsecured 2022 Term Loan Facility SOFR + 1.25% (3) 6.70 % 12/16/2024 — 100,000 $215 Million Unsecured 2023 Term Loan SOFR + 1.30% (3) 6.71 % 1/31/2025 — 215,000 $250 Million Unsecured 2018 Term Loan SOFR + 1.20% (3) 4.79 % 3/31/2025 (4) 250,000 250,000 $600 Million Unsecured 2022 Line of Credit SOFR + 1.04% (3) 5.97 % (5) 6/30/2026 (6) — 59,000 $200 Million Unsecured 2024 Term Loan SOFR + 1.30% (3) 5.41 % (7) 1/29/2027 200,000 — $600 Million Unsecured Senior Notes due 2028 9.25 % 9.25 % 7/20/2028 600,000 600,000 $400 Million Unsecured Senior Notes due 2029 6.88 % 7.11 % 7/15/2029 400,000 — $300 Million Unsecured Senior Notes due 2030 3.15 % 3.90 % 8/15/2030 300,000 300,000 $300 Million Unsecured Senior Notes due 2032 2.75 % 2.78 % 4/1/2032 300,000 300,000 Unamortized discounts and debt issuance costs (21,393) (15,437) Subtotal/Weighted Average 6.19 % $ 2,028,607 $ 1,858,717 Total/Weighted Average 6.01 % $ 2,221,907 $ 2,054,596 (1) All of Piedmont’s outstanding debt as of September 30, 2024 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street. (2) Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts. (3) The all-in stated interest rates for the SOFR selections are comprised of the relevant adjusted SOFR rate (calculated as the base SOFR interest rate plus a fixed adjustment of 0.10%) and is subject to an additional spread over the selected rate based on Piedmont’s or Piedmont OP's current credit rating, whichever is higher. (4) Piedmont currently intends to repay the outstanding balance on debt due within one year with cash on hand and proceeds from potential selective property dispositions, and/or with Piedmont's available bank credit. (5) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal. (6) Piedmont may extend the term for up to one (7) This term loan has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix the interest rate on the aggregate principal amount of the term loan to 5.41% through February 1, 2026, assuming no change in Piedmont's or Piedmont OP's credit rating. See Note 4 for disclosures of Piedmont's derivative instruments. Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $42.5 million and $24.9 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $105.2 million and $70.0 million for the nine months ended September 30, 2024 and 2023, respectively. Also, Piedmont capitalized interest of approximately $3.4 million and $1.9 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $9.2 million and $4.5 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, Piedmont believes it was in compliance with all financial covenants associated with its debt instruments. See Note 5 for a description of Piedmont’s estimated fair value of debt as of September 30, 2024.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024, Piedmont entered into four interest rate swap agreements to fully hedge the risk of changes in the interest-related cash flows associated with the $200 Million Unsecured 2024 Term Loan (see Note 3 above) through February 1, 2026. All of Piedmont's interest rate swap agreements are designated as effective cash flow hedges and are designated using SOFR. The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 16 months. A detail of Piedmont’s interest rate derivatives outstanding as of September 30, 2024 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 Interest rate swaps 2 $200 Million Unsecured 2024 Term Loan 80 2/1/2024 2/1/2026 Interest rate swaps 2 $200 Million Unsecured 2024 Term Loan 120 9/3/2024 2/1/2026 Total $ 450 Piedmont presents its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of Piedmont’s interest rate derivatives on a gross and net basis as of September 30, 2024 and December 31, 2023, respectively, is as follows (in thousands): Interest rate swaps classified as: September 30, December 31, Gross derivative assets $ 992 $ 3,032 Gross derivative liabilities (1,035) — Net derivative asset/(liability) $ (43) $ 3,032 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 nine months ended September 30, 2024 and 2023, respectively, is as follows (in thousands): Three Months Ended Nine Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships September 30, September 30, September 30, September 30, Amount of gain/(loss) recognized in OCI $ (2,091) $ 1,248 $ 1,168 $ 4,270 Amount of previously recorded gain reclassified from OCI into interest expense $ 1,043 $ 989 $ 3,064 $ 2,309 Total amount of interest expense presented in the consolidated statements of operations $ (32,072) $ (27,361) $ (91,355) $ (72,827) Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations $ — $ (820) $ (386) $ (820) Piedmont estimates that approximately $1.3 million will be reclassified from OCI as an increase in interest expense over the next twelve months. Additionally, see Note 5 for fair value disclosures of Piedmont's derivative instruments. Credit-risk-related Contingent Features Piedmont has agreements with its derivative counterparties that contain a provision whereby if Piedmont defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Piedmont could also be declared in default on its derivative obligations. If Piedmont were to breach any of the contractual provisions of the derivative contracts, it could be required to settle its liability obligations under the agreements at their termination value of the estimated fair values plus accrued interest, or approximately $0.6 million as of September 30, 2024. Add itionally, 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	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, respectively (in thousands): September 30, 2024 December 31, 2023 Financial Instrument Carrying Value Estimated Level Within Fair Value Hierarchy Carrying Value Estimated Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 133,624 $ 133,624 Level 1 $ 825 $ 825 Level 1 Tenant receivables, net (1) $ 6,963 $ 6,963 Level 1 $ 7,915 $ 7,915 Level 1 Restricted cash and escrows (1) $ 3,343 $ 3,343 Level 1 $ 3,381 $ 3,381 Level 1 Interest rate swaps $ 992 $ 992 Level 2 $ 3,032 $ 3,032 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 17,081 $ 17,081 Level 1 $ 49,706 $ 49,706 Level 1 Interest rate swaps $ 1,035 $ 1,035 Level 2 $ — $ — Level 2 Debt, net $ 2,221,907 $ 2,252,917 Level 2 $ 2,054,596 $ 1,953,447 Level 2 (1) For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity. Piedmont's debt was carried at book value as of September 30, 2024 and December 31, 2023; however, Piedmont's estimate of its fair value is disclosed in the table above. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the debt facilities, including the period to maturity of each instrument, and uses observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's outstanding debt. Piedmont has not changed its valuation technique for estimating the fair value of its debt. Piedmont’s interest rate swap agreements presented above, and as further discussed in Note 4 are classified as “Interest rate swaps” in the accompanying consolidated balance sheets and were carried at estimated fair value as of September 30, 2024 and December 31, 2023. The valuation of these derivative instruments was determined using widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the derivatives, including the period to maturity of each instrument, and uses observable market-based inputs, including interest rate curves and implied volatilities. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). In addition, Piedmont considered both its own and the respective counterparties’ risk of nonperformance in determining the estimated fair value of its derivative financial instruments by estimating the current and potential future exposure under the derivative financial instruments as of the valuation date. The credit risk of Piedmont and its counterparties was factored into the calculation of the estimated fair value of the interest rate swaps; however, as of September 30, 2024 and December 31, 2023, this credit valuation adjustment did not comprise a material portion of the estimated fair value. Therefore, Piedmont believes that any unobservable inputs used to determine the estimated fair values of its derivative financial instruments are not significant to the fair value measurements in their entirety, and does not consider any of its derivatives to be Level 3 financial instruments.

