Piedmont Realty Trust, Inc 8-K, filed Oct 26, 2026

Piedmont Realty Trust, Inc. (PDM)

8-K 2026-10-26 For: 2026-10-26

Added on October 27, 2026

About this 8-K

Piedmont Realty Trust, Inc filed this 8-K on October 26, 2026.

Piedmont Realty Trust reported a third-quarter 2026 net loss of $21.0 million, or $0.17 per diluted share, and Core FFO of $0.39 per diluted share. Same Store NOI grew 7.5% on a cash basis, while cash rent roll-up was 26.2%. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


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


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

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


	Page		Page

Introduction		Diversification Tables
Forward-Looking Statements	3	Tenant Diversification	31
Earnings Release	4	Tenant Credit Rating & Lease Distribution	32
Company Information	9	Industry Diversification	33
Research Coverage	10	Geographic Diversification	34
Portfolio Statistics & Key Performance Indicators	11	Geographic Diversification by Location Type	35

Financials		Portfolio Information
Consolidated Balance Sheets	13	Portfolio Detail	36
Consolidated Statements of Income	14	Property Investment Activity and Land Holdings	38
Funds From Operations & Adjusted Funds From Operations	16
Same Store Net Operating Income	17	Supporting Information
Debt Summary	20	Definitions	39
Debt Detail	21	Non-GAAP Reconciliations	40
Debt Covenants & Ratios	22

Operational & Leasing Information
Leased Percentage	23
Rental Rate Roll Up / Roll Down	24
Contractual Tenant Improvements & Leasing Commissions	25
Net Effective Rents	26
Future Contractual Income (Leases Yet to Commence & Abatements)	27
Lease Expiration Schedule	28
Quarterly Lease Expirations	29
Annual Lease Expirations	30




Notice to Readers:
Please refer to page 3 for a discussion of important risks related to the business of Piedmont Realty TrustTM, as well as an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information. Considering these risks, uncertainties, assumptions, and limitations, the forward-looking statements about leasing, financial operations, leasing prospects, acquisitions, dispositions, etc. contained in this quarterly supplemental information report may differ from actual results.
Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. In addition, many of the schedules herein contain rounding to the nearest thousands or millions and, therefore, the schedules may not total due to this rounding convention.
To supplement the presentation of the Company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this report contains certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, AFFO, Same Store NOI, Property NOI, EBITDAre and Core EBITDA. Definitions and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included beginning on page 39. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs. The Company may also change the calculation of any of the non-GAAP measures included in this report from time to time in light of its then existing operations.


	Three Months Ended			Nine Months Ended
(in 000s other than per share amounts)	September 30, 2026		September 30, 2025	September 30, 2026		September 30, 2025
Net loss applicable to Piedmont	$(21,022)		$(13,462)	$(45,043)		$(40,374)
Net loss per share applicable to common stockholders - basic and diluted	$(0.17)		$(0.11)	$(0.36)		$(0.32)
Gain on sale of real estate assets	$8,878		$—	$8,878		$2,013



Loss on early extinguishment of debt	$20,236		$—	$20,236		$8,000




Interest expense, net of interest income	$31,855		$31,908	$95,559		$95,113
NAREIT Funds From Operations ("FFO") applicable to common stock	$29,908		$43,485	$123,789		$125,530
Core FFO applicable to common stock	$50,144		$43,485	$144,025		$133,530
NAREIT FFO per diluted share	$0.23		$0.35	$0.98		$1.00
Core FFO per diluted share	$0.39		$0.35	$1.13		$1.06


Adjusted FFO applicable to common stock	$29,939		$26,504	$84,771		$66,234
Same Store NOI - cash basis	7.5	%		9.2	%
Same Store NOI - accrual basis	6.9	%		3.8	%


(in 000s except for ratios)	September 30, 2026	December 31, 2025
Cash and Cash Equivalents	$3,903	$731
Total Real Estate Assets	$3,462,009	$3,421,709
Total Assets	$4,091,613	$4,031,354


Total Debt	$2,340,841	$2,224,712
Weighted Average Cost of Debt	4.78%	5.58%

Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents	40.9%	40.2%
Average Net Debt to Core EBITDA (trailing twelve months)	7.1 x	7.2 x


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

NAREIT FFO applicable to common stock per diluted share	$1.39		$1.41		$1.47		$1.53
Core FFO applicable to common stock per diluted share	$1.55		$1.57		$1.47		$1.53


