Piedmont Realty (NYSE: PDM) lifts 2026 outlook on Q2 leasing surge

Q: How did Piedmont Realty Trust (PDM) perform financially in Q2 2026?

Piedmont Realty Trust reported a net loss of $11.1 million , or $(0.09) per diluted share, on $144.1 million of revenue for Q2 2026. However, NAREIT and Core FFO rose to $47.9 million, or $0.38 per diluted share , compared with $0.36 a year earlier.

Q: What were Piedmont Realty Trust (PDM)’s key operating and leasing metrics for Q2 2026?

The in-service portfolio was 88.9% leased , and same store NOI grew 9.0% on a cash basis. Piedmont executed about 459,000 sq ft of leasing, including 262,000 sq ft of new tenant leasing, with cash rental rate increases of 14.1% on comparable space.

Q: What 2026 earnings outlook did Piedmont Realty Trust (PDM) provide?

For 2026, management projects NAREIT and Core FFO of $190–$197 million , or $1.50–$1.55 per diluted share, and a net loss of $(44)–$(41) million . The outlook assumes 5–8% same store NOI growth and 1.7–2.0 million sq ft of leasing.

Q: What is Piedmont Realty Trust (PDM)’s balance sheet and debt profile as of June 30, 2026?

Piedmont reported total debt principal of $2.27 billion with a weighted average interest rate of 5.50% and net debt to gross assets (less cash) of 39.8% . It had $16.8 million in cash, full availability on its $600 million revolver, and no debt maturities until 2028 .

Q: How strong is Piedmont Realty Trust (PDM)’s near-term leasing pipeline?

As of June 30, 2026, Piedmont had about 0.9 million sq ft of executed leases for vacant space yet to commence, representing $38.6 million in future annual rent, plus 1.0 million sq ft under rent abatement representing $27.6 million of future annual cash rent.

Q: What credit ratings and leverage metrics does Piedmont Realty Trust (PDM) report?

Piedmont’s senior unsecured notes are rated Baa3 by Moody’s, BBB- by S&P, and BBB- by Fitch. As of June 30, 2026, total debt to total assets under bond covenants was 46.4% , with a consolidated EBITDA-to-interest expense ratio of 2.54x .

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Piedmont Realty Trust, Inc. reported second quarter 2026 results with a net loss of $11.1 million, or $(0.09) per diluted share, improving from a $16.8 million loss a year earlier. Total revenues were $144.1 million. NAREIT FFO and Core FFO were both $47.9 million, or $0.38 per diluted share, up from $0.36, while Adjusted FFO rose to $31.0 million. Same store NOI increased 9.0% on a cash basis and 2.8% on an accrual basis. The company executed about 459,000 sq ft of leasing, including 262,000 sq ft of new tenant leasing, with cash rents up 14.1% and accrual rents up 32.4% on comparable space; the in-service portfolio was 88.9% leased.

As of June 30, 2026, total debt principal was $2.27 billion with a weighted average interest rate of 5.50%, net debt to gross assets (less cash) of 39.8%, and no debt maturities until 2028, alongside $16.8 million of cash and full availability on a $600 million revolver. Management increased its 2026 outlook for the second consecutive quarter, guiding to NAREIT and Core FFO of $190–$197 million, or $1.50–$1.55 per diluted share, and projecting 5–8% same store NOI growth on both a cash and accrual basis, supported by anticipated 1.7–2.0 million square feet of leasing and stabilization of out-of-service redevelopment assets.

Filing Explained

The company amended its unsecured term loan, increasing principal from $325 million to $400 million and extending maturity to May 28, 2031; the added borrowing repaid the revolving-credit balance and funded general corporate purposes.

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, and exhibit attachments filed with this report.

Key Figures

Net loss applicable to Piedmont, Q2 2026: $11,101 thousand Net loss per share, diluted, Q2 2026: $(0.09) NAREIT FFO applicable to common stock, Q2 2026: $47,863 thousand +6 more

9 metrics

Net loss applicable to Piedmont, Q2 2026 $11,101 thousand Three months ended June 30, 2026 net loss applicable to Piedmont

Net loss per share, diluted, Q2 2026 $(0.09) Net loss per share applicable to common stockholders - basic and diluted for Q2 2026

NAREIT FFO applicable to common stock, Q2 2026 $47,863 thousand Three months ended June 30, 2026 NAREIT Funds From Operations

Core FFO per share, diluted, Q2 2026 $0.38 Core FFO per diluted share for the second quarter of 2026

Same store NOI growth, cash basis, Q2 2026 9.0 % Same store net operating income - cash basis change for three months ended June 30, 2026

Total revenues, Q2 2026 $144,123 thousand Total revenues for the three months ended June 30, 2026

Total principal amount of debt $2,274,224 thousand Total principal amount of debt outstanding as of June 30, 2026

In-service leased percentage 88.9 % Leased percentage for in-service portfolio as of June 30, 2026

2026 NAREIT and Core FFO guidance $190–$197 million Revised 2026 outlook for NAREIT and Core FFO applicable to common stock

Key Terms

NAREIT Funds From Operations, Same Store NOI, Adjusted Funds From Operations, Net effective rent, +2 more

6 terms

NAREIT Funds From Operations financial

"NAREIT Funds From Operations ("FFO") applicable to common stock | $47,863"

Nareit Funds From Operations (FFO) is a standardized measure of a real estate investment trust’s recurring cash earnings, calculated by adjusting reported net income to add back property depreciation and remove gains or losses from property sales. It matters to investors because it focuses on the trust’s core operating performance and dividend-paying ability, much like checking a retailer’s regular sales instead of one-off, unusual gains that can distort profit numbers.

Same Store NOI financial

"Same Store NOI - cash basis | 9.0 | % | | | 10.0 | %"

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.

Adjusted Funds From Operations financial

"Adjusted FFO applicable to common stock | $30,990 | $16,241"

Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.

Net effective rent financial

"We achieved the highest quarterly average net effective rent in the Company’s history at $25.56"

Fixed charge coverage ratio financial

"Fixed charge coverage ratio - current quarter (9) | 2.4 x"

A fixed charge coverage ratio measures how well a company's operating income can cover its fixed, recurring obligations like interest payments and lease costs. Think of it as a safety margin — the higher the number, the more comfortably a business can pay steady bills from its normal earnings, which matters to investors because it signals financial stability, lower default risk, and greater ability to withstand revenue dips.

Annualized Lease Revenue financial

"Annualized Lease Revenue | Percentage of Annualized Lease Revenue (%)"

Earnings Snapshot

Total revenues: $144,123 thousand · Guidance included

Quarter ended June 30, 2026

Total revenues $144,123 thousand Increased by $3,831 thousand, 2.7% versus the three months ended June 30, 2025

Net loss applicable to Piedmont $(11,101) thousand Improved by $5,707 thousand, 34.0% versus the three months ended June 30, 2025

Core FFO per diluted share $0.38 Increased from $0.36 for the three months ended June 30, 2025

Same store NOI growth (cash basis) 9.0 % Same store net operating income on a cash basis increased 9.0% year over year

Leasing volume 459 thousand square feet Compared with 712 thousand square feet leased during the three months ended June 30, 2025

Guidance

For the year ending December 31, 2026, management projects net loss of $(44)–$(41) million and NAREIT/Core FFO of $190–$197 million, or $1.50–$1.55 per diluted share, with same store NOI expected to increase 5%–8%, interest expense of approximately $128–$130 million, general and administrative expense of approximately $31–$33 million, and weighted average shares outstanding of approximately 126–127 million.

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Available on EDGAR 07/28/2026 - 04:19 PM Accepted by SEC EDGAR 07/28/2026 - 04:18 PM

FAQ

How did Piedmont Realty Trust (PDM) perform financially in Q2 2026?

Piedmont Realty Trust reported a net loss of $11.1 million, or $(0.09) per diluted share, on $144.1 million of revenue for Q2 2026. However, NAREIT and Core FFO rose to $47.9 million, or $0.38 per diluted share, compared with $0.36 a year earlier.

What were Piedmont Realty Trust (PDM)’s key operating and leasing metrics for Q2 2026?

The in-service portfolio was 88.9% leased, and same store NOI grew 9.0% on a cash basis. Piedmont executed about 459,000 sq ft of leasing, including 262,000 sq ft of new tenant leasing, with cash rental rate increases of 14.1% on comparable space.

What 2026 earnings outlook did Piedmont Realty Trust (PDM) provide?

For 2026, management projects NAREIT and Core FFO of $190–$197 million, or $1.50–$1.55 per diluted share, and a net loss of $(44)–$(41) million. The outlook assumes 5–8% same store NOI growth and 1.7–2.0 million sq ft of leasing.

What is Piedmont Realty Trust (PDM)’s balance sheet and debt profile as of June 30, 2026?

