$PDM
Piedmont Office Realty Trust, Inc.

2022 Q4 Form 10-Q Financial Statement

#000104277622000185 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $147.2M $144.1M
YoY Change 6.55% 9.94%
Cost Of Revenue $59.76M $59.04M
YoY Change 6.56% 14.05%
Gross Profit $87.45M $85.06M
YoY Change 6.54% 7.26%
Gross Profit Margin 59.4% 59.03%
Selling, General & Admin $7.915M $6.590M
YoY Change 1.02% -5.25%
% of Gross Profit 9.05% 7.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.11M $34.94M
YoY Change 8.18% 14.33%
% of Gross Profit 64.16% 41.08%
Operating Expenses $66.62M $64.82M
YoY Change 7.79% 11.97%
Operating Profit $20.83M $20.24M
YoY Change 2.7% -5.48%
Interest Expense -$20.74M $17.24M
YoY Change 49.02% 38.51%
% of Operating Profit -99.58% 85.2%
Other Income/Expense, Net $408.0K -$16.91M
YoY Change -85.84% 67.2%
Pretax Income $75.57M $3.331M
YoY Change -337.98% -70.52%
Income Tax
% Of Pretax Income
Net Earnings $75.57M $3.331M
YoY Change -338.01% -70.54%
Net Earnings / Revenue 51.33% 2.31%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share $0.61 $0.03
COMMON SHARES
Basic Shares Outstanding 123.4M shares 123.4M shares
Diluted Shares Outstanding 123.7M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.54M $10.65M
YoY Change 122.89% 30.09%
Cash & Equivalents $16.54M $10.65M
Short-Term Investments
Other Short-Term Assets $17.15M $23.93M
YoY Change -16.27% -3.97%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $176.8M $180.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $210.5M $215.5M
YoY Change -18.24% 6.86%
LONG-TERM ASSETS
Property, Plant & Equipment $3.386B $3.449B
YoY Change 9.69% 14.34%
Goodwill $82.94M $98.92M
YoY Change -16.16% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $287.3M $294.7M
YoY Change 4.7% 15.07%
Total Long-Term Assets $3.875B $3.970B
YoY Change 5.49% 11.55%
TOTAL ASSETS
Total Short-Term Assets $210.5M $215.5M
Total Long-Term Assets $3.875B $3.970B
Total Assets $4.086B $4.185B
YoY Change 3.94% 11.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.3M $111.3M
YoY Change -3.62% -12.86%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $135.7M $111.3M
YoY Change -3.44% -12.86%
LONG-TERM LIABILITIES
Long-Term Debt $1.984B $2.145B
YoY Change 5.64% 28.85%
Other Long-Term Liabilities $116.9M $131.5M
YoY Change -6.42% 22.6%
Total Long-Term Liabilities $2.101B $2.277B
YoY Change 4.89% 28.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $135.7M $111.3M
Total Long-Term Liabilities $2.101B $2.277B
Total Liabilities $2.236B $2.388B
YoY Change 4.34% 25.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.712B $3.710B
YoY Change 0.25% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.848B $1.796B
YoY Change
Total Liabilities & Shareholders Equity $4.086B $4.185B
YoY Change 3.94% 11.3%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $75.57M $3.331M
YoY Change -338.01% -70.54%
Depreciation, Depletion And Amortization $56.11M $34.94M
YoY Change 8.18% 14.33%
Cash From Operating Activities $51.23M $72.21M
YoY Change -33.61% 11.36%
INVESTING ACTIVITIES
Capital Expenditures $25.86M -$307.3M
YoY Change -109.75% 968.03%
Acquisitions
YoY Change
Other Investing Activities $145.0M -$6.363M
YoY Change -1553.88% 84.27%
Cash From Investing Activities $119.1M -$313.6M
YoY Change -143.29% 873.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -163.6M 246.4M
YoY Change -184.96% -978.97%
NET CHANGE
Cash From Operating Activities 51.23M 72.21M
Cash From Investing Activities 119.1M -313.6M
Cash From Financing Activities -163.6M 246.4M
Net Change In Cash 6.756M 4.988M
YoY Change -224.6% 8.86%
FREE CASH FLOW
Cash From Operating Activities $51.23M $72.21M
Capital Expenditures $25.86M -$307.3M
Free Cash Flow $25.37M $379.5M
YoY Change -92.59% 305.38%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001042776
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-09-30
dei Document Transition Report
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false
dei Entity File Number
EntityFileNumber
001-34626
dei Entity Registrant Name
EntityRegistrantName
Piedmont Office Realty Trust, Inc.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MD
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
58-2328421
dei Entity Address Address Line1
EntityAddressAddressLine1
5565 Glenridge Connector Ste. 450
dei Entity Address City Or Town
EntityAddressCityOrTown
Atlanta
dei Entity Address State Or Province
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GA
dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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dei Security12b Title
Security12bTitle
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dei Trading Symbol
TradingSymbol
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dei Security Exchange Name
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NetIncomeLoss
11306000 usd
us-gaap Net Income Loss
NetIncomeLoss
71261000 usd
us-gaap Net Income Loss
NetIncomeLoss
30597000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
2662000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
582000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
7507000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
1848000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-194000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-750000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-1453000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-2216000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2856000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1332000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
8960000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4064000 usd
CY2022Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6187000 usd
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12638000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
80221000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
34661000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1815663000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
461000 usd
CY2022Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.21
CY2022Q3 us-gaap Dividends Common Stock
