Fair Value Measurement of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020, respectively (in thousands):

	September 30, 2021					December 31, 2020
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)	$	8,189	$	8,189	Level 1	$	7,331	$	7,331	Level 1
Tenant receivables, net (1)	$	8,678	$	8,678	Level 1	$	8,448	$	8,448	Level 1
Notes receivable	$	118,500	$	120,577	Level 2	$	118,500	$	118,500	Level 2
Restricted cash and escrows (1)	$	6,093	$	6,093	Level 1	$	1,883	$	1,883	Level 1
Liabilities:
Accounts payable and accrued expenses (1)	$	10,953	$	10,953	Level 1	$	45,345	$	45,345	Level 1
Interest rate swaps	$	6,715	$	6,715	Level 2	$	9,834	$	9,834	Level 2
Debt, net	$	1,665,101	$	1,735,059	Level 2	$	1,622,004	$	1,690,377	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.