Piedmont reported total debt principal of $2.27 billion with a weighted average interest rate of 5.50% and net debt to gross assets (less cash) of 39.8%. It had $16.8 million in cash, full availability on its $600 million revolver, and no debt maturities until 2028.

How strong is Piedmont Realty Trust (PDM)’s near-term leasing pipeline?

As of June 30, 2026, Piedmont had about 0.9 million sq ft of executed leases for vacant space yet to commence, representing $38.6 million in future annual rent, plus 1.0 million sq ft under rent abatement representing $27.6 million of future annual cash rent.

What credit ratings and leverage metrics does Piedmont Realty Trust (PDM) report?

Piedmont’s senior unsecured notes are rated Baa3 by Moody’s, BBB- by S&P, and BBB- by Fitch. As of June 30, 2026, total debt to total assets under bond covenants was 46.4%, with a consolidated EBITDA-to-interest expense ratio of 2.54x.

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): July 28, 2026

Piedmont Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-34626


Maryland						58-2328421
(State or other jurisdiction of						(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 July 28, 2026, Piedmont Realty Trust, Inc. (the "Registrant") issued an earnings release and supplemental information announcing its financial results for the second quarter 2026 and published the earnings release and supplemental information for the second 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 Second 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:

July 28, 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	30
Earnings Release	4	Tenant Credit Rating & Lease Distribution	31
Company Information	8	Industry Diversification	32
Research Coverage	9	Geographic Diversification	33
Portfolio Statistics & Key Performance Indicators	10	Geographic Diversification by Location Type	34

Financials		Portfolio Information
Consolidated Balance Sheets	12	Portfolio Detail	35
Consolidated Statements of Income	13	Property Investment Activity and Land Holdings	37
Funds From Operations & Adjusted Funds From Operations	15
Same Store Net Operating Income	16	Supporting Information
Debt Summary	19	Definitions	38
Debt Detail	20	Non-GAAP Reconciliations	39
Debt Covenants & Ratios	21

Operational & Leasing Information
Leased Percentage	22
Rental Rate Roll Up / Roll Down	23
Contractual Tenant Improvements & Leasing Commissions	24
Net Effective Rents	25
Future Contractual Income (Leases Yet to Commence & Abatements)	26
Lease Expiration Schedule	27
Quarterly Lease Expirations	28
Annual Lease Expirations	29




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 38. 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, 2025. 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 fluctuating interest rates, 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, L.P. ("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. global and 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 factor described in Item 1A. of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as well as the risk factors discussed under Item 1A. or our Annual Report on Form 10-K for the year ended December 31, 2024.

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.

Piedmont Realty TrustTM

Earnings Release

Piedmont Realty Trust Reports Second Quarter 2026 Results

–Increases 2026 Outlook for second quarter in a row

–Generated Same Store NOI Cash Growth of 9%

–Strong leasing momentum continues with almost 460,000 square feet executed and cash leasing spreads of over 14%

–Signed but yet to commence leases total $39 million equivalent to 570 bps of portfolio occupancy

ATLANTA, July 28, 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 June 30, 2026.

Commenting on operational results for the three months ended June 30, 2026, Brent Smith, our President and Chief Executive Officer, said, "Piedmont continues to experience strong demand for our Piedmont PLACES resulting in our ability to push rental rates to record levels across the portfolio. We achieved the highest quarterly average net effective rent in the Company’s history at $25.56 and during the quarter, we executed almost 460,000 square feet of leasing with rental rate growth of 14% on a cash basis and over 32% on an accrual basis. Additionally, the customer pipeline remains strong, with over 700,000 square feet of leases either already executed or in the legal stage during July. Furthermore, the continued burn off of free rent helped to generate same store cash NOI growth of 9%, and operational outperformance from leasing set to commence in the second half of the year is contributing to an increase in our 2026 annual earnings outlook."

Highlights for the Three and Six Months Ended June 30, 2026:

Financial Results:


	Three Months Ended			Six Months Ended
(in 000s other than per share amounts)	June 30, 2026		June 30, 2025	June 30, 2026		June 30, 2025
Net loss applicable to Piedmont	$(11,101)		$(16,808)	$(24,021)		$(26,912)
Net loss per share applicable to common stockholders - basic and diluted	$(0.09)		$(0.14)	$(0.19)		$(0.22)
Gain on sale of real estate assets	$—		$1,224	$—		$2,013



Loss on early extinguishment of debt	$—		$7,500	$—		$8,000




Interest expense, net of interest income	$31,807		$31,922	$63,704		$63,204
NAREIT Funds From Operations ("FFO") applicable to common stock	$47,863		$37,012	$93,881		$82,045
Core FFO applicable to common stock	$47,863		$44,512	$93,881		$90,045
NAREIT FFO per diluted share	$0.38		$0.30	$0.74		$0.66
Core FFO per diluted share	$0.38		$0.36	$0.74		$0.72


Adjusted FFO applicable to common stock	$30,990		$16,241	$54,832		$39,730
Same Store NOI - cash basis	9.0	%		10.0	%
Same Store NOI - accrual basis	2.8	%		2.3	%

•Piedmont recognized a net loss of $11.1 million, or $0.09 per diluted share, for the second quarter of 2026, as compared to a net loss of $16.8 million, or $0.14 per diluted share, for the second quarter of 2025. Both periods reflect elevated interest expense, net of interest income, as a result of refinancing activity completed over the past several years in a higher interest rate environment. The three months ended June 30, 2025 also included a $7.5 million loss on early extinguishment of debt, as well as a $1.2 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 $0.38 per diluted share for the second quarter of 2026 as compared to $0.36 per diluted share for the second quarter of 2025, with the increase attributable to rental rate growth and new leases commencing during the twelve months ended June 30, 2026, partially offset by the sale of 80/90 Central in Boxborough, MA during the same period.

•During the three months ended June 30, 2026, Same Store NOI on a cash and accrual basis increased by 9.0% and 2.8%, respectively, as rental rates increased and the commencement or burn off of abatements on new leases outweighed expiring leases.

Leasing:


	Three Months Ended	Six Months Ended
	June 30, 2026	June 30, 2026
# of lease transactions	42	92
Total leasing sf (in 000s)	459	890
New tenant leasing sf (in 000s)	262	556
Cash rent roll up	14.1%	12.7%
Accrual rent roll up	32.4%	25.5%

Leased percentage as of period end	88.9%

•The Company completed approximately 459,000 square feet of leasing during the second quarter, including approximately 262,000 square feet of new tenant leasing, approximately 68% of which related to previously vacant space.

•The average size lease executed during the second quarter was approximately 11,000 square feet and the weighted average lease term was approximately eight years.

•Rental rates on leases executed during the three months ended June 30, 2026 for space vacant one year or less increased approximately 14.1% and 32.4% on a cash and accrual basis, respectively.

•The Company's leased percentage for its in-service portfolio as of June 30, 2026 was 88.9%, as compared to 89.3% as of March 31, 2026.

•The Company's leased percentage for its out-of-service portfolio, comprised of two projects in Minneapolis that have recently undergone extensive redevelopment, was 82.9% leased as of June 30, 2026. 222 South Orange Avenue was placed back into service during the three months ended June 30, 2026.

•As of June 30, 2026, the Company had approximately 0.9 million square feet of executed leases for vacant space that are yet to commence representing approximately $39 million of future additional annual cash rents, and approximately 1.0 million square feet of executed leases currently under rental abatement, representing approximately $28 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 third quarter of 2026.

Transactional Activity:

•The Company remains under binding contract to sell a 10.6 acre undeveloped land parcel known as Royal Lane located in the Las Colinas submarket of Dallas, TX for $12.0 million. The transaction is subject to several extension options, however, is expected to close later in 2026.

Balance Sheet:


(in 000s except for ratios)	June 30, 2026	December 31, 2025
Cash and Cash Equivalents	$16,785	$731
Total Real Estate Assets	$3,408,733	$3,421,709
Total Assets	$4,047,982	$4,031,354


Total Debt	$2,250,937	$2,224,712
Weighted Average Cost of Debt	5.50%	5.58%

Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents	39.8%	40.2%
Average Net Debt to Core EBITDA (trailing twelve months)	7.2 x	7.2 x

•During the three months ended June 30, 2026, the Company amended its $325 Million Unsecured Term Loan to, among other things, increase the principal from $325 million to $400 million and extend the maturity date to May 28, 2031. The net proceeds from the increased principal were used to repay the balance outstanding under the Company's $600 million revolving line of credit and for general corporate purposes.

• As of June 30, 2026, the Company had $16.8 million of cash on hand, the full capacity on its $600 million revolving line of credit available and no debt maturity requirements until 2028.

