Subsequent events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent events

Subsequent events

Declaration of Dividend for the First Quarter 2020

On February 4, 2020, the board of directors of Piedmont declared a dividend for the first quarter 2020 in the amount of $0.21 per share on its common stock to stockholders of record as of the close of business on February 28, 2020, payable on March 20, 2020.

$150 Million Term Loan

On February 10, 2020, Piedmont entered into an agreement with Truist Bank whereby Truist will extend Piedmont a $150 million term loan at LIBOR plus 95 basis points. The loan was unfunded at closing and can be funded in up to four draws at Piedmont’s discretion. The original term of the commitment period is six months, with the option to extend for two additional three month periods upon payment of applicable extension fees.

Acquisition of The Galleria Office Towers

On February 12, 2020, Piedmont purchased three Class A office towers in Dallas, Texas (the “Dallas Galleria Office Towers”) totaling approximately 1.4 million square feet of office space, associated parking garages, and a 1.9-acre land parcel located within a 3.7 million square foot mixed-use development that includes the Galleria Dallas retail destination, encompassing over 30 dining options and 1.5 million square feet of shopping, along with the 448-room Westin Galleria Hotel, for a net purchase price of $396 million, or approximately $275 per square foot. The acquisition was initially funded with cash on hand and borrowings under the Company's $500 Million Unsecured 2018 Line of Credit; however, Piedmont anticipates ultimately funding the majority of the acquisition using proceeds from the anticipated sale of 1901 Market in Philadelphia, Pennsylvania.