How is Piedmont Realty Trust’s same-store NOI trending in 2026?

Same-store net operating income for Q1 2026 increased 11.1% on a cash basis and 1.9% on an accrual basis. The gains were driven by commencements and abatement burn-offs on new leases exceeding the impact of expiring leases, signaling improving cash generation from the existing portfolio.

Leasing strength as Piedmont Realty (NYSE: PDM) lifts 2026 FFO outlook

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Piedmont Realty Trust reported first-quarter 2026 results showing stronger property performance but a wider accounting loss. Revenue was $143.3 million, up slightly from $142.7 million a year ago. Net loss was $12.9 million, or $0.10 per share, compared with a $10.1 million loss, mainly due to higher depreciation from recent capital projects.

NAREIT FFO and Core FFO were both $46.0 million, or $0.36 per diluted share, unchanged from first-quarter 2025. Same-store cash NOI rose 11.1%, reflecting rent commencements and abatements burning off, while accrual same-store NOI increased 1.9%. The company executed 431,000 square feet of leasing, including 293,000 square feet with new tenants, with cash rents on recently vacant space rising 11.1% and accrual rents 17.8%.

As of March 31, 2026, the in-service portfolio was 89.3% leased, with economic leased percentage at 81.9%. Total debt principal was $2.27 billion at a 5.51% weighted average interest rate, and there are no maturities until 2028. Management increased and narrowed its 2026 outlook, guiding to NAREIT and Core FFO of $189–$196 million, or $1.49–$1.54 per diluted share, up from $186–$194 million, or $1.47–$1.53.

Insights

Operational momentum is solid with strong leasing and NOI growth, while FFO and leverage remain stable.

Piedmont’s first-quarter 2026 results highlight improving property-level fundamentals. Same-store cash NOI grew 11.1%, helped by new leases commencing and abatements expiring, even though GAAP net loss widened to $12.9 million from $10.1 million on higher depreciation from recent capital spending.

Cash flow metrics were steadier: NAREIT and Core FFO were $46.0 million, or $0.36 per diluted share, flat year over year. Leasing volume of 431,000 square feet, two-thirds to new tenants, and cash rent roll-ups of 11.1% on recently vacant space indicate healthy demand for the portfolio, particularly in Sunbelt markets.

Leverage and liquidity appear controlled, with total debt of $2.27 billion, a 5.51% weighted average interest rate, and no maturities until 2028. Management raised 2026 NAREIT/Core FFO guidance to $189–$196 million, or $1.49–$1.54 per share, implying modest improvement rather than a step-change. Future filings will show whether leasing momentum sustains the projected 4–7% same-store NOI growth for the year.

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

Revenue: $143.3M Net loss: $12.9M Core FFO per share: $0.36 +5 more

8 metrics

Revenue $143.3M Total revenues for Q1 2026

Net loss $12.9M Net loss applicable to Piedmont, Q1 2026

Core FFO per share $0.36 Core FFO per diluted share, Q1 2026 and Q1 2025

Same-store NOI cash growth 11.1% Year-over-year same-store NOI growth on cash basis, Q1 2026

Leasing volume 431,000 sf Total square feet leased during Q1 2026

Total debt principal $2.27B Total principal amount of debt outstanding at March 31, 2026

Weighted average cost of debt 5.51% Debt cost as of March 31, 2026

2026 NAREIT/Core FFO guidance $189–$196M ($1.49–$1.54/sh) Updated full-year 2026 outlook range

Key Terms

Core FFO, Same Store NOI, EBITDAre, Adjusted Funds From Operations, +1 more

5 terms

Core FFO financial

"Core FFO applicable to common stock was $46,018 for both the first quarter of 2026 and the first quarter of 2025."

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

Same Store NOI financial

"Same Store NOI on a cash and accrual basis increased by 11.1% and 1.9%, respectively."

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.

EBITDAre financial

"EBITDAre is a non-GAAP financial measure and should not be viewed as an alternative to net income."

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

Adjusted Funds From Operations financial

"Adjusted FFO applicable to common stock was $23,842 for the first quarter of 2026."

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.

NAREIT Funds From Operations financial

"NAREIT Funds From Operations ("FFO") applicable to common stock was $46,018 in Q1 2026."

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.

Earnings Snapshot

Revenue: $143.3M · Guidance included

Q1 2026

Revenue $143.3M +0.4% vs Q1 2025

Net loss -$12.9M vs -$10.1M in Q1 2025

Core FFO per diluted share $0.36 flat vs Q1 2025

Same-store NOI (cash basis) +11.1% year-over-year increase

Guidance

For 2026, NAREIT and Core FFO are projected at $189–$196 million, or $1.49–$1.54 per diluted share, assuming 4–7% same-store NOI growth and interest expense of $125–$127 million.

Understanding 8-K Material Events →

04/30/2026 - 04:19 PM

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): April 30, 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 April 30, 2026, Piedmont Realty Trust, Inc. (the "Registrant") issued an earnings release and supplemental information announcing its financial results for the first quarter 2026 and published the earnings release and supplemental information for the first 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 First 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:

April 30, 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	24
Leases Yet to Commence and 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 First Quarter 2026 Results

–Strong leasing momentum continues with over 430,000 square feet executed and cash leasing spreads of over 11%

–Generated Same Store NOI Cash Growth of over 11%

–Increases 2026 Outlook

ATLANTA, April 30, 2026 — Piedmont Realty Trust, Inc. ("Piedmont" 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 March 31, 2026.

Commenting on operational results for the three months ended March 31, 2026, Brent Smith, Piedmont's President and Chief Executive Officer, said, "During the first quarter, we witnessed a continuation of the elevated demand that we experienced in the latter half of 2025, with tour and proposal activity at levels above our historical averages. During the quarter we executed over 430,000 square feet of leasing, and most importantly, two-thirds was related to new tenancy. The customer pipeline remains robust with over 700,000 square feet of leases either already executed or in the legal stage thus far in the second quarter. Additionally, last year’s leasing success is positively impacting our operating metrics, pushing this quarter’s same-store cash NOI growth over 11% and helping to drive a one cent increase in 2026 earnings outlook and a 1% increase in our 2026 Same Store NOI outlook. Furthermore, strong customer demand driven by the flight-to quality is giving Piedmont the opportunity to increase rents to record levels across our portfolio." Continuing, Smith added, "We were also particularly excited about several operational recognitions during the first quarter. Galleria Towers in Dallas won the CoStar Impact Award for Redevelopment of the Year in the Dallas Fort-Worth market and Piedmont, as a company, was recognized as an "Elite 5" participant in the annual Kingsley survey for the office sector. These accolades serve as further evidence that our modern, redeveloped, amenity-rich Piedmont PLACES, combined with our hospitality- infused service model, are recognized by our customers and peers as the premier office experience."

