# EDGAR Filing Document

**Accession Number:** 0001042776
**File Stem:** 0001193125-25-169377
**Filing Date:** 2025-7
**Character Count:** 42409
**Document Hash:** 9528f7d84efe7c7ebbb3cadd2b776c54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-169377.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001193125-25-169377

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 251168287

**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'? 8-K

### 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 30, 2025

## Piedmont Realty Trust, Inc.

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

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-34626** | **58-2328421** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 5565 Glenridge Connector, St. 450

#### Atlanta, GA 30342

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

#### Registrant's telephone number, including area code: (770) 418-8800

#### 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 (see General Instruction A.2. below):

☐ 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**<br> **Symbol** | **Name of each exchange**<br> **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. ☐

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

---

On July 30, 2025, Piedmont Realty Trust, Inc. (the "Company") filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission, replacing the Company's prior shelf registration statement. Through the shelf registration, the Company and its subsidiaries may issue debt and equity securities, although no specific transaction is currently contemplated. However, in order to maintain the ability to issue equity through an at-the-market program as the Company believes to be appropriate, on July 30, 2025 the Company and its operating partnership, Piedmont Operating Partnership, LP, entered into an amendment (the "Amendment") to the Equity Distribution Agreement, dated July 29, 2022 (as amended, the "Equity Distribution Agreement") with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as managers (collectively, the "Managers"), JPMorgan Chase Bank, National Association, Morgan Stanley & Co. LLC, Bank of America, N.A., The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association, as forward purchasers (collectively, the "Forward Purchasers"), and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as forward sellers (collectively, the "Forward Sellers"), pursuant to which the Company may offer and sell, from time to time, through the Managers, as the Company's agents, or to the Managers for resale, shares of the Company's common stock, par value $0.01 per share, having an aggregate gross sales price of up to $250 million, which represents the unsold amount available under the Company's at-the-market program prior to such Amendment. The Company also entered into an amendment to each of the Master Forward Confirmations on July 30, 2025 with each of the Forward Purchasers to reflect the entry into the Amendment.

The Amendment provides that shares of common stock to be sold pursuant to the Equity Distribution Agreement will be issued pursuant to a prospectus dated July 30, 2025, and a prospectus supplement filed with the Securities and Exchange Commission on July 30, 2025, in connection with one or more offerings of shares from the Company's new effective shelf registration statement on Form S-3 (Registration No. 333-289089). Sales of shares of the Company's common stock through the Managers, if any, will be made in amounts and at times to be determined by the Company from time to time, but the Company has no obligation to sell any of the shares in the offering and may suspend sales in connection with the offering at any time. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including (among others) market conditions, the trading price of the Company's common shares and determinations by the Company of the appropriate sources of funding for the Company. Any sales of shares of the Company's common stock through the Managers will be made by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, in block transactions, or as otherwise agreed upon by us and the Managers. This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The Equity Distribution Agreement, the Amendment and the form of amendment to the Master Forward Confirmations are filed as Exhibits 1.1, 1.2 and 99.1, respectively, to this Current Report on Form 8-K, and are incorporated herein by reference. The foregoing description of the Equity Distribution Agreement, the Amendment and the form of amendment to the Master Forward Confirmations and the transactions contemplated thereby is qualified in its entirety by reference to Exhibits 1.1, 1.2 and 99.1.

Exhibits 5.1 and 23.1 to this Current Report on Form 8-K are filed herewith in connection with the Company's effective shelf registration statement on Form S-3 (Registration No. 333-289089) and are incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit<br>No. | Description of Exhibit |
| 1.1 | [Equity Distribution Agreement, dated July 29, 2022, between Piedmont Realty Trust, Inc., Piedmont Operating Partnership, LP, and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, *as managers*, JPMorgan Chase Bank, National Association, Morgan Stanley & Co. LLC, Bank of America, N.A., The Bank of Nova Scotia, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association, *as forward purchasers*, and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Scotia Capital (USA), Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, *as forward sellers* (incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form 8-K, filed on July 29, 2022)](http://www.sec.gov/Archives/edgar/data/1042776/000119312522206770/d315631dex11.htm) |
| 1.2 | [Amendment to Equity Distribution Agreement, dated July 30, 2025](d85238dex12.htm) |
| 5.1 | [Opinion of Venable LLP](d85238dex51.htm) |
| 23.1 | [Consent of Venable LLP (included in Exhibit 5.1)](d85238dex51.htm) |
| 99.1 | [Form of Amendment to the Master Forward Confirmations](d85238dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | PIEDMONT REALTY TRUST, INC. | PIEDMONT REALTY TRUST, INC. |
| Date: July 30, 2025 | By: | /s/ Laura P. Moon |
|  | Name: | Laura P. Moon |
|  | Title: | Executive Vice President, Chief Accounting Officer and Treasurer |

---

## Exhibit 1.2

*Exhibit 1.2* 

**FIRST AMENDMENT TO EQUITY DISTRIBUTION AGREEMENT** 

July 30, 2025

To:

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

TD Securities (USA) LLC

1 Vanderbilt Avenue

New York, New York 10017

Truist Securities, Inc.

