# EDGAR Filing Document

**Accession Number:** 0001042776
**File Stem:** 0001042776-25-000139
**Filing Date:** 2025-7
**Character Count:** 145200
**Document Hash:** 22c730b3cb5ce92c338d6b41780d0891
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001042776-25-000139.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001042776-25-000139

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250728

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Piedmont Realty Trust, Inc.
- **CENTRAL INDEX KEY:** 0001042776
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 582328421
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34626
- **FILM NUMBER:** 251155865

**BUSINESS ADDRESS:**
- **STREET 1:** 5565 GLENRIDGE CONNECTOR
- **STREET 2:** STE 450
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30342
- **BUSINESS PHONE:** 7704188800

**MAIL ADDRESS:**
- **STREET 1:** 5565 GLENRIDGE CONNECTOR
- **STREET 2:** STE 450
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30342

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Piedmont Office Realty Trust, Inc.
- **DATE OF NAME CHANGE:** 20070809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS REAL ESTATE INVESTMENT TRUST INC
- **DATE OF NAME CHANGE:** 19980515

?xml version='1.0' encoding='ASCII'? pdm-20250728

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): July 28, 2025** 

**Piedmont Realty Trust, Inc.** 

**(Exact name of registrant as specified in its charter)** 

**Commission File Number: 001-34626** 

---

| | |
|:---|:---|
| **Maryland** | **58-2328421** |
| **(State or other jurisdiction of** | **(IRS Employer** |
| **incorporation)** | **Identification No.)** |

---

**5565 Glenridge Connector Ste. 450**

**Atlanta, Georgia 30342** 

**(Address of principal executive offices, including zip code)** 

**(770) 418-8800** 

**(Registrant's telephone number, including area code)** 

**Not applicable**

**(Former name or former address, if changed since last report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value | PDM | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.□

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On July 28, 2025, Piedmont Realty Trust, Inc. (the "Registrant") issued an earnings release and supplemental information announcing its financial results for the second quarter 2025 and published the earnings release and supplemental information for the second quarter 2025 to its website under Investor Relations. The earnings release and the supplemental information are attached hereto as Exhibit 99.1, and are incorporated herein by reference. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibits and the information set forth therein are deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) <u>Exhibits</u>:

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Piedmont Realty Trust, Inc. Earnings Release and Supplemental Information for Second Quarter 2025](pdm63025ex991q22025ersuppl.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | Piedmont Realty Trust, Inc. |
| | | | (Registrant) |
| Dated: | July 28, 2025 | By: | /s/ Sherry L. Rexroad |
|  |  |  | Sherry L. Rexroad |
|  |  |  | Chief Financial Officer and Executive Vice President |

---

## Exhibit 99.1

**EXHIBIT 99.1**

------

![a074_2025xq2x2025supplemenb.jpg](a074_2025xq2x2025supplemenb.jpg)

------

**Piedmont Realty Trust**<sup>TM</sup>

**Earnings Release and Supplemental Information**

**Index**

---

| | | | |
|:---|:---|:---|:---|
| | **Page** | | **Page** |
| **Introduction** | | **Diversification Tables** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward-Looking Statements | <u>[3](#i6ee392ea7e9c4b26ad170cd3e09cf647_10)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Tenant Diversification | <u>[30](#i6ee392ea7e9c4b26ad170cd3e09cf647_76)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings Release | <u>[4](#i6ee392ea7e9c4b26ad170cd3e09cf647_13)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Tenant Credit Rating & Lease Distribution | <u>[31](#i6ee392ea7e9c4b26ad170cd3e09cf647_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Company Information | <u>[8](#i6ee392ea7e9c4b26ad170cd3e09cf647_16)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Industry Diversification | <u>[32](#i6ee392ea7e9c4b26ad170cd3e09cf647_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Research Coverage | <u>[9](#i6ee392ea7e9c4b26ad170cd3e09cf647_19)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Geographic Diversification | <u>[33](#i6ee392ea7e9c4b26ad170cd3e09cf647_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Statistics & Key Performance Indicators | <u>[10](#i6ee392ea7e9c4b26ad170cd3e09cf647_28)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Geographic Diversification by Location Type | <u>[34](#i6ee392ea7e9c4b26ad170cd3e09cf647_88)</u> |
| **Financials** |  | **Portfolio Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | <u>[12](#i6ee392ea7e9c4b26ad170cd3e09cf647_34)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Detail | <u>[35](#i6ee392ea7e9c4b26ad170cd3e09cf647_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Income | <u>[13](#i6ee392ea7e9c4b26ad170cd3e09cf647_37)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Property Investment Activity and Land Holdings | <u>[37](#i6ee392ea7e9c4b26ad170cd3e09cf647_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds From Operations & Adjusted Funds From Operations | <u>[15](#i6ee392ea7e9c4b26ad170cd3e09cf647_40)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store Net Operating Income | <u>[16](#i6ee392ea7e9c4b26ad170cd3e09cf647_43)</u> | **Supporting Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Summary | <u>[19](#i6ee392ea7e9c4b26ad170cd3e09cf647_46)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Definitions | <u>[38](#i6ee392ea7e9c4b26ad170cd3e09cf647_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Detail | <u>[20](#i6ee392ea7e9c4b26ad170cd3e09cf647_49)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliations | <u>[39](#i6ee392ea7e9c4b26ad170cd3e09cf647_100)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Covenants & Ratios | <u>[21](#i6ee392ea7e9c4b26ad170cd3e09cf647_52)</u> |  |  |
| **Operational & Leasing Information** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased Percentage | <u>[22](#i6ee392ea7e9c4b26ad170cd3e09cf647_55)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental Rate Roll Up / Roll Down | <u>[23](#i6ee392ea7e9c4b26ad170cd3e09cf647_58)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contractual Tenant Improvements & Leasing Commissions | <u>[24](#i6ee392ea7e9c4b26ad170cd3e09cf647_61)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Effective Rents | <u>[25](#i6ee392ea7e9c4b26ad170cd3e09cf647_826)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases Yet to Commence and Abatements | <u>[26](#i6ee392ea7e9c4b26ad170cd3e09cf647_64)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease Expiration Schedule | <u>[27](#i6ee392ea7e9c4b26ad170cd3e09cf647_67)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarterly Lease Expirations | <u>[28](#i6ee392ea7e9c4b26ad170cd3e09cf647_70)</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual Lease Expirations | <u>[29](#i6ee392ea7e9c4b26ad170cd3e09cf647_73)</u> |  |  |

---

---

| |
|:---|
| **<u>Notice to Readers:</u>** |
| Please refer to page <u>[3](#i6ee392ea7e9c4b26ad170cd3e09cf647_10)</u> for a discussion of important risks related to the business of Piedmont Realty Trust<sup>TM</sup>, as well as an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information. Considering these risks, uncertainties, assumptions, and limitations, the forward-looking statements about leasing, financial operations, leasing prospects, acquisitions, dispositions, etc. contained in this quarterly supplemental information report may differ from actual results. |
| Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. In addition, many of the schedules herein contain rounding to the nearest thousands or millions and, therefore, the schedules may not total due to this rounding convention. |
| To supplement the presentation of the Company's financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this report contains certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, AFFO, Same Store NOI, Property NOI, EBITDAre and Core EBITDA. Definitions and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included beginning on page <u>[38](#i6ee392ea7e9c4b26ad170cd3e09cf647_97)</u>. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company's results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs. The Company may also change the calculation of any of the non-GAAP measures included in this report from time to time in light of its then existing operations. |

---

------

**Forward-Looking Statements** 

Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. Therefore, such statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or similar words or phrases that indicate predictions of future events or trends or that do not relate solely to historical matters. Examples of such statements in this press release include the Company's estimated range of Net Income/(Loss), Depreciation, Amortization, NAREIT FFO, Core FFO and Core FFO per diluted share for the year ending December 31, 2025. These statements are based on beliefs and assumptions of Piedmont's management, which in turn are based on information available at the time the statements are made.

The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic, regulatory, socio-economic (including work from home and "hybrid" work policies), technological (e.g. artificial intelligence and machine learning, virtual meeting platforms, etc.), and other changes that impact the real estate market generally, the office sector or the patterns of use of commercial office space in general, or the markets where we primarily operate or have high concentrations of revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lease terminations, lease defaults, lease contractions, or changes in the financial condition of our tenants, particularly by one of our large tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impairment charges on our long-lived assets or goodwill resulting therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The success of our real estate strategies and investment objectives, including our ability to implement successful redevelopment and development strategies or identify and consummate suitable acquisitions and divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The illiquidity of real estate investments, including economic changes, such as rising interest rates, costs of construction, improvements and redevelopments, and available financing, which could impact the number of buyers/sellers of our target properties, and regulatory restrictions to which real estate investment trusts ("REITs") are subject and the resulting impediment on our ability to quickly respond to adverse changes in the performance of our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The risks and uncertainties associated with our acquisition and disposition of properties, many of which risks and uncertainties may not be known at the time of acquisition or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development and construction delays, including the potential of supply chain disruptions, and resultant increased costs and risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future acts of terrorism, civil unrest, or armed hostilities in any of the major metropolitan areas in which we own properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks related to the occurrence of cybersecurity incidents, including cybersecurity incidents against us or any of our properties, vendors, or tenants, or a deficiency in our identification, assessment or management of cybersecurity threats impacting our operations and the public's reaction to reported cybersecurity incidents, including the reputational impact on our business and value of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Costs of complying with governmental laws and regulations, including environmental standards imposed on office building owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uninsured losses or losses in excess of our insurance coverage, and our inability to obtain adequate insurance coverage at a reasonable cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional risks and costs associated with directly managing properties occupied by government tenants, such as potential changes in the political environment, a reduction in federal or state funding of our governmental tenants, government layoffs or an increased risk of default by government tenants during periods in which state or federal governments are shut down or on furlough;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant price and volume fluctuations in the public markets, including on the exchange which we listed our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks associated with incurring mortgage and other indebtedness, including changing capital reserve requirements on our lenders and rising interest rates for new debt financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A downgrade in our credit ratings, the credit ratings of Piedmont Operating Partnership, L.P. ("Piedmont OP") or the credit ratings of our or Piedmont OP's unsecured debt securities, which could, among other effects, trigger an increase in the stated rate of one or more of our unsecured debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effect of future offerings of debt or equity securities on the value of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional risks and costs associated with adverse U.S. global and economic conditions, inflation and potential increases in the rate of inflation, including the impact of a possible recession, uncertainty and volatility in financial markets, and any changes in governmental rules, regulations, and fiscal policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainties associated with environmental and regulatory matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the financial condition of our tenants directly or indirectly resulting from geopolitical developments that could negatively affect important supply chains and international trade, the termination or threatened termination of existing international trade agreements, or the implementation of tariffs or retaliatory tariffs on imported or exported goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effect of any litigation to which we are, or may become, subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional risks and costs associated with owning properties occupied by tenants in particular industries, such as oil and gas, hospitality, travel, co-working, etc., including risks of default during start-up and during economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), or other tax law changes which may adversely affect our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The future effectiveness of our internal controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual or threatened public health epidemics or outbreaks of highly infectious or contagious diseases, as well as immediate and long-term governmental and private measures taken to combat such health crises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other factors, including the risk factor described in Item 1A. of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as well as the risk factors discussed under Item 1A. or our Annual Report on Form 10-K for the year ended December 31, 2024.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

------

**Piedmont Realty Trust**<sup>TM</sup>**&nbsp;&nbsp;&nbsp;&nbsp;**

**Earnings Release**

![piedmontrealtytrust_horizoa.jpg](piedmontrealtytrust_horizoa.jpg)

**Piedmont Realty Trust Reports Second Quarter 2025 Results**

**ATLANTA, July 28, 2025** — 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 ended June 30, 2025.

Commenting on the Company's second quarter results, Brent Smith, Piedmont's President and Chief Executive Officer, said, "Our portfolio of well-located, hospitality-inspired workplaces continues to resonate with the market, resulting in the execution of over 700,000 square feet of leasing during the second quarter and bringing year to date leasing to over one million square feet. Approximately two-thirds of the second quarter leasing volume related to new tenancy, the highest level of quarterly new leasing volume we have seen since 2018, and included some significant new leases in our Dallas, Minneapolis, and Orlando portfolios. Additionally, leases executed during the quarter reflected rental rate roll-ups of approximately 7% and 14% on a cash and accrual basis, respectively, and pushed our leased percentage up 140 basis points year-over-year, positioning the Company to achieve our goal of 89% to 90% leased at year-end 2025. Due to the ongoing leasing success experienced across the portfolio, we are increasing our annual leasing guidance to 2.2 to 2.4 million square feet, an increase of more than 50% compared to our original 2025 guidance that was established at the beginning of the year. It is important to note that the majority of this new leasing is expected to benefit earnings in 2026 and beyond."

**<u>Highlights for the Three and Six Months Ended June 30, 2025:</u>**

**<u>Financial Results:</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *(in 000s other than per share amounts)* | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net loss applicable to Piedmont | $(16808) | $(9809) | $(26912) | $(37572) |
| Net loss per share applicable to common stockholders - basic and diluted | $(0.14) | $(0.08) | $(0.22) | $(0.30) |
| Gain on sale of real estate assets | $1224 | $— | $2013 | $— |
| Loss on early extinguishment of debt | $7500 | $— | $8000 | $386 |
| Impairment charges | $— | $— | $— | $18432 |
| Interest expense, net of interest income | $31922 | $29381 | $63204 | $58995 |
| NAREIT Funds From Operations ("FFO") applicable to common stock | $37012 | $46751 | $82045 | $94118 |
| Core FFO applicable to common stock | $44512 | $46751 | $90045 | $94504 |
| NAREIT FFO per diluted share | $0.30 | $0.37 | $0.66 | $0.76 |
| Core FFO per diluted share | $0.36 | $0.37 | $0.72 | $0.76 |
| Adjusted FFO applicable to common stock | $16241 | $24685 | $39730 | $46393 |
| Same Store NOI - cash basis | (2.0)% |  | (2.2)% |  |
| Same Store NOI - accrual basis | 1.7% |  | 2.3% |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Piedmont recognized a net loss of $16.8 million, or $0.14 per diluted share, for the second quarter of 2025, as compared to a net loss of $9.8 million, or $0.08 per diluted share, for the second quarter of 2024. The second quarter of 2025 includes a $7.5 million loss on early extinguishment of debt related to the repurchase of some of the Company's bonds during the quarter (see Balance Sheet highlights below for further detail), as well as a $1.2 million gain on sale of real estate assets. Both periods reflect elevated interest expense, net of interest income, as a result of refinancing activity completed over the past two years in a higher interest rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO, which removes gain on sale of real estate assets and loss on early extinguishment of debt, as well as depreciation and amortization, was $0.36 per diluted share for the second quarter of 2025, as compared to $0.37 per diluted share for the second quarter of 2024 with the penny decrease attributable to increased interest expense, net of interest income, during the three months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** During the three months ended June 30, 2025, Same Store NOI increased by 1.7% on an accrual basis as the commencement of new leases outweighed expiring leases; however, Same Store NOI decreased 2.0% on a cash basis as certain significant new leases have either not commenced yet or their abatement period has not elapsed.

