v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 is as follows:

Interest Rate Derivatives:Number of Swap AgreementsAssociated Debt InstrumentNotional Amount
(in millions)		Effective DateMaturity Date
Interest rate swaps3
$400 Million Unsecured 2026 Term Loan
$200 6/1/20266/1/2028
Schedule of Interest Rate Derivatives A detail of Piedmont’s interest rate derivatives on a gross and net basis as of June 30, 2026 and December 31, 2025, respectively, is as follows (in thousands):
Interest rate swaps classified as:June 30,
2026		December 31,
2025
Gross derivative assets$530 $— 
Gross derivative liabilities— (111)
Net derivative asset/(liability)$530 $(111)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income
The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the three and six months ended June 30, 2026 and 2025, respectively, is as follows (in thousands):

 Three Months EndedSix Months Ended
Interest Rate Swaps in Cash Flow Hedging RelationshipsJune 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Amount of gain recognized in OCI$503 $419 $498 $178 
Amount of previously recorded loss reclassified from OCI into interest expense
$(509)$(283)$(1,101)$(72)
Total amount of interest expense presented in the consolidated statements of operations
$(31,874)$(31,954)$(63,803)$(63,631)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations
$— $(7,500)$— $(8,000)