Earnings release
Page 2
Piedmont Realty TrustTM Earnings Release and Supplemental Information Index Page Page Introduction Diversification Tables Forward-Looking Statements 3 Tenant Diversification 30 Earnings Release 4 Tenant Credit Rating & Lease Distribution 31 Company Information 8 Industry Diversification 32 Research Coverage 9 Geographic Diversification 33 Portfolio Statistics & Key Performance Indicators 10 Geographic Diversification by Location Type 34 Financials Portfolio Information Consolidated Balance Sheets 12 Portfolio Detail 35 Consolidated Statements of Income 13 Property Investment Activity and Land Holdings 37 Funds From Operations & Adjusted Funds From Operations 15 Same Store Net Operating Income 16 Supporting Information Debt Summary 19 Definitions 38 Debt Detail 20 Non-GAAP Reconciliations 39 Debt Covenants & Ratios 21 Operational & Leasing Information Leased Percentage 22 Rental Rate Roll Up / Roll Down 23 Contractual Tenant Improvements & Leasing Commissions 24 Net Effective Rents 25 Leases Yet to Commence and Abatements 26 Lease Expiration Schedule 27 Quarterly Lease Expirations 28 Annual Lease Expirations 29 Notice to Readers: Please refer to page 3 for a discussion of important risks related to the business of Piedmont Realty TrustTM, as well as an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information. Considering these risks, uncertainties, assumptions, and limitations, the forward-looking statements about leasing, financial operations, leasing prospects, acquisitions, dispositions, etc. contained in this quarterly supplemental information report may differ from actual results. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. In addition, many of the schedules herein contain rounding to the nearest thousands or millions and, therefore, the schedules may not total due to this rounding convention. To supplement the presentation of the Company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this report contains certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, AFFO, Same Store NOI, Property NOI, EBITDAre and Core EBITDA. Definitions and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included beginning on page 38. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs. The Company may also change the calculation of any of the non-GAAP measures included in this report from time to time in light of its then existing operations.
Page 3
Forward-Looking Statements Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. Therefore, such statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or similar words or phrases that indicate predictions of future events or trends or that do not relate solely to historical matters. Examples of such statements in this press release include the Company's estimated range of Net Income/(Loss), Depreciation, Amortization, NAREIT FFO, Core FFO and Core FFO per diluted share for the year ending December 31, 2025. These statements are based on beliefs and assumptions of Piedmont’s management, which in turn are based on information available at the time the statements are made. The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements: • Economic, regulatory, socio-economic, technological (e.g. artificial intelligence and machine learning, virtual meeting platforms, etc.), and other changes that impact the real estate market generally, the office sector or the patterns of use of commercial office space in general, or the markets where we primarily operate or have high concentrations of revenue; • Reduced demand for office space, including as a result of remote working and flexible or “hybrid” working arrangements that allow work from remote locations other than an employer’s office premises; • The impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases; • Lease terminations, lease defaults, lease contractions, or changes in the financial condition of our tenants, particularly by one of our large tenants; • Impairment charges on our long-lived assets or goodwill resulting therefrom; • The success of our real estate strategies and investment objectives, including our ability to implement successful redevelopment and development strategies or identify and consummate suitable acquisitions and divestitures; • The illiquidity of real estate investments, including economic changes, such as fluctuating interest rates, costs of construction, improvements and redevelopments, and available financing, which could impact the number of buyers/sellers of our target properties, and regulatory restrictions to which real estate investment trusts ("REITs") are subject and the resulting impediment on our ability to quickly respond to adverse changes in the performance of our properties; • The risks and uncertainties associated with our acquisition and disposition of properties, many of which risks and uncertainties may not be known at the time of acquisition or disposition; • Development and construction delays, including the potential of supply chain disruptions, and resultant increased costs