**<u>Leasing:</u>**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** |
| # of lease transactions | 57 | 114 |
| Total leasing sf *(in 000s)* | 712 | 1075 |
| New tenant leasing sf *(in 000s)* | 468 | 647 |
| Cash rent roll up | 7.3% | 9.2% |
| Accrual rent roll up | 13.6% | 16.7% |
| Leased percentage as of period end | 88.7% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Company completed approximately 712,000 square feet of leasing during the second quarter, two-thirds of which was for new tenant leases and the most new tenant leasing the Company has completed in a quarter since 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average size lease executed during the second quarter was approximately 12,500 square feet and the weighted average lease term was approximately eight years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Rental rates on leases executed during the three months and six months ended June 30, 2025 for space vacant one year or less increased approximately 7.3% and 13.6% on a cash and accrual basis, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Company's leased percentage for its in-service portfolio as of June 30, 2025 was 88.7%, as compared to 88.1% as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** As of June 30, 2025, the Company had approximately 2.0 million square feet of executed leases for vacant space that are yet to commence or are currently under rental abatement, representing approximately $71 million of future additional annual cash rents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Thus far in the third quarter of 2025, leases representing approximately 300,000 square feet have already been executed with another 300,000 square feet in the advanced documentation stage.

**<u>Balance Sheet:</u>**

---

| | | |
|:---|:---|:---|
| *(in 000s except for ratios)* | **June 30, 2025** | **December 31, 2024** |
| Cash and Cash Equivalents | $3314 | $109637 |
| Total Real Estate Assets | $3417231 | $3461239 |
| Total Assets | $3980263 | $4114651 |
| Total Debt | $2177752 | $2222346 |
| Weighted Average Cost of Debt | 5.99% | 6.01% |
| Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents | 40.3% | 39.2% |
| Average Net Debt to Core EBITDA (ttm) | 6.9 x | 6.8 x |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** During the three months ended June 30, 2025, the Company repurchased approximately $67.5 million of the aggregate principal amount of its 9.25% Senior Unsecured Notes Due 2028. The repurchase resulted in a $7.5 million loss on early extinguishment of debt, which is included in the Company's statement of operations for the three months ended June 30, 2025; however, the repurchase is expected to result in total interest savings of $7.5 million, or $2.5 million on an annual basis over the next three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has no debt maturity requirements until 2028.

**<u>Transactional Activity:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended June 30, 2025, the Company sold 80 and 90 Central, a 90% leased, approximately 321,000 square foot, non-strategic project located in Boxborough, MA for approximately $29.5 million and recognized a gain on sale or real estate assets of $1.2 million.

**<u>ESG and Operations:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Six projects: CNL Center I & II, The Exchange, and 400 & 500 TownPark in Orlando, FL; Crescent Ridge II and Norman Pointe I in Minneapolis, MN; and 25 Mall Road in Boston, MA won Regional The Outstanding Building of the Year ("TOBY") awards during the second quarter of 2025 and The Exchange and 25 Mall Road both won at the International level during the third quarter of 2025. These awards are presented by the Building Owners and Managers Association ("BOMA") and recognize excellence in building management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, approximately 85% and 74% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 63% of its portfolio was certified LEED gold.

**<u>Guidance for 2025:</u>**

The Company affirms its previously issued Core FFO guidance for the year ending December 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
| *(in millions, except per share data)* | **Low** | **High** |
| Net loss | $**(54)** | $**(51)** |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | **165** | **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | **58** | **60** |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale | **(2)** | **(2)** |
| NAREIT FFO applicable to common stock | $**167** | $**175** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | **8** | **8** |
| Core FFO applicable to common stock | $**175** | $**183** |
| Core FFO applicable to common stock per diluted share | **$1.38** | **$1.44** |

---

This guidance is based on information available to management as of the date of this release and reflects management's view of current market conditions, including the following specific assumptions and projections:

------

Property Operation Assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed leasing for the year of approximately 2.2 to 2.4 million square feet resulting in an increase in the anticipated year-end leased percentage for the Company's in-service portfolio to approximately 89-90%, exclusive of any speculative acquisition or disposition activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same Store NOI of flat to 3% increase on both a cash and accrual basis for the year;

Financing Assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense (net of interest income) of approximately $127-$129 million as compared to $119 million in 2024, reflecting a full year of higher interest rates as a result of refinancing activity completed by the Company during 2024 and early 2025;

Other Assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expense of approximately $30-$32 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average shares outstanding of approximately 125-126 million.

No speculative acquisitions, dispositions, or refinancing are included in the above guidance. The Company will adjust guidance if such transactions occur.

Note that actual results could differ materially from these estimates and individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of any future dispositions, significant lease commencements and expirations, abatement periods, repairs and maintenance expenses, capital expenditures, capital markets activities, seasonal general and administrative expenses, accrued potential performance-based compensation expense, one-time revenue or expense events, and other factors discussed under "Forward-Looking Statements" above.

**<u>Conference Call Information:</u>**

Piedmont has scheduled a conference call and an audio webcast for Tuesday, July 29, 2025, at 9:00 A.M. Eastern time. The live, listen-only, audio web cast of the call may be accessed on the Company's website at https://investor.piedmontreit.com/news-and-events/event-calendar. Dial-in numbers for analysts who plan to actively participate in the call are (888) 506-0062 for participants in the United States and Canada and (973) 528-0011 for international participants. Participant Access Code is 400825. A replay of the conference call will be available through August 12, 2025, and may be accessed by dialing (877) 481-4010 for participants in the United States and Canada and (919) 882-2331 for international participants, followed by conference identification code 52709. A web cast replay will also be available after the conference call in the Investor Relations section of the Company's website. During the audio web cast and conference call, the Company's management team will review second quarter 2025 performance, discuss recent events, and conduct a question-and-answer period.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Company Information**

Piedmont Realty Trust<sup>TM</sup> (NYSE: PDM), also referred to herein as "Piedmont" or the "Company", is a fully integrated, self-managed real estate company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of 16 million square feet of Class A properties across major U.S. Sunbelt markets, Piedmont is known for its hospitality-driven approach and commitment to transforming buildings into premier "Piedmont PLACEs" that enhance each client's workplace experience. The Company is headquartered in Atlanta, Georgia with local management offices in each of its markets. The Company's senior unsecured notes are investment-grade rated by Moody's, Standard & Poor's and Fitch Ratings. Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com.

---

| | | | |
|:---|:---|:---|:---|
| **Executive Management** | **Executive Management** | **Executive Management** | **Executive Management** |
| &nbsp;&nbsp;**C. Brent Smith** | &nbsp;&nbsp;**Sherry L. Rexroad** | &nbsp;&nbsp;**Laura P. Moon** | &nbsp;&nbsp;**George M. Wells** |
| &nbsp;&nbsp;&nbsp;President, Chief Executive Officer | &nbsp;&nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;&nbsp;Chief Accounting Officer | &nbsp;&nbsp;&nbsp;Chief Operating Officer |
| &nbsp;&nbsp;&nbsp;and Director | &nbsp;&nbsp;&nbsp;and Executive Vice President | &nbsp;&nbsp;&nbsp;and Executive Vice President | &nbsp;&nbsp;&nbsp;and Executive Vice President |
| &nbsp;&nbsp;**Kevin D. Fossum** | &nbsp;&nbsp;**Christopher A. Kollme** | &nbsp;&nbsp;**Damian J. Miller** | &nbsp;&nbsp;**Alex Valente** |
| &nbsp;&nbsp;&nbsp;Executive Vice President, | &nbsp;&nbsp;&nbsp;Executive Vice President, | &nbsp;&nbsp;&nbsp;Executive Vice President, | &nbsp;&nbsp;&nbsp;Executive Vice President, |
| &nbsp;&nbsp;&nbsp;Property Management | &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;Central Region | &nbsp;&nbsp;&nbsp;Southeast Region |
| &nbsp;&nbsp;**Pierre Dait** | &nbsp;&nbsp;**Wade Grace** | &nbsp;&nbsp;**Jennifer Heneisen** | &nbsp;&nbsp;**Lisa M. Tyler** |
| &nbsp;&nbsp;&nbsp;Senior Vice President, | &nbsp;&nbsp;&nbsp;Senior Vice President, | &nbsp;&nbsp;&nbsp;Senior Vice President, | &nbsp;&nbsp;&nbsp;Senior Vice President, |
| &nbsp;&nbsp;&nbsp;Risk Management | &nbsp;&nbsp;&nbsp;Controller | &nbsp;&nbsp;&nbsp;Financial Planning & Analysis | &nbsp;&nbsp;&nbsp;Human Resources |
| **Board of Directors** | **Board of Directors** | **Board of Directors** | **Board of Directors** |
| &nbsp;&nbsp;**Kelly H. Barrett** | &nbsp;&nbsp;**Dale H. Taysom** | &nbsp;&nbsp;**Glenn G. Cohen** | &nbsp;&nbsp;**Barbara B. Lang** |
| &nbsp;&nbsp;&nbsp;Chair of the Board of Directors | &nbsp;&nbsp;&nbsp;Vice Chair of the Board of Directors | &nbsp;&nbsp;&nbsp;Chair of the Compensation Committee | &nbsp;&nbsp;&nbsp;Chair of the Nominating and |
| &nbsp;&nbsp;&nbsp;Chair of the Audit Committee |  | | &nbsp;&nbsp;&nbsp;Corporate Governance Committee |
| &nbsp;&nbsp;**Jeffrey J. Donnelly** | &nbsp;&nbsp;**Deneen L. Donnley** | &nbsp;&nbsp;**Mary Hager** | &nbsp;&nbsp;**Stephen E. Lewis** |
| &nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;Director |
| &nbsp;&nbsp;**C. Brent Smith** |  |  | |
| &nbsp;&nbsp;&nbsp;Director & Chief Executive Officer |  | | |

---

---

| | | | |
|:---|:---|:---|:---|
| **Contact Information** | **Contact Information** | **Contact Information** | **Contact Information** |
| &nbsp;&nbsp;**Corporate <br>Headquarters** | **Research Analysts / <br>Institutional Investors** | **Shareholder Services / <br>Transfer Agent Services** | **Corporate <br>Counsel** |
| &nbsp;&nbsp;&nbsp;5565 Glenridge Connector, Suite 450 | 770.418.8592 | Computershare, Inc. | King & Spalding |
| &nbsp;&nbsp;&nbsp;Atlanta, Georgia 30342 | investor.relations@piedmontreit.com | 866.354.3485 | 1180 Peachtree Street, NE |
| &nbsp;&nbsp;&nbsp;770.418.8800 |  | investor.services@piedmontreit.com | Atlanta, GA 30309 |
| &nbsp;&nbsp;&nbsp;www.piedmontreit.com |  |  | 404.572.4600 |

---

------

**Piedmont Realty Trust**<sup>TM</sup>

**Research Coverage**

---

| | | | |
|:---|:---|:---|:---|
| **Equity Research Coverage** | | | |
| **Dylan Burzinski** | **Anthony Paolone, CFA** | **Nicholas Thillman** | **Michael Lewis, CFA** |
| **Green Street** | **JP Morgan** | **Robert W. Baird & Co.** | **Truist Securities** |
| 100 Bayview Circle, Suite 400 | 383 Madison Avenue, 32nd Floor | 777 East Wisconsin Avenue | 50 Hudson Yards, 69th Floor |
| Newport Beach, CA 92660 | New York, NY 10179 | Milwaukee, WI 53202 | New York, NY 10001 |
| Phone: (949) 640-8780 | Phone: (212) 622-6682 | Phone: (414) 298-5053 | Phone: (212) 319-5659 |

---

---

| |
|:---|
| **Fixed Income Research Coverage** |
| **Mark S. Streeter, CFA** |
| **JP Morgan** |
| 383 Madison Avenue, 3rd Floor |
| New York, NY 10179 |
| Phone: (212) 834-5086 |

---

---

| | |
|:---|:---|
| **Credit Ratings** | |
| &nbsp;&nbsp;**Issuer Credit Ratings:** | &nbsp;&nbsp;**Senior Unsecured Notes Ratings:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baa3 (Moody's), Stable outlook | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baa3 (Moody's) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB+ (Standard & Poor's), Stable outlook | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB- (Standard & Poor's) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB- (Fitch), Stable outlook | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB- (Fitch) |