Highlights for the Three Months Ended March 31, 2026:

Financial Results:


	Three Months Ended
(in 000s other than per share amounts)	March 31, 2026	March 31, 2025
Net loss applicable to Piedmont	$(12,920)	$(10,104)
Net loss per share applicable to common stockholders - basic and diluted	$(0.10)	$(0.08)
Gain on sale of real estate assets	$—	$789



Loss on early extinguishment of debt	$—	$500




Interest expense, net of interest income	$31,897	$31,282
NAREIT Funds From Operations ("FFO") applicable to common stock	$46,018	$45,033
Core FFO applicable to common stock	$46,018	$45,533
NAREIT FFO per diluted share	$0.36	$0.36
Core FFO per diluted share	$0.36	$0.36


Adjusted FFO applicable to common stock	$23,842	$23,489
Same Store NOI - cash basis	11.1%
Same Store NOI - accrual basis	1.9%

•Piedmont recognized a net loss of $12.9 million, or $0.10 per diluted share, for the first quarter of 2026, as compared to a net loss of $10.1 million, or $0.08 per diluted share, for the first 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 increase in net loss recognized during the current year was primarily driven by increased depreciation expense as recently completed capital improvement projects and tenant improvements associated with new leasing activity were placed in service.

•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 $0.36 per diluted share for both the first quarter of 2026 and the first quarter of 2025. Growth in property operations during the twelve months ended March 31, 2026 was offset by the sale of 80/90 Central in Boxborough, MA and 161 Corporate Center in Irving, TX during the same period.

•During the three months ended March 31, 2026, Same Store NOI on a cash and accrual basis increased by 11.1% and 1.9% , respectively, as the commencement or burn off of abatements on new leases outweighed expiring leases.

Leasing:


			Three Months Ended
			March 31, 2026
# of lease transactions			50
Total leasing sf (in 000s)			431
New tenant leasing sf (in 000s)			293
Cash rent roll up			11.1%
Accrual rent roll up			17.8%

Leased percentage as of period end			89.3%

•The Company completed approximately 431,000 square feet of leasing during the first quarter, including approximately 293,000 square feet of new tenant leasing, approximately 60% of which related to previously vacant space.

•The average size lease executed during the first quarter was approximately 8,600 square feet and the weighted average lease term was approximately seven years.

•Rental rates on leases executed during the three months ended March 31, 2026 for space vacant one year or less increased approximately 11.1% and 17.8% on a cash and accrual basis, respectively.

•The Company's leased percentage for its in-service portfolio as of March 31, 2026 was 89.3%, as compared to 89.6% as of December 31, 2025.

•The Company's leased percentage for its out-of-service portfolio, comprised of two projects in Minneapolis and one in Orlando that have recently undergone extensive redevelopment, was 75.5% leased as of March 31, 2026, as compared to 62.4% leased as of December 31, 2025.

•As of March 31, 2026, the Company had approximately 1.0 million square feet of executed leases for vacant space that are yet to commence representing approximately $42 million of future additional annual cash rents, and approximately 0.9 million square feet of executed leases currently under rental abatement, representing approximately $26 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 second quarter of 2026.

Transactional Activity:

•During the three months ended March 31, 2026, the Company entered into a 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)	March 31, 2026	December 31, 2025
Cash and Cash Equivalents	$2,279	$731
Total Real Estate Assets	$3,421,687	$3,421,709
Total Assets	$4,033,931	$4,031,354


Total Debt	$2,252,351	$2,224,712
Weighted Average Cost of Debt	5.51%	5.58%

Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents	40.1%	40.2%
Average Net Debt to Core EBITDA (ttm)	7.2 x	7.2 x

•As of March 31, 2026, the Company had approximately $526 million of capacity on its revolving line of credit and no debt maturity requirements until 2028.

Corporate Responsibility and Operations:

•During the three months ended March 31, 2026, Piedmont earned the “Elite 5” distinction in the 2026 Kingsley Excellence Awards for the office sector. The "Elite 5" is Kingsley's highest-level performance recognition and is reserved for the top five commercial real estate organizations nationally that achieve the highest levels of tenant satisfaction.

•Galleria Towers in Dallas recently won the CoStar Impact Award for Redevelopment of the Year in the Dallas Fort-Worth market for its unparalleled transformation. CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year.

•As of March 31, 2026, approximately 83% and 74% 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:

The Company is increasing and narrowing its outlook for the year ending December 31, 2026, as follows:


	Current				Previous
(in millions, except per share data)	Low		High		Low		High
Net loss	$	(45)	$	(42)	$	(48)	$	(44)
Add:
Depreciation	181		183		181		183
Amortization	53		55		53		55


NAREIT and Core FFO applicable to common stock	$	189	$	196	$	186	$	194



NAREIT and Core FFO applicable to common stock per diluted share	$1.49		$1.54		$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 4% to 7% on both a cash and accrual basis for the year, a 1% increase from our previous estimate;

Financing Assumptions:

•Interest expense (net of interest income) of approximately $125-$127 million, reflecting lower interest expense as a result of the refinancing activity completed in late 2025, partially offset by lower capitalized interest as various redevelopment projects conclude;

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 Friday, May 1, 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 820042. A replay of the conference call will be available through May 15, 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 53839. 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 first 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


	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025
Portfolio Statistics:
Number of in-service projects (1)	29		29		29		29		30
Rentable in-service square footage (1)	14,923		14,921		14,918		14,923		15,241
Leased percentage (2)	89.3	%	89.6	%	89.2	%	88.7	%	88.1	%
Commenced leased percentage	85.0	%	84.8	%	85.4	%	85.0	%	85.2	%
Economic leased percentage (3)	81.9	%	81.6	%	79.4	%	78.7	%	77.5	%





Leasing Activity:
Total square feet leased during the period	431		679		724		712		363
Square feet (new) leased during the period	293		466		551		468		179
Square feet (renewal) leased during the period	138		213		173		243		184
Rental rate roll up / roll down - accrual rents	17.8	%	20.5	%	20.2	%	13.6	%	18.6	%
Rental rate roll up / roll down - cash rents	11.1	%	11.9	%	8.6	%	7.3	%	10.3	%
Net effective rent per square foot after capex and opex	$22.03		$21.10		$21.26		$20.78		$24.29

Financial Results:
Total revenues	$143,294		$142,853		$139,163		$140,292		$142,686
Net income (loss) applicable to Piedmont	-$12,920		-$43,246		-$13,462		-$16,808		-$10,104
Net income (loss) per share applicable to common stockholders - diluted	-$0.10		-$0.35		-$0.11		-$0.14		-$0.08
Core EBITDA	$78,304		$76,982		$75,826		$76,856		$77,605
Core FFO applicable to common stock	$46,018		$44,205		$43,485		$44,512		$45,533
Core FFO per share - diluted	$0.36		$0.35		$0.35		$0.36		$0.36
AFFO applicable to common stock	$23,842		$18,709		$26,504		$16,241		$23,489
Same store net operating income - accrual basis (4)	1.9	%	-0.6	%	3.2	%	1.7	%	3.2	%
Same store net operating income - cash basis (4)	11.1	%	2.2	%	2.8	%	-2.0	%	-2.0	%

