Short answer
Piedmont Realty Trust, Inc. (PDM) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $565M (−0.9% year over year) and net income of −$84M.
- Top risk flagged: Regulatory risk: REIT status maintenance requirement impacting dividend payout and cash flow allocation
FY2025 key financial metrics · XBRL
- Revenue
- $565M
- −0.9% YoY
- Net income
- −$84M
- −5.8% YoY
- EPS (diluted)
- −$0.67
- −4.7% YoY
- ROE
- -5.6%
- −0.6 pp YoY
- Operating cash flow
- $141M
- −29.0% YoY
Source: XBRL data from the Piedmont Realty Trust, Inc. (PDM) FY2025 10-K on SEC EDGAR. USD.
Piedmont Realty Trust, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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