0001042776-26-000042 | 10-Q | XBRL Viewer | Piedmont Realty Trust INC

Stock Based Compensation - Schedule of Outstanding Employee Deferred Stock Awards (Details) - $ / shares	Feb. 17, 2026	May 15, 2025	Feb. 03, 2025	Oct. 28, 2024	Oct. 01, 2024	Feb. 20, 2024	Feb. 23, 2023	Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)								3,489,729
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)							284,234
Grant date fair value (in dollars per share)							$ 9.47
Unvested shares (in shares)								80,729
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 23, 2023 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage							25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)						419,055
Grant date fair value (in dollars per share)						$ 6.55
Unvested shares (in shares)								234,267
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 20, 2024 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted October 01, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)					60,606
Grant date fair value (in dollars per share)					$ 9.90
Unvested shares (in shares)								45,455
Deferred Stock Awards \| Deferred Stock Award, Granted October 01, 2024 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted October 01, 2024 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted October 01, 2024 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted October 01, 2024 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted October 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)				322,101
Grant date fair value (in dollars per share)				$ 10.09
Unvested shares (in shares)								322,101
Deferred Stock Awards \| Deferred Stock Award, Granted October 28, 2024 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				100.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 3, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			389,110
Grant date fair value (in dollars per share)			$ 8.52
Unvested shares (in shares)								317,327
Deferred Stock Awards \| Deferred Stock Award, Granted February 3, 2025 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 3, 2025 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 3, 2025 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 3, 2025 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted May 15, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)		121,736
Grant date fair value (in dollars per share)		$ 6.90
Vesting percentage		100.00%
Unvested shares (in shares)								121,736
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	468,034
Grant date fair value (in dollars per share)	$ 8.20
Unvested shares (in shares)								468,034
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2026 \| Year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2026 \| Year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2026 \| Year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Deferred Stock Awards \| Deferred Stock Award, Granted February 17, 2026 \| Year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Performance Share Awards \| Performance Share Program Award, Granted February 20, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)						0
Grant date fair value (in dollars per share)						$ 7.64
Unvested shares (in shares)								984,084
Performance Share Awards \| Performance Share Program Award, Granted February 3, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)			0
Grant date fair value (in dollars per share)			$ 10.05
Unvested shares (in shares)								585,183
Performance Share Awards \| Performance Share Program Award, Granted February 6, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net shares granted (in shares)	0
Grant date fair value (in dollars per share)	$ 10.19
Unvested shares (in shares)								330,813

Organization	3 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Piedmont Realty Trust, Inc. (“Piedmont”) (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes and engages in the ownership, management, development, redevelopment, and operation of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. As of March 31, 2026, Piedmont owned and operated a portfolio comprised of 29 in-service projects and three redevelopment projects. The in-service office projects total approximately 14.9 million square feet (unaudited) of primarily Class A office space and were 89.3% leased as of March 31, 2026.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities:
Net loss	$ (12,915)	$ (10,098)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	44,027	40,893
Amortization of debt issuance costs inclusive of settled interest rate swaps	2,123	1,931
Other amortization	15,597	14,414
Loss on early extinguishment of debt	0	500
Stock compensation expense	2,225	2,193
Gain on sale of real estate assets	0	(789)
Changes in assets and liabilities:
Increase in tenant and straight-line rent receivables	(4,368)	(9,762)
Increase in prepaid expenses and other assets	(494)	(3,778)
Decrease in accounts payable and accrued expenses	(17,996)	(29,748)
Decrease in deferred income	(91)	(2,042)
Net cash provided by operating activities	28,108	3,714
Cash Flows from Investing Activities:
Capitalized expenditures	(38,277)	(39,629)
Sales proceeds from wholly-owned properties	0	5,660
Deferred lease costs paid	(10,064)	(5,797)
Net cash used in investing activities	(48,341)	(39,766)
Cash Flows from Financing Activities:
Debt issuance and other costs paid	(98)	(251)
Proceeds from debt	87,000	366,087
Repayments of debt	(60,924)	(403,886)
Costs of issuance of common stock	(106)	(168)
Value of shares withheld for payment of taxes related to employee stock compensation	(2,964)	(2,138)
Dividends paid	(131)	(30,840)
Net cash provided by/(used in) financing activities	22,777	(71,196)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and escrows	2,544	(107,248)
Cash, cash equivalents, and restricted cash and escrows, beginning of period	3,791	113,882
Cash, cash equivalents, and restricted cash and escrows, end of period	$ 6,335	$ 6,634

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Tenant improvements funded by tenants	$ 5,700	$ 0
Changes in accrued capital expenditures and deferred lease costs	19,053	23,817
Change in accrued dividends	0	(15,298)
Change in accrued deferred financing costs	13	(20)
Accrued capital expenditures and deferred lease costs	30,400	31,900
Cash and cash equivalents	2,279	2,911	$ 731	$ 109,637
Restricted cash and escrows	4,056	3,723	3,060	4,245
Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$ 6,335	$ 6,634	$ 3,791	$ 113,882

Goodwill

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The carrying amount of Piedmont’s goodwill allocated to each of its reportable segments in total and net of accumulated impairment charges, as of March 31, 2026 and December 31, 2025 was as follows (in thousands):


	Atlanta		Dallas		Orlando		Northern Virginia/ Washington, D.C.		Minneapolis		New York		Boston		Total












Balance as of December 31, 2025:
Goodwill	$	18,563	$	18,525	$	10,818	$	15,981	$	10,957	$	10,585	$	13,489	$	98,918
Accumulated impairment charges	—		—		—		(15,981)		(10,957)		(5,000)		(13,489)		(45,427)
	$	18,563	$	18,525	$	10,818	$	—	$	—	$	5,585	$	—	$	53,491

2026 impairment charges	—		—		—		—		—		—		—		—
Balance as of March 31, 2026:
Goodwill	$	18,563	$	18,525	$	10,818	$	15,981	$	10,957	$	10,585	$	13,489	$	98,918
Accumulated impairment charges	—		—		—		(15,981)		(10,957)		(5,000)		(13,489)		(45,427)
	$	18,563	$	18,525	$	10,818	$	—	$	—	$	5,585	$	—	$	53,491

- Definition

The entire disclosure for goodwill.

