Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017 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 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
Interest rate swaps	3	$300 Million Unsecured 2011 Term Loan	300		11/22/2016	1/15/2020
Total			$	600

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of September 30, 2017 and December 31, 2016, respectively, is as follows (in thousands):

Interest rate swaps classified as:	September 30, 2017			December 31, 2016
Gross derivative assets	$	34		$	—
Gross derivative liabilities	(3,915		)	(8,169		)
Net derivative asset/(liability)	$	(3,881	)	$	(8,169	)

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 was recorded in the accompanying consolidated statements of income for the three and nine months endedSeptember 30, 2017 and 2016, respectively, was as follows (in thousands):

	Three Months Ended				Nine Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Amount of gain/(loss) recognized in OCI	$	175	$	2,847	$	307	$	(12,182	)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense	$	653	$	1,045	$	2,936	$	3,291