Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

A detail of Piedmont’s interest rate derivatives outstanding as of June 30, 2016 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
Total			$	900

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of June 30, 2016 and December 31, 2015, respectively, is as follows (in thousands):

Interest rate swaps classified as:	June 30, 2016		December 31, 2015
Gross derivative assets	$	—	$	—
Gross derivative liabilities	22,079		9,993
Net derivative liability	$	22,079	$	9,993

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

The effective portion of Piedmont's interest rate derivatives, including the gain/(loss) on previously settled forward swaps, that were recorded in the accompanying consolidated statements of income for the three and six months endedJune 30, 2016 and 2015, respectively, were as follows (in thousands):

	Three Months Ended					Six Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	June 30, 2016			June 30, 2015		June 30, 2016			June 30, 2015
Amount of gain/(loss) recognized in OCI on derivative	$	(4,068	)	$	16,079	$	(15,029	)	$	874
Amount of previously recorded loss reclassified from accumulated OCI into interest expense	$	1,113		$	1,602	$	2,246		$	3,069