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Piedmont Realty Trust, Inc. (PDM) stock

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NYSE: PDM NYSE Office REITs Next results ~February 10, 2027

C Fundamentals grade

Piedmont Realty Trust, Inc. is a US-listed company in the office REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$16

Funds-from-operations model

Base case. Range ~$13–$19. Funds from operations growing 2.5% a year, discounted at 8%.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Piedmont Realty Trust, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds132 adding, 111 cuttingOf 30 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Piedmont Realty Trust files

Where Piedmont Realty Trust stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $582m, up 2.9% on a year earlier, faster than the 0.7% growth a quarter earlier. Free-cash-flow margin rose to -4.2% from -5.3% a year earlier. Operating margin widened to 22.0% from 14.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 4 financial-health checks. Our valuation models combined value is $12.45 a share, against a share price of $9.37.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Piedmont Realty Trust, Inc.'s trailing-twelve-month revenue grew 2.9% year on year, with a free-cash-flow margin of -4.2%. Where it stands out: change in growth rate of +2.2pp ranks 3 of 18 office reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.6% while net income fell 25.5%: a 43pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 7.8 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 109.1% over 90 days.

Things to watch

  • Burning cash. Free cash flow was -4.2% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $2.3bn, more than 1.5 times annual revenue.
  • Heavily shorted. 10.2% of the shares available to trade are sold short (4.9 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
-$0.17 against an average estimate of -$0.01: missed by 1471.2%
Revenue
$151m, up 8.7% on a year earlier
Share reaction
-4.5% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Next report
October 26, 2026

Piedmont Realty Trust's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+1.7%
  • 1 month+8.6%
  • This year+17.1%
  • 1 year+21.2%
  • 5 years-32.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$582M
Net margin
-15.2%
EPS (TTM, diluted)
$-0.71

Growth

Revenue growth
+2.9%
Change in growth rate
+2.2 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
-$24.7M
FCF margin
-4.2%
Stock pay % of revenue
1.7%

Earnings

Last results
October 26, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Announcement
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Piedmont Realty Trust, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of Piedmont Realty Trust, Inc.'s free cash flow after stock-based pay ( $71.1M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Piedmont Realty Trust, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.7 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$16 ~$13–$19 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$0.3 ~$7.1–$15 Left out: out of range vs price (0.03x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$0.0 ~$0.0–$0.0 Left out: out of range vs price (0.00x)
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$13–$19 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Piedmont Realty Trust, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$11.00$12.72$12.74$11.58$15.75$12.05$14.45$7.69$6.56$8.99$8.34$9.77
Market value$1.7bn$1.9bn$1.9bn$1.5bn$2.0bn$1.5bn$1.8bn$950m$811m$1.1bn$1.0bn$1.2bn
+ Net debt (− = net cash)$2.0bn$2.0bn$1.7bn$1.7bn$1.5bn$1.6bn$1.9bn$2.0bn$2.1bn$2.1bn$2.2bn$2.3bn
Enterprise value$3.7bn$3.9bn$3.6bn$3.2bn$3.5bn$3.1bn$3.7bn$2.9bn$2.9bn$3.2bn$3.3bn$3.6bn
Multiples
Price / sales 2.8x3.3x3.2x2.9x3.7x2.8x3.4x1.7x1.4x2.0x1.8x2.1x
Price / earnings 12.6x18.6x13.9x11.6x8.7x6.5x—6.5x————
Price / free cash flow 7.4x8.0x7.6x7.5x9.5x7.9x7.4x4.4x3.9x5.6x7.4x7.3x
EV / EBITDA 16.2x17.1x15.8x13.1x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

56 /100

Moderate moat

How hard Piedmont Realty Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.4% of total assets over 10 years.

  • Durability 15 / 20

    Operating margin has been a median 22.0%; its worst year was 12.6%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 6 of 10 years, at a median 13.6% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.1% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.17 +75% $586m +4%
Next $0.25 +246% $594m +1%

Next year's EPS estimate has moved +109.1% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −20.6% on 90 days ago. In the last 30 days, 0 analysts raised Piedmont Realty Trust, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Piedmont Realty Trust, Inc., last 90 days
−$0.40 −$0.20 $0.00 $0.20 $0.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.21 Current fiscal year, 60 days ago: −$0.13 Current fiscal year, 30 days ago: −$0.17 Current fiscal year, 7 days ago: −$0.17 Current fiscal year, Now: −$0.17 −$0.17 Next fiscal year, 90 days ago: $0.12 Next fiscal year, 60 days ago: $0.12 Next fiscal year, 30 days ago: $0.15 Next fiscal year, 7 days ago: $0.15 Next fiscal year, Now: $0.25 $0.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.21$0.12
60 days ago −$0.13$0.12
30 days ago −$0.17$0.15
7 days ago −$0.17$0.15
Now −$0.17$0.25

