Q4 2025 Piedmont Realty Trust Inc Earnings Call Transcript

Feb 12, 2026 / 02:00 PM GMT

Release Date Price: $7.82 (-7.78%)

Transcript 10-K8-K

Key Points

Positve

Piedmont Realty Trust Inc (PDM) achieved a record leasing volume in 2025, leasing 2.5 million square feet, which is the most in over a decade.
The company experienced a significant increase in rental rates, with a 12% and 21% increase on a cash and accrual basis respectively during the fourth quarter.
Piedmont's portfolio has been generating positive cash flow and NOI growth for five consecutive years, with expectations for continued growth in 2026.
The company successfully completed 28 full floor or larger transactions in 2025, indicating strong demand for its properties.
Piedmont's strategic focus on recently renovated, well-located, amenity-rich properties has allowed for material rental rate increases and positions the company for sustainable earnings growth.

Negative

Core FFO per diluted share decreased from $0.37 in Q4 2024 to $0.35 in Q4 2025, partly due to asset sales and higher net interest expenses.
The company faces challenges in certain markets, such as Boston and Washington D.C., where absorption has been slower.
Despite strong leasing activity, there are still select pockets of structural vacancy in weaker markets.
The disposition of certain non-core assets, such as those in Houston, has been met with weak market receptivity.
Piedmont's guidance does not include speculative acquisitions or dispositions, which could impact future financial performance if not realized.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PDM.N - Piedmont Realty Trust Inc
Q4 2025 Piedmont Realty Trust Inc Earnings Call
Feb 12, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Piedmont Realty Trust Incorporated 4th quarter 2025 earnings conference call.

At this time, all participants are on a listen-only mode, and a question-and-answer session will follow the formal presentation.

If anyone should require operator assistance during the conference, please press 0 on your telephone keypad.

And please note this conference is being recorded.

I will now turn the conference over to your host, Ms. Laura Moon, Chief Accounting Officer for Piedmont Realty Trust. Ma'am, the floor is yours.

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Unidentified_2 [2]
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