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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The detail of Piedmont’s interest rate derivatives outstanding as of March 31, 2015 is as follows:

Interest Rate Derivatives:
 
Number of Swap Agreements
 
Associated Debt Instrument
 
Total Notional Amount
(in millions)
 
Effective Date
 
Maturity Date
Interest rate swaps
 
4
 
$300 Million Unsecured 2011 Term Loan
 
$
300

 
11/22/2011
 
11/22/2016
Interest rate swaps
 
4
 
$300 Million Unsecured 2013 Term Loan
 
200

 
1/30/2014
 
1/31/2019
Interest rate swaps
 
2
 
$300 Million Unsecured 2013 Term Loan
 
100

 
8/29/2014
 
1/31/2019
Forward starting interest rate swaps
 
3
 
$300 Million Unsecured 2011 Term Loan
 
300

 
11/22/2016
 
1/15/2020
Forward starting interest rate swaps
 
4
 
Potential Future Issuance
 
250

 
2/27/2015
 
2/27/2022
Forward starting interest rate swaps
 
4
 
Potential Future Issuance
 
250

 
2/25/2016
 
2/25/2026
Total
 
 
 
 
 
$
1,400

 
 
 
 
Schedule of Interest Rate Derivatives
The detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2015 and December 31, 2014, respectively, is as follows (in thousands):

Interest rate swaps classified as:
March 31,
2015
 
December 31,
2014
Gross derivative assets
$
520

 
$
430

Gross derivative liabilities
(19,416
)
 
(6,417
)
Net derivative liability
$
(18,896
)
 
$
(5,987
)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The effective portion of Piedmont's interest rate derivatives, including the gain on settlement of forward swaps described above, that was recorded in the accompanying consolidated statements of income for the three months ended March 31, 2015 and 2014, respectively, was as follows:

 
Three Months Ended
Derivative in
Cash Flow Hedging
Relationships (Interest Rate Swaps) (in thousands)
March 31,
2015
 
March 31,
2014
Amount of gain/(loss) recognized in OCI on derivative
$
(15,205
)
 
$
(9,886
)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense
$
1,467

 
$
1,170