Debt (Tables)

3 Months Ended

Mar. 31, 2024

The following table summarizes the terms of Piedmont’s indebtedness outstanding as of March 31, 2024 and December 31, 2023 (in thousands):


Facility (1)	Stated Rate		Effective Rate (2)			Maturity		Amount Outstanding as of
								March 31, 2024		December 31, 2023
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%	4.10	%		10/1/2028		$	195,028	$	195,879









Subtotal								195,028		195,879
Unsecured (Variable and Fixed)







$400 Million Unsecured Senior Notes due 2024	4.45	%	4.10	%		3/15/2024		—		50,154
$200 Million Unsecured 2022 Term Loan Facility	SOFR + 1.25%		6.70	%		12/16/2024		—		100,000
$215 Million Unsecured 2023 Term Loan	SOFR + 1.30%		6.71	%	(3)	1/31/2025	(4)	25,000		215,000
$250 Million Unsecured 2018 Term Loan	SOFR + 1.20%		4.79	%		3/31/2025	(4)	250,000		250,000
$600 Million Unsecured 2022 Line of Credit	SOFR + 1.04%		6.45	%	(3)	6/30/2026	(5)	216,000		59,000
$200 Million Unsecured 2024 Term Loan	SOFR + 1.30%		6.22	%	(6)	1/29/2027		200,000		—
$600 Million Unsecured Senior Notes due 2028	9.25	%	9.25	%		7/20/2028		600,000		600,000
$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								(15,958)		(15,437)
Subtotal/Weighted Average (7)	5.99	%						$	1,875,042	$	1,858,717
Total/Weighted Average (7)	5.81	%						$	2,070,070	$	2,054,596

(1)All of Piedmont’s outstanding debt as of March 31, 2024 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 or Piedmont OP's current credit rating.

(4)Piedmont currently intends to repay the outstanding balance on debt due within one year through selective property dispositions, cash on hand from operations, and/or borrowings under its existing $600 Million Unsecured 2022 Line of Credit.

(5)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.

(6)The term loan has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix the interest rate on $80 million of the term loan to 5.50% through February 1, 2026, assuming no change in Piedmont's or Piedmont OP's credit rating. For the remaining variable portion of the loan, Piedmont may select from multiple interest rate options, including the prime rate and various length SOFR locks. All SOFR selections are 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. See Note 4 for disclosures of Piedmont's derivative instruments.

(7)Weighted average is based on contractual balance of outstanding debt and the stated or effectively fixed interest rates as of March 31, 2024.