Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. Therefore, such statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or similar words or phrases that indicate predictions of future events or trends or that do not relate solely to historical matters. Examples of such statements in this press release include the Company's estimated range of Net Income/(Loss), Depreciation, Amortization, NAREIT FFO, Core FFO and Core FFO per diluted share for the year ending December 31, 2025. These statements are based on beliefs and assumptions of Piedmont’s management, which in turn are based on information available at the time the statements are made.

The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements:

•Economic, regulatory, socio-economic, technological (e.g. artificial intelligence and machine learning, virtual meeting platforms, etc.), and other changes that impact the real estate market generally, the office sector or the patterns of use of commercial office space in general, or the markets where we primarily operate or have high concentrations of revenue;

•Reduced demand for office space, including as a result of remote working and flexible or “hybrid” working arrangements that allow work from remote locations other than an employer’s office premises;

•The impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases;

•Lease terminations, lease defaults, lease contractions, or changes in the financial condition of our tenants, particularly by one of our large tenants;

•Impairment charges on our long-lived assets or goodwill resulting therefrom;

•The success of our real estate strategies and investment objectives, including our ability to implement successful redevelopment and development strategies or identify and consummate suitable acquisitions and divestitures;

•The illiquidity of real estate investments, including economic changes, such as fluctuating interest rates, costs of construction, improvements and redevelopments, and available financing, which could impact the number of buyers/sellers of our target properties, and regulatory restrictions to which real estate investment trusts ("REITs") are subject and the resulting impediment on our ability to quickly respond to adverse changes in the performance of our properties;

•The risks and uncertainties associated with our acquisition and disposition of properties, many of which risks and uncertainties may not be known at the time of acquisition or disposition;

•Development and construction delays, including the potential of supply chain disruptions, and resultant increased costs and risks;

•Future acts of terrorism, civil unrest, or armed hostilities in any of the major metropolitan areas in which we own properties;

•Risks related to the occurrence of cybersecurity incidents, including cybersecurity incidents against us or any of our properties, vendors, or tenants, or a deficiency in our identification, assessment or management of cybersecurity threats impacting our operations and the public's reaction to reported cybersecurity incidents, including the reputational impact on our business and value of our common stock;

•Costs of complying with governmental laws, regulations and policies, including environmental standards imposed on office building owners;

•Uninsured losses or losses in excess of our insurance coverage, and our inability to obtain adequate insurance coverage at a reasonable cost;

•Additional risks and costs associated with directly managing properties occupied by government tenants, such as potential changes in the political environment, a reduction in federal or state funding of our governmental tenants, government layoffs or an increased risk of default by government tenants during periods in which state or federal governments are shut down or on furlough;

•Significant price and volume fluctuations in the public markets, including on the exchange on which we listed our common stock;

•Risks associated with incurring mortgage and other indebtedness, including changing capital reserve requirements on our lenders and rising interest rates for new debt financings;

•A downgrade in our credit ratings, the credit ratings of Piedmont Operating Partnership, L.P. ("Piedmont OP") or the credit ratings of our or Piedmont OP's unsecured debt securities, which could, among other effects, trigger an increase in the stated rate of one or more of our unsecured debt instruments;

•The effect of future offerings of debt or equity securities on the value of our common stock;

•Additional risks and costs associated with adverse U.S. global and economic conditions, inflation and potential increases in the rate of inflation, including the impact of a possible recession, uncertainty and volatility in financial markets, and any changes in governmental rules, regulations, and fiscal policies;

•Uncertainties associated with environmental and regulatory matters;

•Changes in the financial condition of our tenants directly or indirectly resulting from geopolitical developments that could negatively affect important supply chains and international trade, the termination or threatened termination of existing international trade agreements, or the implementation of tariffs or retaliatory tariffs on imported or exported goods;

•The effect of any litigation to which we are, or may become, subject;

•Additional risks and costs associated with owning properties occupied by tenants in particular industries, such as oil and gas, hospitality, travel, co-working, etc., including risks of default during start-up and during economic downturns;

•Changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), or other tax law changes which may adversely affect our stockholders;

•The future effectiveness of our internal controls and procedures;

•Actual or threatened public health epidemics or outbreaks of highly infectious or contagious diseases, as well as immediate and long-term governmental and private measures taken to combat such health crises; and

•Other factors, including the risk factor described in Item 1A. of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as well as the risk factors discussed under Item 1A. or our Annual Report on Form 10-K for the year ended December 31, 2024.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

ATLANTA, October 27, 2025 — Piedmont Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended September 30, 2025.

Brent Smith, Piedmont's President and Chief Executive Officer, commented, "We are thrilled with our outstanding third quarter results driven by the Company’s strong leasing performance. Piedmont executed approximately 724,000 square feet of total leasing, topping our record-breaking statistics from last quarter, and including over half a million square feet of new tenant leases, the highest amount in over a decade. Our portfolio of recently renovated, well-located, hospitality-inspired Piedmont PLACEs continues to set the standard for the office market, helping us to drive leasing volumes and rental rates to all-time highs. Over the last two years Piedmont has leased over five million square feet, equating to one-third of the portfolio, with rental rate roll-ups of approximately 9% and 17% on a cash and accrual basis, respectively. Today, the portfolio stands at 89.2% leased with robust demand, including over 150,000 square feet executed in October and 400,000 square feet in our legal stage pipeline. Most exciting is that the leasing success is expected to drive earnings growth materially in 2026 as almost $40 million of annual contractual rent from recently executed leases starts to commence."

•Piedmont recognized a net loss of $13.5 million, or $0.11 per diluted share, for the third quarter of 2025, as compared to a net loss of $11.5 million, or $0.09 per diluted share, for the third quarter of 2024. Both periods reflect elevated interest expense, net of interest income, as a result of refinancing activity completed over the past two years in a higher interest rate environment.

•Core FFO, which removes gain/loss on sale of real estate assets, as well as depreciation and amortization, was $0.35 per diluted share for the third quarter of 2025, as compared to $0.36 per diluted share for the third quarter of 2024 with the penny decrease attributable to the sale of three projects during the twelve months ended September 30, 2025.

•During the three months ended September 30, 2025, Same Store NOI increased by 2.8% and 3.2% on a cash and accrual basis, respectively, as the commencement or burn off of abatements on new leases outweighed expiring leases.

•The Company completed approximately 724,000 square feet of leasing during the third quarter, approximately 75% of which was for new tenant leases and the most new tenant leasing the Company has completed in a quarter since 2015.

•The average size lease executed during the third quarter was approximately 9,700 square feet and the weighted average lease term was approximately eight years.

•Rental rates on leases executed during the three months ended September 30, 2025 for space vacant one year or less increased approximately 8.6% and 20.2% on a cash and accrual basis, respectively.

•The Company's leased percentage for its in-service portfolio as of September 30, 2025 was 89.2%, an increase of 50 bps as compared to 88.7 % as of June 30, 2025 as a result of strong leasing activity during the quarter.

•As of September 30, 2025, the Company had approximately 0.9 million square feet of executed leases for vacant space that are yet to commence representing approximately $39 million of future additional annual cash rents, and approximately 1.1 million square feet of executed leases currently under rental abatement, representing approximately $36 million of future additional annual cash rents.

•Leases representing over 150,000 square feet have already been executed thus far in October with another 400,000 square feet in the legal stage.

•During the three months ended September 30, 2025, the Company amended its Second Amended and Restated Revolving Credit Agreement and its Term Loan Agreement to remove the credit spread adjustment from SOFR-based interest rates thereby reducing its all-in interest rate on each facility by 10bps.

•The Company has no debt maturity requirements until 2028.

•During the three months ended September 30, 2025, the Company received notice from GRESB® that it had achieved the highest sustainability rating of "5 Star” for the third consecutive year and a "Green Star" recognition for the fourth consecutive year based on 2024 performance. The Company's scores ranked in the top decile for all participating listed American companies.