50 Hudson Yards, 70th Floor

New York, New York 10001

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

*As Managers* 

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

Bank of America, N.A.

One Bryant Park

New York, New York 10036

The Toronto-Dominion Bank

c/o TD Securities (USA) LLC, as agent

1 Vanderbilt Avenue

New York, New York 10017

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Truist Bank

50 Hudson Yards, 70<sup>th</sup> Floor

New York, New York 10001

Wells Fargo Bank, National Association

c/o Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

*As Forward Purchasers* 

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

TD Securities (USA) LLC

1 Vanderbilt Avenue

New York, New York 10017

Truist Securities, Inc.

50 Hudson Yards, 70<sup>th</sup> Floor

New York, New York 10001

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

*As Forward Sellers* 

Ladies and Gentlemen:

Reference is hereby made to the Equity Distribution Agreement, dated July 29, 2022 (the "**Distribution Agreement**"), by and among Piedmont Realty Trust, Inc., a Maryland corporation (the "**Company**"), Piedmont Operating Partnership LP, a Delaware limited partnership (the "**Operating Partnership**" and, together with the Company, the "**Transaction Entities**"), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC (each, in its capacity as sales agent in connection with the offering and sale of Issuance Shares (as defined in the Distribution Agreement), a "**Manager**" and collectively, the "**Managers**"); JPMorgan Chase Bank, National Association, Morgan Stanley & Co. LLC, Bank of America, N.A., The

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Bank of Nova Scotia, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association (each, in its capacity as purchaser under any Forward Contract (as defined in the Distribution Agreement), a "**Forward Purchaser**" and collectively, the "**Forward Purchasers**") and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC (each, as agent for its affiliated Forward Purchaser in connection with the offering and sale of any Forward Hedge Shares (as defined in the Distribution Agreement), a "**Forward Seller**" and collectively, the "**Forward Sellers**"), which shall be amended as set forth in this First Amendment to Equity Distribution Agreement (this "**First Amendment**" and, the Distribution Agreement as amended by this First Amendment, this "**Agreement**"). Capitalized terms used herein and not defined have the respective meanings set forth in the Distribution Agreement.

The Distribution Agreement contemplates the offering and sale of Shares pursuant to the Company's automatic shelf registration statement on Form S-3 (File No. 333-266389). The Company has filed with the Commission (i) an automatic shelf registration statement on Form S-3 (File No. 333-289089) relating to, among other things, the Company's Common Stock (which new registration statement became effective upon the filing thereof with the Commission on the date hereof) and (ii) a prospectus supplement, dated July 30, 2025, relating to the Shares and an accompanying prospectus, dated July 30, 2025.

The parties hereto hereby agree that, from and after the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Scotia Capital (USA) Inc. shall be removed as a Manager and Forward Seller and The Bank of Nova Scotia shall be
removed as a Forward Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the second paragraph of the introduction of the Distribution Agreement shall be replaced in its entirety with
the following:

The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement (File No. 333-289089), including a prospectus, on Form S-3, relating to the securities (the "**Shelf Securities**"), including the Shares, to be offered from time to time by the Company. The registration statement as of its most recent effective date, including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A or Rule 430B under the Securities Act of 1933, as amended (the "**Securities Act**"), is hereinafter referred to as the "**Registration Statement**", and the related prospectus covering the Shelf Securities and filed as part of the Registration Statement, together with any amendments or supplements thereto (other than a prospectus supplement relating solely to the offering of Shelf Securities other than the Shares) as of the most recent effective date of the Registration Statement, is hereinafter referred to as the "**Basic Prospectus**". "**Prospectus Supplement**" means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act on or before the second business day after the date hereof, in the form furnished by the Company to the Managers, the Forward Purchasers and the Forward Sellers in connection with the offering of the Shares. Except where the context otherwise requires, "**Prospectus**" means the Basic Prospectus, as supplemented by the Prospectus Supplement and the most recent Interim Prospectus Supplement (as defined in Section 6(b) below), if any. For purposes of this Agreement, "**free writing prospectus**" has the meaning set forth in Rule 405 under the Securities Act. "**Permitted Free Writing Prospectuses**"

