Dylan Burzinski

Anthony Paolone

Michael Lewis

Nicholas Thillman

Nick Thillman

Ray Zhang

- 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**.  **[0001042776_2210153_7]** 
- 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**.  **[0001042776_2210153_2]**  This pushed the **in-service lease percentage to 89.2%**.  **[0001042776_2210153_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**.  **[0001042776_2210153_7]** 
- 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**.  **[0001042776_2210153_7]** 
- 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.  **[0001042776_2210153_8]**

Piedmont Realty Trust Reports Q3 2025 Results and Narrows FFO Guidance

- 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.  **[0001042776_2208109_7]**  The company narrowed its 2025 annual core FFO guidance to **$1.40 to $1.42 per diluted share**.  **[0001042776_2208109_7]** 
- 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.  **[0001042776_2208109_2]**  Year-to-date leasing reached **approximately 1.8 million square feet**.  **[0001042776_2208109_2]** 
- 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**.  **[0001042776_2208109_2]**  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**.  **[0001042776_2208109_2]** 
- Rental rates for space vacant less than a year reflected **almost 9% cash roll-ups** and **just over 20% accrual roll-ups**.  **[0001042776_2208109_2]**  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.  **[0001042776_2208109_3]** **[0001042776_2208109_7]** 
- 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.  **[0001042776_2208109_1]**

Piedmont Office Realty Trust Reports Q3 2025 Results and Narrows FFO Guidance

- 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**.  **[0001042776_2210302_7]** 
- 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**.  **[0001042776_2210302_2]** 
- 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**.  **[0001042776_2210302_2]** 
- 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.  **[0001042776_2210302_3]** **[0001042776_2210302_7]** 
- 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.  **[0001042776_2210302_1]**

- 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.  **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:3]** 
- Core FFO per diluted share for Q3 2025 was **$0.35**, a slight decrease from $0.36 in Q3 2024.  **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:3]** **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:4]** 
- 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.  **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:3]** **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:4]**  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.  **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:4]** 
- 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**.  **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:5]** 
- Future earnings growth is anticipated in 2026, driven by **almost $40 million** of annual contractual rent from recently executed leases expected to commence.  **[1042776_0001042776-25-000158_pdm93025ex991q32025ersuppl.htm:3]**

Piedmont Realty Trust (PDM)