Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — Q2 2025 Earnings Presentation
41 slides from Piedmont Realty Trust's earnings presentation, Jul 29, 2025
Slide 1: Earnings Release & Supplemental Information Q2 2025
Earnings Release & Supplemental Information Q2 | 2025 piedmontreit.com
Slide 2: Earnings Release and Supplemental Information Index
Piedmont Realty TrustTM Earnings Release and Supplemental Information Index Page Page Introduction Diversification Tables Forward-Looking Statements 3 Tenant Diversification 30 Earnings Release 4 Tenant Credit Rating & Lease Distribution 31 Company Information 8 Industry Diversification 32 Research
Slide 3: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Ac
Slide 4: Piedmont Realty Trust Reports Second Quarter 2025 Results
Piedmont Realty TrustTM Earnings Release Piedmont Realty Trust Reports Second Quarter 2025 Results ATLANTA, July 28, 2025 — Piedmont Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its
Slide 5: Piedmont recognized a net loss of $16.8 million
• Piedmont recognized a net loss of $16.8 million, or $0.14 per diluted share, for the second quarter of 2025, as compared to a net loss of $9.8 million, or $0.08 per diluted share, for the second quarter of 2024. The second quarter of 2025 includes a $7.5 million loss on early extinguishment of deb
Slide 6: Balance sheet, transactional activity and ESG highlights
• During the three months ended June 30, 2025, the Company repurchased approximately $67.5 million of the aggregate principal amount of its 9.25% Senior Unsecured Notes Due 2028. The repurchase resulted in a $7.5 million loss on early extinguishment of debt, which is included in the Company's statem
Slide 7: 2025 Guidance and Assumptions
Property Operation Assumptions: • Executed leasing for the year of approximately 2.2 to 2.4 million square feet resulting in an increase in the anticipated year-end leased percentage for the Company's in- service portfolio to approximately 89-90%, exclusive of any speculative acquisition or disposit
Slide 8: Company Information
Piedmont Realty TrustTM Company Information Piedmont Realty TrustTM (NYSE: PDM), also referred to herein as "Piedmont" or the "Company", is a fully integrated, self-managed real estate company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of 16
Slide 9: Research Coverage
Piedmont Realty TrustTM Research Coverage Equity Research Coverage Dylan Burzinski Anthony Paolone, CFA Nicholas Thillman Michael Lewis, CFA Green Street JP Morgan Robert W. Baird & Co. Truist Securities 100 Bayview Circle, Suite 400 383 Madison Avenue, 32nd Floor 777 East Wisconsin Avenue 50 Hudson
Slide 10: Portfolio Statistics & Key Performance Indicators
Piedmont Realty TrustTM Portfolio Statistics & Key Performance Indicators Unaudited (in thousands except for per share data and ratios) This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciation, and Amor
Slide 11: Portfolio Statistics & Key Performance Indicators (continued)
Piedmont Office Realty Trust, Inc. Portfolio Statistics & Key Performance Indicators (continued) Unaudited (in thousands except for per share data and ratios) Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Ratios for Debt Holders Core EBITDA to total revenues 54.8 % 54.4 % 54.
Slide 12: Consolidated Balance Sheets
Piedmont Realty TrustTM Consolidated Balance Sheets Unaudited (in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Assets: Real estate assets, at cost: Land $ 545,101 $ 550,724 $ 552,744 $ 552,744 $ 552,744 Buildings and improvements 3,911,368 3,918,373 3,894,804 3,815,948 3,791,196 Bui
Slide 13: Consolidated Statements of Income
Piedmont Realty TrustTM Consolidated Statements of Income Unaudited (in thousands except for per share data) Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Revenues: (1) Rental income $ 111,130 $ 111,776 $ 111,169 $ 109,393 $ 111,581 Tenant reimbursements 22,824 24,288 24,312
Slide 14: Consolidated Statements of Income
Piedmont Realty TrustTM Consolidated Statements of Income Unaudited (in thousands except for per share data) Three Months Ended Six Months Ended 6/30/2025 6/30/2024 Change ($) Change (%) 6/30/2025 6/30/2024 Change ($) Change (%) Revenues: (1) Rental income $ 111,130 $ 111,581 $ (451) (0.4)% $ 222,90
Slide 15: Funds From Operations, Core FFO and Adjusted FFO
Piedmont Realty TrustTM Funds From Operations, Core Funds From Operations and Adjusted Funds From Operations Unaudited (in thousands except for per share data) Three Months Ended Six Months Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 GAAP net income (loss) applicable to common stock $ (16,808) $ (
