Piedmont Realty Trust Reports Fourth Quarter and Annual 2025 Results

Quarterly Earnings Release and Supplemental Information December 31, 2025

Published on Feb. 11, 2026

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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 results for the quarter and year ended December 31, 2025. The Company recognized a net loss of $43.2 million, or $0.35 per diluted share, for the fourth quarter of 2025, as compared to a net loss of $30.0 million, or $0.24 per diluted share, for the fourth quarter of 2024. Core FFO, which removes gain/loss on sale of real estate assets, impairment charges, loss on early extinguishment of debt and executive separation costs, as well as depreciation and amortization, was $0.35 per diluted share for the fourth quarter of 2025, as compared to $0.37 per diluted share for the fourth quarter of 2024.

Why it matters

Piedmont Realty Trust's quarterly and annual results provide insight into the performance of the company's real estate portfolio and operations. The report highlights key metrics such as net income, FFO, leasing activity, and occupancy rates, which are important indicators of the company's financial health and ability to generate returns for shareholders. The results also shed light on broader trends in the commercial real estate market, particularly in the office sector, which has been impacted by shifts in work patterns and tenant demand.

The details

Piedmont Realty Trust reported a net loss of $43.2 million, or $0.35 per diluted share, for the fourth quarter of 2025, compared to a net loss of $30.0 million, or $0.24 per diluted share, in the same period of 2024. The higher net loss was primarily due to a $29.8 million loss on early extinguishment of debt and elevated interest expense. Core FFO, which excludes certain one-time items, was $0.35 per diluted share in Q4 2025, down from $0.37 per diluted share in Q4 2024. The company completed 679,000 square feet of leasing in Q4 2025, bringing the full-year total to 2.5 million square feet, the highest level since 2015. Rental rates on new leases increased 11.9% on a cash basis and 20.5% on an accrual basis. The company's in-service portfolio was 89.6% leased as of December 31, 2025, up from 88.4% a year earlier.

  • The results are for the quarter and year ended December 31, 2025.
  • The company reported the results on February 11, 2026.

The players

Piedmont Realty Trust, Inc.

A real estate investment trust (REIT) that owns Class A office properties primarily located in major U.S. Sunbelt markets.

Brent Smith

Piedmont's President and Chief Executive Officer.

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What they’re saying

“2025 was a phenomenal year for Piedmont from a leasing perspective - our highest volume in a decade. As the year progressed, we experienced accelerating demand across all our markets as our renovated buildings and customer-centric placemaking mindset resonated with clients.”

— Brent Smith, President and Chief Executive Officer (Piedmont Realty Trust)

The takeaway

Piedmont Realty Trust's strong leasing performance in 2025, with over 2.5 million square feet of new leases signed, demonstrates the company's ability to adapt to changing tenant preferences and drive occupancy in its office portfolio. However, the company's bottom line was impacted by higher interest expenses and one-time charges, highlighting the ongoing challenges facing the office real estate sector as it navigates shifts in work patterns and economic conditions.