Impairment Loss on Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of Impairment Loss on Real Estate Assets

Piedmont recorded the following impairment losses on real estate assets for the years ended December 31, 2022, 2021, and 2020 (in thousands):

	2022		2021		2020
9320 Excelsior Boulevard (1)	$	10,000	$	—	$	—
Two Pierce Place(1)	—		41,000		—
Total impairment loss on real estate assets	$	10,000	$	41,000	$	—

(1)Management shortened the intended hold period for the building and in doing so, determined that the carrying value would not be recovered from the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. As a result, Piedmont recognized a loss on impairment calculated as the difference between the carrying value of the asset and the estimated fair value less costs to sell. The estimated fair values were determined based on net contract prices with unrelated, third-party purchasers. The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.