Fair Value Measurement of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Measurement of Financial Instruments [Abstract]

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, 2013 and December 31, 2012, respectively (in thousands):

	September 30, 2013					December 31, 2012
Financial Instrument	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy
Assets:
Cash and cash equivalents(1)	$	15,972	$	15,972	Level 1	$	12,957	$	12,957	Level 1
Tenant receivables, net(1)	$	31,006	$	31,006	Level 1	$	25,038	$	25,038	Level 1
Restricted cash and escrows(1)	$	385	$	385	Level 1	$	334	$	334	Level 1
Interest rate swap asset	$	19,192	$	19,192	Level 2	$	1,075	$	1,075	Level 2
Liabilities:
Accounts payable and accrued expenses(1)	$	22,229	$	22,229	Level 1	$	23,113	$	23,113	Level 1
Interest rate swap liability	$	5,010	$	5,010	Level 2	$	8,235	$	8,235	Level 2
Debt	$	1,823,175	$	1,836,413	Level 2	$	1,416,525	$	1,470,002	Level 2

⁽¹⁾  For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity.