Piedmont Realty Trust amends $400 million term loan

Piedmont Realty Trust, Inc. entered into an amendment to its existing Term Loan Agreement, increasing the principal amount to $400 million from $325 million and extending the maturity date to May 28, 2031.

Rhea-AI Filing Summary

Piedmont Realty Trust, Inc. entered into an amendment to its existing Term Loan Agreement, increasing the principal amount to $400 million from $325 million and extending the maturity date to May 28, 2031.

The amendment ties the loan’s interest margin to the company’s credit ratings, with current pricing at SOFR + 1.15%. Piedmont Realty Trust guarantees the obligations of its operating partnership under the facility, and the loan may be prepaid at any time without premium or penalty, subject to conditions.

Insights

Corporate credit analyst

Piedmont upsizes and extends its term loan with rating-based pricing.

Piedmont Realty Trust increased its term loan capacity to $400 million from $325 million and pushed out maturity to May 28, 2031. This secures longer-dated financing and keeps flexibility through voluntary prepayment without premium, subject to conditions in the agreement.

Interest costs now depend on public credit ratings, with a margin grid ranging from 0.75% to 1.15% over benchmark rates for term benchmark and RFR loans. As of May 28, 2026, the applicable rate is SOFR plus 1.15%, reflecting the company’s current rating tier.

The registrant guarantees its operating partnership’s obligations, and events of default can trigger immediate repayment of principal and accrued interest. Future disclosures may show how changes in credit ratings affect borrowing costs within this structure.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Amended term loan principal: $400 million Prior term loan principal: $325 million Maturity date: May 28, 2031 +3 more

6 metrics

Amended term loan principal $400 million Principal amount under amended Term Loan Agreement

Prior term loan principal $325 million Principal amount before amendment

Maturity date May 28, 2031 Extended term loan maturity

Current interest rate SOFR + 1.15% Applicable as of May 28, 2026

Level 1 margin 0.75% Applicable margin for top rating tier term benchmark and RFR loans

Level 4 margin 1.15% Applicable margin for BBB-/Baa3 term benchmark and RFR loans

Key Terms

Term Loan Agreement, Applicable Margin, SOFR, events of default, +1 more

5 terms

Term Loan Agreement financial

"entered into an amendment (the “Amendment”) to its Term Loan Agreement, dated January 30, 2024"

A term loan agreement is a formal contract in which a borrower receives a fixed amount of money from a lender and agrees to repay it over a set period with interest, much like a mortgage or car loan for a business. It matters to investors because the scheduled repayments, interest cost and any lender-imposed rules affect a company’s cash flow, financial flexibility and creditworthiness, which can change risk and share value.

Applicable Margin financial

"Applicable Margin for Term Benchmark Loans and RFR Loans"

Applicable margin is the extra percentage added to a base interest rate to calculate the actual interest a borrower pays on a floating-rate loan or credit line. Investors care because it directly affects a company’s borrowing cost—higher margins raise interest expense and reduce profit and cash flow, while lower margins make financing cheaper; think of it as a variable surcharge on a sale price that reflects the lender’s view of risk.

SOFR financial

"As of May 28, 2026, the applicable interest rate is SOFR + 1.15%."

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

events of default financial

"Upon the occurrence of certain events of default under the Term Loan Agreement"

Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

Operating Partnership financial

"its operating partnership, Piedmont Operating Partnership, LP (“Piedmont OP”)"

An operating partnership is a separate legal entity set up to own and run a company’s core assets and day-to-day businesses, while investors hold interests indirectly through the parent company. Think of it like a dedicated garage that actually stores and services the cars while the owner keeps the dealership; it matters to investors because it affects how income, taxes, liability and voting rights are allocated and therefore can influence distributions and risk.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did Piedmont Realty Trust (PDM) make to its term loan?

Piedmont Realty Trust amended its existing Term Loan Agreement to increase the principal amount to $400 million from $325 million and extend the maturity date to May 28, 2031, providing a larger, longer-dated secured financing source.

How is the interest rate on Piedmont Realty Trust’s amended term loan determined?

The amended term loan uses a rating-based margin grid. The applicable margin over benchmark rates depends on Piedmont’s credit ratings from S&P, Moody’s, and Fitch, with current pricing at SOFR + 1.15% as of May 28, 2026, based on its present rating level.

Can Piedmont Realty Trust prepay the amended $400 million term loan?

Yes. The company may prepay outstanding loans under the Term Loan Agreement, in whole or in part, at any time without premium or penalty, subject to specified conditions. This structure allows management to reduce or refinance the debt when conditions are favorable.