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.01 −$0.17 −1471.2%
Jun 2026 −$0.09 −$0.09 0.0%
Mar 2026 −$0.03 −$0.10 −212.0%
Dec 2025 −$0.05 −$0.35 −601.7%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Piedmont Realty Trust, Inc.'s revenue by +1.9% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.8%, weight 45%) and the company's own record (+2.0%, weight 55%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Oct 2026224
  2. Sep 2026134
  3. Aug 2026134
  4. Jul 2026134

Counts of recommendations published by analysts covering Piedmont Realty Trust, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.2%
of tradable shares
Days to cover
4.92
at average volume
Short interest, 1 month
+96%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
1.3%
of shares
Employees
140
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +21.2%

$8.06 on October 31, 2025 to $9.77

ThenNowEffect
Revenue (last 12 months) $566m $569m +0.7%
P/S multiple 1.8x 2.1x +20.9%
Share count 124m 125m −0.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +77.3%

$5.51 on November 3, 2023 to $9.77

ThenNowEffect
Revenue (last 12 months) $577m $569m −1.3%
P/S multiple 1.2x 2.1x +81.3%
Share count 124m 125m −1.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PDM+20%−47%−15%+37%−7%+17%
Industry peers (median)+19%−37%+3%+10%−19%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PDM67%25%42%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PDM−15%−52%−51%−22%−36%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 74% from February 18, 2020 to October 25, 2023. Getting back needed a 281% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.39 – $9.96
From 52-week high
−1.9%
vs 50-day average
+4.7%
vs 200-day average
+13.4%
Volatility (1 year)
32%
Beta vs S&P 500
0.57