•The Company published its annual Corporate Responsibility report which is available electronically at www.piedmontreit.com/corporate-responsibility.

•As of September 30, 2025, approximately 85% and 74% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 63% of its portfolio was certified LEED gold.

The Company is narrowing its previously issued Core FFO guidance for the year ending December 31, 2025, as follows:

This guidance is based on information available to management as of the date of this release and reflects management's view of current market conditions, including the following specific assumptions and projections:

Property Operation Assumptions:

•Executed leasing for the year of approximately 2.2 to 2.4 million square feet resulting in an increase in the anticipated year-end leased percentage for the Company's in-service portfolio to approximately 89-90%, exclusive of any speculative acquisition or disposition activity;

•Same Store NOI of flat to 3% increase on both a cash and accrual basis for the year;

Financing Assumptions:

•Interest expense (net of interest income) of approximately $127-$129 million as compared to $119 million in 2024, reflecting a full year of higher interest rates as a result of refinancing activity completed by the Company during 2024 and early 2025;

Other Assumptions:

•General and administrative expense of approximately $30-$32 million; and

•Weighted average shares outstanding of approximately 125-126 million.

No speculative acquisitions, dispositions, or refinancing are included in the above guidance. The Company will adjust guidance if such transactions occur.

Note that actual results could differ materially from these estimates and individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of any future dispositions, significant lease commencements and expirations, abatement periods, repairs and maintenance expenses, capital expenditures, capital markets activities, seasonal general and administrative expenses, accrued potential performance-based compensation expense, one-time revenue or expense events, and other factors discussed under "Forward-Looking Statements" above.

Piedmont has scheduled a conference call and an audio webcast for Tuesday, October 28, 2025, at 9:00 A.M. Eastern time. The live, listen-only, audio web cast of the call may be accessed on the Company's website at https://investor.piedmontreit.com/news-and-events/event-calendar. Dial-in numbers for analysts who plan to actively participate in the call are (888) 506-0062 for participants in the United States and Canada and (973) 528-0011 for international participants. Participant Access Code is 475776. A replay of the conference call will be available through November 11, 2025, and may be accessed by dialing (877) 481-4010 for participants in the United States and Canada and (919) 882-2331 for international participants, followed by conference identification code 53079. A web cast replay will also be available after the conference call in the Investor Relations section of the Company's website. During the audio web cast and conference call, the Company's management team will review third quarter 2025 performance, discuss recent events, and conduct a question-and-answer period.

Piedmont Realty TrustTM (NYSE: PDM), also referred to herein as "Piedmont" or the "Company", is a fully integrated, self-managed real estate company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of 16 million square feet of Class A properties across major U.S. Sunbelt markets, Piedmont is known for its hospitality-driven approach and commitment to transforming buildings into premier "Piedmont PLACEs" that enhance each client's workplace experience. The Company is headquartered in Atlanta, Georgia with local management offices in each of its markets. The Company's senior unsecured notes are investment-grade rated by Moody's, Standard & Poor's and Fitch Ratings. Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com.

This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciation, and Amortization for real estate (EBITDAre), Core Earnings Before Interest, Taxes, Depreciation, and Amortization (Core EBITDA), Funds from Operations (FFO), Core Funds from Operations (Core FFO), Adjusted Funds from Operations (AFFO), and Same Store Net Operating Income (Same Store NOI). Definitions of these non-GAAP measures are provided on page 38 and reconciliations are provided beginning on page 39.

