# EDGAR Filing Document

**Accession Number:** 0001577639
**File Stem:** 0001193125-25-280221
**Filing Date:** 2025-11
**Character Count:** 5499
**Document Hash:** d982f904b20baf7787122b5af71120ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-280221.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001193125-25-280221

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Piedmont Operating Partnership, LP
- **CENTRAL INDEX KEY:** 0001577639
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 582368838
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-289089-01
- **FILM NUMBER:** 251478779

**BUSINESS ADDRESS:**
- **STREET 1:** 5565 GLENRIDGE CONNECTOR
- **STREET 2:** SUITE 450
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30342
- **BUSINESS PHONE:** 770-418-8800

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Piedmont Operating Partnership, LP
- **CENTRAL INDEX KEY:** 0001577639
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 582368838
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 5565 GLENRIDGE CONNECTOR
- **STREET 2:** SUITE 450
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30342
- **BUSINESS PHONE:** 770-418-8800

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

**Filed Pursuant to Rule 433** 

**Registration Statement No. 333-289089 and 333-289089-01** 

**Pricing Term Sheet** 

**PIEDMONT OPERATING PARTNERSHIP, LP, AS ISSUER** 

**PIEDMONT REALTY TRUST, INC., AS GUARANTOR** 

$400,000,000 5.625% Senior Notes due January 15, 2033

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| | |
|:---|:---|
| **Issuer:** | Piedmont Operating Partnership, LP |
| **Guarantor:** | Piedmont Realty Trust, Inc. |
| **Security Type:** | Senior Unsecured Notes |
| **Principal Amount:** | $400000000 |
| **Maturity:** | January 15, 2033 |
| **Coupon:** | 5.625% |
| **Public Offering Price:** | 99.364% of the principal amount |
| **Yield to Maturity:** | 5.732% |
| **Spread to Benchmark Treasury:** | T+185 bps |
| **Benchmark Treasury:** | 3.750% due October 31, 2032 |
| **Benchmark Treasury Price and Yield:** | 99-06+ / 3.882% |
| **Expected Ratings (Moody's/S&P/Fitch)\*:** | Baa3 / BBB- / BBB- |
| **Interest Payment Dates:** | January 15 and July 15 commencing July 15, 2026 |
| **Optional redemption:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Make-Whole Call:** | Prior to November 15, 2032 (two months prior to the maturity date), based on the Treasury Rate (as defined in the preliminary prospectus supplement) plus 30 basis points. |
| &nbsp;&nbsp;&nbsp;&nbsp; **Par Call:** | On or after November 15, 2032 (two months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. |

---

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| | |
|:---|:---|
| **Trade date:** | November 13, 2025 |
| **Settlement date:** | November 20, 2025 (T+5). Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the first business day preceding the closing date of this offering will be required, by virtue of the fact that the notes initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the additional notes who wish to trade the additional notes prior to the first business day preceding the closing date of this offering should consult their advisors. |
| **CUSIP:** | 720198 AK6 |
| **ISIN:** | US720198AK68 |
| **Denominations/Multiple:** | $2,000 and integral multiples of $1,000 in excess thereof. |
| **Joint Book-Running Managers:** | Wells Fargo Securities, LLC<br> BofA Securities, Inc.<br> J.P. Morgan Securities LLC<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> Morgan Stanley & Co. LLC<br> U.S. Bancorp Investments, Inc. |

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\* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

**The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Wells Fargo Securities, LLC at 1-800-645-3751, BofA Securities, Inc. at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533, TD Securities USA (LLC) at 1-855-495-9846, or Truist Securities, Inc. at 1-800-685-4786.**