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Dec 31, 2025
Piedmont Q4 2025 Earnings Report
Piedmont Realty Trust reported its earnings for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Piedmont Realty Trust experienced a phenomenal year in 2025, achieving its highest leasing volume in a decade, with accelerating demand across all markets. The company reported a net loss of $43.2 million for Q4 2025, reflecting elevated interest expense and a significant loss on early extinguishment of debt. Despite the net loss, the company saw an increase in its in-service portfolio's leased percentage and record-high rental rates in Sunbelt markets.
Piedmont recognized a net loss of $43.2 million, or $0.35 per diluted share, for the fourth quarter of 2025.
The company completed approximately 679,000 square feet of leasing during the fourth quarter, contributing to approximately 2.5 million square feet for the year, the most since 2015.
Same Store NOI increased by 2.2% on a cash basis and decreased by 0.6% on an accrual basis for the three months ended December 31, 2025.
The leased percentage for the in-service portfolio increased to 89.6% as of December 31, 2025, up 120 bps from the previous year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Piedmont Realty Trust is introducing initial guidance for the year ending December 31, 2026, projecting a net loss between $44 million and $48 million, with Core FFO per diluted share expected to be between $1.47 and $1.53.
Positive Outlook
- Anticipated increase in year-end leased percentage for the in-service portfolio to 89.5% to 90.5%.
- Stabilization of out-of-service assets with an expected 85-90% year-end leased percentage.
- Lower interest expense due to refinancing activity completed in late 2025.
- Same Store NOI increase of 3% to 6% on both cash and accrual basis.
- Executed leasing for approximately 1.7 to 2.0 million square feet.
Challenges Ahead
- Projected net loss between $44 million and $48 million.
- Potential dilution due to increase in weighted average shares outstanding.
- Increase in general and administrative costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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