---

------

**Piedmont Realty Trust**<sup>TM</sup>

**Portfolio Statistics & Key Performance Indicators** 

***Unaudited (in thousands except for per share data and ratios)*** 

This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciation, and Amortization for real estate (EBITDAre), Core Earnings Before Interest, Taxes, Depreciation, and Amortization (Core EBITDA), Funds from Operations (FFO), Core Funds from Operations (Core FFO), Adjusted Funds from Operations (AFFO), and Same Store Net Operating Income (Same Store NOI). Definitions of these non-GAAP measures are provided on page <u>[38](#i6ee392ea7e9c4b26ad170cd3e09cf647_97)</u> and reconciliations are provided beginning on page <u>[39](#i6ee392ea7e9c4b26ad170cd3e09cf647_100)</u>. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Portfolio Statistics:** | | | | | |
| &nbsp;&nbsp;Number of in-service projects <sup>(1)</sup>  | 29 | 30 | 30 | 30 | 31 |
| &nbsp;&nbsp;Rentable in-service square footage <sup>(1)</sup>  | 14923 | 15.241 | 15323 | 15.335 | 15.658 |
| &nbsp;&nbsp;Leased percentage <sup>(2)</sup> | 88.7% | 88.1% | 88.4% | 88.8% | 87.3% |
| &nbsp;&nbsp;Commenced leased percentage | 85.0% | 85.2% | 85.5% | 84.8% | 83.0% |
| &nbsp;&nbsp;Economic leased percentage <sup>(3)</sup> | 78.7% | 77.5% | 80.7% | 80.6% | 78.8% |
| **Leasing Activity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total square feet leased during the period | 712 | 363 | 433 | 461 | 1038 |
| &nbsp;&nbsp;&nbsp;Square feet (new) leased during the period | 468 | 179 | 94 | 205 | 404 |
| &nbsp;&nbsp;&nbsp;Square feet (renewal) leased during the period | 243 | 184 | 339 | 256 | 634 |
| &nbsp;&nbsp;Rental rate roll up / roll down - accrual rents  | 13.6% | 18.6% | 14.7% | 8.5% | 23.0% |
| &nbsp;&nbsp;&nbsp;Rental rate roll up / roll down - cash rents | 7.3% | 10.3% | 11.5% | 4.0% | 15.2% |
| &nbsp;&nbsp;&nbsp;Net effective rent per square foot after capex and opex | $20.78 | $24.29 | $22.65 | $20.28 | $21.12 |
| **Financial Results:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total revenues | $140292 | $142686 | $143231 | $139293 | $143262 |
| &nbsp;&nbsp;&nbsp;Net income (loss) applicable to Piedmont | -$16808 | -$10104 | -$29978 | -$11519 | -$9809 |
| &nbsp;&nbsp;&nbsp;Net income (loss) per share applicable to common stockholders - diluted | -$0.14 | -$0.08 | -$0.24 | -$0.09 | -$0.08 |
| &nbsp;&nbsp;&nbsp;Core EBITDA | $76856 | $77605 | $78455 | $77065 | $76673 |
| &nbsp;&nbsp;&nbsp;Core FFO applicable to common stock | $44512 | $45533 | $46436 | $44627 | $46751 |
| &nbsp;&nbsp;&nbsp;Core FFO per share - diluted | $0.36 | $0.36 | $0.37 | $0.36 | $0.37 |
| &nbsp;&nbsp;&nbsp;AFFO applicable to common stock | $16241 | $23489 | $24576 | $25937 | $24685 |
| &nbsp;&nbsp;Same store net operating income - accrual basis <sup>(4)</sup> | 1.7% | 3.2% | 2.5% | -2.1% | 3.7% |
| &nbsp;&nbsp;Same store net operating income - cash basis <sup>(4)</sup> | -2.0% | -2.0% | 0.9% | -0.8% | 5.7% |
| **Balance Sheet and Capitalization Information:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding - diluted (WASO) | 125178 | 125177 | 125614 | 125675 | 124796 |
| &nbsp;&nbsp;&nbsp;Shares of common stock issued and outstanding at period end | 124492 | 124408 | 124083 | 124000 | 123995 |
| &nbsp;&nbsp;&nbsp;Closing price of common stock at period end | $7.29 | $7.37 | $9.15 | $10.10 | $7.25 |
| &nbsp;&nbsp;Gross regular dividends <sup>(5)</sup> |  | $15536 | $15500 | $15500 | $15499 |
| &nbsp;&nbsp;Regular dividends per share |  | $0.125 | $0.125 | $0.125 | $0.125 |
| &nbsp;&nbsp;&nbsp;Total debt - GAAP | $2177752 | $2186231 | $2222346 | $2221907 | $2221738 |
| &nbsp;&nbsp;&nbsp;Total principal amount of debt outstanding | $2199101 | $2209536 | $2242423 | $2243300 | $2244169 |
| &nbsp;&nbsp;Total net principal amount of debt outstanding <sup>(6)</sup> | $2191286 | $2202902 | $2128541 | $2106333 | $2100347 |
| &nbsp;&nbsp;&nbsp;Total gross real estate assets | $4685403 | $4709785 | $4688113 | $4658663 | $4636715 |
| &nbsp;&nbsp;Equity market capitalization <sup>(7)</sup>  | $907547 | $916887 | $1135360 | $1252399 | $898964 |
| &nbsp;&nbsp;Total market capitalization <sup>(7)</sup> | $3106648 | $3126423 | $3377783 | $3495699 | $3143133 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Piedmont Office Realty Trust, Inc.** | | | | | |
| **Portfolio Statistics & Key Performance Indicators (continued)** | **Portfolio Statistics & Key Performance Indicators (continued)** | | | | |
| ***Unaudited (in thousands except for per share data and ratios)*** | | | | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Ratios for Debt Holders** | | | | | |
| &nbsp;&nbsp;Core EBITDA to total revenues | 54.8% | 54.4% | 54.8% | 55.3% | 53.5% |
| &nbsp;&nbsp;Net principal amount of debt / Total gross assets less cash and cash equivalents <sup>(8)</sup>  | 40.3% | 40.3% | 39.2% | 39.0% | 39.1% |
| &nbsp;&nbsp;Average net principal amount of debt to Core EBITDA - trailing twelve months <sup>(9)</sup> | 6.9 x | 6.9 x | 6.8 x | 6.7 x | 6.6 x |
| &nbsp;&nbsp;Fixed charge coverage ratio <sup>(10)</sup> | 2.1 x | 2.2 x | 2.2 x | 2.1 x | 2.3 x |

---

---

| | |
|:---|:---|
| (1) | As of June 30, 2025, the Company's in-service office portfolio excluded three projects currently held out of service for redevelopment, totaling 788,000 square feet. Additional information on these projects can be found on page <u>[36](#i0e44bfa449af4fa99bf28e7a4302125f_0-0-6-11-209112)</u>. |
| (2) | Refer to page <u>[22](#i6ee392ea7e9c4b26ad170cd3e09cf647_55)</u> for detailed analysis on the Company's leased percentage. |
| (3) | Excludes the square footage associated with tenants currently receiving rental abatements. |
| (4) | Refer to the three pages starting with page <u>[16](#i6ee392ea7e9c4b26ad170cd3e09cf647_43)</u> for reconciliations to net income and additional same store net operating income information. The statistic provided for each of the prior quarters is based on the same store property population applicable at the time that the metric was initially reported.  |
| (5) | Reflects dividends paid in the quarter in which the record date occurred. |
| (6) | Defined as the total principal amount of debt outstanding, minus cash and escrow deposits and restricted cash, all as of the end of the period. |
| (7) | Reflects common stock closing price, shares outstanding and principal amount of debt outstanding as of the end of the reporting period. |
| (8) | Metric shown on a net debt basis to account for certain periods presented that had elevated balances of cash and cash equivalents, escrow deposits and restricted cash to be used primarily for debt retirement in a future period. |
| (9) | Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and escrow deposits and restricted cash during the trailing twelve month period. |
| (10) | Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented). |
|  | The Company recorded principal amortization of $0.9 million for each of the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024. |
|  | The Company recorded capitalized interest of $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, $3.4 million for the quarter ended September 30, 2024, and $3.0 million for the quarter ended June 30, 2024. |

---

------

**Piedmont Realty Trust**<sup>TM</sup>

**Consolidated Balance Sheets**

***Unaudited (in thousands)*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Assets:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate assets, at cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $545101 | $550724 | $552744 | $552744 | $552744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 3911368 | 3918373 | 3894804 | 3815948 | 3791196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements, accumulated depreciation | (1199698) | (1183585) | (1150892) | (1116169) | (1080613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible lease assets | 120726 | 133266 | 136461 | 146005 | 151015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible lease assets, accumulated amortization | (68474) | (77090) | (75982) | (80620) | (80251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 108208 | 107422 | 104104 | 143966 | 115213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate assets held for sale, gross |  |  |  |  | 26547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate assets held for sale, accumulated depreciation & amortization |  |  |  |  | (7821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate assets | 3417231 | 3449110 | 3461239 | 3461874 | 3468030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3314 | 2911 | 109637 | 133624 | 138454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant receivables, net of allowance for doubtful accounts | 4386 | 7026 | 5524 | 6963 | 7619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight line rent receivable | 207025 | 201228 | 193783 | 189904 | 186913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Escrow deposits and restricted cash | 4501 | 3723 | 4245 | 3343 | 5368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 29802 | 29075 | 25792 | 26455 | 25224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 53491 | 53491 | 53491 | 53491 | 53491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 72 | 27 | 671 | 992 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred lease costs, gross | 458839 | 465584 | 464419 | 468385 | 467710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred lease costs, accumulated amortization | (198398) | (208218) | (204150) | (206814) | (201008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets held for sale, gross |  |  |  |  | 4016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets held for sale, accumulated amortization |  |  |  |  | (752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**3980263** | $**4003957** | $**4114651** | $**4138217** | $**4158643** |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured debt, net of discount | $1987111 | $1994695 | $2029923 | $2028607 | $2027569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured debt | 190641 | 191536 | 192423 | 193300 | 194169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses, and accrued capital expenditures | 131104 | 119994 | 164346 | 150648 | 140793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income | 94529 | 104988 | 107030 | 99294 | 100131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible lease liabilities, less accumulated amortization | 28752 | 30720 | 32794 | 35165 | 37657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 116 | 293 | 8 | 1035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **2432253** | **2442226** | **2526524** | **2508049** | **2500319** |
| **Stockholders' equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1245 | 1244 | 1241 | 1240 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 3725769 | 3723373 | 3723680 | 3721423 | 3719419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative distributions in excess of earnings | (2170642) | (2153834) | (2128194) | (2082716) | (2055697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss | (9873) | (10575) | (10123) | (11314) | (8180) |
| **Piedmont stockholders' equity** | **1546499** | **1560208** | **1586604** | **1628633** | **1656782** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 1511 | 1523 | 1523 | 1535 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **1548010** | **1561731** | **1588127** | **1630168** | **1658324** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable common stock and stockholders' equity** | $**3980263** | $**4003957** | $**4114651** | $**4138217** | $**4158643** |

---

------

**Piedmont Realty Trust**<sup>TM</sup>

**Consolidated Statements of Income**

***Unaudited (in thousands except for per share data)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Revenues:** <sup>(1)</sup> | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental income  | $111130 | $111776 | $111169 | $109393 | $111581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant reimbursements  | 22824 | 24288 | 24312 | 23439 | 25089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fee revenue | 81 | 81 | 203 | 896 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property related income | 6257 | 6541 | 7547 | 5565 | 6110 |
|  | **140292** | **142686** | **143231** | **139293** | **143262** |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating costs | 55610 | 57914 | 58605 | 57510 | 58565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 40646 | 40893 | 40150 | 39000 | 38814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 14785 | 15421 | 16422 | 17067 | 18097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  | 15400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative <sup>(2)</sup> | 7960 | 7563 | 12650 | 6809 | 8352 |
|  | **119001** | **121791** | **143227** | **120386** | **123828** |
| **Other income (expense):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (31954) | (31677) | (31629) | (32072) | (29569) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) <sup>(3)</sup> | 133 | 395 | 1648 | 2091 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt  | (7500) | (500) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain / (loss) on sale of real estate assets | 1224 | 789 |  | (445) |  |
| **Net income (loss)** | **(16806)** | **(10098)** | **(29977)** | **(11519)** | **(9807)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net (income) loss applicable to noncontrolling interest | (2) | (6) | (1) |  | (2) |
| **Net income (loss) applicable to Piedmont** | $**(16808)** | $**(10104)** | $**(29978)** | $**(11519)** | $**(9809)** |
| *Weighted average common shares outstanding - basic and diluted* <sup>(4)</sup> | *124459* | *124258* | *124001* | *124000* | *123953* |
| **Net income (loss) per share applicable to common stockholders - basic and diluted** | $**(0.14)** | $**(0.08)** | $**(0.24)** | $**(0.09)** | $**(0.08)** |

---

(1) To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue."

(2) General and administrative expense for the fourth quarter of 2024 included $4.8 million in executive separation costs.

(3) Includes interest income (in thousands) of $133, $395, $1,528, $1,924, and $188 for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

(4) As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Consolidated Statements of Income**

***Unaudited (in thousands except for per share data)*** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **6/30/2025** | **6/30/2024** | **Change ($)** | **Change (%)** | **6/30/2025** | **6/30/2024** | **Change ($)** | **Change (%)** |
| **Revenues:** <sup>(1)</sup> | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental income | $111130 | $111581 | $(451) | (0.4)% | $222906 | $224894 | $(1988) | (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant reimbursements  | 22824 | 25089 | (2265) | (9.0)% | 47112 | 50857 | (3745) | (7.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fee revenue | 81 | 482 | (401) | (83.2)% | 162 | 639 | (477) | (74.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property related income | 6257 | 6110 | 147 | 2.4% | 12798 | 11410 | 1388 | 12.2% |
|  | 140292 | 143262 | (2970) | (2.1)% | 282978 | 287800 | (4822) | (1.7)% |
| **Expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating costs | 55610 | 58565 | 2955 | 5.0% | 113524 | 118009 | 4485 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 40646 | 38814 | (1832) | (4.7)% | 81539 | 77683 | (3856) | (5.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 14785 | 18097 | 3312 | 18.3% | 30206 | 36217 | 6011 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  |  |  | 18432 | 18432 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 7960 | 8352 | 392 | 4.7% | 15523 | 15964 | 441 | 2.8% |
|  | 119001 | 123828 | 4827 | 3.9% | 240792 | 266305 | 25513 | 9.6% |
| **Other income (expense):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (31954) | (29569) | (2385) | (8.1)% | (63631) | (59283) | (4348) | (7.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 133 | 328 | (195) | (59.5)% | 528 | 606 | (78) | (12.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | (7500) |  | (7500) | (100.0)% | (8000) | (386) | (7614) | (1972.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | 1224 |  | 1224 | 100.0% | 2013 |  | 2013 | 100.0% |
| **Net income (loss)** | **(16806)** | **(9807)** | **(6999)** | **(71.4)%** | **(26904)** | **(37568)** | **10664** | **28.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net (income) loss applicable to noncontrolling interest | (2) | (2) |  | —% | (8) | (4) | (4) | (100.0)% |
| **Net income (loss) applicable to Piedmont** | $**(16808)** | $**(9809)** | $**(6999)** | **(71.4)%** | $**(26912)** | $**(37572)** | $**10660** | **28.4%** |
| *Weighted average common shares outstanding - basic and diluted* <sup>(2)</sup> | *124459* | *123953* |  |  | *124359* | *123877* |  |  |
| **Net income (loss) per share applicable to common stockholders - basic and diluted** | $(0.14) | $(0.08) |  |  | $(0.22) | $(0.30) |  |  |

---

(1) To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue."

(2) As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Funds From Operations, Core Funds From Operations and Adjusted Funds From Operations**

***Unaudited (in thousands except for per share data)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **GAAP net income (loss) applicable to common stock** | $**(16808)** | $**(9809)** | $**(26912)** | $**(37572)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of real estate assets | 40266 | 38471 | 80779 | 77057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related costs | 14778 | 18089 | 30191 | 36201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 18432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | (1224) |  | (2013) |  |
| **NAREIT Funds From Operations applicable to common stock** | **37012** | **46751** | **82045** | **94118** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt <sup>(1)</sup> | 7500 |  | 8000 | 386 |
| **Core Funds From Operations applicable to common stock** | **44512** | **46751** | **90045** | **94504** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and discounts on debt | 1574 | 1139 | 3030 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of non real estate assets | 369 | 331 | 738 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line effects of lease revenue | (8968) | (5157) | (18636) | (10445) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation adjustments | 2396 | 2061 | 2451 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related intangibles | (1957) | (2549) | (4019) | (5205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-incremental capital expenditures <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base Building Costs | (10149) | (6087) | (15565) | (19142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant Improvement Costs | (3809) | (2973) | (8438) | (6646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing Commission Costs | (7727) | (8831) | (9876) | (12710) |
| **Adjusted Funds From Operations applicable to common stock** | $**16241** | $**24685** | $**39730** | $**46393** |
| Weighted average common shares outstanding - diluted <sup>(3)</sup> | 125178 | 124796 | 125126 | 124501 |
| NAREIT Funds From Operations per share (diluted) | $0.30 | $0.37 | $0.66 | $0.76 |
| Core Funds From Operations per share (diluted) | $0.36 | $0.37 | $0.72 | $0.76 |

---

(1) During the three months ended June 30, 2025, Piedmont repurchased approximately $67.5 million of the aggregate principal amount of the $600 Million Unsecured Senior Notes due 2028. The premium paid to repurchase the debt, as well as the write-off of the pro-rata share of unamortized debt issuance costs, resulted in the recognition of a $7.5 million loss on early extinguishment of debt.