Impairment Charges

Impairment Charges	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Charges	Impairment Charges During the nine months ended September 30, 2024, management shortened the intended hold period for the 750 West John Carpenter Freeway building located in Irving, Texas and in doing so, determined that the carrying value would not be recovered from the undiscounted future operating cash flows associated with the asset and its eventual disposition. As a result, Piedmont recognized an impairment charge of approximately $17.5 million calculated based on the difference between the carrying value of the asset and the estimated fair value. The estimated fair value was determined based on a negotiated potential selling price with an unrelated, third-party. On July 23, 2024, Piedmont completed the sale of the 750 West John Carpenter Freeway building (see Note 8 for further details). Additionally during the nine months ended September 30, 2024, Piedmont recognized an impairment charge of approximately $0.9 million in conjunction with the sale of One Lincoln Park located in Dallas, Texas. The offer to purchase, contractual negotiations, due diligence, and completion of the sale all occurred during the nine months ended September 30, 2024 (see Note 8 for further details). During the nine months ended September 30, 2023, Piedmont considered the decline in its stock price to be an indicator of impairment and performed an interim impairment assessment of its goodwill balance. This assessment involved comparing the estimated fair value of each of its reporting units (see Note 12 ) to the reporting unit’s carrying value, inclusive of the goodwill balance allocated to the reporting unit. Based on its analysis, Piedmont determined that the only reporting unit where the carrying value exceeded the estimated fair value (inclusive of the assigned goodwill balance) as of September 30, 2023 was the Minneapolis reporting unit. Consequently, Piedmont recorded an approximately $11.0 million goodwill impairment charge equal to the goodwill balance that had been assigned to the Minneapolis reporting unit in the accompanying consolidated statement of operations. The fair value measurements used in the evaluation described above were considered to be Level 3 valuations within the fair value hierarchy as defined by GAAP as the measurements involve projections of discounted future cash flows, which are derived from unobservable assumptions, the most subjective of which are capitalization rates and discount rates for each respective reporting unit. The range of discount rates and the capitalization rates used in the analysis for the Minneapolis reporting unit were 8.50% to 9.25% and 8.50% to 9.00%, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Under Existing Lease Agreements As a recurring part of its business, Piedmont is typically required under its executed lease agreements to fund tenant improvements, leasing commissions, and building improvements. In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for capital improvements or other financial obligations. As of September 30, 2024, Piedmont had two individually significant tenant allowance commitments greater than $10 million. These commitments will be capitalized as the related expenditures are incurred. Contingencies Related to Tenant Audits/Disputes Certain lease agreements include provisions that grant tenants the right to engage independent auditors to audit their annual operating expense reconciliations. Such audits may result in different interpretations of language in the lease agreements from that made by Piedmont, whic

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions The following properties were sold during the nine months ended September 30, 2024 (in thousands): Buildings Sold Location / Reportable Segment Date of Sale Loss on Sale of Real Estate Assets Net Sales Proceeds One Lincoln Park Dallas, Texas / Dallas March 20, 2024 $ — $ 53,308 750 West John Carpenter Freeway Irving, Texas / Dallas July 23, 2024 (445) 21,584 Total $ (445) $ 74,892 The 750 West John Carpenter Freeway building met the criteria to be presented in the accompanying consolidated balance sheet as held for sale assets as of December 31, 2023. Details of such amounts as of December 31, 2023 are as follows (in thousands): December 31, 2023 Real estate assets held for sale, net: Land $ 7,860 Building and improvements, less accumulated depreciation of $7,376 as of December 31, 2023 27,616 Construction in progress 727 Total real estate assets held for sale, net $ 36,203 Other assets held for sale, net: Straight-line rent receivables $ 983 Prepaid expenses and other assets 908 Deferred lease costs, less accumulated amortization of $666 as of December 31, 2023 1,322 Total other assets held for sale, net $ 3,213

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation On an annual basis, the Compensation Committee of Piedmont's Board of Directors has granted deferred stock award units to certain employees at its discretion. Employee awards typically vest ratably over three Certain management employees' long-term equity incentive program is allocated between the deferred stock award units described above and a multi-year performance share program whereby actual awards are contingent upon Piedmont's total stockholder return ("TSR") performance relative to the TSR of a peer group of office REITs. The target incentives for these employees, as well as the peer group to be used for comparative purposes, are predetermined by the board of directors, based on advice given by a third-party compensation consultant. The number of shares earned, if any, are determined at the end of the multi-year performance period (or upon termination) and vest immediately. In the event that a participant's employment is terminated prior to the end of the multi-year period, in certain circumstances the participant may be entitled to a pro-rated award based on Piedmont's TSR relative performance as of the termination date. The grant date fair value of the multi-year performance share awards is estimated using the Monte Carlo valuation method and is recognized ratably over the performance period. A roll forward of Piedmont's equity based award activity for the nine months ended September 30, 2024 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2023 1,094,297 $ 11.35 Deferred Stock Awards Granted 644,002 $ 6.60 Performance Stock Awards Granted 641,985 $ 7.64 Change in Estimated Potential Share Awards based on TSR Performance 1,419,180 $ 10.59 Performance Stock Awards Vested (5,734) $ 15.40 Deferred Stock Awards Vested (436,931) $ 10.98 Deferred Stock Awards Forfeited (17,665) $ 11.06 Unvested and Potential Stock Awards as of September 30, 2024 3,339,134 $ 9.44 The following table provides additional information regarding stock award activity during the three and nine months ended September 30, 2024 and 2023, respectively (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period $ — $ — $ 6.60 $ 9.60 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 200 $ 200 $ 4,801 $ 5,066 A detail of Piedmont’s outstanding stock awards and programs as of September 30, 2024 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Vesting Schedule Unvested Shares February 10, 2022 Deferred Stock Award 145,674 $ 16.85 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively. 52,131 February 17, 2022 2022-2024 Performance Share Program — $ 17.77 Shares awarded, if any, will vest immediately upon determination of award in 2025. 182,905 (2) February 13, 2023 Deferred Stock Award 347,945 $ 10.55 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively. 205,841 February 23, 2023 2023-2025 Performance Share Program — $ 12.37 Shares awarded, if any, will vest immediately upon determination of award in 2026. 679,692 (2) February 23, 2023 Deferred Stock Award 372,394 $ 9.47 Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027, respectively. 290,593 February 20, 2024 Deferred Stock Award 557,674 $ 6.55 Of the shares granted, 25% will vest on February 20, 2025, 2026, 2027, and 2028, respectively. 557,674 February 20, 2024 2024-2026 Performance Share Program — $ 7.64 Shares awarded, if any, will vest immediately upon determination of award in 2027. 1,283,970 (2) May 7, 2024 Deferred Stock Award-Board of Directors 86,328 $ 6.95 Of the shares granted, 100% will vest on the earlier of the 2025 Annual Meeting or May 7, 2025. 86,328 Total 3,339,134 (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 September 30, 2024. (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through September 30, 2024. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs. During the three months ended September 30, 2024 and 2023, Piedmont recognized approximately $2.2 million and $2.1 million, respectively, of compensation expense related to the amortization of unvested and potential stock awards. During the nine months ended September 30, 2024 and 2023, Piedmont recognized approximately $6.3 million and $6.0 million, respectively, of compensation expense related to the amortization of unvested and potential stock awards. During the nine months ended September 30, 2024, 284,650 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of September 30, 2024, approximately $14.1 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately 1.5 years.