Balance Sheet and Capitalization Information:
Weighted average shares outstanding - diluted (WASO)	126,136		126,712		126,007		125,178		125,177
Shares of common stock issued and outstanding at period end	125,019		124,519		124,504		124,492		124,408
Closing price of common stock at period end	$6.57		$8.34		$9.00		$7.29		$7.37
Gross regular dividends (5)	—		—		—		—		$15,536
Regular dividends per share	—		—		—		—		$0.125
Total debt - GAAP	$2,252,351		$2,224,712		$2,193,324		$2,177,752		$2,186,231
Total principal amount of debt outstanding	$2,274,157		$2,248,080		$2,213,196		$2,199,101		$2,209,536
Total net principal amount of debt outstanding (6)	$2,267,822		$2,244,289		$2,205,061		$2,191,286		$2,202,902
Total gross real estate assets	$4,820,893		$4,774,133		$4,740,790		$4,685,403		$4,709,785
Equity market capitalization (7)	$821,375		$1,038,491		$1,120,536		$907,547		$916,887
Total market capitalization (7)	$3,095,532		$3,286,571		$3,333,732		$3,106,648		$3,126,423


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

	Three Months Ended
	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025
Ratios for Debt Holders
Core EBITDA to total revenues	54.6	%	53.9	%	54.5	%	54.8	%	54.4	%
Net principal amount of debt / Total gross assets less cash and cash equivalents (8)	40.1	%	40.2	%	40.0	%	40.3	%	40.3	%

Average net principal amount of debt to Core EBITDA - trailing twelve months (9)	7.2 x		7.2 x		7.1 x		6.9 x		6.9 x
Fixed charge coverage ratio - current quarter (10)	2.3 x		2.2 x		2.1 x		2.1 x		2.2 x


(1)			As of March 31, 2026, the Company's in-service office portfolio excluded three projects currently held out of service for redevelopment, totaling 795,000 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)			Reflects dividends paid in the quarter in which the record date occurred.
(6)			Defined as the total principal amount of debt outstanding, minus cash and restricted cash and escrows, all as of the end of the period.
(7)			Reflects common stock closing price, shares outstanding and principal amount of debt outstanding as of the end of the reporting period.
(8)			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.

(9)			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.
(10)			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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.
			The Company recorded capitalized interest of $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, $3.2 million for the quarter ended June 30, 2025, and $3.3 million for the quarter ended March 31, 2025.

Piedmont Realty TrustTM

Consolidated Balance Sheets

Unaudited (in thousands)


	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025
Assets:
Real estate assets, at cost:
Land	$	542,474	$	542,474	$	542,474	$	542,473	$	548,096
Buildings and improvements	4,108,901		4,066,269		4,018,671		3,911,368		3,918,373
Buildings and improvements, accumulated depreciation	(1,321,935)		(1,278,600)		(1,238,031)		(1,199,698)		(1,183,585)
Intangible lease assets	117,826		118,195		119,734		120,726		133,266
Intangible lease assets, accumulated amortization	(77,271)		(73,824)		(71,501)		(68,474)		(77,090)
Construction in progress	48,855		44,358		57,074		107,999		107,213
Real estate assets held for sale, net	2,837		2,837		2,837		2,837		2,837

Total real estate assets	3,421,687		3,421,709		3,431,258		3,417,231		3,449,110

Cash and cash equivalents	2,279		731		2,990		3,314		2,911
Tenant receivables	6,907		6,155		5,729		4,386		7,026
Straight-line rent receivables	216,416		214,285		211,591		207,025		201,228

Restricted cash and escrows	4,056		3,060		5,145		4,501		3,723
Prepaid expenses and other assets	20,928		20,857		27,598		29,802		29,075
Goodwill	53,491		53,491		53,491		53,491		53,491
Interest rate swaps	—		—		—		72		27

Deferred lease costs, gross	530,409		520,221		473,597		458,839		465,584
Deferred lease costs, accumulated amortization	(222,242)		(209,155)		(207,671)		(198,398)		(208,218)


Total assets	$	4,033,931	$	4,031,354	$	4,003,728	$	3,980,263	$	4,003,957
Liabilities:
Unsecured debt, net of discount	$	2,064,452	$	2,035,890	$	2,003,588	$	1,987,111	$	1,994,695
Secured debt	187,899		188,822		189,736		190,641		191,536
Accounts payable, accrued expenses and accrued capital expenditures	158,041		172,880		135,220		131,104		119,994
Deferred income	117,733		112,124		111,174		94,529		104,988
Intangible lease liabilities, less accumulated amortization	22,880		24,824		26,788		28,752		30,720
Interest rate swaps	—		111		175		116		293

Total liabilities	2,551,005		2,534,651		2,466,681		2,432,253		2,442,226
Stockholders' equity:
Common stock	1,250		1,245		1,245		1,245		1,244
Additional paid in capital	3,728,827		3,730,273		3,727,914		3,725,769		3,723,373
Cumulative distributions in excess of earnings	(2,240,270)		(2,227,350)		(2,184,104)		(2,170,642)		(2,153,834)
Accumulated other comprehensive loss	(8,380)		(8,967)		(9,517)		(9,873)		(10,575)
Piedmont stockholders' equity	1,481,427		1,495,201		1,535,538		1,546,499		1,560,208
Non-controlling interest	1,499		1,502		1,509		1,511		1,523
Total stockholders' equity	1,482,926		1,496,703		1,537,047		1,548,010		1,561,731
Total liabilities and stockholders' equity	$	4,033,931	$	4,031,354	$	4,003,728	$	3,980,263	$	4,003,957

Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)


	Three Months Ended
	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025
Revenues: (1)
Rental revenue	$	113,393	$	111,994	$	110,748	$	111,130	$	111,776
Tenant reimbursements	23,048		22,943		22,282		22,824		24,288
Property management fee revenue	158		71		115		81		81
Other property related income	6,695		7,845		6,018		6,257		6,541
	143,294		142,853		139,163		140,292		142,686
Expenses:
Property operating costs	57,306		58,460		55,890		55,610		57,914
Depreciation	44,027		42,862		42,127		40,646		40,893
Amortization	15,263		15,166		15,188		14,785		15,421

General and administrative	7,909		7,457		7,607		7,960		7,563
	124,505		123,945		120,812		119,001		121,791
Other income (expense):
Interest expense	(31,929)		(32,406)		(31,968)		(31,954)		(31,677)
Other income (2)	225		46		160		133		395



Loss on early extinguishment of debt (3)	—		(29,788)		—		(7,500)		(500)
Gain on sale of real estate assets	—		—		—		1,224		789
Net loss	(12,915)		(43,240)		(13,457)		(16,806)		(10,098)
Less: Net income applicable to noncontrolling interest	(5)		(6)		(5)		(2)		(6)
Net loss applicable to Piedmont	$	(12,920)	$	(43,246)	$	(13,462)	$	(16,808)	$	(10,104)
Weighted average common shares outstanding - basic and diluted (4)	124,806		124,519		124,502		124,459		124,258
Net loss per share applicable to common stockholders - basic and diluted	$	(0.10)	$	(0.35)	$	(0.11)	$	(0.14)	$	(0.08)


(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 $32, $38, $60, $31, and $395 for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 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
	3/31/2026		3/31/2025		Change ($)		Change (%)
Revenues: (1)
Rental revenue	$	113,393	$	111,776	$	1,617	1.4	%
Tenant reimbursements	23,048		24,288		(1,240)		(5.1)	%
Property management fee revenue	158		81		77		95.1	%
Other property related income	6,695		6,541		154		2.4	%
	143,294		142,686		608		0.4	%
Expenses:
Property operating costs	57,306		57,914		608		1.0	%
Depreciation	44,027		40,893		(3,134)		(7.7)	%
Amortization	15,263		15,421		158		1.0	%

