v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of September 30, 2026 and December 31, 2025 (in thousands):

Facility (1)
Stated Rate
Effective Rate (2)
MaturityAmount Outstanding as of
September 30, 2026December 31, 2025
Secured (Fixed)
$197 Million Fixed Rate Mortgage
4.10 %4.10 %10/1/2028$186,023 $188,822 
Unsecured (Variable and Fixed)
$600 Million Unsecured 2022 Line of Credit
SOFR + 1.05%
(3)
4.95 %
(4)
6/30/2028
(5)
152,000 47,000 
$400 Million Unsecured 2026 Term Loan
SOFR + 1.15%
(3)
4.98 %
(6)
5/28/2031400,000 325,000 
$600 Million Unsecured Senior Notes due 2028
9.25 %9.25 %7/20/2028— 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 
$230 Million Exchangeable Senior Notes due 2031
2.88 %2.88 %2/1/2031230,000 — 
$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
(27,182)(23,368)
Subtotal/Weighted Average
4.83 %$2,154,818 $2,035,890 
Total/Weighted Average
4.78 %$2,340,841 $2,224,712 

(1)All of Piedmont’s outstanding debt as of September 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 September 30, 2026 (see Note 5).