Corporate Responsibility and Operations:

•During the three months ended June 30, 2026, the Minneapolis Real Estate Journal recognized the Company as Owner/Landlord of the Year and awarded the Company's Meridian project the Most Significant Lease Transaction in 2025 and Meridian Two the Office Renovation Project of the Year in the Suburban category.

•Also during the second quarter, nine projects throughout the portfolio won either local or regional TOBY (The Outstanding Building of the Year) Awards in their respective size categories: 400 & 500 TownPark and CNL I & II in Orlando, FL; 4250 North Fairfax in Arlington, VA; 999 Peachtree in Atlanta, GA; Crescent Ridge II and Norman Pointe I in Minneapolis, MN; Galleria Towers and Interlink II in Dallas, TX; and Enclave Place in Houston, TX. These awards are presented by the Building Owners and Managers Association ("BOMA") and recognize excellence in building management.

•As of June 30, 2026, approximately 83% and 72% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 67% of its portfolio was certified LEED gold.

Outlook for 2026:

For the second quarter in a row, the Company is increasing its 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	$	(44)	$	(41)	$	(48)	$	(44)
Add:
Depreciation	181		183		181		183
Amortization	53		55		53		55


NAREIT and Core FFO applicable to common stock	$	190	$	197	$	186	$	194



NAREIT and Core FFO applicable to common stock per diluted share	$1.50		$1.55		$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 increase in the anticipated year-end leased percentage for the Company's in-service portfolio to approximately 89.5% to 90.5%, exclusive of any speculative acquisition or disposition activity;

•Stabilization of the Company's out of service assets, resulting in an approximately 85-90% year-end leased percentage for the out of service portfolio and the placement of these assets back into the in-service population around the end of 2026;

•Same Store NOI increase of 5% to 8% on both a cash and accrual basis for the year, a 2% increase from our initial estimate;

Financing Assumptions:

•Interest expense (net of interest income) of approximately $128-$130 million;

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. The Company will adjust its outlook if such transactions occur.

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 Wednesday, July 29, 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 788056. A replay of the conference call will be available through August 12, 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 54246. 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 second quarter 2026 performance, discuss recent events, and conduct a question-and-answer period.

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

and Director

and Executive Vice President

Kevin Fossum

Christopher Kollme

Damian Miller

Pierre Dait

Wade Grace

Executive Vice President,

Senior Vice President,

Property Management

Investments

Central Region

Risk Management

Controller

Jennifer Heneisen

Lisa Tyler

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

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

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
100 Bayview Circle, Suite 400	390 Madison Avenue	777 East Wisconsin Avenue	50 Hudson Yards, 69th Floor
Newport Beach, CA 92660	New York, NY 10017	Milwaukee, WI 53202	New York, NY 10001
Phone: (949) 640-8780	Phone: (212) 622-6682	Phone: (414) 298-5053	Phone: (212) 319-5659


Fixed Income Research Coverage
Mark S. Streeter, CFA
JP Morgan
383 Madison Avenue, 3rd Floor
New York, NY 10179
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)

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 38 and reconciliations are provided beginning on page 39.


	Three Months Ended


	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025
Portfolio Statistics:
Number of in-service projects (1)	29		29		29		29		29
Rentable in-service square footage (1)	15,066		14,923		14,921		14,918		14,923
Leased percentage (2)	88.9	%	89.3	%	89.6	%	89.2	%	88.7	%
Commenced leased percentage	85.1	%	85.0	%	84.8	%	85.4	%	85.0	%
Economic leased percentage (3)	81.4	%	81.9	%	81.6	%	79.4	%	78.7	%





Leasing Activity:
Total square feet leased during the period	459		431		679		724		712
Square feet (new) leased during the period	262		293		466		551		468
Square feet (renewal) leased during the period	197		138		213		173		243
Rental rate roll up / roll down - accrual rents	32.4	%	17.8	%	20.5	%	20.2	%	13.6	%
Rental rate roll up / roll down - cash rents	14.1	%	11.1	%	11.9	%	8.6	%	7.3	%
Net effective rent per square foot after capex and opex	$25.56		$22.03		$21.10		$21.26		$20.78

Financial Results:
Total revenues	$144,123		$143,294		$142,853		$139,163		$140,292
Net loss applicable to Piedmont	-$11,101		-$12,920		-$43,246		-$13,462		-$16,808
Net loss per share applicable to common stockholders - diluted	-$0.09		-$0.10		-$0.35		-$0.11		-$0.14
Core EBITDA	$80,089		$78,304		$76,982		$75,826		$76,856
Core FFO applicable to common stock	$47,863		$46,018		$44,205		$43,485		$44,512
Core FFO per share - diluted	$0.38		$0.36		$0.35		$0.35		$0.36
AFFO applicable to common stock	$30,990		$23,842		$18,709		$26,504		$16,241
Same store net operating income - accrual basis (4)	2.8	%	1.9	%	-0.6	%	3.2	%	1.7	%
Same store net operating income - cash basis (4)	9.0	%	11.1	%	2.2	%	2.8	%	-2.0	%

Balance Sheet and Capitalization Information:
Weighted average shares outstanding - diluted (WASO)	126,914		126,136		126,712		126,007		125,178
Shares of common stock issued and outstanding at period end	125,133		125,019		124,519		124,504		124,492
Closing price of common stock at period end	$9.15		$6.57		$8.34		$9.00		$7.29


Total debt - GAAP	$2,250,937		$2,252,351		$2,224,712		$2,193,324		$2,177,752
Total principal amount of debt outstanding	$2,274,224		$2,274,157		$2,248,080		$2,213,196		$2,199,101
Total net principal amount of debt outstanding (5)	$2,252,478		$2,267,822		$2,244,289		$2,205,061		$2,191,286
Total gross real estate assets	$4,819,963		$4,820,893		$4,774,133		$4,740,790		$4,685,403
Equity market capitalization (6)	$1,144,965		$821,375		$1,038,491		$1,120,536		$907,547
Total market capitalization (6)	$3,419,189		$3,095,532		$3,286,571		$3,333,732		$3,106,648


Piedmont Office Realty Trust, Inc.
Portfolio Statistics & Key Performance Indicators (continued)
Unaudited (in thousands except for per share data and ratios)

	Three Months Ended
	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025
Ratios for Debt Holders
Core EBITDA to total revenues	55.6	%	54.6	%	53.9	%	54.5	%	54.8	%
Net principal amount of debt / Total gross assets less cash and cash equivalents (7)	39.8	%	40.1	%	40.2	%	40.0	%	40.3	%

Average net principal amount of debt to Core EBITDA - trailing twelve months (8)	7.2 x		7.2 x		7.2 x		7.1 x		6.9 x
Fixed charge coverage ratio - current quarter (9)	2.4 x		2.3 x		2.2 x		2.1 x		2.1 x


(1)			As of June 30, 2026, the Company's in-service office portfolio excluded two projects currently held out of service for redevelopment, totaling 671,000 square feet. Additional information on these projects can be found on page 36.
(2)			Refer to page 22 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 16 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 June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025.
			The Company recorded capitalized interest of $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, $2.9 million for the quarter ended September 30, 2025, and $3.2 million for the quarter ended June 30, 2025.

Piedmont Realty TrustTM

Consolidated Balance Sheets

Unaudited (in thousands)


	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025
Assets:
Real estate assets, at cost:
Land	$	542,474	$	542,474	$	542,474	$	542,474	$	542,473
Buildings and improvements	4,124,884		4,108,901		4,066,269		4,018,671		3,911,368
Buildings and improvements, accumulated depreciation	(1,345,832)		(1,321,935)		(1,278,600)		(1,238,031)		(1,199,698)
Intangible lease assets	102,637		117,826		118,195		119,734		120,726
Intangible lease assets, accumulated amortization	(65,398)		(77,271)		(73,824)		(71,501)		(68,474)
Construction in progress	47,131		48,855		44,358		57,074		107,999
Real estate assets held for sale, net	2,837		2,837		2,837		2,837		2,837

Total real estate assets	3,408,733		3,421,687		3,421,709		3,431,258		3,417,231

Cash and cash equivalents	16,785		2,279		731		2,990		3,314
Tenant receivables	11,440		6,907		6,155		5,729		4,386
Straight-line rent receivables	219,636		216,416		214,285		211,591		207,025

Restricted cash and escrows	4,961		4,056		3,060		5,145		4,501
Prepaid expenses and other assets	24,120		20,928		20,857		27,598		29,802
Goodwill	53,491		53,491		53,491		53,491		53,491
Interest rate swaps	530		—		—		—		72

Deferred lease costs, gross	528,219		530,409		520,221		473,597		458,839
Deferred lease costs, accumulated amortization	(219,933)		(222,242)		(209,155)		(207,671)		(198,398)