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.8%
After a week
5 up, 7 down
typical move ±4.0%
After a month
8 up, 3 down
typical move ±6.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 −4.5% +1.3% +0.9% —
July 28, 2026 +1.3% −1.3% −0.9% +1.0%
April 30, 2026 +1.3% +1.3% +3.3% +0.7%
February 11, 2026 −10.7% −1.6% −8.9% −24.3%
October 27, 2025 +2.0% +1.4% −3.9% +0.6%
July 28, 2025 +3.9% −0.3% +1.5% +8.0%
April 28, 2025 −15.4% +0.7% −4.6% +2.5%
February 13, 2025 −8.9% +1.1% −10.3% −6.9%
October 24, 2024 −3.5% +0.2% −7.2% −11.4%
July 31, 2024 −0.3% +0.2% −5.4% +12.1%
April 30, 2024 −2.9% −1.9% +0.1% +5.4%
February 7, 2024 +3.1% +0.9% +0.9% +1.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Piedmont Realty Trust, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Piedmont Realty Trust, Inc.
$560M $565M $570M $575M $580M $585M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $577.8M Revenue (TTM), FY24 Q1: $579.9M Revenue (TTM), FY24 Q2: $580.1M Revenue (TTM), FY24 Q3: $572.4M Revenue (TTM), FY24 Q4: $570.3M Revenue (TTM), FY25 Q1: $568.5M Revenue (TTM), FY25 Q2: $565.5M Revenue (TTM), FY25 Q3: $565.4M Revenue (TTM), FY25 Q4: $565M Revenue (TTM), FY26 Q1: $565.6M Revenue (TTM), FY26 Q2: $569.4M Revenue (TTM), FY26 Q3: $581.5M $581.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $577.8M
FY24 Q1 $579.9M
FY24 Q2 $580.1M
FY24 Q3 $572.4M
FY24 Q4 $570.3M
FY25 Q1 $568.5M
FY25 Q2 $565.5M
FY25 Q3 $565.4M
FY25 Q4 $565M
FY26 Q1 $565.6M
FY26 Q2 $569.4M
FY26 Q3 $581.5M
Revenue growth, TTM YoY Piedmont Realty Trust, Inc.
-4% -2% 0% 2% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.5% Revenue growth, TTM YoY, FY24 Q1: 1.7% Revenue growth, TTM YoY, FY24 Q2: 0.6% Revenue growth, TTM YoY, FY24 Q3: -1.2% Revenue growth, TTM YoY, FY24 Q4: -1.3% Revenue growth, TTM YoY, FY25 Q1: -2.0% Revenue growth, TTM YoY, FY25 Q2: -2.5% Revenue growth, TTM YoY, FY25 Q3: -1.2% Revenue growth, TTM YoY, FY25 Q4: -0.9% Revenue growth, TTM YoY, FY26 Q1: -0.5% Revenue growth, TTM YoY, FY26 Q2: 0.7% Revenue growth, TTM YoY, FY26 Q3: 2.9% 2.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.5%
FY24 Q1 1.7%
FY24 Q2 0.6%
FY24 Q3 -1.2%
FY24 Q4 -1.3%
FY25 Q1 -2.0%
FY25 Q2 -2.5%
FY25 Q3 -1.2%
FY25 Q4 -0.9%
FY26 Q1 -0.5%
FY26 Q2 0.7%
FY26 Q3 2.9%
Operating margin (TTM) Piedmont Realty Trust, Inc.
10% 15% 20% 25% FY16 Q1 FY16 Q4 FY17 Q3 FY18 Q4 Operating margin (TTM), FY16 Q1: 12.5% Operating margin (TTM), FY16 Q2: 11.9% Operating margin (TTM), FY16 Q3: 13.3% Operating margin (TTM), FY16 Q4: 12.7% Operating margin (TTM), FY17 Q1: 13.7% Operating margin (TTM), FY17 Q2: 17.0% Operating margin (TTM), FY17 Q3: 21.5% Operating margin (TTM), FY17 Q4: 14.2% Operating margin (TTM), FY18 Q1: 13.6% Operating margin (TTM), FY18 Q2: 12.3% Operating margin (TTM), FY18 Q3: 13.1% Operating margin (TTM), FY18 Q4: 22.0% 22.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY16 Q1 12.5%
FY16 Q2 11.9%
FY16 Q3 13.3%
FY16 Q4 12.7%
FY17 Q1 13.7%
FY17 Q2 17.0%
FY17 Q3 21.5%
FY17 Q4 14.2%
FY18 Q1 13.6%
FY18 Q2 12.3%
FY18 Q3 13.1%
FY18 Q4 22.0%
FCF margin (TTM) Piedmont Realty Trust, Inc.
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.3% FCF margin (TTM), FY24 Q1: 1.8% FCF margin (TTM), FY24 Q2: 3.5% FCF margin (TTM), FY24 Q3: -0.5% FCF margin (TTM), FY24 Q4: 3.6% FCF margin (TTM), FY25 Q1: -0.2% FCF margin (TTM), FY25 Q2: -3.5% FCF margin (TTM), FY25 Q3: -5.3% FCF margin (TTM), FY25 Q4: -7.2% FCF margin (TTM), FY26 Q1: -3.4% FCF margin (TTM), FY26 Q2: -1.6% FCF margin (TTM), FY26 Q3: -4.2% -4.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.3%
FY24 Q1 1.8%
FY24 Q2 3.5%
FY24 Q3 -0.5%
FY24 Q4 3.6%
FY25 Q1 -0.2%
FY25 Q2 -3.5%
FY25 Q3 -5.3%
FY25 Q4 -7.2%
FY26 Q1 -3.4%
FY26 Q2 -1.6%
FY26 Q3 -4.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 543 523 525 521 550 566 585 556 574 526 533 535 529 564 578 570 565 582
EBITDA 270 298 290 275 282 265 229 226 227 244 — — — — — — — —
Operating income 130 167 143 135 141 108 74 71 81 116 — — — — — — — —
Net income 75 120 225 93 99 42 131 100 134 130 229 233 −1 147 −48 −79 −84 −88
Diluted EPS $0.47 $0.70 $1.30 $0.55 $0.60 $0.27 $0.87 $0.69 $0.92 $1.00 $1.82 $1.85 −$0.01 $1.19 −$0.39 −$0.64 −$0.67 −$0.71
Growth (year on year)
Revenue — −3.5% +0.3% −0.8% +5.6% +3.0% +3.3% −5.0% +3.3% −8.4% +1.4% +0.3% −1.2% +6.6% +2.5% −1.3% −0.9% +2.9%
EBITDA — +10.3% −2.7% −5.4% +2.5% −6.0% −13.6% −1.2% +0.5% +7.5% — — — — — — — —
Operating income — +28.5% −14.6% −5.1% +4.0% −23.5% −31.6% −4.0% +14.9% +42.3% — — — — — — — —
Net income — +61.1% +86.9% −58.6% +5.9% −57.3% +211.5% −24.0% +33.9% −2.4% +76.0% +1.5% −100.5% — −133.0% — — —
Diluted EPS — +48.9% +85.7% −57.7% +9.1% −55.0% +222.2% −20.7% +33.3% +8.7% +82.0% +1.6% −100.5% — −132.8% — — —
Margins
EBITDA margin 49.8% 57.0% 55.3% 52.7% 51.2% 46.7% 39.1% 40.7% 39.6% 46.4% — — — — — — — —
Operating margin 24.0% 31.9% 27.2% 26.0% 25.6% 19.0% 12.6% 12.7% 14.2% 22.0% — — — — — — — —
Net margin 13.8% 23.0% 42.9% 17.9% 18.0% 7.4% 22.5% 17.9% 23.3% 24.8% 43.0% 43.5% −0.2% 26.0% −8.4% −13.9% −14.8% −15.2%
Free-cash-flow margin 45.0% 30.9% 9.8% 21.6% −59.5% −13.1% 38.3% 41.7% 42.3% 38.6% 39.1% 36.1% 45.8% 38.2% 36.4% 34.7% 24.9% 28.9%
Cash flow
Cash from operations 282 276 267 221 215 217 224 232 243 203 208 193 242 215 210 198 141 168
Capital spending 37 114 216 108 542 291 0 0 0 0 0 0 0 0 0 0 0 0
Free cash flow 244 162 51 112 −327 −74 224 232 243 203 208 193 242 215 210 198 141 168
Stock-based pay 3 4 5 2 2 5 9 8 9 10 15 10 11 9 8 10 10 10
Free cash flow after stock pay 241 158 47 110 −329 −80 215 224 234 193 193 184 231 206 202 189 131 158
Balance sheet
Cash 10 57 140 13 7 12 5 7 7 5 14 7 7 17 1 110 1 4
Total debt 0 0 1,473 1,417 2,004 2,280 2,041 2,030 1,734 1,695 1,489 1,633 1,890 1,997 2,070 2,242 2,248 2,341
Net debt (negative = net cash) −10 −57 1,333 1,404 1,997 2,267 2,036 2,023 1,726 1,690 1,475 1,625 1,883 1,980 2,069 2,133 2,247 2,337
Diluted shares 159m 171m 173m 170m 165m 155m 151m 146m 145m 131m 126m 126m 124m 124m 124m 124m 124m 125m
Returned to shareholders
Dividends — — — — — — — — — — 106 106 104 104 93 62 31 0
Buybacks 0 0 3 88 174 55 159 8 60 299 17 30 20 0 0 — — —
Total returned 0 0 3 88 174 55 159 8 60 299 123 136 123 104 93 62 31 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 4 checks passed · September 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4m of cash against $2.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 162% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 103% to 162% over five years.
  • A year's operating cash flow covers at least 20% of debt $168m of operating cash flow against $2.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Piedmont Realty Trust, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$156,000
Diluted share count
+0.4%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value