DividendsCommonStock
25920000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1862000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
3331000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2856000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1797331000 usd
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1872508000 usd
CY2021Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.21
CY2021Q3 us-gaap Dividends Common Stock
DividendsCommonStock
26074000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1552000 usd
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
11306000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1332000 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1860619000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1787423000 usd
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
461000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.63
us-gaap Dividends Common Stock
DividendsCommonStock
77751000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7900000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000 usd
us-gaap Net Income Loss
NetIncomeLoss
71261000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
8960000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1797331000 usd
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1897961000 usd
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
55000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.63
us-gaap Dividends Common Stock
DividendsCommonStock
78209000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
6270000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-9000 usd
us-gaap Net Income Loss
NetIncomeLoss
30597000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4064000 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1860619000 usd
us-gaap Profit Loss
ProfitLoss
71260000 usd
us-gaap Profit Loss
ProfitLoss
30588000 usd
us-gaap Depreciation
Depreciation
98828000 usd
us-gaap Depreciation
Depreciation
88663000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2738000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2396000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
60457000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
58743000 usd
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
-2000000 usd
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
412000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6880000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
8201000 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
50674000 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
14760000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13448000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
933000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2815000 usd
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
0 usd
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
623000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4571000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
342000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-12383000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-8671000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
163984000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
165034000 usd
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
270899000 usd
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 usd
pdm Paymentsfor Tenant Improvements Capital Improvementsandto Develop Real Estate Assets
PaymentsforTenantImprovementsCapitalImprovementsandtoDevelopRealEstateAssets
95507000 usd
pdm Paymentsfor Tenant Improvements Capital Improvementsandto Develop Real Estate Assets
PaymentsforTenantImprovementsCapitalImprovementsandtoDevelopRealEstateAssets
83477000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
143596000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 usd
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
118500000 usd
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0 usd
us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
16042000 usd
CY2022Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1100000 usd
us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
10324000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-120352000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-93801000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
194000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
454000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
761420000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
526580000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
693000000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
484610000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
311000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
55000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3764000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3050000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
685000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
103799000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
103891000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-39648000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-66165000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3984000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5068000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8860000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9214000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12844000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14282000 usd
CY2022Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
53 property
CY2022Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
16800000 sqft
CY2022Q3 pdm Real Estate Property Percentof Property Under Lease
RealEstatePropertyPercentofPropertyUnderLease
0.868
CY2021Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
105592000 usd
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
60000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