+ References + Details

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2026 and December 31, 2025, respectively, is as follows (in thousands):


Interest rate swaps classified as:	March 31, 2026		December 31, 2025
Gross derivative assets	$	—	$	—
Gross derivative liabilities	—		(111)
Net derivative liability	$	—	$	(111)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the three months ended March 31, 2026 and 2025, respectively, is as follows (in thousands):


	Three Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships		March 31, 2026		March 31, 2025
Amount of loss recognized in OCI		$	(5)	$	(240)
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense		$	(592)	$	212


Total amount of interest expense presented in the consolidated statements of operations		$	(31,929)	$	(31,677)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations		$	—	$	(500)

Supplemental Disclosures for the Statement of Consolidated Cash Flows (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Certain Non-cash Investing and Financing Activities

Certain non-cash investing and financing activities for the three months ended March 31, 2026 and 2025 (in thousands) are outlined below:


	Three Months Ended
	March 31, 2026		March 31, 2025
Tenant improvements funded by tenants	$	5,700	$	—
Changes in accrued capital expenditures and deferred lease costs (1)	$	19,053	$	23,817
Change in accrued dividends	$	—	$	(15,298)


Change in accrued deferred financing costs	$	13	$	(20)

(1)Accrued capital expenditures and deferred lease costs included in accounts payable, accrued expenses, and accrued capital expenditures as of March 31, 2026 and 2025 were approximately $30.4 million, and $31.9 million, respectively.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, to the consolidated balance sheets for the respective period (in thousands):


	2026		2025
Cash and cash equivalents, beginning of period	$	731	$	109,637
Restricted cash and escrows, beginning of period	3,060		4,245


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	3,791	$	113,882

Cash and cash equivalents, end of period	$	2,279	$	2,911
Restricted cash and escrows, end of period	4,056		3,723


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	6,335	$	6,634

Property Dispositions and Assets Held for Sale - Schedule of Amounts Held For Sale and Assets Held for sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate assets held for sale, net:
Total real estate assets held for sale, net	$ 2,837	$ 2,837
Land
Real estate assets held for sale, net:
Total real estate assets held for sale, net	2,628	2,628
Construction in progress
Real estate assets held for sale, net:
Total real estate assets held for sale, net	$ 209	$ 209

Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest paid	$ 39.1	$ 54.6
Interest costs capitalized	$ 1.1	$ 3.3

Goodwill (Details) $ in Thousands	3 Months Ended
Goodwill (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill gross, beginning balance	$ 98,918
Accumulated impairment charges	(45,427)
Goodwill, beginning balance	53,491
2026 impairment charges	0
Goodwill gross, ending balance	98,918
Accumulated impairment charges	(45,427)
Goodwill, ending balance	53,491
Atlanta
Goodwill [Roll Forward]
Goodwill gross, beginning balance	18,563
Accumulated impairment charges	0
Goodwill, beginning balance	18,563
2026 impairment charges	0
Goodwill gross, ending balance	18,563
Accumulated impairment charges	0
Goodwill, ending balance	18,563
Dallas
Goodwill [Roll Forward]
Goodwill gross, beginning balance	18,525
Accumulated impairment charges	0
Goodwill, beginning balance	18,525
2026 impairment charges	0
Goodwill gross, ending balance	18,525
Accumulated impairment charges	0
Goodwill, ending balance	18,525
Orlando
Goodwill [Roll Forward]
Goodwill gross, beginning balance	10,818
Accumulated impairment charges	0
Goodwill, beginning balance	10,818
2026 impairment charges	0
Goodwill gross, ending balance	10,818
Accumulated impairment charges	0
Goodwill, ending balance	10,818
Northern Virginia/Washington, D.C.
Goodwill [Roll Forward]
Goodwill gross, beginning balance	15,981
Accumulated impairment charges	(15,981)
Goodwill, beginning balance	0
2026 impairment charges	0
Goodwill gross, ending balance	15,981
Accumulated impairment charges	(15,981)
Goodwill, ending balance	0
Minneapolis
Goodwill [Roll Forward]
Goodwill gross, beginning balance	10,957
Accumulated impairment charges	(10,957)
Goodwill, beginning balance	0
2026 impairment charges	0
Goodwill gross, ending balance	10,957
Accumulated impairment charges	(10,957)
Goodwill, ending balance	0
New York
Goodwill [Roll Forward]
Goodwill gross, beginning balance	10,585
Accumulated impairment charges	(5,000)
Goodwill, beginning balance	5,585
2026 impairment charges	0
Goodwill gross, ending balance	10,585
Accumulated impairment charges	(5,000)
Goodwill, ending balance	5,585
Boston
Goodwill [Roll Forward]
Goodwill gross, beginning balance	13,489
Accumulated impairment charges	(13,489)
Goodwill, beginning balance	0
2026 impairment charges	0
Goodwill gross, ending balance	13,489
Accumulated impairment charges	(13,489)
Goodwill, ending balance	$ 0

Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross derivative assets	$ 0	$ 0
Gross derivative liabilities	0	(111)
Net derivative liability	$ 0	$ (111)

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
Derivative Instruments - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) derivative_contract
Derivative [Line Items]
Decrease in interest expense over the next twelve months	$ 1.9
$325 Million Unsecured 2024 Term Loan \| Unsecured Debt
Derivative [Line Items]
Debt instrument, face amount	$ 325.0
Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives terminated \| derivative_contract	5

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Piedmont are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year’s results.

Piedmont’s consolidated financial statements include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2025.

All intercompany balances and transactions have been eliminated upon consolidation.

Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity. Consequently, the assets of these special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates include the underlying cash flows and holding periods used in assessing impairment, judgments regarding the recoverability of goodwill, and the assessment of the collectability of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could differ materially from those estimates.

Income Taxes

Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of projects in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements.

Operating Leases

Piedmont recognized the following fixed and variable lease payments, which together comprised rental and tenant reimbursement revenue in the accompanying consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively, as follows (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Fixed payments		$	113,393	$	111,776
Variable payments		23,048		24,288
Total Rental and Tenant Reimbursement Revenue		$	136,441	$	136,064

Recent Accounting Pronouncements

Income Statement Expense Disaggregation Disclosures

The FASB has issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 aims to enhance the transparency and presentation of income statement expenses in response to increasing demand from investors and other stakeholders for greater clarity and comparability surrounding the nature and composition of an entity's expenses. The amendments of ASU 2024-03 require tabular disclosure of certain cost and expense information, such as employee compensation, in the footnotes to the financial statements. ASU 2024-03 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2027, and subsequent interim periods beginning in calendar-year 2028. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2024-03.

Organization (Details) ft² in Millions	Mar. 31, 2026 ft² property
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	29
Area of real estate property (in sq ft) \| ft²	14.9
Percentage leased	89.30%
Redevelopment Asset
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties	3

Commitments and Contingencies (Details)	3 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2026 USD ($) commitment	Mar. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Number of unrecorded tenant allowance commitment \| commitment	0
Contractual obligation	$ 10,000,000
Collectibility of Tenant Reimbursements
Loss Contingencies [Line Items]
Reductions in reimbursement revenues	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Stock Based Compensation - Schedule of Additional Information Regarding Stock Award Activity (Details) - Deferred Stock Awards - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of deferred stock granted during the period (in dollars per share)	$ 8.20	$ 8.50
Total Grant Date Fair Value of Deferred Stock Vested During the Period	$ 3,318	$ 3,178

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Equity Based Award Activity

A roll forward of Piedmont's equity based award activity for the three months ended March 31, 2026 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2025	3,953,854	$	9.13
Deferred Stock Awards Granted	468,034	$	8.20
Performance Stock Awards Granted	528,963	$	10.19
Change in Estimated Potential Share Awards based on TSR Performance	(602,314)	$	9.23
Performance Stock Awards Vested	(471,324)	$	12.37
Deferred Stock Awards Vested	(387,484)	$	8.56

Unvested and Potential Stock Awards as of March 31, 2026	3,489,729	$	8.64

The following table provides additional information regarding stock award activity during the three months ended March 31, 2026 and 2025, respectively (in thousands, except per share amounts):


	Three Months Ended
		March 31, 2026		March 31, 2025
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period		$	8.20	$	8.50
Total Grant Date Fair Value of Deferred Stock Vested During the Period		$	3,318	$	3,178

