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PDM

Piedmont Office Realty Trust, Inc.

PDM

Piedmont Office Realty Trust, Inc. • NYSE
$8.74 ▼ -0.34% (-0.03)
Market Cap $1.09 B
52w High $9.61
52w Low $5.46
Dividend Yield 0.13%
P/E -15.61
Volume 320.70K
Outstanding Shares 124.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $139.163M ▼ $64.922M ▲ $-13.462M ▲ -9.674% ▲ $-0.11 ▲ $75.826M ▼
Q2-2025 $140.292M ▼ $7.96M ▼ $-16.806M ▼ -11.979% ▼ $-0.14 ▼ $76.722M ▼
Q1-2025 $142.686M ▼ $63.877M ▼ $-10.104M ▲ -7.081% ▲ $-0.081 ▲ $78.817M ▲
Q4-2024 $143.231M ▲ $69.222M ▲ $-29.978M ▼ -20.93% ▼ $-0.24 ▼ $58.224M ▼
Q3-2024 $139.293M $62.876M $-11.519M -8.27% $-0.093 $74.974M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.99M ▼ $4.004B ▲ $2.467B ▲ $1.536B ▼
Q2-2025 $3.314M ▲ $3.98B ▼ $2.432B ▼ $1.546B ▼
Q1-2025 $2.911M ▼ $4.004B ▼ $2.442B ▼ $1.56B ▼
Q4-2024 $109.637M ▼ $4.115B ▼ $2.527B ▲ $1.587B ▼
Q3-2024 $133.624M $4.138B $2.508B $1.629B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.457M ▲ $35.811M ▼ $-49.146M ▼ $13.655M ▲ $320K ▼ $1.57M ▼
Q2-2025 $-16.806M ▼ $50.103M ▲ $-31.273M ▲ $-17.649M ▲ $1.181M ▲ $8.16M ▲
Q1-2025 $-10.098M ▲ $3.714M ▼ $-39.766M ▲ $-71.196M ▼ $-107.248M ▼ $-35.915M ▼
Q4-2024 $-29.975M ▼ $65.041M ▲ $-86.056M ▼ $-2.07M ▲ $-23.085M ▼ $-7.081M ▼
Q3-2024 $-11.519M $42.884M $-33.038M $-16.701M $-6.855M $-111K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Management Service
Management Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Real Estate Other
Real Estate Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Piedmont’s revenue has been relatively steady over the past several years, which suggests a fairly stable base of rental income despite the pressure on the office market. Core operating performance looks consistent, with operating profits holding up reasonably well. The main swing factor has been at the bottom line: the company moved from solid profits earlier in the period to losses in the most recent years. That pattern often reflects non‑cash items like property write‑downs, higher interest expense, or other one‑offs more than a collapse in day‑to‑day operations. Overall, the income statement points to a business that is operationally stable but facing earnings volatility and accounting pressure as the office sector adjusts to new demand patterns.

Balance Sheet

Balance Sheet The balance sheet shows a classic office REIT profile: large property holdings financed with a meaningful amount of debt. Total assets have crept up over time, but debt has also increased, while equity has edged down in recent years, indicating higher financial leverage and some erosion of book value. Cash on hand is modest, which is common for REITs that rely on ongoing access to credit markets, but it does leave less cushion if conditions tighten. The structure can work well in a stable or improving environment, yet it raises sensitivity to interest rates, refinancing conditions, and any prolonged weakness in occupancy or rents.

Cash Flow

Cash Flow Operating cash flow has been fairly consistent, showing that the properties continue to generate cash even as accounting earnings move around. Historically, cash generation has usually been enough to cover regular investment needs and still leave some room for excess cash, but the most recent year shows heavier spending on properties, turning free cash flow slightly negative. That suggests a deliberate choice to reinvest in buildings, amenities, and perhaps redevelopment projects. As with most REITs, this means the company depends on capital markets—debt and equity—for part of its funding, especially in years when it leans into upgrades or acquisitions. The key question is whether these investments translate into stronger leasing, higher rents, and better long‑term resilience.

Competitive Edge

Competitive Edge Piedmont operates in one of the tougher real estate segments—office—but it is positioned toward the higher end of the market. Its focus on Class A assets in growing Sunbelt markets aligns with the “flight to quality” trend, where tenants trade up to better buildings even as overall office demand softens. The company’s “placemaking” strategy and hospitality‑style service model aim to make its buildings feel more like curated destinations than commodity office space, which can support retention and justify premium rents. Strong in‑house management and an emphasis on sustainability provide added differentiation. The flip side is that the business remains exposed to structural shifts like remote and hybrid work, potential downsizing by large tenants, and ongoing competitive pressure from newer or more flexible workspace formats.

Innovation and R&D

Innovation and R&D While Piedmont is not a technology developer, it is using innovation in how it designs, manages, and markets its buildings. The “Piedmont PLACEs” concept focuses on experience: flexible layouts, collaborative areas, upgraded common spaces, and services that feel more like hospitality than traditional property management. The company is layering in smart‑building technologies and energy‑efficient systems, both to reduce operating costs and to appeal to tenants with strong sustainability goals. Its repeated recognition for energy performance and certifications suggests this is more than marketing. Looking ahead, further use of data analytics and technology partnerships—and how visibly they improve occupancy, tenant satisfaction, and lease durations—will be important indicators of how effective this strategy really is.

Summary

Piedmont is a mature office REIT trying to adapt to a structurally changing market by leaning into quality, experience, and sustainability. Financially, its revenue and operating cash flow appear relatively steady, but recent accounting losses and rising leverage highlight pressure from higher rates, market uncertainty, and potential property revaluations. The balance sheet and cash flows are typical for a REIT—asset‑heavy, debt‑funded, and reliant on capital markets—so the environment for financing and refinancing matters a lot. Strategically, the focus on Class A Sunbelt properties, placemaking, and ESG‑driven differentiation gives it a clearer identity than many peers and aligns with the “best‑in‑market” segment that is holding up better than generic office space. The key uncertainties are how office demand evolves over the next cycle and whether its investments in experience and technology can offset broader headwinds in the office sector and stabilize long‑term earnings and asset values.

NEWS

November 20, 2025 · 6:45 AM UTC

PIEDMONT REALTY TRUST ANNOUNCES RESULTS OF TENDER OFFER FOR ANY AND ALL OF ITS OUTSTANDING 9.250% SENIOR NOTES DUE 2028

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November 19, 2025 · 2:28 PM UTC

PIEDMONT REALTY TRUST ANNOUNCES PRICING OF CASH TENDER OFFER FOR ANY AND ALL OF ITS OUTSTANDING 9.250% SENIOR NOTES DUE 2028

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November 13, 2025 · 4:21 PM UTC

Piedmont Realty Trust Announces Pricing of Senior Notes Offering

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November 13, 2025 · 9:07 AM UTC

PIEDMONT REALTY TRUST COMMENCES OFFER TO PURCHASE ANY AND ALL OF ITS OUTSTANDING 9.250% SENIOR NOTES DUE 2028

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October 27, 2025 · 4:15 PM UTC

Piedmont Realty Trust, Inc. Releases Third Quarter 2025 Results

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