Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Fixed and Variable Lease Revenue

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of income for the three and nine months ended September 30, 2022 and 2021, respectively, as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Fixed payments	$	114,280	$	105,592	$	334,256	$	315,971
Variable payments	25,292		21,835		69,379		64,335
Total Rental and Tenant Reimbursement Revenue	$	139,572	$	127,427	$	403,635	$	380,306

Schedule of Gross Intangible Lease Assets and Liabilities Arising from In-Place Leases

Gross intangible lease assets and liabilities arising from in-place leases, inclusive of amounts classified as real estate assets held for sale, recorded at acquisition as of September 30, 2022 and December 31, 2021, respectively, are as follows (in thousands):

	September 30, 2022		December 31, 2021
Intangible Lease Assets:
Above-Market In-Place Lease Assets	$	1,967	$	1,882
In-Place Lease Valuation	$	210,281	$	176,275
Intangible Lease Origination Costs (included as component of Deferred Lease Costs)	$	296,672	$	266,575
Intangible Lease Liabilities (Below-Market In-Place Leases)	$	99,330	$	75,221

Schedule of Amortization of Intangible Lease Costs

For the three and nine months ended September 30, 2022 and 2021, respectively, Piedmont recognized amortization of intangible lease costs as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Amortization of Intangible Lease Origination Costs and In-Place Lease Valuation included in amortization expense	$	18,905	$	16,580	$	54,582	$	51,208
Amortization of Above-Market and Below-Market In-Place Lease intangibles as a net increase to rental revenues	$	3,542	$	2,686	$	9,713	$	8,082

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Net intangible assets and liabilities as of September 30, 2022 will be amortized as follows (in thousands):

	Intangible Lease Assets
	Above-Market In-place Lease Assets		In-Place Lease Valuation		Intangible Lease Origination Costs (1)		Below-Market In-place Lease Liabilities
For the remainder of 2022	$	51	$	8,987	$	10,502	$	3,700
For the years ending December 31:
2023	160		29,545		34,523		12,625
2024	126		22,101		26,919		10,071
2025	48		16,680		21,541		8,441
2026	22		13,146		18,228		6,904
2027	13		10,426		15,010		5,814
Thereafter	30		22,192		33,220		13,139
	$	450	$	123,077	$	159,943	$	60,694
Weighted-Average Amortization Period (in years)	4		6		6		6

(1)Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets.