Piedmont Realty Trust Q3 revenue rises 8.7% to $151M

The refinancing reduced weighted average cost of debt to 4.78%, with no final debt maturities until October 2028.

Rhea-AI Filing Summary

Piedmont Realty Trust, Inc. (PDM) reported third-quarter 2026 revenue of $151.236 million, up 8.7% from $139.163 million a year earlier, and a net loss applicable to Piedmont of $21.022 million, compared with $13.462 million. Core FFO per diluted share was $0.39 versus $0.35; same-store NOI rose 7.5% on a cash basis and 6.9% on an accrual basis. Piedmont raised its 2026 Core FFO outlook to $1.55–$1.57 per diluted share, from initial guidance of $1.47–$1.53.

Leasing totaled 406,000 square feet, with cash and accrual rent roll-ups of 26.2% and 34.6%. Piedmont acquired 4075 Wilson Boulevard for an approximately $52.0 million net purchase price and sold the Royal Lane land parcel for a $12.0 million gross sales price. It entered a binding contract to sell Enclave Place for $81.8 million, subject to customary closing conditions, with closing anticipated in the fourth quarter of 2026; the company expects to use net proceeds to pay down its $600 million line of credit. The quarter included issuance of $230 million of 2.875% exchangeable senior notes and redemption of all outstanding 9.25% senior notes due 2028.

3 points · 1 major

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Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 Core FFO outlook rose to $1.55–$1.57 per diluted share.
• Moderate pointRevenue rose 8.7% to $151.236 million year over year.
• Moderate pointSame-store NOI increased 7.5% on a cash basis and 6.9% on an accrual basis.

Negative

• Moderate pointNet loss applicable to Piedmont widened to $21.022 million from $13.462 million.

Filing Explained

For the completed third-quarter refinancing, Piedmont used about $50 million of the $230 million notes proceeds to repurchase 5.4 million shares, while issuing about 4.1 million shares through its ATM; the remaining note proceeds, ATM proceeds, cash and line borrowings funded redemption of all 9.25% notes due 2028.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Revenue: $151.236 million Net loss applicable to Piedmont: $21.022 million loss Core FFO per diluted share: $0.39 +4 more

7 metrics

Revenue $151.236 million Three months ended September 30, 2026; $139.163 million in the prior-year quarter

Net loss applicable to Piedmont $21.022 million loss Three months ended September 30, 2026; $13.462 million loss in the prior-year quarter

Core FFO per diluted share $0.39 Third quarter 2026; $0.35 in the prior-year quarter

Same Store NOI, cash basis 7.5% Three months ended September 30, 2026

Cash rent roll-up 26.2% Leases executed during the three months ended September 30, 2026 for spaces vacant one year or less

2026 Core FFO per diluted share outlook $1.55–$1.57 Revised outlook; initial guidance was $1.47–$1.53

Weighted average cost of debt 4.78% As of September 30, 2026

Key Terms

Core FFO, Same Store NOI, exchangeable senior notes, weighted average cost of debt

4 terms

Core FFO financial

"Core FFO per diluted share was $0.39"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

Same Store NOI financial

"Same Store NOI rose 7.5% on a cash basis"

Same-store Net Operating Income (NOI) tracks the change in income from a company's properties or retail locations that were owned and operating for the entire comparison period, excluding new acquisitions or dispositions. It matters to investors because it isolates the performance of the existing portfolio—like comparing the same set of stores year-to-year—to show whether underlying operations are generating more revenue or cutting costs, rather than masking results with growth from new assets.

exchangeable senior notes financial

"issuance of $230 million of 2.875% exchangeable senior notes"

Exchangeable senior notes are loans a company issues that promise regular interest payments and have priority over other debts, but can be swapped by the holder for shares of a different company. Think of it as lending money with an option to trade the loan for someone else’s stock; investors weigh the steady income and higher repayment priority against the chance of receiving shares that dilute ownership or fluctuate in value. These features affect a company’s credit risk, potential dilution, and appeal to different investors.

weighted average cost of debt financial

"reducing weighted average cost of debt to 4.8%"

The weighted average cost of debt is the average interest rate a company pays on all its borrowings, where each loan’s rate is scaled by how large that loan is relative to the total debt. Think of it as the household’s average interest rate across mortgages, car loans and credit cards, weighted by the amount owed on each; investors watch it because it determines interest expense, affects profits, and helps set the company’s overall cost of capital used in valuation.

Earnings Snapshot

Revenue: $151.236 million · Guidance included

Third quarter 2026

Revenue $151.236 million Up 8.7% year over year

Net loss applicable to Piedmont $21.022 million loss Compared with $13.462 million loss in the prior-year quarter

Core FFO per diluted share $0.39 Compared with $0.35 in the prior-year quarter

Same Store NOI, cash basis 7.5% increase Compared with 2.8% in the prior-year quarter

Guidance

2026 Core FFO per diluted share outlook revised to $1.55–$1.57, compared with initial guidance of $1.47–$1.53.

FAQ

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

What were PDM's Q3 2026 revenue and net loss?

Piedmont reported $151.236 million of revenue, up 8.7% from $139.163 million in Q3 2025, and a net loss applicable to Piedmont of $21.022 million, compared with $13.462 million in Q3 2025.

What is PDM's 2026 Core FFO outlook?

Piedmont revised its 2026 Core FFO outlook to $1.55–$1.57 per diluted share, compared with initial guidance of $1.47–$1.53 per diluted share. The company said this was its third consecutive quarterly increase to the annual outlook.

What assumptions underpin PDM's 2026 outlook?

The outlook assumes approximately 1.7 million to 2.0 million square feet of leasing for the year and an in-service portfolio leased percentage of approximately 87.5% to 88.5% at year-end. It also assumes same-store NOI growth of 7.5% to 8.5% on a cash basis and 5% to 6% on an accrual basis.

How much future rent is tied to PDM leases not yet commenced or under abatement?

As of September 30, 2026, approximately 0.7 million square feet of executed leases for vacant space represented $29.3 million in future annual rent. Approximately 1.2 million square feet of executed leases under rental abatement represented $32.0 million in future annual cash rent.

How did PDM refinance its debt in Q3 2026?

Piedmont issued $230 million in 2.875% exchangeable senior notes and redeemed all outstanding 9.25% unsecured senior notes due 2028. Approximately $50 million of the new issuance's net proceeds repurchased approximately 5.4 million common shares at an average price of $9.20 per share; remaining proceeds and other funding sources were also used for the redemption.

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

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Available on EDGAR 10/26/2026 - 04:20 PM EDT Accepted by SEC EDGAR 10/26/2026 - 04:20 PM EDT Learn about SEC filing dates

0001042776false00010427762026-10-262026-10-26

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):  October 26, 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						(IRS Employer
incorporation)						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.o

Item 2.02    Results of Operations and Financial Condition.

On October 26, 2026, Piedmont Realty Trust, Inc. (the "Registrant") issued an earnings release and supplemental information announcing its financial results for the third quarter 2026 and published the earnings release and supplemental information for the third quarter 2026 to its website under Investor Relations. The earnings release and the supplemental information are attached hereto as Exhibit 99.1, and are incorporated herein by reference. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibits and the information set forth therein are deemed to have been furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.						Description
99.1						Piedmont Realty Trust, Inc. Earnings Release and Supplemental Information for Third Quarter 2026
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:

October 26, 2026

By:

/s/ Sherry L. Rexroad

Sherry L. Rexroad

Chief Financial Officer and Executive Vice President

EXHIBIT 99.1

Piedmont Realty TrustTM

Earnings Release and Supplemental Information

Index

			Page									Page
Introduction									Diversification Tables
Forward-Looking Statements			3						Tenant Diversification			31
Earnings Release			4						Tenant Credit Rating & Lease Distribution			32
Company Information			9						Industry Diversification			33
Research Coverage			10						Geographic Diversification			34
Portfolio Statistics & Key Performance Indicators			11						Geographic Diversification by Location Type			35
Financials									Portfolio Information
Consolidated Balance Sheets			13						Portfolio Detail			36
Consolidated Statements of Income			14						Property Investment Activity and Land Holdings			38
Funds From Operations & Adjusted Funds From Operations			16
Same Store Net Operating Income			17						Supporting Information
Debt Summary			20						Definitions			39
Debt Detail			21						Non-GAAP Reconciliations			40
Debt Covenants & Ratios			22
Operational & Leasing Information
Leased Percentage			23
Rental Rate Roll Up / Roll Down			24
Contractual Tenant Improvements & Leasing Commissions			25
Net Effective Rents			26
Future Contractual Income (Leases Yet to Commence & Abatements)			27
Lease Expiration Schedule			28
Quarterly Lease Expirations			29
Annual Lease Expirations			30

Notice to Readers:

Please refer to page 3 for a discussion of important risks related to the business of Piedmont Realty TrustTM, as well as an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information. Considering these risks, uncertainties, assumptions, and limitations, the forward-looking statements about leasing, financial operations, leasing prospects, acquisitions, dispositions, etc. contained in this quarterly supplemental information report may differ from actual results.

Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. In addition, many of the schedules herein contain rounding to the nearest thousands or millions and, therefore, the schedules may not total due to this rounding convention.

To supplement the presentation of the Company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this report contains certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, AFFO, Same Store NOI, Property NOI, EBITDAre and Core EBITDA. Definitions and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included beginning on page 39. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs. The Company may also change the calculation of any of the non-GAAP measures included in this report from time to time in light of its then existing operations.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. Therefore, such statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or similar words or phrases that indicate predictions of future events or trends or that do not relate solely to historical matters. Examples of such statements in this press release include the Company's estimated range of Net Income/(Loss), Depreciation, Amortization, NAREIT FFO, Core FFO and Core FFO per diluted share for the year ending December 31, 2026. These statements are based on beliefs and assumptions of Piedmont’s management, which in turn are based on information available at the time the statements are made.

The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements:

•Economic, regulatory, socio-economic, technological (e.g. artificial intelligence and machine learning, virtual meeting platforms, etc.), and other changes that impact the real estate market generally, the office sector or the patterns of use of commercial office space in general, or the markets where we primarily operate or have high concentrations of revenue;

•The impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases;

•Lease terminations, lease defaults, lease contractions, or changes in the financial condition of our tenants, particularly by one of our large tenants;

•Impairment charges on our long-lived assets or goodwill resulting therefrom;

•The success of our real estate strategies and investment objectives, including our ability to implement successful redevelopment and development strategies or identify and consummate suitable acquisitions and divestitures;

•The illiquidity of real estate investments, including economic changes, such as interest rate increases, costs of construction, improvements and redevelopments, and available financing, which could impact the number of buyers/sellers of our target properties, and regulatory restrictions to which real estate investment trusts ("REITs") are subject and the resulting impediment on our ability to quickly respond to adverse changes in the performance of our properties;

•The risks and uncertainties associated with our acquisition and disposition of properties, many of which risks and uncertainties may not be known at the time of acquisition or disposition;

•Development and construction delays, including the potential of supply chain disruptions, and resultant increased costs and risks;

•Future acts of terrorism, civil unrest, or armed hostilities in any of the major metropolitan areas in which we own properties;

•Risks related to the occurrence of cybersecurity incidents, including cybersecurity incidents against us or any of our properties, vendors, or tenants, or a deficiency in our identification, assessment or management of cybersecurity threats impacting our operations and the public's reaction to reported cybersecurity incidents, including the reputational impact on our business and value of our common stock;

•Costs of complying with governmental laws, regulations and policies, including environmental standards imposed on office building owners;

•Uninsured losses or losses in excess of our insurance coverage, and our inability to obtain adequate insurance coverage at a reasonable cost;

•Additional risks and costs associated with directly managing properties occupied by government tenants, such as potential changes in the political environment, a reduction in federal or state funding of our governmental tenants, government layoffs or an increased risk of default by government tenants during periods in which state or federal governments are shut down or on furlough;

•Significant price and volume fluctuations in the public markets, including on the exchange on which we listed our common stock;

•Risks associated with incurring mortgage and other indebtedness, including changing capital reserve requirements on our lenders and rising interest rates for new debt financings;

•A downgrade in our credit ratings, the credit ratings of Piedmont Operating Partnership, LP ("Piedmont OP") or the credit ratings of our or Piedmont OP's unsecured debt securities, which could, among other effects, trigger an increase in the stated rate of one or more of our unsecured debt instruments;

•The effect of future offerings of debt or equity securities on the value of our common stock;

•Additional risks and costs associated with adverse U.S. and global economic conditions, inflation and potential increases in the rate of inflation, including the impact of a possible recession, uncertainty and volatility in financial markets, and any changes in governmental rules, regulations, and fiscal policies;

•Uncertainties associated with environmental and regulatory matters;

•Changes in the financial condition of our tenants directly or indirectly resulting from geopolitical developments that could negatively affect important supply chains and international trade, the termination or threatened termination of existing international trade agreements, or the implementation of tariffs or retaliatory tariffs on imported or exported goods;

•The effect of any litigation to which we are, or may become, subject;

•Additional risks and costs associated with owning properties occupied by tenants in particular industries, such as oil and gas, hospitality, travel, co-working, etc., including risks of default during start-up and during economic downturns;

•Changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), or other tax law changes which may adversely affect our stockholders;

•The future effectiveness of our internal controls and procedures; and

•Other factors, including the risk factors discussed under Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

3

Piedmont Realty TrustTM

Earnings Release

Piedmont Realty Trust Reports Third Quarter 2026 Results

–Increases 2026 Outlook for third quarter in a row

–Generated approximately 8% Same Store NOI Cash Growth

–Strong leasing momentum continues with over 400,000 square feet executed and cash leasing spreads of over 26%

–Signed but yet to commence leases total $29 million equivalent to 410 bps of portfolio occupancy

–Refinanced $287 million of high coupon debt, reducing weighted average cost of debt to 4.8% and extending the maturity profile with no final debt maturities until October of 2028

ATLANTA, October 26, 2026 — Piedmont Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended September 30, 2026.

