10-Q · April 30, 2026
Piedmont Realty Trust reported total revenues of $143.3 million for Q1 2026, a slight increase of 0.6% compared to $142.7 million in Q1 2025. The company experienced a net loss of $12.9 million or $0.10 per diluted…
Earnings analysis · 10-Q
PDM earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Piedmont delivered modest Q2 revenue growth, with total revenue up to $144.1 million from $140.4 million and GAAP EPS improving to a $0.09 loss from a $0.14 loss. Operating fundamentals were mixed: same-store NOI grew…
Read full summary
Piedmont delivered modest Q2 revenue growth, with total revenue up to $144.1 million from $140.4 million and GAAP EPS improving to a $0.09 loss from a $0.14 loss. Operating fundamentals were mixed: same-store NOI grew and Orlando accelerated, but portfolio leased percentage declined to 88.9% and several markets posted lower NOI. Liquidity is supported by $600 million of unused revolver capacity and no required maturities until 2028, although substantial capital spending and approximately $1.7 billion of unsecured notes keep leverage and refinancing considerations central.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
What stood out
-
Revenue returned to year-over-year growth
Q2 revenue rose $3.7 million year over year to $144.1 million, led by a $3.3 million increase in rental and tenant-reimbursement revenue. New leases and rent roll-ups contributed approximately $4.7 million, partly offset by a Boston disposition.
-
Loss per share improved by $0.05
GAAP net loss narrowed to $11.1 million, or $0.09 per diluted share, from a $16.8 million loss, or $0.14 per share, in Q2 2025. The improvement primarily reflects the absence of the prior-year $7.5 million debt-extinguishment loss.
-
Same-store NOI and lease economics strengthened
Property NOI increased to $88.1 million from $84.7 million, while same-store NOI increased 9.0% on a cash basis and 2.8% on an accrual basis. Q2 executed leases on space vacant one year or less produced 14.1% cash and 32.4% accrual rent roll-ups.
-
Orlando and Atlanta drove segment NOI growth
Orlando was the strongest geographic contributor, with NOI rising $3.5 million year over year to $11.7 million, driven by lease commencements at 501 West Church and 200 South Orange at The Exchange. Atlanta NOI also rose $0.5 million to $29.7 million.
-
Revolver availability supports near-term liquidity
Liquidity included $16.8 million of cash and the full $600 million revolver capacity available at June 30, with no required debt maturities until 2028. The company states it believes these resources are sufficient for foreseeable obligations.
-
Capital spending declined but remains substantial
Six-month capital expenditures declined $9.7 million year over year to $71.8 million from $81.6 million. This equals roughly 25.0% of six-month revenue of $287.5 million, underscoring continued leasing and building-investment intensity.
What to watch
-
Occupancy declined with meaningful 2026 expirations
In-service leased percentage fell 70 basis points to 88.9% at June 30, 2026 from 89.6% at December 31, 2025, and lease expirations in the remainder of 2026 represent approximately 8% of annualized lease revenue.
-
Large lease pipeline carries timing and abatement risk
The company had approximately 0.9 million square feet of executed leases not yet commenced, representing about $39 million of future annual cash rent, plus 1.0 million square feet under abatement representing about $28 million. Lease commencement can take 6 to 18 months after execution, delaying cash-flow realization.
-
Leverage and residual variable-rate exposure remain
Debt includes approximately $1.7 billion of senior unsecured notes, while $200 million of the $400 million 2026 term loan is variable-rate and the $600 million revolver is also variable-rate. A 1.0% rise in variable rates would add approximately $2.0 million of annual interest expense on existing borrowings.
-
Several office markets posted NOI declines
Dallas NOI declined $1.7 million year over year to $16.2 million in Q2, primarily because of lower occupancy at Galleria Towers. Minneapolis NOI fell $0.3 million to $5.8 million, New York fell $0.7 million to $7.5 million, and Boston fell $0.6 million to $6.2 million.
-
No formal risk-factor updates; capex needs persist
The filing reports no known material changes to risk factors from the 2025 Form 10-K. Nonetheless, the portfolio's $71.8 million of six-month capital expenditures includes $58.4 million of tenant and building improvements, leaving cash needs sensitive to leasing activity and construction costs.
Management's outlook
The 10-Q does not provide or formally update quantitative revenue or EPS guidance. Management discusses liquidity, leasing commencements and capital needs, but no numeric forward earnings outlook is included in the filing.
Earlier filings 4
10-K · February 17, 2026
Piedmont positions itself as a self‑managed, hospitality‑driven owner/operator of Class A Sunbelt office assets (approximately 16 million sq ft) focused on redeveloping and operating amenity‑rich buildings to drive…
10-Q · October 27, 2025
Piedmont reported flat quarterly revenue of $139,163 (in thousands) and a GAAP net loss applicable to Piedmont of $(13,462) for the three months ended September 30, 2025, producing a loss per share of $(0.11). Gross…
10-Q · July 28, 2025
Piedmont reported Q2 2025 revenue of $140,292,000, down from $143,262,000 in Q2 2024, while GAAP net loss widened to $(16,806,000) (loss per share $(0.14)) versus $(9,807,000) (loss per share $(0.08)) a year earlier.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.