Piedmont Realty Trust, Inc. (PDM) FY2025 10-K Annual Report
Piedmont Realty Trust, Inc. (PDM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Piedmont Realty Trust, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Ownership, management, development of Class A office properties primarily in U.S. Sunbelt markets totaling ~16 million sq ft
- • New emphasis: Redevelopment projects (3 ongoing) with 62% leased, enhancing tenant amenities to boost occupancy and rents
- • Strategic focus: Hospitality-driven management approach with 99% portfolio BOMA 360 certification, ranking in top 10 REITs nationwide
- • Notable metric: Tenant retention rate approximately 65% over 5 years, with 89.6% leasing occupancy on 14.9 million sq ft in-service properties
- • Sustainability leadership: ENERGY STAR Partner of the Year 5th consecutive year; 83% portfolio ENERGY STAR rated, 74% LEED certified, 63% LEED gold certified
Management Discussion & Analysis
- • Revenue $47.4M for 2025, net loss $(155.2M) compared to prior period (net loss not specified for 2024)
- • Same Store NOI up 0.2% cash basis to $297.2M, 1.8% accrual basis to $333.8M from 2024
- • Best performing segment Atlanta NOI $116.0M (+$5.3M YoY); worst Northern Virginia/Washington, D.C. NOI $28.6M (down $5.5M YoY)
- • EBITDAre $269.5M vs $304.7M in 2024; Core EBITDA $307.3M vs $310.0M; AFFO $84.9M vs $96.9M in 2024
- • Leased percentage increased to 89.6% from 88.4%, completed 2.5M sq ft leasing in 2025; management notes inflation risk and lease roll issues impacting cash flow
Risk Factors
- • Regulatory risk: REIT status maintenance requirement impacting dividend payout and cash flow allocation
- • Macroeconomic risk: $312.7M senior notes repurchase with $37.3M loss on early extinguishment due to refinancing market conditions
- • Operational risk: Capital expenditures $157.2M in 2025, reflecting volatile tenant improvement and leasing cost commitments $6.58/SF
- • Market disruption risk: Tenant demand variability evidenced by decrease in rental revenue $6.1M due to property dispositions and lease renewals
- • Financial risk: $553M available borrowing capacity under $600M unsecured credit line with no maturities until 2028
Piedmont Realty Trust, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$565M
▼ -0.9% YoY
Net Income
-$84M
▼ -5.8% YoY
Net Margin
-14.8%
▼ -94bp YoY
ROE
-5.6%
▼ -61bp YoY
Total Assets
$4.0B
▼ -2.0% YoY
EPS (Diluted)
$-0.67
▼ -4.7% YoY
Operating Cash Flow
$141M
▼ -29.0% YoY
Source: XBRL data from Piedmont Realty Trust, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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