Washington, D.C. 20549 _________________________________________________________ FORM 10-K _________________________________________________________ (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-34626 ______________ ...

Core Insights - Piedmont Realty Trust reported a record leasing volume in 2025, leasing 2.5 million square feet, which is about 16% of its portfolio, exceeding guidance by approximately 1 million square feet [2] - The company ended 2025 with an occupancy rate of 89.6%, up 120 basis points from the previous year, and has a significant backlog of signed-but-uncommenced leases totaling nearly 2 million square feet, representing $68 million in future annualized cash rents [1][7] Leasing Activity - In Q4 2025, Piedmont completed approximately 679,000 square feet of leasing, with around 70% attributed to new tenants [1] - The company has leased about 75% of its portfolio over the last five years, totaling approximately 11.6 million square feet, while maintaining positive cash same-store net operating income (NOI) growth each year [2] Market Trends - The national office market showed signs of improvement in late 2025, with a notable increase in demand for high-quality assets, as indicated by a JLL survey showing that 55% of Fortune 100 companies now require a five-day in-office workweek, up from 5% two years ago [3] - Supply constraints, such as lower sublet availability and limited new deliveries, are also impacting the market [3] Financial Performance - For Q4 2025, Piedmont reported core funds from operations (Core FFO) of $0.35 per diluted share, a slight decline from $0.37 per diluted share in Q4 2024, primarily due to the sale of two projects and higher net interest expenses [16] - The company issued $400 million in bonds to repurchase $245 million of higher-coupon bonds, which is expected to save approximately $0.04 per year [17] 2026 Guidance - Piedmont's management targets a Core FFO of $1.47 to $1.53 per share for 2026, reflecting an increase of $0.08 at the midpoint compared to 2025 [18] - The company anticipates leasing activity of 1.7 to 2.0 million square feet in 2026, with a year-end portfolio lease percentage projected to be between 89.5% and 90.5% [18] Market-Level Insights - Atlanta and Orlando are highlighted as key markets, with Atlanta being the most productive, accounting for about half of the company's leasing volume in Q4 2025 [9] - The out-of-service redevelopment portfolio was reported to be 62% leased at year-end 2025, with expectations for stabilization by the end of 2026 or early 2027 [12] Operational Developments - The company has made significant progress in retaining tenants for major expirations in 2026, including Epsilon in Dallas and the City of New York at 60 Broad [13] - Management noted that leasing momentum has continued into 2026, with over 200,000 square feet of leases already signed [15]

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q4 2025 was $0.35, down from $0.37 in Q4 2024, attributed to the sale of two projects and higher net interest expense [26] - AFFO generated in Q4 2025 was approximately $18.7 million [26] - The company completed refinancing activities, issuing $400 million in new bonds and repurchasing $245 million of higher coupon bonds, resulting in annual savings of approximately $0.04 per share [27][28] Business Line Data and Key Metrics Changes - Total leasing volume for 2025 reached 2.5 million sq ft, representing about 16% of the portfolio, the highest in over a decade [8] - In Q4 2025, approximately 679,000 sq ft of leasing was completed, with 70% related to new tenants, leading to a year-end lease percentage of 89.6%, an increase of 120 basis points over 2025 [10] - Rental rates for leases executed in Q4 increased by approximately 12% on a cash basis and 21% on an accrual basis [11] Market Data and Key Metrics Changes - The number of Fortune 100 companies requiring a five-day workweek in the office rose to about 55%, compared to 5% two years ago [6] - Positive absorption was reported in 50 markets in 2025, up from 33 in 2024, marking the highest number since 2019 [6] - Sublet availability has declined, with only 4 million sq ft of new office space delivered in Q4 2025, the lowest since 2012 [7] Company Strategy and Development Direction - The company aims to leverage its portfolio of recently renovated, well-located properties to drive sustainable earnings growth in 2026 and beyond [9] - The focus is on maintaining high occupancy rates and increasing rental rates, with asking rents still significantly below new construction costs [9] - The company plans to stabilize its out-of-service portfolio by the end of 2026, contributing to future FFO growth [12] Management's Comments on Operating Environment and Future Outlook - Management believes the occupancy trough occurred in Q4 2025, with expectations for mid-single-digit organic FFO growth in 2026 and 2027 [12] - The company is optimistic about the demand environment, driven by large users returning to the market and a focus on upgrading office experiences [50] - Management highlighted the unique positioning of their portfolio, which is not heavily reliant on the tech sector, allowing for continued demand from various industries [51] Other Important Information - The company has two land parcels under contract, expected to generate over $30 million in gross proceeds upon closing [24] - The 2026 annual Core FFO guidance is projected to be in the range of $1.47-$1.53 per diluted share, reflecting an increase from 2025 [28] Q&A Session Summary Question: What is the breakdown of renewal versus new leasing in the 1.7 million-2 million sq ft target? - Management indicated it is roughly 50/50 between new activity and renewal activity [34] Question: What is the potential cap on lease percentage given structural vacancies in some markets? - Management believes they can push lease percentages upwards of 91%-92% across the portfolio, despite some challenges in specific markets [40] Question: What type of product is the company targeting for disposition in 2026? - Management noted they are looking to monetize non-core assets, particularly in Houston, and are considering dispositions related to the New York City lease [44] Question: What is driving the robust demand environment across the portfolio? - Management highlighted the trend of users upgrading their office experiences and the strong demand from various industries, not just tech [50]

