Revenue: As of FY2025, the actual value is USD 564.99 M, beating the estimate of USD 561.56 M.EPS: As of FY2025, the actual value is USD -0.67, missing the estimate of USD -0.37.EBIT: As of FY2025, the actual value is USD 207.45 M.<h3>Overall Portfolio Overview</h3>As of December 31, 2025, Piedmont Realty Trust, Inc. owned and operated 29 in-service projects, totaling approximately 14.9 million square feet and 89.6% leased, and three redevelopment projects, which were approximately 62% leased . Over 70% of Piedmont Realty Trust, Inc.’s Annualized Lease Revenue (ALR) is generated from its Sunbelt markets . The average lease size was approximately 14,000 square feet with an average lease term remaining of six years . No single tenant accounted for more than 5% of the company’s ALR .Annualized Lease Revenue (ALR) for the in-service portfolio was $578.7 million, or $43.31 per leased square foot, as of December 31, 2025, compared to $567.3 million, or $41.91 per leased square foot, as of December 31, 2024 . Approximately 99% of the in-service portfolio had achieved BOMA 360 designation, and Piedmont Realty Trust, Inc. maintained an approximate 65% tenant retention rate over the past five years .<h3>Environmental Sustainability Metrics</h3>As of December 31, 2025, approximately 83% of the portfolio was ENERGY STAR rated, 74% was LEED certified, and 63% was certified LEED gold .<h3>Segmented Property Statistics (as of December 31, 2025)</h3><ul><li>Atlanta: ALR $185,462 thousand, 4,731 thousand rentable square feet, 32.0% of total ALR, 94.4% leased .</li><li>Dallas: ALR $114,331 thousand, 2,821 thousand rentable square feet, 19.7% of total ALR, 93.2% leased .</li><li>Orlando: ALR $67,671 thousand, 1,754 thousand rentable square feet, 11.7% of total ALR, 94.4% leased .</li><li>Northern Virginia / Washington, D.C.: ALR $57,111 thousand, 1,584 thousand rentable square feet, 9.9% of total ALR, 69.1% leased .</li><li>New York: ALR $54,946 thousand, 1,047 thousand rentable square feet, 9.5% of total ALR, 92.7% leased .</li><li>Minneapolis: ALR $44,431 thousand, 1,434 thousand rentable square feet, 7.7% of total ALR, 83.5% leased .</li><li>Boston: ALR $34,079 thousand, 936 thousand rentable square feet, 5.9% of total ALR, 84.6% leased .</li><li>Other: ALR $20,691 thousand, 614 thousand rentable square feet, 3.6% of total ALR, 91.2% leased .</li></ul><h3>Lease Expirations (In-Service Office Portfolio) as of December 31, 2025</h3>For 2025, $2,938 thousand ALR (0.5% of total ALR) is set to expire . In 2026, $55,048 thousand ALR (9.5% of total ALR) is due, while 2027 sees $56,136 thousand ALR (9.7% of total ALR) expiring . Lease expirations continue through 2037 and thereafter, with varying percentages of total ALR .<h3>Net Operating Income (NOI) by Geographic Segment</h3><ul><li>Atlanta: Increased to $116,007 thousand in 2025 from $110,715 thousand in 2024 .</li><li>Dallas: Decreased to $60,743 thousand in 2025 from $62,332 thousand in 2024 .</li><li>Orlando: Increased to $39,026 thousand in 2025 from $33,860 thousand in 2024 .</li><li>Northern Virginia/Washington, D.C.: Decreased to $28,610 thousand in 2025 from $34,086 thousand in 2024 .</li><li>Minneapolis: Decreased to $23,300 thousand in 2025 from $23,553 thousand in 2024 .</li><li>New York: Increased to $31,634 thousand in 2025 from $30,200 thousand in 2024 .</li><li>Boston: Decreased to $25,669 thousand in 2025 from $28,296 thousand in 2024 .</li><li>Other: Decreased to $12,238 thousand in 2025 from $12,498 thousand in 2024 .</li><li>Total Property NOI: Increased to $337,227 thousand in 2025 from $335,540 thousand in 2024 .</li></ul><h3>Same Store Net Operating Income (NOI)</h3>Same Store NOI on a cash basis increased by 0.2% to $297,199 thousand for the year ended December 31, 2025, compared to the prior year . On an accrual basis, Same Store NOI increased by 1.8% to $333,834 thousand for the same period .