Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — REITworld 2025
37 slides from Piedmont Realty Trust's conference presentation, December 2025
Slide 1: REITworld 2025 Investor Presentation
REITworld 2025 Investor Presentation December 2025
Slide 2: Table of Contents
Table of Contents P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Piedmont Overview 4 Office Market Dynamics 8 Our Approach 16 Case Studies 28 Commitment & Performance 33 2
Slide 3: Disclaimer
DISCLAIMER Piedmont Realty TrustTM (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high - quality, Class A office properties located primarily in the Sunbelt. The Company is a fully integrated, self-managed real estat
Slide 4: Piedmont Overview
Overview Piedmont 4 P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N
Slide 5: Piedmont Overview
PIEDMONT OVERVIEW Piedmont Realty TrustTM is a fully integrated, self-managed real estate investment P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N company focused on delivering differentiated office environments. As an owner, manager, developer, and operator of 1
Slide 6: Piedmont by the Numbers
PIEDMONT OVERVIEW Piedmont by the Numbers As of September 30, 2025 In-Service Projects / Out of Service Projects 29 / 3 P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N In-Service SF / Out of Service SF 14.9M / 788k In-Service % Leased / Out of Service % Leased 89.2
Slide 7: Annualized Lease Revenue by Market and Industry
PIEDMONT OVERVIEW Annualized Lease Revenue by Market Over 70% of ALR derived from Sunbelt markets 0% 5% 10% 15% 20% 25% 30% 35% Atlanta 32% Dallas 19% Orlando 12% New York 10% P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Minneapolis 8% Boston 6% Northern VA 5% W
Slide 8: Office Market Dynamics
Dynamics Office Market 8 PIEDMONT REALTY TRUSTTM • INVESTOR PRESENTATION
Slide 9: Conditions on the Ground Are Steadily Improving
OFFICE ENVIRONMENT Conditions on the Ground Are Steadily Improving Gross Leasing Activity Rebounds (SF in 000s) 20% Below Pre-Pandemic Levels; Demand Concentrated in Top Quartile Market 80,000 2018 – 2019 Average: 63 M SF P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I
Slide 10: Office Stock is Under-Demolished
OFFICE ENVIRONMENT Office Stock is Under-Demolished Less desirable buildings are falling further behind Vacancy intensifies in an increasing number of Office Inventory Removals (SF in millions) high-vacancy buildings P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N
Slide 11: Hospitality-Infused Spaces
W H AT ’ S R E S O N AT I N G Hospitality-Infused Spaces 90% of portfolio ALR contains collaboration/training spaces P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N 999 Peachtree | Atlanta, GA Galleria Towers | Dallas, TX The Exchange on Orange | Orlando, FL 11
Slide 12: Amenity-Rich Environments
W H AT ’ S R E S O N AT I N G Amenity-Rich Environments 98% of portfolio ALR contains food and beverage offerings P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Toyota Music Factory NOVA Farmer’s Market C+S Seafood at Galleria on the Park Starbucks at Galleria on
Slide 13: Room to Breathe
W H AT ’ S R E S O N AT I N G Room to Breathe 83% of portfolio ALR contains outdoor meeting spaces P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N The Exchange on Orange | Orlando, FL 999 Peachtree | Atlanta, GA Galleria on the Park | Atlanta, GA Three Galleria | D
Slide 14: Health and Wellness
W H AT ’ S R E S O N AT I N G Health and Wellness 93% of portfolio ALR contains an elevated fitness space P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N IronWorx Studio at Galleria on the Park | Atlanta, GA 999 Peachtree | Atlanta, GA Meridian | Minneapolis, MN US
Slide 15: Community-Centered Experience
W H AT ’ S R E S O N AT I N G Community -Centered Experience All of our multi-tenanted assets have tenant engagement programs P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Masters Watch Party Back to School Drives “What employees want is exactly what Piedmont’s d
Slide 16: Our Approach
Our Approach P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N 16
Slide 17: Our Approach
OUR APPROACH 999 Peachtree | Atlanta, GA P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N 17
Slide 18: Leasing Success and Flight to Quality Are Not Dictated by Age
D I F F E R E N T I AT E D R E A L E S TAT E I S A G E L E S S Piedmont is Proving That Leasing Success and Flight to Quality Are Not Dictated by Age 999 Peachtree | Atlanta, GA | Built 1987 1180 Peachtree | Atlanta, GA | Built 2006 Piedmont has achieved new leasing volumes at P I E D M O N T R E A
Slide 19: Delivering Consistent Results
PIEDMONT LEASING PERFORMANCE Since Q2 2020, PDM has leased 12.4 million square feet (over 80% of its current total portfolio) 2025 Guidance: 2.2M to 2.4M SF 2,270 2,250 2,430 2,150 2,240 2,275 Delivering 720 730 760 830 1,030 1,470 Consistent Results 1,110 260 P I E D M O N T R E A L T Y T R U S T T
Slide 20: Spread Between Leased & Commenced
PIEDMONT LEASING PERFORMANCE 5.0% High volumes of leasing have widened the gap Spread Between Leased & Commenced The spread between between Leased % and Commenced % … 4.0% Leased % and Commenced % 3.0% has widened, leading to 1 2.0% ~$39 million of annualized P I E D M O N T R E A L T Y T R U S T TM
