v3.26.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 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 September 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 September 30, 2026 and December 31, 2025, respectively, is as follows (in thousands):
Interest rate swaps classified as:September 30,
2026		December 31,
2025
Gross derivative assets$2,561 $— 
Gross derivative liabilities— (111)
Net derivative asset/(liability)$2,561 $(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 nine months ended September 30, 2026 and 2025, respectively, is as follows (in thousands):

Three Months EndedNine Months Ended
Interest Rate Swaps in Cash Flow Hedging RelationshipsSeptember 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Amount of gain recognized in OCI$1,960 $90 $2,458 $269 
Amount of previously recorded loss reclassified from OCI into interest expense
$(556)$(266)$(1,657)$(337)
Total amount of interest expense presented in the consolidated statements of operations
$(32,026)$(31,968)$(95,829)$(95,599)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations
$(20,236)$— $(20,236)$(8,000)