334256000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates include the underlying cash flows and holding periods used in assessing impairment, judgements regarding the recoverability of goodwill, and the assessment of the collectibility of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially differ from those estimates.</span></div>
CY2022Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
114280000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
315971000 usd
CY2022Q3 us-gaap Variable Lease Income
VariableLeaseIncome
25292000 usd
CY2021Q3 us-gaap Variable Lease Income
VariableLeaseIncome
21835000 usd
us-gaap Variable Lease Income
VariableLeaseIncome
69379000 usd
us-gaap Variable Lease Income
VariableLeaseIncome
64335000 usd
CY2022Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
139572000 usd
CY2021Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
127427000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
403635000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
380306000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
60000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
60000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
20000000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
20000000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
60000 usd
CY2022Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
99330000 usd
CY2021Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
75221000 usd
CY2022Q3 pdm Amortization Of Intangible Lease Origination Costs And Absorption Period Costs
AmortizationOfIntangibleLeaseOriginationCostsAndAbsorptionPeriodCosts
18905000 usd
CY2021Q3 pdm Amortization Of Intangible Lease Origination Costs And Absorption Period Costs
AmortizationOfIntangibleLeaseOriginationCostsAndAbsorptionPeriodCosts
16580000 usd
pdm Amortization Of Intangible Lease Origination Costs And Absorption Period Costs
AmortizationOfIntangibleLeaseOriginationCostsAndAbsorptionPeriodCosts
54582000 usd
pdm Amortization Of Intangible Lease Origination Costs And Absorption Period Costs
AmortizationOfIntangibleLeaseOriginationCostsAndAbsorptionPeriodCosts
51208000 usd
CY2022Q3 us-gaap Interest Paid
InterestPaid
18300000 usd
CY2021Q3 us-gaap Interest Paid
InterestPaid
16200000 usd
CY2022Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
3542000 usd
CY2021Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
2686000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
9713000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
8082000 usd
CY2022Q3 pdm Lease Origination Costs Expected Amortization Remainder Of Fiscal Year
LeaseOriginationCostsExpectedAmortizationRemainderOfFiscalYear
10502000 usd
CY2022Q3 us-gaap Below Market Lease Amortization Income Remainder Of Fiscal Year
BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear
3700000 usd
CY2022Q3 pdm Lease Origination Costs Expected Amortization Year One
LeaseOriginationCostsExpectedAmortizationYearOne
34523000 usd
CY2022Q3 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
12625000 usd
CY2022Q3 pdm Lease Origination Costs Expected Amortization Year Two
LeaseOriginationCostsExpectedAmortizationYearTwo
26919000 usd
CY2022Q3 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
10071000 usd
CY2022Q3 pdm Lease Origination Costs Expected Amortization Year Three
LeaseOriginationCostsExpectedAmortizationYearThree
21541000 usd
CY2022Q3 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
8441000 usd
CY2022Q3 pdm Lease Origination Costs Expected Amortization Year Four
LeaseOriginationCostsExpectedAmortizationYearFour
18228000 usd
CY2022Q3 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
6904000 usd
CY2022Q3 pdm Lease Origination Costs Expected Amortization Year Five
LeaseOriginationCostsExpectedAmortizationYearFive
15010000 usd
CY2022Q3 us-gaap Below Market Lease Amortization Income Year Five
BelowMarketLeaseAmortizationIncomeYearFive
5814000 usd
CY2022Q3 pdm Lease Origination Costs Expected Amortization After Year Five
LeaseOriginationCostsExpectedAmortizationAfterYearFive
33220000 usd
CY2022Q3 us-gaap Below Market Lease Amortization Income After Year Five
BelowMarketLeaseAmortizationIncomeAfterYearFive
13139000 usd
CY2022Q3 pdm Lease Origination Costs Net
LeaseOriginationCostsNet
159943000 usd
CY2022Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
60694000 usd
pdm Lease Origination Costs Useful Life
LeaseOriginationCostsUsefulLife
P6Y
pdm Finite Lived Intangible Liabilities Weighted Average Useful Life
FiniteLivedIntangibleLiabilitiesWeightedAverageUsefulLife
P6Y
CY2022Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0369
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
2145408000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1877790000 usd
CY2021Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1000000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3200000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2700000 usd
us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
MaximumLengthOfTimeHedgedInCashFlowHedge1
P30M
CY2022Q3 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
3760000 usd
CY2021Q4 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
0 usd
CY2022Q3 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
0 usd
CY2021Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
4924000 usd
CY2022Q3 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
InterestRateCashFlowHedgeDerivativeAtFairValueNet
3760000 usd
CY2021Q4 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
InterestRateCashFlowHedgeDerivativeAtFairValueNet
-4924000 usd
CY2022Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
1300000 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
50674000 usd
pdm Increase Decrease In Accrued Capital Expenditures And Deferred Lease Costs
IncreaseDecreaseInAccruedCapitalExpendituresAndDeferredLeaseCosts
18424000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
143596000 usd
CY2022Q3 pdm Number Of Financing Receivable Notes Collected
NumberOfFinancingReceivableNotesCollected
2 note
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
978720 shares
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6900000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8200000 usd