Schedule of Outstanding Employee Deferred Stock Awards

A detail of Piedmont’s outstanding stock awards and programs as of March 31, 2026 is as follows:


Date of grant	Type of Award	Net Shares Granted (1)	Grant Date Fair Value		Vesting Schedule	Unvested Shares





































February 23, 2023	Deferred Stock Award	284,234	$	9.47	Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027, respectively.	80,729


February 20, 2024	2024-2026 Performance Share Program	—	$	7.64	Shares awarded, if any, will vest immediately upon determination of award in 2027.	984,084	(2)

February 20, 2024	Deferred Stock Award	419,055	$	6.55	Of the shares granted, 25% will vest on February 20, 2025, 2026, 2027, and 2028, respectively.	234,267


October 1, 2024	Deferred Stock Award	60,606	$	9.90	Of the shares granted, 25% will vest on October 1, 2025, 2026, 2027, and 2028 respectively.	45,455

October 28, 2024	Deferred Stock Award	322,101	$	10.09	Of the shares granted, 100% will vest on October 28, 2029.	322,101

February 3, 2025	Deferred Stock Award	389,110	$	8.52	Of the shares granted, 25% will vest on February 3, 2026, 2027, 2028, and 2029, respectively.	317,327

February 3, 2025	2025-2027 Performance Share Program	—	$	10.05	Shares awarded, if any, will vest immediately upon determination of award in 2028.	585,183	(2)

May 15, 2025	Deferred Stock Award-Board of Directors	121,736	$	6.90	Of the shares granted, 100% will vest on the earlier of the 2026 Annual Meeting or May 15, 2026.	121,736

February 17, 2026	Deferred Stock Award	468,034	$	8.20	Of the shares granted, 25% will vest on February 17, 2027, 2028, 2029, and 2030, respectively.	468,034

February 17, 2026	2026-2028 Performance Share Program	—	$	10.19	Shares awarded, if any, will vest immediately upon determination of award in 2029.	330,813
Total						3,489,729

(1)Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through March 31, 2026.

(2)Estimated based on Piedmont's cumulative TSR for the respective performance period through March 31, 2026. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs.

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of March 31, 2026 and December 31, 2025 (in thousands):


Facility (1)	Stated Rate			Effective Rate (2)			Maturity		Amount Outstanding as of
									March 31, 2026		December 31, 2025
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%		4.10	%		10/1/2028		$	187,899	$	188,822











Unsecured (Variable and Fixed)











$600 Million Unsecured 2022 Line of Credit	SOFR + 1.05%		(3)	4.73	%	(4)	6/30/2028	(5)	74,000		47,000
$325 Million Unsecured 2024 Term Loan	SOFR + 1.30%		(3)	4.93	%		1/29/2027	(6)	325,000		325,000
$600 Million Unsecured Senior Notes due 2028	9.25	%		9.25	%		7/20/2028		287,258		287,258
$400 Million Unsecured Senior Notes due 2029	6.88	%		7.11	%		7/15/2029		400,000		400,000
$300 Million Unsecured Senior Notes due 2030	3.15	%		3.90	%		8/15/2030		300,000		300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%		2.78	%		4/1/2032		300,000		300,000
$400 Million Unsecured Senior Notes due 2033	5.63	%		5.73	%		1/15/2033		400,000		400,000
Unamortized discounts and debt issuance costs									(21,806)		(23,368)
Subtotal/Weighted Average				5.63	%				$	2,064,452	$	2,035,890
Total/Weighted Average				5.51	%				$	2,252,351	$	2,224,712

(1)All of Piedmont’s outstanding debt as of March 31, 2026 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, which is secured by 1180 Peachtree Street.

(2)Effective rate after consideration of settled interest rate swap agreements and issuance discounts.

(3)The all-in interest rates associated with the SOFR selections are comprised of the base SOFR interest rate and a stated interest rate spread that can vary from 0.72% to 1.40% on the $600 Million Unsecured 2022 Line of Credit and 0.85% to 1.70% on the $325 Million Unsecured 2024 Term Loan based upon the then current credit rating (as defined in the respective loan agreement) of Piedmont or Piedmont OP.

(4)On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal.

(5)Piedmont may extend the term of the $600 Million Unsecured 2022 Line of Credit for up to two additional years (through two available one-year extensions to a final extended maturity date of June 30, 2030); provided that Piedmont is not then in default and upon payment of extension fees.

(6)Piedmont may extend the term for up to two six-month extension options for a final maturity date of January 29, 2028; provided that Piedmont is not then in default and upon payment of extension fees.

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Liabilities:
Interest rate swaps	$ 0	$ 111
Carrying Value
Assets:
Cash and cash equivalents	2,279	731
Restricted cash and escrows	4,056	3,060
Liabilities:
Accounts payable and accrued expenses	11,791	26,692
Debt, net	2,252,351	2,224,712
Carrying Value \| Trade Accounts Receivable
Assets:
Tenant receivables, net	6,907	6,155
Carrying Value \| Interest Rate Swap
Liabilities:
Interest rate swaps	0	111
Estimated Fair Value \| Level 1
Assets:
Cash and cash equivalents	2,279	731
Restricted cash and escrows	4,056	3,060
Liabilities:
Accounts payable and accrued expenses	11,791	26,692
Estimated Fair Value \| Level 1 \| Trade Accounts Receivable
Assets:
Tenant receivables, net	6,907	6,155
Estimated Fair Value \| Level 2
Liabilities:
Debt, net	2,240,418	2,262,389
Estimated Fair Value \| Interest Rate Swap \| Level 2
Liabilities:
Interest rate swaps	$ 0	$ 111

Segment Information - Schedule of NOI by Geographical Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	$ 143,294	$ 142,686
Property operating costs	57,306	57,914
Other Segment Items	(51)	44
NOI	85,937	84,816
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	138,224	137,714
Property operating costs	56,439	57,044
Other Segment Items	1,087	998
NOI	82,872	81,668
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	5,070	4,972
Property operating costs	867	870
Other Segment Items	(1,138)	(954)
NOI	3,065	3,148
Atlanta \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	46,772	44,742
Property operating costs	15,855	16,413
Other Segment Items	514	482
NOI	31,431	28,811
Dallas \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	24,609	26,886
Property operating costs	11,017	11,084
Other Segment Items	116	106
NOI	13,708	15,908
Orlando \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	18,688	15,738
Property operating costs	6,737	6,576
Other Segment Items	51	50
NOI	12,002	9,212
Northern Virginia/Washington, D.C. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	13,306	13,545
Property operating costs	6,306	6,470
Other Segment Items	165	166
NOI	7,165	7,241
Minneapolis \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	10,213	10,808
Property operating costs	5,752	4,977
Other Segment Items	210	162
NOI	4,671	5,993
New York \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	14,764	14,549
Property operating costs	6,997	7,004
Other Segment Items	19	20
NOI	7,786	7,565
Boston \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Revenues	9,872	11,446
Property operating costs	3,775	4,520
Other Segment Items	12	12
NOI	$ 6,109	$ 6,938

Stock Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Annually, the Compensation Committee of Piedmont's Board of Directors has granted deferred stock award units to certain employees at its discretion. Employee awards typically vest ratably over four years. In addition, Piedmont's independent directors receive an annual grant of deferred stock award units for services rendered and such awards vest over a one-year service period.

