Fair Value Measurement of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

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 March 31, 2023 and December 31, 2022, respectively (in thousands):

	March 31, 2023					December 31, 2022
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)	$	170,593	$	170,593	Level 1	$	16,536	$	16,536	Level 1
Tenant receivables, net (1)	$	6,280	$	6,280	Level 1	$	4,762	$	4,762	Level 1
Restricted cash and escrows (1)	$	4,183	$	4,183	Level 1	$	3,064	$	3,064	Level 1
Interest rate swaps	$	2,899	$	2,899	Level 2	$	4,183	$	4,183	Level 2
Liabilities:
Accounts payable and accrued expenses (1)	$	20,184	$	20,184	Level 1	$	63,225	$	63,225	Level 1
Interest rate swaps	$	394	$	394	Level 2	$	—	$	—	Level 2
Debt, net	$	2,197,955	$	2,018,146	Level 2	$	1,983,681	$	1,825,723	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.