Total assets	$	4,047,982	$	4,033,931	$	4,031,354	$	4,003,728	$	3,980,263
Liabilities:
Unsecured debt, net of discount	$	2,063,971	$	2,064,452	$	2,035,890	$	2,003,588	$	1,987,111
Secured debt	186,966		187,899		188,822		189,736		190,641
Accounts payable, accrued expenses and accrued capital expenditures	185,339		158,041		172,880		135,220		131,104
Deferred income	115,496		117,733		112,124		111,174		94,529
Intangible lease liabilities, less accumulated amortization	21,216		22,880		24,824		26,788		28,752
Interest rate swaps	—		—		111		175		116

Total liabilities	2,572,988		2,551,005		2,534,651		2,466,681		2,432,253
Stockholders' equity:
Common stock	1,251		1,250		1,245		1,245		1,245
Additional paid in capital	3,730,985		3,728,827		3,730,273		3,727,914		3,725,769
Cumulative distributions in excess of earnings	(2,251,371)		(2,240,270)		(2,227,350)		(2,184,104)		(2,170,642)
Accumulated other comprehensive loss	(7,368)		(8,380)		(8,967)		(9,517)		(9,873)
Piedmont stockholders' equity	1,473,497		1,481,427		1,495,201		1,535,538		1,546,499
Non-controlling interest	1,497		1,499		1,502		1,509		1,511
Total stockholders' equity	1,474,994		1,482,926		1,496,703		1,537,047		1,548,010
Total liabilities and stockholders' equity	$	4,047,982	$	4,033,931	$	4,031,354	$	4,003,728	$	3,980,263

Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)


	Three Months Ended
	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025
Revenues: (1)
Rental revenue	$	115,375	$	113,393	$	111,994	$	110,748	$	111,130
Tenant reimbursements	21,890		23,048		22,943		22,282		22,824
Property management fee revenue	108		158		71		115		81
Other property related income	6,750		6,695		7,845		6,018		6,257
	144,123		143,294		142,853		139,163		140,292
Expenses:
Property operating costs	55,986		57,306		58,460		55,890		55,610
Depreciation	44,825		44,027		42,862		42,127		40,646
Amortization	14,487		15,263		15,166		15,188		14,785

General and administrative	8,237		7,909		7,457		7,607		7,960
	123,535		124,505		123,945		120,812		119,001
Other income (expense):
Interest expense	(31,874)		(31,929)		(32,406)		(31,968)		(31,954)
Other income (2)	189		225		46		160		133



Loss on early extinguishment of debt (3)	—		—		(29,788)		—		(7,500)
Gain on sale of real estate assets	—		—		—		—		1,224
Net loss	(11,097)		(12,915)		(43,240)		(13,457)		(16,806)
Less: Net income applicable to noncontrolling interest	(4)		(5)		(6)		(5)		(2)
Net loss applicable to Piedmont	$	(11,101)	$	(12,920)	$	(43,246)	$	(13,462)	$	(16,808)
Weighted average common shares outstanding - basic and diluted (4)	125,082		124,806		124,519		124,502		124,459
Net loss per share applicable to common stockholders - basic and diluted	$	(0.09)	$	(0.10)	$	(0.35)	$	(0.11)	$	(0.14)


(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 $67, $32, $38, $60, and $31 for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
(3)			The loss on early extinguishment of debt recorded in the three months ended December 31, 2025 is related to the repurchase of $245.2 million in principal amount of the 9.25% senior notes due 2028.
(4)			As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)



	Three Months Ended								Six Months Ended
	6/30/2026		6/30/2025		Change ($)		Change (%)		6/30/2026		6/30/2025		Change ($)		Change (%)
Revenues: (1)
Rental revenue	$	115,375	$	111,130	$	4,245	3.8	%	$	228,768	$	222,906	$	5,862	2.6	%
Tenant reimbursements	21,890		22,824		(934)		(4.1)	%	44,938		47,112		(2,174)		(4.6)	%
Property management fee revenue	108		81		27		33.3	%	266		162		104		64.2	%
Other property related income	6,750		6,257		493		7.9	%	13,445		12,798		647		5.1	%
	144,123		140,292		3,831		2.7	%	287,417		282,978		4,439		1.6	%
Expenses:
Property operating costs	55,986		55,610		(376)		(0.7)	%	113,292		113,524		232		0.2	%
Depreciation	44,825		40,646		(4,179)		(10.3)	%	88,852		81,539		(7,313)		(9.0)	%
Amortization	14,487		14,785		298		2.0	%	29,750		30,206		456		1.5	%

General and administrative	8,237		7,960		(277)		(3.5)	%	16,146		15,523		(623)		(4.0)	%
	123,535		119,001		(4,534)		(3.8)	%	248,040		240,792		(7,248)		(3.0)	%
Other income (expense):
Interest expense	(31,874)		(31,954)		80		0.3	%	(63,803)		(63,631)		(172)		(0.3)	%
Other income	189		133		56		42.1	%	414		528		(114)		(21.6)	%



Loss on early extinguishment of debt	—		(7,500)		7,500		100.0	%	—		(8,000)		8,000		100.0	%
Gain on sale of real estate assets	—		1,224		(1,224)		(100.0)	%	—		2,013		(2,013)		(100.0)	%
Net loss	(11,097)		(16,806)		5,709		34.0	%	(24,012)		(26,904)		2,892		10.7	%
Less: Net income applicable to noncontrolling interest	(4)		(2)		(2)		(100.0)	%	(9)		(8)		(1)		(12.5)	%
Net loss applicable to Piedmont	$	(11,101)	$	(16,808)	$	5,707	34.0	%	$	(24,021)	$	(26,912)	$	2,891	10.7	%
Weighted average common shares outstanding - basic and diluted (2)	125,082		124,459						124,945		124,359
Net loss per share applicable to common stockholders - basic and diluted	$	(0.09)	$	(0.14)					$	(0.19)	$	(0.22)


(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.

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				Six Months Ended
	6/30/2026		6/30/2025		6/30/2026		6/30/2025

GAAP net loss applicable to Piedmont	$	(11,101)	$	(16,808)	$	(24,021)	$	(26,912)
Depreciation of real estate assets	44,477		40,266		88,152		80,779
Amortization of lease-related costs	14,487		14,778		29,750		30,191

Gain on sale of real estate assets	—		(1,224)		—		(2,013)

NAREIT Funds From Operations applicable to common stock	47,863		37,012		93,881		82,045
Adjustments:


Loss on early extinguishment of debt	—		7,500		—		8,000

Core Funds From Operations applicable to common stock	47,863		44,512		93,881		90,045
Adjustments:
Amortization of debt issuance costs and discounts on debt	1,627		1,574		3,275		3,030
Depreciation of non-real estate assets	349		369		700		738
Straight-line effects of lease revenue	(5,351)		(8,968)		(9,733)		(18,636)
Stock-based compensation adjustments	2,396		2,396		1,657		2,451
Amortization of lease-related intangibles	(1,660)		(1,957)		(3,600)		(4,019)

Non-incremental capital expenditures (1)
Base Building Costs	(3,369)		(10,149)		(9,938)		(15,565)
Tenant Improvement Costs	(7,342)		(3,809)		(15,182)		(8,438)
Leasing Commission Costs	(3,523)		(7,727)		(6,228)		(9,876)
Adjusted Funds From Operations applicable to common stock	$	30,990	$	16,241	$	54,832	$	39,730

Weighted average common shares outstanding - diluted (2)	126,914		125,178		126,728		125,126

NAREIT Funds From Operations per share (diluted)	$	0.38	$	0.30	$	0.74	$	0.66
Core Funds From Operations per share (diluted)	$	0.38	$	0.36	$	0.74	$	0.72


(1)			Non-incremental capital expenditures are defined on page 38.
(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.

Piedmont Realty TrustTM

Same Store Net Operating Income (Cash Basis)

Unaudited (in thousands)


	Three Months Ended					Six Months Ended
	6/30/2026			6/30/2025		6/30/2026			6/30/2025
GAAP net loss applicable to Piedmont	$	(11,101)		$	(16,808)	$	(24,021)		$	(26,912)
Net income applicable to noncontrolling interest	4			2		9			8
Interest expense	31,874			31,954		63,803			63,631
Depreciation	44,825			40,646		88,852			81,540
Amortization	14,487			14,786		29,750			30,206


Gain on sale of real estate assets	—			(1,224)		—			(2,013)

EBITDAre	80,089			69,356		158,393			146,460

Loss on early extinguishment of debt	—			7,500		—			8,000


Core EBITDA	80,089			76,856		158,393			154,460
General and administrative expense	8,237			7,960		16,146			15,523

Management fee revenue (net)	(108)			(77)		(266)			(140)
Other income	(81)			(25)		(199)			(312)
Straight-line effects of lease revenue	(5,351)			(8,971)		(9,733)			(18,640)

Amortization of lease-related intangibles	(1,660)			(1,957)		(3,600)			(4,019)
Property net operating income (cash basis)	81,126			73,786		160,741			146,872
Deduct net operating (income) loss from:
Acquisitions (1)	—			—		—			—
Dispositions (1)	—			(447)		45			(1,670)
Other investments (2)	(1,117)			92		(790)			253
Same store net operating income (cash basis)	$	80,009		$	73,431	$	159,996		$	145,455
Change period over period	9.0		%	N/A		10.0		%	N/A


(1)			Refer to page 37 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 36 and 37 for detailed information on these entities.