Commenting on results for the three months ended September 30, 2026, Brent Smith, our President and Chief Executive Officer, said, "Piedmont had a phenomenal third quarter. Leasing demand remained strong, allowing us to continue to push rental rates and net effective rents to all-time highs with cash and accrual leasing spreads of 26% and 35%, respectively. Same Store NOI on a cash basis grew approximately 8% during the quarter as free rent related to recently executed leases continues to burn off. Additionally, our capital recycling program was active with the acquisition of 4075 Wilson Boulevard paired with the disposition of a land parcel during the quarter. Finally, we were also able to complete some important refinancing activity during the quarter, significantly improving our weighted average cost of debt and lengthening our remaining maturity profile. Looking ahead to the remainder of the year, the leasing pipeline remains strong, with over 700,000 square feet of leases either already executed or in the legal stage thus far during October. For the third quarter in a row, we are raising our annual outlook, which is now six cents ahead of our initial 2026 outlook."

Highlights for the Three and Nine Months Ended September 30, 2026:

Financial Results:

			Three Months Ended									Nine Months Ended
(in 000s other than per share amounts)			September 30, 2026			September 30, 2025						September 30, 2026			September 30, 2025
Net loss applicable to Piedmont			$(21,022)			$(13,462)						$(45,043)			$(40,374)
Net loss per share applicable to common stockholders - basic and diluted			$(0.17)			$(0.11)						$(0.36)			$(0.32)
Gain on sale of real estate assets			$8,878			$—						$8,878			$2,013
Loss on early extinguishment of debt			$20,236			$—						$20,236			$8,000
Interest expense, net of interest income			$31,855			$31,908						$95,559			$95,113
NAREIT Funds From Operations ("FFO") applicable to common stock			$29,908			$43,485						$123,789			$125,530
Core FFO applicable to common stock			$50,144			$43,485						$144,025			$133,530
NAREIT FFO per diluted share			$0.23			$0.35						$0.98			$1.00
Core FFO per diluted share			$0.39			$0.35						$1.13			$1.06
Adjusted FFO applicable to common stock			$29,939			$26,504						$84,771			$66,234
Same Store NOI - cash basis			7.5		%							9.2		%
Same Store NOI - accrual basis			6.9		%							3.8		%

4

•Piedmont recognized a net loss of $21.0 million, or $0.17 per diluted share, for the third quarter of 2026, as compared to a net loss of $13.5 million, or $0.11 per diluted share, for the third quarter of 2025. The three months ended September 30, 2026 included a $20.2 million loss on early extinguishment of debt, as well as an $8.9 million gain on sale of real estate assets.

•Core FFO, which removes gain/loss on sale of real estate assets and loss on early extinguishment of debt, as well as depreciation and amortization, was $0.39 per diluted share for the third quarter of 2026 as compared to $0.35 per diluted share for the third quarter of 2025, with the increase attributable to rental rate growth and new leases commencing during the twelve months ended September 30, 2026.

•During the three months ended September 30, 2026, Same Store NOI on a cash and accrual basis increased by 7.5% and 6.9%, respectively, as rental rates increased and the commencement or burn off of abatements on new leases outweighed expiring leases.

Leasing:

			Three Months Ended			Nine Months Ended
			September 30, 2026			September 30, 2026
# of lease transactions			43			135
Total leasing sf (in 000s)			406			1,296
New tenant leasing sf (in 000s)			194			750
Cash rent roll up			26.2%			17.1%
Accrual rent roll up			34.6%			28.5%
Net effective rent			$29.31
Leased percentage as of period end			87.7%

•The Company completed approximately 406,000 square feet of leasing during the third quarter, almost half of which related to new tenant leasing.

•The average size lease executed during the third quarter was approximately 9,400 square feet and the weighted average lease term was approximately ten years.

•Rental rates on leases executed during the three months ended September 30, 2026 for space vacant one year or less increased approximately 26.2% and 34.6% on a cash and accrual basis, respectively, and represented the second largest quarterly increases in the Company's history.

•The Company's in-service portfolio was 87.7% leased as of September 30, 2026, as compared to 88.9% leased as of June 30, 2026. The decrease is attributable to net expiring square footage outweighing newly leased square footage related to previously vacant space, as well as the acquisition of 83% leased 4075 Wilson Boulevard (see Transactional Activity below), during the quarter.

•The Company's out-of-service portfolio, comprised of two projects in Minneapolis that have recently undergone redevelopment, was 84.7% leased as of September 30, 2026.

•As of September 30, 2026, the Company had approximately 0.7 million square feet of executed leases for vacant space that are yet to commence representing approximately $29 million of future additional annual cash rents, and approximately 1.2 million square feet of executed leases currently under rental abatement, representing approximately $32 million of future additional annual cash rents.

•Leases representing over 700,000 square feet have either already been executed or are in the legal stage thus far in the fourth quarter of 2026.

Transactional Activity:

•During the three months ended September 30, 2026, the Company acquired 4075 Wilson Boulevard, an approximately 186,000 square foot, Class A office building located in the Ballston submarket of Arlington, VA, for a net purchase price of approximately $52.0 million. 4075 Wilson is approximately 83% leased and has 5.5 years of weighted-average lease term. The property is surrounded by food and beverage and retail options, and is a five-minute walk to the Metro. The Ballston submarket continues to serve as a hub for defense and cybersecurity tenants. 4075 Wilson is two blocks from the Defense Advanced Research Projects Agency (DARPA) and Office of Naval Research (ONR).

•During the three months ended September 30, 2026, the Company sold a 10.6 acre undeveloped land parcel known as Royal Lane located in the Las Colinas submarket of Dallas, TX for a gross sales price of $12.0 million. The planned development of this land parcel will provide approximately 20,000 square feet of retail directly adjacent to Piedmont's Connection Drive assets.

5

•During the three months ended September 30, 2026, the Company entered into a binding contract to sell Enclave Place, one of the Company’s two remaining assets in Houston, TX, for $81.8 million. The transaction is subject to customary closing conditions and is anticipated to close during the fourth quarter of 2026. The Company anticipates using the resulting net sales proceeds to pay down the balance on its $600 million line of credit during the fourth quarter.

Balance Sheet:

(in 000s except for ratios)			September 30, 2026						December 31, 2025
Cash and Cash Equivalents			$3,903						$731
Total Real Estate Assets			$3,462,009						$3,421,709
Total Assets			$4,091,613						$4,031,354
Total Debt			$2,340,841						$2,224,712
Weighted Average Cost of Debt			4.78%						5.58%
Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents			40.9%						40.2%
Average Net Debt to Core EBITDA (trailing twelve months)			7.1 x						7.2 x

•During the three months ended September 30, 2026, the Company issued $230 million in aggregate principal amount of 2.875% exchangeable senior notes. Approximately $50 million of the net proceeds from the issuance was used to repurchase approximately 5.4 million shares of the Company's common stock at an average price of $9.20 per share. The remaining net proceeds, together with the net proceeds from the issuance of approximately 4.1 million shares of common stock under Piedmont’s at-the-market equity program at an average price of $9.72 per share, cash on hand, and borrowings under its $600 Million Unsecured 2022 Line of Credit were used to redeem all of the Company's then outstanding 9.25% Unsecured Senior Notes due 2028, resulting in the recognition of an approximately $20.2 million loss on early extinguishment of debt during the quarter.

•As of September 30, 2026, the Company had approximately $448 million of capacity on its $600 million revolving line of credit available and no final debt maturity requirements until October 2028.

Corporate Responsibility and Operations:

•The Company published its annual Corporate Responsibility report which is available electronically at www.piedmontreit.com/corporate-responsibility.

•As of September 30, 2026, approximately 83% and 73% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 67% of its portfolio was certified LEED gold.

6

Outlook for 2026:

For the third quarter in a row, the Company is increasing and narrowing its Core FFO outlook for the year ending December 31, 2026, as follows:

			Revised												Initial Annual Guidance
(in millions, except per share data)			Low						High						Low						High
Net loss			$	(51)					$	(50)					$	(48)					$	(44)
Add:
Depreciation			181						182						181						183
Amortization			55						56						53						55
Less:
Gain on sale			(9)						(9)						—						—
NAREIT FFO applicable to common stock			$	176					$	179					$	186					$	194
Loss on early extinguishment of debt			20						20						—						—
Core FFO applicable to common stock			$	196					$	199					$	186					$	194
NAREIT FFO applicable to common stock per diluted share			$1.39						$1.41						$1.47						$1.53
Core FFO applicable to common stock per diluted share			$1.55						$1.57						$1.47						$1.53

This outlook is based on information available to management as of the date of this release and reflects management's view of current market conditions, including the following specific assumptions and projections:

Property Operation Assumptions:

•Executed leasing for the year of approximately 1.7 to 2.0 million square feet resulting in an anticipated year-end leased percentage for the Company's in-service portfolio of approximately 87.5% to 88.5%, reflecting recent acquisition and disposition activity and bringing two out of service projects (222 South Orange and Meridian) back into the in-service population;

•Stabilization of the Company's out of service projects, resulting in an approximately 85-90% year-end leased percentage for the out of service portfolio, with the expected placement of the Meridian project back into service in the fourth quarter of 2026 and the 9320 Excelsior project back into service in the first quarter of 2027;

•Same Store NOI increase of 7.5% to 8.5% on a cash basis and 5% to 6% on an accrual basis for the year;

Financing Assumptions:

•Interest expense (net of interest income) of approximately $125-$126 million, primarily reflecting a reduction in interest expense attributable to the refinancing completed in the third quarter of 2026;

Other Assumptions:

•General and administrative expense of approximately $31-$33 million; and

•Weighted average shares outstanding of approximately 126-127 million.

No speculative acquisitions, dispositions, or refinancing are included in the above outlook.

7

Note that actual results could differ materially from these estimates and individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of any future dispositions, significant lease commencements and expirations, abatement periods, repairs and maintenance expenses, capital expenditures, capital markets activities, seasonal general and administrative expenses, accrued potential performance-based compensation expense, one-time revenue or expense events, and other factors discussed under "Forward-Looking Statements" above.

Conference Call Information:

Piedmont has scheduled a conference call and an audio webcast for Tuesday, October 27, 2026, at 9:00 A.M. Eastern time. The live, listen-only, audio webcast of the call may be accessed on the Company's website at https://investor.piedmontreit.com/news-and-events/event-calendar. Dial-in numbers for analysts who plan to actively participate in the call are (888) 506-0062 for participants in the United States and Canada and (973) 528-0011 for international participants. Participant Access Code is 836460. A replay of the conference call will be available through November 10, 2026, and may be accessed by dialing (877) 481-4010 for participants in the United States and Canada and (919) 882-2331 for international participants, followed by conference identification code 54602. A webcast replay will also be available after the conference call in the Investor Relations section of the Company's website. During the audio webcast and conference call, the Company's management team will review third quarter 2026 performance, discuss recent events, and conduct a question-and-answer period.