Supplemental Disclosures for th

Supplemental Disclosures for the Statement of Consolidated Cash Flows	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023 (in thousands) are outlined below: Nine Months Ended September 30, September 30, Tenant improvements funded by tenants $ 16,896 $ 30,790 Accrued capital expenditures and deferred lease costs $ 42,434 $ 17,458 Change in accrued dividends $ (15,143) $ (25,358) Change in accrued deferred financing costs $ (232) $ (32) 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 nine months ended September 30, 2024 and 2023, to the consolidated balance sheets for the respective period (in thousands): 2024 2023 Cash and cash equivalents, beginning of period $ 825 $ 16,536 Restricted cash and escrows, beginning of period 3,381 3,064 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period $ 4,206 $ 19,600 Cash and cash equivalents, end of period $ 133,624 $ 5,044 Restricted cash and escrows, end of period 3,343 5,983 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period $ 136,967 $ 11,027 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	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareAs Piedmont recognized a net loss for both the three and nine months ended September 30, 2024 and 2023, earnings per share is computed using basic weighted-average common shares outstanding.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Piedmont's President and Chief Executive Officer has been identified as Piedmont's CODM, as defined by GAAP. The CODM evaluates Piedmont's portfolio and assesses the ongoing operations and performance of its projects utilizing the following geographic segments: Atlanta, Dallas, Orlando, Northern Virginia/Washington, D.C., Minneapolis, New York, and Boston. These operating segments are also Piedmont’s reportable segments. As of September 30, 2024, Piedmont also owned two properties in Houston that do not meet the definition of an operating or reportable segment as the CODM does not regularly review these properties for purposes of allocating resources or assessing performance. Further, Piedmont does not maintain a significant presence nor anticipate further investment in this market. These two properties are the primary contributors to accrual-based net operating income ("NOI") included in "Other" below. During the periods presented, there have been no material inter segment transactions. The accounting policies of the reportable segments are the same as Piedmont's accounting policies. Accrual-based net operating income ("NOI") by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating costs from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. Piedmont's calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance. The following table presents accrual-based lease revenue and other property related income included in NOI by geographic reportable segment (in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Atlanta $ 41,491 $ 40,433 $ 126,601 $ 119,860 Dallas 26,135 28,619 81,658 84,680 Orlando 14,302 15,234 44,657 46,112 Northern Virginia/Washington, D.C. 14,313 15,251 45,036 45,029 Minneapolis 11,532 16,700 37,173 47,125 New York 14,040 13,940 41,350 40,674 Boston 11,607 10,875 34,045 31,642 Total reportable segments 133,420 141,052 410,520 415,122 Other 5,873 5,934 16,573 17,303 Total Revenues $ 139,293 $ 146,986 $ 427,093 $ 432,425 The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Atlanta $ 27,661 $ 25,965 $ 81,563 $ 77,247 Dallas 15,366 16,334 47,411 47,313 Orlando 7,456 8,895 24,525 27,446 Northern Virginia/Washington, D.C. 8,021 9,183 26,700 27,156 Minneapolis 5,149 9,166 17,661 25,622 New York 7,433 7,565 22,427 22,286 Boston 7,024 6,422 21,352 19,213 Total reportable segments 78,110 83,530 241,639 246,283 Other 3,067 3,544 9,294 9,956 Total NOI $ 81,177 $ 87,074 $ 250,933 $ 256,239 A reconciliation of Net loss applicable to Piedmont to NOI is presented below (in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net loss applicable to Piedmont $ (11,519) $ (17,002) $ (49,091) $ (20,357) Management fee revenue (1) (714) (210) (965) (756) Depreciation and amortization 56,067 58,311 169,968 173,946 Impairment charges — 10,957 18,432 10,957 General and administrative expenses 6,809 7,043 22,773 22,013 Interest expense 32,072 27,361 91,355 72,827 Other income (1,983) (207) (2,374) (3,218) Loss on early extinguishment of debt — 820 386 820 Loss on sale of real estate assets 445 — 445 — Net income applicable to noncontrolling interest — 1 4 7 Total NOI $ 81,177 $ 87,074 $ 250,933 $ 256,239 (1) Presented net of related operating expenses incurred to earn such management fee revenue. Such operating expenses are a component of property operating costs in the accompanying consolidated statements of operations.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Fourth Quarter Dividend Declaration On October 23, 2024, the board of directors of Piedmont declared a dividend for the fourth quarter of 2024 in the amount of $0.125 per common share outstanding to stockholders of record as of the close of business on November 22, 2024. Such dividend will be paid on January 2, 2025.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Piedmont are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year’s results.
Principles of Consolidation	Piedmont’s consolidated financial statements include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2023. All intercompany balances and transactions have been eliminated upon consolidation. Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity. Consequently, the assets of these special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates include the underlying cash flows and holding periods used in assessing impairment, judgments regarding the recoverability of goodwill, and the assessment of the collectability of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially differ from those estimates.
Income Taxes	Income Taxes Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of properties in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Segment Expense Disclosure The Financial Accounting Standards Board (the "FASB") has issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures ("ASU 2023-07). ASU 2023-07 requires expanded disclosure of significant segment expenses which are regularly provided to the chief operating decision maker ("CODM"); all entities that have a single reportable segment must provide existing segment disclosures; disclosure of the title and position of the CODM; and entities must disclose the amounts and a qualitative description of "other segment items", representing the difference between segment revenue less segment expenses reported in segment profit or loss. ASU 2023-07 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2024, and subsequent interim periods thereafter. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2023-07. Income Tax Disclosure The FASB has issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09). ASU 2023-09 requires expanded disclosure of tax information, including a rate reconciliation and the amounts of annual income taxes paid (net of refunds received), segregated by federal, state, and local jurisdictions. The amendments of ASU 2023-09 also require disclosure of income from continuing operations before income tax separated by domestic and foreign income, and eliminate the requirement to disclose the nature and estimates of the range of reasonable possible changes to unrecognized tax benefits within the following twelve months of the reporting period end. ASU 2023-09 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2025. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2023-09.
Risk Management Objective of Using Derivatives	Risk Management Objective of Using Derivatives In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, Piedmont has entered into derivative financial instruments, specifically interest rate swap agreements, to manage interest rate risk exposure arising from current or future variable rate debt transactions. Interest rate swap agreements involve the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023, respectively, as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Fixed payments $ 109,393 $ 115,250 $ 334,287 $ 340,048 Variable payments 23,439 26,284 74,296 75,818 Total Rental and Tenant Reimbursement Revenue $ 132,832 $ 141,534 $ 408,583 $ 415,866