Certain management employees' long-term equity incentive program is allocated between the deferred stock award units described above and a multi-year performance share program whereby actual awards are contingent upon Piedmont's total stockholder return ("TSR") performance relative to the TSR of a peer group of office REITs. The target incentives for these employees, as well as the peer group to be used for comparative purposes, are predetermined by the board of directors, based on advice given by a third-party compensation consultant. The number of shares earned, if any, are determined at the end of the multi-year performance period (or upon termination) and vest immediately. In the event that a participant's employment is terminated prior to the end of the multi-year period, in certain circumstances the participant may be entitled to a pro-rated award based on Piedmont's TSR relative performance as of the termination date. The grant date fair value of the multi-year performance share awards is estimated using the Monte Carlo valuation method and is recognized ratably over the performance period.

A roll forward of Piedmont's equity based award activity for the three months ended March 31, 2026 is as follows:


	Shares	Weighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2025	3,953,854	$	9.13
Deferred Stock Awards Granted	468,034	$	8.20
Performance Stock Awards Granted	528,963	$	10.19
Change in Estimated Potential Share Awards based on TSR Performance	(602,314)	$	9.23
Performance Stock Awards Vested	(471,324)	$	12.37
Deferred Stock Awards Vested	(387,484)	$	8.56

Unvested and Potential Stock Awards as of March 31, 2026	3,489,729	$	8.64

The following table provides additional information regarding stock award activity during the three months ended March 31, 2026 and 2025, respectively (in thousands, except per share amounts):


	Three Months Ended
		March 31, 2026		March 31, 2025
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period		$	8.20	$	8.50
Total Grant Date Fair Value of Deferred Stock Vested During the Period		$	3,318	$	3,178

A detail of Piedmont’s outstanding stock awards and programs as of March 31, 2026 is as follows:


Date of grant	Type of Award	Net Shares Granted (1)	Grant Date Fair Value		Vesting Schedule	Unvested Shares





































February 23, 2023	Deferred Stock Award	284,234	$	9.47	Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027, respectively.	80,729


February 20, 2024	2024-2026 Performance Share Program	—	$	7.64	Shares awarded, if any, will vest immediately upon determination of award in 2027.	984,084	(2)

February 20, 2024	Deferred Stock Award	419,055	$	6.55	Of the shares granted, 25% will vest on February 20, 2025, 2026, 2027, and 2028, respectively.	234,267


October 1, 2024	Deferred Stock Award	60,606	$	9.90	Of the shares granted, 25% will vest on October 1, 2025, 2026, 2027, and 2028 respectively.	45,455

October 28, 2024	Deferred Stock Award	322,101	$	10.09	Of the shares granted, 100% will vest on October 28, 2029.	322,101

February 3, 2025	Deferred Stock Award	389,110	$	8.52	Of the shares granted, 25% will vest on February 3, 2026, 2027, 2028, and 2029, respectively.	317,327

February 3, 2025	2025-2027 Performance Share Program	—	$	10.05	Shares awarded, if any, will vest immediately upon determination of award in 2028.	585,183	(2)

May 15, 2025	Deferred Stock Award-Board of Directors	121,736	$	6.90	Of the shares granted, 100% will vest on the earlier of the 2026 Annual Meeting or May 15, 2026.	121,736

February 17, 2026	Deferred Stock Award	468,034	$	8.20	Of the shares granted, 25% will vest on February 17, 2027, 2028, 2029, and 2030, respectively.	468,034

February 17, 2026	2026-2028 Performance Share Program	—	$	10.19	Shares awarded, if any, will vest immediately upon determination of award in 2029.	330,813
Total						3,489,729

During both the three months ended March 31, 2026 and 2025, Piedmont recognized approximately $2.2 million of compensation expense related to the amortization of unvested and potential stock awards. During the three months ended March 31, 2026, 499,725 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of March 31, 2026, approximately $20.5 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately two years.

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock awards	$ 2.2	$ 2.2
Total shares issued to employees, directors, and officers (in shares)	499,725
Unrecognized compensation cost related to nonvested	$ 20.5
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested, weighted-average vesting period	2 years
Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property Dispositions and Assets Held for Sale

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions and Assets Held for Sale

During the three months ended March 31, 2025, Piedmont sold 161 Corporate Center in Irving, Texas to an unrelated, third-party buyer and recognized a gain on sale of approximately $0.1 million. Additionally, during the three months ended March 31, 2025, Piedmont recognized a gain on sale of real estate assets of $0.7 million related to the return of amounts held in escrow for the 750 West John Carpenter building sold in July 2024.

As of March 31, 2026, Piedmont was under a binding contract to sell a 10.6 acre land parcel (Royal Lane Land) in Dallas, Texas for approximately $12.0 million. Consequently, the land, which is assigned to the Dallas geographic reportable segment, met the criteria for held for sale classification as of March 31, 2026 and the assets are presented as held for sale as of both

March 31, 2026 and December 31, 2025 for comparability in the accompanying consolidated balance sheets. Details of amounts held for sale are presented below (in thousands):


	March 31, 2026		December 31, 2025
Real estate assets held for sale, net:
Land	$	2,628	$	2,628


Construction in progress	209		209
Total real estate assets held for sale, net	$	2,837	$	2,837

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-34626
Entity Registrant Name	Piedmont Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	58-2328421
Entity Address, Address Line One	5565 Glenridge Connector Ste. 450
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	770
Local Phone Number	418-8800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PDM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		125,019,003
Entity Central Index Key	0001042776
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 property segment project
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of operating segments	7
Number of reportable segments	7
Number of real estate properties \| property	29
Other Segments \| Houston
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of real estate properties \| project	2

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2026
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share As Piedmont recognized a net loss for both the three months ended March 31, 2026 and 2025, earnings per share is computed using basic weighted-average common shares outstanding.

Segment Information - Schedule of Reconciliation of Net Loss to NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Net loss applicable to Piedmont	$ (12,920)	$ (10,104)
Management fee revenue	(158)	(64)
Depreciation and amortization	59,290	56,315
General and administrative expenses	7,909	7,563
Interest expense	31,929	31,677
Other income	(118)	(288)
Loss on early extinguishment of debt	0	500
Gain on sale of real estate assets	0	(789)
Net income applicable to noncontrolling interest	5	6
Total NOI	$ 85,937	$ 84,816

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Fixed and Variable Lease Payments


	Three Months Ended
		March 31, 2026		March 31, 2025
Fixed payments		$	113,393	$	111,776
Variable payments		23,048		24,288
Total Rental and Tenant Reimbursement Revenue		$	136,441	$	136,064

Property Dispositions and Assets Held for Sale - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) a
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 161 Corporate Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate assets	$ 0.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 750 West John Carpenter Freeway
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate assets	$ 0.7
Disposal Group, Held-for-sale, Not Discontinued Operations \| Royal Lane Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land \| a		10.6
Assets held for sale, sale price		$ 12.0