(2) Non-incremental capital expenditures are defined on page <u>[38](#i6ee392ea7e9c4b26ad170cd3e09cf647_97)</u>.

(3) Includes potential share dilution using the treasury stock method. Such shares are not included when calculating net loss per share applicable to Piedmont as presented on the Consolidated Statements of Income, as they would reduce the loss per share presented.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Same Store Net Operating Income (Cash Basis)**

***Unaudited (in thousands)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Net income (loss) applicable to Piedmont** | $**(16808)** | $**(9809)** | $**(26912)** | $**(37572)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) applicable to noncontrolling interest | 2 | 2 | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 31954 | 29569 | 63631 | 59283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 40635 | 38802 | 81517 | 77660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization  | 14778 | 18089 | 30191 | 36201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization attributable to noncontrolling interests | 19 | 20 | 38 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 18432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | (1224) |  | (2013) |  |
| **EBITDAre** | **69356** | **76673** | **146460** | **154048** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | 7500 |  | 8000 | 386 |
| **Core EBITDA** <sup>(1)</sup> | **76856** | **76673** | **154460** | **154434** |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 7960 | 8352 | 15523 | 15964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee revenue (net) | (77) | (256) | (140) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | (25) | (220) | (312) | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line effects of lease revenue  | (8968) | (5157) | (18636) | (10445) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line effects of lease revenue attributable to noncontrolling interests | (3) |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related intangibles | (1957) | (2549) | (4019) | (5205) |
| **Property net operating income (cash basis)** | **73786** | **76843** | **146872** | **154105** |
| &nbsp;&nbsp;&nbsp;Deduct net operating (income) loss from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions <sup>(2)</sup> | (447) | (1438) | (1670) | (3758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments <sup>(3)</sup> | 92 | (450) | 253 | (1653) |
| **Same store net operating income (cash basis)** | $**73431** | $**74955** | $**145455** | $**148694** |
| *Change period over period* | *(2.0) %* | *N/A* | *(2.2) %* | *N/A* |

---

(1) The Company has historically recognized approximately $2 to $3 million of termination income on an annual basis. Given the size of its asset base and the number of tenants with which it conducts business, Piedmont considers termination income of that magnitude to be a normal part of its operations and a recurring part of its revenue stream; however, the recognition of termination income is typically variable between quarters and throughout any given year and is dependent upon when during the year the Company receives termination notices from tenants. During the three months and six months ended June 30, 2025, Piedmont recognized de minimis termination income, as compared with $0.4 million and $1.0 million, respectively, during the same periods in 2024.

(2) Reflects the dispositions of 80 and 90 Central sold during the second quarter of 2025, 161 Corporate Center sold in the first quarter of 2025, 750 West John Carpenter sold in the third quarter of 2024, and One Lincoln Park sold in the first quarter of 2024.

(3) Reflects three out-of-service redevelopment projects and various land holdings. Additional information on these entities can be found on pages <u>[36](#i0e44bfa449af4fa99bf28e7a4302125f_0-0-6-11-209112)</u> and <u>[37](#i6ee392ea7e9c4b26ad170cd3e09cf647_94)</u>.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Same Store Net Operating Income (Accrual Basis)**

***Unaudited (in thousands)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Net income (loss) applicable to Piedmont** | $**(16808)** | $**(9809)** | $**(26912)** | $**(37572)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) applicable to noncontrolling interest | 2 | 2 | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 31954 | 29569 | 63631 | 59283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation  | 40635 | 38802 | 81517 | 77660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization  | 14778 | 18089 | 30191 | 36201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization attributable to noncontrolling interests | 19 | 20 | 38 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 18432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | (1224) |  | (2013) |  |
| **EBITDAre** | **69356** | **76673** | **146460** | **154048** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | 7500 |  | 8000 | 386 |
| **Core EBITDA** <sup>(1)</sup> | **76856** | **76673** | **154460** | **154434** |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 7960 | 8352 | 15523 | 15964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee revenue (net) | (77) | (256) | (140) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense  | (25) | (220) | (312) | (391) |
| **Property net operating income (accrual basis)** | **84714** | **84549** | **169531** | **169755** |
| &nbsp;&nbsp;&nbsp;Deduct net operating (income) loss from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions <sup>(2)</sup> | (659) | (1379) | (1780) | (3920) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments <sup>(3)</sup> | 31 | (530) | 81 | (1816) |
| **Same store net operating income (accrual basis)** | $**84086** | $**82640** | $**167832** | $**164019** |
| *Change period over period* | *1.7 %* | *N/A* | *2.3 %* | *N/A* |

---

(1) The Company has historically recognized approximately $2 to $3 million of termination income on an annual basis. Given the size of its asset base and the number of tenants with which it conducts business, Piedmont considers termination income of that magnitude to be a normal part of its operations and a recurring part of its revenue stream; however, the recognition of termination income is typically variable between quarters and throughout any given year and is dependent upon when during the year the Company receives termination notices from tenants. During the three months and six months ended June 30, 2025, Piedmont recognized de minimis termination income, as compared with $0.4 million and $1.0 million, respectively, during the same periods in 2024.

(2) Reflects the dispositions of 80 and 90 Central sold during the second quarter of 2025, 161 Corporate Center sold in the first quarter of 2025, 750 West John Carpenter sold in the third quarter of 2024, and One Lincoln Park sold in the first quarter of 2024.

(3) Reflects three out-of-service redevelopment projects and various land holdings. Additional information on these entities can be found on pages <u>[36](#i0e44bfa449af4fa99bf28e7a4302125f_0-0-6-11-209112)</u> and <u>[37](#i6ee392ea7e9c4b26ad170cd3e09cf647_94)</u>.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Same Store Net Operating Income (Financial Components)**

***Unaudited (in thousands)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **6/30/2025** | **6/30/2024** | **Change ($)** | **Change (%)** | **6/30/2025** | **6/30/2024** | **Change ($)** | **Change (%)** |
| **Revenue** | | | | | | | | |
| Cash rental income | $99240 | $100242 | $(1002) | (1.0)% | $197479 | $200561 | $(3082) | (1.5)% |
| Tenant reimbursements | 22382 | 23310 | (928) | (4.0)% | 46031 | 46504 | (473) | (1.0)% |
| Straight line effects of lease revenue | 8699 | 5136 | 3563 | 69.4% | 18359 | 10120 | 8239 | 81.4% |
| Amortization of lease-related intangibles | 1956 | 2549 | (593) | (23.3)% | 4018 | 5205 | (1187) | (22.8)% |
| &nbsp;&nbsp;**Total rents** | **132277** | **131237** | **1040** | **0.8%** | **265887** | **262390** | **3497** | **1.3%** |
| Other property related income | 6224 | 6303 | (79) | (1.3)% | 12725 | 11696 | 1029 | 8.8% |
| **Total revenue** | **138501** | **137540** | **961** | **0.7%** | **278612** | **274086** | **4526** | **1.7%** |
| **Property operating expense** | **54523** | **55008** | **485** | **0.9%** | **110995** | **110283** | **(712)** | **(0.6)%** |
| Property other income (expense) | 108 | 108 |  | —% | 215 | 216 | (1) | (0.5)% |
| **Same store net operating income (accrual)** | $**84086** | $**82640** | $**1446** | **1.7%** | $**167832** | $**164019** | $**3813** | **2.3%** |
| **Less:** |  |  |  |  |  |  |  |  |
| Straight line effects of lease revenue | (8699) | (5136) | (3563) | (69.4)% | (18359) | (10120) | (8239) | (81.4)% |
| Amortization of lease-related intangibles | (1956) | (2549) | 593 | 23.3% | (4018) | (5205) | 1187 | 22.8% |
| **Same store net operating income (cash)** | $**73431** | $**74955** | $**(1524)** | **(2.0)%** | $**145455** | $**148694** | $**(3239)** | **(2.2)%** |

---

------

**Piedmont Realty Trust**<sup>TM</sup>

**Debt Summary**

**As of June 30, 2025** 

***Unaudited ($ in thousands)***

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate & Fixed Rate Debt** | **Floating Rate & Fixed Rate Debt** | **Floating Rate & Fixed Rate Debt** | **Floating Rate & Fixed Rate Debt** |
| **Debt** | **Principal**<br>**Outstanding** | **Weighted Average** <br>**Interest Rate** | **Weighted Average**<br>**Maturity** |
| Fixed Rate | $2048101 | 6.02% | 48.5 months |
| Floating Rate | 151000 | 5.60% | 60.0 months |
| **Total** | **$2199101** | **5.99%** | **49.3 months** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![chart-1e768e0ee5574ecbb82a.jpg](chart-1e768e0ee5574ecbb82a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Unsecured & Secured Debt** | **Unsecured & Secured Debt** | **Unsecured & Secured Debt** | **Unsecured & Secured Debt** |
| **Debt** | **Principal**<br>**Outstanding** | **Weighted Average** <br>**Interest Rate** | **Weighted Average**<br>**Maturity** |
| Unsecured | $2008460 | 6.17% | 50.2 months |
| Secured <sup>(1)</sup>  | 190641 | 4.10% | 39.1 months |
| **Total** | **$2199101** | **5.99%** | **49.3 months** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![chart-62bfdd53ef8a4ae2bd8a.jpg](chart-62bfdd53ef8a4ae2bd8a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt Maturities** <sup>(2)</sup>  | **Debt Maturities** <sup>(2)</sup>  | **Debt Maturities** <sup>(2)</sup>  | **Debt Maturities** <sup>(2)</sup>  | **Debt Maturities** <sup>(2)</sup>  |
| **Maturity** <br>**Year**  | **Secured Principal Outstanding** | **Unsecured Principal Outstanding** | **Weighted Average**<br>**Interest Rate**  | **Percentage of** <br>**Total Debt**  |
| 2025 | $— | $— |  |  |
| 2026 |  |  |  |  |
| 2027 |  |  |  |  |
| 2028 | 190641 | 857460 | 7.14% | 47.7% |
| 2029 |  | 400000 | 7.11% | 18.2% |
| 2030 |  | 451000 | 4.47% | 20.5% |
| 2031 |  |  |  |  |
| 2032 |  | 300000 | 2.78% | 13.6% |
| **Total** | **$190641** | **$2008460** | **5.99%** | **100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;![chart-7959831f3d8e4c3fba5a.jpg](chart-7959831f3d8e4c3fba5a.jpg)

(1) All outstanding debt as of June 30, 2025 was interest-only with the exception of the amortizing fixed-rate mortgage associated with the 1180 Peachtree asset.

(2) For loans that provide extension options conditional upon proper notice to the loan's administrative agent and the payment of an extension fee, the final extended maturity date is reflected.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Debt Detail**

**As of June 30, 2025** 

***Unaudited ($ in thousands)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Facility** | **Stated Rate** <sup>(1)</sup> | **Effective Rate** <sup>(2)</sup> | | **Maturity Date** | **Principal Outstanding** <sup>(3)</sup> |
| **Secured Debt** | | | | | |
| Fixed-Rate Mortgage (1180 Peachtree) | 4.10% | 4.10% | Fixed | 10/1/2028 | 190641 |
| **Secured Subtotal / Weighted Average Interest Rate** |  | **4.10%** |  |  | $**190641** |
| **Unsecured Debt** |  |  |  |  |  |
| $325 Million Unsecured 2024 Term Loan <sup>(4)</sup> | SOFR + 1.30% | 5.48% | Fixed | 1/29/2028 | 325000 |
| $600 Million Unsecured 2023 Senior Notes <sup>(5)</sup> | 9.25% | 9.25% | Fixed | 7/20/2028 | 532460 |
| $400 Million Unsecured 2024 Senior Notes | 6.88% | 7.11% | Fixed | 7/15/2029 | 400000 |
| $600 Million Unsecured Line of Credit <sup>(6)</sup> | SOFR + 1.05% | 5.60% | Floating | 6/30/2030 | 151000 |
| $300 Million Unsecured 2020 Senior Notes | 3.15% | 3.90% | Fixed | 8/15/2030 | 300000 |
| $300 Million Unsecured 2021 Senior Notes | 2.75% | 2.78% | Fixed | 4/1/2032 | 300000 |
| **Unsecured Subtotal / Weighted Average Interest Rate** |  | **6.17%** |  |  | $**2008460** |
| **Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate** |  | **5.99%** |  |  | $**2199101** |
| GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs |  |  |  |  | (21349) |
| **Total Debt - GAAP** |  |  |  |  | $**2177752** |
| Less: Cash, cash equivalents, and restricted cash and escrows |  |  |  |  | 7815 |
| **Total Net Debt - Principal Amount Outstanding** |  |  |  |  | $**2191286** |

---

(1) The all-in stated interest rates for the SOFR selections are comprised of the relevant adjusted SOFR (calculated as the base SOFR plus a fixed adjustment of 0.10%) and is subject to an additional spread over the selected rate based on Piedmont's current credit rating, as defined in the respective loan agreement.

(2) The effective rates reflect the consideration of settled or in-place interest rate swap agreements and issuance discounts.

(3) All outstanding debt at period end was interest-only with the exception of the amortizing fixed-rate mortgage.

(4) The $325 million unsecured term loan has a stated variable interest rate; however, Piedmont has entered into multiple interest rate swap agreements which effectively fixes the entire facility through February 1, 2026. The loan has an initial maturity date of January 29, 2027 with two six-month extension options for a final maturity date of January 29, 2028; provided that Piedmont is not then in default and upon payment of extension fees.

(5) During the second quarter of 2025, Piedmont repurchased approximately $67.5 million of its $600 Million Unsecured 2023 Senior Notes, using availability on the $600 Million Unsecured Line of Credit and cash on hand.