General and administrative	7,909		7,563		(346)		(4.6)	%
	124,505		121,791		(2,714)		(2.2)	%
Other income (expense):
Interest expense	(31,929)		(31,677)		(252)		(0.8)	%
Other income	225		395		(170)		(43.0)	%



Loss on early extinguishment of debt	—		(500)		500		100.0	%
Gain on sale of real estate assets	—		789		(789)		(100.0)	%
Net loss	(12,915)		(10,098)		(2,817)		(27.9)	%
Less: Net income applicable to noncontrolling interest	(5)		(6)		1		16.7	%
Net loss applicable to Piedmont	$	(12,920)	$	(10,104)	$	(2,816)	(27.9)	%
Weighted average common shares outstanding - basic and diluted (2)	124,806		124,258
Net loss per share applicable to common stockholders - basic and diluted	$	(0.10)	$	(0.08)


(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
	3/31/2026		3/31/2025

GAAP net loss applicable to common stock	$	(12,920)	$	(10,104)
Depreciation of real estate assets	43,675		40,513
Amortization of lease-related costs	15,263		15,413

Gain on sale of real estate assets	—		(789)

NAREIT Funds From Operations applicable to common stock	46,018		45,033
Adjustments:


Loss on early extinguishment of debt	—		500

Core Funds From Operations applicable to common stock	46,018		45,533
Adjustments:
Amortization of debt issuance costs and discounts on debt	1,648		1,456
Depreciation of non-real estate assets	351		369
Straight-line effects of lease revenue	(4,382)		(9,668)
Stock-based compensation adjustments	(739)		55
Amortization of lease-related intangibles	(1,940)		(2,062)

Non-incremental capital expenditures (1)
Base Building Costs	(6,569)		(5,416)
Tenant Improvement Costs	(7,840)		(4,629)
Leasing Commission Costs	(2,705)		(2,149)
Adjusted Funds From Operations applicable to common stock	$	23,842	$	23,489

Weighted average common shares outstanding - diluted (2)	126,136		125,177

NAREIT Funds From Operations per share (diluted)	$	0.36	$	0.36
Core Funds From Operations per share (diluted)	$	0.36	$	0.36


(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
	3/31/2026			3/31/2025
Net loss applicable to Piedmont	$	(12,920)		$	(10,104)
Net income applicable to noncontrolling interest	5			6
Interest expense	31,929			31,677
Depreciation	44,027			40,894
Amortization	15,263			15,421


Gain on sale of real estate assets	—			(789)

EBITDAre	78,304			77,105

Loss on early extinguishment of debt	—			500


Core EBITDA	78,304			77,605
General and administrative expense	7,909			7,563

Management fee revenue (net)	(158)			(64)
Other income	(118)			(288)
Straight-line effects of lease revenue	(4,382)			(9,669)

Amortization of lease-related intangibles	(1,940)			(2,061)
Property net operating income (cash basis)	79,615			73,086
Deduct net operating (income) loss from:
Acquisitions (1)	—			—
Dispositions (1)	45			(1,224)
Other investments (2)	327			162
Same store net operating income (cash basis)	$	79,987		$	72,024
Change period over period	11.1		%	N/A


(1)			Refer to page 37 for detailed information on recent acquisitions and dispositions.
(2)			Reflects three redevelopment projects currently held out-of-service 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
	3/31/2026			3/31/2025
Net loss applicable to Piedmont	$	(12,920)		$	(10,104)
Net income applicable to noncontrolling interest	5			6
Interest expense	31,929			31,677
Depreciation	44,027			40,894
Amortization	15,263			15,421


Gain on sale of real estate assets	—			(789)

EBITDAre	78,304			77,105

Loss on early extinguishment of debt	—			500


Core EBITDA	78,304			77,605
General and administrative expense	7,909			7,563
Management fee revenue (net)	(158)			(64)
Other income	(118)			(288)
Property net operating income (accrual basis)	85,937			84,816

Acquisitions (1)	—			—
Dispositions (1)	46			(1,119)
Other investments (2)	(656)			50
Same store net operating income (accrual basis)	$	85,327		$	83,747
Change period over period	1.9		%	N/A


(1)			Refer to page 37 for detailed information on recent acquisitions and dispositions.
(2)			Reflects three redevelopment projects currently held out-of-service 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
		3/31/2026		3/31/2025		Change ($)		Change (%)

Revenue
	Cash rental income	$	106,684	$	98,239	$	8,445	8.6	%
	Tenant reimbursements	22,917		23,649		(732)		(3.1)	%
	Straight-line effects of lease revenue	3,400		9,662		(6,262)		(64.8)	%
	Amortization of lease-related intangibles	1,940		2,061		(121)		(5.9)	%
	Total rents	134,941		133,611		1,330		1.0	%

	Other property related income	6,691		6,501		190		2.9	%
Total revenue		141,632		140,112		1,520		1.1	%

Less: Property operating expense		56,413		56,473		60		0.1	%

Add: Other income		108		108		—		—	%

Same store net operating income (accrual)		$	85,327	$	83,747	$	1,580	1.9	%

Less:
	Straight-line effects of lease revenue	(3,400)		(9,662)		6,262		64.8	%
	Amortization of lease-related intangibles	(1,940)		(2,061)		121		5.9	%


Same store net operating income (cash)		$	79,987	$	72,024	$	7,963	11.1	%

Piedmont Realty TrustTM

Debt Summary

As of March 31, 2026

Unaudited ($ in thousands)

Floating Rate & Fixed Rate Debt

Debt

Principal

Outstanding

Weighted Average

Interest Rate

Weighted Average

Maturity

Fixed Rate

$1,875,157

5.64%

53.0 months

Floating Rate (1)

399,000

4.89%

27.4 months

Total

$2,274,157

5.51%

48.5 months

Unsecured & Secured Debt

Debt

Principal

Outstanding

Weighted Average

Interest Rate

Weighted Average

Maturity

Unsecured

$2,086,258

5.63%

50.2 months

Secured

187,899

4.10%

30.1 months

Total

$2,274,157

5.51%

48.5 months


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

2026	$—		$—			—	—
2027	—		—			—	—
2028	187,899		612,258			6.29%	35.2%
2029	—		400,000			7.11%	17.6%
2030	—		374,000			4.06%	16.4%
2031	—		—			—	—
2032	—		300,000			2.78%	13.2%
2033	—		400,000			5.73%	17.6%

Total	$	187,899	$	2,086,258		5.51%	100.00%


(1)			During the three months ended March 31, 2026, the five interest rate swap agreements associated with the $325 Million Unsecured 2024 Term Loan expired. As of March 31, 2026, the Company's floating rate debt balance was comprised of the $325 million term loan and the $74 million balance on the line of credit.
(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 March 31, 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		187,899
Secured Subtotal / Weighted Average Interest Rate		4.10%				$	187,899

Unsecured Debt
$325 Million Unsecured 2024 Term Loan (5)	SOFR + 1.30%	4.93%	Floating	1/29/2028		325,000
$600 Million Unsecured 2023 Senior Notes (6)	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 (7)	SOFR + 1.05%	4.73%	Floating	6/30/2030		74,000
$300 Million Unsecured 2020 Senior Notes	3.15%	3.90%	Fixed	8/15/2030		300,000
$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		5.63%				$	2,086,258

Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate	5.51%			$	2,274,157
GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs						(21,806)
Total Debt - GAAP				$	2,252,351

Less: Cash, cash equivalents, and restricted cash and escrows						6,335

Total Net Debt - Principal Amount Outstanding						$	2,267,822



(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)			The $325 million unsecured term loan has a stated variable interest rate. The loan has an initial maturity date of January 29, 2027 with two six-month extension options for a final maturity date of January 29, 2028, provided Piedmont is not then in default and upon payment of extension fees.
(6)			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.
(7)			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.

