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Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2011
Interest Rate Contract [Member]
 
Derivative [Line Items] 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effective portion of Piedmont’s derivative financial instruments (interest rate caps and swaps) that was recorded in the accompanying consolidated statements of income for the three and nine months ended September 30, 2011 and 2010, respectively, is as follows (in thousands):

 
Three Months Ended
 
Nine Months Ended
Derivative in
Cash Flow Hedging
Relationships (Interest Rate Swaps and Caps)
September 30,
2011
 
September 30,
2010
 
September 30,
2011
 
September 30,
2010
Amount of loss recognized in OCI on derivative
$
—

 
$
637

 
$
204

 
$
1,483

Amount of previously recorded loss reclassified from accumulated OCI into interest expense
$
(44
)
 
$
(350
)
 
$
(895
)
 
$
(4,321
)

Interest Rate Cap [Member]
 
Derivative [Line Items] 
Schedule of Notional Amounts of Outstanding Derivative Positions
A detail of Piedmont’s interest rate derivatives outstanding as of September 30, 2011 is as follows:
 
Interest Rate Derivative
Notional Amount
(in millions)
 
Effective Date
 
Maturity Date
 
Interest rate cap
$
140

 
8/15/2011
 
8/15/2012
(1)  
Interest rate cap
62

(2)  
8/15/2011
 
8/15/2012
(1)  
Total
$
202

 
 
 
 
 

(1) 
Mirrors the monthly interest accrual period of the 500 W. Monroe Loans.
(2) 
Interest rate cap agreement is inclusive of both the $45.0 Million 500 W. Monroe Mezzanine I Loan- A Participation payable to an unrelated third-party, as well as the loan participation formerly owned by Piedmont as a note receivable.