------

means the documents listed on <u>Schedule I</u> hereto or otherwise approved in writing by the Managers, the Forward Purchasers and the Forward Sellers in accordance with Section 6(a), and "**broadly available road show**" means a "bona fide electronic road show" as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. As used herein, the terms "**Registration Statement**", "**Basic Prospectus**", "**Prospectus Supplement**", "**Interim Prospectus Supplement**" and "**Prospectus**" shall include the documents, if any, incorporated by reference therein as of the date hereof. The terms "**supplement**", "**amendment**" and "**amend**" as used herein with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement or the Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), that are deemed to be incorporated by reference therein (the "**Incorporated Documents**").

The parties hereto hereby further agree that (i) notwithstanding the foregoing, each reference to a "Registration Statement," "Prospectus," "Prospectus Supplement," "Interim Prospectus Supplement," "General Disclosure Package" or "Permitted Free Writing Prospectus" in Section 8 of the Distribution Agreement shall be deemed to include each such Registration Statement, Prospectus, Prospectus Supplement, Interim Prospectus Supplement, General Disclosure Package and Permitted Free Writing Prospectus utilized by the Transaction Entities in connection with the issuance of Shares pursuant to the Distribution Agreement and this Agreement and (ii) the Distribution Agreement, as amended hereby, shall otherwise remain in full force and effect.

This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or any other rapid transmission device designed to produce a written record of the communication transmitted shall be as effective as delivery of a manually executed counterpart thereof. The words "execution," "executed," "signed," signature" and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, "pdf," "tif" or "jpg") and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.

[signature pages follow]

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If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company and the Operating Partnership a counterpart hereof, whereupon this Agreement, along with all counterparts, will become a binding agreement between the Company, the Operating Partnership, the Managers, the Forward Purchasers and the Forward Sellers in accordance with its terms.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| PIEDMONT REALTY TRUST, INC. | PIEDMONT REALTY TRUST, INC. |
| By: | /s/ Sherry L. Rexroad |
| Name: | Sherry L. Rexroad |
| Title: | Chief Financial Officer and Executive Vice President |
| PIEDMONT OPERATING PARTNERSHIP, LP | PIEDMONT OPERATING PARTNERSHIP, LP |
| By: | /s/ Sherry L. Rexroad |
| Name: | Sherry L. Rexroad |
| Title: | Chief Financial Officer and Executive Vice President |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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Accepted as of the date first written above.

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| | |
|:---|:---|
| J.P. MORGAN SECURITIES LLC | J.P. MORGAN SECURITIES LLC |
| As Manager | As Manager |
| By: | /s/ Sanjeet Dewal |
| Name: | Sanjeet Dewal |
| Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
| MORGAN STANLEY & CO. LLC | MORGAN STANLEY & CO. LLC |
| As Manager | As Manager |
| By: | /s/ Eric Rosenblum |
| Name: | Eric Rosenblum |
| Title: | Executive Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
| BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| As Manager | As Manager |
| By: | /s/ Chris Djoganopoulos |
| Name: | Chris Djoganopoulos |
| Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
| TD SECURITIES (USA) LLC | TD SECURITIES (USA) LLC |
| As Manager | As Manager |
| By: | /s/ Christopher Obalde |
| Name: | Christopher Obalde |
| Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  TRUIST SECURITIES, INC. | TRUIST SECURITIES, INC. |
|  As Manager | As Manager |
|  By: | /s/ Geoffrey Fennel |
|  Name: | Geoffrey Fennel |
|  Title: | Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  WELLS FARGO SECURITIES, LLC | WELLS FARGO SECURITIES, LLC |
|  As Manager | As Manager |
|  By: | /s/ Rohit Mehta |
|  Name: | Rohit Mehta |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION |
|  As Forward Purchaser | As Forward Purchaser |
|  By: | /s/ Sanjeet Dewal |
|  Name: | Sanjeet Dewal |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  MORGAN STANLEY & CO. LLC | MORGAN STANLEY & CO. LLC |
|  As Forward Purchaser | As Forward Purchaser |
|  By: | /s/ Eric Rosenblum |
|  Name: | Eric Rosenblum |
|  Title: | Executive Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  BANK OF AMERICA, N.A. | BANK OF AMERICA, N.A. |
|  As Forward Purchaser | As Forward Purchaser |
|  By: | /s/ Christine Roemer |
|  Name: | Christine Roemer |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  THE TORONTO-DOMINION BANK | THE TORONTO-DOMINION BANK |
|  As Forward Purchaser | As Forward Purchaser |
|  By: | /s/ Christopher Obalde |
|  Name: | Christopher Obalde |
|  Title: | Authorized Signatory |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  TRUIST BANK | TRUIST BANK |
|  As Forward Purchaser | As Forward Purchaser |
|  By: | /s/ Michael Collins |
|  Name: | Michael Collins |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
|  As Forward Purchaser | As Forward Purchaser |
|  By: | /s/ Kevin Brillhart |
|  Name: | Kevin Brillhart |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  J.P. MORGAN SECURITIES LLC | J.P. MORGAN SECURITIES LLC |
|  As Forward Seller | As Forward Seller |
|  By: | /s/ Sanjeet Dewal |
|  Name: | Sanjeet Dewal |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  MORGAN STANLEY & CO. LLC | MORGAN STANLEY & CO. LLC |
|  As Forward Seller | As Forward Seller |
|  By: | /s/ Ellen Weinstein |
|  Name: | Ellen Weinstein |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
|  As Forward Seller | As Forward Seller |
|  By: | /s/ Chris Djoganopoulos |
|  Name: | Chris Djoganopoulos |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  TD SECURITIES (USA) LLC | TD SECURITIES (USA) LLC |
|  As Forward Seller | As Forward Seller |
|  By: | /s/ Christopher Obalde |
|  Name: | Christopher Obalde |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  TRUIST SECURITIES, INC. | TRUIST SECURITIES, INC. |
|  As Forward Seller | As Forward Seller |
|  By: | /s/ Geoffrey Fennel |
|  Name: | Geoffrey Fennel |
|  Title: | Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