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of September 30, 2024 and December 31, 2023 (in thousands): Facility (1) Stated Rate Effective Rate (2) Maturity Amount Outstanding as of September 30, 2024 December 31, 2023 Secured (Fixed) $197 Million Fixed Rate Mortgage 4.10 % 4.10 % 10/1/2028 $ 193,300 $ 195,879 Subtotal 193,300 195,879 Unsecured (Variable and Fixed) $400 Million Unsecured Senior Notes due 2024 4.45 % 4.10 % 3/15/2024 — 50,154 $200 Million Unsecured 2022 Term Loan Facility SOFR + 1.25% (3) 6.70 % 12/16/2024 — 100,000 $215 Million Unsecured 2023 Term Loan SOFR + 1.30% (3) 6.71 % 1/31/2025 — 215,000 $250 Million Unsecured 2018 Term Loan SOFR + 1.20% (3) 4.79 % 3/31/2025 (4) 250,000 250,000 $600 Million Unsecured 2022 Line of Credit SOFR + 1.04% (3) 5.97 % (5) 6/30/2026 (6) — 59,000 $200 Million Unsecured 2024 Term Loan SOFR + 1.30% (3) 5.41 % (7) 1/29/2027 200,000 — $600 Million Unsecured Senior Notes due 2028 9.25 % 9.25 % 7/20/2028 600,000 600,000 $400 Million Unsecured Senior Notes due 2029 6.88 % 7.11 % 7/15/2029 400,000 — $300 Million Unsecured Senior Notes due 2030 3.15 % 3.90 % 8/15/2030 300,000 300,000 $300 Million Unsecured Senior Notes due 2032 2.75 % 2.78 % 4/1/2032 300,000 300,000 Unamortized discounts and debt issuance costs (21,393) (15,437) Subtotal/Weighted Average 6.19 % $ 2,028,607 $ 1,858,717 Total/Weighted Average 6.01 % $ 2,221,907 $ 2,054,596 (1) All of Piedmont’s outstanding debt as of September 30, 2024 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street. (2) Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts. (3) The all-in stated interest rates for the SOFR selections are comprised of the relevant adjusted SOFR rate (calculated as the base SOFR interest rate plus a fixed adjustment of 0.10%) and is subject to an additional spread over the selected rate based on Piedmont’s or Piedmont OP's current credit rating, whichever is higher. (4) Piedmont currently intends to repay the outstanding balance on debt due within one year with cash on hand and proceeds from potential selective property dispositions, and/or with Piedmont's available bank credit. (5) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal. (6) Piedmont may extend the term for up to one (7) This term loan has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix the interest rate on the aggregate principal amount of the term loan to 5.41% through February 1, 2026, assuming no change in Piedmont's or Piedmont OP's credit rating. See Note 4 for disclosures of Piedmont's derivative instruments.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	A detail of Piedmont’s interest rate derivatives outstanding as of September 30, 2024 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 Interest rate swaps 2 $200 Million Unsecured 2024 Term Loan 80 2/1/2024 2/1/2026 Interest rate swaps 2 $200 Million Unsecured 2024 Term Loan 120 9/3/2024 2/1/2026 Total $ 450
Schedule of Interest Rate Derivatives	A detail of Piedmont’s interest rate derivatives on a gross and net basis as of September 30, 2024 and December 31, 2023, respectively, is as follows (in thousands): Interest rate swaps classified as: September 30, December 31, Gross derivative assets $ 992 $ 3,032 Gross derivative liabilities (1,035) — Net derivative asset/(liability) $ (43) $ 3,032
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 nine months ended September 30, 2024 and 2023, respectively, is as follows (in thousands): Three Months Ended Nine Months Ended Interest Rate Swaps in Cash Flow Hedging Relationships September 30, September 30, September 30, September 30, Amount of gain/(loss) recognized in OCI $ (2,091) $ 1,248 $ 1,168 $ 4,270 Amount of previously recorded gain reclassified from OCI into interest expense $ 1,043 $ 989 $ 3,064 $ 2,309 Total amount of interest expense presented in the consolidated statements of operations $ (32,072) $ (27,361) $ (91,355) $ (72,827) Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations $ — $ (820) $ (386) $ (820)

Fair Value Measurement of Fin_2

Fair Value Measurement of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, by Balance Sheet Grouping	The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of September 30, 2024 and December 31, 2023, respectively (in thousands): September 30, 2024 December 31, 2023 Financial Instrument Carrying Value Estimated Level Within Fair Value Hierarchy Carrying Value Estimated Level Within Fair Value Hierarchy Assets: Cash and cash equivalents (1) $ 133,624 $ 133,624 Level 1 $ 825 $ 825 Level 1 Tenant receivables, net (1) $ 6,963 $ 6,963 Level 1 $ 7,915 $ 7,915 Level 1 Restricted cash and escrows (1) $ 3,343 $ 3,343 Level 1 $ 3,381 $ 3,381 Level 1 Interest rate swaps $ 992 $ 992 Level 2 $ 3,032 $ 3,032 Level 2 Liabilities: Accounts payable and accrued expenses (1) $ 17,081 $ 17,081 Level 1 $ 49,706 $ 49,706 Level 1 Interest rate swaps $ 1,035 $ 1,035 Level 2 $ — $ — Level 2 Debt, net $ 2,221,907 $ 2,252,917 Level 2 $ 2,054,596 $ 1,953,447 Level 2 (1) For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity.