Slide 21: Average Rental Rates v. PDM Asking Rents
P I E D M O N T L E A S I N G R AT E S Average Rental Rates v. PDM Asking Rents Atlanta | Cumberland / Galleria Submarket 1 Orlando | CBD Submarket 1 P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N $50.00 $47.50 2.2M SF 1.6M SF PDM owned $40.00 PDM owned 3 $45.00 3
Slide 22: Office Sector Historical Same Store Cash NOI Growth
PIEDMONT LEASING PERFORMANCE Office Sector Historical Same Store Cash NOI Growth 2018–2024 Average P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N ESRT 5.6% KRC 4.1% PDM 3.4% CUZ 3.4% CDP 2.9% AAT 2.8% PGRE 2.3% EQC 2.0% BXP 1.9% HIW 1.9% SLG 1.5% BDN 1.2% VNO 1.1%
Slide 23: Portfolio Optimization Through Targeted Capital Recycling
P O R T F O L I O O P T I M I Z AT I O N Portfolio Optimization Through Targeted Capital Recycling Capital Rotation Acquisitions Dispositions Expand Midtown to The Sunbelt Expand Dallas Atlanta P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Expand Atlanta Enter Mi
Slide 24: Invested Across Portfolio; Activating and Repositioning Targeted Assets
VA L U E C R E AT I O N T H R O U G H A C C R E T I V E R E - I N V E S T M E N T Piedmont has Invested P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Across its Portfolio; Activating and Repositioning Targeted Assets Positioned for Growth Creating Value with Low-
Slide 25: Realized Value Creation
VA L U E C R E AT I O N T H R O U G H A C C R E T I V E R E - I N V E S T M E N T Realized Value Creation P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N 999 Peachtree Crescent Ridge II Galleria 600 Three Galleria Tower Atlanta, GA Minneapolis, MN Atlanta, GA Dalla
Slide 26: Value Creation From Redevelopment
VA L U E C R E AT I O N T H R O U G H A C C R E T I V E R E - I N V E S T M E N T Value Creation From Redevelopment Out of service portfolio - YE leased % projected to rise over 60% P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Meridian Excelsior 222 South Orange
Slide 27: Strong Leasing in the Out of Service Portfolio
VA L U E C R E AT I O N T H R O U G H A C C R E T I V E R E - I N V E S T M E N T Strong Leasing in the Out of Service Portfolio Projected 430,000 sf of new leasing in 2025 with stabilization anticipated in late 2026 90% P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I
Slide 28: Case Studies
Case Studies P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N 28
Slide 29: Galleria Towers (Dallas)
CASE STUDIES Galleria Towers (Dallas) Investment Overview • Acquired for $395M ($278/SF) • 88% leased prior to repositioning • $35/SF weighted average rent prior to redevelopment P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Repositioning Strategy The comprehensi
Slide 30: 999 Peachtree
CASE STUDIES 999 Peachtree Investment Overview • Acquired for $224M ($360/SF) • 78% leased prior to repositioning • $36/SF weighted average rent prior to redevelopment P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Repositioning Strategy The comprehensive repositi
Slide 31: Galleria 600
CASE STUDIES Galleria 600 Investment Overview • Acquired for $97M ($219/SF) • 44% leased prior to repositioning • $28/SF weighted average rent prior to redevelopment P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Repositioning Strategy The comprehensive reposition
Slide 32: Galleria 200
CASE STUDIES Galleria 200 Investment Overview • Acquired for $70M ($165/SF) • 81% leased prior to repositioning • $29/SF weighted average rent prior to redevelopment P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N Repositioning Strategy The comprehensive reposition
Slide 33: Commitment & Performance
Commitment & Performance P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N 33
Slide 34: Piedmont Maintains A Conservative, Simple Balance Sheet
FINANCIAL STRENGTH AND FLEXIBILITY Annual Earnings Run Rate Debt Profile Secured, 9% Piedmont Maintains EBITDA $310M–$320M Less: Abatement ($40M - $35M) A Conservative, Less: Interest Expense ($130M - $127M) Simple Balance Sheet Cash Available for CapEx $140M - $158M P I E D M O N T R E A L T Y T R
Slide 35: Environmental Goals
C O M M I T T E D T O A S TA B L E C O M M U N I T Y Portfolio Environmental Goals Accomplishments Committed to Performance by 2030 P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N GRESB Rating 2025 USGBC ENERGY STAR 30% Reduction 30% Reduction Rated in top decile f
Slide 36: Compelling Relative Value Proposition – Value with Growth
PDM TRADING LEVELS Piedmont is a Compelling Relative Value Proposition – Value with Growth P/2026 FFO Estimates1 23.9x P I E D M O N T R E A L T Y T R U S T TM • I N V E S T O R P R E S E N T A T I O N 15.3x 12.5x 12.3x 11.1x 10.4x 10.1x 9.1x 8.9x 8.4x 8.0x 7.7x 5.9x 5.9x 5.6x JBGS VNO FSP KRC CDP H
Slide 37: PIEDMONTREIT.COM
NYSE: PDM NYQ: PDM PIEDMONTREIT.COM P I E D M O N T R E I T. C O M C O R P O R AT E H E A D Q U A R T E R S C O N TA C T 5565 Glenridge Connector, Suite 450 Research Analysts | Institutional Investors Shareholder Services | Transfer Agent Services Atlanta, GA 30342 investor.relations@piedmontreit.co