Competitors: side by side with peers

Closest by revenue in office reits
Last 12 months unless stated PDM BDN ESBA ESRT CDP HIW Median
Revenue, last 12 months $582m $503m $784m $784m $784m $852m $784m
Revenue growth, last 12 months 2.9% 3.5% 2.0% 2.0% 4.5% 5.4% 2.0%
Revenue growth, 3-year average 0.1% −0.7% 2.9% 2.9% 4.1% 0.5% 0.5%
Revenue growth, latest quarter 8.7% 3.5% 3.0% 3.0% 3.9% 8.1% 3.0%
Gross margin — 59.5% — — 77.5% — 60.0%
Operating margin 22.0% 19.0% −4.4% −4.4% 22.6% 67.2% 22.3%
Operating margin, 3-year average 16.3% 4.8% 11.8% 11.8% 17.9% 67.2% 17.1%
Net margin −15.2% −27.6% 0.6% 0.4% 20.9% 21.7% −0.9%
Cash from operations / revenue 28.9% 22.5% 29.0% 29.0% 43.0% 44.5% 32.8%
Free-cash-flow margin −4.2% −14.8% 13.2% 13.2% 40.6% 8.0% 7.8%
Free-cash-flow margin, 3-year average −3.4% −6.4% 9.9% 9.9% 39.3% 9.5% 9.7%
Stock pay / revenue 1.7% 1.8% 3.9% 3.9% 1.6% 1.1% 1.7%
Change in share count 0.4% 0.5% −0.0% −0.0% 0.9% 2.1% 0.2%

Median of all 18 companies we cover in office reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