pdm Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Amortization Of Nonvested Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAmortizationOfNonvestedShares
5800000 usd
pdm Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Amortization Of Nonvested Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAmortizationOfNonvestedShares
6900000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
318686 shares
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8000000 usd
pdm Increase Decrease In Accrued Capital Expenditures And Deferred Lease Costs
IncreaseDecreaseInAccruedCapitalExpendituresAndDeferredLeaseCosts
40697000 usd
pdm Increase Decrease In Dividends Payable
IncreaseDecreaseInDividendsPayable
-26048000 usd
pdm Increase Decrease In Dividends Payable
IncreaseDecreaseInDividendsPayable
-25682000 usd
pdm Increase Decreasein Accrued Share Repurchases
IncreaseDecreaseinAccruedShareRepurchases
0 usd
pdm Increase Decreasein Accrued Share Repurchases
IncreaseDecreaseinAccruedShareRepurchases
-685000 usd
pdm Increase Decrease In Accrued Deferred Financing Costs
IncreaseDecreaseInAccruedDeferredFinancingCosts
71000 usd
pdm Increase Decrease In Accrued Deferred Financing Costs
IncreaseDecreaseInAccruedDeferredFinancingCosts
495000 usd
pdm Increase Decrease In Accrued Stock Issuance Costs
IncreaseDecreaseInAccruedStockIssuanceCosts
150000 usd
pdm Increase Decrease In Accrued Stock Issuance Costs
IncreaseDecreaseInAccruedStockIssuanceCosts
0 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7419000 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7331000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1441000 usd
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1883000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8860000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9214000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10653000 usd
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
302000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
491000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
301000 shares
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8189000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2191000 usd
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6093000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12844000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14282000 usd
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
194330 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
145222 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
346695 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
313140 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123395000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124136000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123330000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124057000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
415000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
123697000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124627000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
123631000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124472000 shares
CY2022Q3 us-gaap Revenues
Revenues
144100000 usd
CY2021Q3 us-gaap Revenues
Revenues
131071000 usd
us-gaap Revenues
Revenues
416558000 usd
us-gaap Revenues
Revenues
390546000 usd
CY2022Q3 pdm Net Operating Income
NetOperatingIncome
85099000 usd
CY2021Q3 pdm Net Operating Income
NetOperatingIncome
79211000 usd
pdm Net Operating Income
NetOperatingIncome
250167000 usd
pdm Net Operating Income
NetOperatingIncome
235652000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
3331000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
11306000 usd
us-gaap Net Income Loss
NetIncomeLoss
71261000 usd
us-gaap Net Income Loss
NetIncomeLoss
30597000 usd
CY2022Q3 pdm Revenue From Contract With Customer Net Of Related Operating Expenses
RevenueFromContractWithCustomerNetOfRelatedOperatingExpenses
177000 usd
CY2021Q3 pdm Revenue From Contract With Customer Net Of Related Operating Expenses
RevenueFromContractWithCustomerNetOfRelatedOperatingExpenses
309000 usd
pdm Revenue From Contract With Customer Net Of Related Operating Expenses
RevenueFromContractWithCustomerNetOfRelatedOperatingExpenses
743000 usd
pdm Revenue From Contract With Customer Net Of Related Operating Expenses
RevenueFromContractWithCustomerNetOfRelatedOperatingExpenses
946000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
58230000 usd
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
50935000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
165850000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
152641000 usd
CY2022Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6590000 usd
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6955000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
21212000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
22417000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
17244000 usd
CY2021Q3 us-gaap Interest Expense
InterestExpense
12450000 usd
us-gaap Interest Expense
InterestExpense
44917000 usd
us-gaap Interest Expense
InterestExpense
37375000 usd
CY2022Q3 pdm Other Income Expense
OtherIncomeExpense
119000 usd
CY2021Q3 pdm Other Income Expense
OtherIncomeExpense
2121000 usd
pdm Other Income Expense
OtherIncomeExpense
1655000 usd
pdm Other Income Expense
OtherIncomeExpense
6423000 usd
CY2022Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 usd
CY2021Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
50674000 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 usd
CY2022Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 usd
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-9000 usd
CY2022Q3 pdm Net Operating Income
NetOperatingIncome
85099000 usd
CY2021Q3 pdm Net Operating Income
NetOperatingIncome
79211000 usd
pdm Net Operating Income
NetOperatingIncome
250167000 usd
pdm Net Operating Income
NetOperatingIncome
235652000 usd

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0001042776-22-000185.txt Edgar Link pending
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