and risks; • Future acts of terrorism, civil unrest, or armed hostilities in any of the major metropolitan areas in which we own properties; • Risks related to the occurrence of cybersecurity incidents, including cybersecurity incidents against us or any of our properties, vendors, or tenants, or a deficiency in our identification, assessment or management of cybersecurity threats impacting our operations and the public's reaction to reported cybersecurity incidents, including the reputational impact on our business and value of our common stock; • Costs of complying with governmental laws, regulations and policies, including environmental standards imposed on office building owners; • Uninsured losses or losses in excess of our insurance coverage, and our inability to obtain adequate insurance coverage at a reasonable cost; • Additional risks and costs associated with directly managing properties occupied by government tenants, such as potential changes in the political environment, a reduction in federal or state funding of our governmental tenants, government layoffs or an increased risk of default by government tenants during periods in which state or federal governments are shut down or on furlough; • Significant price and volume fluctuations in the public markets, including on the exchange on which we listed our common stock; • Risks associated with incurring mortgage and other indebtedness, including changing capital reserve requirements on our lenders and rising interest rates for new debt financings; • A downgrade in our credit ratings, the credit ratings of Piedmont Operating Partnership, L.P. ("Piedmont OP") or the credit ratings of our or Piedmont OP's unsecured debt securities, which could, among other effects, trigger an increase in the stated rate of one or more of our unsecured debt instruments; • The effect of future offerings of debt or equity securities on the value of our common stock; • Additional risks and costs associated with adverse U.S. global and economic conditions, inflation and potential increases in the rate of inflation, including the impact of a possible recession, uncertainty and volatility in financial markets, and any changes in governmental rules, regulations, and fiscal policies; • Uncertainties associated with environmental and regulatory matters; • Changes in the financial condition of our tenants directly or indirectly resulting from geopolitical developments that could negatively affect important supply chains and international trade, the termination or threatened termination of existing international trade agreements, or the implementation of tariffs or retaliatory tariffs on imported or exported goods; • The effect of any litigation to which we are, or may become, subject; • Additional risks and costs associated with owning properties occupied by tenants in particular industries, such as oil and gas, hospitality, travel, co-working, etc., including risks of default during start-up and during economic downturns; • Changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), or other tax law changes which may adversely affect our stockholders; • The future effectiveness of our internal controls and procedures; • Actual or threatened public health epidemics or outbreaks of highly infectious or contagious diseases, as well as immediate and long-term governmental and private measures taken to combat such health crises; and • Other factors, including the risk factor described in Item 1A. of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as well as the risk factors discussed under Item 1A. or our Annual Report on Form 10-K for the year ended December 31, 2024. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward- looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 3
Page 4
Piedmont Realty TrustTM Earnings Release Piedmont Realty Trust Reports Third Quarter 2025 Results ATLANTA, October 27, 2025 — Piedmont Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended September 30, 2025. Brent Smith, Piedmont's President and Chief Executive Officer, commented, "We are thrilled with our outstanding third quarter results driven by the Company’s strong leasing performance. Piedmont executed approximately 724,000 square feet of total leasing, topping our record-breaking statistics from last quarter, and including over half a million square feet of new tenant leases, the highest amount in over a decade. Our portfolio of recently renovated, well-located, hospitality-inspired Piedmont PLACEs continues to set the standard for the office market, helping us to drive leasing volumes and rental rates to all-time highs. Over the last two years Piedmont has leased over five million square feet, equating to one- third of the portfolio, with rental rate roll-ups of approximately 9% and 17% on a cash and accrual basis, respectively. Today, the portfolio stands at 89.2% leased with robust demand, including over 150,000 square feet executed in October and 400,000 square feet in our legal stage pipeline. Most exciting is that the leasing