Piedmont Realty Trust (NYSE: PDM) amends SOFR-based credit and term loans

Rhea-AI Filing Summary

Piedmont Realty Trust, Inc. reported that its wholly owned subsidiary, Piedmont Operating Partnership, LP, has amended its main bank lending agreements. On September 16, 2025, the partnership entered into amendments to both its Revolving Credit Agreement and its Term Loan Agreement.

The amendments remove the credit spread adjustment from interest rates that are based on SOFR, the secured overnight financing rate commonly used as a benchmark for floating-rate loans. This change directly affects how interest is calculated on these credit facilities. The detailed terms of each amendment are provided in the filed exhibits to the agreement descriptions.

8-K Event Classification

2 items: 1.01, 9.01

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

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

Item 9.01 Financial Statements and Exhibits Exhibits

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

Understanding 8-K Material Events →

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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):  September 16, 2025

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 1.01    Entry into a Material Definitive Agreement.

On September 16, 2025, Piedmont Operating Partnership, LP (“Piedmont OP”), a wholly-owned subsidiary of Piedmont Realty Trust, Inc. (the “Registrant”), entered into amendments to its Second Amended and Restated Revolving Credit Agreement, dated February 13, 2025 (the "Revolving Credit Agreement"), and its Term Loan Agreement, dated January 30, 2024 (the "Term Loan Agreement"), to remove the credit spread adjustment from SOFR-based interest rates.

The foregoing does not purport to be a complete description of the terms of the amendments to the Revolving Credit Agreement or the Term Loan Agreement and each is qualified in its entirety by reference to the amendments attached hereto as Exhibits 10.1 and 10.2, respectively.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.						Description
10.1						Amendment No. 1 to Second Amended and Restated Revolving Credit Agreement, dated as of September 16, 2025, by and among Piedmont Operating Partnership, LP, Piedmont Realty Trust, Inc., each lender initially signatory thereto, JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S. Bank National Association, Wells Fargo Securities, LLC, BofA Securities Inc. and TD Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders
10.2						Amendment No. 3 to Term Loan Agreement, dated as of September 16, 2025, by and among Piedmont Operating Partnership, LP, Piedmont Realty Trust, Inc., each lender initially signatory thereto, Truist Securities, Inc., as Lead Arranger and Book Manager, and Truist Bank, as administrative agent for the lenders
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:

September 16, 2025

By:

/s/ Laura P. Moon

Laura P. Moon

Executive Vice President and Chief Accounting Officer

FAQ

What did Piedmont Realty Trust (PDM) change in its loan agreements?

Piedmont Realty Trust’s subsidiary, Piedmont Operating Partnership, LP, amended its Revolving Credit Agreement and Term Loan Agreement to remove the credit spread adjustment from SOFR-based interest rates.

When were the new amendments for PDM’s credit facilities executed?

The amendments to the Revolving Credit Agreement and Term Loan Agreement were executed on September 16, 2025.

Which Piedmont Realty Trust entities are parties to the amended agreements?

The amendments involve Piedmont Operating Partnership, LP as borrower and Piedmont Realty Trust, Inc. as a party, along with the various lender banks and agents listed in the exhibits.

How do the amendments affect SOFR-based interest rates for PDM?

The amendments specifically remove the credit spread adjustment component from SOFR-based interest rates under both the revolving credit facility and the term loan.

Where can investors find full details of PDM’s loan amendments?

Complete terms are contained in the filed exhibits: Exhibit 10.1 for the Revolving Credit Agreement amendment and Exhibit 10.2 for the Term Loan Agreement amendment.

Which banks are involved in Piedmont Realty Trust’s amended revolving credit facility?

The revolving credit amendment lists JPMorgan Chase Bank, N.A. as administrative agent, with joint lead arrangers and joint bookrunners including JPMorgan, Truist Securities, U.S. Bank, Wells Fargo Securities, BofA Securities, and TD Securities (USA) LLC.

Who signed the 8-K for Piedmont Realty Trust regarding these amendments?

The report was signed on behalf of Piedmont Realty Trust, Inc. by Laura P. Moon, Executive Vice President and Chief Accounting Officer.