Piedmont Realty Trust, Inc. Signs over 475,000 SF of Leases Fourth Quarter-to-Date Bringing Year to Date Leasing to Approximately 2.3 million Square Feet
Rhea-AI Summary
Piedmont Realty Trust (NYSE:PDM) reported completed leasing of over 475,000 square feet in the fourth quarter-to-date, including approximately 275,000 square feet to new tenants. Year-to-date leasing now totals about 2.3 million square feet. Nearly half of the new-tenant leases were for previously vacant space. The Company noted 44,000 square feet of new tenant leases in its out-of-service portfolio, which is now roughly 60% leased. Management cited an additional ~350,000 square feet in a late-stage pipeline that could push Piedmont to a record leasing year and provide momentum into 2026.
The announcement coincides with Piedmont's participation at Nareit's REITworld: 2025 Annual Conference in Dallas, TX.
Positive
- YTD leasing ~2.3M square feet
- Q4-to-date leasing >475,000 square feet
- New tenant leases ~275,000 square feet
- Out-of-service leasing 60% leased; 44,000 square feet
- Late-stage pipeline ~350,000 square feet
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
PDM was down 2.26% while key office REIT peers were also mostly lower: DEA -1.43%, JBGS -2.08%, BDN -2.21%, PGRE -0.15%, with PKST slightly up 0.14%. No names appeared in the momentum scanner, suggesting stock-specific trading rather than a strong, coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Tender offer results | Neutral | -0.5% | Reported take-up of 9.250% 2028 notes in cash tender offer. |
| Nov 19 | Tender offer pricing | Neutral | -1.1% | Announced pricing mechanics and consideration for notes tender offer. |
| Nov 13 | Debt offering | Neutral | +1.1% | Priced $400M of 5.625% 2033 notes to fund debt repurchases. |
| Nov 13 | Tender offer launch | Neutral | -0.5% | Commenced cash tender for all outstanding 9.250% 2028 notes. |
| Oct 27 | Earnings release | Neutral | +1.2% | Released and discussed Q3 2025 financial and operating results. |
Over the last few months, PDM has focused on capital structure and liquidity: issuing $400M of 5.625% senior notes due 2033, launching and then pricing a tender offer for its 9.250% notes due 2028, and reporting Q3 2025 results showing stable revenue and higher non‑cash costs. Earlier, it also put in place a $250M ATM equity program. Today’s leasing update adds an operational layer to these recent balance sheet and earnings developments.
Market Pulse Summary
This announcement highlights robust leasing activity, with over 475,000 square feet completed in the fourth quarter and about 2.3 million square feet year to date, including progress on out-of-service space now roughly 60% leased. Set against recent actions to refinance higher‑coupon debt and maintain liquidity, the update underscores an effort to pair balance sheet management with occupancy gains. Investors may watch future leasing volumes, execution on the late‑stage 350,000 square foot pipeline, and subsequent earnings disclosures.
Jargon Translator
AI-generated analysis. Not financial advice.
Atlanta, GA, Dec. 08, 2025 (GLOBE NEWSWIRE) -- Piedmont Realty Trust, Inc. ("Piedmont” or “the Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today, that the Company is participating in this week’s Nareit's REITworld: 2025 Annual Conference in Dallas, TX. The Company has completed over 475,000 square feet of leasing thus far in the fourth quarter, with approximately 275,000 square feet related to new tenants. Almost half of the new tenant leases are for previously vacant space and year-to-date leasing volume now totals approximately 2.3 million square feet. Approximately 44,000 square feet of the new tenant leases relate to the Company’s out-of-service portfolio which is now approximately
Commenting on fourth quarter operational success to date, Brent Smith, Piedmont's President and Chief Executive Officer, said, "Leasing momentum has continued at a record pace during the fourth quarter as our renovated buildings, combined with a customer-centric, placemaking mindset, continue to resonate with prospective users, both large and small, across a broad range of industries. The leases we have executed thus far this quarter, combined with the approximately 350,000 square feet in our late-stage pipeline, should result in a record leasing year for Piedmont and provide momentum heading into 2026."
About Piedmont Realty Trust
Piedmont Realty Trust™ (NYSE: PDM), is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of approximately 16 MM SF of Class A properties across major U.S. Sunbelt markets, Piedmont Realty Trust is known for its hospitality-driven approach and commitment to transforming buildings into premier “Piedmont PLACEs” that enhance each client’s workplace experience.
Contact: Laura Moon
Company: Piedmont Realty Trust
Phone: 770 418 8800
Email: Investor.relations@Piedmontreit.com
FAQ
How much leasing did Piedmont Realty Trust (PDM) complete in Q4 2025 to date?
What is Piedmont Realty Trust's year-to-date leasing total for 2025 (PDM)?
How much of Piedmont's Q4 2025 leasing was to new tenants (PDM)?
What is the leasing status of Piedmont's out-of-service portfolio (PDM) as of Dec 8, 2025?
Could Piedmont (PDM) achieve a record leasing year for 2025?