Slide 16: Same Store Net Operating Income (Cash Basis)
Piedmont Realty TrustTM Same Store Net Operating Income (Cash Basis) Unaudited (in thousands) Three Months Ended Six Months Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 Net income (loss) applicable to Piedmont $ (16,808) $ (9,809) $ (26,912) $ (37,572) Net income (loss) applicable to noncontrolling
Slide 17: Same Store Net Operating Income (Accrual Basis)
Piedmont Realty TrustTM Same Store Net Operating Income (Accrual Basis) Unaudited (in thousands) Three Months Ended Six Months Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 Net income (loss) applicable to Piedmont $ (16,808) $ (9,809) $ (26,912) $ (37,572) Net income (loss) applicable to noncontroll
Slide 18: Same Store Net Operating Income (Financial Components)
Piedmont Realty TrustTM Same Store Net Operating Income (Financial Components) Unaudited (in thousands) Three Months Ended Six Months Ended 6/30/2025 6/30/2024 Change ($) Change (%) 6/30/2025 6/30/2024 Change ($) Change (%) Revenue Cash rental income $ 99,240 $ 100,242 $ (1,002) (1.0)% $ 197,479 $ 2
Slide 19: Debt Summary
Piedmont Realty TrustTM Debt Summary As of June 30, 2025 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Principal Weighted Average Weighted Average Floating Rate Debt Outstanding Interest Rate Maturity 6.9% Fixed Rate $2,048,101 6.02% 48.5 months Floating Rate 151,000 5.60% 60.0 months F
Slide 20: Debt Detail
Piedmont Realty TrustTM Debt Detail As of June 30, 2025 Unaudited ($ in thousands) Principal Facility Stated Rate (1) Effective Rate (2) Maturity Date Outstanding (3) Secured Debt Fixed-Rate Mortgage (1180 Peachtree) 4.10% 4.10% Fixed 10/1/2028 190,641 Secured Subtotal / Weighted Average Interest Ra
Slide 21: Debt Covenants & Ratios for Debt Holders
Piedmont Realty TrustTM Debt Covenants & Ratios for Debt Holders As of June 30, 2025 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Maximum leverage ratio 0.60 0.47 0.48 0.44 0.42 0.41 (2) Minimum fixed charge coverage ratio
Slide 22: Leased Percentage
Piedmont Realty TrustTM Leased Percentage (in thousands) Three Months Ended Three Months Ended June 30, 2025 June 30, 2024 Leased Rentable Percent Leased Rentable Percent Square Footage Square Footage Leased (1) Square Footage Square Footage Leased (1) As of March 31, 20xx 13,426 15,241 88.1 % 14,08
Slide 23: Rental Rate Roll Up / Roll Down
Piedmont Realty TrustTM Rental Rate Roll Up / Roll Down Three Months Ended June 30, 2025 Square Feet % of Total Signed % of Rentable % Change % Change (in thousands) During Period Square Footage Cash Rents (1) Accrual Rents (2) Leases executed for spaces vacant one year or less 131 18.4% 0.9% 7.3% 1
Slide 24: Contractual Tenant Improvements and Leasing Commissions
Piedmont Realty TrustTM Contractual Tenant Improvements and Leasing Commissions For the Year Ended 2021 to 2025 Three Months Ended Six Months Ended June 30, 2025 June 30, 2025 (Weighted Average) 2024 (2) 2023 (3) 2022 2021 Total Leasing Transactions Square feet (1) 708,645 1,071,420 2,428,246 2,239,
Slide 25: Net Effective Rents
Piedmont Realty TrustTM Net Effective Rents Three Months Ended Five Quarter 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Average (1) Leasing activity included in net effective rent analysis Renewal leasing square footage (in 000s) 124 162 301 159 615 272 New tenant leasing square footage (in 0
Slide 26: Future Contractual Income Sources
Piedmont Realty TrustTM Future Contractual Income Sources As of June 30, 2025 Uncommenced Leases for Vacant Space (1) (730,000 square feet representing $28.6 million in future annual cash rent) Square Feet Estimated Lease New / Major Leases (by Industry) Project Market Space Status Leased Commenceme
Slide 27: Lease Expiration Schedule
Piedmont Realty TrustTM Lease Expiration Schedule As of June 30, 2025 (in thousands) Percentage of Percentage of Annualized Lease Annualized Lease Rentable Rentable Expiration Year Revenue (1) Revenue (%) Square Footage Square Footage (%) Vacant $— — 1,693 11.4 2025 (2) 24,851 4.4 630 4.2 2026 63,25
Slide 28: Lease Expirations by Quarter
Piedmont Realty TrustTM Lease Expirations by Quarter As of June 30, 2025 (in thousands) Q3 2025 (1) Q4 2025 Q1 2026 Q2 2026 Expiring Expiring Expiring Expiring Square Expiring Lease Square Expiring Lease Square Expiring Lease Square Expiring Lease Location Footage Revenue (2) Footage Revenue (2) Foo