(6) Piedmont may select from multiple interest rate options with each draw under the revolving credit facility, including the prime rate and various SOFR selections. The facility has an initial maturity date of June 30, 2028 with two one-year extension options for a final maturity date of June 30, 2030; provided that Piedmont is not then in default and upon payment of extension fees.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Debt Covenants & Ratios for Debt Holders**

**As of June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

***Unaudited***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>**Bank Debt Covenant Compliance** <sup>(1)</sup> |<br>**Required** | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| Maximum leverage ratio | 0.60 | 0.47 | 0.48 | 0.44 | 0.42 | 0.41 |
| Minimum fixed charge coverage ratio <sup>(2)</sup> | 1.50 | 2.15 | 2.21 | 2.24 | 2.35 | 2.49 |
| Maximum secured indebtedness ratio | 0.40 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Minimum unencumbered leverage ratio | 1.60 | 2.13 | 2.12 | 2.31 | 2.33 | 2.37 |
| Minimum unencumbered interest coverage ratio <sup>(3)</sup> | 1.75 | 2.17 | 2.22 | 2.30 | 2.40 | 2.57 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>**Bond Covenant Compliance** <sup>(4)</sup> |<br>**Required** | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| Total debt to total assets | 60% or less | 46.8% | 46.8% | 46.6% | 46.7% | 46.8% |
| Secured debt to total assets | 40% or less | 4.1% | 4.1% | 4.0% | 4.0% | 4.1% |
| Ratio of consolidated EBITDA to interest expense | 1.50 or greater | 2.53 | 2.58 | 2.57 | 2.70 | 2.85 |
| Unencumbered assets to unsecured debt | 150% or greater | 212% | 212% | 213% | 212% | 212% |

---

---

| | | |
|:---|:---|:---|
|<br>**Other Debt Coverage Ratios for Debt Holders** | **Twelve Months Ended**<br>**June 30, 2025** | **Twelve Months Ended**<br>**December 31, 2024** |
| Average net principal amount of debt to Core EBITDA <sup>(5)</sup> | 6.9 x | 6.8 x |
| Fixed charge coverage ratio <sup>(6)</sup> | 2.1 x | 2.2 x |
| Interest coverage ratio <sup>(7)</sup> | 2.2 x | 2.3 x |

---

---

| | |
|:---|:---|
| (1) | Bank debt covenant compliance calculations relate to the most restrictive of the specific calculations detailed in the relevant credit agreements. Please refer to such agreements for relevant defined terms. |
| (2) | Defined as EBITDA for the trailing four quarters (including the Company's share of EBITDA from unconsolidated interests), excluding one-time or non-recurring gains or losses, less a $0.15 per square foot capital reserve, and excluding the impact of straight line rent leveling adjustments and amortization of intangibles divided by the Company's share of fixed charges, as more particularly described in the credit agreements. This definition of fixed charge coverage ratio as prescribed by our credit agreements is different from the fixed charge coverage ratio definition employed elsewhere within this report. |
| (3) | Defined as net operating income for the trailing four quarters for unencumbered assets (including the Company's share of net operating income from partially-owned entities and subsidiaries that are deemed to be unencumbered) less a $0.15 per square foot capital reserve divided by the Company's share of interest expense associated with unsecured financings only, as more particularly described in the credit agreements. |
| (4) | Bond covenant compliance calculations relate to specific calculations prescribed in the relevant debt agreements. Please refer to the Indenture and the First Supplemental Indenture dated March 6, 2014, the Second Supplemental Indenture dated August 12, 2020, the Third Supplemental Indenture dated September 20, 2021, the Fourth Supplemental Indenture dated July 20, 2023, and the Fifth Supplemental Indenture dated June 25, 2024 for defined terms and detailed information about the calculations**.** |
| (5) | Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and escrow deposits and restricted cash during the trailing twelve month period. |
| (6) | Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented). |
|  | The Company recorded principal amortization of $0.9 million for each of the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024. |
|  | The Company recorded capitalized interest of $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, $3.4 million for the quarter ended September 30, 2024, and $3.0 million for the quarter ended June 30, 2024. |
| (7) | Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, $3.4 million for the quarter ended September 30, 2024, and $3.0 million for the quarter ended June 30, 2024. |

---

------

**Piedmont Realty Trust**<sup>TM</sup>

**Leased Percentage** 

***(in thousands)*** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **Leased**<br>**Square Footage** | **Rentable**<br>**Square Footage** | **Percent**<br>**Leased** <sup>(1)</sup> | **Leased**<br>**Square Footage** | **Rentable**<br>**Square Footage** | **Percent**<br>**Leased** <sup>(1)</sup> |
| **As of March 31, 20xx** | **13426** | **15241** | **88.1%** | **14085** | **16037** | **87.8%** |
| &nbsp;&nbsp;&nbsp;Total leases signed during period | 712 |  |  | 1038 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Less:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Lease renewals signed during period | (243) |  |  | (633) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New leases signed during period for spaces currently occupied or out of service | (245) |  |  | (213) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leases expired during period and other | (122) | 4 |  | (578) | 18 |  |
| **Subtotal** | **13528** | **15245** | **88.7%** | **13699** | **16055** | **85.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and properties placed in service during period <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions and properties taken out of service during period <sup>(2)</sup> | (298) | (322) |  | (30) | (397) |  |
| **As of June 30, 20xx** | **13230** | **14923** | **88.7%** | **13669** | **15658** | **87.3%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **Leased**<br>**Square Footage** | **Rentable**<br>**Square Footage** | **Percent**<br>**Leased** <sup>(1)</sup> | **Leased**<br>**Square Footage** | **Rentable**<br>**Square Footage** | **Percent**<br>**Leased** <sup>(1)</sup> |
| **As of December 31, 20xx** | **13538** | **15323** | **88.4%** | **14426** | **16563** | **87.1%** |
| &nbsp;&nbsp;&nbsp;Total leases signed during period | 1075 |  |  | 1538 |  |  |
| &nbsp;&nbsp;*Less:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Lease renewals signed during period | (427) |  |  | (805) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases signed during period for spaces currently occupied or out of service | (297) |  |  | (233) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leases expired during period and other | (296) | 27 |  | (970) | 8 |  |
| **Subtotal** | **13593** | **15350** | **88.6%** | **13956** | **16571** | **84.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and properties placed in service during period <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions and properties taken out of service during period <sup>(2)</sup> | (363) | (427) |  | (287) | (913) |  |
| **As of June 30, 20xx** | **13230** | **14923** | **88.7%** | **13669** | **15658** | **87.3%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Same Store Analysis** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Less acquisitions and dispositions after June 30, 2024<br>and out-of-service redevelopments <sup>(2)</sup>  |  |  | —% | (505) | (744) | 67.9% |
| **Same Store Leased Percentage as of June 30, 20xx** | **13230** | **14923** | **88.7%** | **13164** | **14914** | **88.3%** |

---

(1) Calculated as the square footage of commenced leases plus the square footage of uncommenced leases for spaces vacant as of period end, divided by total rentable in-service square footage at period end.

(2) For information on acquisitions, dispositions and current out of service assets that are excluded from the same store population, please refer to pages <u>[36](#i0e44bfa449af4fa99bf28e7a4302125f_0-0-6-11-209112)</u> and <u>[37](#i6ee392ea7e9c4b26ad170cd3e09cf647_94)</u>.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Rental Rate Roll Up / Roll Down** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Square Feet<br>(in thousands)** | **% of Total Signed During Period** | **% of Rentable<br>Square Footage** | **% Change**<br>**Cash Rents** <sup>(1)</sup>  | **% Change**<br>**Accrual Rents** <sup>(2)</sup> |
| Leases executed for spaces vacant one year or less | 131 | 18.4% | 0.9% | 7.3% | 13.6% |
| Leases executed for spaces excluded from analysis <sup>(3)</sup> | 581 | 81.6% |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Square Feet<br>(in thousands)** | **% of Total Signed<br>During Period** | **% of Rentable<br>Square Footage** | **% Change**<br>**Cash Rents** <sup>(1)</sup>  | **% Change**<br>**Accrual Rents** <sup>(2)</sup> |
| Leases executed for spaces vacant one year or less  | 354 | 32.9% | 2.4% | 9.2% | 16.7% |
| Leases executed for spaces excluded from analysis <sup>(3)</sup> | 721 | 67.1% |  |  |  |

---

(1) Calculation compares the last twelve months of cash paying rents of the previous lease to the first twelve months of cash paying rents of the new lease.

(2) Calculation compares the accrual basis rents of the previous lease to the accrual basis rents of the new leases. For newly signed leases which have variations in accrual basis rents, whether because of known future expansions, contractions, lease expense recovery structure changes, or other similar reasons, the weighted average of such varying accrual basis rents is used for the calculation.

(3) Leases are excluded from the above analyses if: (1) the space has been vacant for more than one year, (2) the lease term is less than one year, (3) the lease is associated with storage space, retail space, a management office, or a percentage rent agreement, or (4) the lease is associated with a recently acquired asset for which there is less than one year of operating history.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Contractual Tenant Improvements and Leasing Commissions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>June 30, 2025** | **Six Months Ended <br>June 30, 2025** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **2021 to 2025**<br>*(Weighted Average)* |
|  | **Three Months Ended <br>June 30, 2025** | **Six Months Ended <br>June 30, 2025** | **2024** <sup>(2)</sup> | **2023** <sup>(3)</sup> | **2022** | **2021** | **2021 to 2025**<br>*(Weighted Average)* |
| **Total Leasing Transactions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Square feet <sup>(1)</sup> | 708645 | 1071420 | 2428246 | 2239797 | 2142852 | 2247366 | 10129681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements per square foot per year of lease term  | $4.85 | $4.62 | $3.70 | $3.80 | $3.22 | $2.78 | $3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing commissions per square foot per year of lease term  | $2.67 | $2.82 | $2.31 | $2.21 | $2.22 | $1.67 | $2.20 |
| **Total per square foot per year of lease term** | $7.52 | $7.44 | $6.01 | $6.01 | $5.44 | $4.45 | $5.76 |
| **Less Adjustment for Commitment Expirations** <sup>(4)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired tenant improvements (not paid out) <br>per square foot per year of lease term | -$0.79 | -$0.72 | -$0.34 | -$0.79 | -$0.10 | -$0.20 | -$0.43 |
| **Adjusted total per square foot per year of lease term** | $6.73 | $6.72 | $5.67 | $5.22 | $5.34 | $4.25 | $5.33 |

---

(1) Excludes leasing transactions associated with storage and license spaces.

(2) Tenant improvement and leasing commission amounts presented for the twelve months ended December 31, 2024 include a 101,500 square foot 11-year lease executed in the first quarter of 2024 with no capital outlay requirements.

(3) Tenant improvement amounts presented for the year ended December 31, 2023 were adjusted to reflect the overall concession package for the 447,000 square foot 10-year renewal with US Bancorp, executed in the fourth quarter of 2023. The renewal terms provided for zero months of rent abatement, offset by an above-market tenant improvement allowance. The amounts are presented as if the renewal had included the standard twelve months of gross rent abatement in line with market conditions and, therefore, a normalized tenant improvement allowance. This adjustment effectively lowered the total capital per square foot per year of lease term for the year ended December 31, 2023 by $0.97.

(4) The Company reports total tenant improvement amounts based on the maximum amount of committed leasing capital in the period in which the lease is executed. However, tenants do not always use the full allowance provided for in the lease, or a portion of the allowance could expire at a set date. To provide additional clarity on actual costs for completed leasing transactions, tenant improvement allowances that have expired or are no longer available to the tenant are disclosed in this section and are deducted from the capital commitments per square foot of leased space in the periods in which they expired.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Net Effective Rents**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **Five Quarter**<br>**Average** |
| **Leasing activity included in net effective rent analysis** <sup>(1)</sup> | | | | | | |
| &nbsp;&nbsp;&nbsp;Renewal leasing square footage (in 000s) | 124 | 162 | 301 | 159 | 615 | 272 |
| &nbsp;&nbsp;&nbsp;New tenant leasing square footage (in 000s) | 455 | 169 | 93 | 191 | 399 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total leasing square footage (in 000s)** | **579** | **331** | **394** | **350** | **1014** | **534** |
| &nbsp;&nbsp;&nbsp;Renewal square footage (% of total) | 21.4% | 48.9% | 76.4% | 45.4% | 60.7% | 50.6% |
| &nbsp;&nbsp;&nbsp;New Lease square footage (% of total) | 78.6% | 51.1% | 23.6% | 54.6% | 39.3% | 49.4% |
| &nbsp;&nbsp;&nbsp;# of lease transactions | 49 | 50 | 40 | 49 | 58 | 49 |
| **Net effective rents** <sup>(2) (3)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base rent (gross) | $45.62 | $49.60 | $45.58 | $43.78 | $45.75 | $46.06 |
| &nbsp;&nbsp;&nbsp;Rent concessions | (2.57) | (2.71) | (1.97) | (2.22) | (2.04) | (2.30) |
| &nbsp;&nbsp;**GAAP Rent** | $**43.06** | $**46.89** | $**43.60** | $**41.56** | $**43.70** | $**43.76** |
| &nbsp;&nbsp;&nbsp;Tenant improvements | (4.40) | (3.33) | (3.00) | (3.38) | (3.87) | (3.60) |
| &nbsp;&nbsp;&nbsp;Leasing commissions | (2.70) | (2.89) | (2.69) | (2.21) | (2.63) | (2.62) |
| &nbsp;&nbsp;&nbsp;Other concessions |  | (0.35) | (0.21) | (0.01) | (1.04) | (0.32) |
| &nbsp;&nbsp;**Effective rent after capex** | $**35.95** | $**40.32** | $**37.70** | $**35.96** | $**36.17** | $**37.22** |
| &nbsp;&nbsp;&nbsp;Expense stop | (15.17) | (16.03) | (15.05) | (15.68) | (15.04) | (15.39) |
| &nbsp;&nbsp;**Effective rent after capex and opex** | $**20.78** | $**24.29** | $**22.65** | $**20.28** | $**21.12** | $**21.83** |
| &nbsp;&nbsp;**Weighted average lease term in years (weighted by square feet)** | **9.5** | **7.4** | **7.0** | **6.9** | **7.6** | **7.7** |

---

(1) Leases are excluded from the above analyses if: (1) the lease term is less than one year or (2) the lease is associated with storage space, retail space, a management office, or a percentage rent agreement. Total leased square footage in this analysis will not tie to the total reported leasing volume reported elsewhere in this supplemental report.

(2) Based on the weighted average per rentable square footage over the lease term of each deal.

