Fair Value Measurement of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019, respectively (in thousands):

	September 30, 2020					December 31, 2019
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)	$	23,958	$	23,958	Level 1	$	13,545	$	13,545	Level 1
Tenant receivables, net of allowance for doubtful accounts (1)	$	11,301	$	11,301	Level 1	$	8,226	$	8,226	Level 1
Restricted cash and escrows (1)	$	1,781	$	1,781	Level 1	$	1,841	$	1,841	Level 1
Liabilities:
Accounts payable and accrued expenses (1)	$	10,874	$	10,874	Level 1	$	50,049	$	50,049	Level 1
Interest rate swaps	$	10,618	$	10,618	Level 2	$	5,121	$	5,121	Level 2
Debt, net	$	1,616,835	$	1,650,928	Level 2	$	1,481,404	$	1,536,687	Level 2

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