Stock Based Compensation - Schedule of Rollforward of Stock Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Shares
Unvested and potential stock awards, end of period (in shares)	3,489,729
Stock Awards
Shares
Unvested and potential stock awards, beginning of period (in shares)	3,953,854
Unvested and potential stock awards, end of period (in shares)	3,489,729
Weighted-Average Grant Date Fair Value
Unvested and potential stock awards, beginning of period (in dollars per share)	$ 9.13
Unvested and potential stock awards, end of period (in dollars per share)	$ 8.64
Deferred Stock Awards
Shares
Stock awards granted (in shares)	468,034
Stock awards vested (in shares)	(387,484)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 8.20	$ 8.50
Stock awards vested (in dollars per share)	$ 8.56
Performance Share Awards
Shares
Stock awards granted (in shares)	528,963
Change in estimated potential share award based on TSR performance (in shares)	(602,314)
Stock awards vested (in shares)	(471,324)
Weighted-Average Grant Date Fair Value
Stock awards granted (in dollars per share)	$ 10.19
Change in estimated potential share award based on TSR performance (in dollars per share)	9.23
Stock awards vested (in dollars per share)	$ 12.37

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Piedmont's President and Chief Executive Officer has been identified as Piedmont's chief operating decision maker (the "CODM"), as defined by GAAP. The CODM evaluates Piedmont's portfolio and assesses the ongoing operations and performance of its projects utilizing the following geographic segments: Atlanta, Dallas, Orlando, Northern Virginia/Washington, D.C., Minneapolis, New York, and Boston. These seven operating segments are also Piedmont’s reportable segments. As of March 31, 2026, Piedmont also owned two projects in Houston that do not meet the definition of an operating or reportable segment as the CODM does not regularly review these properties for purposes of allocating resources or assessing performance. Further, Piedmont does not maintain a significant presence nor anticipate further investment in this market. These two projects are the primary contributors to accrual-based net operating income ("NOI") included in "Other" below. During the periods presented, there have been no material inter-segment transactions. The accounting policies of the reportable segments are the same as Piedmont's accounting policies.

NOI by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating costs and other segment items from lease revenues and other property related income. Other segment items consist primarily of allocated costs and salaries, which are recognized at the respective properties and eliminated in the preparation of consolidated financial statements. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. Piedmont's calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs.

Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance.

The following table presents accrual-based revenues, property operating costs, and other segment items included in NOI by geographic reportable segment for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31, 2026
	Total Revenues		Property Operating Costs		Other Segment Items		NOI
Atlanta	$	46,772	$	15,855	$	514	$	31,431
Dallas	24,609		11,017		116		13,708
Orlando	18,688		6,737		51		12,002
Northern Virginia/Washington, D.C.	13,306		6,306		165		7,165
Minneapolis	10,213		5,752		210		4,671
New York	14,764		6,997		19		7,786
Boston	9,872		3,775		12		6,109
Total reportable segments	138,224		56,439		1,087		82,872
Other	5,070		867		(1,138)		3,065
Totals	$	143,294	$	57,306	$	(51)	$	85,937


	Three Months Ended March 31, 2025
	Total Revenues		Property Operating Costs		Other Segment Items		NOI
Atlanta	$	44,742	$	16,413	$	482	$	28,811
Dallas	26,886		11,084		106		15,908
Orlando	15,738		6,576		50		9,212
Northern Virginia/Washington, D.C.	13,545		6,470		166		7,241
Minneapolis	10,808		4,977		162		5,993
New York	14,549		7,004		20		7,565
Boston	11,446		4,520		12		6,938
Total reportable segments	137,714		57,044		998		81,668
Other	4,972		870		(954)		3,148
Totals	$	142,686	$	57,914	$	44	$	84,816

A reconciliation of Net loss applicable to Piedmont to NOI is presented below (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Net loss applicable to Piedmont		$	(12,920)	$	(10,104)
Management fee revenue (1)		(158)		(64)



Depreciation and amortization		59,290		56,315



General and administrative expenses		7,909		7,563
Interest expense		31,929		31,677
Other income		(118)		(288)
Loss on early extinguishment of debt		—		500
Gain on sale of real estate assets		—		(789)
Net income applicable to noncontrolling interest		5		6
Total NOI		$	85,937	$	84,816

(1)Presented net of related operating expenses incurred to earn such management fee revenue. Such operating expenses are a component of property operating costs in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenue and Net Operating Income, by Segment


	Three Months Ended March 31, 2026
	Total Revenues		Property Operating Costs		Other Segment Items		NOI
Atlanta	$	46,772	$	15,855	$	514	$	31,431
Dallas	24,609		11,017		116		13,708
Orlando	18,688		6,737		51		12,002
Northern Virginia/Washington, D.C.	13,306		6,306		165		7,165
Minneapolis	10,213		5,752		210		4,671
New York	14,764		6,997		19		7,786
Boston	9,872		3,775		12		6,109
Total reportable segments	138,224		56,439		1,087		82,872
Other	5,070		867		(1,138)		3,065
Totals	$	143,294	$	57,306	$	(51)	$	85,937


	Three Months Ended March 31, 2025
	Total Revenues		Property Operating Costs		Other Segment Items		NOI
Atlanta	$	44,742	$	16,413	$	482	$	28,811
Dallas	26,886		11,084		106		15,908
Orlando	15,738		6,576		50		9,212
Northern Virginia/Washington, D.C.	13,545		6,470		166		7,241
Minneapolis	10,808		4,977		162		5,993
New York	14,549		7,004		20		7,565
Boston	11,446		4,520		12		6,938
Total reportable segments	137,714		57,044		998		81,668
Other	4,972		870		(954)		3,148
Totals	$	142,686	$	57,914	$	44	$	84,816

A reconciliation of Net loss applicable to Piedmont to NOI is presented below (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Net loss applicable to Piedmont		$	(12,920)	$	(10,104)
Management fee revenue (1)		(158)		(64)



Depreciation and amortization		59,290		56,315



General and administrative expenses		7,909		7,563
Interest expense		31,929		31,677
Other income		(118)		(288)
Loss on early extinguishment of debt		—		500
Gain on sale of real estate assets		—		(789)
Net income applicable to noncontrolling interest		5		6
Total NOI		$	85,937	$	84,816

Derivative Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Risk Management Objective of Using Derivatives

In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. From time to time, Piedmont has entered into derivative financial instruments, specifically interest rate swap agreements, to manage interest rate risk exposure arising from current or future variable rate debt transactions. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

Cash Flow Hedges of Interest Rate Risk

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for Piedmont making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the three months ended March 31, 2026, the remaining five interest rate swap agreements associated with the $325 Million Unsecured 2024 Term Loan expired and as such, Piedmont had no interest rate swaps outstanding as of March 31, 2026.