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


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

Zhiger Kurmet, CFA
Freedom Broker
zhiger.kurmet@fbroker.kz
+7 (708) 297-6150


Fixed Income Research Coverage
Mark S. Streeter, CFA
JP Morgan
mark.streeter@jpmorgan.com
Phone: (212) 834-5086


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


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


	Three Months Ended


	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025
Portfolio Statistics:
Number of in-service projects (1)	30		29		29		29		29
Rentable in-service square footage (1)	15,253		15,066		14,923		14,921		14,918
In-service leased percentage (2)	87.7	%	88.9	%	89.3	%	89.6	%	89.2	%
In-service commenced leased percentage	85.2	%	85.1	%	85.0	%	84.8	%	85.4	%
In-service economic leased percentage (3)	80.8	%	81.4	%	81.9	%	81.6	%	79.4	%





Leasing Activity:
Total square feet leased during the period	406		459		431		679		724
Square feet (new) leased during the period	194		262		293		466		551
Square feet (renewal) leased during the period	212		197		138		213		173
Rental rate roll up / roll down - accrual rents	34.6	%	32.4	%	17.8	%	20.5	%	20.2	%
Rental rate roll up / roll down - cash rents	26.2	%	14.1	%	11.1	%	11.9	%	8.6	%
Net effective rent per square foot after capex and opex	$29.31		$25.56		$22.03		$21.10		$21.26

Financial Results:
Total revenues	$151,236		$144,123		$143,294		$142,853		$139,163
Net loss applicable to Piedmont	-$21,022		-$11,101		-$12,920		-$43,246		-$13,462
Net loss per share applicable to common stockholders - diluted	-$0.17		-$0.09		-$0.10		-$0.35		-$0.11
Core EBITDA	$82,528		$80,089		$78,304		$76,982		$75,826
Core FFO applicable to common stock	$50,144		$47,863		$46,018		$44,205		$43,485
Core FFO per share - diluted	$0.39		$0.38		$0.36		$0.35		$0.35
AFFO applicable to common stock	$29,939		$30,990		$23,842		$18,709		$26,504
Same store net operating income - accrual basis (4)	6.9	%	2.8	%	1.9	%	-0.6	%	3.2	%
Same store net operating income - cash basis (4)	7.5	%	9.0	%	11.1	%	2.2	%	2.8	%

Balance Sheet and Capitalization Information:
Weighted average shares outstanding - diluted (WASO)	127,320		126,914		126,136		126,712		126,007
Shares of common stock issued and outstanding at period end	123,814		125,133		125,019		124,519		124,504
Closing price of common stock at period end	$8.90		$9.15		$6.57		$8.34		$9.00


Total debt - GAAP	$2,340,841		$2,250,937		$2,252,351		$2,224,712		$2,193,324
Total principal amount of debt outstanding	$2,368,023		$2,274,224		$2,274,157		$2,248,080		$2,213,196
Total net principal amount of debt outstanding (5)	$2,361,543		$2,252,478		$2,267,822		$2,244,289		$2,205,061
Total gross real estate assets	$4,917,911		$4,819,963		$4,820,893		$4,774,133		$4,740,790
Equity market capitalization (6)	$1,101,944		$1,144,965		$821,375		$1,038,491		$1,120,536
Total market capitalization (6)	$3,469,967		$3,419,189		$3,095,532		$3,286,571		$3,333,732


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

	Three Months Ended
	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025
Ratios for Debt Holders
Core EBITDA to total revenues	54.6	%	55.6	%	54.6	%	53.9	%	54.5	%
Net principal amount of debt / Total gross assets less cash and cash equivalents (7)	40.9	%	39.8	%	40.1	%	40.2	%	40.0	%

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


(1)			As of September 30, 2026, the Company's in-service office portfolio excluded two projects currently held out of service for redevelopment, totaling 670,000 square feet. Additional information on these projects can be found on page 37.
(2)			Refer to page 23 for detailed analysis on the Company's leased percentage.
(3)			Excludes the square footage associated with tenants currently in rental abatement periods.
(4)			Refer to the three pages starting with page 17 for reconciliations to net income and additional same store net operating income information. The statistic provided for each of the prior quarters is based on the same store property population applicable at the time that the metric was initially reported.

(5)			Defined as the total principal amount of debt outstanding, minus cash and restricted cash and escrows, all as of the end of the period.
(6)			Reflects common stock closing price, shares outstanding and principal amount of debt outstanding as of the end of the reporting period.
(7)			Metric shown on a net debt basis to account for certain periods presented that had elevated balances of cash and restricted cash and escrows to be used primarily for debt retirement in a future period.

