PDM
Piedmont Realty Trust, Inc.8.77
+0.13+1.5%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Retention details boost leasing confidence
Q&A drilled into 2026 expirations, confirming retention of most NYC space at 60 Broad, Eversheds vacating, and half-back from Epsilon alongside new tenants, framing 50/50 new/renewal split within 1.7-2M sq ft guidance. Management eyes portfolio lease % beyond 92%, citing out-of-service progress despite DC/Boston drags. Houston assets and post-NYC 60 Broad flagged for disposition. Demand surges from workplace upgrades and mandates; rents set for 25% lift via mark-to-market on prior leases. Expirations won't derail absorption. Tone stayed bullish on FFO growth; watch Q2 rollovers.
Key Stats
Market Cap
1.09BP/E (TTM)
-Basic EPS (TTM)
-0.56Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
Piedmont Realty Trust closed FY2025 ended December 31, 2025 with its in-service portfolio at 89.6% leased, up from 88.4% a year earlier, driving total NOI to $337M, a 0.6% y/y increase as Atlanta and Orlando segments accelerated on new leases while Northern Virginia softened. Same Store NOI rose 1.8% (accrual), fueled by 10.1% cash rent roll-ups on recent deals, yet total revenues dipped 0.9% to $565M on dispositions. Core FFO fell to $1.41 per diluted share from $1.49, pressured by $37.8M debt extinguishment loss and higher interest, offset by capex trimming to $157M. Debt stands at $2.2B with no maturities until 2028 and $553M revolver capacity. Remote work trends threaten office demand.
8-K
Record leasing, steady Core FFO
Piedmont Realty Trust reported Q4 and full-year 2025 results on February 11, 2026, with a $43.2M net loss driven by $29.8M debt extinguishment loss, yet Core FFO held at $0.35/share. Leasing surged to 2.5M sf annually—highest in a decade—with 89.6% occupancy and 19.1% accrual rent growth. Issued $400M notes at 5.625% to cut high-rate debt; guides 2026 Core FFO to $1.47-$1.53/share. Leasing momentum accelerates.
8-K
Valente promoted to Co-COO
Piedmont Realty Trust promoted Alex Valente to Executive Vice President and Co-Chief Operating Officer on February 3, 2026, effective immediately. The 20-year veteran, previously EVP-Southeast Region, will oversee property and asset management alongside George M. Wells, leading initiatives across the firm's Eastern portfolio of nine million square feet. Internal promotions signal continuity. He participates in the Executive Severance Plan.
8-K
Issues $400M notes due 2033
Piedmont Operating Partnership issued $400 million 5.625% senior notes due 2033 on November 20, 2025, guaranteed by the parent company. Proceeds will primarily fund a tender offer for its outstanding 9.250% notes due 2028, with leftovers for working capital or other uses. Covenants cap debt and mandate 150% unencumbered assets coverage. Notes redeemable early at make-whole price.
8-K
Tender offer for 2028 notes
Piedmont Operating Partnership launched a cash tender offer on November 13, 2025, to buy back any and all of its $532.5M outstanding 9.250% senior notes due 2028, priced at a 95 bps fixed spread over the 3.50% UST due November 15, 2028, as determined November 19. The offer expires that day, with settlement November 20, conditioned on a concurrent senior notes offering. No minimum tender required. Future open-market buys possible.
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