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| | |
|:---|:---|
|  WELLS FARGO SECURITIES LLC | WELLS FARGO SECURITIES LLC |
|  As Forward Seller | As Forward Seller |
|  By: | /s/ Rohit Mehta |
|  Name: | Rohit Mehta |
|  Title: | Managing Director |

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[Signature Page to First Amendment to Equity Distribution Agreement]

## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g85238g05m26.jpg) | ![LOGO](g85238g18m29.jpg) |

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July 30, 2025

Piedmont Realty Trust, Inc.

5565 Glenridge Connector

Suite 450

Atlanta, Georgia 30342

Re: <u>Registration Statement on Form S-3</u>

Ladies and Gentlemen:

We have served as Maryland counsel to Piedmont Realty Trust, Inc., a Maryland corporation (the "Company"), in connection with certain matters of Maryland law arising out of the registration of up to $250,000,000 in aggregate offering price of shares (the "Shares") of common stock, par value $.01 per share, of the Company (the "Common Stock"), covered by the above-referenced Registration Statement, and all amendments thereto (the "Registration Statement"), filed by the Company and Piedmont Operating Partnership, LP, a Delaware limited partnership (the "Operating Partnership"), with the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "1933 Act"). The Shares are to be issued from time to time pursuant to the Prospectus Supplement and the Distribution Agreement (each as defined herein) in one or more transactions deemed to be "at the market" offerings (each, an "Offering" and, collectively, the "Offerings") under Rule 415 of the 1933 Act.

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Prospectus, dated July 30, 2025, as supplemented by a Prospectus Supplement, dated July 30, 2025 (the "Prospectus Supplement"), filed by the Company with the Commission pursuant to Rule 424(b) of the General Rules and Regulations promulgated under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The charter of the Company (the "Charter"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

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![LOGO](g85238g02e44.jpg)

Piedmont Realty Trust, Inc.

July 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Second Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Resolutions adopted by the Board of Directors of the Company (the "Board") relating to, among other matters, (a) the sale and issuance of the Shares, (b) the authorization of the execution, delivery and performance by the Company of the Distribution Agreement, the Master Forward Confirmations (as defined herein) and each Supplemental Confirmation (as defined in the Distribution Agreement) under the Master Forward Confirmations and (c) the delegation to a Pricing Committee of the Board (the "Pricing Committee") of the power to determine, subject to certain parameters, the number of Shares and the offering price of each Share to be sold from time to time pursuant to the Distribution Agreement (the "Resolutions"), certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Equity Distribution Agreement, dated July 29, 2022, as amended by the First Amendment to Equity Distribution Agreement, dated July 30, 2025 (as so amended, the "Distribution Agreement"), by and among the Company and the Operating Partnership, on the one hand, and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, each in its capacity as sales agent in connection with the offering and sale of Issuance Shares (as defined in the Distribution Agreement), JPMorgan Chase Bank, National Association, Morgan Stanley & Co. LLC, Bank of America, N.A., The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association, each in its capacity as purchaser under any Forward Contract (as defined in the Distribution Agreement) (collectively, the "Forward Purchasers"), and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, each in its capacity as agent for its affiliated Forward Purchaser, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Master Confirmations, each dated as of July 29, 2022, as amended on July 30, 2025 (as so amended, collectively, the "Master Forward Confirmations"), by and between the Company and each of the Forward Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A certificate executed by an officer of the Company, dated as of the date hereof; and

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![LOGO](g85238g02e44.jpg)

Piedmont Realty Trust, Inc.