success is expected to drive earnings growth materially in 2026 as almost $40 million of annual contractual rent from recently executed leases starts to commence." Highlights for the Three and Nine Months Ended September 30, 2025: Financial Results: Three Months Ended Nine Months Ended (in 000s other than per share amounts) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net loss applicable to Piedmont $(13,462) $(11,519) $(40,374) $(49,091) Net loss per share applicable to common stockholders - basic and diluted $(0.11) $(0.09) $(0.32) $(0.40) Gain/(loss) on sale of real estate assets $— $(445) $2,013 $(445) Loss on early extinguishment of debt $— $— $8,000 $386 Impairment charges $— $— $— $18,432 Interest expense, net of interest income $31,908 $30,148 $95,113 $89,143 NAREIT Funds From Operations ("FFO") applicable to common stock $43,485 $44,627 $125,530 $138,745 Core FFO applicable to common stock $43,485 $44,627 $133,530 $139,131 NAREIT FFO per diluted share $0.35 $0.36 $1.00 $1.11 Core FFO per diluted share $0.35 $0.36 $1.06 $1.11 Adjusted FFO applicable to common stock $26,504 $25,937 $66,234 $72,330 Same Store NOI - cash basis 2.8 % (0.5) % Same Store NOI - accrual basis 3.2 % 2.6 % 4
Page 5
• Piedmont recognized a net loss of $13.5 million, or $0.11 per diluted share, for the third quarter of 2025, as compared to a net loss of $11.5 million, or $0.09 per diluted share, for the third quarter of 2024. Both periods reflect elevated interest expense, net of interest income, as a result of refinancing activity completed over the past two years in a higher interest rate environment. • Core FFO, which removes gain/loss on sale of real estate assets, as well as depreciation and amortization, was $0.35 per diluted share for the third quarter of 2025, as compared to $0.36 per diluted share for the third quarter of 2024 with the penny decrease attributable to the sale of three projects during the twelve months ended September 30, 2025. • During the three months ended September 30, 2025, Same Store NOI increased by 2.8% and 3.2% on a cash and accrual basis, respectively, as the commencement or burn off of abatements on new leases outweighed expiring leases. Leasing: Three Months Ended Nine Months Ended September 30, 2025 September 30, 2025 # of lease transactions 75 189 Total leasing sf (in 000s) 724 1,799 New tenant leasing sf (in 000s) 551 1,198 Cash rent roll up 8.6 % 8.9 % Accrual rent roll up 20.2 % 18.1 % Leased percentage as of period end 89.2 % • The Company completed approximately 724,000 square feet of leasing during the third quarter, approximately 75% of which was for new tenant leases and the most new tenant leasing the Company has completed in a quarter since 2015. • The average size lease executed during the third quarter was approximately 9,700 square feet and the weighted average lease term was approximately eight years. • Rental rates on leases executed during the three months ended September 30, 2025 for space vacant one year or less increased approximately 8.6% and 20.2% on a cash and accrual basis, respectively. • The Company's leased percentage for its in-service portfolio as of September 30, 2025 was 89.2%, an increase of 50 bps as compared to 88.7 % as of June 30, 2025 as a result of strong leasing activity during the quarter. • As of September 30, 2025, the Company had approximately 0.9 million square feet of executed leases for vacant space that are yet to commence representing approximately $39 million of future additional annual cash rents, and approximately 1.1 million square feet of executed leases currently under rental abatement, representing approximately $36 million of future additional annual cash rents. • Leases representing over 150,000 square feet have already been executed thus far in October with another 400,000 square feet in the legal stage. 5
Page 6
Balance Sheet: (in 000s except for ratios) September 30, 2025 December 31, 2024 Cash and Cash Equivalents $2,990 $109,637 Total Real Estate Assets $3,431,258 $3,461,239 Total Assets $4,003,728 $4,114,651 Total Debt $2,193,324 $2,222,346 Weighted Average Cost of Debt 5.95 % 6.01 % Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents 40.0 % 39.2 % Average Net Debt to Core EBITDA (ttm) 7.1 x 6.8 x • During the three months ended September 30, 2025, the Company amended its Second Amended and Restated Revolving Credit Agreement and its Term Loan Agreement to remove the credit spread adjustment from SOFR-based interest rates thereby reducing its all-in interest rate on each facility by 10bps. • The Company has no debt maturity requirements until 2028. Corporate Responsibility and Operations: • During the three months ended September 30, 2025, the Company received notice from GRESB® that it had achieved the highest sustainability rating of "5 Star” for the third consecutive year and a "Green Star" recognition for the fourth consecutive year based on 2024 performance. The Company's scores ranked in the top decile for all participating listed American companies. • The Company