<h3>Revenue</h3>Total Revenues for 2025 were $565.0 million, a decrease from $570.3 million in 2024 . Rental and Tenant Reimbursement Revenue decreased by $6.1 million in 2025 compared to 2024, primarily due to dispositions and lower tenant reimbursement revenue, partially offset by rental rate roll-ups and new leases . Property Management Fee Revenue decreased by $1.4 million, while Other Property Related Income increased by $2.2 million in 2025 .<h3>Expenses</h3>Property Operating Costs decreased by $6.2 million in 2025 compared to 2024, due to reduced property tax expense and project dispositions . Depreciation increased by $9.6 million, and Amortization decreased by $9.2 million in 2025 . No impairment charges were recognized in 2025, compared to $33.8 million in 2024 . General and Administrative expenses decreased by $4.8 million in 2025, mainly due to the non-recurrence of executive separation costs from 2024 .<h3>Other Income (Expense)</h3>Interest Expense increased by $5.0 million in 2025 compared to 2024 . A Loss on Early Extinguishment of Debt of $37.8 million was recorded in 2025, primarily from repurchasing $312.7 million of unsecured senior notes . A gain of $2.0 million was recognized from the Sale of Real Estate Assets in 2025 .<h3>Net Loss Applicable to Piedmont Realty Trust, Inc.</h3>Piedmont Realty Trust, Inc. reported a Net Loss of -$83.6 million in 2025, compared to -$79.1 million in 2024 .<h3>Funds From Operations (FFO)</h3>NAREIT FFO per diluted share was $1.11 in 2025, down from $1.44 in 2024, primarily due to the loss on early extinguishment of debt, increased interest expense, and the sale of four projects . Core FFO per diluted share was $1.41 in 2025, compared to $1.49 in 2024, also affected by increased interest expense and project sales . AFFO applicable to common stock was $84,943 thousand in 2025, a decrease from $96,906 thousand in 2024 .<h3>Capital Expenditures</h3>Capital expenditures for redevelopment/renovations were $58,858 thousand in 2025, down from $96,790 thousand in 2024 . Other capital expenditures, including building and tenant improvements, totaled $98,383 thousand in 2025, compared to $115,318 thousand in 2024 . Total capital expenditures were $157,241 thousand in 2025, a decrease from $212,108 thousand in 2024 .<h3>Cash Flow from Operating Activities</h3>Net cash provided by operating activities was $140,565 thousand in 2025, compared to $198,112 thousand in 2024 .<h3>Debt Metrics (as of December 31, 2025)</h3>Total Outstanding Indebtedness was approximately $2.2 billion, including $188.8 million of mortgage debt . Piedmont Realty Trust, Inc. had $553 million available under its $600 Million Unsecured 2022 Line of Credit, with no required debt maturities until 2028 . The weighted-average interest rate was approximately 5.58% in 2025, down from 6.01% in 2024 . Interest Payments were approximately $141.5 million in 2025, and Capitalized Interest was approximately $10.9 million .<h3>Outlook / Guidance</h3>Piedmont Realty Trust, Inc. plans to use cash on hand, operating cash flows, proceeds from property dispositions, and borrowings from its $600 Million Unsecured 2022 Line of Credit for immediate liquidity, expecting sufficient liquidity for the foreseeable future . The company intends to resume quarterly distributions to stockholders in the future, with the amount and form dependent on cash generation, future cash flow expectations, debt repayment, and capital requirements . Piedmont Realty Trust, Inc. will continue to operate to maintain its REIT status .

Piedmont Realty Trust | 10-K: FY2025 Revenue Beats Estimate at USD 564.99 M