(8)			Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period.
(9)			Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented).
			The Company recorded principal amortization of $0.9 million for each of the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025.
			The Company recorded capitalized interest of $0.8 million for the quarter ended September 30, 2026, $1.0 million for the quarter ended June 30, 2026, $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, and $2.9 million for the quarter ended September 30, 2025.


			EXHIBIT 99.1


	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025
Assets:
Real estate assets, at cost:
Land	$	552,482	$	540,584	$	540,584	$	540,584	$	540,584
Buildings and improvements	4,101,909		4,029,471		4,013,488		3,970,856		3,923,258
Buildings and improvements, accumulated depreciation	(1,356,637)		(1,315,910)		(1,292,892)		(1,250,436)		(1,210,745)
Intangible lease assets	115,226		102,637		117,826		118,195		119,734
Intangible lease assets, accumulated amortization	(68,465)		(65,398)		(77,271)		(73,824)		(71,501)
Construction in progress	50,991		47,131		48,855		44,358		57,074
Real estate assets held for sale, gross	97,303		100,140		100,140		100,140		100,140
Real estate assets held for sale, accumulated depreciation & amortization	(30,800)		(29,922)		(29,043)		(28,164)		(27,286)
Total real estate assets	3,462,009		3,408,733		3,421,687		3,421,709		3,431,258

Cash and cash equivalents	3,903		16,785		2,279		731		2,990
Tenant receivables	10,207		11,440		6,907		6,155		5,729
Straight-line rent receivables	214,444		209,057		205,675		203,382		200,527

Restricted cash and escrows	2,577		4,961		4,056		3,060		5,145
Prepaid expenses and other assets	24,475		24,120		20,928		20,857		27,598
Goodwill	53,491		53,491		53,491		53,491		53,491
Interest rate swaps	2,561		530		—		—		—

Deferred lease costs, gross	531,779		520,047		522,237		512,049		465,425
Deferred lease costs, accumulated amortization	(228,978)		(216,631)		(219,064)		(206,101)		(204,741)
Other assets held for sale, gross	18,571		18,751		18,913		19,075		19,236
Other assets held for sale, accumulated amortization	(3,426)		(3,302)		(3,178)		(3,054)		(2,930)
Total assets	$	4,091,613	$	4,047,982	$	4,033,931	$	4,031,354	$	4,003,728
Liabilities:
Unsecured debt, net of discount	$	2,154,818	$	2,063,971	$	2,064,452	$	2,035,890	$	2,003,588
Secured debt	186,023		186,966		187,899		188,822		189,736
Accounts payable, accrued expenses and accrued capital expenditures	165,337		185,339		158,041		172,880		135,220
Deferred income	114,518		114,642		116,858		111,227		110,255
Intangible lease liabilities, less accumulated amortization	21,653		21,216		22,880		24,824		26,788
Interest rate swaps	—		—		—		111		175
Other liabilities held for sale	832		854		875		897		919
Total liabilities	2,643,181		2,572,988		2,551,005		2,534,651		2,466,681
Stockholders' equity:
Common stock	1,238		1,251		1,250		1,245		1,245
Additional paid in capital	3,722,950		3,730,985		3,728,827		3,730,273		3,727,914


	Three Months Ended
	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025
Revenues: (1)
Rental revenue	$	118,956	$	115,375	$	113,393	$	111,994	$	110,748
Tenant reimbursements	25,208		21,890		23,048		22,943		22,282
Property management fee revenue	167		108		158		71		115
Other property related income	6,905		6,750		6,695		7,845		6,018
	151,236		144,123		143,294		142,853		139,163
Expenses:
Property operating costs	60,029		55,986		57,306		58,460		55,890
Depreciation	46,123		44,825		44,027		42,862		42,127
Amortization	14,045		14,487		15,263		15,166		15,188

General and administrative	9,057		8,237		7,909		7,457		7,607
	129,254		123,535		124,505		123,945		120,812
Other income (expense):
Interest expense	(32,026)		(31,874)		(31,929)		(32,406)		(31,968)
Other income (2)	378		189		225		46		160