8

Piedmont Realty TrustTM

Company Information

Piedmont Realty TrustTM (NYSE: PDM), also referred to herein as "Piedmont" or the "Company", is a fully integrated, self-managed real estate company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of 16 million square feet of Class A properties across major U.S. Sunbelt markets, Piedmont is known for its hospitality-driven approach and commitment to transforming buildings into premier "Piedmont PLACEs" that enhance each client's workplace experience. The Company is headquartered in Atlanta, Georgia with local management offices in each of its markets. The Company's senior unsecured notes are investment-grade rated by Moody's, Standard & Poor's and Fitch Ratings.

For more information, please visit www.piedmontreit.com.

Executive Management

Brent Smith

Sherry Rexroad

Laura Moon

George Wells

Alex Valente

President, Chief Executive Officer

Chief Financial Officer

Chief Accounting Officer

Co-Chief Operating Officer

Co-Chief Operating Officer

and Director

and Executive Vice President

and Executive Vice President

and Executive Vice President

and Executive Vice President

Kevin Fossum

Christopher Kollme

Damian Miller

Pierre Dait

Wade Grace

Executive Vice President,

Executive Vice President,

Executive Vice President,

Senior Vice President,

Senior Vice President,

Property Management

Investments

Central Region

Risk Management

Controller

Jennifer Heneisen

Lisa Tyler

Senior Vice President,

Senior Vice President,

Financial Planning & Analysis

Human Resources

Board of Directors

Kelly H. Barrett

Dale H. Taysom

Glenn G. Cohen

Jeffrey J. Donnelly

Deneen L. Donnley

Chair of the Board

Vice Chair of the Board

Chair of the Compensation

Director

Director

Chair of the Audit Committee

Committee

Mary Hager

Barbara B. Lang

Stephen E. Lewis

Brent Smith

Director

Chair of the Nominating &

Director

President, Chief Executive Officer

Corporate Governance

and Director

Committee

Contact Information
Corporate Headquarters			Research Analysts / Institutional Investors			Shareholder Services / Transfer Agent Services			Corporate Counsel
5565 Glenridge Connector, Suite 450			770.418.8592			Computershare, Inc.			King & Spalding
Atlanta, Georgia 30342			investor.relations@piedmontreit.com			866.354.3485			1180 Peachtree Street, NE
770.418.8800						investor.services@piedmontreit.com			Atlanta, GA 30309
www.piedmontreit.com									404.572.4600

9

Piedmont Realty TrustTM

Research Coverage

Equity Research Coverage
Dylan Burzinski			Anthony Paolone, CFA			Nicholas Thillman			Michael Lewis, CFA
Green Street			JP Morgan			Robert W. Baird & Co.			Truist Securities
dburzinski@greenstreet.com			anthony.paolone@jpmorgan.com			nthillman@rwbaird.com			michael.r.lewis@truist.com
Phone: (949) 640-8780			Phone: (212) 622-6682			Phone: (414) 298-5053			Phone: (212) 319-5659
Zhiger Kurmet, CFA
Freedom Broker
zhiger.kurmet@fbroker.kz
+7 (708) 297-6150

Fixed Income Research Coverage

Mark S. Streeter, CFA

JP Morgan

mark.streeter@jpmorgan.com

Phone: (212) 834-5086

Credit Ratings
Issuer Credit Ratings:			Senior Unsecured Notes Ratings:
Baa3 (Moody's)			Baa3 (Moody's)
BB+ (Standard & Poor's)			BBB- (Standard & Poor's)
BBB- (Fitch)			BBB- (Fitch)

10

Piedmont Realty TrustTM

Portfolio Statistics & Key Performance Indicators

Unaudited (in thousands except for per share data and ratios)

This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciation, and Amortization for real estate (EBITDAre), Core Earnings Before Interest, Taxes, Depreciation, and Amortization (Core EBITDA), Funds from Operations (FFO), Core Funds from Operations (Core FFO), Adjusted Funds from Operations (AFFO), and Same Store Net Operating Income (Same Store NOI). Definitions of these non-GAAP measures are provided on page 39 and reconciliations are provided beginning on page 40.

			Three Months Ended
			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Portfolio Statistics:
Number of in-service projects (1)			30						29						29						29						29
Rentable in-service square footage (1)			15,253						15,066						14,923						14,921						14,918
In-service leased percentage (2)			87.7		%				88.9		%				89.3		%				89.6		%				89.2		%
In-service commenced leased percentage			85.2		%				85.1		%				85.0		%				84.8		%				85.4		%
In-service economic leased percentage (3)			80.8		%				81.4		%				81.9		%				81.6		%				79.4		%
Leasing Activity:
Total square feet leased during the period			406						459						431						679						724
Square feet (new) leased during the period			194						262						293						466						551
Square feet (renewal) leased during the period			212						197						138						213						173
Rental rate roll up / roll down - accrual rents			34.6		%				32.4		%				17.8		%				20.5		%				20.2		%
Rental rate roll up / roll down - cash rents			26.2		%				14.1		%				11.1		%				11.9		%				8.6		%
Net effective rent per square foot after capex and opex			$29.31						$25.56						$22.03						$21.10						$21.26
Financial Results:
Total revenues			$151,236						$144,123						$143,294						$142,853						$139,163
Net loss applicable to Piedmont			-$21,022						-$11,101						-$12,920						-$43,246						-$13,462
Net loss per share applicable to common stockholders - diluted			-$0.17						-$0.09						-$0.10						-$0.35						-$0.11
Core EBITDA			$82,528						$80,089						$78,304						$76,982						$75,826
Core FFO applicable to common stock			$50,144						$47,863						$46,018						$44,205						$43,485
Core FFO per share - diluted			$0.39						$0.38						$0.36						$0.35						$0.35
AFFO applicable to common stock			$29,939						$30,990						$23,842						$18,709						$26,504
Same store net operating income - accrual basis (4)			6.9		%				2.8		%				1.9		%				-0.6		%				3.2		%
Same store net operating income - cash basis (4)			7.5		%				9.0		%				11.1		%				2.2		%				2.8		%
Balance Sheet and Capitalization Information:
Weighted average shares outstanding - diluted (WASO)			127,320						126,914						126,136						126,712						126,007
Shares of common stock issued and outstanding at period end			123,814						125,133						125,019						124,519						124,504
Closing price of common stock at period end			$8.90						$9.15						$6.57						$8.34						$9.00
Total debt - GAAP			$2,340,841						$2,250,937						$2,252,351						$2,224,712						$2,193,324
Total principal amount of debt outstanding			$2,368,023						$2,274,224						$2,274,157						$2,248,080						$2,213,196
Total net principal amount of debt outstanding (5)			$2,361,543						$2,252,478						$2,267,822						$2,244,289						$2,205,061
Total gross real estate assets			$4,917,911						$4,819,963						$4,820,893						$4,774,133						$4,740,790
Equity market capitalization (6)			$1,101,944						$1,144,965						$821,375						$1,038,491						$1,120,536
Total market capitalization (6)			$3,469,967						$3,419,189						$3,095,532						$3,286,571						$3,333,732

11

Piedmont Office Realty Trust, Inc.
Portfolio Statistics & Key Performance Indicators (continued)
Unaudited (in thousands except for per share data and ratios)
			Three Months Ended
			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Ratios for Debt Holders
Core EBITDA to total revenues			54.6		%				55.6		%				54.6		%				53.9		%				54.5		%
Net principal amount of debt / Total gross assets less cash and cash equivalents (7)			40.9		%				39.8		%				40.1		%				40.2		%				40.0		%
Average net principal amount of debt to Core EBITDA - trailing twelve months (8)			7.1 x						7.2 x						7.2 x						7.2 x						7.1 x
Fixed charge coverage ratio - current quarter (9)			2.4 x						2.4 x						2.3 x						2.2 x						2.1 x

(1)			As of September 30, 2026, the Company's in-service office portfolio excluded two projects currently held out of service for redevelopment, totaling 670,000 square feet. Additional information on these projects can be found on page 37.
(2)			Refer to page 23 for detailed analysis on the Company's leased percentage.
(3)			Excludes the square footage associated with tenants currently in rental abatement periods.
(4)			Refer to the three pages starting with page 17 for reconciliations to net income and additional same store net operating income information. The statistic provided for each of the prior quarters is based on the same store property population applicable at the time that the metric was initially reported.
(5)			Defined as the total principal amount of debt outstanding, minus cash and restricted cash and escrows, all as of the end of the period.
(6)			Reflects common stock closing price, shares outstanding and principal amount of debt outstanding as of the end of the reporting period.
(7)			Metric shown on a net debt basis to account for certain periods presented that had elevated balances of cash and restricted cash and escrows to be used primarily for debt retirement in a future period.
(8)			Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period.
(9)			Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented).
			The Company recorded principal amortization of $0.9 million for each of the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025.
			The Company recorded capitalized interest of $0.8 million for the quarter ended September 30, 2026, $1.0 million for the quarter ended June 30, 2026, $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, and $2.9 million for the quarter ended September 30, 2025.

12

Piedmont Realty TrustTM

Consolidated Balance Sheets

Unaudited (in thousands)

			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Assets:
Real estate assets, at cost:
Land			$	552,482					$	540,584					$	540,584					$	540,584					$	540,584
Buildings and improvements			4,101,909						4,029,471						4,013,488						3,970,856						3,923,258
Buildings and improvements, accumulated depreciation			(1,356,637)						(1,315,910)						(1,292,892)						(1,250,436)						(1,210,745)
Intangible lease assets			115,226						102,637						117,826						118,195						119,734
Intangible lease assets, accumulated amortization			(68,465)						(65,398)						(77,271)						(73,824)						(71,501)
Construction in progress			50,991						47,131						48,855						44,358						57,074
Real estate assets held for sale, gross			97,303						100,140						100,140						100,140						100,140
Real estate assets held for sale, accumulated depreciation & amortization			(30,800)						(29,922)						(29,043)						(28,164)						(27,286)
Total real estate assets			3,462,009						3,408,733						3,421,687						3,421,709						3,431,258
Cash and cash equivalents			3,903						16,785						2,279						731						2,990
Tenant receivables			10,207						11,440						6,907						6,155						5,729
Straight-line rent receivables			214,444						209,057						205,675						203,382						200,527
Restricted cash and escrows			2,577						4,961						4,056						3,060						5,145
Prepaid expenses and other assets			24,475						24,120						20,928						20,857						27,598
Goodwill			53,491						53,491						53,491						53,491						53,491
Interest rate swaps			2,561						530						—						—						—
Deferred lease costs, gross			531,779						520,047						522,237						512,049						465,425
Deferred lease costs, accumulated amortization			(228,978)						(216,631)						(219,064)						(206,101)						(204,741)
Other assets held for sale, gross			18,571						18,751						18,913						19,075						19,236
Other assets held for sale, accumulated amortization			(3,426)						(3,302)						(3,178)						(3,054)						(2,930)
Total assets			$	4,091,613					$	4,047,982					$	4,033,931					$	4,031,354					$	4,003,728
Liabilities:
Unsecured debt, net of discount			$	2,154,818					$	2,063,971					$	2,064,452					$	2,035,890					$	2,003,588
Secured debt			186,023						186,966						187,899						188,822						189,736
Accounts payable, accrued expenses and accrued capital expenditures			165,337						185,339						158,041						172,880						135,220
Deferred income			114,518						114,642						116,858						111,227						110,255
Intangible lease liabilities, less accumulated amortization			21,653						21,216						22,880						24,824						26,788
Interest rate swaps			—						—						—						111						175
Other liabilities held for sale			832						854						875						897						919
Total liabilities			2,643,181						2,572,988						2,551,005						2,534,651						2,466,681
Stockholders' equity:
Common stock			1,238						1,251						1,250						1,245						1,245
Additional paid in capital			3,722,950						3,730,985						3,728,827						3,730,273						3,727,914
Cumulative distributions in excess of earnings			(2,272,393)						(2,251,371)						(2,240,270)						(2,227,350)						(2,184,104)
Accumulated other comprehensive loss			(4,852)						(7,368)						(8,380)						(8,967)						(9,517)
Piedmont stockholders' equity			1,446,943						1,473,497						1,481,427						1,495,201						1,535,538
Non-controlling interest			1,489						1,497						1,499						1,502						1,509
Total stockholders' equity			1,448,432						1,474,994						1,482,926						1,496,703						1,537,047
Total liabilities and stockholders' equity			$	4,091,613					$	4,047,982					$	4,033,931					$	4,031,354					$	4,003,728