Piedmont presents its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of Piedmont’s interest rate derivatives on a gross and net basis as of March 31, 2026 and December 31, 2025, respectively, is as follows (in thousands):


Interest rate swaps classified as:	March 31, 2026		December 31, 2025
Gross derivative assets	$	—	$	—
Gross derivative liabilities	—		(111)
Net derivative liability	$	—	$	(111)


	Three Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships		March 31, 2026		March 31, 2025
Amount of loss recognized in OCI		$	(5)	$	(240)
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense		$	(592)	$	212


Total amount of interest expense presented in the consolidated statements of operations		$	(31,929)	$	(31,677)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations		$	—	$	(500)

Piedmont estimates that approximately $1.9 million will be reclassified from OCI as an increase to interest expense over the next twelve months. Additionally, see Note 5 for fair value disclosures of Piedmont's derivative instruments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate assets, at cost:
Land	$ 542,474	$ 542,474
Buildings and improvements, less accumulated depreciation of $1,321,935 and $1,278,600 as of March 31, 2026 and December 31, 2025, respectively	2,786,966	2,787,669
Intangible lease assets, less accumulated amortization of $77,271 and $73,824 as of March 31, 2026 and December 31, 2025, respectively	40,555	44,371
Construction in progress	48,855	44,358
Real estate assets held for sale, net	2,837	2,837
Total real estate assets	3,421,687	3,421,709
Cash and cash equivalents	2,279	731
Tenant receivables	6,907	6,155
Straight-line rent receivables	216,416	214,285
Restricted cash and escrows	4,056	3,060
Prepaid expenses and other assets	20,928	20,857
Goodwill	53,491	53,491
Deferred lease costs, less accumulated amortization of $222,242 and $209,155 as of March 31, 2026 and December 31, 2025, respectively	308,167	311,066
Total assets	4,033,931	4,031,354
Liabilities:
Unsecured debt, net of unamortized discount and debt issuance costs of $21,806 and $23,368 as of March 31, 2026 and December 31, 2025, respectively	2,064,452	2,035,890
Secured debt	187,899	188,822
Accounts payable, accrued expenses and accrued capital expenditures	158,041	172,880
Deferred income	117,733	112,124
Intangible lease liabilities, less accumulated amortization of $36,885 and $35,036 as of March 31, 2026 and December 31, 2025, respectively	22,880	24,824
Interest rate swaps	0	111
Total liabilities	2,551,005	2,534,651
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of March 31, 2026 or December 31, 2025	0	0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of March 31, 2026 or December 31, 2025	0	0
Common stock, $0.01 par value, 750,000,000 shares authorized; 125,019,003 and 124,519,278 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1,250	1,245
Additional paid-in capital	3,728,827	3,730,273
Cumulative distributions in excess of earnings	(2,240,270)	(2,227,350)
Accumulated other comprehensive loss	(8,380)	(8,967)
Piedmont stockholders’ equity	1,481,427	1,495,201
Noncontrolling interest	1,499	1,502
Total stockholders’ equity	1,482,926	1,496,703
Total liabilities and stockholders’ equity	$ 4,033,931	$ 4,031,354

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Rental and tenant reimbursement revenue	$ 136,441	$ 136,064
Total revenues	143,294	142,686
Expenses:
Property operating costs	57,306	57,914
Depreciation	44,027	40,893
Amortization	15,263	15,421
General and administrative	7,909	7,563
Total expenses	124,505	121,791
Other income (expense):
Interest expense	(31,929)	(31,677)
Other income	225	395
Loss on early extinguishment of debt	0	(500)
Gain on sale of real estate assets	0	789
Total other income (expense)	(31,704)	(30,993)
Net loss	(12,915)	(10,098)
Net income applicable to noncontrolling interest	(5)	(6)
Net loss applicable to Piedmont	$ (12,920)	$ (10,104)
Per share information – basic and diluted:
Net loss applicable to common stockholders - basic (in dollars per share)	$ (0.10)	$ (0.08)
Net loss applicable to common stockholders - diluted (in dollars per share)	$ (0.10)	$ (0.08)
Weighted-average common shares outstanding – basic (in shares)	124,806,053	124,257,969
Weighted-average common shares outstanding – diluted (in shares)	124,806,053	124,257,969
Property management fee revenue
Revenues:
Property management fee revenue and other property related income	$ 158	$ 81
Other property related income
Revenues:
Property management fee revenue and other property related income	$ 6,695	$ 6,541

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Under Existing Lease Agreements As a recurring part of its business, Piedmont is typically required under its executed lease agreements to fund tenant improvements, leasing commissions, and building improvements. In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for capital improvements or other financial obligations. As of March 31, 2026, Piedmont had no individually significant tenant allowance commitment greater than $10 million. These commitments will be capitalized as the related expenditures are incurred. Contingencies Related to Tenant Audits/Disputes Certain lease agreements include provisions that grant tenants the right to engage independent auditors to audit their annual operating expense reconciliations. Such audits may result in different interpretations of language in the lease agreements from that made by Piedmont, which could result in requests for refunds of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. There were no such reductions during the three months ended March 31, 2026 or 2025.

Fair Value Measurement of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement of Financial Instruments

Piedmont considers its cash and cash equivalents, tenant receivables, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments. The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of March 31, 2026 and December 31, 2025, respectively (in thousands):


	March 31, 2026					December 31, 2025
Financial Instrument	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy
Assets:
Cash and cash equivalents (1)	$	2,279	$	2,279	Level 1	$	731	$	731	Level 1
Tenant receivables, net (1)	$	6,907	$	6,907	Level 1	$	6,155	$	6,155	Level 1

Restricted cash and escrows (1)	$	4,056	$	4,056	Level 1	$	3,060	$	3,060	Level 1

Liabilities:
Accounts payable and accrued expenses (1)	$	11,791	$	11,791	Level 1	$	26,692	$	26,692	Level 1
Interest rate swaps	$	—	$	—	Level 2	$	111	$	111	Level 2
Debt, net	$	2,252,351	$	2,240,418	Level 2	$	2,224,712	$	2,262,389	Level 2

(1)For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity.

Piedmont's debt was carried at book value as of March 31, 2026 and December 31, 2025; however, Piedmont's estimate of its fair value is disclosed in the table above. Piedmont uses widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the debt facilities, including the period to maturity of each instrument, and uses observable market-based inputs for similar debt facilities which have transacted recently in the market. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). Scaling adjustments are made to these inputs to make them applicable to the remaining life of Piedmont's outstanding debt. Piedmont has not changed its valuation technique for estimating the fair value of its debt.