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q4 2025 was $0.35, down from $0.37 in Q4 2024, attributed to the sale of two projects and higher net interest expense [26] - AFFO generated in Q4 2025 was approximately $18.7 million [26] - 2026 annual Core FFO guidance is projected to be between $1.47 and $1.53 per diluted share, reflecting an increase of $0.08 at the midpoint over 2025 results [28][30] Business Line Data and Key Metrics Changes - Total leasing volume for 2025 reached 2.5 million sq ft, representing approximately 16% of the portfolio, the highest in over a decade [8] - In Q4 2025, approximately 679,000 sq ft of leasing was completed, with nearly 70% related to new tenants, resulting in a year-end lease percentage of 89.6%, an increase of 120 basis points over 2025 [10] - Rental rates for leases executed in Q4 increased approximately 12% on a cash basis and 21% on an accrual basis [11] Market Data and Key Metrics Changes - The number of Fortune 100 companies requiring a five-day workweek in the office rose to about 55%, compared to 5% two years ago [6] - Positive absorption was reported in 50 markets in 2025, up from 33 in 2024, marking the highest number since 2019 [6] - Sublet availability has declined, with only 4 million sq ft of new office space delivered in Q4 2025, the lowest since 2012 [7] Company Strategy and Development Direction - The company is focused on leveraging its portfolio of recently renovated, well-located, and amenity-rich properties to drive sustainable earnings growth [9] - The strategy includes a hospitality-infused service model to enhance tenant experience and retention [9] - The company aims to achieve mid-single-digit organic FFO growth in 2026 and 2027, supported by increased occupancy and rental rates [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the occupancy trough occurred in Q4 2025, with expectations for a rebound in leasing and occupancy rates [12] - The company is optimistic about the demand environment, driven by a shift in workplace strategies among large users [50] - Management believes that the unique positioning of their portfolio will continue to attract tenants, even in challenging markets [51] Other Important Information - The company completed significant refinancing activities, issuing $400 million in new bonds and repurchasing $245 million of higher coupon bonds, resulting in annual savings of approximately $0.04 [27] - The out-of-service portfolio is expected to stabilize and rejoin the normal operating portfolio by the end of 2026 or early 2027 [10] Q&A Session Summary Question: What is the breakdown of renewal versus new leasing in the 1.7-2 million sq ft target? - Management indicated that it is roughly 50/50 between new activity and renewal activity [34] Question: What is the potential cap on lease percentage given structural vacancies in some markets? - Management believes they can push lease percentages upwards of 91%-92% across the portfolio, despite some challenges in specific markets [40] Question: What types of products is the company targeting for disposition in 2026? - Management noted that they are looking to monetize non-core assets, particularly in Houston, and are progressing with land parcels under contract [44]

