Acquisition |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition | Acquisition During the three months ended September 30, 2026, Piedmont acquired 100% of the ownership interest in 4075 Wilson Boulevard in the Ballston submarket of Arlington, Virginia, consisting of 186,476 square feet and approximately 83% leased. The net purchase price of $52.0 million was primarily funded using proceeds from the $600 Million Unsecured 2022 Line of Credit and cash on hand. The purchase price of 4075 Wilson Boulevard, inclusive of approximately $0.8 million of closing costs, was allocated as follows:
(1)Amortization of in-place lease intangibles and lease acquisition costs are recognized using the straight-line method over approximately 5.5 years, the average remaining life of in-place leases.
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