Piedmont Realty TrustTM

Same Store Net Operating Income (Accrual Basis)

Unaudited (in thousands)


	Three Months Ended					Six Months Ended
	6/30/2026			6/30/2025		6/30/2026			6/30/2025
GAAP net loss applicable to Piedmont	$	(11,101)		$	(16,808)	$	(24,021)		$	(26,912)
Net income applicable to noncontrolling interest	4			2		9			8
Interest expense	31,874			31,954		63,803			63,631
Depreciation	44,825			40,646		88,852			81,540
Amortization	14,487			14,786		29,750			30,206


Gain on sale of real estate assets	—			(1,224)		—			(2,013)

EBITDAre	80,089			69,356		158,393			146,460

Loss on early extinguishment of debt	—			7,500		—			8,000


Core EBITDA	80,089			76,856		158,393			154,460
General and administrative expense	8,237			7,960		16,146			15,523
Management fee revenue (net)	(108)			(77)		(266)			(140)
Other income	(81)			(25)		(199)			(312)
Property net operating income (accrual basis)	88,137			84,714		174,074			169,531

Acquisitions (1)	—			—		—			—
Dispositions (1)	—			(659)		45			(1,780)
Other investments (2)	(1,726)			31		(2,382)			81
Same store net operating income (accrual basis)	$	86,411		$	84,086	$	171,737		$	167,832
Change period over period	2.8		%	N/A		2.3		%	N/A


(1)			Refer to page 37 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 36 and 37 for detailed information on these entities.

Piedmont Realty TrustTM

Same Store Net Operating Income (Financial Components)

Unaudited (in thousands)



		Three Months Ended								Six Months Ended
		6/30/2026		6/30/2025		Change ($)		Change (%)		6/30/2026		6/30/2025		Change ($)		Change (%)

Revenue
	Cash rental income	$	107,302	$	99,240	$	8,062	8.1	%	$	213,987	$	197,479	$	16,508	8.4	%
	Tenant reimbursements	21,049		22,382		(1,333)		(6.0)	%	43,965		46,031		(2,066)		(4.5)	%
	Straight-line effects of lease revenue	4,742		8,699		(3,957)		(45.5)	%	8,141		18,359		(10,218)		(55.7)	%
	Amortization of lease-related intangibles	1,660		1,956		(296)		(15.1)	%	3,600		4,018		(418)		(10.4)	%
	Total rents	134,753		132,277		2,476		1.9	%	269,693		265,887		3,806		1.4	%

	Other property related income	6,285		6,224		61		1.0	%	12,976		12,725		251		2.0	%
Total revenue		141,038		138,501		2,537		1.8	%	282,669		278,612		4,057		1.5	%

Less: Property operating expense		54,735		54,523		(212)		(0.4)	%	111,148		110,995		(153)		(0.1)	%

Add: Other income		108		108		—		—	%	216		215		1		0.5	%

Same store net operating income (accrual)		$	86,411	$	84,086	$	2,325	2.8	%	$	171,737	$	167,832	$	3,905	2.3	%

Less:
	Straight-line effects of lease revenue	(4,742)		(8,699)		3,957		45.5	%	(8,141)		(18,359)		10,218		55.7	%
	Amortization of lease-related intangibles	(1,660)		(1,956)		296		15.1	%	(3,600)		(4,018)		418		10.4	%


Same store net operating income (cash)		$	80,009	$	73,431	$	6,578	9.0	%	$	159,996	$	145,455	$	14,541	10.0	%

Piedmont Realty TrustTM

Debt Summary

As of June 30, 2026

Unaudited ($ in thousands)

Floating Rate & Fixed Rate Debt

Debt

Principal

Outstanding

Weighted Average

Interest Rate

Weighted Average

Maturity

Fixed Rate

$2,074,224

5.57%

50.9 months

Floating Rate (1)

200,000

4.77%

58.9 months

Total

$2,274,224

5.50%

51.6 months

Unsecured & Secured Debt

Debt

Principal

Outstanding

Weighted Average

Interest Rate

Weighted Average

Maturity

Unsecured

$2,087,258

5.62%

53.8 months

Secured

186,966

4.10%

27.1 months

Total

$2,274,224

5.50%

51.6 months


Debt Maturities (2)
Maturity Year	Secured Principal Outstanding		Unsecured Principal Outstanding		Weighted Average Interest Rate	Percentage of Total Debt

2026	$—		$—			—	—
2027	—		—			—	—
2028	186,966		287,258			7.22%	20.8%
2029	—		400,000			7.11%	17.6%
2030	—		300,000			3.90%	13.2%
2031	—		400,000			4.85%	17.6%
2032	—		300,000			2.78%	13.2%
2033	—		400,000			5.73%	17.6%

Total	$	186,966	$	2,087,258		5.50%	100.00%


(1)			During the three months ended June 30, 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. As of June 30, 2026, the Company's floating rate debt balance was comprised of the $200 million variable portion of the $400 million term loan. The Company had no outstanding balance on the Unsecured Line of Credit as of June 30, 2026.
(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.

Piedmont Realty TrustTM

Debt Detail

As of June 30, 2026

Unaudited ($ in thousands)


Facility	Stated Rate (1)	Effective Rate (2)		Maturity Date (3)		Principal Outstanding (4)

Secured Debt
Fixed-Rate Mortgage (1180 Peachtree)	4.10%	4.10%	Fixed	10/1/2028		186,966
Secured Subtotal / Weighted Average Interest Rate		4.10%				$	186,966

Unsecured Debt
$600 Million Unsecured 2023 Senior Notes (5)	9.25%	9.25%	Fixed	7/20/2028		287,258
$400 Million Unsecured 2024 Senior Notes	6.88%	7.11%	Fixed	7/15/2029		400,000
$600 Million Unsecured Line of Credit (6)	SOFR + 1.05%	4.73%	Floating	6/30/2030		—
$300 Million Unsecured 2020 Senior Notes	3.15%	3.90%	Fixed	8/15/2030		300,000
$400 Million Unsecured 2026 Term Loan (7)	SOFR + 1.15%	4.77% 4.94%	Floating Fixed	5/28/2031		400,000
$300 Million Unsecured 2021 Senior Notes	2.75%	2.78%	Fixed	4/1/2032		300,000
$400 Million Unsecured 2025 Senior Notes	5.63%	5.73%	Fixed	1/15/2033		400,000
Unsecured Subtotal / Weighted Average Interest Rate		5.62%				$	2,087,258

Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate	5.50%			$	2,274,224
GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs						(23,287)
Total Debt - GAAP				$	2,250,937

Less: Cash, cash equivalents, and restricted cash and escrows						21,746

Total Net Debt - Principal Amount Outstanding						$	2,252,478



(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 repurchased a portion of its outstanding $600 Million Unsecured 2023 Senior Notes during 2025, repurchasing approximately $67.5 million and $245.2 million during the second and fourth quarter of 2025, respectively.
(6)			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.
(7)			During the three months ended June 30, 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.

Piedmont Realty TrustTM`

Debt Covenants & Ratios for Debt Holders

As of June 30, 2026

Unaudited


			Three Months Ended
Bank Debt Covenant Compliance (1)	Required	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025

Maximum leverage ratio	0.60	0.45	0.46	0.46	0.48	0.47
Minimum fixed charge coverage ratio (2)	1.50	2.29	2.23	2.16	2.15	2.15
Maximum secured indebtedness ratio	0.40	0.04	0.04	0.04	0.04	0.04
Minimum unencumbered leverage ratio	1.60	2.27	2.21	2.18	2.12	2.13
Minimum unencumbered interest coverage ratio (3)	1.75	2.43	2.31	2.22	2.19	2.17


			Three Months Ended
Bond Covenant Compliance (4)	Required	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025

Total debt to total assets	60% or less	46.4%	47.0%	47.0%	46.5%	46.8%
Secured debt to total assets	40% or less	3.9%	3.9%	3.9%	4.0%	4.1%
Ratio of consolidated EBITDA to interest expense	1.50 or greater	2.54	2.50	2.51	2.53	2.53
Unencumbered assets to unsecured debt	150% or greater	210%	210%	210%	213%	212%

Other Debt Coverage Ratios for Debt Holders

As of

(trailing twelve months)

June 30, 2026

December 31, 2025

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

7.2 x

Fixed charge coverage ratio (6)

2.2 x

Interest coverage ratio (7)

2.3 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, and the Sixth Supplemental Indenture dated November 20, 2025 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 June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025.
			The Company recorded capitalized interest of $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, $2.9 million for the quarter ended September 30, 2025, and $3.2 million for the quarter ended June 30, 2025.
(7)			Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $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, $2.9 million for the quarter ended September 30, 2025, and $3.2 million for the quarter ended June 30, 2025.