Piedmont’s interest rate swap agreements presented above, and as further discussed in Note 4, are classified as “Interest rate swaps” in the accompanying consolidated balance sheets and were carried at estimated fair value as of December 31, 2025. The valuation of these derivative instruments was determined using widely accepted valuation techniques including discounted cash flow analysis based on the contractual terms of the derivatives, including the period to maturity of each instrument, and uses observable market-based inputs, including interest rate curves and implied volatilities. Therefore, the estimated fair values determined are considered to be based on significant other observable inputs (Level 2). In addition, Piedmont considered both its own and the respective counterparties’ risk of nonperformance in determining the estimated fair value of its derivative financial instruments by estimating the current and potential future exposure under the derivative financial instruments as of the valuation date. The credit risk of Piedmont and its counterparties was factored into the calculation of the estimated fair value of the interest rate swaps; however, as of December 31, 2025, this credit valuation adjustment did not comprise a material portion of the estimated fair value. Therefore, Piedmont believes that any unobservable inputs used to determine the estimated fair values of its derivative financial instruments are not significant to the fair value measurements in their entirety, and does not consider any of its derivatives to be Level 3 financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Piedmont are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year’s results.
Principles of Consolidation	Piedmont’s consolidated financial statements include the accounts of Piedmont, Piedmont’s wholly-owned subsidiaries, any variable interest entity ("VIE") of which Piedmont or any of its wholly-owned subsidiaries is considered to have the power to direct the activities of the entity and the obligation to absorb losses/right to receive benefits, or any entity in which Piedmont or any of its wholly-owned subsidiaries owns a controlling interest. In determining whether Piedmont or Piedmont OP has a controlling interest, the following factors, among others, are considered: equity ownership, voting rights, protective rights of investors, and participatory rights of investors. For further information, refer to the financial statements and footnotes included in Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2025. All intercompany balances and transactions have been eliminated upon consolidation. Further, Piedmont has formed special purpose entities to acquire and hold real estate. Each special purpose entity is a separate legal entity. Consequently, the assets of these special purpose entities are not available to all creditors of Piedmont. The assets owned by these special purpose entities are being reported on a consolidated basis with Piedmont’s assets for financial reporting purposes only.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. The most significant of these estimates include the underlying cash flows and holding periods used in assessing impairment, judgments regarding the recoverability of goodwill, and the assessment of the collectability of receivables. While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could differ materially from those estimates.
Income Taxes	Income Taxes Piedmont has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and has operated as such, beginning with its taxable year ended December 31, 1998. To qualify as a REIT, Piedmont must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income. As a REIT, Piedmont is generally not subject to federal income taxes, subject to fulfilling, among other things, its taxable income distribution requirement. Piedmont is subject to certain taxes related to the operations of projects in certain locations, as well as operations conducted by its taxable REIT subsidiary which have been provided for in the financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Income Statement Expense Disaggregation Disclosures The FASB has issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 aims to enhance the transparency and presentation of income statement expenses in response to increasing demand from investors and other stakeholders for greater clarity and comparability surrounding the nature and composition of an entity's expenses. The amendments of ASU 2024-03 require tabular disclosure of certain cost and expense information, such as employee compensation, in the footnotes to the financial statements. ASU 2024-03 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2027, and subsequent interim periods beginning in calendar-year 2028. Piedmont is currently evaluating the potential impact of adoption; however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2024-03.
Risk Management Objective of Using Derivatives	Risk Management Objective of Using Derivatives In addition to operational risks which arise in the normal course of business, Piedmont is exposed to economic risks such as interest rate, liquidity, and credit risk. From time to time, Piedmont has entered into derivative financial instruments, specifically interest rate swap agreements, to manage interest rate risk exposure arising from current or future variable rate debt transactions. Piedmont’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

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+ Details

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Derivative Instruments - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative [Line Items]
Amount of loss recognized in OCI	$ (5)	$ (240)
Total amount of interest expense presented in the consolidated statements of operations	(31,929)	(31,677)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	0	(500)
Interest Rate Swap
Derivative [Line Items]
Amount of loss recognized in OCI	(5)	(240)
Amount of previously recorded gain/(loss) reclassified from OCI into interest expense	(592)	212
Total amount of interest expense presented in the consolidated statements of operations	(31,929)	(31,677)
Total amount of loss on early extinguishment of debt presented in the consolidated statements of operations	$ 0	$ (500)

Debt - Schedule of Debt (Details)	3 Months Ended
Debt - Schedule of Debt (Details)	Mar. 31, 2026 USD ($) extension termExtension	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Weighted average rate (percent)	5.51%
Unamortized discounts and debt issuance costs	$ (21,806,000)	$ (23,368,000)
Total/Weighted Average	2,252,351,000	2,224,712,000
Secured Debt \| $197 Million Fixed Rate Mortgage
Debt Instrument [Line Items]
Debt instrument, face amount	$ 197,000,000
Stated rate	4.10%
Effective rate (percent)	4.10%
Amount outstanding, gross	$ 187,899,000	188,822,000
Unsecured Debt
Debt Instrument [Line Items]
Weighted average rate (percent)	5.63%
Unamortized discounts and debt issuance costs	$ (21,806,000)	(23,368,000)
Total/Weighted Average	2,064,452,000	2,035,890,000
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.72%
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Unsecured Debt \| $600 Million Unsecured 2022 Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Effective rate (percent)	4.73%
Amount outstanding, gross	$ 74,000,000	47,000,000
Maximum extension period (in years)	2 years
Number of term extensions \| extension	2
Extension term	1 year
Unsecured Debt \| $325 Million Unsecured 2024 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 325,000,000
Basis spread on variable rate	1.30%
Effective rate (percent)	4.93%
Amount outstanding, gross	$ 325,000,000	325,000,000
Number of term extensions \| termExtension	2
Extension term	6 months
Unsecured Debt \| $325 Million Unsecured 2024 Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Unsecured Debt \| $325 Million Unsecured 2024 Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Unsecured Debt \| $600 Million Unsecured Senior Notes due 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Stated rate	9.25%
Effective rate (percent)	9.25%
Amount outstanding, gross	$ 287,258,000	287,258,000
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated rate	6.88%
Effective rate (percent)	7.11%
Amount outstanding, gross	$ 400,000,000	400,000,000
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated rate	3.15%
Effective rate (percent)	3.90%
Amount outstanding, gross	$ 300,000,000	300,000,000
Unsecured Debt \| $300 Million Unsecured Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Stated rate	2.75%
Effective rate (percent)	2.78%
Amount outstanding, gross	$ 300,000,000	300,000,000
Unsecured Debt \| $400 Million Unsecured Senior Notes due 2033
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Stated rate	5.63%
Effective rate (percent)	5.73%
Amount outstanding, gross	$ 400,000,000	$ 400,000,000

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

The following table summarizes the terms of Piedmont’s consolidated indebtedness outstanding as of March 31, 2026 and December 31, 2025 (in thousands):


Facility (1)	Stated Rate			Effective Rate (2)			Maturity		Amount Outstanding as of
									March 31, 2026		December 31, 2025
Secured (Fixed)
$197 Million Fixed Rate Mortgage	4.10	%		4.10	%		10/1/2028		$	187,899	$	188,822











Unsecured (Variable and Fixed)











$600 Million Unsecured 2022 Line of Credit	SOFR + 1.05%		(3)	4.73	%	(4)	6/30/2028	(5)	74,000		47,000
$325 Million Unsecured 2024 Term Loan	SOFR + 1.30%		(3)	4.93	%		1/29/2027	(6)	325,000		325,000
$600 Million Unsecured Senior Notes due 2028	9.25	%		9.25	%		7/20/2028		287,258		287,258
$400 Million Unsecured Senior Notes due 2029	6.88	%		7.11	%		7/15/2029		400,000		400,000
$300 Million Unsecured Senior Notes due 2030	3.15	%		3.90	%		8/15/2030		300,000		300,000
$300 Million Unsecured Senior Notes due 2032	2.75	%		2.78	%		4/1/2032		300,000		300,000
$400 Million Unsecured Senior Notes due 2033	5.63	%		5.73	%		1/15/2033		400,000		400,000
Unamortized discounts and debt issuance costs									(21,806)		(23,368)
Subtotal/Weighted Average				5.63	%				$	2,064,452	$	2,035,890
Total/Weighted Average				5.51	%				$	2,252,351	$	2,224,712

(1)All of Piedmont’s outstanding debt as of March 31, 2026 is unsecured and interest-only until maturity, except for the $197 Million Fixed Rate Mortgage, which is secured by 1180 Peachtree Street.

