Derivative Instruments (Tables)

12 Months Ended

Dec. 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 December 31, 2023 is as follows:

Interest Rate Derivatives:	Number of Swap Agreements	Associated Debt Instrument	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 December 31, 2023 and 2022, respectively, is as follows (in thousands):

Interest rate swaps classified as:	December 31, 2023		December 31, 2022
Gross derivative assets	$	3,032	$	4,183
Gross derivative liabilities	—		—
Net derivative assets	$	3,032	$	4,183

Schedule of Effect on Other Comprehensive Income (Loss)

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward starting interest rate swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the years ended December 31, 2023, 2022, and 2021, respectively, was as follows (in thousands):

Interest Rate Swaps in Cash Flow Hedging Relationships:	2023		2022		2021
Amount of gain recognized in OCI	$	2,626	$	8,202	$	2,994
Amount of previously recorded gain/(loss) reclassified from OCI into Interest Expense	$	3,365	$	(1,273)	$	(2,952)
Total amount of Interest Expense presented in the consolidated statements of operations	$	(101,258)	$	(65,656)	$	(51,292)
Total amount of Loss on Early Extinguishment of Debt presented in the consolidated statements of operations	$	(820)	$	—	$	—