(3) Excludes parking income due to the variable nature between markets and individual lease transactions.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Future Contractual Income Sources** 

**As of June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Uncommenced Leases for Vacant Space** <sup>(1)</sup> | **Uncommenced Leases for Vacant Space** <sup>(1)</sup> | **Uncommenced Leases for Vacant Space** <sup>(1)</sup> | **Uncommenced Leases for Vacant Space** <sup>(1)</sup> | **Uncommenced Leases for Vacant Space** <sup>(1)</sup> | **Uncommenced Leases for Vacant Space** <sup>(1)</sup> | **Uncommenced Leases for Vacant Space** <sup>(1)</sup> |
| **(730,000 square feet representing $28.6 million in future annual cash rent)** | **(730,000 square feet representing $28.6 million in future annual cash rent)** | **(730,000 square feet representing $28.6 million in future annual cash rent)** | **(730,000 square feet representing $28.6 million in future annual cash rent)** | **(730,000 square feet representing $28.6 million in future annual cash rent)** | **(730,000 square feet representing $28.6 million in future annual cash rent)** | **(730,000 square feet representing $28.6 million in future annual cash rent)** |
| **Major Leases (by Industry)** | **Project** | **Market** | **Square Feet<br>Leased** | **Space Status** | **Estimated Lease<br>Commencement Date** | **New / <br>Expansion** |
| Insurance and financial services | Galleria on the Park | Atlanta | 46939 | Vacant | Q3 2025 | New |
| Vacation ownership and travel services | 501 West Church | Orlando | 182461 | Vacant | Q4 2025 | New |
| Video game development | The Exchange on Orange | Orlando | 27830 | Vacant | Q4 2025 | New |
| Supply chain solutions consultant | Galleria on the Park | Atlanta | 25437 | Vacant | Q4 2025 | New |
| Banking services | Meridian | Minneapolis | 27049 | Vacant | Q1 2026 | New |
| Food production and distribution | 9320 Excelsior | Minneapolis | 84479 | Vacant | Q1 2026 (77,197 SF) & Q1 2029 (7,282 SF) | New |
| General contracting and construction | Meridian | Minneapolis | 34013 | Vacant | Q1 2026 | New |
| Global risk management | Galleria Towers | Dallas | 92977 | 46,678 SF Vacant | Q2 2026 | New |
| Engineering, architecture and construction | Galleria Towers | Dallas | 46004 | Vacant | Q2 2026 | New |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Leases Currently Under Abatement** <sup>(1)</sup> | **Leases Currently Under Abatement** <sup>(1)</sup> | **Leases Currently Under Abatement** <sup>(1)</sup> | **Leases Currently Under Abatement** <sup>(1)</sup> | **Leases Currently Under Abatement** <sup>(1)</sup> | **Leases Currently Under Abatement** <sup>(1)</sup> | **Leases Currently Under Abatement** <sup>(1)</sup> |
| **(1.3 million square feet representing $41.9 million in future annual cash rent)** | **(1.3 million square feet representing $41.9 million in future annual cash rent)** | **(1.3 million square feet representing $41.9 million in future annual cash rent)** | **(1.3 million square feet representing $41.9 million in future annual cash rent)** | **(1.3 million square feet representing $41.9 million in future annual cash rent)** | **(1.3 million square feet representing $41.9 million in future annual cash rent)** | **(1.3 million square feet representing $41.9 million in future annual cash rent)** |
| **Major Leases (by Industry)** | **Project** | **Market** | **Square Feet<br>Abated** | **Estimated Lease<br>Commencement** | **Remaining Abatement Schedule** | **Lease Expiration** |
| Non-profit public interest law | Arlington Gateway | Northern Virginia | 58285 | Q1 2024 | January 2024 through June 2025 | Q2 2037 |
| Supply chain logistics | Galleria Towers | Dallas | 50130 | Q4 2023 | January 2024 through June 2025 | Q2 2035 |
| E-commerce retailer | Galleria Towers | Dallas | 284542 | Q1 2025 | March 2025 through July 2025 | Q3 2030 |
| Coworking and virtual office solutions | Glenridge Highlands | Atlanta | 25332 | Q4 2023 | December 2023 through July 2025 (50% abated) | Q4 2029 |
| Global energy conglomerate | Galleria on the Park | Atlanta | 77163 | Q3 2024 | September 2024 through September 2025 | Q3 2036 |
| Insurance and financial services | Glenridge Highlands | Atlanta | 35903 | Q4 2024 | December 2024 through November 2025 | Q4 2035 |
| Accounting and business advisory | US Bancorp Center | Minneapolis | 40622 | Q4 2024 | January 2025 through December 2025 | Q4 2037 |
| Financial services | Crescent Ridge II | Minneapolis | 32326 | Q4 2024 | October 2024 through March 2026 | Q1 2041 |
| Business technology and software development | Wayside Office Park | Boston | 33165 | Q1 2025 | March 2025 through June 2025 | Q2 2032 |
| Real estate investment trust | CNL Center | Orlando | 26372 | Q2 2025 | April 2025 through August 2025 | Q4 2037 |

---

(1) Includes leasing activity for the total portfolio, including assets currently out of service.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Lease Expiration Schedule**

**As of June 30, 2025** 

***(in thousands)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration Year** | **Annualized Lease**<br>**Revenue** <sup>(1)</sup> | **Percentage of**<br>**Annualized Lease**<br>**Revenue (%)** | **Rentable**<br>**Square Footage** | **Percentage of**<br>**Rentable**<br>**Square Footage (%)** |
| Vacant | $— |  | 1693 | 11.4 |
| 2025 <sup>(2)</sup> | 24851 | 4.4 | 630 | 4.2 |
| 2026 | 63257 | 11.1 | 1488 | 10.0 |
| 2027 | 53462 | 9.4 | 1340 | 9.0 |
| 2028 | 48738 | 8.5 | 1228 | 8.2 |
| 2029 | 56513 | 9.9 | 1310 | 8.8 |
| 2030 | 58127 | 10.2 | 1338 | 9.0 |
| 2031 | 37359 | 6.6 | 914 | 6.1 |
| 2032 | 39129 | 6.9 | 913 | 6.1 |
| 2033 | 11420 | 2.0 | 253 | 1.7 |
| 2034 | 43253 | 7.6 | 1102 | 7.4 |
| 2035 | 30750 | 5.4 | 776 | 5.2 |
| 2036 | 23577 | 4.1 | 587 | 3.9 |
| 2037 | 41592 | 7.3 | 780 | 5.2 |
| Thereafter | 37435 | 6.6 | 571 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$569463** | **100.0** | **14923** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Average Lease Term Remaining | Average Lease Term Remaining |
| &nbsp;&nbsp;&nbsp;6/30/2025 | 6.0 years |
| &nbsp;&nbsp;&nbsp;12/31/2024 | 6.0 years |

---

![chart-29eecc5371044db486ea.jpg](chart-29eecc5371044db486ea.jpg)

(1) Annualized rental income associated with each newly executed lease for currently occupied space is incorporated herein only at the expiration date for the current lease. Annualized rental income associated with each such new lease is removed from the expiry year of the current lease and added to the expiry year of the new lease. These adjustments effectively incorporate known roll ups and roll downs into the expiration schedule.

(2) Includes leases with an expiration date of June 30, 2025, comprised of approximately 98,000 square feet and Annualized Lease Revenue of $4.0 million.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Lease Expirations by Quarter**

**As of June 30, 2025** 

***(in thousands)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** <sup>(1)</sup> | **Q3 2025** <sup>(1)</sup> | **Q4 2025** | **Q4 2025** | **Q1 2026** | **Q1 2026** | **Q2 2026** | **Q2 2026** |
| **Location** | **Expiring**<br>**Square**<br>**Footage** | **Expiring Lease**<br>**Revenue** <sup>(2)</sup> | **Expiring**<br>**Square**<br>**Footage** | **Expiring Lease**<br>**Revenue** <sup>(2)</sup> | **Expiring**<br>**Square**<br>**Footage** | **Expiring Lease**<br>**Revenue** <sup>(2)</sup> | **Expiring**<br>**Square**<br>**Footage** | **Expiring Lease**<br>**Revenue** <sup>(2)</sup> |
| Atlanta | 133 | $4385 | 113 | $4034 | 54 | $2256 | 304 | $12254 |
| Boston | 1 | 32 |  |  | 6 | 267 | 2 | 102 |
| Dallas | 71 | 3834 | 59 | 2365 | 6 | 313 | 238 | 8318 |
| Minneapolis | 24 | 1060 | 131 | 5153 | 11 | 290 | 6 | 259 |
| New York | 2 | 140 |  | 6 | 2 | 85 | 313 | 16476 |
| Orlando | 23 | 781 | 27 | 998 | 32 | 1182 | 14 | 466 |
| Northern Virginia / Washington, D.C. | 28 | 1473 | 18 | 978 | 1 | 70 |  | 16 |
| Other |  |  |  |  |  |  |  |  |
| **Total** <sup>(3)</sup> | **282** | **$11705** | **348** | **$13534** | **112** | **$4463** | **877** | **$37891** |

---

(1) Includes leases with an expiration date of June 30, 2025, comprised of approximately 98,000 square feet and expiring lease revenue of $4.4 million. No such adjustments are made to other periods presented.

(2) Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space.

(3) Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on the previous page as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Lease Expirations by Year**

**As of June 30, 2025** 

***(in thousands)***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **12/31/2025** <sup>(1)</sup> | **12/31/2025** <sup>(1)</sup> | **12/31/2026** | **12/31/2026** | **12/31/2027** | **12/31/2027** | **12/31/2028** | **12/31/2028** | **12/31/2029** | **12/31/2029** |
| **Location** | **Expiring**<br>**Square**<br>**Footage** | **Expiring**<br>**Lease**<br>**Revenue** <sup>(2)</sup> | **Expiring**<br>**Square**<br>**Footage** | **Expiring**<br>**Lease**<br>**Revenue** <sup>(2)</sup> | **Expiring**<br>**Square**<br>**Footage** | **Expiring**<br>**Lease**<br>**Revenue** <sup>(2)</sup> | **Expiring**<br>**Square**<br>**Footage** | **Expiring**<br>**Lease**<br>**Revenue** <sup>(2)</sup> | **Expiring**<br>**Square**<br>**Footage** | **Expiring**<br>**Lease**<br>**Revenue** <sup>(2)</sup> |
| Atlanta | 245 | $8419 | 439 | $17605 | 589 | $25135 | 405 | $16464 | 478 | $19273 |
| Boston | 1 | 32 | 52 | 2408 | 8 | 358 | 9 | 410 | 197 | 8554 |
| Dallas | 129 | 6199 | 366 | 13061 | 186 | 6571 | 321 | 13852 | 267 | 13517 |
| Minneapolis | 156 | 6212 | 22 | 751 | 210 | 7387 | 67 | 2355 | 62 | 2393 |
| New York | 2 | 146 | 315 | 16595 | 7 | 635 |  | 27 | 17 | 1001 |
| Orlando | 50 | 1780 | 199 | 7283 | 297 | 11088 | 89 | 3284 | 218 | 8284 |
| Northern Virginia / Washington, D.C. | 47 | 2451 | 95 | 5822 | 43 | 2415 | 78 | 4506 | 71 | 3788 |
| Other |  |  |  |  |  | 5 | 259 | 8364 |  | 6 |
| **Total** <sup>(3)</sup> | **630** | **$25239** | **1488** | **$63525** | **1340** | **$53594** | **1228** | **$49262** | **1310** | **$56816** |

---

(1) Includes leases with an expiration date of June 30, 2025, comprised of approximately 98,000 square feet and expiring lease revenue of $4.4 million. No such adjustments are made to other periods presented.

(2) Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space.

(3) Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on page <u>[27](#i6ee392ea7e9c4b26ad170cd3e09cf647_67)</u> as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Tenant Diversification**

**As of June 30, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenants Contributing 1% or More to Annualized Lease Revenue** | **Tenants Contributing 1% or More to Annualized Lease Revenue** | **Tenants Contributing 1% or More to Annualized Lease Revenue** | **Tenants Contributing 1% or More to Annualized Lease Revenue** | **Tenants Contributing 1% or More to Annualized Lease Revenue** | **Tenants Contributing 1% or More to Annualized Lease Revenue** | **Tenants Contributing 1% or More to Annualized Lease Revenue** | **Tenants Contributing 1% or More to Annualized Lease Revenue** |
| **Tenant** | **Credit Rating** <sup>(1)</sup><br>**S&P / Moody's** | **Number of<br>Properties** | **Lease Term**<br>**Remaining** <br>**(in years)** | **Annualized<br>Lease Revenue<br>(in thousands)** | **Percentage of<br>Annualized Lease<br>Revenue (%)** | **Leased<br>Square Footage (in thousands)** | **Percentage of<br>Leased<br>Square Footage (%)** |
| State of New York | AA+ / Aa1 | 1 | 12.2 | $28341 | 5.0 | 486 | 3.7 |
| City of New York | AA / Aa2 | 1 | 0.9 | 16476 | 2.9 | 313 | 2.4 |
| US Bancorp | A / A3 | 1 | 8.8 | 16184 | 2.8 | 447 | 3.4 |
| Amazon | AA / A1 | 2 | 5.1 | 15953 | 2.8 | 285 | 2.1 |
| Microsoft | AAA / Aaa | 2 | 6.0 | 14319 | 2.5 | 355 | 2.7 |
| King & Spalding | No Rating Available | 1 | 5.8 | 13438 | 2.4 | 268 | 2.0 |
| Transocean | CCC+ / B3 | 1 | 10.8 | 12165 | 2.1 | 301 | 2.3 |
| VMware, Inc. | BBB+ / Baa1 | 1 | 2.1 | 9568 | 1.7 | 215 | 1.6 |
| Schlumberger Technology | A / A1 | 1 | 3.5 | 8311 | 1.4 | 254 | 1.9 |
| Gartner | BBB- / Baa3 | 3 | 9.0 | 8167 | 1.4 | 209 | 1.6 |
| Ryan <sup>(2)</sup> | B+ / B3 | 1 | 2.2 | 7945 | 1.4 | 139 | 1.0 |
| Fiserv | BBB / Baa2 | 1 | 2.1 | 7900 | 1.4 | 195 | 1.5 |
| Salesforce.com | A+ / A1 | 1 | 4.1 | 7803 | 1.4 | 182 | 1.4 |
| Eversheds Sutherland | No Rating Available | 1 | 0.8 | 7279 | 1.3 | 180 | 1.3 |
| Epsilon Data Management (subsidiary of Publicis) | BBB+ / Baa1 | 1 | 1.0 | 7240 | 1.3 | 222 | 1.7 |
| Travel + Leisure Co. | BB- / Ba3 | 1 | 15.3 | 5702 | 1.0 | 182 | 1.4 |
| Other |  |  | Various | 382672 | 67.2 | 8997 | 68.0 |
| **Total** |  |  |  | **$569463** | **100.0** | **13230** | **100.0** |

---

(1) Credit rating may reflect the credit rating of the parent or a guarantor. The absence of a credit rating for a tenant is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating.