Loss on early extinguishment of debt (3)	(20,236)		—		—		(29,788)		—
Gain on sale of real estate assets (4)	8,878		—		—		—		—
Net loss	(21,024)		(11,097)		(12,915)		(43,240)		(13,457)
Less: Net loss (income) applicable to noncontrolling interest	2		(4)		(5)		(6)		(5)
Net loss applicable to Piedmont	$	(21,022)	$	(11,101)	$	(12,920)	$	(43,246)	$	(13,462)
Weighted average common shares outstanding - basic and diluted (5)	124,948		125,082		124,806		124,519		124,502
Net loss per share applicable to common stockholders - basic and diluted	$	(0.17)	$	(0.09)	$	(0.10)	$	(0.35)	$	(0.11)



	Three Months Ended								Nine Months Ended
	9/30/2026		9/30/2025		Change ($)		Change (%)		9/30/2026		9/30/2025		Change ($)		Change (%)
Revenues: (1)
Rental revenue	$	118,956	$	110,748	$	8,208	7.4	%	$	347,724	$	333,654	$	14,070	4.2	%
Tenant reimbursements	25,208		22,282		2,926		13.1	%	70,146		69,394		752		1.1	%
Property management fee revenue	167		115		52		45.2	%	433		277		156		56.3	%
Other property related income	6,905		6,018		887		14.7	%	20,350		18,816		1,534		8.2	%
	151,236		139,163		12,073		8.7	%	438,653		422,141		16,512		3.9	%
Expenses:
Property operating costs	60,029		55,890		(4,139)		(7.4)	%	173,321		169,414		(3,907)		(2.3)	%
Depreciation	46,123		42,127		(3,996)		(9.5)	%	134,975		123,666		(11,309)		(9.1)	%
Amortization	14,045		15,188		1,143		7.5	%	43,795		45,394		1,599		3.5	%

General and administrative	9,057		7,607		(1,450)		(19.1)	%	25,203		23,130		(2,073)		(9.0)	%
	129,254		120,812		(8,442)		(7.0)	%	377,294		361,604		(15,690)		(4.3)	%
Other income (expense):
Interest expense	(32,026)		(31,968)		(58)		(0.2)	%	(95,829)		(95,599)		(230)		(0.2)	%
Other income	378		160		218		136.3	%	792		688		104		15.1	%



Loss on early extinguishment of debt	(20,236)		—		(20,236)		(100.0)	%	(20,236)		(8,000)		(12,236)		(153.0)	%
Gain on sale of real estate assets	8,878		—		8,878		100.0	%	8,878		2,013		6,865		341.0	%
Net loss	(21,024)		(13,457)		(7,567)		(56.2)	%	(45,036)		(40,361)		(4,675)		(11.6)	%
Less: Net loss (income) applicable to noncontrolling interest	2		(5)		7		140.0	%	(7)		(13)		6		46.2	%
Net loss applicable to Piedmont	$	(21,022)	$	(13,462)	$	(7,560)	(56.2)	%	$	(45,043)	$	(40,374)	$	(4,669)	(11.6)	%
Weighted average common shares outstanding - basic and diluted (2)	124,948		124,502						124,946		124,407
Net loss per share applicable to common stockholders - basic and diluted	$	(0.17)	$	(0.11)					$	(0.36)	$	(0.32)


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


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


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


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


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

2026	$—		$—			—	—
2027	—		—			—	—
2028	186,023		—			4.10%	7.8%
2029	—		400,000			7.11%	16.9%
2030	—		452,000			4.25%	19.1%
2031	—		630,000			4.21%	26.6%
2032	—		300,000			2.78%	12.7%
2033	—		400,000			5.73%	16.9%

Total	$	186,023	$	2,182,000		4.78%	100.00%


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


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

Secured Debt
$197 Million Fixed-Rate Mortgage (1180 Peachtree)	4.10%	4.10%	Fixed	10/1/2028		186,023
Secured Subtotal / Weighted Average Interest Rate		4.10%				$	186,023

Unsecured Debt
$400 Million Unsecured Senior Notes due 2029	6.88%	7.11%	Fixed	7/15/2029		400,000
$600 Million Unsecured 2022 Line of Credit (5)	SOFR + 1.05%	4.95%	Floating	6/30/2030		152,000
$300 Million Unsecured Senior Notes due 2030	3.15%	3.90%	Fixed	8/15/2030		300,000
$230 Million Exchangeable Senior Notes due 2031 (6)	2.88%	2.88%	Fixed	2/1/2031		230,000
$400 Million Unsecured 2026 Term Loan (7)	SOFR + 1.15%	5.02% 4.94%	Floating Fixed	5/28/2031		400,000
$300 Million Unsecured Senior Notes due 2032	2.75%	2.78%	Fixed	4/1/2032		300,000
$400 Million Unsecured Senior Notes due 2033	5.63%	5.73%	Fixed	1/15/2033		400,000
Unsecured Subtotal / Weighted Average Interest Rate		4.83%				$	2,182,000

Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate	4.78%			$	2,368,023
GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs						(27,182)
Total Debt - GAAP				$	2,340,841

Less: Cash, cash equivalents, and restricted cash and escrows						6,480

Total Net Debt - Principal Amount Outstanding						$	2,361,543



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


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

Maximum leverage ratio	0.60	0.44	0.45	0.46	0.46	0.48
Minimum fixed charge coverage ratio (2)	1.50	2.35	2.29	2.23	2.16	2.15
Maximum secured indebtedness ratio	0.40	0.03	0.04	0.04	0.04	0.04
Minimum unencumbered leverage ratio	1.60	2.28	2.27	2.21	2.18	2.12
Minimum unencumbered interest coverage ratio (3)	1.75	2.54	2.43	2.31	2.22	2.19


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

Total debt to total assets	60% or less	47.7%	46.4%	47.0%	47.0%	46.5%
Secured debt to total assets	40% or less	3.8%	3.9%	3.9%	3.9%	4.0%
Ratio of consolidated EBITDA to interest expense	1.50 or greater	2.55	2.54	2.50	2.51	2.53
Unencumbered assets to unsecured debt	150% or greater	204%	210%	210%	210%	213%


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



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


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



	Three Months Ended
	September 30, 2026
	Square Feet (in thousands)	% of Total Signed During Period	% of Rentable Square Footage	% Change Cash Rents (1)	% Change Accrual Rents (2)

Leases executed for spaces vacant one year or less	227	55.9%	1.5%	26.2%	34.6%
Leases executed for spaces excluded from analysis (3)	179	44.1%


(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.



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










Total Leasing Transactions
Square feet (1)	403,944			1,287,460	2,474,774	2,428,246	2,239,797	2,142,852		10,573,129
Tenant improvements per square foot per year of lease term	$2.74			$3.29	$4.07	$3.70	$3.80	$3.22		$3.69
Leasing commissions per square foot per year of lease term	$2.99			$2.72	$2.77	$2.31	$2.21	$2.22		$2.45
Total per square foot per year of lease term	$5.73			$6.01	$6.84	$6.01	$6.01	$5.44		$6.14
Less Adjustment for Commitment Expirations (4)
Expired tenant improvements (not paid out) per square foot per year of lease term	-$0.52			-$0.57	-$0.26	-$0.34	-$0.79	-$0.10		-$0.42

Adjusted total per square foot per year of lease term	$5.21			$5.44	$6.58	$5.67	$5.22	$5.34		$5.72


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


	Three Months Ended															Five Quarter
	9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025			Average
Leasing activity included in net effective rent analysis (1)
Renewal leasing square footage (in 000s)	161			167			104			174			119			145
New tenant leasing square footage (in 000s)	161			255			284			436			539			335
Total leasing square footage (in 000s)	322			422			388			610			658			480

Renewal square footage (% of total)	50.0		%	39.6		%	26.8		%	28.5		%	18.1		%	30.2		%
New Lease square footage (% of total)	50.0		%	60.4		%	73.2		%	71.5		%	81.9		%	69.8		%
# of lease transactions	37			36			37			49			64			45

Net effective rents (2) (3)
Base rent (gross)	$	51.60		$	47.22		$	43.88		$	43.41		$	44.67		$	46.16

Rent concessions	(2.23)			(2.47)			(2.62)			(2.17)			(2.46)			(2.39)
GAAP Rent	$	49.37		$	44.75		$	41.26		$	41.24		$	42.21		$	43.77
Tenant improvements	(2.46)			(3.24)			(2.65)			(2.82)			(3.31)			(2.90)

Leasing commissions	(2.70)			(2.71)			(2.35)			(2.63)			(2.75)			(2.63)
Other concessions	—			(0.11)			(0.09)			—			(0.01)			(0.04)
Effective rent after capex	$	44.21		$	38.69		$	36.17		$	35.79		$	36.14		$	38.20
Expense stop	(14.90)			(13.13)			(14.14)			(14.69)			(14.88)			(14.35)

Effective rent after capex and opex	$	29.31		$	25.56		$	22.03		$	21.10		$	21.26		$	23.85

Weighted average lease term in years (weighted by square feet)	8.0			9.6			8.0			7.4			8.8			8.3


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


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