Property Dispositions (Tables)

Property Dispositions (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Property Dispositions	The following properties were sold during the nine months ended September 30, 2024 (in thousands): Buildings Sold Location / Reportable Segment Date of Sale Loss on Sale of Real Estate Assets Net Sales Proceeds One Lincoln Park Dallas, Texas / Dallas March 20, 2024 $ — $ 53,308 750 West John Carpenter Freeway Irving, Texas / Dallas July 23, 2024 (445) 21,584 Total $ (445) $ 74,892
Schedule of Assets Held For Sale and Discontinued Operations	The 750 West John Carpenter Freeway building met the criteria to be presented in the accompanying consolidated balance sheet as held for sale assets as of December 31, 2023. Details of such amounts as of December 31, 2023 are as follows (in thousands): December 31, 2023 Real estate assets held for sale, net: Land $ 7,860 Building and improvements, less accumulated depreciation of $7,376 as of December 31, 2023 27,616 Construction in progress 727 Total real estate assets held for sale, net $ 36,203 Other assets held for sale, net: Straight-line rent receivables $ 983 Prepaid expenses and other assets 908 Deferred lease costs, less accumulated amortization of $666 as of December 31, 2023 1,322 Total other assets held for sale, net $ 3,213

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	A roll forward of Piedmont's equity based award activity for the nine months ended September 30, 2024 is as follows: Shares Weighted-Average Grant Date Fair Value Unvested and Potential Stock Awards as of December 31, 2023 1,094,297 $ 11.35 Deferred Stock Awards Granted 644,002 $ 6.60 Performance Stock Awards Granted 641,985 $ 7.64 Change in Estimated Potential Share Awards based on TSR Performance 1,419,180 $ 10.59 Performance Stock Awards Vested (5,734) $ 15.40 Deferred Stock Awards Vested (436,931) $ 10.98 Deferred Stock Awards Forfeited (17,665) $ 11.06 Unvested and Potential Stock Awards as of September 30, 2024 3,339,134 $ 9.44 The following table provides additional information regarding stock award activity during the three and nine months ended September 30, 2024 and 2023, respectively (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period $ — $ — $ 6.60 $ 9.60 Total Grant Date Fair Value of Deferred Stock Vested During the Period $ 200 $ 200 $ 4,801 $ 5,066
Schedule of Outstanding Employee Stock Awards	A detail of Piedmont’s outstanding stock awards and programs as of September 30, 2024 is as follows: Date of grant Type of Award Net Shares Granted (1) Grant Vesting Schedule Unvested Shares February 10, 2022 Deferred Stock Award 145,674 $ 16.85 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 10, 2023, 2024, and 2025, respectively. 52,131 February 17, 2022 2022-2024 Performance Share Program — $ 17.77 Shares awarded, if any, will vest immediately upon determination of award in 2025. 182,905 (2) February 13, 2023 Deferred Stock Award 347,945 $ 10.55 Of the shares granted, 25% vested on the date of grant, and 25% vested or will vest on February 13, 2024, 2025, and 2026, respectively. 205,841 February 23, 2023 2023-2025 Performance Share Program — $ 12.37 Shares awarded, if any, will vest immediately upon determination of award in 2026. 679,692 (2) February 23, 2023 Deferred Stock Award 372,394 $ 9.47 Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027, respectively. 290,593 February 20, 2024 Deferred Stock Award 557,674 $ 6.55 Of the shares granted, 25% will vest on February 20, 2025, 2026, 2027, and 2028, respectively. 557,674 February 20, 2024 2024-2026 Performance Share Program — $ 7.64 Shares awarded, if any, will vest immediately upon determination of award in 2027. 1,283,970 (2) May 7, 2024 Deferred Stock Award-Board of Directors 86,328 $ 6.95 Of the shares granted, 100% will vest on the earlier of the 2025 Annual Meeting or May 7, 2025. 86,328 Total 3,339,134 (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 September 30, 2024. (2) Estimated based on Piedmont's cumulative TSR for the respective performance period through September 30, 2024. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs.

Supplemental Disclosures for _2

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Certain Non-cash Investing and Financing Activities	Certain non-cash investing and financing activities for the nine months ended September 30, 2024 and 2023 (in thousands) are outlined below: Nine Months Ended September 30, September 30, Tenant improvements funded by tenants $ 16,896 $ 30,790 Accrued capital expenditures and deferred lease costs $ 42,434 $ 17,458 Change in accrued dividends $ (15,143) $ (25,358) Change in accrued deferred financing costs $ (232) $ (32) 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 nine months ended September 30, 2024 and 2023, to the consolidated balance sheets for the respective period (in thousands): 2024 2023 Cash and cash equivalents, beginning of period $ 825 $ 16,536 Restricted cash and escrows, beginning of period 3,381 3,064 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period $ 4,206 $ 19,600 Cash and cash equivalents, end of period $ 133,624 $ 5,044 Restricted cash and escrows, end of period 3,343 5,983 Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period $ 136,967 $ 11,027

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue and Net Operating Income, by Segment	The following table presents accrual-based lease revenue and other property related income included in NOI by geographic reportable segment (in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Atlanta $ 41,491 $ 40,433 $ 126,601 $ 119,860 Dallas 26,135 28,619 81,658 84,680 Orlando 14,302 15,234 44,657 46,112 Northern Virginia/Washington, D.C. 14,313 15,251 45,036 45,029 Minneapolis 11,532 16,700 37,173 47,125 New York 14,040 13,940 41,350 40,674 Boston 11,607 10,875 34,045 31,642 Total reportable segments 133,420 141,052 410,520 415,122 Other 5,873 5,934 16,573 17,303 Total Revenues $ 139,293 $ 146,986 $ 427,093 $ 432,425 The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Atlanta $ 27,661 $ 25,965 $ 81,563 $ 77,247 Dallas 15,366 16,334 47,411 47,313 Orlando 7,456 8,895 24,525 27,446 Northern Virginia/Washington, D.C. 8,021 9,183 26,700 27,156 Minneapolis 5,149 9,166 17,661 25,622 New York 7,433 7,565 22,427 22,286 Boston 7,024 6,422 21,352 19,213 Total reportable segments 78,110 83,530 241,639 246,283 Other 3,067 3,544 9,294 9,956 Total NOI $ 81,177 $ 87,074 $ 250,933 $ 256,239 A reconciliation of Net loss applicable to Piedmont to NOI is presented below (in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net loss applicable to Piedmont $ (11,519) $ (17,002) $ (49,091) $ (20,357) Management fee revenue (1) (714) (210) (965) (756) Depreciation and amortization 56,067 58,311 169,968 173,946 Impairment charges — 10,957 18,432 10,957 General and administrative expenses 6,809 7,043 22,773 22,013 Interest expense 32,072 27,361 91,355 72,827 Other income (1,983) (207) (2,374) (3,218) Loss on early extinguishment of debt — 820 386 820 Loss on sale of real estate assets 445 — 445 — Net income applicable to noncontrolling interest — 1 4 7 Total NOI $ 81,177 $ 87,074 $ 250,933 $ 256,239 (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	Sep. 30, 2024 ft² property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	30
Area of real estate property (in sq ft) | ft²	15.3
Percentage leased	88.80%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Fixed and Variable Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Fixed payments	$ 109,393	$ 115,250	$ 334,287	$ 340,048
Variable payments	23,439	26,284	74,296	75,818
Total Rental and Tenant Reimbursement Revenue	$ 132,832	$ 141,534	$ 408,583	$ 415,866