(2) Lease term remaining for Ryan is based on the weighted ALR for 66,000 square feet expiring in third quarter of 2025 and 73,000 square feet expiring in second quarter of 2029.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Tenant Credit Rating & Lease Distribution**

**As of June 30, 2025** 

**Tenant Credit Rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | |
|:---|:---|:---|
| **Rating Level** <sup>(1)</sup><br>**S&P / Moody's** | **Annualized<br>Lease Revenue<br>(in thousands)** | **Percentage of<br>Annualized Lease<br>Revenue (%)** |
| AAA / Aaa | $15013 | 2.6 |
| AA / Aa | 80830 | 14.2 |
| A / A | 56987 | 10.0 |
| BBB / Baa | 60162 | 10.6 |
| BB / Ba | 19915 | 3.5 |
| B / B | 32291 | 5.7 |
| Below | 127 |  |
| Not rated <sup>(2)</sup> | 304138 | 53.4 |
| **Total** | **$569463** | **100.0** |

---

**Lease Distribution**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lease Size** | **Number of Leases** | **Percentage of<br>Leases (%)** | **Annualized<br>Lease Revenue<br>(in thousands)** | **Percentage of<br>Annualized Lease<br>Revenue (%)** | **Leased<br>Square Footage<br>(in thousands)** | **Percentage of<br>Leased<br>Square Footage (%)** |
| 2,500 sf or Less | 329 | 34.2 | $27813 | 4.9 | 245 | 1.9 |
| 2,501 - 10,000 sf | 377 | 39.2 | 79590 | 14.0 | 1943 | 14.7 |
| 10,001 - 20,000 sf | 102 | 10.6 | 56553 | 9.9 | 1365 | 10.3 |
| 20,001 - 40,000 sf | 83 | 8.6 | 89594 | 15.7 | 2228 | 16.8 |
| 40,001 - 100,000 sf | 49 | 5.1 | 128895 | 22.6 | 3010 | 22.7 |
| Greater than 100,000 sf | 22 | 2.3 | 187018 | 32.9 | 4439 | 33.6 |
| **Total** | **962** | **100.0** | **$569463** | **100.0** | **13230** | **100.0** |

---

(1) Credit rating may reflect the credit rating of the parent or a guarantor. Where differences exist between the Standard & Poor's credit rating and the Moody's credit rating for a tenant, the higher credit rating is selected for this analysis.

(2) The classification of a tenant as "not rated" is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating. Included in this category are such tenants as Piper Sandler, Ernst & Young, KPMG, BDO, and RaceTrac Petroleum.

------

**Piedmont Realty Trust**<sup>TM</sup>

**Industry Diversification**

**As of June 30, 2025** 

***($ and square footage in thousands)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|<br>**Industry** |<br>**Number of**<br>**Tenants** |<br>**Percentage of Total**<br>**Tenants (%)** |<br>**Annualized Lease**<br>**Revenue (ALR)** | **Percentage of**<br>**Annualized Lease**<br>**Revenue (%)** | **Leased**<br>**Square**<br>**Footage** | **Percentage**<br>**of Leased**<br>**Square Footage (%)** |
| Business Services | 82 | 11.0 | $83176 | 14.6 | 2056 | 15.5 |
| Engineering, Accounting, Research, Management & Related Services | 97 | 13.0 | 76877 | 13.5 | 1748 | 13.2 |
| Legal Services | 82 | 11.0 | 61500 | 10.8 | 1411 | 10.7 |
| Governmental Entity <sup>(1)</sup> | 5 | 0.7 | 50772 | 8.9 | 917 | 6.9 |
| Real Estate | 49 | 6.6 | 28289 | 5.0 | 809 | 6.1 |
| Depository Institutions | 19 | 2.6 | 25915 | 4.6 | 673 | 5.1 |
| Holding and Other Investment Offices | 42 | 5.6 | 24490 | 4.3 | 557 | 4.2 |
| Oil and Gas Extraction | 4 | 0.5 | 23587 | 4.1 | 642 | 4.9 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 57 | 7.7 | 20634 | 3.6 | 512 | 3.9 |
| Miscellaneous Retail | 7 | 0.9 | 17518 | 3.1 | 328 | 2.5 |
| Automotive Repair, Services & Parking | 9 | 1.2 | 15633 | 2.7 | 8 | 0.1 |
| Insurance Agents, Brokers & Services | 19 | 2.6 | 14863 | 2.6 | 374 | 2.8 |
| Health Services | 33 | 4.4 | 14821 | 2.6 | 351 | 2.7 |
| Membership Organizations | 22 | 3.0 | 13025 | 2.3 | 249 | 1.9 |
| Insurance Carriers | 16 | 2.1 | 9970 | 1.8 | 264 | 2.0 |
| Other | 202 | 27.1 | 88393 | 15.5 | 2331 | 17.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **745** | **100.0** | **$569463** | **100.0** | **13230** | **100.0** |

---

(1) Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (5.0% of ALR), and city / local (3.2% of ALR).

------

**Piedmont Realty Trust**<sup>TM</sup>

**Geographic Diversification**

**As of June 30, 2025** 

***($ and square footage in thousands)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Number of<br>Projects** | **Annualized<br>Lease Revenue** | **Percentage of<br>Annualized Lease<br>Revenue (%)** | **Rentable<br>Square Footage** | **Percentage of<br>Rentable Square<br>Footage (%)** | **Leased Square Footage** | **Percent Leased (%)** |
| Atlanta | 6 | $179415 | 31.5 | 4721 | 31.6 | 4405 | 93.3 |
| Dallas | 5 | 110941 | 19.5 | 2824 | 18.9 | 2525 | 89.4 |
| Orlando | 4 | 66071 | 11.6 | 1754 | 11.8 | 1616 | 92.1 |
| Northern Virginia / Washington, D.C. | 5 | 56057 | 9.9 | 1583 | 10.6 | 1061 | 67.0 |
| New York | 1 | 54732 | 9.6 | 1047 | 7.0 | 971 | 92.7 |
| Minneapolis | 3 | 48518 | 8.5 | 1434 | 9.6 | 1300 | 90.7 |
| Boston | 3 | 33188 | 5.8 | 946 | 6.4 | 792 | 83.7 |
| Other | 2 | 20541 | 3.6 | 614 | 4.1 | 560 | 91.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total / Weighted Average** | **29** | **$569463** | **100.0** | **14923** | **100.0** | **13230** | **88.7** |

---

![chart-56f9c350f9b045b4bcba.jpg](chart-56f9c350f9b045b4bcba.jpg)

------

**Piedmont Realty Trust**<sup>TM</sup>

**Geographic Diversification by Location Type**

**As of June 30, 2025** 

***(square footage in thousands)***

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CBD** | **CBD** | **CBD** | **CBD** | **URBAN INFILL / SUBURBAN** | **URBAN INFILL / SUBURBAN** | **URBAN INFILL / SUBURBAN** | **URBAN INFILL / SUBURBAN** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** |
|<br>**Location** | **Number of<br>Projects** | **Percentage<br>of<br>Annualized<br>Lease<br>Revenue<br>(%)** | **Rentable<br>Square<br>Footage** | **Percentage<br>of Rentable<br>Square<br>Footage<br>(%)** | **Number of<br>Projects** | **Percentage<br>of<br>Annualized<br>Lease<br>Revenue<br>(%)** | **Rentable<br>Square<br>Footage** | **Percentage<br>of Rentable<br>Square<br>Footage<br>(%)** | **Number of<br>Projects** | **Percentage<br>of<br>Annualized<br>Lease<br>Revenue<br>(%)** | **Rentable<br>Square<br>Footage** | **Percentage<br>of Rentable<br>Square<br>Footage<br>(%)** |
| Atlanta | 2 | 10.7 | 1304 | 8.8 | 4 | 20.8 | 3417 | 22.8 | 6 | 31.5 | 4721 | 31.6 |
| Dallas |  |  |  |  | 5 | 19.5 | 2824 | 18.9 | 5 | 19.5 | 2824 | 18.9 |
| Orlando | 3 | 9.7 | 1445 | 9.7 | 1 | 1.9 | 309 | 2.1 | 4 | 11.6 | 1754 | 11.8 |
| Northern Virginia / Washington, D.C. | 2 | 4.8 | 687 | 4.6 | 3 | 5.1 | 896 | 6.0 | 5 | 9.9 | 1583 | 10.6 |
| New York | 1 | 9.6 | 1047 | 7.0 |  |  |  |  | 1 | 9.6 | 1047 | 7.0 |
| Minneapolis | 1 | 5.4 | 930 | 6.2 | 2 | 3.1 | 504 | 3.4 | 3 | 8.5 | 1434 | 9.6 |
| Boston |  |  |  |  | 3 | 5.8 | 946 | 6.4 | 3 | 5.8 | 946 | 6.4 |
| Other |  |  |  |  | 2 | 3.6 | 614 | 4.1 | 2 | 3.6 | 614 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **9** | **40.2** | **5413** | **36.3** | **20** | **59.8** | **9510** | **63.7** | **29** | **100.0** | **14923** | **100.0** |

---

------

**Piedmont Realty Trust**<sup>TM</sup>

**Portfolio Detail**

**As of June 30, 2025** 

***(in thousands)***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **In-Service Assets** | **Energy Star Certification** | **LEED Certification** | **BOMA 360 Certification** | **Percent Ownership** | **Number of Buildings** | **Rentable Square Footage Owned** | **Percent Leased** | **Percent Commenced Leased** | **Percent Economic Leased** <sup>(1)</sup> | **Annualized Lease Revenues** |
| **Atlanta** | | | | | | | | | | |
| 999 Peachtree | ✓ | ✓ | ✓ | 100.0% | 1 | 626 | 87.5% | 82.7% | 81.6% | 24400 |
| 1180 Peachtree | ✓ | ✓ | ✓ | 100.0% | 1 | 678 | 97.2% | 96.6% | 93.8% | 36347 |
| Galleria on the Park | ✓ | ✓ | ✓ | 100.0% | 5 | 2171 | 93.5% | 89.3% | 81.3% | 72626 |
| Glenridge Highlands One and Two | ✓ | ✓ | ✓ | 100.0% | 2 | 713 | 94.7% | 93.3% | 84.0% | 25864 |
| 1155 Perimeter Center West | ✓ | ✓ | ✓ | 100.0% | 1 | 377 | 96.0% | 96.0% | 95.2% | 14688 |
| The Medici | ✓ |  | ✓ | 100.0% | 1 | 156 | 84.0% | 84.0% | 82.7% | 5490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **11** | **4721** | **93.3%** | **90.4%** | **84.7%** | **179415** |
| **Boston** |  |  |  |  |  |  |  |  |  |  |
| 5 Wall | ✓ | ✓ | ✓ | 100.0% | 1 | 182 | 100.0% | 100.0% | 100.0% | 7803 |
| Wayside Office Park | ✓ |  | ✓ | 100.0% | 2 | 473 | 90.3% | 90.3% | 83.3% | 17604 |
| 25 Mall | ✓ |  | ✓ | 100.0% | 1 | 291 | 62.9% | 59.5% | 50.5% | 7781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **4** | **946** | **83.7%** | **82.7%** | **76.4%** | **33188** |
| **Dallas** |  |  |  |  |  |  |  |  |  |  |
| Galleria Towers | ✓ | ✓ | ✓ | 100.0% | 3 | 1397 | 93.8% | 86.4% | 70.3% | 64204 |
| Park Place on Turtle Creek | ✓ |  | ✓ | 100.0% | 1 | 180 | 90.6% | 87.2% | 78.3% | 8290 |
| 6565 MacArthur | ✓ | ✓ | ✓ | 100.0% | 1 | 254 | 89.8% | 89.8% | 84.6% | 8501 |
| Las Colinas Connection | ✓ |  | ✓ | 100.0% | 3 | 605 | 95.4% | 94.0% | 93.9% | 20773 |
| The Interlink at Las Colinas | ✓ |  | ✓ | 100.0% | 2 | 388 | 63.7% | 62.1% | 51.3% | 9173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **10** | **2824** | **89.4%** | **85.1%** | **74.5%** | **110941** |
| **Minneapolis** |  |  |  |  |  |  |  |  |  |  |
| US Bancorp Center | ✓ | ✓ | ✓ | 100.0% | 1 | 930 | 87.0% | 84.2% | 79.2% | 30602 |
| Crescent Ridge II | ✓ | ✓ | ✓ | 100.0% | 1 | 295 | 96.3% | 96.3% | 81.4% | 10661 |
| Norman Pointe I | ✓ |  | ✓ | 100.0% | 1 | 209 | 99.0% | 99.0% | 94.7% | 7255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **3** | **1434** | **90.7%** | **88.8%** | **81.9%** | **48518** |
| **New York** |  |  |  |  |  |  |  |  |  |  |
| 60 Broad |  |  | ✓ | 100.0% | 1 | 1047 | 92.7% | 91.7% | 88.2% | 54732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **1** | **1047** | **92.7%** | **91.7%** | **88.2%** | **54732** |
| **Orlando** |  |  |  |  |  |  |  |  |  |  |
| 200 South Orange at The Exchange | ✓ | ✓ | ✓ | 100.0% | 1 | 646 | 83.7% | 82.7% | 79.9% | 23786 |
| CNL Center I and II | ✓ | ✓ | ✓ | 99.0% | 2 | 617 | 95.3% | 94.5% | 87.0% | 25742 |
| 501 West Church |  |  |  | 100.0% | 1 | 182 | 100.0% | —% | —% | 5706 |
| 400 and 500 TownPark | ✓ | ✓ | ✓ | 100.0% | 2 | 309 | 98.7% | 98.7% | 98.7% | 10837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **6** | **1754** | **92.1%** | **81.1%** | **77.4%** | **66071** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **In-Service Assets (continued)** | **Energy Star Certification** | **LEED Certification** | **BOMA 360 Certification** | **Percent Ownership** | **Number of Buildings** | **Rentable Square Footage Owned** | **Percent Leased** | **Percent Commenced Leased** | **Percent Economic Leased** <sup>(1)</sup> | **Annualized Lease Revenues** |
| **Northern Virginia / Washington, D.C.** | | | | | | | | | | |
| 4250 North Fairfax | ✓ | ✓ | ✓ | 100.0% | 1 | 307 | 64.5% | 59.6% | 55.4% | 9751 |
| Arlington Gateway | ✓ | ✓ | ✓ | 100.0% | 1 | 331 | 60.7% | 57.4% | 36.3% | 10148 |
| 3100 Clarendon | ✓ | ✓ | ✓ | 100.0% | 1 | 258 | 76.7% | 73.6% | 62.4% | 8703 |
| 1201 and 1225 Eye Street | ✓ | ✓ | ✓ | <sup>(2)</sup> | 2 | 478 | 68.2% | 66.9% | 66.3% | 20116 |
| 400 Virginia | ✓ | ✓ | ✓ | 100.0% | 1 | 209 | 66.0% | 66.0% | 64.6% | 7339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **6** | **1583** | **67.0%** | **64.5%** | **57.0%** | **56057** |
| **Other** |  |  |  |  |  |  |  |  |  |  |
| Enclave Place | ✓ | ✓ | ✓ | 100.0% | 1 | 301 | 100.0% | 100.0% | 100.0% | 12171 |
| 1430 Enclave | ✓ | ✓ | ✓ | 100.0% | 1 | 313 | 82.7% | 82.7% | 82.7% | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market Subtotal / Weighted Average** |  |  |  |  | **2** | **614** | **91.2%** | **91.2%** | **91.2%** | **20541** |
| &nbsp;&nbsp;**In-Service Total** |  |  |  |  | **43** | **14923** | **88.7%** | **85.0%** | **78.7%** | **569463** |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Out-of-Service Redevelopment Projects** <sup>(3)</sup> | **Market** | **Estimated Stabilization Date** | **Current Basis <br>(in millions)** | **Percent Ownership** | **Number of Buildings** | **Rentable Square Footage Owned** | **Percent Leased** | **Percent Commenced Leased** | **Percent Economic Leased** <sup>(1)</sup> | **Annualized Lease Revenues** |
| 222 South Orange at The Exchange | Orlando | Q4 2026 | 48.2 | 100.0% | 1 | 130 | 46.6% | 14.3% | 9.2% | 2159 |
| 9320 Excelsior | Minneapolis | Q4 2026 | 22.6 | 100.0% | 1 | 261 | 32.3% | —% | —% | 3088 |
| Meridian | Minneapolis | Q4 2026 | 57.9 | 100.0% | 2 | 397 | 24.1% | 8.2% | 4.3% | 3566 |
| &nbsp;&nbsp;**Out-of-Service Total** |  |  | **128.7** |  | **4** | **788** | **30.5%** | **6.5%** | **3.7%** | **8813** |

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(1) Economic leased percentage excludes the square footage associated with executed but not commenced leases for currently vacant spaces and the square footage associated with tenants receiving rental abatements (after proportional adjustments for tenants receiving only partial rental abatements).