July 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Shares will not be issued or transferred in violation of the restrictions on transfer and ownership of shares of stock of the Company set forth in Sections 4.6 and 4.7 of Article IV of the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Upon the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

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![LOGO](g85238g02e44.jpg)

Piedmont Realty Trust, Inc.

July 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance of the Shares has been duly authorized and, when and to the extent issued against payment therefor in accordance with the Registration Statement, the Prospectus Supplement, the Distribution Agreement, any Supplemental Confirmation under the Master Forward Confirmations, the Resolutions and any other resolutions adopted by the Board or the Pricing Committee relating to the Shares, the Shares will be validly issued, fully paid and nonassessable.

The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other state. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Company's Current Report on Form 8-K relating to the Offerings (the "Current Report"), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

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| |
|:---|
| Very truly yours, |
| /s/ Venable LLP |

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## Exhibit 99.1

*Exhibit 99.1* 

**FORM OF AMENDED MASTER CONFIRMATION** 

[\*], 202[\*]

[\*] ("**Party A**")

[\*]

Ladies and Gentlemen:

Reference is made to the Master Forward Confirmation, dated July 29, 2022 (the "**Master Confirmation**"), between Piedmont Realty Trust, Inc. (f/k/a Piedmont Office Realty Trust, Inc.) ("**Party B**"), and Party A. All capitalized terms used in this Amendment No. 1 to the Master Confirmation between Party B and Party A (this "**Amendment**") and not otherwise defined herein shall have the respective meanings assigned to them in the Master Confirmation. Party B and Party A agree as follows:

A. <u>Amendments to Master Confirmation</u>. The Master Confirmation is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The first sentence of the first paragraph of the Master Confirmation shall be amended to add "and as
amended on July 30, 2025" immediately before "(the "**Equity Distribution Agreement** ")".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The address for notices or communications to Party A, as set forth in the Miscellaneous section, shall be
amended and restated to read as follows:

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| | |
|:---|:---|
| Address:<br> Attention:<br> Email: | [\*]<br> [\*]<br> [\*] |
| with copies to:<br> Attention:<br> Telephone:<br> Email: | <br> [\*]<br> [\*]<br> [\*] |
| Address: | [\*] |
| Attention:<br> Email: | [\*]<br> [\*] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The first sentence of the second paragraph of the Form of Supplemental Confirmation attached as Exhibit A to
the Master Confirmation shall be amended to add "and as amended on July 30, 2025" immediately after "dated as of July 29, 2022".

B. <u>No Other Amendments</u>. Except as set forth in Part A above, all the terms and provisions of the Master
Confirmation shall continue in full force and effect. All references to the Master Confirmation in the Master Confirmation or in any other document executed or delivered in connection therewith shall, from the date hereof, be deemed a reference to
the Master Confirmation as amended by this Amendment. Notwithstanding anything to the contrary

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contained herein, this Amendment shall not have any effect on offerings or sales of the Shares prior to the date hereof or on the terms of the Master Confirmation and the rights and obligations of the parties thereunder, insofar as they relate to such offerings or sales, including, without limitation, the representations, warranties and agreements (including the indemnification and contribution provisions) contained in the Master Confirmation.

C. <u>Applicable Law</u>. This Amendment will be governed by and construed in accordance with the laws of the
State of New York applicable to contracts made and to be performed within the State of New York.

D. <u>Effect of Headings</u>. The Section headings herein are for convenience only and shall not affect the
construction hereof.

E. <u>Counterparts</u>. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile or email transmission.

[*Signature Page Follows*]

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If the foregoing is in accordance with your understanding of our agreement, please sign and return to Party B a counterpart hereof, whereupon this Amendment, along with all counterparts, will become a binding agreement between Party B and Party A in accordance with its terms.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **PIEDMONT REALTY TRUST, INC.** | **PIEDMONT REALTY TRUST, INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signature Page to Amendment No. 1 to the Master Forward Confirmation*]

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CONFIRMED AND ACCEPTED, as of the date first above written:

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| | |
|:---|:---|
| [\*] | [\*] |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signature Page to Amendment No. 1 to the Master Forward Confirmation*]