Fair Value Measurement of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 and December 31, 2021, respectively (in thousands):


	September 30, 2022					December 31, 2021
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)	$	10,653	$	10,653	Level 1	$	7,419	$	7,419	Level 1
Tenant receivables, net (1)	$	7,796	$	7,796	Level 1	$	2,995	$	2,995	Level 1
Notes receivable	$	—	$	—	Level 2	$	118,500	$	120,075	Level 2
Restricted cash and escrows (1)	$	2,191	$	2,191	Level 1	$	1,441	$	1,441	Level 1
Interest rate swaps	$	3,760	$	3,760	Level 2	$	—	$	—	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	16,712	$	16,712	Level 1	$	45,065	$	45,065	Level 1
Interest rate swaps	$	—	$	—	Level 2	$	4,924	$	4,924	Level 2
Debt, net	$	2,145,408	$	1,997,395	Level 2	$	1,877,790	$	1,938,563	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.