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) building	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of buildings leased | building			1
Right of use asset	$ 15		$ 15		$ 100
Lease liability	15		15		$ 100
Operating lease costs	$ 20	$ 20	$ 60	$ 60
Operating lease, remaining lease term	2 months		2 months
Discount rate	3.86%		3.86%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 29, 2024	Dec. 31, 2023
Schedule of Debt Instruments [Line Items]
Proceeds from debt			$ 918,972,000	$ 1,112,203,000
Loss on early extinguishment of debt	$ 0	$ 820,000	386,000	820,000
Interest paid	42,500,000	24,900,000	105,200,000	70,000,000
Interest costs capitalized	3,400,000	$ 1,900,000	9,200,000	$ 4,500,000
Unsecured Debt
Schedule of Debt Instruments [Line Items]
Loss on early extinguishment of debt			400,000
$400 Million Unsecured Senior Notes due 2029 | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Stated rate	6.875%		6.875%
Proceeds from debt			$ 396,000,000
Debt instrument, discount	$ 4,000,000		$ 4,000,000
Debt instrument, term			5 years
Amount outstanding, gross	$ 400,000,000		$ 400,000,000			$ 0
Effective interest rate (percent)	7.11%		7.11%
$600 Million Unsecured 2022 Line of Credit | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 600,000,000		$ 600,000,000
$215 Million Unsecured 2023 Term Loan | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	215,000,000		215,000,000
Repayments of unsecured debt			190,000,000
Amount outstanding, gross	$ 0		$ 0		$ 25,000,000	215,000,000
Effective interest rate (percent)	6.71%		6.71%
$250 Million Unsecured 2018 Term Loan | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 250,000,000		$ 250,000,000
Amount outstanding, gross	$ 250,000,000		$ 250,000,000			250,000,000
Effective interest rate (percent)	4.79%		4.79%
$200 Million Unsecured 2024 Term Loan | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 200,000,000		$ 200,000,000
Debt instrument, term			3 years
Amount outstanding, gross	$ 200,000,000		$ 200,000,000			0
Basis spread on variable rate			1.30%
Effective interest rate (percent)	5.41%		5.41%
Minimum unencumbered interest coverage ratio			1.75
Minimum unencumbered leverage ratio			1.60
Minimum fixed charge coverage ratio			1.50
Maximum leverage ratio			0.60
Maximum secured debt ratio			0.40
$200 Million Unsecured 2024 Term Loan | Unsecured Debt | Minimum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			0.85%
$200 Million Unsecured 2024 Term Loan | Unsecured Debt | Maximum
Schedule of Debt Instruments [Line Items]
Basis spread on variable rate			1.70%
$200 Million Unsecured 2022 Term Loan Facility | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 200,000,000		$ 200,000,000
Repayments of unsecured debt			100,000,000
Amount outstanding, gross	$ 0		$ 0			100,000,000
Effective interest rate (percent)	6.70%		6.70%
$400 Million Unsecured Senior Notes due 2024 | Unsecured Debt
Schedule of Debt Instruments [Line Items]
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Stated rate	4.45%		4.45%
Repayments of unsecured debt			$ 50,200,000
Amount outstanding, gross	$ 0		$ 0			$ 50,154,000
Effective interest rate (percent)	4.10%		4.10%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) extension	Sep. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	6.01%
Unamortized discounts and debt issuance costs	$ (21,393,000)		$ (15,437,000)
Total/Weighted Average	2,221,907,000		2,054,596,000
Secured Debt
Debt Instrument [Line Items]
Total/Weighted Average	193,300,000		195,879,000
Secured Debt | $197 Million Fixed Rate Mortgage
Debt Instrument [Line Items]
Debt instrument, face amount	$ 197,000,000
Stated rate	4.10%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 193,300,000		195,879,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	6.19%
Unamortized discounts and debt issuance costs	$ (21,393,000)		(15,437,000)
Total/Weighted Average	$ 2,028,607,000		1,858,717,000
Unsecured Debt | Adjusted Secured Overnight Financing Rate SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Unsecured Debt | $400 Million Unsecured Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated rate	4.45%
Effective interest rate (percent)	4.10%
Amount outstanding, gross	$ 0		50,154,000
Unsecured Debt | $200 Million Unsecured 2022 Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Effective interest rate (percent)	6.70%
Amount outstanding, gross	$ 0		100,000,000
Unsecured Debt | $200 Million Unsecured 2022 Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Unsecured Debt | $215 Million Unsecured 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 215,000,000
Effective interest rate (percent)	6.71%
Amount outstanding, gross	$ 0	$ 25,000,000	215,000,000
Unsecured Debt | $215 Million Unsecured 2023 Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Unsecured Debt | $250 Million Unsecured 2018 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000
Effective interest rate (percent)	4.79%
Amount outstanding, gross	$ 250,000,000		250,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Unsecured Debt | $600 Million Unsecured 2022 Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Unsecured Debt | $600 Million Unsecured 2022 Line of Credit | Line of Credit
Debt Instrument [Line Items]
Effective interest rate (percent)	5.97%
Amount outstanding, gross	$ 0		59,000,000
Maximum extension period (in years)	1 year
Number of extension periods | extension	2
Extension period	6 months
Unsecured Debt | $600 Million Unsecured 2022 Line of Credit | Secured Overnight Financing Rate (SOFR) | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.04%
Unsecured Debt | $200 Million Unsecured 2024 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Basis spread on variable rate	1.30%
Effective interest rate (percent)	5.41%
Amount outstanding, gross	$ 200,000,000		0
Interest rate on derivative instrument	5.41%
Unsecured Debt | $200 Million Unsecured 2024 Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Unsecured Debt | $600 Million Unsecured Senior Notes due 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Stated rate	9.25%
Effective interest rate (percent)	9.25%
Amount outstanding, gross	$ 600,000,000		600,000,000
Unsecured Debt | $400 Million Unsecured Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated rate	6.875%
Effective interest rate (percent)	7.11%
Amount outstanding, gross	$ 400,000,000		0
Unsecured Debt | $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated rate	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