13

Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

			Three Months Ended
			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Revenues: (1)
Rental revenue			$	118,956					$	115,375					$	113,393					$	111,994					$	110,748
Tenant reimbursements			25,208						21,890						23,048						22,943						22,282
Property management fee revenue			167						108						158						71						115
Other property related income			6,905						6,750						6,695						7,845						6,018
			151,236						144,123						143,294						142,853						139,163
Expenses:
Property operating costs			60,029						55,986						57,306						58,460						55,890
Depreciation			46,123						44,825						44,027						42,862						42,127
Amortization			14,045						14,487						15,263						15,166						15,188
General and administrative			9,057						8,237						7,909						7,457						7,607
			129,254						123,535						124,505						123,945						120,812
Other income (expense):
Interest expense			(32,026)						(31,874)						(31,929)						(32,406)						(31,968)
Other income (2)			378						189						225						46						160
Loss on early extinguishment of debt (3)			(20,236)						—						—						(29,788)						—
Gain on sale of real estate assets (4)			8,878						—						—						—						—
Net loss			(21,024)						(11,097)						(12,915)						(43,240)						(13,457)
Less: Net loss (income) applicable to noncontrolling interest			2						(4)						(5)						(6)						(5)
Net loss applicable to Piedmont			$	(21,022)					$	(11,101)					$	(12,920)					$	(43,246)					$	(13,462)
Weighted average common shares outstanding - basic and diluted (5)			124,948						125,082						124,806						124,519						124,502
Net loss per share applicable to common stockholders - basic and diluted			$	(0.17)					$	(0.09)					$	(0.10)					$	(0.35)					$	(0.11)

(1)			To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue."
(2)			Includes interest income (in thousands) of $171, $67, $32, $38, and $60 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.
(3)			The loss on early extinguishment of debt recorded in the three months ended September 30, 2026 and December 31, 2025, respectively, is related to the redemption of the 9.25% unsecured senior notes due 2028.
(4)			The gain on sale of real estate assets recorded in the three months ended September 30, 2026 is related to the sale of an undeveloped land parcel in the Las Colinas submarket of Dallas, TX.
(5)			As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

14

Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

			Three Months Ended																		Nine Months Ended
			9/30/2026			9/30/2025						Change ($)			Change (%)						9/30/2026			9/30/2025						Change ($)			Change (%)
Revenues: (1)
Rental revenue			$	118,956		$	110,748					$	8,208		7.4		%				$	347,724		$	333,654					$	14,070		4.2		%
Tenant reimbursements			25,208			22,282						2,926			13.1		%				70,146			69,394						752			1.1		%
Property management fee revenue			167			115						52			45.2		%				433			277						156			56.3		%
Other property related income			6,905			6,018						887			14.7		%				20,350			18,816						1,534			8.2		%
			151,236			139,163						12,073			8.7		%				438,653			422,141						16,512			3.9		%
Expenses:
Property operating costs			60,029			55,890						(4,139)			(7.4)		%				173,321			169,414						(3,907)			(2.3)		%
Depreciation			46,123			42,127						(3,996)			(9.5)		%				134,975			123,666						(11,309)			(9.1)		%
Amortization			14,045			15,188						1,143			7.5		%				43,795			45,394						1,599			3.5		%
General and administrative			9,057			7,607						(1,450)			(19.1)		%				25,203			23,130						(2,073)			(9.0)		%
			129,254			120,812						(8,442)			(7.0)		%				377,294			361,604						(15,690)			(4.3)		%
Other income (expense):
Interest expense			(32,026)			(31,968)						(58)			(0.2)		%				(95,829)			(95,599)						(230)			(0.2)		%
Other income			378			160						218			136.3		%				792			688						104			15.1		%
Loss on early extinguishment of debt			(20,236)			—						(20,236)			(100.0)		%				(20,236)			(8,000)						(12,236)			(153.0)		%
Gain on sale of real estate assets			8,878			—						8,878			100.0		%				8,878			2,013						6,865			341.0		%
Net loss			(21,024)			(13,457)						(7,567)			(56.2)		%				(45,036)			(40,361)						(4,675)			(11.6)		%
Less: Net loss (income) applicable to noncontrolling interest			2			(5)						7			140.0		%				(7)			(13)						6			46.2		%
Net loss applicable to Piedmont			$	(21,022)		$	(13,462)					$	(7,560)		(56.2)		%				$	(45,043)		$	(40,374)					$	(4,669)		(11.6)		%
Weighted average common shares outstanding - basic and diluted (2)			124,948			124,502															124,946			124,407
Net loss per share applicable to common stockholders - basic and diluted			$	(0.17)		$	(0.11)														$	(0.36)		$	(0.32)

(1)			To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue."
(2)			As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

15

Piedmont Realty TrustTM

Funds From Operations, Core Funds From Operations and Adjusted Funds From Operations

Unaudited (in thousands except for per share data)

			Three Months Ended												Nine Months Ended
			9/30/2026						9/30/2025						9/30/2026						9/30/2025
GAAP net loss applicable to Piedmont			$	(21,022)					$	(13,462)					$	(45,043)					$	(40,374)
Depreciation of real estate assets			45,763						41,759						133,915						122,538
Amortization of lease-related costs			14,045						15,188						43,795						45,379
Gain on sale of real estate assets			(8,878)						—						(8,878)						(2,013)
NAREIT Funds From Operations applicable to common stock			29,908						43,485						123,789						125,530
Adjustments:
Loss on early extinguishment of debt			20,236						—						20,236						8,000
Core Funds From Operations applicable to common stock			50,144						43,485						144,025						133,530
Adjustments:
Amortization of debt issuance costs and discounts on debt			1,603						1,561						4,878						4,591
Depreciation of non-real estate assets			360						368						1,060						1,106
Straight-line effects of lease revenue			(7,649)						(6,251)						(17,382)						(24,887)
Stock-based compensation adjustments			2,478						2,503						4,135						4,954
Amortization of lease-related intangibles			(1,496)						(1,959)						(5,096)						(5,978)
Non-incremental capital expenditures (1)
Base Building Costs			(2,876)						(3,203)						(12,815)						(18,768)
Tenant Improvement Costs			(8,540)						(5,575)						(23,722)						(14,013)
Leasing Commission Costs			(4,085)						(4,425)						(10,312)						(14,301)
Adjusted Funds From Operations applicable to common stock			$	29,939					$	26,504					$	84,771					$	66,234
Weighted average common shares outstanding - diluted (2)			127,320						126,007						126,941						125,638
NAREIT Funds From Operations per share (diluted)			$	0.23					$	0.35					$	0.98					$	1.00
Core Funds From Operations per share (diluted)			$	0.39					$	0.35					$	1.13					$	1.06

(1)			Non-incremental capital expenditures are defined on page 39.
(2)			Includes potential share dilution using the treasury stock method. Such shares are not included when calculating net loss per share applicable to Piedmont as presented on the Consolidated Statements of Income, as they would reduce the loss per share presented.

16

Piedmont Realty TrustTM

Same Store Net Operating Income (Cash Basis)

Unaudited (in thousands)

			Three Months Ended												Nine Months Ended
			9/30/2026						9/30/2025						9/30/2026						9/30/2025
GAAP net loss applicable to Piedmont			$	(21,022)					$	(13,462)					$	(45,043)					$	(40,374)
Net (loss) income applicable to noncontrolling interest			(2)						5						7						13
Interest expense			32,026						31,968						95,829						95,599
Depreciation			46,123						42,127						134,975						123,666
Amortization			14,045						15,188						43,795						45,395
Gain on sale of real estate assets			(8,878)						—						(8,878)						(2,013)
EBITDAre			62,292						75,826						220,685						222,286
Loss on early extinguishment of debt			20,236						—						20,236						8,000
Core EBITDA			82,528						75,826						240,921						230,286
General and administrative expense			9,057						7,607						25,203						23,130
Management fee revenue (net)			(167)						(114)						(433)						(254)
Other income			(270)						(52)						(468)						(364)
Straight-line effects of lease revenue			(7,649)						(6,251)						(17,382)						(24,891)
Amortization of lease-related intangibles			(1,496)						(1,959)						(5,096)						(5,978)
Property net operating income (cash basis)			82,003						75,057						242,745						221,929
Deduct net operating (income) loss from:
Acquisitions (1)			(200)						—						(200)						—
Dispositions (1)			(72)						74						14						(1,554)
Other investments (2)			(1,022)						(62)						(1,855)						149
Same store net operating income (cash basis)			$	80,709					$	75,069					$	240,704					$	220,524
Change period over period			7.5		%				N/A						9.2		%				N/A

(1)			Refer to page 38 for information on recent acquisitions and dispositions.
(2)			Includes projects currently held out-of-service, recently completed redevelopment projects in which a portion of operating expenses was capitalized during the current and/or prior reporting periods, and various land holdings. Refer to pages 37 and 38 for detailed information on these entities.

17

Piedmont Realty TrustTM

Same Store Net Operating Income (Accrual Basis)

Unaudited (in thousands)

			Three Months Ended												Nine Months Ended
			9/30/2026						9/30/2025						9/30/2026						9/30/2025
GAAP net loss applicable to Piedmont			$	(21,022)					$	(13,462)					$	(45,043)					$	(40,374)
Net (loss) income applicable to noncontrolling interest			(2)						5						7						13
Interest expense			32,026						31,968						95,829						95,599
Depreciation			46,123						42,127						134,975						123,666
Amortization			14,045						15,188						43,795						45,395
Gain on sale of real estate assets			(8,878)						—						(8,878)						(2,013)
EBITDAre			62,292						75,826						220,685						222,286
Loss on early extinguishment of debt			20,236						—						20,236						8,000
Core EBITDA			82,528						75,826						240,921						230,286
General and administrative expense			9,057						7,607						25,203						23,130
Management fee revenue (net)			(167)						(114)						(433)						(254)
Other income			(270)						(52)						(468)						(364)
Property net operating income (accrual basis)			91,148						83,267						265,223						252,798
Acquisitions (1)			(314)						—						(314)						—
Dispositions (1)			(72)						74						14						(1,662)
Other investments (2)			(1,815)						(138)						(4,238)						(100)
Same store net operating income (accrual basis)			$	88,947					$	83,203					$	260,685					$	251,036
Change period over period			6.9		%				N/A						3.8		%				N/A

(1)			Refer to page 38 for detailed information on recent acquisitions and dispositions.
(2)			Includes projects currently held out-of-service, recently completed redevelopment projects in which a portion of operating expenses was capitalized during the current and/or prior reporting periods, and various land holdings. Refer to pages 37 and 38 for detailed information on these entities.

18

Piedmont Realty TrustTM

Same Store Net Operating Income (Financial Components)

Unaudited (in thousands)

						Three Months Ended															Nine Months Ended
						9/30/2026			9/30/2025			Change ($)			Change (%)						9/30/2026			9/30/2025			Change ($)			Change (%)
Revenue
			Cash rental income			$	107,952		$	102,222		$	5,730		5.6		%				$	321,935		$	299,702		$	22,233		7.4		%
			Tenant reimbursements			24,555			22,159			2,396			10.8		%				68,520			68,190			330			0.5		%
			Straight-line effects of lease revenue			6,783			6,175			608			9.8		%				14,924			24,534			(9,610)			(39.2)		%
			Amortization of lease-related intangibles			1,455			1,959			(504)			(25.7)		%				5,057			5,978			(921)			(15.4)		%
			Total rents			140,745			132,515			8,230			6.2		%				410,436			398,404			12,032			3.0		%
			Other property related income			6,607			5,991			616			10.3		%				19,584			18,715			869			4.6		%
Total revenue						147,352			138,506			8,846			6.4		%				430,020			417,119			12,901			3.1		%
Less: Property operating expense						58,513			55,411			(3,102)			(5.6)		%				169,659			166,406			(3,253)			(2.0)		%
Add: Other income						108			108			—			—		%				324			323			1			0.3		%
Same store net operating income (accrual)						$	88,947		$	83,203		$	5,744		6.9		%				$	260,685		$	251,036		$	9,649		3.8		%
Less:
			Straight-line effects of lease revenue			(6,783)			(6,175)			(608)			(9.8)		%				(14,924)			(24,534)			9,610			39.2		%
			Amortization of lease-related intangibles			(1,455)			(1,959)			504			25.7		%				(5,057)			(5,978)			921			15.4		%
Same store net operating income (cash)						$	80,709		$	75,069		$	5,640		7.5		%				$	240,704		$	220,524		$	20,180		9.2		%

19

Piedmont Realty TrustTM

Debt Summary

As of September 30, 2026

Unaudited ($ in thousands)

Floating Rate & Fixed Rate Debt

Debt

Principal Outstanding

Weighted Average Interest Rate

Weighted Average Maturity

Fixed Rate

$2,016,023

4.74%

52.1 months

Floating Rate (1)

352,000

4.99%

51.2 months

Total

$2,368,023

4.78%

52.0 months

Unsecured & Secured Debt

Debt

Principal Outstanding

Weighted Average Interest Rate

Weighted Average Maturity

Unsecured

$2,182,000

4.83%

54.4 months

Secured

186,023

4.10%

24.1 months

Total

$2,368,023

4.78%

52.0 months

Debt Maturities (2)
Maturity Year			Secured Principal Outstanding			Unsecured Principal Outstanding			Weighted Average Interest Rate			Percentage of Total Debt
2026			$—			$—						—			—
2027			—			—						—			—
2028			186,023			—						4.10%			7.8%
2029			—			400,000						7.11%			16.9%
2030			—			452,000						4.25%			19.1%
2031			—			630,000						4.21%			26.6%
2032			—			300,000						2.78%			12.7%
2033			—			400,000						5.73%			16.9%
Total			$	186,023		$	2,182,000					4.78%			100.00%

(1)			As of September 30, 2026, the Company's floating rate debt was comprised of the $200 million variable portion of the $400 million term loan and the $152 million outstanding balance on the line of credit at the end of the period.
(2)			For loans that provide extension options conditional upon proper notice to the loan's administrative agent and the payment of an extension fee, the final extended maturity date is reflected.

