Earnings summaries and quarterly performance for Piedmont Realty Trust.
Executive leadership at Piedmont Realty Trust.
C. Brent Smith
Detailed
President and Chief Executive Officer
CEO
CK
Christopher Kollme
Detailed
Executive Vice President, Investments
GW
George Wells
Detailed
Executive Vice President, Chief Operating Officer
LM
Laura Moon
Detailed
Executive Vice President, Chief Accounting Officer and Treasurer
SR
Sherry Rexroad
Detailed
Executive Vice President, Chief Financial Officer
Board of directors at Piedmont Realty Trust.
Research analysts who have asked questions during Piedmont Realty Trust earnings calls.
Dylan Burzinski
Green Street Advisors, LLC
6 questions for PDM
Also covers: AAT, ALX, ARE +11 more
NT
Nicholas Thillman
Robert W. Baird & Co.
6 questions for PDM
Also covers: COLD, CUZ, EGP +7 more
AP
Anthony Paolone
JPMorgan Chase & Co.
4 questions for PDM
Also covers: ARE, AVB, BDN +30 more
ML
Michael Lewis
Truist Securities, Inc.
3 questions for PDM
Also covers: ALX, BDN, BXP +12 more
RZ
Ray Zhang
JPMorgan Chase & Co.
1 question for PDM
Recent press releases and 8-K filings for PDM.
Piedmont Realty Trust Announces Significant 2025 Leasing Success
PDM
Revenue Acceleration/Inflection
- Piedmont Realty Trust leased 2.5 million square feet, representing approximately 16% of its portfolio, during 2025, including 679,000 square feet signed in the fourth quarter.
- As of December 31, 2025, the company's in-service portfolio was 89.6% leased, an increase of 1.2% during the year.
- Approximately two-thirds of the 2025 leasing was related to new tenants, and almost half was for previously vacant space.
- Over the last five years, Piedmont has leased approximately 11.6 million square feet, which is 75% of its portfolio.
Jan 12, 2026, 9:16 PM
Piedmont Realty Trust Reports Strong Fourth Quarter Leasing Activity
PDM
New Projects/Investments
Guidance Update
- Piedmont Realty Trust has completed over 475,000 square feet of leasing in the fourth quarter-to-date, with approximately 275,000 square feet related to new tenants.
- Year-to-date leasing volume for the Company now totals approximately 2.3 million square feet.
- Approximately 60% of the Company’s out-of-service portfolio is now leased, with almost half of the new tenant leases in Q4 relating to previously vacant space.
- CEO Brent Smith anticipates a record leasing year for Piedmont, which is expected to provide momentum heading into 2026.
Dec 8, 2025, 11:30 AM
Piedmont Operating Partnership Issues $400 Million in 5.625% Senior Notes Due 2033
PDM
Debt Issuance
New Projects/Investments
- Piedmont Operating Partnership, LP, a wholly-owned subsidiary of Piedmont Realty Trust, Inc., issued $400,000,000 in 5.625% Senior Notes due 2033.
- The notes, guaranteed by Piedmont Realty Trust, Inc., mature on January 15, 2033, and bear an interest rate of 5.625% per year, payable semi-annually commencing July 15, 2026.
- The public offering price for the notes was 99.364% of the principal amount, resulting in a yield to maturity of 5.732%.
- The net proceeds from the issuance will primarily be used to fund the purchase of the Operating Partnership's outstanding 9.250% senior notes due 2028 through a tender offer.
- The Indenture contains covenants, including a requirement for Piedmont Realty Trust, Inc. to maintain total unencumbered assets of not less than 150% of total unsecured debt.
Nov 20, 2025, 9:14 PM
Piedmont Realty Trust Commences Cash Tender Offer for Senior Notes
PDM
Debt Issuance
- Piedmont Realty Trust's operating partnership has initiated a cash tender offer to purchase any and all of its outstanding 9.250% senior notes due 2028.
- The principal amount outstanding for these notes is $532,460,000.
- The tender offer is set to expire at 5:00 p.m., New York City time, on November 19, 2025.
- The offer is conditioned upon the Operating Partnership’s completion of a proposed concurrent senior notes offering.
Nov 13, 2025, 2:07 PM
Piedmont Realty Trust Reports Q3 2025 Results and Narrows FFO Guidance
PDM
Earnings
Guidance Update
Debt Issuance
- Piedmont Realty Trust reported Core FFO per diluted share of $0.35 for Q3 2025, a slight decrease from $0.36 in Q3 2024, and narrowed its 2025 annual Core FFO guidance to $1.40 to $1.42 per diluted share.