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) derivative_contract
Derivative [Line Items]
Number of swap agreements | derivative_contract	4
Maximum period of extension term	16 months
Decrease in interest expense over the next twelve months	$ 1,300,000
Assets needed for immediate settlement, aggregate fair value	600,000
$200 Million Unsecured 2024 Term Loan | Unsecured Debt
Derivative [Line Items]
Debt instrument, face amount	$ 200,000,000

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details)	Sep. 30, 2024 USD ($) derivative_contract
Derivative [Line Items]
Number of Swap Agreements | derivative_contract	4
Unsecured Debt
Derivative [Line Items]
Notional amount of interest rate swap agreements	$ 450,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan
Derivative [Line Items]
Debt instrument, face amount	$ 250,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan | Interest Rate Swap, Tranche 1
Derivative [Line Items]
Number of Swap Agreements | derivative_contract	2
Notional amount of interest rate swap agreements	$ 100,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan | Interest Rate Swap, Tranche 2
Derivative [Line Items]
Number of Swap Agreements | derivative_contract	3
Notional amount of interest rate swap agreements	$ 75,000,000
Unsecured Debt | $250 Million Unsecured 2018 Term Loan | Interest Rate Swap, Tranche 3
Derivative [Line Items]
Number of Swap Agreements | derivative_contract	3
Notional amount of interest rate swap agreements	$ 75,000,000
Unsecured Debt | $200 Million Unsecured 2024 Term Loan
Derivative [Line Items]
Debt instrument, face amount	$ 200,000,000
Unsecured Debt | $200 Million Unsecured 2024 Term Loan | Interest Rate Swap, Tranche 1
Derivative [Line Items]
Number of Swap Agreements | derivative_contract	2
Notional amount of interest rate swap agreements	$ 80,000,000
Unsecured Debt | $200 Million Unsecured 2024 Term Loan | Interest Rate Swap, Tranche 2
Derivative [Line Items]
Number of Swap Agreements | derivative_contract	2
Notional amount of interest rate swap agreements	$ 120,000,000

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 992	$ 3,032
Gross derivative liabilities	(1,035)	0
Net derivative asset/(liability)	$ (43)	$ 3,032

Derivative Instruments - Effect

Derivative Instruments - Effect on other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	$ (2,091)	$ 1,248	$ 1,168	$ 4,270
Total amount of interest expense presented in the consolidated statements of operations	(32,072)	(27,361)	(91,355)	(72,827)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	0	(820)	(386)	(820)
Interest rate swaps
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI	(2,091)	1,248	1,168	4,270
Amount of previously recorded gain reclassified from OCI into interest expense	1,043	989	3,064	2,309
Total amount of interest expense presented in the consolidated statements of operations	(32,072)	(27,361)	(91,355)	(72,827)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	$ 0	$ (820)	$ (386)	$ (820)

Fair Value Measurement of Fin_3

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Interest rate swaps	$ 992	$ 3,032
Liabilities:
Interest rate swaps	1,035	0
Carrying Value
Assets:
Cash and cash equivalents	133,624	825
Restricted cash and escrows	3,343	3,381
Liabilities:
Accounts payable and accrued expenses	17,081	49,706
Debt, net	2,221,907	2,054,596
Carrying Value | Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	6,963	7,915
Carrying Value | Interest rate swaps
Assets:
Interest rate swaps	992	3,032
Liabilities:
Interest rate swaps	1,035	0
Estimated Fair Value | Level 1
Assets:
Cash and cash equivalents	133,624	825
Restricted cash and escrows	3,343	3,381
Liabilities:
Accounts payable and accrued expenses	17,081	49,706
Estimated Fair Value | Level 1 | Tenant receivables, net of allowance for doubtful accounts
Assets:
Tenant receivables, net	6,963	7,915
Estimated Fair Value | Level 2
Liabilities:
Debt, net	2,252,917	1,953,447
Estimated Fair Value | Interest rate swaps | Level 2
Assets:
Interest rate swaps	992	3,032
Liabilities:
Interest rate swaps	$ 1,035	$ 0

Impairment Charges (Details)

Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 0	$ 10,957	$ 18,432	$ 10,957
Goodwill impairment charge			$ 11,000
Minimum | Measurement Input, Discount Rate
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill, measurement input			8.50%
Minimum | Measurement Input, Cap Rate
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill, measurement input			8.50%
Maximum | Measurement Input, Discount Rate
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill, measurement input			9.25%
Maximum | Measurement Input, Cap Rate
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill, measurement input			9%
Disposal Group, Held-for-sale, Not Discontinued Operations | 750 West John Carpenter Freeway
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges			$ 17,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | One Lincoln Park
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges			$ 900

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) commitment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) commitment	Sep. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Number of unrecorded tenant allowance commitment | commitment	2		2
Contractual obligation	$ 10,000,000		$ 10,000,000
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0	$ 0	$ 0

Property Dispositions - Propert

Property Dispositions - Property Dispositions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds	$ 74,892	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Sale of Real Estate Assets	(445)
Net Sales Proceeds	74,892
Disposal Group, Disposed of by Sale, Not Discontinued Operations | One Lincoln Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Sale of Real Estate Assets	0
Net Sales Proceeds	53,308
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 750 West John Carpenter Freeway
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Sale of Real Estate Assets	(445)
Net Sales Proceeds	$ 21,584

Property Disposition - Details

Property Disposition - Details of Amounts Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other assets held for sale, net:
Total other assets held for sale, net	$ 0	$ 3,213
Disposal Group, Held-for-sale, Not Discontinued Operations
Real estate assets held for sale, net:
Real estate assets held for sale, net		36,203
Other assets held for sale, net:
Straight-line rent receivables		983
Prepaid expenses and other assets		908
Deferred lease costs, less accumulated amortization of $666 as of December 31, 2023		1,322
Total other assets held for sale, net		3,213
Accumulated amortization on deferred lease costs		666
Disposal Group, Held-for-sale, Not Discontinued Operations | Land
Real estate assets held for sale, net:
Real estate assets held for sale, net		7,860
Disposal Group, Held-for-sale, Not Discontinued Operations | Building and improvements
Real estate assets held for sale, net:
Real estate assets held for sale, net		27,616
Accumulated depreciation (building improvements)		7,376
Disposal Group, Held-for-sale, Not Discontinued Operations | Construction in progress
Real estate assets held for sale, net:
Real estate assets held for sale, net		$ 727

