Debt (Tables)

9 Months Ended

Sep. 30, 2021

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of September 30, 2021 and December 31, 2020 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								September 30, 2021		December 31, 2020
Secured (Fixed)







$35 Million Fixed-Rate Loan	5.55	%	—	%		9/1/2021	(3)	$	—	$	27,610

Net premium and unamortized debt issuance costs								—		326
Subtotal								—		27,936
Unsecured (Variable and Fixed)





Amended and Restated $300 Million Unsecured 2011 Term Loan	LIBOR + 1.00%		—	%		11/30/2021	(4)	—		300,000
$500 Million Unsecured 2018 Line of Credit (5)	LIBOR + 0.90%		0.99	%		9/30/2022	(6)	78,000		5,000
$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023		350,000		350,000
$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024		400,000		400,000
$250 Million Unsecured 2018 Term Loan	LIBOR + 0.95%		2.04	%	(7)	3/31/2025		250,000		250,000

$300 Million Unsecured Senior Notes due 2030	3.15	%	3.90	%		8/15/2030		300,000		300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%	2.78	%	(8)	4/1/2032		300,000		—
Discounts and unamortized debt issuance costs								(12,899)		(10,932)
Subtotal/Weighted Average (9)	3.18	%						1,665,101		1,594,068
Total								$	1,665,101	$	1,622,004

(1)All of Piedmont’s outstanding debt as of September 30, 2021 is interest-only until maturity.

(2)Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts.

(3)Repaid on June 1, 2021 without penalty.

(4)Repaid on September 20, 2021 without penalty.

(5)On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length LIBOR locks on all or a portion of the principal. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating.

(6)Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of September 29, 2023) provided Piedmont is not then in default and upon payment of extension fees.

(7)The facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, exclusive of changes to Piedmont's credit rating, $100 million of the principal balance to 3.56% through the maturity date of the loan. For the remaining variable portion of the loan, Piedmont may periodically select from multiple interest rate options, including the prime rate and various-length LIBOR locks on all or a portion of the principal. All LIBOR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating. The rate presented is the weighted-average rate for the effectively fixed and variable portions of the debt outstanding as of September 30, 2021 (see Note 4 for more detail).

(8)The $300 Million Unsecured Senior Notes due 2032 have a fixed coupon rate of 2.75%, however, as a result of the issuance of the notes at a discount and after consideration of the impact of a settled interest rate swap agreement, the effective interest rate on this debt is 2.78%.

(9)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of September 30, 2021.