Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 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
Interest rate swaps	3	$250 Million Unsecured 2018 Term Loan	75		12/2/2022	3/31/2025
Interest rate swaps	3	$250 Million Unsecured 2018 Term Loan	75		12/12/2022	3/31/2025
Total			$	250

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2023 and December 31, 2022, respectively, is as follows (in thousands):

Interest rate swaps classified as:	March 31, 2023		December 31, 2022
Gross derivative assets	$	2,899	$	4,183
Gross derivative liabilities	(394)		—
Net derivative asset	$	2,505	$	4,183

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 OCI and the accompanying consolidated statements of operations as a component of interest expense for the three months ended March 31, 2023 and 2022, respectively, is as follows (in thousands):

	Three Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	March 31, 2023		March 31, 2022
Amount of gain/(loss) recognized in OCI	$	(1,103)	$	3,876
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense	$	484	$	(705)
Total amount of interest expense presented in the consolidated statements of operations	$	(22,077)	$	(13,898)