XML 38 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
Debt (Narrative) (Details) (USD $)
 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Debt Instrument [Line Items]    
Interest payments on debt facilities $ 20,400,000us-gaap_InterestPaid $ 16,500,000us-gaap_InterestPaid
Capitalized interest 800,000us-gaap_InterestCostsCapitalized 400,000us-gaap_InterestCostsCapitalized
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Interest rate period 1 year  
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Interest rate period 1 month  
London Interbank Offered Rate (LIBOR), One Month [Member]    
Debt Instrument [Line Items]    
Interest rate period 1 month  
London Interbank Offered Rate (LIBOR), Two Months [Member]    
Debt Instrument [Line Items]    
Interest rate period 2 months  
London Interbank Offered Rate (LIBOR), Three Months [Member]    
Debt Instrument [Line Items]    
Interest rate period 3 months  
London Interbank Offered Rate (LIBOR), Six Months [Member]    
Debt Instrument [Line Items]    
Interest rate period 6 months  
$170 Million Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_VariableRateAxis
= us-gaap_LondonInterbankOfferedRateLIBORMember		  
Rate 1.125%us-gaap_DebtInstrumentInterestRateStatedPercentage
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_VariableRateAxis
= us-gaap_LondonInterbankOfferedRateLIBORMember		  
$170 Million Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_RangeAxis
= us-gaap_MaximumMember
/ us-gaap_VariableRateAxis
= us-gaap_LondonInterbankOfferedRateLIBORMember		  
$170 Million Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.90%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_RangeAxis
= us-gaap_MinimumMember
/ us-gaap_VariableRateAxis
= us-gaap_LondonInterbankOfferedRateLIBORMember		  
$50 Million Unsecured Term Loan [Member] | Bridge Loan [Member]    
Debt Instrument [Line Items]    
Face amount of debt instrument 50,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= pdm_The50MillionBridgeLoanFacilityMember
/ us-gaap_ShortTermDebtTypeAxis
= us-gaap_BridgeLoanMember		  
Unsecured Debt [Member] | $170 Million Unsecured Term Loan [Member]    
Debt Instrument [Line Items]    
Face amount of debt instrument 170,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Term of Unsecured Term Loan 3 years  
Unencumbered interest coverage ratio 1.75pdm_DebtInstrumentUnencumberedInterestCoverageRatio
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Unencumbered leverage ratio 1.60pdm_DebtInstrumentUnencumberedLeverageRatio
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Fixed charge coverage ratio 1.50pdm_DebtInstrumentFixedChargeCoverageRatio
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Leverage ratio 0.60pdm_DebtInstrumentLeverageRatio
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Secured debt ratio 0.40pdm_DebtInstrumentSecuredDebtRatio
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Unsecured Debt [Member] | $170 Million Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.125%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
/ us-gaap_VariableRateAxis
= us-gaap_LondonInterbankOfferedRateLIBORMember		 [1],[2]  
Unsecured Debt [Member] | $170 Million Unsecured Term Loan [Member] | Federal Funds Rate [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.50%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured170Million2015TermLoanMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
/ us-gaap_VariableRateAxis
= pdm_FederalFundsRateMember		  
Unsecured Debt [Member] | $50 Million Unsecured Term Loan [Member]    
Debt Instrument [Line Items]    
Face amount of debt instrument 50,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= pdm_The50MillionBridgeLoanFacilityMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Unsecured Debt [Member] | $50 Million Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.15%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_The50MillionBridgeLoanFacilityMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
/ us-gaap_VariableRateAxis
= us-gaap_LondonInterbankOfferedRateLIBORMember		 [1]  
Unsecured Debt [Member] | $500 Million Unsecured Line of Credit [Member]    
Debt Instrument [Line Items]    
Face amount of debt instrument 500,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured500MillionLineOfCreditMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Basis spread on variable rate 1.175%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured500MillionLineOfCreditMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Net borrowings 88,000,000us-gaap_LineOfCreditFacilityIncreaseDecreaseForPeriodNet
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured500MillionLineOfCreditMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Repayments $ (159,000,000)us-gaap_RepaymentsOfLongTermDebt
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured500MillionLineOfCreditMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember		  
Unsecured Debt [Member] | $500 Million Unsecured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.175%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= pdm_Unsecured500MillionLineOfCreditMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
/ us-gaap_VariableRateAxis
= us-gaap_LondonInterbankOfferedRateLIBORMember		 [1],[3]  
[1] Other than the $35 Million Fixed-Rate Loan, all of Piedmont’s outstanding debt as of March 31, 2015 and December 31, 2014 is interest-only.
[2] Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread (1.125% as of March 31, 2015) over the selected rate based on Piedmont’s current credit rating. The outstanding balance as of March 31, 2015 consisted of a 30-day LIBOR draw at a rate of 0.18% (subject to the additional spread mentioned above).
[3] Piedmont may select from multiple interest rate options with each draw, including the prime rate and various-length LIBOR locks. All LIBOR selections are subject to an additional spread (1.175% as of March 31, 2015) over the selected rate based on Piedmont’s current credit rating. The outstanding balance as of March 31, 2015 consisted of 30-day LIBOR draws at a rate of 0.18% (subject to the additional spread mentioned above).