Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition

On October 5, 2011, Piedmont entered into a contract to purchase 400 TownPark in Lake Mary, Florida, for approximately $23.9 million. The five-story building, which was built in 2008, contains approximately 176,000 square feet and is approximately 19% leased. Piedmont expects to close the acquisition during the fourth quarter.

Fourth Quarter Dividend Declaration

On November 2, 2011, the board of directors of Piedmont declared dividends for the fourth quarter of 2011 in the amount of $0.3150 per common share outstanding to stockholders of record as of the close of business on December 1, 2011. Such dividends are to be paid on December 22, 2011.

Stock Repurchase Program

On November 2, 2011, the Board of Directors of Piedmont authorized the repurchase of up to $300 million of Piedmont's common stock over the next two years. Piedmont may repurchase the shares from time to time, in accordance with applicable securities laws, in the open market or in privately negotiated transactions. Repurchases will depend upon market conditions and other factors, and repurchases may be commenced or suspended from time to time in Piedmont's discretion, without prior notice.