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q4 2025 was $0.35, down from $0.37 in Q4 2024, attributed to the sale of two projects and higher net interest expenses [26][27] - AFFO generated in Q4 2025 was approximately $18.7 million [26] - The company expects 2026 annual Core FFO guidance in the range of $1.47-$1.53 per diluted share, an increase of $0.08 at the midpoint over 2025 results [28][30] Business Line Data and Key Metrics Changes - Piedmont leased 2.5 million sq ft in 2025, approximately 16% of the portfolio, the highest leasing volume in over a decade [8] - In Q4 2025, approximately 679,000 sq ft of leasing was completed, with 70% related to new tenants, resulting in a year-end lease percentage of 89.6%, an increase of 120 basis points over 2025 [10][11] - Rental rates for leases executed in Q4 increased approximately 12% on a cash basis and 21% on an accrual basis [11][17] Market Data and Key Metrics Changes - The number of Fortune 100 companies requiring a five-day workweek in the office rose to about 55%, compared to 5% two years ago [5] - Positive absorption was reported in 50 markets in 2025, up from 33 in 2024, marking the highest number since 2019 [5] - Sublet availability has declined, with only 4 million sq ft of new office space delivered in Q4 2025, the lowest since 2012 [6] Company Strategy and Development Direction - The company is focused on leveraging its portfolio of recently renovated, well-located, and amenity-rich properties to drive sustainable earnings growth [9][32] - The strategy includes a hospitality-infused service model and a focus on best-in-class assets to attract large space consumers [5][9] - The company aims to achieve mid-single-digit organic FFO growth in 2026 and 2027, supported by increased occupancy and rental rates [12][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the occupancy trough occurred in Q4 2025, with expectations for significant same-store NOI growth in 2026 due to historic leasing success [12] - The company anticipates a robust leasing environment driven by strong demand and limited new supply, with expectations for continued rental rate increases [9][51] - Management expressed confidence in the ability to achieve a lease percentage upwards of 91%-92% in the future, driven by unique product offerings and market positioning [41] Other Important Information - The company completed refinancing activities in Q4, issuing $400 million in new bonds and repurchasing $245 million of higher coupon bonds, resulting in annual savings of approximately $0.04 per share [27] - The out-of-service portfolio was 62% leased at year-end 2025, with expectations for stabilization by the end of 2026 [10][20] Q&A Session Summary Question: What is the breakdown of renewal versus new leasing in the 1.7-2 million sq ft guidance? - Management indicated it is roughly 50/50 between new activity and renewal activity [35] Question: What is the potential cap on lease percentage given structural vacancies in some markets? - Management believes they can lease up challenging spaces beyond 95% in unique environments, but acknowledged some challenges in specific markets like D.C. [38][40] Question: What types of products are targeted for disposition in 2026? - Management noted they are looking to monetize non-core assets, particularly in Houston, and are considering dispositions related to the New York City lease [44][45] Question: What is driving the robust demand environment across the portfolio? - Management highlighted the trend of users upgrading their office experiences and the strong conviction around workplace strategies as key drivers of demand [50][51]

分组1 - Piedmont Realty Trust reported quarterly funds from operations (FFO) of $0.35 per share, matching the Zacks Consensus Estimate, but down from $0.37 per share a year ago, representing an FFO surprise of +1.45% [1] - The company posted revenues of $142.85 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 3.22%, although this is a slight decrease from year-ago revenues of $143.23 million [2] - Piedmont Realty Trust has surpassed consensus FFO estimates in all four of the last quarters and has topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has gained approximately 5% since the beginning of the year, outperforming the S&P 500, which has increased by 1.4% [3] - The current consensus FFO estimate for the upcoming quarter is $0.36 on revenues of $140.38 million, and for the current fiscal year, it is $1.47 on revenues of $570.87 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 29% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Performance - Piedmont reported a net loss of $43.2 million, or $0.35 per diluted share, for Q4 2025, compared to a net loss of $30.0 million, or $0.24 per diluted share, in Q4 2024[13]. - The company reported a net loss of $43,246 for the three months ended December 31, 2025, compared to a net loss of $29,978 for the same period in 2024[34]. - The company reported a GAAP net loss applicable to common stock of $(43,246,000) for the three months ended December 31, 2025, compared to a loss of $(29,978,000) for the same period in 2024[129]. - The company anticipates a Same Store NOI increase of 3% to 6% for the year 2026, reflecting positive operational performance[23]. - Initial guidance for 2026 includes a net loss range of $(48) million to $(44) million, with Core FFO per diluted share guidance of $1.47 to $1.53[19]. Leasing Activity - The company achieved a leased percentage of 89.6% for its in-service portfolio as of December 31, 2025, an increase of 120 basis points from 88.4% at the end of 2024[16]. - Total leasing activity for 2025 reached approximately 2.5 million square feet, the highest annual volume since 2015[16]. - The company completed 60 lease transactions in Q4 2025, with 466,000 square feet leased to new tenants[14]. - The leased percentage for the out-of-service portfolio was 62.4% as of December 31, 2025, compared to essentially vacant at the end of 2024[16]. - The company executed a total of 678,939 square feet in leasing transactions for the three months ended December 31, 2025[74]. Revenue and Income - For the three months ended December 31, 2025, rental revenue was $111,994, a slight increase from $110,748 in the previous quarter[38]. - Total revenue for the twelve months ended December 31, 2025, was $557,833, reflecting a 1.3% increase from $550,884 in 2024[51]. - Cash rental income for Q4 2025 was $105,419, up 4.4% from $100,976 in Q4 2024[51]. - Core FFO applicable to common stock for Q4 2025 was $44,205, a decrease of 4.9% from $46,436 in Q4 2024[43]. - Core Funds From Operations (Core FFO) for the twelve months ended December 31, 2025, was $177,735,000, compared to $185,567,000 for the same period in 2024, indicating a decrease of approximately 4.5%[129]. Expenses and Liabilities - Total expenses for Q4 2025 were $123,945, a decrease of 13.5% from $143,227 in Q4 2024[40]. - Interest expense increased by 2.5% to $32,406 in Q4 2025 from $31,629 in Q4 2024[46]. - Total liabilities increased to $2,534,651 from $2,466,681 in the prior quarter[37]. - The company reported interest expense of $128,005 for the twelve months ended December 31, 2025, an increase from $122,984 in 2024[51]. Debt and Financing - The company has issued $400 million in Senior Notes at a 5.625% interest rate, using proceeds to repurchase $245.2 million of its 9.25% senior notes due 2028[21]. - Total debt outstanding is $2,248,080 with a weighted average interest rate of 5.58%[52]. - The company repurchased approximately $245.2 million of its outstanding debt in Q4 2025 using proceeds from a new $400 million unsecured senior note issuance[57]. - The weighted average cost of debt improved to 5.58% in 2025 from 6.01% in 2024[17]. Operational Metrics - Same Store NOI increased by 2.2% on a cash basis for Q4 2025, while it decreased by 0.6% on an accrual basis[16]. - Core EBITDA for the twelve months ended December 31, 2025, was $307,268, slightly down from $309,954 in 2024[51]. - The fixed charge coverage ratio improved to 2.2x, consistent with the previous quarter[35]. - The average lease size executed in Q4 2025 was approximately 11,300 square feet, with a weighted average lease term of about seven years[16]. Portfolio and Market Performance - Approximately 83% of the company's portfolio was ENERGY STAR rated, and 74% was LEED certified as of December 31, 2025[18]. - The largest tenant contributing to Annualized Lease Revenue is the State of New York, accounting for $28,349,000, or 4.9% of total revenue[95]. - Geographic diversification indicates that Atlanta generates the highest Annualized Lease Revenue at $185,462,000, which is 32.0% of the total[104]. - The percentage of leased square footage in Atlanta is 94.4%, while Northern Virginia/Washington, D.C. has a lower percentage at 69.1%[104]. Future Outlook - The anticipated year-end leased percentage for the in-service portfolio is projected to be approximately 89.5% to 90.5%[22]. - Total expiring lease revenue for 2026 is projected at $59.0 million, with 1,388,000 square feet expiring[91]. - The company has approximately $553 million of capacity on its revolving line of credit with no debt maturity requirements until 2028[21].

Core Viewpoint - Piedmont Realty Trust has announced its financial and operational results for Q4 and the full year of 2025, highlighting its performance and future outlook [1]. Financial Performance - The company will conduct a conference call on February 12, 2026, at 9:00 a.m. ET to discuss its fourth quarter and annual performance, along with recent events [2]. Company Overview - Piedmont Realty Trust is a fully integrated, self-managed real estate investment company that focuses on providing exceptional office environments, managing approximately 16 million square feet of Class A properties across major U.S. Sunbelt markets [4].

Core Viewpoint - Piedmont Realty Trust has promoted Alex Valente to Co-Chief Operating Officer, indicating a strategic move to enhance leadership in property and asset management [1][2]. Group 1: Leadership Changes - Alex Valente has been with Piedmont for nearly 20 years and previously served as Executive Vice-President of the Southeast Region [1]. - In his new role, Valente will oversee operational initiatives and manage the Company's Eastern portfolio, which includes approximately nine million square feet of properties [1]. Group 2: Company Overview - Piedmont Realty Trust is a fully integrated, self-managed real estate investment company focused on delivering exceptional office environments [2]. - The Company owns, manages, develops, and operates around 16 million square feet of Class A properties across major U.S. Sunbelt markets [2].

Core Viewpoint - Gladstone Land (LAND) shares experienced a significant rally of 7.1% in the last trading session, closing at $10.44, driven by notable trading volume and a favorable operating environment [1] Group 1: Gladstone Land (LAND) - The upcoming quarterly FFO is expected to be $0.32 per share, reflecting a year-over-year increase of 255.6% [2] - Revenue projections for Gladstone Land are anticipated to reach $29.99 million, which is a 42.1% increase compared to the same quarter last year [2] - The consensus FFO per share estimate has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in FFO estimate revisions [3] Group 2: Piedmont Realty Trust (PDM) - Piedmont Realty Trust's consensus FFO per share estimate has decreased by 1.4% over the past month to $0.35, which is a 5.4% decline from the previous year's report [4] - Piedmont Realty Trust currently holds a Zacks Rank of 2 (Buy), indicating a more favorable outlook compared to Gladstone Land's Zacks Rank of 3 (Hold) [3][4]