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 2.2	$ 2.1	$ 6.3	$ 6
Total shares issued to employees, directors, and officers (in shares)			284,650
Unrecognized compensation cost related to nonvested	$ 14.1		$ 14.1
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested, weighted-average vesting period			1 year 6 months
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Shares
Unvested and potential stock awards, end of period (in shares)	3,339,134		3,339,134
Stock Awards
Shares
Unvested and potential stock awards, beginning of period (in shares)			1,094,297
Unvested and potential stock awards, end of period (in shares)	3,339,134		3,339,134
Weighted-Average Grant Date Fair Value
Unvested and potential stock awards, beginning of period (in dollars per share)			$ 11.35
Unvested and potential stock awards, end of period (in dollars per share)	$ 9.44		$ 9.44
Deferred Stock Awards
Shares
Stock awards granted (in shares)			644,002
Stock awards vested (in shares)			(436,931)
Deferred stock awards forfeited (in shares)			(17,665)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 0	$ 0	$ 6.60	$ 9.60
Stock awards vested (in dollars per share)			10.98
Deferred stock awards forfeited (in dollars per share)			$ 11.06
Performance Share Awards
Shares
Stock awards granted (in shares)			641,985
Change in estimated potential share award based on TSR performance (in shares)			1,419,180
Stock awards vested (in shares)			(5,734)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)			$ 7.64
Change in estimated potential share award based on TSR performance (in dollars per share)			10.59
Stock awards vested (in dollars per share)			$ 15.40

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information Regarding Stock Award Activity (Details) - Deferred Stock Awards - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of deferred stock granted during the period (in dollars per share)	$ 0	$ 0	$ 6.60	$ 9.60
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 200	$ 200	$ 4,801	$ 5,066

Stock Based Compensation - Outs

Stock Based Compensation - Outstanding Employee Stock Awards (Details) - $ / shares	May 07, 2024	Feb. 20, 2024	Feb. 23, 2023	Feb. 13, 2023	Feb. 10, 2022	Sep. 30, 2024	Feb. 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)						3,339,134
Deferred Stock Awards | Deferred Stock Award, Granted February 10, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)					145,674
Grant date fair value (in dollars per share)					$ 16.85
Unvested shares (in shares)						52,131
Deferred Stock Awards | Deferred Stock Award, Granted February 10, 2022 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25%
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)				347,945
Grant date fair value (in dollars per share)				$ 10.55
Unvested shares (in shares)						205,841
Deferred Stock Awards | Deferred Stock Award, Granted February 13, 2023 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25%
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)			372,394
Grant date fair value (in dollars per share)			$ 9.47
Unvested shares (in shares)						290,593
Deferred Stock Awards | Deferred Stock Award, Granted February 23, 2023 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25%
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, Granted February 20, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		557,674
Grant date fair value (in dollars per share)		$ 6.55
Unvested shares (in shares)						557,674
Deferred Stock Awards | Deferred Stock Award, Granted February 20, 2024 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 20, 2024 | Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 20, 2024 | Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted February 20, 2024 | Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Deferred Stock Awards | Deferred Stock Award, Granted May 07, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	86,328
Grant date fair value (in dollars per share)	$ 6.95
Unvested shares (in shares)						86,328
Deferred Stock Awards | Deferred Stock Award, Granted May 07, 2024 | Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100%
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)						182,905
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)						679,692
Performance Share Awards | Performance Share Program Award, Granted February 20, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		0
Grant date fair value (in dollars per share)		$ 7.64
Unvested shares (in shares)						1,283,970

Supplemental Disclosures for _3

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Tenant improvements funded by tenants	$ 16,896	$ 30,790
Accrued capital expenditures and deferred lease costs	42,434	17,458
Change in accrued dividends	(15,143)	(25,358)
Change in accrued deferred financing costs	(232)	(32)
Cash and cash equivalents	133,624	5,044	$ 825	$ 16,536
Restricted cash and escrows	3,343	5,983	3,381	3,064
Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$ 136,967	$ 11,027	$ 4,206	$ 19,600

Segment Information - Narrative

Segment Information - Narrative (Details)	Sep. 30, 2024 property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	30
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 139,293	$ 146,986	$ 427,093	$ 432,425
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	133,420	141,052	410,520	415,122
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	5,873	5,934	16,573	17,303
Atlanta | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	41,491	40,433	126,601	119,860
Dallas | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	26,135	28,619	81,658	84,680
Orlando | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,302	15,234	44,657	46,112
Northern Virginia/Washington, D.C. | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,313	15,251	45,036	45,029
Minneapolis | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	11,532	16,700	37,173	47,125
New York | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	14,040	13,940	41,350	40,674
Boston | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 11,607	$ 10,875	$ 34,045	$ 31,642

Segment Information - NOI by Ge

Segment Information - NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 81,177	$ 87,074	$ 250,933	$ 256,239
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	78,110	83,530	241,639	246,283
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	3,067	3,544	9,294	9,956
Atlanta | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	27,661	25,965	81,563	77,247
Dallas | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	15,366	16,334	47,411	47,313
Orlando | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	7,456	8,895	24,525	27,446
Northern Virginia/Washington, D.C. | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	8,021	9,183	26,700	27,156
Minneapolis | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	5,149	9,166	17,661	25,622
New York | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	7,433	7,565	22,427	22,286
Boston | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total NOI	$ 7,024	$ 6,422	$ 21,352	$ 19,213

Segment Information - Reconcili

Segment Information - Reconciliation of GAAP Net Income to NOI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Net loss applicable to Piedmont	$ (11,519)	$ (17,002)	$ (49,091)	$ (20,357)
Management fee revenue	(714)	(210)	(965)	(756)
Depreciation and amortization	56,067	58,311	169,968	173,946
Impairment charges	0	10,957	18,432	10,957
General and administrative expenses	6,809	7,043	22,773	22,013
Interest expense	32,072	27,361	91,355	72,827
Other income	(1,983)	(207)	(2,374)	(3,218)
Loss on early extinguishment of debt	0	820	386	820
Loss on sale of real estate assets	445	0	445	0
Net income applicable to noncontrolling interest	0	1	4	7
Total NOI	$ 81,177	$ 87,074	$ 250,933	$ 256,239

Subsequent Event (Details)

Subsequent Event (Details)	Oct. 23, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.125