Piedmont Realty TrustTM

Debt Covenants & Ratios for Debt Holders

As of March 31, 2026

Unaudited


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

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


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

Total debt to total assets	60% or less	47.0%	47.0%	46.5%	46.8%	46.8%
Secured debt to total assets	40% or less	3.9%	3.9%	4.0%	4.1%	4.1%
Ratio of consolidated EBITDA to interest expense	1.50 or greater	2.50	2.51	2.53	2.53	2.58
Unencumbered assets to unsecured debt	150% or greater	210%	210%	213%	212%	212%

Other Debt Coverage Ratios for Debt Holders

As of

(trailing twelve months)

March 31, 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)

2.2 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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.
			The Company recorded capitalized interest of $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, $3.2 million for the quarter ended June 30, 2025, and $3.3 million for the quarter ended March 31, 2025.
(7)			Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $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, $3.2 million for the quarter ended June 30, 2025, and $3.3 million for the quarter ended March 31, 2025.

Piedmont Realty TrustTM

Leased Percentage

(in thousands)


	Three Months Ended				Three Months Ended
	March 31, 2026				March 31, 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	431				363

Less: Lease renewals signed during period	(137)				(184)
Less: New leases signed during period for currently occupied space	(109)				(52)
Less: New leases signed during period for out of service space	(103)				—
Less: Leases expired during period and other	(122)	2			(174)	23
Subtotal	13,323	14,923	89.3	%	13,491	15,346	87.9	%
Acquisitions / (dispositions) (2)	—	—			(65)	(105)
Assets placed in service / (taken out of service) (3)	—	—			—	—
In-Service Leased - end of period	13,323	14,923	89.3	%	13,426	15,241	88.1	%



Same Store Analysis
Less: Acquisitions and (dispositions) after March 31, 2025 (2)	—	—	—	%	(302)	(322)	93.8	%
Less: Change in out of service assets after March 31, 2025 (3)	—	—	—	%	—	—	—	%
Same Store Leased Percentage - end of period	13,323	14,923	89.3	%	13,124	14,919	88.0	%


(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 detailed information on recent acquisitions and dispositions.
(3)			Refer to page 36 for detailed information on assets placed out of service.

Piedmont Realty TrustTM

Rental Rate Roll Up / Roll Down



	Three Months Ended
	March 31, 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	220	51.0%	1.5%	11.1%	17.8%
Leases executed for spaces excluded from analysis (3)	211	49.0%


(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 March 31, 2026			For the Year Ended					2022 to 2026 (Weighted Average)
		2025	2024 (2)	2023 (3)	2022










Total Leasing Transactions
Square feet (1)	430,067				2,474,774	2,428,246	2,239,797	2,142,852		9,715,736
Tenant improvements per square foot per year of lease term	$3.20				$4.07	$3.70	$3.80	$3.22		$3.72
Leasing commissions per square foot per year of lease term	$2.40				$2.77	$2.31	$2.21	$2.22		$2.40
Total per square foot per year of lease term	$5.60				$6.84	$6.01	$6.01	$5.44		$6.12
Less Adjustment for Commitment Expirations (4)
Expired tenant improvements (not paid out) per square foot per year of lease term	-$0.42				-$0.26	-$0.34	-$0.79	-$0.10		-$0.40

Adjusted total per square foot per year of lease term	$5.18				$6.58	$5.67	$5.22	$5.34		$5.72


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

Piedmont Realty TrustTM

Net Effective Rents


	Three Months Ended															Five Quarter
	3/31/2026			12/31/2025			9/30/2025			6/30/2025			3/31/2025			Average
Leasing activity included in net effective rent analysis (1)
Renewal leasing square footage (in 000s)	104			174			119			124			162			137
New tenant leasing square footage (in 000s)	284			436			539			455			169			377
Total leasing square footage (in 000s)	388			610			658			579			331			514

Renewal square footage (% of total)	26.8		%	28.5		%	18.1		%	21.4		%	48.9		%	26.7		%
New Lease square footage (% of total)	73.2		%	71.5		%	81.9		%	78.6		%	51.1		%	73.3		%
# of lease transactions	37			49			64			49			50			50

Net effective rents (2) (3)
Base rent (gross)	$	43.88		$	43.41		$	44.67		$	45.62		$	49.60		$	45.44

Rent concessions	(2.62)			(2.17)			(2.46)			(2.57)			(2.71)			(2.51)
GAAP Rent	$	41.26		$	41.24		$	42.21		$	43.06		$	46.89		$	42.93
Tenant improvements	(2.65)			(2.82)			(3.31)			(4.40)			(3.33)			(3.30)

Leasing commissions	(2.35)			(2.63)			(2.75)			(2.70)			(2.89)			(2.66)
Other concessions	(0.09)			—			(0.01)			—			(0.35)			(0.09)
Effective rent after capex	$	36.17		$	35.79		$	36.14		$	35.95		$	40.32		$	36.88
Expense stop	(14.14)			(14.69)			(14.88)			(15.17)			(16.03)			(14.98)

Effective rent after capex and opex	$	22.03		$	21.10		$	21.26		$	20.78		$	24.29		$	21.90

Weighted average lease term in years (weighted by square feet)	8.0			7.4			8.8			9.5			7.4			8.2


(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 March 31, 2026

Uncommenced Leases for Vacant Space (1)

1.0 million square feet representing $41.6 million in future annual rent

Major Leases (by Industry)

Project

Market

Square Feet
Leased

Estimated Lease
Commencement

New /
Expansion

Global risk management

Galleria Towers

Dallas

92,977

Q2 2026

New

International data centers provider

Interlink at Las Colinas

Dallas

56,080

Q2 2026

New

National mortgage lender

Interlink at Las Colinas

Dallas

55,252

Q2 2026

New

Insurance and financial services

9320 Excelsior

Minneapolis

40,793

Q2 2026

New

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

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

Leases Currently Under Abatement (1)

0.9 million square feet representing $26.0 million in future annual cash rent

Major Leases (by Industry)

Project

Market

Square Feet
Abated

Lease

Commencement

Lease
Expiration

Remaining Abatement Schedule

Financial services

Crescent Ridge II

Minneapolis

32,326

Q4 2024

Q1 2041

October 2024 through March 2026

Insurance and financial services

Galleria on the Park

Atlanta

46,939

Q3 2025

Q4 2036

September 2025 through August 2026

Governmental entity

60 Broad

New York

35,103

Q3 2024

Q3 2037

December 2025 through May 2026

Private investment management

CNL Center I and II

Orlando

25,538

Q3 2026 (2)

Q4 2032

January 2026 through May 2026 (2)

Banking and financial services

Meridian

Minneapolis

27,049

Q1 2026

Q4 2036

January 2026 through December 2027

Food production and distribution

9320 Excelsior

Minneapolis

77,197

Q1 2026

Q1 2040

February 2026 through January 2027

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


(1)			Includes leasing activity for the total portfolio, including assets currently out of service.
(2)			Abatement will be given for five months during the existing lease term, before the tenant renewal is set to commence in third quarter of 2026.

