Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — Q1 2026 Earnings Presentation
36 slides from Piedmont Realty Trust's earnings presentation, May 1, 2026
Slide 1: Wells Fargo Real Estate Securities Conference
Wells Fargo Real Estate Securities Conference May 2026
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 27 Commitment & Performance 32 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 Realty Trust is a fully integrated, self-managed real estate investment company
PIEDMONT OVERVIEW Piedmont Realty TrustTM is a fully integrated, self-managed real estate investment company 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 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 March 31, 2026 In-Service Projects / Out of Service Projects 29 / 3 In-Service / Out of Service Total SF 14.9M / 0.8M 2026 Leased % (In-Service / Out of Service) 89.3% / 75.5% Weighted Average Lease Term P I E D M O N T R E A L T Y T R U S T TM • I N V
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 9% 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% Wa
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) 17% Below Pre-Pandemic Levels; Demand Concentrated in Top Quartile Market 80,000 2018 – 2019 Average: 63M 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: High-Quality Is Driving the Next Phase of Office Demand
OFFICE ENVIRONMENT High -Quality Is Driving the Next Phase of Office Demand Highly amenitized and renovated buildings are well-positioned to capture future demand Demand Is Shifting Out of New Construction Highly Amenitized Office Buildings are Dramatically As new construction fills, renovated asset
Slide 11: Hospitality-Infused Spaces
W H AT ’ S R E S O N AT I N G Hospitality-Infused Spaces 90% of Piedmont 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 Meridian | Minneapolis, MN 11
Slide 12: Amenity-Rich Environments
W H AT ’ S R E S O N AT I N G Amenity-Rich Environments 98% of Piedmont 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 Gal
Slide 13: Room to Breathe
W H AT ’ S R E S O N AT I N G Room to Breathe 84% of Piedmont 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 Gal
Slide 14: Health and Wellness
W H AT ’ S R E S O N AT I N G Health and Wellness 93% of Piedmont 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 | Minneapol
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 Atlanta Streets Alive – Street Chalk Art Community Event “What employee
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: 999 Peachtree | Atlanta, GA
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: Piedmont is Proving That 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 13.2 million square feet (~ 85% of its current total portfolio) 2,430 2,470 2026 2,270 2,250 2,240 2,150 Outlook: Delivering 720 730 760 830 1,030 1,660 1.7 – 2.0M Consistent Results 1,110 260 430 P I E D M O N T R E A L T Y T R U S T TM • I
Slide 20: Spread Between Leased & Commenced
PIEDMONT LEASING PERFORMANCE High volumes of leasing have widened the gap between Leased % and Commenced % … Spread Between Leased & Commenced The spread between 5.0% Leased % and Commenced % 4.0% has widened, leading to 3.0% 1 ~$42 million of annualized 2.0% P I E D M O N T R E A L T Y T R U S T TM
Slide 21: Rental Rates – Piedmont vs the Market
PIEDMONT LEASING PERFORMANCE Rental Rates – Piedmont vs the Market Piedmont’s assets achieve higher rental rates than the submarket average, while offering an attractive discount to new construction Atlanta | Cumberland / Galleria Submarket 1 Orlando | CBD Submarket 1 $70-75 $70-75 P I E D M O N T R
Slide 22: Office Sector 2026 Projected Same Store Cash NOI Growth
PIEDMONT LEASING PERFORMANCE Office Sector 2026 Projected Same Store Cash NOI Growth 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 PDM 4.8% SLG 4.3% CDP 2.8% BDN 1.9% CUZ 1.8% ESRT 1.6% JBGS 1.5% HIW 0.7% BXP 0.5% HPP -0.4% KRC -0.8% DEI -1.3% Source: Green Stree
Slide 23: Portfolio Optimization Through 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 Capital Recycling Targeted Acquisitions Dispositions Capital Rotation Expand Dallas Expand Midtown Atlanta to The Sunbelt Expand Atlanta Enter Midtown 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
Slide 24: Piedmont has Invested Across its 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: 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 - Leased % grown from 8% to 80% 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 Minneapo
Slide 26: 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 Over 550,000 sf of new leasing in 2025 and early 2026; Stabilization anticipated in late 2026 2026 YE Outlook: 90% 85-90% Leased P I E D M O N T R E A L T Y T R U S T TM •
Slide 27: 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 27
Slide 28: Galleria Towers
CASE STUDIES Galleria Towers Investment Overview • Dallas Market / Lower Tollway Submarket • Acquired for $395M ($280/SF) • 88% leased prior to repositioning • $35/SF weighted average rent prior to 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 redevelopment Repos
Slide 29: 999 Peachtree
CASE STUDIES 999 Peachtree Investment Overview • Atlanta Market / Midtown Submarket • Acquired for $224M ($360/SF) • 77% leased prior to repositioning • $36/SF weighted average rent prior to 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 redevelopment Repositionin
Slide 30: Galleria 600
CASE STUDIES Galleria 600 Investment Overview • Atlanta Market / Cumberland Submarket • Acquired for $97M ($220/SF) • 44% leased prior to repositioning • $28/SF weighted average rent prior to 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 redevelopment Repositioni
Slide 31: Galleria 200
CASE STUDIES Galleria 200 Investment Overview • Atlanta Market / Cumberland Submarket • Acquired for $70M ($167/SF) • 81% leased prior to repositioning • $29/SF weighted average rent prior 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 to redevelopment Repositioni
Slide 32: 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 32
Slide 33: Piedmont Maintains A Conservative, Simple Balance Sheet
FINANCIAL STRENGTH AND FLEXIBILITY Annual Earnings Run Rate Debt Profile Secured, 8% Piedmont Maintains EBITDA $310M–$320M Less: Abatement ($40M - $35M) A Conservative, Less: Interest Expense ($128M - $125M) Simple Balance Sheet Cash Available for CapEx $142M - $160M P I E D M O N T R E A L T Y T R
Slide 34: 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 Kingsley Elite 5 30% Reduction 30% Reduction Rated in top dec
Slide 35: Piedmont is a Compelling Relative Value Proposition – Value with Growth
PDM TRADING LEVELS Piedmont is a Compelling Relative Value Proposition – Value with Growth P/2026 FFO Estimates1 20.4x 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 11.3x 9.8x 9.3x 9.2x 8.7x 8.4x 7.6x 6.9x 6.4x 5.6x 5.4x JBGS CDP KRC SLG HPP CUZ BXP DEI HIW ESRT
Slide 36: 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
Piedmont Office Realty Trust — Q1 2026 Earnings Presentation on 6ix