20

Piedmont Realty TrustTM

Debt Detail

As of September 30, 2026

Unaudited ($ in thousands)

Facility						Stated Rate (1)			Effective Rate (2)									Maturity Date (3)			Principal Outstanding (4)
Secured Debt
$197 Million Fixed-Rate Mortgage (1180 Peachtree)						4.10%			4.10%						Fixed			10/1/2028			186,023
Secured Subtotal / Weighted Average Interest Rate									4.10%												$	186,023
Unsecured Debt
$400 Million Unsecured Senior Notes due 2029						6.88%			7.11%						Fixed			7/15/2029			400,000
$600 Million Unsecured 2022 Line of Credit (5)						SOFR + 1.05%			4.95%						Floating			6/30/2030			152,000
$300 Million Unsecured Senior Notes due 2030						3.15%			3.90%						Fixed			8/15/2030			300,000
$230 Million Exchangeable Senior Notes due 2031 (6)						2.88%			2.88%						Fixed			2/1/2031			230,000
$400 Million Unsecured 2026 Term Loan (7)						SOFR + 1.15%			5.02% 4.94%						Floating Fixed			5/28/2031			400,000
$300 Million Unsecured Senior Notes due 2032						2.75%			2.78%						Fixed			4/1/2032			300,000
$400 Million Unsecured Senior Notes due 2033						5.63%			5.73%						Fixed			1/15/2033			400,000
Unsecured Subtotal / Weighted Average Interest Rate									4.83%												$	2,182,000
Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate						4.78%												$	2,368,023
GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs																					(27,182)
Total Debt - GAAP																		$	2,340,841
Less: Cash, cash equivalents, and restricted cash and escrows																					6,480
Total Net Debt - Principal Amount Outstanding																					$	2,361,543

(1)			Stated rates for the unsecured term loan and the unsecured line of credit are comprised of the relevant SOFR selection and an additional spread based on Piedmont's current credit rating, as defined in the respective loan agreement.
(2)			Effective rates reflect the consideration of settled or in-place interest rate swap agreements and issuance discounts, where applicable.
(3)			For loans that provide extension options conditional upon proper notice to the loan's administrative agent and the payment of an extension fee, the final extended maturity date is reflected.
(4)			All outstanding debt at period end was interest-only with the exception of the amortizing fixed-rate mortgage.
(5)			Piedmont may select from multiple interest rate options with each draw under the revolving credit facility, including the prime rate and various SOFR selections. The facility has an initial maturity date of June 30, 2028 with two one-year extension options for a final maturity date of June 30, 2030, provided Piedmont is not then in default and upon payment of extension fees.
(6)			During the three months ended September 30, 2026, Piedmont issued $230 million in 2.875% exchangeable senior notes, which will mature on February 1, 2031, unless repurchased, redeemed, or exchanged. Proceeds from this issuance, along with borrowings under the $600 million line of credit, were used to redeem all of the outstanding 9.25% unsecured senior notes due 2028.
(7)			During the second quarter of 2026, the Company amended its $325 Million Unsecured Term Loan to increase the principal to $400 million and extend the maturity date to May 28, 2031. The new term loan has a stated variable interest rate; however, the Company has entered into interest rate swap agreements which effectively fixes $200 million of the principal through June 1, 2028.

21

Piedmont Realty TrustTM`

Debt Covenants & Ratios for Debt Holders                        

As of September 30, 2026                 

Unaudited

						Three Months Ended
Bank Debt Covenant Compliance (1)			Required			9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025
Maximum leverage ratio			0.60			0.44			0.45			0.46			0.46			0.48
Minimum fixed charge coverage ratio (2)			1.50			2.35			2.29			2.23			2.16			2.15
Maximum secured indebtedness ratio			0.40			0.03			0.04			0.04			0.04			0.04
Minimum unencumbered leverage ratio			1.60			2.28			2.27			2.21			2.18			2.12
Minimum unencumbered interest coverage ratio (3)			1.75			2.54			2.43			2.31			2.22			2.19

						Three Months Ended
Bond Covenant Compliance (4)			Required			9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025
Total debt to total assets			60% or less			47.7%			46.4%			47.0%			47.0%			46.5%
Secured debt to total assets			40% or less			3.8%			3.9%			3.9%			3.9%			4.0%
Ratio of consolidated EBITDA to interest expense			1.50 or greater			2.55			2.54			2.50			2.51			2.53
Unencumbered assets to unsecured debt			150% or greater			204%			210%			210%			210%			213%

Other Debt Coverage Ratios for Debt Holders

As of

As of

(trailing twelve months)

September 30, 2026

December 31, 2025

Average net principal amount of debt to Core EBITDA (5)

7.1 x

7.2 x

Fixed charge coverage ratio (6)

2.3 x

2.2 x

Interest coverage ratio (7)

2.4 x

2.2 x

(1)			Bank debt covenant compliance calculations relate to the most restrictive of the specific calculations detailed in the relevant credit agreements. Please refer to such agreements for relevant defined terms.
(2)			Defined as EBITDA for the trailing four quarters (including the Company's share of EBITDA from unconsolidated interests), excluding one-time or non-recurring gains or losses, less a $0.15 per square foot capital reserve, and excluding the impact of straight line rent leveling adjustments and amortization of intangibles divided by the Company's share of fixed charges, as more particularly described in the credit agreements. This definition of fixed charge coverage ratio as prescribed by our credit agreements is different from the fixed charge coverage ratio definition employed elsewhere within this report.
(3)			Defined as net operating income for the trailing four quarters for unencumbered assets (including the Company's share of net operating income from partially-owned entities and subsidiaries that are deemed to be unencumbered) less a $0.15 per square foot capital reserve divided by the Company's share of interest expense associated with unsecured financings only, as more particularly described in the credit agreements.
(4)			Bond covenant compliance calculations relate to specific calculations prescribed in the relevant debt agreements. Please refer to the Indenture and the First Supplemental Indenture dated March 6, 2014, the Second Supplemental Indenture dated August 12, 2020, the Third Supplemental Indenture dated September 20, 2021, the Fourth Supplemental Indenture dated July 20, 2023, the Fifth Supplemental Indenture dated June 25, 2024, the Sixth Supplemental Indenture dated November 20, 2025, and the Indenture dated September 17, 2026 for defined terms and detailed information about the calculations.
(5)			Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period.
(6)			Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented).
			The Company recorded principal amortization of $0.9 million for each of the quarters ended September 20, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025.
			The Company recorded capitalized interest of $0.8 million for the quarter ended September 30, 2026, $1.0 million for the quarter ended June 30, 2026, $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, and $2.9 million for the quarter ended September 30, 2025.
(7)			Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $0.8 million for the quarter ended September 30, 2026, $1.0 million for the quarter ended June 30, 2026, $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, and $2.9 million for the quarter ended September 30, 2025.

22

Piedmont Realty TrustTM

Leased Percentage

(in thousands)

						Three Months Ended												Three Months Ended
						September 30, 2026												September 30, 2025
						Leased Square Footage			Rentable Square Footage			Percent Leased (1)						Leased Square Footage			Rentable Square Footage			Percent Leased (1)
			In-Service Leased - beginning of period			13,393			15,066			88.9		%				13,230			14,923			88.7		%
			Total leasing executed during period			406												724
			Less: Lease renewals signed during period			(212)												(173)
			Less: New leases signed during period for currently occupied space			(84)												(74)
			Less: New leases signed during period for out of service space			(13)												(183)
			Less: Leases expired during period and other			(274)			1									(220)			(5)
			Subtotal			13,216			15,067			87.7		%				13,304			14,918			89.2		%
			Acquisitions / (dispositions) (2)			154			186									—			—
			Assets placed in service / (taken out of service) (3)			—			—									—			—
			In-Service Leased - end of period			13,370			15,253			87.7		%				13,304			14,918			89.2		%

			Nine Months Ended												Nine Months Ended
			September 30, 2026												September 30, 2025
			Leased Square Footage			Rentable Square Footage			Percent Leased (1)						Leased Square Footage			Rentable Square Footage			Percent Leased (1)
In-Service Leased - beginning of period			13,363			14,921			89.6		%				13,538			15,323			88.4		%
Total leasing executed during period			1,296												1,799
Less: Lease renewals signed during period			(546)												(600)
Less: New leases signed during period for currently occupied space			(262)												(202)
Less: New leases signed during period for out of service space			(178)												(361)
Less: Leases expired during period and other			(563)			14									(507)			22
Subtotal			13,110			14,935			87.8		%				13,667			15,345			89.1		%
Acquisitions / (dispositions) (2)			154			186									(363)			(427)
Assets placed in service / (taken out of service) (3)			106			132									—			—
In-Service Leased - end of period			13,370			15,253			87.7		%				13,304			14,918			89.2		%

			Same Store Analysis (4)
			Less: Acquisitions and dispositions after September 30, 2025			(154)			(186)			82.5		%				—			—			—		%
			Less: Assets placed in or taken out of service after September 30, 2025			(120)			(133)			90.2		%				—			—			—		%
			Same Store Leased Percentage - end of period			13,096			14,934			87.7		%				13,304			14,918			89.2		%

(1)			Calculated as the square footage of commenced leases plus the square footage of uncommenced leases for spaces vacant as of period end, divided by total rentable in-service square footage at period end.
(2)			In the three and nine months ended September 30, 2026, respectively, the Company acquired 4075 Wilson Boulevard in Arlington, Virginia. Refer to page 38 for more information on acquisitions and dispositions completed in the current and prior years.
(3)			In the nine months ended September 30, 2026, the Company placed the 222 South Orange Avenue asset back into service. Refer to page 37 for more information on the remaining two out of service projects.
(4)			To compare leased percentage on a same store basis, the end of period amounts for current and prior years are adjusted. Dispositions completed during the previous twelve months are deducted from the previous period data, and acquisitions completed during the previous twelve months are deducted from the current period data. Assets taken out of service during the previous twelve months are deducted from the previous period data, and assets that were placed in service during the previous twelve months are deducted from the current period data.

23

Piedmont Realty TrustTM

Rental Rate Roll Up / Roll Down

			Three Months Ended
			September 30, 2026
			Square Feet (in thousands)			% of Total Signed During Period			% of Rentable Square Footage			% Change Cash Rents (1)			% Change Accrual Rents (2)
Leases executed for spaces vacant one year or less			227			55.9%			1.5%			26.2%			34.6%
Leases executed for spaces excluded from analysis (3)			179			44.1%

			Nine Months Ended
			September 30, 2026
			Square Feet (in thousands)			% of Total Signed During Period			% of Rentable Square Footage			% Change Cash Rents (1)			% Change Accrual Rents (2)
Leases executed for spaces vacant one year or less			692			53.4%			4.5%			17.1%			28.5%
Leases executed for spaces excluded from analysis (3)			604			46.6%

(1)			Calculation compares the last twelve months of cash paying rents of the previous lease to the first twelve months of cash paying rents of the new lease.
(2)			Calculation compares the accrual basis rents of the previous lease to the accrual basis rents of the new leases. For newly signed leases which have variations in accrual basis rents, whether because of known future expansions, contractions, lease expense recovery structure changes, or other similar reasons, the weighted average of such varying accrual basis rents is used for the calculation.
(3)			Leases are excluded from the above analyses if: (1) the space has been vacant for more than one year, (2) the lease term is less than one year, (3) the lease is associated with storage space, retail space, a management office, or a percentage rent agreement, or (4) the lease is associated with a recently acquired asset for which there is less than one year of operating history.