Piedmont Realty TrustTM

Leased Percentage

(in thousands)


	Three Months Ended				Three Months Ended
	June 30, 2026				June 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	13,323	14,923	89.3	%	13,426	15,241	88.1	%


Total leasing executed during period	459				712

Less: Lease renewals signed during period	(197)				(243)
Less: New leases signed during period for currently occupied space	(69)				(69)
Less: New leases signed during period for out of service space	(62)				(176)
Less: Leases expired during period and other	(167)	11			(122)	4
Subtotal	13,287	14,934	89.0	%	13,528	15,245	88.7	%
Acquisitions / (dispositions) (2)	—	—			(298)	(322)
Assets placed in service / (taken out of service) (3)	106	132			—	—
In-Service Leased - end of period	13,393	15,066	88.9	%	13,230	14,923	88.7	%



	Six Months Ended				Six Months Ended
	June 30, 2026				June 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	890				1,075
Less: Lease renewals signed during period	(334)				(427)
Less: New leases signed during period for currently occupied space	(178)				(119)
Less: New leases signed during period for out of service space	(165)				(178)
Less: Leases expired during period and other	(289)	13			(296)	27
Subtotal	13,287	14,934	89.0	%	13,593	15,350	88.6	%
Acquisitions / (dispositions) (2)	—	—			(363)	(427)
Assets placed in service / (taken out of service) (3)	106	132			—	—
In-Service Leased - end of period	13,393	15,066	88.9	%	13,230	14,923	88.7	%



Same Store Analysis
Less: Acquisitions and Dispositions after June 30, 2025 (2)	—	—	—	%	—	—	—	%
Less: Assets placed in or taken out of service after June 30, 2025 (3)	(106)	(132)	80.3	%	—	—	—	%
Same Store Leased Percentage - end of period	13,287	14,934	89.0	%	13,230	14,923	88.7	%


(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)			Refer to page 37 for information on recent acquisitions and dispositions.
(3)			In the three months ended June 30, 2026, the Company placed the 222 South Orange Avenue asset back into service. Refer to page 36 for information on the remaining two out of service projects.

Piedmont Realty TrustTM

Rental Rate Roll Up / Roll Down



	Three Months Ended
	June 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	246	53.6%	1.6%	14.1%	32.4%
Leases executed for spaces excluded from analysis (3)	213	46.4%



	Six Months Ended
	June 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	465	52.2%	3.1%	12.7%	25.5%
Leases executed for spaces excluded from analysis (3)	425	47.8%


(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.

Piedmont Realty TrustTM

Contractual Tenant Improvements and Leasing Commissions



	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026	For the Year Ended					2022 to 2026 (Weighted Average)
		2025		2024 (2)	2023 (3)	2022










Total Leasing Transactions
Square feet (1)	453,449			883,516	2,474,774	2,428,246	2,239,797	2,142,852		10,169,185
Tenant improvements per square foot per year of lease term	$3.77			$3.52	$4.07	$3.70	$3.80	$3.22		$3.73
Leasing commissions per square foot per year of lease term	$2.78			$2.61	$2.77	$2.31	$2.21	$2.22		$2.42
Total per square foot per year of lease term	$6.55			$6.13	$6.84	$6.01	$6.01	$5.44		$6.15
Less Adjustment for Commitment Expirations (4)
Expired tenant improvements (not paid out) per square foot per year of lease term	-$0.72			-$0.59	-$0.26	-$0.34	-$0.79	-$0.10		-$0.41

Adjusted total per square foot per year of lease term	$5.83			$5.54	$6.58	$5.67	$5.22	$5.34		$5.74


(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.

Piedmont Realty TrustTM

Net Effective Rents


	Three Months Ended															Five Quarter
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025			Average
Leasing activity included in net effective rent analysis (1)
Renewal leasing square footage (in 000s)	167			104			174			119			124			138
New tenant leasing square footage (in 000s)	255			284			436			539			455			394
Total leasing square footage (in 000s)	422			388			610			658			579			532

Renewal square footage (% of total)	39.6		%	26.8		%	28.5		%	18.1		%	21.4		%	25.9		%
New Lease square footage (% of total)	60.4		%	73.2		%	71.5		%	81.9		%	78.6		%	74.1		%
# of lease transactions	36			37			49			64			49			47

Net effective rents (2) (3)
Base rent (gross)	$	47.22		$	43.88		$	43.41		$	44.67		$	45.62		$	44.96

Rent concessions	(2.47)			(2.62)			(2.17)			(2.46)			(2.57)			(2.46)
GAAP Rent	$	44.75		$	41.26		$	41.24		$	42.21		$	43.06		$	42.50
Tenant improvements	(3.24)			(2.65)			(2.82)			(3.31)			(4.40)			(3.28)

Leasing commissions	(2.71)			(2.35)			(2.63)			(2.75)			(2.70)			(2.63)
Other concessions	(0.11)			(0.09)			—			(0.01)			—			(0.04)
Effective rent after capex	$	38.69		$	36.17		$	35.79		$	36.14		$	35.95		$	36.55
Expense stop	(13.13)			(14.14)			(14.69)			(14.88)			(15.17)			(14.40)

Effective rent after capex and opex	$	25.56		$	22.03		$	21.10		$	21.26		$	20.78		$	22.15

Weighted average lease term in years (weighted by square feet)	9.6			8.0			7.4			8.8			9.5			8.6


(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.

Piedmont Realty TrustTM

Future Contractual Income Sources

As of June 30, 2026

Uncommenced Leases for Vacant Space (1)

0.9 million square feet representing $38.6 million in future annual rent

Major Leases (by Industry)

Project

Market

Square Feet
Leased

Estimated Lease
Commencement

New /
Expansion

Home service provider

Galleria on the Park

Atlanta

47,835

Q3 2026

New

Security hardware and software

The Medici

Atlanta

35,669

Q3 2026

New

National law firm

999 Peachtree

Atlanta

31,523

Q3 2026

New

Banking and financial services

Meridian

Minneapolis

54,692

Q4 2026

New

Accounting and business advisory

US Bancorp Center

Minneapolis

41,294

Q4 2026

New

Engineering and environmental consulting

Meridian

Minneapolis

85,267

Q4 2026

New

Global risk management

Meridian

Minneapolis

54,662

Q4 2026

New

Defense technology

4250 North Fairfax

Northern Virginia

69,896

Q1 2027

New

Leases Currently Under Abatement (1)

1.0 million square feet representing $27.6 million in future annual cash rent

Major Leases (by Industry)

Project

Market

Square Feet
Abated

Lease

Commencement

Lease
Expiration

Remaining Abatement Schedule

Insurance and financial services

Galleria on the Park

Atlanta

46,939

Q3 2025

Q4 2036

September 2025 through August 2026

Banking and financial services

Meridian

Minneapolis

27,049

Q1 2026

Q4 2036

January 2026 through October 2026

Insurance and financial services

9320 Excelsior

Minneapolis

40,793

Q1 2026

Q3 2033

February 2026 through September 2026

Trial law firm

999 Peachtree

Atlanta

24,220

Q1 2026

Q1 2039

March 2026 through June 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

Technology services company

Interlink at Las Colinas

Dallas

28,040

Q2 2026

Q3 2031

May 2026 through September 2026

Global risk management

Galleria Towers

Dallas

92,977

Q2 2026

Q2 2039

May 2026 through April 2027


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

Piedmont Realty TrustTM

Lease Expiration Schedule

As of June 30, 2026

(in thousands)



Expiration Year	Annualized Lease Revenue	Percentage of Annualized Lease Revenue (%)	Rentable Square Footage	Percentage of Rentable Square Footage (%)
Vacant	$—	—	1,673	11.1









2026 (1)	49,944	8.3	909	6.0
2027	53,001	8.8	1,304	8.7
2028	51,407	8.6	1,227	8.1
2029	58,096	9.7	1,312	8.7
2030	63,426	10.6	1,339	8.9
2031	46,738	7.8	1,139	7.6
2032	43,525	7.1	950	6.3
2033	16,679	2.8	387	2.6
2034	59,044	9.8	1,320	8.8
2035	33,998	5.7	808	5.4
2036	27,327	4.6	681	4.5
2037	56,794	9.5	1,150	7.6
2038	8,615	1.4	199	1.3
Thereafter	31,780	5.3	668	4.4
Total	$600,374	100.0	15,066	100.0


Average Lease Term Remaining
6/30/2026			5.8 years
12/31/2025			6.0 years



(1)			Includes leases with an expiration date of June 30, 2026, comprised of approximately 207,000 square feet and Annualized Lease Revenue of $7.5 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is now 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.