Piedmont Realty TrustTM

Lease Expiration Schedule

As of March 31, 2026

(in thousands)



Expiration Year	Annualized Lease Revenue (1)	Percentage of Annualized Lease Revenue (%)	Rentable Square Footage	Percentage of Rentable Square Footage (%)
Vacant	$—	—	1,600	10.7









2026 (2)	52,648	9.0	1,193	8.0
2027	53,449	9.1	1,351	9.0
2028	51,302	8.7	1,236	8.4
2029	56,026	9.5	1,273	8.5
2030	59,496	10.1	1,372	9.2
2031	47,638	8.1	1,137	7.6
2032	41,076	7.0	944	6.3
2033	16,459	2.8	378	2.5
2034	51,700	8.8	1,292	8.7
2035	33,537	5.7	799	5.4
2036	27,424	4.7	677	4.5
2037	50,386	8.6	982	6.6
2038	7,543	1.3	168	1.1
Thereafter	38,762	6.6	521	3.5
Total	$587,446	100.0	14,923	100.0


Average Lease Term Remaining
3/31/2026			5.9 Years
12/31/2025			6.0 years



(1)			Annualized rental income associated with each newly executed lease for currently occupied space is incorporated herein only at the expiration date for the current lease. Annualized rental income associated with each such new lease is removed from the expiry year of the current lease and added to the expiry year of the new lease. These adjustments effectively incorporate known roll ups and roll downs into the expiration schedule.
(2)			Includes leases with an expiration date of March 31, 2026, comprised of approximately 30,000 square feet and Annualized Lease Revenue of $1.1 million.

Piedmont Realty TrustTM

Lease Expirations by Quarter

As of March 31, 2026

(in thousands)


	Q2 2026 (1)		Q3 2026		Q4 2026		Q1 2027
Location	Expiring Square Footage	Expiring Lease Revenue (2)	Expiring Square Footage	Expiring Lease Revenue (2)	Expiring Square Footage	Expiring Lease Revenue (2)	Expiring Square Footage	Expiring Lease Revenue (2)

Atlanta	189	$7,811	49	$2,001	111	$6,581	51	$1,801
Boston	—	—	6	44	2	104	2	100
Dallas	226	8,189	33	1,277	86	3,665	38	1,693
Minneapolis	9	404	3	150	7	252	10	276
New York	315	16,645	—	—	—	—	—	—
Orlando	29	916	52	2,063	6	215	75	2,988
Northern Virginia / Washington, D.C.	—	24	58	3,196	12	775	4	260
Other	—	—	—	—	—	—	—	—
Total (3)	768	$33,989	201	$8,731	224	$11,592	180	$7,118


(1)			Includes leases with an expiration date of March 31, 2026, comprised of approximately 30,000 square feet and expiring lease revenue of $1.0 million. No such adjustments are made to other periods presented.
(2)			Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space.
(3)			Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on the previous page as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates.

Piedmont Realty TrustTM

Lease Expirations by Year

As of March 31, 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 (2)	Expiring Square Footage	Expiring Lease Revenue (2)	Expiring Square Footage	Expiring Lease Revenue (2)	Expiring Square Footage	Expiring Lease Revenue (2)	Expiring Square Footage	Expiring Lease Revenue (2)
Atlanta	349	$16,394	573	$23,523	398	$17,072	395	$16,849	372	$14,141
Boston	8	146	44	2,412	8	415	204	9,041	245	9,477
Dallas	345	13,132	165	5,537	338	15,119	286	13,811	358	19,148
Minneapolis	20	806	216	7,663	64	2,457	55	2,179	122	4,689
New York	315	16,645	7	635	2	177	17	1,027	20	1,716
Orlando	86	3,194	302	11,559	89	3,443	245	9,460	188	7,340
Northern Virginia / Washington, D.C.	70	3,995	44	2,464	78	4,573	71	3,821	67	3,333
Other	—	—	—	5	259	8,601	—	6	—	—
Total (3)	1,193	$54,312	1,351	$53,798	1,236	$51,857	1,273	$56,194	1,372	$59,844


(1)			Includes leases with an expiration date of March 31, 2026, comprised of approximately 30,000 square feet and expiring lease revenue of $1.0 million. No such adjustments are made to other periods presented.
(2)			Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space.
(3)			Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on page 27 as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates.

Piedmont Realty TrustTM

Tenant Diversification

As of March 31, 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	11.4		$28,378	4.8		486	3.6
City of New York	AA / Aa2	1	0.2		16,560	2.8		313	2.3
Amazon	AA / A1	2	4.3		15,662	2.7		285	2.1
US Bancorp	A / A3	1	8.2		15,643	2.7		435	3.3
Microsoft	AAA / Aaa	2	5.2		14,435	2.5		355	2.7
King & Spalding	No Rating Available	1	5.0		13,978	2.4		268	2.0
Transocean	CCC+ / B3	1	10.1		12,328	2.1		301	2.3
Broadcom	A- / A3	1	1.1		11,474	1.9		206	1.5
Schlumberger Technology	A / A1	1	2.8		8,548	1.4		254	1.9
Gartner	BBB- / Baa3	2	8.3		8,190	1.4		207	1.5
Fiserv	BBB / Baa2	1	1.3		8,015	1.4		195	1.5
Salesforce.com	A+ / A2	1	3.3		8,006	1.4		182	1.4
Epsilon Data Management (subsidiary of Publicis)	BBB+ / Baa1	1	0.3		7,338	1.2		222	1.7
Eversheds Sutherland	No Rating Available	1	0.1		7,091	1.2		180	1.3
Travel + Leisure Co.	BB- / Ba3	1	14.6		5,702	1.0		182	1.4
Kimley-Horn and Associates, Inc	No Rating Available	2	11.8		5,608	0.9		129	1.0







Other			Various		400,490	68.2		9,123	68.5
Total					$587,446	100.0		13,323	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.

Piedmont Realty TrustTM

Tenant Credit Rating & Lease Distribution

As of March 31, 2026

Tenant Credit Rating


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

AAA / Aaa	$15,125	2.6
AA / Aa	81,227	13.8
A / A	72,422	12.3
BBB / Baa	49,280	8.4
BB / Ba	20,193	3.4
B / B	30,660	5.2
Below	376	0.1
Not rated (2)	318,163	54.2
Total	$587,446	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	333	33.7	$30,896	5.3	252	1.9
2,501 - 10,000 sf	391	39.6	86,619	14.7	2,055	15.4
10,001 - 20,000 sf	108	10.9	60,024	10.2	1,431	10.7
20,001 - 40,000 sf	83	8.4	90,918	15.5	2,218	16.7
40,001 - 100,000 sf	53	5.4	141,546	24.1	3,200	24.0
Greater than 100,000 sf	20	2.0	177,443	30.2	4,167	31.3
Total	988	100.0	$587,446	100.0	13,323	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. Included in this category are such tenants as Ernst & Young, BDO, KPMG, and RaceTrac Petroleum.

