Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

A detail of Piedmont’s interest rate derivatives outstanding as of June 30, 2022 is as follows:

Interest Rate Derivatives:	Number of Swap Agreements	Associated Debt Instrument	Total Notional Amount (in millions)		Effective Date	Maturity Date
Interest rate swaps	2	$250 Million Unsecured 2018 Term Loan	$	100	3/29/2018	3/31/2025

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of June 30, 2022 and December 31, 2021, respectively, is as follows (in thousands):

Interest rate swaps classified as:	June 30, 2022		December 31, 2021
Gross derivative assets	$	996	$	—
Gross derivative liabilities	—		(4,924)
Net derivative asset/(liability)	$	996	$	(4,924)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in other comprehensive income ("OCI") and the accompanying consolidated statements of income as a component of interest expense for the three and six months ended June 30, 2022 and 2021, respectively, is as follows (in thousands):

	Three Months Ended				Six Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Amount of gain/(loss) recognized in OCI	$	969	$	(295)	$	4,845	$	1,266
Amount of previously recorded loss reclassified from OCI into interest expense	$	(554)	$	(740)	$	(1,259)	$	(1,466)
Total amount of interest expense presented in the consolidated statements of income	$	(13,775)	$	(12,345)	$	(27,673)	$	(24,925)