Piedmont Realty TrustTM

Lease Expirations by Quarter

As of June 30, 2026

(in thousands)


	Q3 2026 (1)		Q4 2026		Q1 2027		Q2 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	109	$4,203	89	$4,382	51	$1,805	64	$2,533
Boston	6	44	2	104	2	100	5	220
Dallas	174	6,124	85	3,916	31	1,455	38	1,693
Minneapolis	4	171	7	283	10	276	155	5,675
New York	313	25,011	—	—	2	85	5	479
Orlando	34	1,136	6	215	88	3,477	38	1,422
Northern Virginia / Washington, D.C.	50	2,846	30	1,510	4	266	10	739
Other	—	—	—	—	—	—	—	5
Total	690	$39,535	219	$10,410	188	$7,464	315	$12,766


(1)			Includes leases with an expiration date of June 30, 2026, comprised of approximately 207,000 square feet and Annualized Lease Revenue of $7.5 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is now 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.

Piedmont Realty TrustTM

Lease Expirations by Year

As of June 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	198	$8,585	531	$22,584	398	$17,142	416	$17,780	370	$15,572
Boston	8	148	44	2,412	8	416	204	9,192	245	9,604
Dallas	259	10,039	157	5,214	329	14,517	292	14,029	354	19,077
Minneapolis	11	454	216	7,664	64	2,457	55	2,202	122	4,691
New York	313	25,011	9	719	2	177	17	1,037	20	1,716
Orlando	40	1,351	303	11,706	89	3,453	248	9,584	187	10,740
Northern Virginia / Washington, D.C.	80	4,356	44	2,697	78	4,613	80	4,266	41	2,026
Other	—	—	—	5	259	8,632	—	6	—	—
Total (3)	909	$49,944	1,304	$53,001	1,227	$51,407	1,312	$58,096	1,339	$63,426


(1)			Includes leases with an expiration date of June 30, 2026, comprised of approximately 207,000 square feet and Annualized Lease Revenue of $7.5 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is now 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.

Piedmont Realty TrustTM

Tenant Diversification

As of June 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	11.2		$28,718	4.8		487	3.6
New York City (3)	AA / Aa2	1	-		25,010	4.2		313	2.3
Amazon	AA / A1	2	4.1		15,786	2.6		285	2.1
US Bancorp	A / A3	1	7.9		15,676	2.6		435	3.2
Microsoft	AAA / Aaa	2	5.0		14,535	2.4		355	2.7
King & Spalding	No Rating Available	1	4.8		13,978	2.3		268	2.0
Transocean Inc.	B / B2	1	9.8		12,328	2.1		301	2.2
Broadcom	A- / A3	1	0.8		11,474	1.9		206	1.5
Schlumberger Technology	A / A1	1	2.5		8,548	1.4		254	1.9
Gartner	BBB- / Baa3	2	8.0		8,190	1.4		207	1.5
Salesforce.com	A+ / A2	1	3.1		8,142	1.4		182	1.4
Fiserv	BBB / Baa2	1	1.1		8,015	1.3		195	1.5
Epsilon Data Management (subsidiary of Publicis)	BBB+ / Baa1	1	-		7,338	1.2		222	1.7
Kimley Horn	No Rating Available	3	11.3		6,126	1.0		143	1.1
Travel + Leisure Co.	BB- / Ba3	1	14.3		5,702	1.0		182	1.4







Other			Various		410,808	68.4		9,358	69.9
Total					$600,374	100.0		13,393	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.

Piedmont Realty TrustTM

Tenant Credit Rating & Lease Distribution

As of June 30, 2026

Tenant Credit Rating


Rating Level (1) S&P / Moody's	Annualized Lease Revenue (in thousands)	Percentage of Annualized Lease Revenue (%)

AAA / Aaa	$15,225	2.5
AA / Aa	90,235	15.0
A / A	72,713	12.1
BBB / Baa	48,650	8.1
BB / Ba	20,749	3.5
B / B	30,749	5.1
Below	1,121	0.2
Not rated (2)	320,932	53.5
Total	$600,374	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	344	34.1	$29,743	5.0	244	1.8
2,501 - 10,000 sf	390	38.6	86,877	14.4	2,057	15.3
10,001 - 20,000 sf	117	11.6	65,361	10.9	1,562	11.7
20,001 - 40,000 sf	86	8.5	95,011	15.8	2,306	17.2
40,001 - 100,000 sf	53	5.3	144,069	24.0	3,237	24.2
Greater than 100,000 sf	19	1.9	179,313	29.9	3,987	29.8
Total	1,009	100.0	$600,374	100.0	13,393	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.

Piedmont Realty TrustTM

Industry Diversification

As of June 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	99	12.4	$98,853	16.5	2,340	17.5
Engineering, Accounting, Research, Management & Related Services	97	12.2	76,971	12.8	1,740	13.0
Governmental Entity (1)	5	0.6	59,774	10.0	917	6.8
Legal Services	78	9.8	58,142	9.7	1,282	9.6
Real Estate	47	5.9	27,626	4.6	772	5.8
Depository Institutions	22	2.8	27,082	4.5	691	5.2
Holding and Other Investment Offices	42	5.3	22,586	3.8	499	3.7
Oil and Gas Extraction	4	0.5	22,071	3.7	587	4.4
Miscellaneous Retail	8	1.0	17,626	2.9	333	2.4
Automotive Repair, Services & Parking	10	1.3	17,275	2.9	8	0.1
Security & Commodity Brokers, Dealers, Exchanges & Services	58	7.3	16,800	2.8	399	3.0
Insurance Agents, Brokers & Services	20	2.5	16,778	2.8	393	2.9
Health Services	35	4.4	13,747	2.3	309	2.3
Membership Organizations	20	2.5	12,873	2.1	250	1.9
Eating & Drinking Places	40	5.0	10,595	1.8	278	2.1
Other	212	26.5	101,575	16.8	2,595	19.3
Total	797	100.0	$600,374	100.0	13,393	100.0


(1)			Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (4.8% of ALR), and city / local (4.5% of ALR).

Piedmont Realty TrustTM

Geographic Diversification

As of June 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	$187,756	31.3		4,736	31.4	4,364	92.1
Dallas	5	114,780	19.1		2,824	18.8	2,595	91.9
Orlando	4	72,487	12.1		1,887	12.5	1,744	92.4
New York	1	63,423	10.6		1,048	7.0	964	92.0
Northern Virginia / Washington, D.C.	5	61,846	10.3		1,587	10.5	1,183	74.5
Minneapolis	3	44,582	7.4		1,434	9.5	1,192	83.1
Boston	3	34,529	5.7		936	6.2	791	84.5
Other	2	20,971	3.5		614	4.1	560	91.2
Total / Weighted Average	29	$600,374	100.0		15,066	100.0	13,393	88.9

Piedmont Realty TrustTM

Geographic Diversification by Location Type

As of June 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	10.1	1,309	8.7		4	21.2	3,427	22.7		6	31.3	4,736	31.4
Dallas		—	—	—	—		5	19.1	2,824	18.8		5	19.1	2,824	18.8
Orlando		3	10.2	1,578	10.4		1	1.9	309	2.1		4	12.1	1,887	12.5
New York		1	10.6	1,048	7.0		—	—	—	—		1	10.6	1,048	7.0
Northern Virginia / Washington, D.C.		2	4.4	687	4.6		3	5.9	900	5.9		5	10.3	1,587	10.5
Minneapolis		1	4.2	930	6.2		2	3.2	504	3.3		3	7.4	1,434	9.5
Boston		—	—	—	—		3	5.7	936	6.2		3	5.7	936	6.2
Other		—	—	—	—		2	3.5	614	4.1		2	3.5	614	4.1