Piedmont Realty TrustTM

Industry Diversification

As of March 31, 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	93	12.1	$94,154	16.0	2,237	16.8
Engineering, Accounting, Research, Management & Related Services	99	12.9	75,553	12.9	1,717	12.9
Legal Services	79	10.3	62,869	10.7	1,418	10.6
Governmental Entity (1)	5	0.7	50,983	8.7	917	6.9
Real Estate	45	5.9	28,210	4.8	781	5.9
Depository Institutions	19	2.5	25,285	4.3	656	4.9
Holding and Other Investment Offices	44	5.7	23,882	4.1	525	3.9
Oil and Gas Extraction	4	0.5	22,040	3.8	587	4.4
Automotive Repair, Services & Parking	9	1.2	18,327	3.1	8	0.1
Miscellaneous Retail	8	1.0	17,497	3.0	334	2.5
Insurance Agents, Brokers & Services	19	2.5	16,714	2.8	399	3.0
Security & Commodity Brokers, Dealers, Exchanges & Services	58	7.6	16,661	2.8	397	3.0
Health Services	35	4.6	13,800	2.3	313	2.3
Membership Organizations	20	2.6	12,552	2.1	246	1.8
Insurance Carriers	15	2.0	10,253	1.7	266	2.0
Other	214	27.9	98,666	16.9	2,522	19.0
Total	766	100.0	$587,446	100.0	13,323	100.0


(1)			Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (4.8% of ALR), and city / local (3.2% of ALR).

Piedmont Realty TrustTM

Geographic Diversification

As of March 31, 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	$190,454	32.4		4,732	31.7	4,455	94.1
Dallas	5	114,548	19.5		2,822	18.9	2,596	92.0
Orlando	4	69,889	11.9		1,754	11.8	1,663	94.8
Northern Virginia / Washington, D.C.	5	58,077	9.9		1,584	10.6	1,100	69.4
New York	1	54,588	9.3		1,047	7.0	964	92.1
Minneapolis	3	44,701	7.6		1,434	9.6	1,193	83.2
Boston	3	34,248	5.8		936	6.3	792	84.6
Other	2	20,941	3.6		614	4.1	560	91.2
Total / Weighted Average	29	$587,446	100.0		14,923	100.0	13,323	89.3

Piedmont Realty TrustTM

Geographic Diversification by Location Type

As of March 31, 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	11.0	1,305	8.8		4	21.4	3,427	22.9		6	32.4	4,732	31.7
Dallas		—	—	—	—		5	19.5	2,822	18.9		5	19.5	2,822	18.9
Orlando		3	10.0	1,445	9.7		1	1.9	309	2.1		4	11.9	1,754	11.8
Northern Virginia / Washington, D.C.		2	4.5	687	4.6		3	5.4	897	6.0		5	9.9	1,584	10.6
New York		1	9.3	1,047	7.0		—	—	—	—		1	9.3	1,047	7.0
Minneapolis		1	4.4	930	6.2		2	3.2	504	3.4		3	7.6	1,434	9.6
Boston		—	—	—	—		3	5.8	936	6.3		3	5.8	936	6.3
Other		—	—	—	—		2	3.6	614	4.1		2	3.6	614	4.1

Total	9	39.2	5,414	36.3		20	60.8	9,509	63.7		29	100.0	14,923	100.0

Piedmont Realty TrustTM

Portfolio Detail

As of March 31, 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	627	91.1	%	85.8	%	78.5	%	25,741
1180 Peachtree	P	P	P	100.0%	1	678	96.9	%	96.9	%	96.6	%	38,849
Galleria on the Park	P	P	P	100.0%	5	2,179	95.6	%	91.1	%	86.5	%	77,709
Glenridge Highlands One and Two	P	P	P	100.0%	2	713	89.1	%	87.1	%	85.4	%	24,500
1155 Perimeter Center West	P	P	P	100.0%	1	377	98.4	%	98.4	%	94.4	%	17,322
The Medici	P		P	100.0%	1	158	87.3	%	64.6	%	62.7	%	6,333
Market Subtotal / Weighted Average					11	4,732	94.1	%	90.3	%	86.5	%	190,454
Boston
5 Wall	P	P	P	100.0%	1	182	100.0	%	100.0	%	100.0	%	8,009
Wayside Office Park	P		P	100.0%	2	473	92.0	%	92.0	%	90.5	%	18,239
25 Mall	P		P	100.0%	1	281	62.3	%	61.6	%	60.5	%	8,000
Market Subtotal / Weighted Average					4	936	84.6	%	84.4	%	83.3	%	34,248
Dallas
Galleria Towers	P	P	P	100.0%	3	1,397	90.2	%	82.3	%	81.0	%	62,570
Park Place on Turtle Creek	P		P	100.0%	1	183	89.1	%	73.8	%	73.8	%	8,593
6565 MacArthur	P	P	P	100.0%	1	255	87.1	%	85.9	%	85.9	%	8,414
Las Colinas Connection	P		P	100.0%	3	605	100.0	%	94.9	%	94.9	%	22,138
The Interlink at Las Colinas	P		P	100.0%	2	382	90.6	%	51.3	%	50.3	%	12,833
Market Subtotal / Weighted Average					10	2,822	92.0	%	80.6	%	79.8	%	114,548
Minneapolis
US Bancorp Center	P	P	P	100.0%	1	930	74.3	%	68.2	%	66.5	%	25,771

Crescent Ridge II	P	P	P	100.0%	1	295	100.0	%	100.0	%	89.2	%	11,495
Norman Pointe I	P		P	100.0%	1	209	99.0	%	99.0	%	99.0	%	7,435

Market Subtotal / Weighted Average					3	1,434	83.2	%	79.2	%	75.9	%	44,701
New York
60 Broad			P	100.0%	1	1,047	92.1	%	92.1	%	85.7	%	54,588
Market Subtotal / Weighted Average					1	1,047	92.1	%	92.1	%	85.7	%	54,588
Orlando
200 South Orange at The Exchange	P	P	P	100.0%	1	646	90.4	%	88.5	%	84.8	%	26,424
CNL Center I and II	P	P	P	99.0%	2	617	95.3	%	95.3	%	89.3	%	26,370
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	309	100.0	%	100.0	%	92.2	%	11,389
Market Subtotal / Weighted Average					6	1,754	94.8	%	94.1	%	89.3	%	69,889