(2)Effective rate after consideration of settled interest rate swap agreements and issuance discounts.

(4)On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal.

Piedmont made interest payments on all debt facilities, including interest rate swap cash settlements, of approximately $39.1 million and $54.6 million for the three months ended March 31, 2026 and 2025, respectively. Also, Piedmont capitalized interest of approximately $1.1 million and $3.3 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, Piedmont believes it was in compliance with all financial covenants associated with its debt instruments.

See Note 5 for a description of Piedmont’s estimated fair value of debt as of March 31, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical)	3 Months Ended
	Mar. 31, 2025 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders per share (in dollars per share)	$ 0.125

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income/(Loss)	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2024		124,083,000
Beginning balance at Dec. 31, 2024	$ 1,588,127	$ 1,241	$ 3,723,680	$ (2,128,194)	$ (10,123)	$ 1,523
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of issuance of common stock	(168)		(168)
Dividends to common stockholders and stockholders of subsidiaries	(15,542)			(15,536)		(6)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		325,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	(136)	$ 3	(139)
Net income applicable to noncontrolling interest	6					6
Net loss applicable to Piedmont	(10,104)			(10,104)
Other comprehensive income (loss)	(452)				(452)
Ending balance (in shares) at Mar. 31, 2025		124,408,000
Ending balance at Mar. 31, 2025	$ 1,561,731	$ 1,244	3,723,373	(2,153,834)	(10,575)	1,523
Beginning balance (in shares) at Dec. 31, 2025	124,519,278	124,519,000
Beginning balance at Dec. 31, 2025	$ 1,496,703	$ 1,245	3,730,273	(2,227,350)	(8,967)	1,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of issuance of common stock	(106)		(106)
Dividends to stockholders of subsidiaries	(131)		(123)			(8)
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax (in shares)		500,000
Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax	(1,212)	$ 5	(1,217)
Net income applicable to noncontrolling interest	5					5
Net loss applicable to Piedmont	(12,920)			(12,920)
Other comprehensive income (loss)	$ 587				587
Ending balance (in shares) at Mar. 31, 2026	125,019,003	125,019,000
Ending balance at Mar. 31, 2026	$ 1,482,926	$ 1,250	$ 3,728,827	$ (2,240,270)	$ (8,380)	$ 1,499

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Buildings and improvements, accumulated depreciation	$ 1,321,935	$ 1,278,600
Intangible lease assets, accumulated amortization	77,271	73,824
Deferred lease costs, accumulated amortization	222,242	209,155
Liabilities:
Unamortized discounts and debt issuance costs	21,806	23,368
Intangible lease liabilities, accumulated amortization	$ 36,885	$ 35,036
Stockholders’ Equity:
Shares-in-trust, shares authorized (in shares)	150,000,000	150,000,000
Shares-in-trust, shares outstanding (in shares)	0	0
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	125,019,003	124,519,278
Common stock, shares outstanding (in shares)	125,019,003	124,519,278

Property Dispositions and Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Amounts Held For Sale and Assets Held for Sale

Details of amounts held for sale are presented below (in thousands):


	March 31, 2026		December 31, 2025
Real estate assets held for sale, net:
Land	$	2,628	$	2,628


Construction in progress	209		209
Total real estate assets held for sale, net	$	2,837	$	2,837

Fair Value Measurement of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of March 31, 2026 and December 31, 2025, respectively (in thousands):


	March 31, 2026					December 31, 2025
Financial Instrument	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Level Within Fair Value Hierarchy
Assets:
Cash and cash equivalents (1)	$	2,279	$	2,279	Level 1	$	731	$	731	Level 1
Tenant receivables, net (1)	$	6,907	$	6,907	Level 1	$	6,155	$	6,155	Level 1

Restricted cash and escrows (1)	$	4,056	$	4,056	Level 1	$	3,060	$	3,060	Level 1

Liabilities:
Accounts payable and accrued expenses (1)	$	11,791	$	11,791	Level 1	$	26,692	$	26,692	Level 1
Interest rate swaps	$	—	$	—	Level 2	$	111	$	111	Level 2
Debt, net	$	2,252,351	$	2,240,418	Level 2	$	2,224,712	$	2,262,389	Level 2

(1)For the periods presented, the carrying value of these financial instruments approximates estimated fair value due to their short-term maturity.

Supplemental Disclosures for the Statement of Consolidated Cash Flows

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures for the Statement of Consolidated Cash Flows

Certain non-cash investing and financing activities for the three months ended March 31, 2026 and 2025 (in thousands) are outlined below:


	Three Months Ended
	March 31, 2026		March 31, 2025
Tenant improvements funded by tenants	$	5,700	$	—
Changes in accrued capital expenditures and deferred lease costs (1)	$	19,053	$	23,817
Change in accrued dividends	$	—	$	(15,298)


Change in accrued deferred financing costs	$	13	$	(20)


	2026		2025
Cash and cash equivalents, beginning of period	$	731	$	109,637
Restricted cash and escrows, beginning of period	3,060		4,245


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, beginning of period	$	3,791	$	113,882

Cash and cash equivalents, end of period	$	2,279	$	2,911
Restricted cash and escrows, end of period	4,056		3,723


Total cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statement of cash flows, end of period	$	6,335	$	6,634

Amounts in restricted cash and escrows typically represent: escrow accounts required for future property repairs; escrow accounts for the payment of real estate taxes as required under certain of Piedmont's debt agreements; earnest money deposited by a buyer to secure the purchase of one of Piedmont's properties; or security or utility deposits held for tenants as a condition of their lease agreement.

Goodwill (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill


	Atlanta		Dallas		Orlando		Northern Virginia/ Washington, D.C.		Minneapolis		New York		Boston		Total












Balance as of December 31, 2025:
Goodwill	$	18,563	$	18,525	$	10,818	$	15,981	$	10,957	$	10,585	$	13,489	$	98,918
Accumulated impairment charges	—		—		—		(15,981)		(10,957)		(5,000)		(13,489)		(45,427)
	$	18,563	$	18,525	$	10,818	$	—	$	—	$	5,585	$	—	$	53,491

2026 impairment charges	—		—		—		—		—		—		—		—
Balance as of March 31, 2026:
Goodwill	$	18,563	$	18,525	$	10,818	$	15,981	$	10,957	$	10,585	$	13,489	$	98,918
Accumulated impairment charges	—		—		—		(15,981)		(10,957)		(5,000)		(13,489)		(45,427)
	$	18,563	$	18,525	$	10,818	$	—	$	—	$	5,585	$	—	$	53,491

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss applicable to Piedmont	$ (12,920)	$ (10,104)
Other comprehensive income/(loss):
Effective portion of gain/(loss) on derivative instruments that are designated and qualify as cash flow hedges (See Note 4)	(5)	(240)
Minus: Reclassification of net loss/(gain) included in net loss (See Note 4)	592	(212)
Other comprehensive income/(loss)	587	(452)
Comprehensive loss applicable to Piedmont	$ (12,333)	$ (10,556)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Summary of Significant Accounting Policies - Schedule of Fixed and Variable Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Fixed payments	$ 113,393	$ 111,776
Variable payments	23,048	24,288
Total Rental and Tenant Reimbursement Revenue	$ 136,441	$ 136,064

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false