24

Piedmont Realty TrustTM

Contractual Tenant Improvements and Leasing Commissions        

						Three Months Ended September 30, 2026									Nine Months Ended September 30, 2026			For the Year Ended																														2022 to 2026 (Weighted Average)
												2025						2024 (2)			2023 (3)			2022
			Total Leasing Transactions
			Square feet (1)			403,944												1,287,460			2,474,774			2,428,246						2,239,797						2,142,852																								10,573,129
			Tenant improvements per square foot per year of lease term			$2.74												$3.29			$4.07			$3.70						$3.80						$3.22																								$3.69
			Leasing commissions per square foot per year of lease term			$2.99												$2.72			$2.77			$2.31						$2.21						$2.22																								$2.45
			Total per square foot per year of lease term			$5.73												$6.01			$6.84			$6.01						$6.01						$5.44																								$6.14
			Less Adjustment for Commitment Expirations (4)
			Expired tenant improvements (not paid out) per square foot per year of lease term			-$0.52												-$0.57			-$0.26			-$0.34						-$0.79						-$0.10																								-$0.42
			Adjusted total per square foot per year of lease term			$5.21												$5.44			$6.58			$5.67						$5.22						$5.34																								$5.72

(1)			Excludes square feet associated with storage and license agreement transactions.
(2)			Tenant improvement and leasing commission amounts presented for the year ended December 31, 2024 include a 101,500 square foot 11-year lease executed in the first quarter of 2024 with no capital outlay requirements.
(3)			Tenant improvement amounts presented for the year ended December 31, 2023 were adjusted to reflect the overall concession package for the 447,000 square foot 10-year renewal with US Bancorp, executed in the fourth quarter of 2023. The renewal terms provided for zero months of rent abatement, offset by an above-market tenant improvement allowance. The amounts are presented as if the renewal had included the standard twelve months of gross rent abatement in line with market conditions and, therefore, a normalized tenant improvement allowance. This adjustment effectively lowered the total capital per square foot per year of lease term for the year ended December 31, 2023 by $0.97.
(4)			The Company reports total tenant improvement amounts based on the maximum amount of committed leasing capital in the period in which the lease is executed. However, tenants do not always use the full allowance provided for in the lease, or a portion of the allowance could expire at a set date. To provide additional clarity on actual costs for completed leasing transactions, tenant improvement allowances that have expired or are no longer available to the tenant are disclosed in this section and are deducted from the capital commitments per square foot of leased space in the periods in which they expired.

25

Piedmont Realty TrustTM

Net Effective Rents

			Three Months Ended																														Five Quarter
			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025						Average
Leasing activity included in net effective rent analysis (1)
Renewal leasing square footage (in 000s)			161						167						104						174						119						145
New tenant leasing square footage (in 000s)			161						255						284						436						539						335
Total leasing square footage (in 000s)			322						422						388						610						658						480
Renewal square footage (% of total)			50.0		%				39.6		%				26.8		%				28.5		%				18.1		%				30.2		%
New Lease square footage (% of total)			50.0		%				60.4		%				73.2		%				71.5		%				81.9		%				69.8		%
# of lease transactions			37						36						37						49						64						45
Net effective rents (2) (3)
Base rent (gross)			$	51.60					$	47.22					$	43.88					$	43.41					$	44.67					$	46.16
Rent concessions			(2.23)						(2.47)						(2.62)						(2.17)						(2.46)						(2.39)
GAAP Rent			$	49.37					$	44.75					$	41.26					$	41.24					$	42.21					$	43.77
Tenant improvements			(2.46)						(3.24)						(2.65)						(2.82)						(3.31)						(2.90)
Leasing commissions			(2.70)						(2.71)						(2.35)						(2.63)						(2.75)						(2.63)
Other concessions			—						(0.11)						(0.09)						—						(0.01)						(0.04)
Effective rent after capex			$	44.21					$	38.69					$	36.17					$	35.79					$	36.14					$	38.20
Expense stop			(14.90)						(13.13)						(14.14)						(14.69)						(14.88)						(14.35)
Effective rent after capex and opex			$	29.31					$	25.56					$	22.03					$	21.10					$	21.26					$	23.85
Weighted average lease term in years (weighted by square feet)			8.0						9.6						8.0						7.4						8.8						8.3

(1)			Leases are excluded from this analysis if: (1) the lease term is one year or less or (2) the lease is associated with non-office space (storage, retail or a management office). Total leased square footage in this analysis will not tie to the total reported leasing volume reported elsewhere in this supplemental report.
(2)			Based on the weighted average per rentable square footage over the lease term of each deal.
(3)			Excludes parking income due to the variable nature between markets and individual lease transactions.

26

Piedmont Realty TrustTM

Future Contractual Income Sources

As of September 30, 2026

Uncommenced Leases for Vacant Space (1)

0.7 million square feet representing $29.3 million in future annual rent

Major Leases (by Industry)

Project

Market

Square Feet Leased

Estimated Lease Commencement

New / Expansion

Engineering and environmental consulting

Meridian

Minneapolis

85,267

Q4 2026

New

Global risk management

Meridian

Minneapolis

54,662

Q4 2026

New

Accounting and business advisory

US Bancorp Center

Minneapolis

41,294

Q4 2026

New

Defense technology

4250 North Fairfax

Northern Virginia

69,896

Q1 2027

New

Leases Currently Under Abatement (1)

1.2 million square feet representing $32.0 million in future annual cash rent

Major Leases (by Industry)

Project

Market

Square Feet Abated

Lease Commencement

Lease Expiration

Remaining Abatement Schedule

Banking and financial services

Meridian

Minneapolis

27,049

Q1 2026

Q4 2036

January 2026 through October 2026

Commercial construction management

Meridian

Minneapolis

34,013

Q1 2026

Q1 2038

March 2026 through February 2028

National mortgage lender

Interlink at Las Colinas

Dallas

55,252

Q2 2026

Q1 2035

April 2026 through November 2026

Engineering and environmental consulting

Galleria Towers

Dallas

46,004

Q1 2026

Q4 2032

May 2026 through September 2026

Global risk management

Galleria Towers

Dallas

92,977

Q2 2026

Q2 2039

May 2026 through April 2027

Technology services company

Interlink at Las Colinas

Dallas

28,040

Q2 2026

Q3 2031

July 2026 through November 2026

Home service provider

Galleria on the Park

Atlanta

47,835

Q3 2026

Q3 2038

August 2026 through September 2026

Commercial construction management

The Exchange on Orange

Orlando

27,990

Q3 2026

Q2 2037

August 2026 through July 2027

Education and healthcare staffing

Galleria on the Park

Atlanta

46,726

Q1 2025

Q3 2032

September 2026 through December 2026

National law firm

999 Peachtree

Atlanta

31,523

Q3 2026

Q3 2040

September 2026 through August 2027

Banking and financial services

Meridian

Minneapolis

54,692

Q3 2026

Q4 2039

September 2026 through October 2027

(1) Includes leasing activity for the total portfolio, including assets currently out of service.

27

Piedmont Realty TrustTM

Lease Expiration Schedule

As of September 30, 2026

(in thousands)

Expiration Year						Annualized Lease Revenue			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)
Vacant						$—			—			1,883			12.3
2026 (1)						37,877			6.3			584			3.8
2027						49,903			8.3			1,263			8.3
2028						52,063			8.6			1,224			8.0
2029						59,824			9.9			1,351			8.9
2030						65,236			10.8			1,360			8.9
2031						45,513			7.5			1,122			7.4
2032						43,095			7.1			984			6.6
2033						20,707			3.4			475			3.1
2034						56,613			9.4			1,237			8.1
2035						34,162			5.7			815			5.3
2036						28,636			4.7			710			4.7
2037						63,168			10.6			1,241			8.1
2038						11,523			1.9			266			1.7
Thereafter						34,683			5.8			738			4.8
Total						$603,003			100.0			15,253			100.0

Average Lease Term Remaining
9/30/2026			5.8 years
12/31/2025			6.0 years

(1) Includes leases with an expiration date of September 30, 2026, comprised of approximately 75,000 square feet and Annualized Lease Revenue of $3.6 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement.

28

Piedmont Realty TrustTM

Lease Expirations by Quarter

As of September 30, 2026

(in thousands)

						Q4 2026 (1)									Q1 2027									Q2 2027									Q3 2027
Location						Expiring Square Footage			Expiring Lease Revenue						Expiring Square Footage			Expiring Lease Revenue						Expiring Square Footage			Expiring Lease Revenue						Expiring Square Footage			Expiring Lease Revenue
Atlanta						102			$5,042						5			$60						46			$1,765						344			$15,840
Boston						—			—						2			100						5			220						5			184
Dallas						92			3,998						31			1,454						38			1,735						69			1,297
Minneapolis						—			13						11			283						278			10,712						41			1,413
New York						313			24,681						2			85						5			480						—			57
Orlando						6			215						50			836						13			546						65			2,549
Northern Virginia / Washington, D.C.						71			3,928						4			266						10			545						17			849
Other						—			—						—			—						—			5						—			—
Total						584			$37,877						105			$3,084						395			$16,008						541			$22,189

(1) Includes leases with an expiration date of September 30, 2026, comprised of approximately 75,000 square feet and Annualized Lease Revenue of $3.6 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement. No such adjustments are made to other periods presented.

29

Piedmont Realty TrustTM

Lease Expirations by Year

As of September 30, 2026

(in thousands)

						12/31/2026 (1)									12/31/2027									12/31/2028									12/31/2029									12/31/2030
Location						Expiring Square Footage			Expiring Lease Revenue						Expiring Square Footage			Expiring Lease Revenue						Expiring Square Footage			Expiring Lease Revenue						Expiring Square Footage			Expiring Lease Revenue						Expiring Square Footage			Expiring Lease Revenue
Atlanta						102			$5,042						463			$20,016						398			$17,404						411			$17,604						371			$15,588
Boston						—			—						12			504						42			2,377						204			9,192						245			9,608
Dallas						92			3,998						157			5,279						293			12,894						293			14,140						354			18,799
Minneapolis						—			13						338			12,712						63			2,478						62			2,487						122			4,698
New York						313			24,681						7			622						2			180						17			1,038						21			1,819
Orlando						6			215						242			8,262						89			3,454						248			9,584						188			11,878
Northern Virginia / Washington, D.C.						71			3,928						44			2,503						78			4,644						116			5,773						59			2,846
Other						—			—						—			5						259			8,632						—			6						—			—
Total (3)						584			$37,877						1,263			$49,903						1,224			$52,063						1,351			$59,824						1,360			$65,236

(1) Includes leases with an expiration date of September 30, 2026, comprised of approximately 75,000 square feet and Annualized Lease Revenue of $3.6 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement. No such adjustments are made to other periods presented.

30

Piedmont Realty TrustTM

Tenant Diversification

As of September 30, 2026

Tenants Contributing 1% or More to Annualized Lease Revenue (1)
Tenant			Credit Rating (2) S&P / Moody's			Number of Properties			Lease Term Remaining (in years)			Annualized Lease Revenue (in thousands)			Percentage of Annualized Lease Revenue (%)			Leased Square Footage (in thousands)			Percentage of Leased Square Footage (%)
State of New York			AA+ / Aa1			1			10.9						$28,720			4.8						487			3.6
New York City (3)			AA / Aa2			1			-						24,681			4.1						313			2.3
US Bancorp			A / A3			1			5.5						15,676			2.6						435			3.3
Amazon			AA / A1			2			3.8						15,483			2.5						285			2.1
Microsoft			AAA / Aaa			2			4.7						14,535			2.4						355			2.7
King & Spalding			No Rating Available			1			4.5						13,977			2.3						268			2.0
Transocean Inc.			B / B2			1			9.6						12,403			2.1						301			2.3
Broadcom			A- / A3			1			0.6						11,604			1.9						206			1.5
Schlumberger Technology			A / A1			1			2.3						8,548			1.4						254			1.9
Gartner			BBB- / Baa3			2			7.8						8,294			1.4						207			1.5
Salesforce.com			A+ / A2			1			2.8						8,142			1.4						182			1.4
Fiserv			BBB / Baa2			1			0.8						8,015			1.3						195			1.5
Kimley Horn			No Rating Available			3			11.1						6,155			1.0						142			1.1
Other									Various						426,770			70.8						9,740			72.8
Total															$603,003			100.0						13,370			100.0

(1)			Excludes leases executed at the out of service projects.
(2)			Credit rating may reflect the credit rating of the parent or a guarantor. The absence of a credit rating for a tenant is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating.
(3)			The New York City lease is currently in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement.