(2) Piedmont owns 98.6% of 1201 Eye Street and 98.1% of 1225 Eye Street; however, it is entitled to 100% of the cash flows for each asset pursuant to the terms of each property ownership entity's joint venture agreement.

(3) These projects have been placed into redevelopment and are currently excluded from our in-service portfolio metrics. During the redevelopment phase, the Company is adding or fully renovating the lobbies, common areas and other tenant amenities, transforming the projects into multi-tenant assets with a distinct focus on hospitality. Assets will be reclassified back to in-service upon the earlier of (a) one year after receiving the final certificate of occupancy for the space or (b) the asset reaching 80 percent occupied (i.e. commenced leased).

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**Piedmont Realty Trust**<sup>TM</sup>

**Property Investment Activity and Land Holdings**

**As of June 30, 2025** 

**Acquisitions Completed During Prior Year and Current Year** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Dispositions Completed During Prior Year and Current Year** | **Dispositions Completed During Prior Year and Current Year** | **Dispositions Completed During Prior Year and Current Year** | **Dispositions Completed During Prior Year and Current Year** | **Dispositions Completed During Prior Year and Current Year** | **Dispositions Completed During Prior Year and Current Year** | **Dispositions Completed During Prior Year and Current Year** |
| **Property** | **Market / Submarket** | **Disposition Period** | **Percent<br>Ownership** | **Year Built** | **Square Feet<br>(in thousands)** | **Sale Price <br>(in millions)** |
| One Lincoln Park | Dallas / Preston Center | Q1 2024 | 100% | 1999 | 257 | $54.0 |
| 750 West John Carpenter | Dallas / Las Colinas | Q3 2024 | 100% | 1999 | 315 | 23.0 |
| 80 and 90 Central | Boston / Boxborough | Q2 2025 | 100% | 1988 / 2001 | 322 | 29.5 |
| Total |  |  |  |  | 894 | $106.5 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Developable Land Parcels** | **Developable Land Parcels** | **Developable Land Parcels** | **Developable Land Parcels** | **Developable Land Parcels** |
| **Property** | **Market / Submarket** | **Adjacent Piedmont Project** | **Acres** | **Book Value<br>(in millions)** |
| Gavitello | Atlanta / Buckhead | The Medici | 2.0 | $2.6 |
| Glenridge Highlands Three | Atlanta / Central Perimeter | Glenridge Highlands | 3.0 | 2.0 |
| Galleria Atlanta | Atlanta / Northwest | Galleria on the Park | 16.3 | 24.2 |
| State Highway 161 | Dallas / Las Colinas | Las Colinas Corporate Center | 4.5 | 3.3 |
| Royal Lane | Dallas / Las Colinas | Las Colinas Connection | 10.6 | 2.8 |
| Galleria Dallas | Dallas / Lower North Tollway | Galleria Office Towers | 1.9 | 6.2 |
| TownPark | Orlando / Lake Mary | 400 and 500 TownPark | 18.9 | 9.1 |
| **Total** |  |  | **57.2** | **$50.2** |

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**Piedmont Realty Trust**<sup>TM</sup>

**Definitions** 

---

| |
|:---|
| Included below are definitions of various terms used throughout this supplemental report, including definitions of certain non-GAAP financial measures and the reasons why the Company's management believes these measures provide useful information to investors about the Company's financial condition and results of operations. Reconciliations of any non-GAAP financial measures defined below are included beginning on page <u>[39](#i6ee392ea7e9c4b26ad170cd3e09cf647_100)</u>.  |
| **Adjusted Funds From Operations ("AFFO")**: The Company calculates AFFO by starting with Core FFO and adjusting for non-incremental capital expenditures and then adding back non-cash items including: non-real estate depreciation, straight-lined rents and fair value lease adjustments, non-cash components of interest expense and compensation expense, and by making similar adjustments for joint ventures, if any. AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that AFFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments. Other REITs may not define AFFO in the same manner as the Company; therefore, the Company's computation of AFFO may not be comparable to that of other REITs. |
| **Annualized Lease Revenue ("ALR")**: ALR is calculated by multiplying (i) current rental payments (defined as base rent plus operating expense reimbursements, if payable by the tenant on a monthly basis under the terms of a lease that has been executed, but excluding a) rental abatements and b) rental payments related to executed but not commenced leases for space that was covered by an existing lease), by (ii) 12. In instances in which contractual rents or operating expense reimbursements are collected on an annual, semi-annual, or quarterly basis, such amounts are multiplied by a factor of 1, 2, or 4, respectively, to calculate the annualized figure. For leases that have been executed but not commenced relating to unleased space, ALR is calculated by multiplying (i) the monthly base rental payment (excluding abatements) plus any operating expense reimbursements for the initial month of the lease term, by (ii) 12. Unless stated otherwise, this measure excludes revenues associated with development properties and properties taken out of service for redevelopment, if any. |
| **Core EBITDA**: The Company calculates Core EBITDA as net income/(loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization and removing any impairment charges, gains or losses from sales of property and other significant infrequent items that create volatility within our earnings and make it difficult to determine the earnings generated by our core ongoing business. Core EBITDA is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that Core EBITDA is helpful to investors as a supplemental performance measure because it provides a metric for understanding the performance of the Company's results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization), as well as items that are not part of normal day-to-day operations of the Company's business. Other REITs may not define Core EBITDA in the same manner as the Company; therefore, the Company's computation of Core EBITDA may not be comparable to that of other REITs. |
| **Core Funds From Operations ("Core FFO")**: The Company calculates Core FFO by starting with FFO, as defined by NAREIT, and adjusting for gains or losses on the extinguishment of swaps and/or debt and any significant non-recurring items. Core FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain infrequent or non-recurring items which can create significant earnings volatility, but which do not directly relate to the Company's core business operations. As a result, the Company believes that Core FFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential. Other REITs may not define Core FFO in the same manner as the Company; therefore, the Company's computation of Core FFO may not be comparable to that of other REITs. |
| **EBITDA**: EBITDA is defined as net income/(loss) before interest, taxes, depreciation and amortization. |
| **EBITDAre**: The Company calculates EBITDAre in accordance with the current National Association of Real Estate Investment Trusts ("NAREIT") definition. NAREIT currently defines EBITDAre as net income/(loss) (computed in accordance with GAAP) adjusted for gains or losses from sales of property, impairment charges, depreciation on real estate assets, amortization on real estate assets, interest expense and taxes, along with the same adjustments for joint ventures. Some of the adjustments mentioned can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. EBITDAre is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that EBITDAre is helpful to investors as a supplemental performance measure because it provides a metric for understanding the Company's results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization) and capitalization and capital structure expenses (such as interest expense and taxes). The Company also believes that EBITDAre can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define EBITDAre in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company's computation of EBITDAre may not be comparable to that of such other REITs. |
| **Funds From Operations ("FFO")**: The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts ("NAREIT") definition. NAREIT currently defines FFO as net income/(loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets, goodwill, and investment in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, along with appropriate adjustments to those reconciling items for joint ventures, if any. These adjustments can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that FFO is helpful to investors as a supplemental performance measure because it excludes the effects of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. The Company also believes that FFO can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define FFO in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company's computation of FFO may not be comparable to that of such other REITs. |
| **Incremental Capital Expenditures**: Incremental Capital Expenditures are defined as capital expenditures of a non-recurring nature that incrementally enhance the underlying assets' income generating capacity. Tenant improvements, leasing commissions, building capital and deferred lease incentives ("Leasing Costs") incurred to lease space that was vacant at acquisition, Leasing Costs for spaces vacant for greater than one year, Leasing Costs for spaces at newly acquired properties for which in-place leases expire shortly after acquisition, improvements associated with the expansion of a building, renovations that change the underlying classification of a building, and deferred building maintenance capital identified at and completed shortly after acquisition are included in this measure. |
| **Non-Incremental Capital Expenditures**: Non-Incremental Capital Expenditures are defined as capital expenditures of a recurring nature related to tenant improvements and leasing commissions that do not incrementally enhance the underlying assets' income generating capacity. We exclude first generation tenant improvements and leasing commissions from this measure, in addition to other capital expenditures that qualify as Incremental Capital Expenditures, as defined above. |
| **Property Net Operating Income ("Property NOI")**: The Company calculates Property NOI by starting with Core EBITDA and adjusting for general and administrative expense, income associated with property management performed by Piedmont for other organizations and other income or expense items for the Company, such as interest income from loan investments or costs from the pursuit of non-consummated transactions. The Company may present this measure on an accrual basis or a cash basis. When presented on a cash basis, the effects of non-cash general reserve for uncollectible accounts, straight lined rents and fair value lease revenue are also eliminated. Property NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that Property NOI is helpful to investors as a supplemental comparative performance measure of income generated by its properties alone without the administrative overhead of the Company. Other REITs may not define Property NOI in the same manner as the Company; therefore, the Company's computation of Property NOI may not be comparable to that of other REITs. |
| **Same Store Net Operating Income ("Same Store NOI")**: The Company calculates Same Store NOI as Property NOI attributable to the properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store NOI also excludes amounts attributable to land assets. The Company may present this measure on an accrual basis or a cash basis. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other REITs may not define Same Store NOI in the same manner as the Company; therefore, the Company's computation of Same Store NOI may not be comparable to that of other REITs. |
| **Same Store Properties**: Same Store Properties is defined as those properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store Properties excludes land assets. |
| **Total Gross Assets**: Total Gross Assets is defined as total assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets and accumulated amortization related to deferred lease costs. |
| **Total Gross Real Estate Assets**: Total Gross Real Estate Assets is defined as total real estate assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets. |

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**Piedmont Realty Trust**<sup>TM</sup>

**Funds From Operations, Core Funds From Operations, and Adjusted Funds From Operations Reconciliations**

***Unaudited (in thousands)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **GAAP net income (loss) applicable to common stock** | $**(16808)** | $**(10104)** | $**(29978)** | $**(11519)** | $**(9809)** | $**(26912)** | $**(37572)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 40266 | 40513 | 39769 | 38642 | 38471 | 80779 | 77057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 14778 | 15413 | 16414 | 17059 | 18089 | 30191 | 36201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  | 15400 |  |  |  | 18432 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) / loss on sale of real estate assets | (1224) | (789) |  | 445 |  | (2013) |  |
| **NAREIT Funds From Operations applicable to common stock** | **37012** | **45033** | **41605** | **44627** | **46751** | **82045** | **94118** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive separation costs |  |  | 4831 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | 7500 | 500 |  |  |  | 8000 | 386 |
| **Core Funds From Operations applicable to common stock** | **44512** | **45533** | **46436** | **44627** | **46751** | **90045** | **94504** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and discounts on debt | 1574 | 1456 | 1463 | 1332 | 1139 | 3030 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of non real estate assets | 369 | 369 | 370 | 347 | 331 | 738 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line effects of lease revenue | (8968) | (9668) | (5996) | (5125) | (5157) | (18636) | (10445) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation adjustments | 2396 | 55 | 1392 | 2153 | 2061 | 2451 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related intangibles | (1957) | (2062) | (2351) | (2463) | (2549) | (4019) | (5205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-incremental capital expenditures |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base Building Costs | (10149) | (5416) | (5535) | (6829) | (6087) | (15565) | (19142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant Improvement Costs | (3809) | (4629) | (4493) | 67 | (2973) | (8438) | (6646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing Costs | (7727) | (2149) | (6710) | (8172) | (8831) | (9876) | (12710) |
| **Adjusted Funds From Operations applicable to common stock** | $**16241** | $**23489** | $**24576** | $**25937** | $**24685** | $**39730** | $**46393** |

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**Piedmont Realty Trust**<sup>TM</sup>

**Same Store Net Operating Income (Cash Basis)**

***Unaudited (in thousands)***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Net income (loss) applicable to Piedmont** | $**(16808)** | $**(10104)** | $**(29978)** | $**(11519)** | $**(9809)** | $**(26912)** | $**(37572)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) applicable to noncontrolling interest | 2 | 6 | 1 |  | 2 | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 31954 | 31677 | 31629 | 32072 | 29569 | 63631 | 59283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 40635 | 40883 | 40139 | 38988 | 38802 | 81517 | 77660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 14778 | 15413 | 16414 | 17059 | 18089 | 30191 | 36201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization attributable to noncontrolling interests | 19 | 19 | 19 | 20 | 20 | 38 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  | 15400 |  |  |  | 18432 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) / loss on sale of real estate assets | (1224) | (789) |  | 445 |  | (2013) |  |
| **EBITDAre** | **69356** | **77105** | **73624** | **77065** | **76673** | **146460** | **154048** |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive separation costs |  |  | 4831 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | 7500 | 500 |  |  |  | 8000 | 386 |
| **Core EBITDA** | **76856** | **77605** | **78455** | **77065** | **76673** | **154460** | **154434** |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 7960 | 7563 | 7819 | 6809 | 8352 | 15523 | 15964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee revenue | (77) | (64) | (126) | (714) | (256) | (140) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | (25) | (288) | (1540) | (1983) | (220) | (312) | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line effects of lease revenue | (8968) | (9668) | (5996) | (5125) | (5157) | (18636) | (10445) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line effects of lease revenue attributable to noncontrolling interests | (3) | (1) | 2 | 1 |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease-related intangibles | (1957) | (2061) | (2351) | (2463) | (2549) | (4019) | (5205) |
| **Property net operating income (cash basis)** | **73786** | **73086** | **76263** | **73590** | **76843** | **146872** | **154105** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deduct net operating (income) loss from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (447) | (1224) | (1322) | (1383) | (1438) | (1670) | (3758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 92 | 162 | 92 | 816 | (450) | 253 | (1653) |
| **Same store net operating income (cash basis)** | $**73431** | $**72024** | $**75033** | $**73023** | $**74955** | $**145455** | $**148694** |

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![a074_2025xq2x2025supplemenc.jpg](a074_2025xq2x2025supplemenc.jpg)

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