- The company achieved record leasing levels in Q3 2025, executing 724,000 square feet of total leasing, with over half a million square feet from new tenants. This pushed the in-service lease percentage to 89.2%.
- As of September 30, 2025, Piedmont had just under one million square feet of executed leases yet to commence and an additional 1.1 million square feet under abatement, together representing approximately $75 million of future additional annual cash rent.
- Management noted no final debt maturities until 2028 and estimated that refinancing the outstanding 9.25% bonds could generate approximately $21 million in interest savings, potentially adding $0.17 to FFO per share.
- The company revised its 2025 operational leasing goal to 2.2 to 2.4 million square feet, an increase from the initial 1.4 to 1.6 million square feet target.
Oct 28, 2025, 1:00 PM
Piedmont Office Realty Trust Reports Q3 2025 Results and Narrows FFO Guidance
PDM
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Piedmont Office Realty Trust reported Core FFO per diluted share of $0.35 for Q3 2025, a slight decrease from $0.36 in Q3 2024, primarily due to asset sales and higher net interest expense. The company narrowed its 2025 annual core FFO guidance to $1.40 to $1.42 per diluted share.
- The company achieved record leasing in Q3 2025, executing 724,000 square feet of total leasing, including over half a million square feet of new tenant leases, marking the largest amount of new tenant leasing in over a decade. Year-to-date leasing reached approximately 1.8 million square feet.
- The in-service lease percentage increased by 50 basis points quarter-over-quarter to 89.2% in Q3 2025, with a year-end goal of 89% to 90% leased. The out-of-service portfolio is over 50% leased and is anticipated to reach 90% leased next year and stabilization by the end of 2026.
- Rental rates for space vacant less than a year reflected almost 9% cash roll-ups and just over 20% accrual roll-ups. The company expects mid-single-digit FFO growth in 2026 and 2027, supported by approximately $75 million of future additional annual cash rent from executed but uncommenced or abated leases.
- U.S. office demand showed a turnaround in Q3 2025, with 12 million more square feet occupied than returned, marking the first positive figure since late 2021 and the largest total since Q2 2019.
Oct 28, 2025, 1:00 PM
Piedmont Realty Trust Reports Q3 2025 Results and Narrows FFO Guidance
PDM
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Piedmont Realty Trust reported Core FFO of $0.35 per diluted share for Q3 2025 and narrowed its 2025 annual core FFO guidance to $1.40 to $1.42 per diluted share.
- The company executed approximately 724,000 square feet of total leasing in Q3 2025, including over 500,000 square feet of new tenant leases, contributing to a year-to-date total of 1.8 million square feet.
- The in-service lease percentage rose to 89.2% in Q3 2025, with rental rates for space vacant less than a year showing almost 9% cash roll-ups and over 20% accrual roll-ups.
- Piedmont expects mid-single-digit FFO growth or better in 2026 and 2027, driven by approximately $75 million of future additional annual cash rent from executed leases yet to commence or under abatement as of September 30, 2025.
- The broader U.S. office market experienced a significant turnaround in Q3 2025, with 12 million more square feet of office space occupied, marking the largest positive absorption since Q2 2019.
Oct 28, 2025, 1:00 PM
Piedmont Realty Trust Reports Q3 2025 Results and Narrows Full-Year Guidance
PDM
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Piedmont Realty Trust reported a net loss of $(13.462) million, or $(0.11) per diluted share, for the third quarter of 2025, compared to a net loss of $(11.519) million or $(0.09) per diluted share for the third quarter of 2024, primarily due to elevated interest expense.
- Core FFO per diluted share for Q3 2025 was $0.35, a slight decrease from $0.36 in Q3 2024.
- The company achieved strong leasing performance in Q3 2025, executing approximately 724,000 square feet of total leasing, including 551,000 square feet of new tenant leases, marking the highest amount in over a decade. This activity increased the portfolio's leased percentage to 89.2% as of September 30, 2025, up from 88.7% as of June 30, 2025.
- Piedmont narrowed its previously issued Core FFO guidance for the full year ending December 31, 2025, to a range of $1.40 to $1.42 per diluted share.
- Future earnings growth is anticipated in 2026, driven by almost $40 million of annual contractual rent from recently executed leases expected to commence.
Oct 27, 2025, 8:19 PM
Quarterly earnings call transcripts for Piedmont Realty Trust.
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