XML 56 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2016 and 2015, respectively (in thousands):

 
2016
 
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)
$
6,992

 
$
6,992

 
Level 1
 
$
5,441

 
$
5,441

 
Level 1
Tenant receivables, net (1)
$
26,494

 
$
26,494

 
Level 1
 
$
26,339

 
$
26,339

 
Level 1
Notes receivable (1)
$
—

 
$
—

 
Level 1
 
$
45,400

 
$
45,400

 
Level 1
Restricted cash and escrows (1)
$
1,212

 
$
1,212

 
Level 1
 
$
5,174

 
$
5,174

 
Level 1
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses (1)
$
44,733

 
$
44,733

 
Level 1
 
$
13,188

 
$
13,188

 
Level 1
Interest rate swap liability
$
8,169

 
$
8,169

 
Level 2
 
$
9,993

 
$
9,993

 
Level 2
Debt, net
$
2,020,475

 
$
2,027,436

 
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 its short-term maturity.