Total	9	39.5	5,552	36.9		20	60.5	9,514	63.1		29	100.0	15,066	100.0

Piedmont Realty TrustTM

Portfolio Detail

As of June 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	632	74.1	%	58.3	%	53.9	%	21,701
1180 Peachtree	P	P	P	100.0%	1	678	97.0	%	97.0	%	96.4	%	39,038
Galleria on the Park	P	P	P	100.0%	5	2,179	96.3	%	91.3	%	86.1	%	79,065
Glenridge Highlands One and Two	P	P	P	100.0%	2	713	88.1	%	86.2	%	85.5	%	24,380
1155 Perimeter Center West	P	P	P	100.0%	1	377	97.3	%	97.3	%	93.9	%	17,169
The Medici	P		P	100.0%	1	157	92.3	%	52.9	%	51.0	%	6,403
Market Subtotal / Weighted Average					11	4,736	92.1	%	86.1	%	82.6	%	187,756
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	%	90.4	%	18,346
25 Mall	P		P	100.0%	1	281	62.2	%	62.2	%	61.1	%	8,038
Market Subtotal / Weighted Average					4	936	84.5	%	84.5	%	83.5	%	34,529
Dallas
Galleria Towers	P	P	P	100.0%	3	1,398	90.3	%	88.8	%	81.7	%	62,874
Park Place on Turtle Creek	P		P	100.0%	1	184	87.4	%	77.6	%	74.4	%	8,501
6565 MacArthur	P	P	P	100.0%	1	255	87.1	%	85.9	%	85.9	%	8,435
Las Colinas Connection	P		P	100.0%	3	605	99.9	%	98.6	%	96.5	%	22,166
The Interlink at Las Colinas	P		P	100.0%	2	382	90.4	%	83.1	%	60.6	%	12,804
Market Subtotal / Weighted Average					10	2,824	91.9	%	89.1	%	81.9	%	114,780
Minneapolis
US Bancorp Center	P	P	P	100.0%	1	930	74.2	%	69.2	%	67.4	%	25,600

Crescent Ridge II	P	P	P	100.0%	1	295	100.0	%	100.0	%	100.0	%	11,539
Norman Pointe I	P		P	100.0%	1	209	98.8	%	98.8	%	98.8	%	7,443

Market Subtotal / Weighted Average					3	1,434	83.1	%	79.8	%	78.7	%	44,582
New York
60 Broad			P	100.0%	1	1,048	92.0	%	92.0	%	90.9	%	63,423
Market Subtotal / Weighted Average					1	1,048	92.0	%	92.0	%	90.9	%	63,423
Orlando
The Exchange on Orange	P	P	P	100.0%	2	779	86.5	%	79.9	%	71.8	%	29,184
CNL Center I and II	P	P	P	99.0%	2	616	95.4	%	95.4	%	94.6	%	26,430
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	%	93.1	%	11,167
Market Subtotal / Weighted Average					7	1,887	92.4	%	89.7	%	85.5	%	72,487



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	311	99.6	%	66.2	%	62.0	%	15,175
Arlington Gateway	P	P	P	100.0%	1	331	62.8	%	61.3	%	55.5	%	10,601
3100 Clarendon	P	P	P	100.0%	1	258	85.7	%	84.1	%	72.5	%	9,964
1201 and 1225 Eye Street	P	P	P	(2)	2	478	67.1	%	67.1	%	66.3	%	19,379
400 Virginia	P		P	100.0%	1	209	59.1	%	59.1	%	58.2	%	6,727
Market Subtotal / Weighted Average					6	1,587	74.6	%	67.4	%	63.2	%	61,846
Other
Enclave Place	P	P	P	100.0%	1	301	100.0	%	100.0	%	100.0	%	12,334
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	%	20,971

In-Service Total					44	15,066	88.9	%	85.1	%	81.4	%	600,374


Out-of-Service Redevelopment Projects (3)	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	Q4 2026	39.5	100.0%	1	272	72.0	%	44.9	%	29.9	%	7,181
Meridian	Minneapolis	Q4 2026	78.9	100.0%	2	399	90.4	%	28.2	%	11.0	%	14,263

Out-of-Service Total			118.4		3	671	82.9	%	35.0	%	18.6	%	21,444


Total Portfolio																					47			15,737			88.6		%	82.9		%	78.6		%	621,818


(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)			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.
(3)			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).

Piedmont Realty TrustTM

Property Investment Activity and Land Holdings

As of June 30, 2026

Acquisitions Completed During Prior Year and Current Year

None

Dispositions Completed During Prior Year and Current Year

Property

Market / Submarket

Disposition Period

Percent
Ownership

Year Built

Square Feet
(in thousands)

Sale Price
(in millions)

80 and 90 Central

Boston / Boxborough

Q2 2025

100%

1988 / 2001

322

29.5

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

24.2

State Highway 161

Dallas / Las Colinas

The Interlink at Las Colinas

4.5

3.3

Royal Lane (1)

Dallas / Las Colinas

Las Colinas Connection

10.6

2.8

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

56.7

$50.3


(1)			During the first quarter of 2026, the Company entered into a binding contract to sell this undeveloped land parcel for $12.0 million. The transaction is expected to close in the second half of 2026.

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 39.
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.

Piedmont Realty TrustTM

Non-GAAP Reconciliation:

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

Unaudited (in thousands)


	Three Months Ended										Six Months Ended
	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025		6/30/2026		6/30/2025

GAAP net loss applicable to Piedmont	$	(11,101)	$	(12,920)	$	(43,246)	$	(13,462)	$	(16,808)	$	(24,021)	$	(26,912)
Depreciation	44,477		43,675		42,497		41,759		40,266		88,152		80,779
Amortization	14,487		15,263		15,166		15,188		14,778		29,750		30,191

Gain on sale of real estate assets	—		—		—		—		(1,224)		—		(2,013)

NAREIT Funds From Operations applicable to common stock	47,863		46,018		14,417		43,485		37,012		93,881		82,045
Adjustments:


Loss on early extinguishment of debt	—		—		29,788		—		7,500		—		8,000

Core Funds From Operations applicable to common stock	47,863		46,018		44,205		43,485		44,512		93,881		90,045
Adjustments:
Amortization of debt issuance costs and discounts on debt	1,627		1,648		1,598		1,561		1,574		3,275		3,030
Depreciation of non real estate assets	349		351		365		368		369		700		738
Straight-line effects of lease revenue	(5,351)		(4,382)		(4,305)		(6,251)		(8,968)		(9,733)		(18,636)
Stock-based compensation adjustments	2,396		(739)		2,437		2,503		2,396		1,657		2,451
Amortization of lease-related intangibles	(1,660)		(1,940)		(1,959)		(1,959)		(1,957)		(3,600)		(4,019)

Non-incremental capital expenditures
Base Building Costs	(3,369)		(6,569)		(3,695)		(3,203)		(10,149)		(9,938)		(15,565)
Tenant Improvement Costs	(7,342)		(7,840)		(11,887)		(5,575)		(3,809)		(15,182)		(8,438)
Leasing Commission Costs	(3,523)		(2,705)		(8,050)		(4,425)		(7,727)		(6,228)		(9,876)

Adjusted Funds From Operations applicable to common stock	$	30,990	$	23,842	$	18,709	$	26,504	$	16,241	$	54,832	$	39,730

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										Six Months Ended
	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025		6/30/2026		6/30/2025

GAAP net loss applicable to Piedmont	$	(11,101)	$	(12,920)	$	(43,246)	$	(13,462)	$	(16,808)	$	(24,021)	$	(26,912)
Net income applicable to noncontrolling interest	4		5		6		5		2		9		8
Interest expense	31,874		31,929		32,406		31,968		31,954		63,803		63,631
Depreciation	44,825		44,027		42,862		42,127		40,646		88,852		81,540
Amortization	14,487		15,263		15,166		15,188		14,786		29,750		30,206


Gain on sale of real estate assets	—		—		—		—		(1,224)		—		(2,013)

EBITDAre	80,089		78,304		47,194		75,826		69,356		158,393		146,460

Loss on early extinguishment of debt	—		—		29,788		—		7,500		—		8,000


Core EBITDA	80,089		78,304		76,982		75,826		76,856		158,393		154,460
General and administrative expense	8,237		7,909		7,457		7,607		7,960		16,146		15,523

Management fee revenue	(108)		(158)		(71)		(114)		(77)		(266)		(140)
Other income	(81)		(118)		62		(52)		(25)		(199)		(312)
Straight-line effects of lease revenue	(5,351)		(4,382)		(4,305)		(6,251)		(8,971)		(9,733)		(18,640)

Amortization of lease-related intangibles	(1,660)		(1,940)		(1,960)		(1,959)		(1,957)		(3,600)		(4,019)
Property net operating income (cash basis)	81,126		79,615		78,165		75,057		73,786		160,741		146,872
Deduct net operating (income) loss from:
Acquisitions	—		—		—		—		—		—		—
Dispositions	—		45		(31)		54		(447)		45		(1,670)
Other investments	(1,117)		327		(1,459)		(42)		92		(790)		253
Same store net operating income (cash basis)	$	80,009	$	79,987	$	76,675	$	75,069	$	73,431	$	159,996	$	145,455

Source: View Original Filing on SEC EDGAR

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EX-99.1 Q2 2026 EARNINGS RELEASE AND SUPPLEMENTAL PACKAGE 1.7 MB

Piedmont Realty (NYSE: PDM) lifts 2026 outlook on Q2 leasing surge

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