--- title: "Piedmont Realty Trust | 8-K: FY2026 Q1 Revenue: USD 143.29 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284829854.md" datetime: "2026-04-30T20:23:28.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284829854.md) - [en](https://longbridge.com/en/news/284829854.md) - [zh-HK](https://longbridge.com/zh-HK/news/284829854.md) --- # Piedmont Realty Trust | 8-K: FY2026 Q1 Revenue: USD 143.29 M Revenue: As of FY2026 Q1, the actual value is USD 143.29 M. EPS: As of FY2026 Q1, the actual value is USD -0.1, missing the estimate of USD -0.0321. EBIT: As of FY2026 Q1, the actual value is USD 50.69 M. #### Net Loss Piedmont Realty Trust, Inc. recognized a net loss of - $12,920 thousand for the first quarter of 2026, compared to a net loss of - $10,104 thousand for the first quarter of 2025. #### Funds From Operations (FFO) NAREIT FFO applicable to common stock was $46,018 thousand for the first quarter of 2026, an increase from $45,033 thousand for the same period in 2025. Core FFO applicable to common stock was $46,018 thousand in the first quarter of 2026, up from $45,533 thousand in the first quarter of 2025. #### Adjusted Funds From Operations (AFFO) Adjusted FFO applicable to common stock was $23,842 thousand for the first quarter of 2026, compared to $23,489 thousand for the first quarter of 2025. #### Same Store Net Operating Income (NOI) Same Store NOI on a cash basis increased by 11.1% for the three months ended March 31, 2026, while on an accrual basis, it increased by 1.9%. #### Segment Revenue Total revenues for the first quarter of 2026 were $143,294 thousand, a slight increase from $142,686 thousand in the first quarter of 2025. #### Operating Costs and Expenses Property operating costs decreased to $57,306 thousand in Q1 2026 from $57,914 thousand in Q1 2025. Depreciation expense increased by 7.7% to $44,027 thousand in Q1 2026 from $40,893 thousand in Q1 2025, while amortization decreased to $15,263 thousand from $15,421 thousand. General and administrative expenses were $7,909 thousand in Q1 2026, compared to $7,563 thousand in Q1 2025. #### Other Financial Metrics Interest expense, net of interest income, increased to $31,897 thousand in Q1 2026 from $31,282 thousand in Q1 2025. Piedmont Realty Trust, Inc. recorded no gain on the sale of real estate assets in Q1 2026, compared to $789 thousand in Q1 2025, and no loss on early extinguishment of debt in Q1 2026, compared to $500 thousand in Q1 2025. Core EBITDA for Q1 2026 was $78,304 thousand, up from $77,605 thousand in Q1 2025. #### Operational Metrics Piedmont Realty Trust, Inc. completed approximately 431,000 square feet of leasing, with 293,000 square feet attributed to new tenant leasing. The cash rent roll up was 11.1%, and the accrual rent roll up was 17.8% for leases executed for spaces vacant one year or less. The in-service portfolio was 89.3% leased as of March 31, 2026, a slight decrease from 89.6% as of December 31, 2025. The out-of-service portfolio was 75.5% leased as of March 31, 2026, an increase from 62.4% as of December 31, 2025. As of March 31, 2026, Piedmont Realty Trust, Inc. had approximately 1.0 million square feet of executed leases for vacant space yet to commence, representing about $42 million in future additional annual cash rents. Additionally, approximately 0.9 million square feet of executed leases were under rental abatement, representing about $26 million in future additional annual cash rents. Piedmont Realty Trust, Inc. entered into a binding contract to sell a 10.6-acre undeveloped land parcel for $12.0 million, with the transaction expected to close later in 2026. #### Balance Sheet Metrics Cash and cash equivalents were $2,279 thousand as of March 31, 2026, increasing from $731 thousand as of December 31, 2025. Total assets stood at $4,033,931 thousand, compared to $4,031,354 thousand. Total debt was $2,252,351 thousand as of March 31, 2026, an increase from $2,224,712 thousand as of December 31, 2025. The weighted average cost of debt decreased to 5.51% from 5.58%. The ratio of net principal amount of debt to total gross assets less cash and cash equivalents was 40.1%, a slight decrease from 40.2%. The average net debt to Core EBITDA (trailing twelve months) remained stable at 7.2x for both periods. As of March 31, 2026, Piedmont Realty Trust, Inc. had approximately $526 million of capacity on its revolving line of credit and no debt maturity requirements until 2028. #### Outlook for 2026 Piedmont Realty Trust, Inc. is increasing and narrowing its outlook for the year ending December 31, 2026, anticipating a net loss between - $45 million and - $42 million. NAREIT and Core FFO applicable to common stock are projected to be between $189 million and $196 million, or $1.49 to $1.54 per diluted share. The company expects 1.7 to 2.0 million square feet of executed leasing, leading to an anticipated year-end leased percentage for the in-service portfolio of 89.5% to 90.5%, with Same Store NOI expected to increase by 4% to 7% on both a cash and accrual basis. ### Related Stocks - [PDM.US](https://longbridge.com/en/quote/PDM.US.md) ## Related News & Research - [PDM: Raised 2026 outlook as strong leasing and record rents drive NOI and FFO growth](https://longbridge.com/en/news/294145172.md) - [Piedmont Realty Trust (PDM) Projected to Post Earnings on Tuesday](https://longbridge.com/en/news/293318094.md) - [Baxter Q2 2026 Earnings Preview](https://longbridge.com/en/news/294224876.md) - [Bessemer Group Inc. Has $3.12 Million Stock Position in Piedmont Realty Trust, Inc. $PDM](https://longbridge.com/en/news/293436714.md) - [Ciena's Q3 2026 Earnings: What to Expect](https://longbridge.com/en/news/293952665.md)