Slide 29: Lease Expirations by Year
Piedmont Realty TrustTM Lease Expirations by Year As of June 30, 2025 (in thousands) 12/31/2025 (1) 12/31/2026 12/31/2027 12/31/2028 12/31/2029 Expiring Expiring Expiring Expiring Expiring Expiring Expiring Expiring Expiring Expiring Square Lease Square Lease Square Lease Square Lease Square Lease L
Slide 30: Tenant Diversification
Piedmont Realty TrustTM Tenant Diversification As of June 30, 2025 Tenants Contributing 1% or More to Annualized Lease Revenue Lease Term Annualized Percentage of Leased Percentage of Credit Rating (1) Number of Remaining Lease Revenue Annualized Lease Square Footage Leased Tenant S&P / Moody's Prop
Slide 31: Tenant Credit Rating & Lease Distribution
Piedmont Realty TrustTM Tenant Credit Rating & Lease Distribution As of June 30, 2025 Tenant Credit Rating Annualized Percentage of Rating Level (1) Lease Revenue Annualized Lease S&P / Moody's (in thousands) Revenue (%) AAA / Aaa $15,013 2.6 AA / Aa 80,830 14.2 A/A 56,987 10.0 BBB / Baa 60,162 10.6
Slide 32: Industry Diversification
Piedmont Realty TrustTM Industry Diversification As of June 30, 2025 ($ and square footage in thousands) Percentage of Leased Percentage Number of Percentage of Total Annualized Lease Annualized Lease Square of Leased Industry Tenants Tenants (%) Revenue (ALR) Revenue (%) Footage Square Footage (%)
Slide 33: Geographic Diversification
Piedmont Realty TrustTM Geographic Diversification As of June 30, 2025 ($ and square footage in thousands) Percentage of Percentage of Number of Annualized Annualized Lease Rentable Rentable Square Leased Square Location Projects Lease Revenue Revenue (%) Square Footage Footage (%) Footage Percent L
Slide 34: Geographic Diversification by Location Type
Piedmont Realty TrustTM Geographic Diversification by Location Type As of June 30, 2025 (square footage in thousands) CBD URBAN INFILL / SUBURBAN TOTAL Percentage Percentage Percentage of Percentage of Percentage of Percentage Annualized of Rentable Annualized of Rentable Annualized of Rentable Leas
Slide 35: Portfolio Detail
Piedmont Realty TrustTM Portfolio Detail As of June 30, 2025 (in thousands) Percent Percent Annualized Energy Star LEED BOMA 360 Percent Number of Rentable Square Percent Commenced Economic Lease In-Service Assets Certification Certification Certification Ownership Buildings Footage Owned Leased Lea
Slide 36: In-Service Assets (continued) Out-of-Service Redevelopment Projects
Percent Percent Annualized Energy Star LEED BOMA 360 Percent Number of Rentable Square Percent Commenced Economic Lease In-Service Assets (continued) Certification Certification Certification Ownership Buildings Footage Owned Leased Leased Leased (1) Revenues Northern Virginia / Washington, D.C. 425
Slide 37: Property Investment Activity and Land Holdings
Piedmont Realty TrustTM Property Investment Activity and Land Holdings As of June 30, 2025 Acquisitions Completed During Prior Year and Current Year None Dispositions Completed During Prior Year and Current Year Percent Square Feet Sale Price Property Market / Submarket Disposition Period Ownership
Slide 38: Definitions
Piedmont Realty TrustTM Definitions Included below are definitions of various terms used throughout this supplemental report, including definitions of certain non-GAAP financial measures and the reasons why the Company’s management believes these measures provide useful information to investors abou
Slide 39: Funds From Operations, Core FFO, and AFFO Reconciliations
Piedmont Realty TrustTM Funds From Operations, Core Funds From Operations, and Adjusted Funds From Operations Reconciliations Unaudited (in thousands) Three Months Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 GAAP net income (loss) applicable to commo
Slide 40: Same Store Net Operating Income (Cash Basis)
Piedmont Realty TrustTM Same Store Net Operating Income (Cash Basis) Unaudited (in thousands) Three Months Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net income (loss) applicable to Piedmont $ (16,808) $ (10,104) $ (29,978) $ (11,519) $ (9,809) $ (2
Slide 41: Piedmont Realty Trust
» PIEDMONT REALTY TRUST™ Corporate Headquarters 5565 Glenridge Connector, Suite 450 Atlanta, GA 30342 T: 770.418.8800 piedmontreit.com Research Analysts | Institutional Investors T: 770.418.8592 E: investor.relations@piedmontreit.com Shareholder Services | Transfer Agent Services Computershare, Inc.
Piedmont Office Realty Trust — Q2 2025 Earnings Presentation on 6ix