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Fair Value Measurement of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [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 June 30, 2016 and December 31, 2015, respectively (in thousands):

 
June 30, 2016
 
December 31, 2015
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)
$
21,109

 
$
21,109

 
Level 1
 
$
5,441

 
$
5,441

 
Level 1
Tenant receivables, net(1)
$
21,338

 
$
21,338

 
Level 1
 
$
26,339

 
$
26,339

 
Level 1
Notes receivable (1)
$
—

 
$
—

 
Level 1
 
$
45,400

 
$
45,400

 
Level 1
Restricted cash and escrows(1)
$
10,595

 
$
10,595

 
Level 1
 
$
5,174

 
$
5,174

 
Level 1
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses(1)
$
10,934

 
$
10,934

 
Level 1
 
$
13,188

 
$
13,188

 
Level 1
Interest rate swap liability
$
22,079

 
$
22,079

 
Level 2
 
$
9,993

 
$
9,993

 
Level 2
Debt
$
1,884,314

 
$
1,930,100

 
Level 2
 
$
2,029,510

 
$
2,039,139

 
Level 2

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