v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
During the six months ended June 30, 2026, Piedmont amended the $325 million Unsecured 2024 Term Loan (as amended, the "$400 Million Unsecured 2026 Term Loan") to, among other things, increase the principal amount from $325 million to $400 million and extend the maturity date to May 28, 2031. Subject to certain conditions, Piedmont may prepay the loans outstanding under the $400 Million Unsecured 2026 Term Loan, in whole or in part, at any time without premium or penalty. Additionally, the terms of the amendment provide for an increase or decrease to Piedmont’s debt rating and Total Leverage Ratio (as defined in the term loan agreement) as the basis for determining the applicable interest rate, ranging from 0.75% to 1.55%. The net proceeds from the $400 Million Unsecured 2026 Term Loan were used to repay the outstanding balance under Piedmont's $600 Million Unsecured 2022 Line of Credit, with the remainder used for general corporate purposes.

The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of June 30, 2026 and December 31, 2025 (in thousands):

Facility (1)
Stated Rate
Effective Rate (2)
MaturityAmount Outstanding as of
June 30, 2026December 31, 2025
Secured (Fixed)
$197 Million Fixed Rate Mortgage
4.10 %4.10 %10/1/2028$186,966 $188,822 
Unsecured (Variable and Fixed)
$600 Million Unsecured 2022 Line of Credit
SOFR + 1.05%
(3)
4.73 %
(4)
6/30/2028
(5)
— 47,000 
$400 Million Unsecured 2026 Term Loan
SOFR + 1.15%
(3)
4.85 %
(6)
5/28/2031400,000 325,000 
$600 Million Unsecured Senior Notes due 2028
9.25 %9.25 %7/20/2028287,258 287,258 
$400 Million Unsecured Senior Notes due 2029
6.88 %7.11 %7/15/2029400,000 400,000 
$300 Million Unsecured Senior Notes due 2030
3.15 %3.90 %

8/15/2030300,000 300,000 
$300 Million Unsecured Senior Notes due 2032
2.75 %2.78 %

4/1/2032300,000 300,000 
$400 Million Unsecured Senior Notes due 2033
5.63 %5.73 %1/15/2033400,000 400,000 
Unamortized discounts and debt issuance costs
(23,287)(23,368)
Subtotal/Weighted Average
5.62 %$2,063,971 $2,035,890 
Total/Weighted Average
5.50 %$2,250,937 $2,224,712 

(1)All of Piedmont’s outstanding debt as of June 30, 2026 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, which is secured by 1180 Peachtree Street.
(2)Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts.
(3)The all-in interest rates associated with the SOFR selections are comprised of the base SOFR interest rate and a stated interest rate spread that can vary from 0.72% to 1.40% on the $600 Million Unsecured 2022 Line of Credit and 0.75% to 1.55% on the $400 Million Unsecured 2026 Term Loan based upon the then current credit rating (as defined in the respective loan agreement) of Piedmont or Piedmont OP.
(4)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.
(5)Piedmont may extend the term of the $600 Million Unsecured 2022 Line of Credit for up to two additional years (through two available one-year extensions to a final extended maturity date of June 30, 2030); provided that Piedmont is not then in default and upon payment of extension fees.
(6)The facility has a stated variable rate; however, Piedmont has entered into interest rate swap agreements which effectively fix, subject to changes to Piedmont's credit rating (as defined in the term loan agreement), $200 million of the principal balance at a
4.94% interest rate through June 1, 2028. The rate presented is the weighted-average rate for the effectively fixed and variable portions of the debt outstanding as of June 30, 2026 (see Note 4).

Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $11.3 million and $14.3 million for the three months ended June 30, 2026 and 2025, respectively, and approximately $50.5 million and $68.9 million for the six months ended June 30, 2026 and 2025, respectively. Also, Piedmont capitalized interest of approximately $1.0 million and $3.2 million for the three months ended June 30, 2026 and 2025, respectively, and $2.1 million and $6.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, Piedmont believes it was in compliance with all financial covenants associated with its debt instruments.

See Note 5 for a description of Piedmont’s estimated fair value of debt as of June 30, 2026.