18 office reits companies
Measure Company Peer median Rank
Revenue growth Growth 2.9% 2.0% 7 of 18
Change in growth rate Growth +2.2pp +0.1pp 3 of 18
Net margin Profitability -15.2% 0.4% 12 of 18
Stock pay as % of revenue Cash generation 1.7% 1.7% 8 of 14
Long-term debt as % of assets Balance sheet 57.2% 40.3% 8 of 11
Change in share count Balance sheet 0.4% 0.3% 12 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Atlanta GA $180M ▲ 4.6%
Dallas TX $102M ▼ 5.5%
Orlando FL $65.8M ▲ 10.5%
New York NY $58.5M ▲ 4.6%
Northern Virginia Washington D.C. $51.7M ▼ 12.2%
Minneapolis MN $45.2M ▼ 7.0%
Boston MA $41.4M ▼ 9.5%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Real Estate Other $26.7M ▲ 8.7%
Management Service $348,000 ▼ 80.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Piedmont Realty Trust, Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
251
Shares held vs prior quarter
▲ 4.1%
Positions opened / closed
35 / 33

Top buyers and sellers, Q2 2026: 132 institutions bought and 111 sold ; the biggest buyer was Deutsche Bank Ag\ (+5.6M shares) and the biggest seller Prudential Financial Inc (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $140M 15.3M 13.1% ▲ 1.5%
Vanguard Portfolio Management LLC $116M 12.7M 10.9% ▲ 1.6%
Cohen & Steers, Inc. $74M 8.1M 6.9% ▲ 8.9%
Deutsche Bank Ag\ $52.4M 5.7M 4.9% ▲ 3975.9%
Vanguard Capital Management LLC $50.9M 5.6M 4.8% ▼ 1.4%
State Street Corp $48.3M 5.3M 4.5% ▼ 0.6%
Wilsey Asset Management Inc $44.9M 4.9M 4.2% ▲ 0.3%
Private Management Group Inc $37.3M 4.1M 3.5% ▼ 0.6%
LSV Asset Management $35.1M 3.8M 3.3% ▼ 0.1%
Geode Capital Management, LLC $32.3M 3.5M 3.0% ▲ 9.1%
Charles Schwab Investment Management Inc $31M 3.4M 2.9% ▲ 5.8%
Wellington Management Group LLP $30.7M 3.4M 2.9% ▲ 16.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Piedmont Realty Trust, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Piedmont Realty Trust, Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Robert J. Wittman(R-VA 1):Sale (partial), $1,001 - $15,000, traded February 27, 2022, filed August 13, 2023
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded April 16, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 28, 2026
  • April 30, 2026
  • February 11, 2026
  • October 27, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Piedmont Realty Trust, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Piedmont Realty Trust, Inc. in brief

What does Piedmont Realty Trust, Inc. do?
Piedmont Realty Trust, Inc. is a US-listed company in the office REITs industry. Its financial year ends in December.
What is Piedmont Realty Trust, Inc.'s stock ticker?
Piedmont Realty Trust, Inc. trades under the ticker PDM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Piedmont Realty Trust, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Piedmont Realty Trust, Inc. reported revenue of $582M, 2.9% higher than a year earlier, according to its SEC filings.
What is Piedmont Realty Trust, Inc.'s free cash flow?
Piedmont Realty Trust, Inc.'s free-cash-flow margin is -4.2% of revenue over the trailing twelve months.
Who are Piedmont Realty Trust, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Cohen & Steers, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Piedmont Realty Trust, Inc.'s market cap?
On November 2, 2026, Piedmont Realty Trust, Inc.'s market capitalisation was about $1.2B and net debt of $2.3B. Market figures come from third-party market data and may be delayed.
Does Piedmont Realty Trust, Inc. pay a dividend?
Yes: Piedmont Realty Trust, Inc. paid $156,000 in dividends over the trailing twelve months, a dividend yield of 0.01%.
How much debt does Piedmont Realty Trust, Inc. have?
Piedmont Realty Trust, Inc.'s debt-to-equity ratio is 161.8%, from its latest balance sheet (102.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Piedmont Realty Trust, Inc.'s competitors?
In our Office REITs peer group, the companies closest to Piedmont Realty Trust, Inc. are Brandywine Realty Trust, Empire State Realty OP, L.p., Empire State Realty Trust, Inc., Copt Defense Properties and Highwoods Properties, Inc. The side-by-side comparison below sets their revenue, margins and growth against Piedmont Realty Trust, Inc.'s.
When is Piedmont Realty Trust, Inc.'s next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Piedmont Realty Trust, Inc. announces its own schedule.