Who guarantees the obligations under Piedmont Realty Trust’s amended term loan?

Piedmont Realty Trust, Inc. guarantees the obligations of its operating partnership, Piedmont Operating Partnership, LP, under the Term Loan Agreement. This means the parent company stands behind repayment, which can be important for lenders evaluating overall credit support and structure.

What happens if there is an event of default under Piedmont’s Term Loan Agreement?

If certain events of default occur under the Term Loan Agreement, the outstanding principal and any accrued interest may be declared immediately due and payable. This accelerates repayment obligations and can significantly affect liquidity if triggered by covenant or payment issues.

Which banks are involved in Piedmont Realty Trust’s amended term loan?

The amendment lists several major institutions, including Truist Bank as Administrative Agent, with Truist Securities, JPMorgan Chase, TD Securities, BofA Securities, Wells Fargo Securities, Morgan Stanley Senior Funding, and U.S. Bank National Association acting in various arranger and syndication roles.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/28/2026 - 05:25 PM Learn about SEC filing dates

false 0001042776 0001042776 2026-05-28 2026-05-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 28, 2026

Piedmont Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-34626

Maryland		58-2328421
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

5565 Glenridge Connector Ste. 450

Atlanta, Georgia 30342

(Address of principal executive offices, including zip code)

(770) 418-8800

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $0.01 par value		PDM		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

The information set forth under Item 2.03, “Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant” is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On May 28, 2026, Piedmont Realty Trust, Inc. (the “Registrant”) and its operating partnership, Piedmont Operating Partnership, LP (“Piedmont OP”), entered into an amendment (the “Amendment”) to its Term Loan Agreement, dated January 30, 2024, as amended (the “Term Loan Agreement”) to, among other things, increase the principal amount to $400 million from $325 million and extend the maturity date to May 28, 2031. Subject to certain conditions, the Registrant may prepay the loans outstanding under the Term Loan Agreement, in whole or in part, at any time without premium or penalty. Additionally, the Amendment provides for an increase or decrease to the Registrant’s debt rating as the basis for determining the applicable interest rate as set forth below:

Level		Credit Rating (S&P/Moody’s/Fitch)		Applicable Margin for Term Benchmark Loans and RFR Loans				Applicable Margin for Base Rate Loans
1		A-/A3 or higher			0.75	%			0.00	%
2		BBB+/Baa1			0.80	%			0.00	%
3		BBB/Baa2			0.90	%			0.00	%
4		BBB-/Baa3			1.15	%			0.15	%
5		< BBB-/Baa3			1.55	%			0.55	%

Notwithstanding the above, if (i) the Registrant’s Total Leverage Ratio (as defined in the Term Loan Agreement) at the end of the fiscal quarter is 35% or less and the credit ratings of the Registrant or Piedmont OP from S&P and Moody’s are BBB/Baa2, then Level 2 shall apply and (ii) the Total Leverage Ratio at the end of the fiscal quarter is 35% or less and the credit ratings of the Registrant or Piedmont OP from S&P and Moody’s are BBB-/Baa3, then Level 3 shall apply. As of May 28, 2026, the applicable interest rate is SOFR + 1.15%.

The Registrant guarantees Piedmont OP’s obligations under the Term Loan Agreement. Upon the occurrence of certain events of default under the Term Loan Agreement, the outstanding principal amount and any accrued interest may be declared immediately due and payable.

The foregoing does not purport to be a complete description of the terms of the Amendment to the Term Loan Agreement and is qualified in its entirety by reference to the Amendment attached hereto as Exhibit 10.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.		Description
10.1		Amendment No. 4 to Term Loan Agreement, dated as of May 28, 2026, by and among Piedmont Operating Partnership, LP, Piedmont Realty Trust, Inc., Truist Securities, Inc., JPMorgan Chase Bank, N.A., TD Securities (USA) LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners, Morgan Stanley Senior Funding, Inc. and U.S. Bank National Association, as Joint Lead Arrangers, Truist Bank, as Administrative Agent, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC, Bank of America, N.A., and Wells Fargo Bank, N.A., as Co-Syndication Agents, and Morgan Stanley Senior Funding, Inc. and U.S. Bank National Association, as Co-Documentation Agents and each lender signatory thereto
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

						Piedmont Realty Trust, Inc.
						(Registrant)
Dated: May 28, 2026				By:		/s/ Laura P. Moon
						Laura P. Moon
						Executive Vice President and Chief Accounting Officer

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 725.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB