Piedmont Realty Trust
Owns and operates Class A office properties across major U.S. Sunbelt markets.
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Profile
Owns, manages, develops, redevelops, and leases Class A office properties in major U.S. markets, with revenue centered on tenant leases and reimbursements. The portfolio is weighted toward Sunbelt cities and shaped by office demand, renewals, rent levels, and capital-market access.
Owns, manages, develops, redevelops, and operates Class A office properties, earning rent, tenant reimbursements, parking income, other property-related income, and limited property-management fees. The portfolio is organized through Atlanta, Dallas, Orlando, Northern Virginia/Washington, D.C., Minneapolis, New York, and Boston, with Houston held outside the regular segment set.
Focus has shifted toward major U.S. Sunbelt markets and hospitality-driven Piedmont PLACE workplace environments. Local market offices, building renovations, amenities, environmental programs, and national purchasing support the operating model.
Demand for office space, lease renewals, rent levels, competition for tenants, hybrid work patterns, and access to financing shape the business. The tenant base is diversified across industries and includes investment-grade or nationally recognized corporations and government agencies.
Company facts
Categories
Key statistics
Year to date +15.1% · Average volume (30d) 877.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Robert W. Baird | Target | $10 | |||
| Jun 15, 2026 | Truist Financial | Target | $10 | $11 | ||
| Mar 9, 2026 | Truist Financial | Target | $9 | $10 | ||
| Oct 28, 2025 | Truist Financial | Target | $12 | $9 | ||
| Jan 16, 2025 | Baird | Downgrade | Outperform | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | −$0.06 | −$0.09 | −49.5% | $133.7M | $144.1M | +7.8% | +3.01% |
| Apr 30, 2026Q1 FY26 | $0.36 | $0.36 | 0.0% | $128.7M | $136.4M | +6.0% | −0.36% |
| Feb 11, 2026Q4 FY25 | $0.35 | $0.35 | 0.0% | $139.6M | $112.0M | −19.7% | −7.78% |
| Oct 27, 2025Q3 FY25 | $0.34 | $0.35 | +2.9% | $139.4M | $139.2M | −0.2% | +0.82% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $142.7M | $140.3M | $139.2M | $142.9M | $143.3M | $144.1M | |
| Gross profit | $84.8M | $29.3M | $83.3M | −$31.7M | −$32.6M | $144.1M | |
| Operating income | $20.9M | $21.3M | $18.4M | $18.9M | $18.8M | $76.6M | |
| Net income | −$10.1M | −$16.8M | −$13.5M | −$43.2M | −$12.9M | −$11.1M | |
| Diluted EPS | −$0.08 | −$0.14 | −$0.11 | −$0.35 | −$0.10 | −$0.09 | |
| Gross margin | 59.4% | 20.9% | 59.8% | -22.2% | -22.7% | 100.0% | |
| Operating margin | 14.6% | 15.2% | 13.2% | 13.2% | 13.1% | 53.1% |
Fiscal years (4-quarter sums)FY21 $528.7M · FY22 $563.8M · FY23 $577.8M · FY24 $570.3M · FY25 $565.0M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $16.8M · Total debt $2.27B · Total assets $4.05B · Shareholders' equity $1.47B
Dividends
Last cut to $0.125 from $0.21 in Aug 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Feb 21, 2025 | Feb 21 | Mar 14 | $0.125 | |
| Nov 22, 2024 | Nov 22 | Jan 2 | $0.125 | |
| Aug 23, 2024 | Aug 23 | Sep 20 | $0.125 | |
| May 23, 2024 | May 24 | Jun 14 | $0.125 | |
| Feb 22, 2024 | Feb 23 | Mar 15 | $0.125 | |
| Nov 22, 2023 | Nov 24 | Jan 2 | $0.125 | |
| Aug 24, 2023 | Aug 25 | Sep 15 | $0.125 | cut from $0.21 |
| May 25, 2023 | May 26 | Jun 16 | $0.21 |
Ownership
Shares outstanding 125.13M · Float 123.49M · 98.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 15.30M | 12.22% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 12.68M | 10.14% | 13F | Aug 13, 2026 |
| Cohen & Steers, Inc. | 8.09M | 6.46% | 13F | Aug 14, 2026 |
| Deutsche Bank AG\ | 5.73M | 4.58% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 5.57M | 4.45% | 13F | Aug 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Cousins Properties
Sunbelt trophy-office overlap in Atlanta and Dallas
- Highwoods Properties
Sunbelt BBD office peer across Atlanta, Dallas and Orlando
- BXP
Gateway-market office peer in Boston, New York and D.C.
- Brandywine Realty Trust
Austin and Mid-Atlantic office overlap with mixed-use assets
- COPT Defense Properties
Defense-oriented office peer in Northern Virginia and D.C.
- SL Green Realty
Manhattan office landlord competing for New York tenants
- Vornado Realty Trust
New York office and retail owner with prime office overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Piedmont Realty Trust | $9.54 | −0.05% | $1.19B | — | — | 2.1 | +2.7% |
| Cousins Properties | $29.40 | −0.15% | $4.85B | 719.8 | 76.7 | 4.7 | +10.7% |
| Highwoods Properties | $31.01 | −0.45% | $3.44B | 20.5 | 37.0 | 4.1 | +7.2% |
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| Brandywine Realty Trust | $3.06 | −0.16% | $528.6M | — | — | 1.1 | +1.8% |
| COPT Defense Properties | $36.59 | −0.03% | $4.15B | 25.2 | 51.6 | 5.3 | −0.6% |
| SL Green Realty | $57.95 | +0.68% | $4.09B | — | — | 3.9 | −29.0% |
| Vornado Realty Trust | $38.20 | 0.00% | $7.19B | 1,154.1 | — | 3.9 | +4.7% |
| Median | 37.3 | 44.3 | 3.9 | +3.1% |