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	308	76.0	%	65.3	%	56.8	%	11,758
Arlington Gateway	P	P	P	100.0%	1	331	61.6	%	54.7	%	54.1	%	10,314
3100 Clarendon	P	P	P	100.0%	1	258	82.2	%	82.2	%	75.2	%	9,455
1201 and 1225 Eye Street	P	P	P	(2)	2	478	68.2	%	68.2	%	67.2	%	19,816
400 Virginia	P	P	P	100.0%	1	209	59.3	%	59.3	%	58.4	%	6,734
Market Subtotal / Weighted Average					6	1,584	69.4	%	65.9	%	62.6	%	58,077
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	82.7	%	82.7	%	82.7	%	8,607
Market Subtotal / Weighted Average					2	614	91.2	%	91.2	%	91.2	%	20,941

In-Service Total					43	14,923	89.3	%	85.0	%	81.9	%	587,446


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

222 South Orange at The Exchange	Orlando	Q2 2026	56.5	100.0%	1	132	80.1	%	48.4	%	32.8	%	3,819
9320 Excelsior	Minneapolis	Q4 2026	35.2	100.0%	1	265	64.4	%	29.4	%	0.3	%	6,242
Meridian	Minneapolis	Q4 2026	72.6	100.0%	2	397	81.4	%	27.6	%	9.2	%	12,589

Out-of-Service Total			164.3		4	794	75.5	%	31.7	%	10.2	%	22,650


Total Portfolio																					47			15,717			88.6		%	82.4		%	78.3		%	610,096


(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 March 31, 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

18.9

9.1

Total

57.2

$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 subject to several extension options; however, is expected to close later in 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
	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025

GAAP net loss applicable to common stock	$	(12,920)	$	(43,246)	$	(13,462)	$	(16,808)	$	(10,104)
Depreciation	43,675		42,497		41,759		40,266		40,513
Amortization	15,263		15,166		15,188		14,778		15,413

Gain on sale of real estate assets	—		—		—		(1,224)		(789)

NAREIT Funds From Operations applicable to common stock	46,018		14,417		43,485		37,012		45,033
Adjustments:


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

Core Funds From Operations applicable to common stock	46,018		44,205		43,485		44,512		45,533
Adjustments:
Amortization of debt issuance costs and discounts on debt	1,648		1,598		1,561		1,574		1,456
Depreciation of non real estate assets	351		365		368		369		369
Straight-line effects of lease revenue	(4,382)		(4,305)		(6,251)		(8,968)		(9,668)
Stock-based compensation adjustments	(739)		2,437		2,503		2,396		55
Amortization of lease-related intangibles	(1,940)		(1,959)		(1,959)		(1,957)		(2,062)

Non-incremental capital expenditures
Base Building Costs	(6,569)		(3,695)		(3,203)		(10,149)		(5,416)
Tenant Improvement Costs	(7,840)		(11,887)		(5,575)		(3,809)		(4,629)
Leasing Commission Costs	(2,705)		(8,050)		(4,425)		(7,727)		(2,149)

Adjusted Funds From Operations applicable to common stock	$	23,842	$	18,709	$	26,504	$	16,241	$	23,489

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
	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025

GAAP net loss applicable to Piedmont	$	(12,920)	$	(43,246)	$	(13,462)	$	(16,808)	$	(10,104)
Net income applicable to noncontrolling interest	5		6		5		2		6
Interest expense	31,929		32,406		31,968		31,954		31,677
Depreciation	44,027		42,862		42,127		40,646		40,894
Amortization	15,263		15,166		15,188		14,786		15,421


Gain on sale of real estate assets	—		—		—		(1,224)		(789)

EBITDAre	78,304		47,194		75,826		69,356		77,105

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


Core EBITDA	78,304		76,982		75,826		76,856		77,605
General and administrative expense	7,909		7,457		7,607		7,960		7,563

Management fee revenue	(158)		(71)		(114)		(77)		(64)
Other income	(118)		62		(52)		(25)		(288)
Straight-line effects of lease revenue	(4,382)		(4,305)		(6,251)		(8,971)		(9,669)

Amortization of lease-related intangibles	(1,940)		(1,960)		(1,959)		(1,957)		(2,061)
Property net operating income (cash basis)	79,615		78,165		75,057		73,786		73,086
Deduct net operating (income) loss from:
Acquisitions	—		—		—		—		—
Dispositions	45		(31)		54		(447)		(1,224)
Other investments	327		(1,459)		(42)		92		162
Same store net operating income (cash basis)	$	79,987	$	76,675	$	75,069	$	73,431	$	72,024

Source: View Original Filing on SEC EDGAR

FAQ

How did Piedmont Realty Trust (PDM) perform in Q1 2026?

Piedmont Realty Trust generated Q1 2026 revenue of $143.3 million and a net loss of $12.9 million, or $0.10 per share. NAREIT and Core FFO were both $46.0 million, or $0.36 per diluted share, essentially flat versus Q1 2025 while property-level cash NOI improved.

What were Piedmont Realty Trust’s key leasing results for Q1 2026?

The company executed 431,000 square feet of leasing in Q1 2026, including 293,000 square feet with new tenants. Cash rents on space vacant one year or less increased 11.1%, and accrual rents rose 17.8%, supporting an in-service leased rate of 89.3% across 14.9 million rentable square feet.

What 2026 financial outlook did Piedmont Realty Trust provide?

For 2026, management now projects NAREIT and Core FFO of $189–$196 million, or $1.49–$1.54 per diluted share. This represents a modest increase from the prior $186–$194 million, or $1.47–$1.53 outlook, assuming 4–7% same-store NOI growth and 126–127 million diluted shares.

What is Piedmont Realty Trust’s current debt profile and maturity schedule?

At March 31, 2026, total debt principal was $2.27 billion with a weighted average interest rate of 5.51% and average maturity of 48.5 months. Approximately $526 million remained available on the revolving credit facility, and the company has no debt maturities scheduled until 2028.

How diversified is Piedmont Realty Trust’s tenant base and credit quality?

Annualized lease revenue of $587.4 million is spread across 988 leases and 766 tenants, with the largest tenant contributing 4.8%. About 45.7% of annualized lease revenue comes from tenants rated BBB-/Baa3 or better, while 54.2% is from unrated tenants, often well-known private or professional firms.

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 Q1 2026 EARNINGS RELEASE AND SUPPLEMENTAL PACKAGE 1.5 MB

Leasing strength as Piedmont Realty (NYSE: PDM) lifts 2026 FFO outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Piedmont Realty Trust (PDM) perform in Q1 2026?

What were Piedmont Realty Trust’s key leasing results for Q1 2026?

What 2026 financial outlook did Piedmont Realty Trust provide?

What is Piedmont Realty Trust’s current debt profile and maturity schedule?

How diversified is Piedmont Realty Trust’s tenant base and credit quality?

Filing Exhibits & Attachments

Press Releases

Other Documents

Leasing strength as Piedmont Realty (NYSE: PDM) lifts 2026 FFO outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT equity analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Piedmont Realty Trust (PDM) perform in Q1 2026?

What were Piedmont Realty Trust’s key leasing results for Q1 2026?

How is Piedmont Realty Trust’s same-store NOI trending in 2026?

What 2026 financial outlook did Piedmont Realty Trust provide?

What is Piedmont Realty Trust’s current debt profile and maturity schedule?

How diversified is Piedmont Realty Trust’s tenant base and credit quality?

Filing Exhibits & Attachments

Press Releases

Other Documents