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Fair Value Measurement of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30, 2019 and December 31, 2018, respectively (in thousands):


			September 30, 2019																														December 31, 2018
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⁾			$	10,284					$	10,284					Level 1						$	4,571					$	4,571					Level 1
Tenant receivables ⁽¹⁾			$	10,091					$	10,091					Level 1						$	10,800					$	10,800					Level 1

Restricted cash and escrows ⁽¹⁾			$	1,820					$	1,820					Level 1						$	1,463					$	1,463					Level 1
Interest rate swaps			$	—					$	—					Level 2						$	1,199					$	1,199					Level 2
Liabilities:
Accounts payable and accrued expenses ⁽¹⁾			$	14,090					$	14,090					Level 1						$	47,328					$	47,328					Level 1
Interest rate swaps			$	6,862					$	6,862					Level 2						$	839					$	839					Level 2
Debt, net			$	1,879,244					$	1,922,891					Level 2						$	1,685,472					$	1,698,213					Level 2

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