31

Piedmont Realty TrustTM

Tenant Credit Rating & Lease Distribution

As of September 30, 2026

Tenant Credit Rating        

Rating Level (1) S&P / Moody's			Annualized Lease Revenue (in thousands)			Percentage of Annualized Lease Revenue (%)
AAA / Aaa			$15,234			2.5
AA / Aa			89,607			14.9
A / A			72,575			12.0
BBB / Baa			45,056			7.5
BB / Ba			21,157			3.5
B / B			31,277			5.2
Below			1,291			0.2
Not rated (2)			326,806			54.2
Total			$603,003			100.0

Lease Distribution

Lease Size			Number of Leases			Percentage of Leases (%)			Annualized Lease Revenue (in thousands)			Percentage of Annualized Lease Revenue (%)			Leased Square Footage (in thousands)			Percentage of Leased Square Footage (%)
2,500 sf or Less			340			33.1			$29,025			4.8			238			1.8
2,501 - 10,000 sf			408			39.7			90,677			15.1			2,145			16.0
10,001 - 20,000 sf			118			11.5			67,127			11.1			1,580			11.8
20,001 - 40,000 sf			89			8.7			98,329			16.3			2,366			17.7
40,001 - 100,000 sf			54			5.2			146,086			24.2			3,276			24.5
Greater than 100,000 sf			18			1.8			171,759			28.5			3,765			28.2
Total			1,027			100.0			$603,003			100.0			13,370			100.0

(1)			Credit rating may reflect the credit rating of the parent or a guarantor. Where differences exist between the Standard & Poor's credit rating and the Moody's credit rating for a tenant, the higher credit rating is selected for this analysis.
(2)			The classification of a tenant as "not rated" is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating.

32

Piedmont Realty TrustTM

Industry Diversification

As of September 30, 2026

($ and square footage in thousands)

												Percentage of						Leased			Percentage
			Number of			Percentage of Total			Annualized Lease			Annualized Lease						Square			of Leased
Industry			Tenants			Tenants (%)			Revenue (ALR)			Revenue (%)						Footage			Square Footage (%)
Business Services			98			12.4			$96,881			16.1						2,233			16.7
Engineering, Accounting, Research, Management & Related Services			103			13.1			80,121			13.3						1,807			13.5
Governmental Entity (1)			5			0.6			59,446			9.8						917			6.9
Legal Services			77			9.8			58,546			9.7						1,285			9.6
Real Estate			47			6.0			30,526			5.1						828			6.2
Depository Institutions			23			2.9			28,678			4.7						725			5.4
Oil and Gas Extraction			4			0.5			22,147			3.7						587			4.4
Holding and Other Investment Offices			40			5.1			19,306			3.2						421			3.1
Miscellaneous Retail			8			1.0			17,329			2.9						333			2.5
Security & Commodity Brokers, Dealers, Exchanges & Services			59			7.5			17,019			2.8						403			3.0
Automotive Repair, Services & Parking			10			1.3			16,843			2.8						8			0.1
Insurance Agents, Brokers & Services			18			2.3			14,825			2.5						339			2.5
Health Services			35			4.4			13,821			2.3						309			2.3
Membership Organizations			20			2.5			12,896			2.1						250			1.9
Eating & Drinking Places			39			4.9			11,028			1.8						281			2.1
Other			203			25.7			103,591			17.2						2,644			19.8
Total			789			100.0			$603,003			100.0						13,370			100.0

(1) Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (4.8% of ALR), and city / local (4.3% of ALR).

33

Piedmont Realty TrustTM

Geographic Diversification

As of September 30, 2026

($ and square footage in thousands)

Location			Number of Projects			Annualized Lease Revenue			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)			Leased Square Footage			Percent Leased (%)
Atlanta			6			$187,725			31.1						4,740			31.1			4,328			91.3
Dallas			5			109,651			18.2						2,827			18.6			2,437			86.2
Orlando			4			71,084			11.8						1,881			12.3			1,729			91.9
Northern Virginia / Washington, D.C.			6			69,602			11.5						1,774			11.6			1,348			76.0
New York			1			63,771			10.6						1,047			6.9			970			92.6
Minneapolis			3			45,110			7.5						1,434			9.4			1,202			83.8
Boston			3			35,014			5.8						936			6.1			796			85.0
Other			2			21,046			3.5						614			4.0			560			91.2
Total / Weighted Average			30			$603,003			100.0						15,253			100.0			13,370			87.7

34

Piedmont Realty TrustTM

Geographic Diversification by Location Type

As of September 30, 2026

(square footage in thousands)

									CBD															URBAN INFILL / SUBURBAN															TOTAL
Location									Number of Projects			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)						Number of Projects			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)						Number of Projects			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)
Atlanta									2			10.3			1,312			8.6						4			20.8			3,428			22.5						6			31.1			4,740			31.1
Dallas									—			—			—			—						5			18.2			2,827			18.6						5			18.2			2,827			18.6
Orlando									3			9.9			1,571			10.3						1			1.9			310			2.0						4			11.8			1,881			12.3
Northern Virginia / Washington, D.C.									2			4.3			687			4.5						4			7.2			1,087			7.1						6			11.5			1,774			11.6
New York									1			10.6			1,047			6.9						—			—			—			—						1			10.6			1,047			6.9
Minneapolis									1			4.3			930			6.1						2			3.2			504			3.3						3			7.5			1,434			9.4
Boston									—			—			—			—						3			5.8			936			6.1						3			5.8			936			6.1
Other									—			—			—			—						2			3.5			614			4.0						2			3.5			614			4.0
Total						9			39.4			5,547			36.4						21			60.6			9,706			63.6						30			100.0			15,253			100.0

35

Piedmont Realty TrustTM

Portfolio Detail

As of September 30, 2026

(in thousands)

In-Service Assets			Energy Star Certification			LEED Certification			BOMA 360 Certification			Percent Ownership			Number of Buildings			Rentable Square Footage Owned			Percent Leased			Percent Commenced Leased			Percent Economic Leased (1)			Annualized Lease Revenues
Atlanta
999 Peachtree			P			P			P			100.0%			1			634			78.4		%	63.4		%	52.8		%	23,706
1180 Peachtree			P			P			P			100.0%			1			678			97.0		%	97.0		%	96.4		%	38,763
Galleria on the Park			P			P			P			100.0%			5			2,180			96.5		%	94.2		%	86.1		%	79,636
Glenridge Highlands One and Two			P			P			P			100.0%			2			713			77.8		%	77.6		%	74.3		%	21,529
1155 Perimeter Center West			P			P			P			100.0%			1			377			97.3		%	97.3		%	92.8		%	17,315
The Medici			P						P			100.0%			1			158			93.5		%	78.3		%	75.2		%	6,776
Market Subtotal / Weighted Average															11			4,740			91.3		%	87.7		%	81.5		%	187,725
Boston
5 Wall			P			P			P			100.0%			1			182			100.0		%	100.0		%	100.0		%	8,145
Wayside Office Park			P						P			100.0%			2			473			91.9		%	91.9		%	91.9		%	18,379
25 Mall			P						P			100.0%			1			281			63.8		%	60.6		%	60.6		%	8,490
Market Subtotal / Weighted Average															4			936			85.0		%	84.1		%	84.1		%	35,014
Dallas
Galleria Towers			P			P			P			100.0%			3			1,403			88.4		%	87.9		%	81.1		%	61,730
Park Place on Turtle Creek			P						P			100.0%			1			184			84.8		%	83.8		%	75.6		%	8,233
6565 MacArthur			P			P			P			100.0%			1			255			87.1		%	87.1		%	86.3		%	8,480
Las Colinas Connection			P			P			P			100.0%			3			603			78.4		%	78.4		%	75.4		%	18,570
The Interlink at Las Colinas			P						P			100.0%			2			382			90.4		%	90.4		%	68.7		%	12,638
Market Subtotal / Weighted Average															10			2,827			86.2		%	85.9		%	78.3		%	109,651
Minneapolis
US Bancorp Center			P			P			P			100.0%			1			930			75.6		%	69.4		%	68.2		%	26,180
Crescent Ridge II			P			P			P			100.0%			1			295			98.8		%	98.8		%	98.8		%	11,412
Norman Pointe I			P						P			100.0%			1			209			98.8		%	98.8		%	98.8		%	7,518
Market Subtotal / Weighted Average															3			1,434			83.8		%	79.7		%	79.0		%	45,110
New York
60 Broad									P			100.0%			1			1,047			92.6		%	92.0		%	91.8		%	63,771
Market Subtotal / Weighted Average															1			1,047			92.6		%	92.0		%	91.8		%	63,771
Orlando
The Exchange on Orange			P			P			P			100.0%			2			773			88.9		%	87.1		%	78.9		%	30,004
CNL Center I and II			P			P			P			99.0%			2			616			90.8		%	89.5		%	87.4		%	24,209
501 West Church												100.0%			1			182			100.0		%	100.0		%	100.0		%	5,706
400 and 500 TownPark			P			P			P			100.0%			2			310			96.9		%	96.9		%	96.6		%	11,165
Market Subtotal / Weighted Average															7			1,881			91.9		%	90.8		%	86.7		%	71,084

36

In-Service Assets (continued)			Energy Star Certification			LEED Certification			BOMA 360 Certification			Percent Ownership			Number of Buildings			Rentable Square Footage Owned			Percent Leased			Percent Commenced Leased			Percent Economic Leased (1)			Annualized Lease Revenues
Northern Virginia / Washington, D.C.
4250 North Fairfax			P			P			P			100.0%			1			312			97.7		%	73.1		%	60.2		%	15,270
Arlington Gateway			P			P			P			100.0%			1			331			67.9		%	62.7		%	60.0		%	11,165
3100 Clarendon			P			P			P			100.0%			1			258			85.7		%	85.7		%	79.1		%	10,014
4075 Wilson Boulevard (2)			P			P						100.0%			1			186			82.5		%	78.2		%	78.2		%	7,019
1201 and 1225 Eye Street			P						P			(3)			2			478			67.1		%	67.1		%	64.8		%	19,403
400 Virginia			P						P			100.0%			1			209			58.9		%	58.9		%	58.9		%	6,731
Market Subtotal / Weighted Average															7			1,774			76.0		%	70.2		%	65.9		%	69,602
Other
Enclave Place			P			P			P			100.0%			1			301			100.0		%	100.0		%	100.0		%	12,409
1430 Enclave			P			P			P			100.0%			1			313			82.8		%	82.8		%	82.8		%	8,637
Market Subtotal / Weighted Average															2			614			91.2		%	91.2		%	91.2		%	21,046
In-Service Total															45			15,253			87.7		%	85.2		%	80.8		%	603,003

Out-of-Service Redevelopment Projects (4)									Market			Estimated Stabilization Date			Current Basis (in millions)			Percent Ownership			Number of Buildings			Rentable Square Footage Owned			Percent Leased			Percent Commenced Leased			Percent Economic Leased (1)			Annualized Lease Revenues
9320 Excelsior									Minneapolis			Q1 2027			44.2			100.0%			1			273			76.3		%	44.7		%	44.7		%	7,726
Meridian									Minneapolis			Q4 2026			91.2			100.0%			2			397			90.5		%	42.9		%	13.7		%	14,339
Out-of-Service Total															135.4						3			670			84.7		%	43.6		%	26.4		%	22,065

Total Portfolio 48 15,923 87.5 % 83.4 % 78.4 % 625,068

(1)			Economic leased percentage excludes the square footage associated with executed but not commenced leases for currently vacant spaces and the square footage associated with tenants receiving rental abatements (after proportional adjustments for tenants receiving only partial rental abatements).
(2)			During the three months ended September 30, 2026, the Company acquired 4075 Wilson Boulevard, a Class A office building located in the Ballston submarket of Arlington, VA.
(3)			Piedmont owns 98.6% of 1201 Eye Street and 98.1% of 1225 Eye Street; however, it is entitled to 100% of the cash flows for each asset pursuant to the terms of each property ownership entity's joint venture agreement.
(4)			These projects have been placed into redevelopment and are currently excluded from our in-service portfolio metrics. During the redevelopment phase, the Company is adding or fully renovating the lobbies, common areas and other tenant amenities, transforming the projects into multi-tenant assets with a distinct focus on hospitality. Assets will be reclassified back to in-service upon the earlier of (a) one year after receiving the final certificate of occupancy for the space or (b) the asset reaching 80 percent occupied (i.e. commenced leased).

