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Piedmont Office Realty Trust (PDM) investor relations material
Piedmont Office Realty Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record leasing activity in Q3 2025, with 724,000 square feet leased and portfolio leased percentage rising to 89.2%, supported by robust demand and a strong pipeline.
Net loss for Q3 2025 was $13.5 million ($0.11 per diluted share), up from $11.5 million in Q3 2024, mainly due to higher depreciation and interest expenses.
Core FFO per diluted share was $0.35 for Q3 2025, down $0.01 year-over-year, attributed to asset sales and higher net interest expense.
Portfolio repositioning and a hospitality-driven service model have enabled significant rental rate increases and high tenant demand.
Achieved a five-star GRESB rating and Green Star recognition, placing in the top decile of listed U.S. companies.
Financial highlights
Q3 2025 total revenues were $139.2 million, nearly flat year-over-year.
Net loss for Q3 2025 was $13.5 million, with a nine-month net loss improved to $40.4 million from $49.1 million in the prior year.
NAREIT FFO for Q3 2025 was $43.5 million ($0.35/share), down from $44.6 million ($0.36/share) in Q3 2024.
Same Store NOI increased 2.8% (cash) and 3.2% (accrual) year-over-year for Q3 2025.
Net effective rents increased 2.5% sequentially to $21.26 per square foot.
Outlook and guidance
2025 annual core FFO guidance narrowed to $1.40–$1.42 per diluted share.
Management projects year-end leased percentage of 89–90%, with 2.2–2.4 million square feet of executed leasing.
Over $75 million in future annual cash rent from leases yet to commence or in abatement, with about 70% expected to be realized in 2026.
Confident in delivering mid-single-digit FFO growth in 2026 and 2027, driven by organic leasing and future rent commencements.
No speculative acquisitions, dispositions, or refinancing included in guidance.
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