Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Interest Rate Contract [Member]

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effective portion of Piedmont’s derivative financial instruments (interest rate caps prior to August 9, 2011 and all interest rate swaps outstanding during the respective periods) that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2011, 2010, and 2009, respectively, is as follows (in thousands):



Derivative in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps)	December 31, 2011			December 31, 2010			December 31, 2009
Amount of loss recognized in OCI on derivatives	$	3,064		$	1,529		$	2,812
Amount of previously recorded loss reclassified from accumulated OCI into interest expense	$	(1,218	)	$	(4,704	)	$	(7,903	)

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 December 31, 2011 is as follows:



Interest Rate Derivatives:	Notional Amount (in millions)			Effective Date	Maturity Date
Interest rate swap	$	125		11/22/2011	11/22/2016
Interest rate swap	$	75		11/22/2011	11/22/2016
Interest rate swap	$	50		11/22/2011	11/22/2016
Interest rate swap	$	50		11/22/2011	11/22/2016
Total	$	300

Interest rate cap	$	140	⁽²⁾	8/15/2011	8/15/2012	⁽¹⁾
Interest rate cap	$	62	⁽³⁾	8/15/2011	8/15/2012	⁽¹⁾
Total	$	202


⁽¹⁾	Mirrors the monthly interest accrual period of the 500 W. Monroe Loans.


⁽²⁾	On January 9, 2012, Piedmont fully repaid the $140 Million 500 W. Monroe Mortgage Loan.


⁽³⁾	Interest rate cap agreement is inclusive of both the $45 Million 500 W. Monroe Mezzanine I Loan- A Participation payable to an unrelated third-party, as well as the loan participation formerly payable to Piedmont. On November 17, 2011, Piedmont fully repaid the $45 Million 500 W. Monroe Mezzanine I Loan- A Participation.