			Three Months Ended
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Portfolio Statistics:
Number of in-service projects (1)			29						29						30						30						30
Rentable in-service square footage (1)			14,918						14,923						15,241						15,323						15,335
Leased percentage (2)			89.2		%				88.7		%				88.1		%				88.4		%				88.8		%
Commenced leased percentage			85.4		%				85.0		%				85.2		%				85.5		%				84.8		%
Economic leased percentage (3)			79.4		%				78.7		%				77.5		%				80.7		%				80.6		%
Leasing Activity:
Total square feet leased during the period			724						712						363						433						461
Square feet (new) leased during the period			551						468						179						94						205
Square feet (renewal) leased during the period			173						243						184						339						256
Rental rate roll up / roll down - accrual rents			20.2		%				13.6		%				18.6		%				14.7		%				8.5		%
Rental rate roll up / roll down - cash rents			8.6		%				7.3		%				10.3		%				11.5		%				4.0		%
Net effective rent per square foot after capex and opex			$21.26						$20.78						$24.29						$22.65						$20.28
Financial Results:
Total revenues			$139,163						$140,292						$142,686						$143,231						$139,293
Net income (loss) applicable to Piedmont			-$13,462						-$16,808						-$10,104						-$29,978						-$11,519
Net income (loss) per share applicable to common stockholders - diluted			-$0.11						-$0.14						-$0.08						-$0.24						-$0.09
Core EBITDA			$75,826						$76,856						$77,605						$78,455						$77,065
Core FFO applicable to common stock			$43,485						$44,512						$45,533						$46,436						$44,627
Core FFO per share - diluted			$0.35						$0.36						$0.36						$0.37						$0.36
AFFO applicable to common stock			$26,504						$16,241						$23,489						$24,576						$25,937
Same store net operating income - accrual basis (4)			3.2		%				1.7		%				3.2		%				2.5		%				-2.1		%
Same store net operating income - cash basis (4)			2.8		%				-2.0		%				-2.0		%				0.9		%				-0.8		%
Balance Sheet and Capitalization Information:
Weighted average shares outstanding - diluted (WASO)			126,007						125,178						125,177						125,614						125,675
Shares of common stock issued and outstanding at period end			124,504						124,492						124,408						124,083						124,000
Closing price of common stock at period end			$9.00						$7.29						$7.37						$9.15						$10.10
Gross regular dividends (5)			—						—						$15,536						$15,500						$15,500
Regular dividends per share			—						—						$0.125						$0.125						$0.125
Total debt - GAAP			$2,193,324						$2,177,752						$2,186,231						$2,222,346						$2,221,907
Total principal amount of debt outstanding			$2,213,196						$2,199,101						$2,209,536						$2,242,423						$2,243,300
Total net principal amount of debt outstanding (6)			$2,205,061						$2,191,286						$2,202,902						$2,128,541						$2,106,333
Total gross real estate assets			$4,740,790						$4,685,403						$4,709,785						$4,688,113						$4,658,663
Equity market capitalization (7)			$1,120,536						$907,547						$916,887						$1,135,360						$1,252,399
Total market capitalization (7)			$3,333,732						$3,106,648						$3,126,423						$3,377,783						$3,495,699

Floating Rate & Fixed Rate Debt

Debt

Principal Outstanding

Weighted Average Interest Rate

Weighted Average Maturity

Fixed Rate

$2,047,196

6.01%

45.4 months

Floating Rate

166,000

5.29%

57.0 months

Total

$2,213,196

5.95%

46.3 months

            

Unsecured & Secured Debt

Debt

Principal Outstanding

Weighted Average Interest Rate

Weighted Average Maturity

Unsecured

$2,023,460

6.13%

47.3 months

Secured (1)

189,736

4.10%

36.1 months

Total

$2,213,196

5.95%

46.3 months

                 

Debt Maturities (2)
Maturity Year			Secured Principal Outstanding			Unsecured Principal Outstanding			Weighted Average Interest Rate			Percentage of Total Debt
2025			$—			$—						—			—
2026			—			—						—			—
2027			—			—						—			—
2028			189,736			857,460						7.12%			47.3%
2029			—			400,000						7.11%			18.1%
2030			—			466,000						4.40%			21.0%
2031			—			—						—			—
2032			—			300,000						2.78%			13.6%
Total			$	189,736		$	2,023,460					5.95%			100.00%