Fair Value Measurements of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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


	December 31, 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)	$	7,419	$	7,419	Level 1	$	7,331	$	7,331	Level 1
Tenant receivables, net (1)	$	2,995	$	2,995	Level 1	$	8,448	$	8,448	Level 1
Notes receivable	$	118,500	$	120,075	Level 2	$	118,500	$	118,500	Level 2
Restricted cash and escrows (1)	$	1,441	$	1,441	Level 1	$	1,883	$	1,883	Level 1

Liabilities:
Accounts payable and accrued expenses (1)	$	45,065	$	45,065	Level 1	$	45,345	$	45,345	Level 1
Interest rate swaps	$	4,924	$	4,924	Level 2	$	9,834	$	9,834	Level 2
Debt, net	$	1,877,790	$	1,938,563	Level 2	$	1,622,004	$	1,690,377	Level 2

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