37

Piedmont Realty TrustTM

Property Investment Activity and Land Holdings    

As of September 30, 2026

Acquisitions Completed During Prior Year and Current Year

Property

Market / Submarket

Acquisition Period

Year Built

Percent Leased (%)

Square Feet (in thousands)

Purchase Price (1) (in millions)

4075 Wilson Boulevard

Northern VA / Ballston

Q3 2026

2007

83%

186

$52.0

Dispositions Completed During Prior Year and Current Year

Property

Market / Submarket

Disposition Period

Year Built

Percent Leased (%)

Square Feet (in thousands)

Sale Price (in millions)

80 and 90 Central

Boston / Boxborough

Q2 2025

1988 / 2001

94%

322

$29.5

Royal Lane (10.6 acre land parcel)

Dallas / Las Colinas

Q3 2026

N/A

N/A

N/A

$12.0

Total

$41.5

Dispositions Currently Under Contract (2)

Property

Market / Submarket

Anticipated Disposition Period

Year Built

Percent Leased (%)

Square Feet (in thousands)

Sale Price (in millions)

Enclave Place

Houston / Energy Corridor

Q4 2026

2015

100

301

$81.8

Developable Land Parcels

Property

Market / Submarket

Adjacent Piedmont Project

Acres

Book Value (in millions)

Gavitello

Atlanta / Buckhead

The Medici

2.0

$2.6

Glenridge Highlands Three

Atlanta / Central Perimeter

Glenridge Highlands

3.0

2.0

Galleria Atlanta

Atlanta / Northwest

Galleria on the Park

16.3

24.1

State Highway 161

Dallas / Las Colinas

The Interlink at Las Colinas

4.5

3.3

Galleria Dallas

Dallas / Lower North Tollway

Galleria Office Towers

1.9

6.3

TownPark

Orlando / Lake Mary

400 and 500 TownPark

18.4

9.1

Total

46.1

$47.4

(1)			Purchase price is adjusted for credits received at closing.
(2)			Transactions are subject to customary closing conditions.

38

Piedmont Realty TrustTM

Definitions

Included below are definitions of various terms used throughout this supplemental report, including definitions of certain non-GAAP financial measures and the reasons why the Company’s management believes these measures provide useful information to investors about the Company’s financial condition and results of operations. Reconciliations of any non-GAAP financial measures defined below are included beginning on page 40.

Adjusted Funds From Operations ("AFFO"): The Company calculates AFFO by starting with Core FFO and adjusting for non-incremental capital expenditures and then adding back non-cash items including: non-real estate depreciation, straight-lined rents and fair value lease adjustments, non-cash components of interest expense and compensation expense, and by making similar adjustments for joint ventures, if any. AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that AFFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments. Other REITs may not define AFFO in the same manner as the Company; therefore, the Company’s computation of AFFO may not be comparable to that of other REITs.

Annualized Lease Revenue ("ALR"): ALR is calculated by multiplying (i) current rental payments (defined as base rent plus operating expense reimbursements, if payable by the tenant on a monthly basis under the terms of a lease that has been executed, but excluding a) rental abatements and b) rental payments related to executed but not commenced leases for space that was covered by an existing lease), by (ii) 12. In instances in which contractual rents or operating expense reimbursements are collected on an annual, semi-annual, or quarterly basis, such amounts are multiplied by a factor of 1, 2, or 4, respectively, to calculate the annualized figure. For leases that have been executed but not commenced relating to unleased space, ALR is calculated by multiplying (i) the monthly base rental payment (excluding abatements) plus any operating expense reimbursements for the initial month of the lease term, by (ii) 12. Unless stated otherwise, this measure excludes revenues associated with development properties and properties taken out of service for redevelopment, if any.

Core EBITDA: The Company calculates Core EBITDA as net income/(loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization and removing any impairment charges, gains or losses from sales of property and other significant infrequent items that create volatility within our earnings and make it difficult to determine the earnings generated by our core ongoing business. Core EBITDA is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core EBITDA is helpful to investors as a supplemental performance measure because it provides a metric for understanding the performance of the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization), as well as items that are not part of normal day-to-day operations of the Company’s business. Other REITs may not define Core EBITDA in the same manner as the Company; therefore, the Company’s computation of Core EBITDA may not be comparable to that of other REITs.

Core Funds From Operations ("Core FFO"): The Company calculates Core FFO by starting with FFO, as defined by NAREIT, and adjusting for gains or losses on the extinguishment of swaps and/or debt and any significant non-recurring items. Core FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain infrequent or non-recurring items which can create significant earnings volatility, but which do not directly relate to the Company’s core business operations. As a result, the Company believes that Core FFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential. Other REITs may not define Core FFO in the same manner as the Company; therefore, the Company’s computation of Core FFO may not be comparable to that of other REITs.

EBITDA: EBITDA is defined as net income/(loss) before interest, taxes, depreciation and amortization.

EBITDAre: The Company calculates EBITDAre in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines EBITDAre as net income/(loss) (computed in accordance with GAAP) adjusted for gains or losses from sales of property, impairment charges, depreciation on real estate assets, amortization on real estate assets, interest expense and taxes, along with the same adjustments for joint ventures. Some of the adjustments mentioned can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. EBITDAre is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that EBITDAre is helpful to investors as a supplemental performance measure because it provides a metric for understanding the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization) and capitalization and capital structure expenses (such as interest expense and taxes). The Company also believes that EBITDAre can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define EBITDAre in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of EBITDAre may not be comparable to that of such other REITs.

Funds From Operations ("FFO"): The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as net income/(loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets, goodwill, and investment in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, along with appropriate adjustments to those reconciling items for joint ventures, if any. These adjustments can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that FFO is helpful to investors as a supplemental performance measure because it excludes the effects of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. The Company also believes that FFO can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define FFO in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of FFO may not be comparable to that of such other REITs.

Incremental Capital Expenditures: Incremental Capital Expenditures are defined as capital expenditures of a non-recurring nature that incrementally enhance the underlying assets' income generating capacity. Tenant improvements, leasing commissions, building capital and deferred lease incentives ("Leasing Costs") incurred to lease space that was vacant at acquisition, Leasing Costs for spaces vacant for greater than one year, Leasing Costs for spaces at newly acquired properties for which in-place leases expire shortly after acquisition, improvements associated with the expansion of a building, renovations that change the underlying classification of a building, and deferred building maintenance capital identified at and completed shortly after acquisition are included in this measure.

Non-Incremental Capital Expenditures: Non-Incremental Capital Expenditures are defined as capital expenditures of a recurring nature related to tenant improvements and leasing commissions that do not incrementally enhance the underlying assets' income generating capacity. We exclude first generation tenant improvements and leasing commissions from this measure, in addition to other capital expenditures that qualify as Incremental Capital Expenditures, as defined above.

Property Net Operating Income ("Property NOI"): The Company calculates Property NOI by starting with Core EBITDA and adjusting for general and administrative expense, income associated with property management performed by Piedmont for other organizations and other income or expense items for the Company, such as interest income from loan investments or costs from the pursuit of non-consummated transactions. The Company may present this measure on an accrual basis or a cash basis. When presented on a cash basis, the effects of non-cash general reserve for uncollectible accounts, straight-lined rents and fair value lease revenue are also eliminated. Property NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Property NOI is helpful to investors as a supplemental comparative performance measure of income generated by its properties alone without the administrative overhead of the Company. Other REITs may not define Property NOI in the same manner as the Company; therefore, the Company’s computation of Property NOI may not be comparable to that of other REITs.

Same Store Net Operating Income ("Same Store NOI"): The Company calculates Same Store NOI as Property NOI attributable to the properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store NOI also excludes amounts attributable to land assets. The Company may present this measure on an accrual basis or a cash basis. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other REITs may not define Same Store NOI in the same manner as the Company; therefore, the Company’s computation of Same Store NOI may not be comparable to that of other REITs.

Same Store Properties: Same Store Properties is defined as those properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store Properties excludes land assets.

Total Gross Assets: Total Gross Assets is defined as total assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets and accumulated amortization related to deferred lease costs.

Total Gross Real Estate Assets: Total Gross Real Estate Assets is defined as total real estate assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets.

39

Piedmont Realty TrustTM

Non-GAAP Reconciliation:

GAAP Net Income / (Loss) to FFO, Core FFO, and AFFO

Unaudited (in thousands)

			Three Months Ended																														Nine Months Ended
			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025						9/30/2026						9/30/2025
GAAP net loss applicable to Piedmont			$	(21,022)					$	(11,101)					$	(12,920)					$	(43,246)					$	(13,462)					$	(45,043)					$	(40,374)
Depreciation			45,763						44,477						43,675						42,497						41,759						133,915						122,538
Amortization			14,045						14,487						15,263						15,166						15,188						43,795						45,379
Gain on sale of real estate assets			(8,878)						—						—						—						—						(8,878)						(2,013)
NAREIT Funds From Operations applicable to common stock			29,908						47,863						46,018						14,417						43,485						123,789						125,530
Adjustments:
Loss on early extinguishment of debt			20,236						—						—						29,788						—						20,236						8,000
Core Funds From Operations applicable to common stock			50,144						47,863						46,018						44,205						43,485						144,025						133,530
Adjustments:
Amortization of debt issuance costs and discounts on debt			1,603						1,627						1,648						1,598						1,561						4,878						4,591
Depreciation of non real estate assets			360						349						351						365						368						1,060						1,106
Straight-line effects of lease revenue			(7,649)						(5,351)						(4,382)						(4,305)						(6,251)						(17,382)						(24,887)
Stock-based compensation adjustments			2,478						2,396						(739)						2,437						2,503						4,135						4,954
Amortization of lease-related intangibles			(1,496)						(1,660)						(1,940)						(1,959)						(1,959)						(5,096)						(5,978)
Non-incremental capital expenditures
Base Building Costs			(2,876)						(3,369)						(6,569)						(3,695)						(3,203)						(12,815)						(18,768)
Tenant Improvement Costs			(8,540)						(7,342)						(7,840)						(11,887)						(5,575)						(23,722)						(14,013)
Leasing Commission Costs			(4,085)						(3,523)						(2,705)						(8,050)						(4,425)						(10,312)						(14,301)
Adjusted Funds From Operations applicable to common stock			$	29,939					$	30,990					$	23,842					$	18,709					$	26,504					$	84,771					$	66,234

40

Piedmont Realty TrustTM

Non-GAAP Reconciliation:

GAAP Net Income/(Loss) to Core EBITDA and Same Store Net Operating Income (Cash Basis)

Unaudited (in thousands)

			Three Months Ended																														Nine Months Ended
			9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025						9/30/2026						9/30/2025
GAAP net loss applicable to Piedmont			$	(21,022)					$	(11,101)					$	(12,920)					$	(43,246)					$	(13,462)					$	(45,043)					$	(40,374)
Net (loss) income applicable to noncontrolling interest			(2)						4						5						6						5						7						13
Interest expense			32,026						31,874						31,929						32,406						31,968						95,829						95,599
Depreciation			46,123						44,825						44,027						42,862						42,127						134,975						123,666
Amortization			14,045						14,487						15,263						15,166						15,188						43,795						45,395
Gain on sale of real estate assets			(8,878)						—						—						—						—						(8,878)						(2,013)
EBITDAre			62,292						80,089						78,304						47,194						75,826						220,685						222,286
Loss on early extinguishment of debt			20,236						—						—						29,788						—						20,236						8,000
Core EBITDA			82,528						80,089						78,304						76,982						75,826						240,921						230,286
General and administrative expense			9,057						8,237						7,909						7,457						7,607						25,203						23,130
Management fee revenue			(167)						(108)						(158)						(71)						(114)						(433)						(254)
Other income			(270)						(81)						(118)						62						(52)						(468)						(364)
Straight-line effects of lease revenue			(7,649)						(5,351)						(4,382)						(4,305)						(6,251)						(17,382)						(24,891)
Amortization of lease-related intangibles			(1,496)						(1,660)						(1,940)						(1,960)						(1,959)						(5,096)						(5,978)
Property net operating income (cash basis)			82,003						81,126						79,615						78,165						75,057						242,745						221,929
Deduct net operating (income) loss from:
Acquisitions			(200)						—						—						—						—						(200)						—
Dispositions			(72)						21						65						(2)						74						14						(1,554)
Other investments			(1,022)						(1,138)						307						(1,488)						(62)						(1,855)						149
Same store net operating income (cash basis)			$	80,709					$	80,009					$	79,987					$	76,675					$	75,069					$	240,704					$	220,524

41

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