Debt (Tables)

9 Months Ended

Sep. 30, 2023

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of September 30, 2023 and December 31, 2022 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								September 30, 2023		December 31, 2022
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	196,721	$	197,000









Subtotal								196,721		197,000
Unsecured (Variable and Fixed)






$350 Million Unsecured Senior Notes due 2023	3.40	%	3.43	%		6/01/2023		—		350,000
$215 Million Unsecured 2023 Term Loan	SOFR + 1.05%		6.45	%	(3)	1/31/2024	(4)	215,000		—
$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024	(5)	50,154		400,000
$200 Million Unsecured 2022 Term Loan Facility	SOFR + 1.00%		6.43	%	(3)	12/16/2024	(6)	200,000		200,000
$250 Million Unsecured 2018 Term Loan	SOFR + 0.95%		4.54	%		3/31/2025		250,000		250,000
$600 Million Unsecured 2022 Line of Credit	SOFR + 0.84%		6.24	%	(3)	6/30/2026	(7)	157,000		—
$400 Million Unsecured Senior Notes due 2028	9.25	%	9.50	%		7/20/2028		400,000		—
$300 Million Unsecured Senior Notes due 2030	3.15	%	3.90	%		8/15/2030		300,000		300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%	2.78	%		4/1/2032		300,000		300,000
Discounts and unamortized debt issuance costs								(18,556)		(13,319)
Subtotal/Weighted Average (8)	5.60	%						$	1,853,598	$	1,786,681
Total/Weighted Average (8)	5.46	%						$	2,050,319	$	1,983,681

(1)All of Piedmont’s outstanding debt as of September 30, 2023 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, secured by 1180 Peachtree Street.

(2)Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts.

(3)On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal. The all-in interest rate associated with each SOFR interest period selection is comprised of the relevant adjusted SOFR rate (comprised of the relevant base SOFR interest rate plus a fixed adjustment of 0.10%) and is subject to an additional spread over the selected rate based on Piedmont’s current credit rating.

(4)Piedmont may extend the term for an additional year to a final extended maturity date of January 31, 2025 provided Piedmont is not then in default and upon payment of extension fees.

(5)Piedmont currently intends to repay the outstanding $50.2 million balance on the $400 Million Unsecured Senior Notes due 2024 through selective property dispositions, cash on hand from operations, and/or borrowings under its existing $600 Million Unsecured 2022 Line of Credit.

(6)Piedmont may extend the term for six additional months to a final extended maturity date of June 18, 2025, provided Piedmont is not then in default and all representations and warranties are true and correct in all material respects and upon payment of extension fees.

(7)Piedmont may extend the term for up to one additional year (through two available six month extensions to a final extended maturity date of June 30, 2027) provided Piedmont is not then in default and upon payment of extension fees.

(8)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of September 30, 2023.