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Debt (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the terms of Piedmont’s indebtedness outstanding as of June 30, 2022 and December 31, 2021 (in thousands):
Facility (1)
Stated Rate
Effective Rate (2)
MaturityAmount Outstanding as of
June 30, 2022December 31, 2021
$350 Million Unsecured Senior Notes due 2023
3.40 %3.43 %6/01/2023
(3)
$350,000 $350,000 
$400 Million Unsecured Senior Notes due 2024
4.45 %4.10 %3/15/2024400,000 400,000 
$250 Million Unsecured 2018 Term Loan
LIBOR + 0.95%
2.98 %
(4)
3/31/2025250,000 250,000 
$600 Million Unsecured 2022 Line of Credit(5)
SOFR + 0.85%
2.45 %
(6)
6/30/2026
(7)
89,000 290,000 
$300 Million Unsecured Senior Notes due 2030
3.15 %3.90 %

8/15/2030300,000 300,000 
$300 Million Unsecured Senior Notes due 2032
2.75 %2.78 %

4/1/2032300,000 300,000 
Discounts and unamortized debt issuance costs
(14,222)(12,210)
Total/Weighted Average (8)
3.38 %$1,674,778 $1,877,790 

(1)All of Piedmont’s outstanding debt as of June 30, 2022 is unsecured and interest-only until maturity.
(2)Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts.
(3)Piedmont currently intends to repay the $350 Million Unsecured Senior Notes due 2023 through debt refinancing, cash on hand, cash flow from operations, and/or draws under its existing $600 Million Unsecured 2022 Line of Credit.
(4)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 June 30, 2022 (see Note 4 for more detail).
(5)As mentioned above, during the three months ended June 30, 2022, Piedmont amended and restated its $500 Million Unsecured 2018 Line of Credit and it is now reflected as the $600 Million Unsecured 2022 Line of Credit. The $500 Million Unsecured 2018 Line of Credit had a stated rate of LIBOR + 0.90% as of December 31, 2021.
(6)On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal. All SOFR selections are subject to an additional spread over the selected rate based on Piedmont’s current credit rating.
(7)Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 30, 2027) provided Piedmont is not then in default and upon payment of extension fees.
(8)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of June 30, 2022.