published its annual Corporate Responsibility report which is available electronically at www.piedmontreit.com/corporate-responsibility. • As of September 30, 2025, approximately 85% and 74% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 63% of its portfolio was certified LEED gold. Guidance for 2025: The Company is narrowing its previously issued Core FFO guidance for the year ending December 31, 2025, as follows: Current Previous (in millions, except per share data) Low High Low High Net loss $ (53) $ (51) $ (54) $ (51) Add: Depreciation 163 165 165 168 Amortization 60 60 58 60 Less: Gain on sale (2) (2) (2) (2) NAREIT FFO applicable to common stock $ 168 $ 172 $ 167 $ 175 Loss on early extinguishment of debt 8 8 8 8 Core FFO applicable to common stock $ 176 $ 180 $ 175 $ 183 Core FFO applicable to common stock per diluted share $1.40 $1.42 $1.38 $1.44 6
Page 7
This guidance is based on information available to management as of the date of this release and reflects management's view of current market conditions, including the following specific assumptions and projections: Property Operation Assumptions: • Executed leasing for the year of approximately 2.2 to 2.4 million square feet resulting in an increase in the anticipated year-end leased percentage for the Company's in- service portfolio to approximately 89-90%, exclusive of any speculative acquisition or disposition activity; • Same Store NOI of flat to 3% increase on both a cash and accrual basis for the year; Financing Assumptions: • Interest expense (net of interest income) of approximately $127-$129 million as compared to $119 million in 2024, reflecting a full year of higher interest rates as a result of refinancing activity completed by the Company during 2024 and early 2025; Other Assumptions: • General and administrative expense of approximately $30-$32 million; and • Weighted average shares outstanding of approximately 125-126 million. No speculative acquisitions, dispositions, or refinancing are included in the above guidance. The Company will adjust guidance if such transactions occur. Note that actual results could differ materially from these estimates and individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of any future dispositions, significant lease commencements and expirations, abatement periods, repairs and maintenance expenses, capital expenditures, capital markets activities, seasonal general and administrative expenses, accrued potential performance-based compensation expense, one-time revenue or expense events, and other factors discussed under "Forward-Looking Statements" above. Conference Call Information: Piedmont has scheduled a conference call and an audio webcast for Tuesday, October 28, 2025, at 9:00 A.M. Eastern time. The live, listen-only, audio web cast of the call may be accessed on the Company's website at https://investor.piedmontreit.com/news-and-events/event-calendar. Dial-in numbers for analysts who plan to actively participate in the call are (888) 506-0062 for participants in the United States and Canada and (973) 528-0011 for international participants. Participant Access Code is 475776. A replay of the conference call will be available through November 11, 2025, and may be accessed by dialing (877) 481-4010 for participants in the United States and Canada and (919) 882-2331 for international participants, followed by conference identification code 53079. A web cast replay will also be available after the conference call in the Investor Relations section of the Company's website. During the audio web cast and conference call, the Company's management team will review third quarter 2025 performance, discuss recent events, and conduct a question- and-answer period. 7
Page 8
Piedmont Realty TrustTM Company Information Piedmont Realty TrustTM (NYSE: PDM), also referred to herein as "Piedmont" or the "Company", is a fully integrated, self-managed real estate company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of 16 million square feet of Class A properties across major U.S. Sunbelt markets, Piedmont is known for its hospitality- driven approach and commitment to transforming buildings into premier "Piedmont PLACEs" that enhance each client's workplace experience. The Company is headquartered in Atlanta, Georgia with local management offices in each of its markets. The Company's senior unsecured notes are investment-grade rated by Moody's, Standard & Poor's and Fitch Ratings. Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com. Executive Management C. Brent Smith Sherry L. Rexroad Laura P. Moon George M. Wells President, Chief Executive Officer Chief Financial Officer Chief Accounting Officer Chief Operating Officer and Director and Executive Vice President and Executive Vice President and Executive Vice President Kevin D. Fossum Christopher A. Kollme Damian J. Miller Alex Valente Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Property Management Investments Central Region Southeast Region Pierre Dait Wade Grace Jennifer Heneisen Lisa Tyler Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Risk Management Controller Financial Planning & Analysis Human Resources Board of Directors Kelly H. Barrett Dale H. Taysom Glenn G. Cohen Barbara B. Lang Chair of the Board of Directors Vice Chair of the Board of Directors Chair of the Compensation Committee Chair of the Nominating and Chair of the Audit Committee Corporate Governance Committee Jeffrey J. Donnelly Deneen L. Donnley Mary Hager Stephen E. Lewis Director Director Director Director C. Brent Smith Director & Chief Executive Officer Contact Information Corporate Headquarters Research Analysts / Institutional Investors Shareholder Services / Transfer Agent Services Corporate Counsel 5565 Glenridge Connector, Suite 450 770.418.8592 Computershare, Inc. King & Spalding Atlanta, Georgia 30342 investor.relations@piedmontreit.com 866.354.3485 1180 Peachtree Street, NE 770.418.8800 investor.services@piedmontreit.com Atlanta, GA 30309 www.piedmontreit.com 404.572.4600 8
Page 9
Piedmont Realty TrustTM Research Coverage Equity Research Coverage Dylan Burzinski Anthony Paolone, CFA Nicholas Thillman Michael Lewis, CFA Green Street JP Morgan Robert W. Baird & Co. Truist Securities 100 Bayview Circle, Suite 400 383 Madison Avenue, 32nd Floor 777 East Wisconsin Avenue 50 Hudson Yards, 69th Floor Newport Beach, CA 92660 New York, NY 10179 Milwaukee, WI 53202 New York, NY 10001 Phone: (949) 640-8780 Phone: (212) 622-6682 Phone: (414) 298-5053 Phone: (212) 319-5659 Fixed Income Research Coverage Mark S. Streeter, CFA JP Morgan 383 Madison Avenue, 3rd Floor New York, NY 10179 Phone: (212) 834-5086 Credit Ratings Issuer Credit Ratings: Senior Unsecured Notes Ratings: Baa3 (Moody's) Baa3 (Moody's) BB+ (Standard & Poor's) BBB- (Standard & Poor's) BBB- (Fitch) BBB- (Fitch) 9
Page 10
Piedmont Realty TrustTM Portfolio Statistics & Key Performance Indicators Unaudited (in thousands except for per share data and ratios) This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciation, and Amortization for real estate (EBITDAre), Core Earnings Before Interest, Taxes, Depreciation, and Amortization (Core EBITDA), Funds from Operations (FFO), Core Funds from Operations (Core FFO), Adjusted Funds from Operations (AFFO), and Same Store Net Operating Income (Same Store NOI). Definitions of these non-GAAP measures are provided on page 38 and reconciliations are provided beginning on page 39. Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Portfolio Statistics: Number of in-service projects (1) 29 29 30 30 30 Rentable in-service square footage (1) 14,918 14,923 15,241 15,323 15,335 Leased percentage (2) 89.2 % 88.7 % 88.1 % 88.4 % 88.8 % Commenced leased percentage 85.4 % 85.0 % 85.2 % 85.5 % 84.8 % Economic leased percentage (3) 79.4 % 78.7 % 77.5 % 80.7 % 80.6 % Leasing Activity: Total square feet leased during the period 724 712 363 433 461 Square feet (new) leased during the period 551 468 179 94 205 Square feet (renewal) leased during the period 173 243 184 339 256 Rental rate roll up / roll down - accrual rents 20.2 % 13.6 % 18.6 % 14.7 % 8.5 % Rental rate roll up / roll down - cash rents 8.6 % 7.3 % 10.3 % 11.5 % 4.0 % Net effective rent per square foot after capex and opex $21.26 $20.78 $24.29 $22.65 $20.28 Financial Results: Total revenues $139,163 $140,292 $142,686 $143,231 $139,293 Net income (loss) applicable to Piedmont -$13,462 -$16,808 -$10,104 -$29,978 -$11,519 Net income (loss) per share applicable to common stockholders - diluted -$0.11 -$0.14 -$0.08 -$0.24 -$0.09 Core EBITDA $75,826 $76,856 $77,605 $78,455 $77,065 Core FFO applicable to common stock $43,485 $44,512 $45,533 $46,436 $44,627 Core FFO per share - diluted $0.35 $0.36 $0.36 $0.37 $0.36 AFFO applicable to common stock $26,504 $16,241 $23,489 $24,576 $25,937 Same store net operating income - accrual basis (4) 3.2 % 1.7 % 3.2 % 2.5 % -2.1 % Same store net operating income - cash basis (4) 2.8 % -2.0 % -2.0 % 0.9 % -0.8 % Balance Sheet and Capitalization Information: Weighted average shares outstanding - diluted (WASO) 126,007 125,178 125,177 125,614 125,675 Shares of common stock issued and outstanding at period end 124,504 124,492 124,408 124,083 124,000 Closing price of common stock at period end $9.00 $7.29 $7.37 $9.15 $10.10 Gross regular dividends (5) — — $15,536 $15,500 $15,500 Regular dividends per share — — $0.125 $0.125 $0.125 Total debt - GAAP $2,193,324 $2,177,752 $2,186,231 $2,222,346 $2,221,907 Total principal amount of debt outstanding $2,213,196 $2,199,101 $2,209,536 $2,242,423 $2,243,300 Total net principal amount of debt outstanding (6) $2,205,061 $2,191,286 $2,202,902 $2,128,541 $2,106,333 Total gross real estate assets $4,740,790 $4,685,403 $4,709,785 $4,688,113 $4,658,663 Equity market capitalization (7) $1,120,536 $907,547 $916,887 $1,135,360 $1,252,399 Total market capitalization (7) $3,333,732 $3,106,648 $3,126,423 $3,377,783 $3,495,699 10
Page 11
Piedmont Office Realty Trust, Inc. Portfolio Statistics & Key Performance Indicators (continued) Unaudited (in thousands except for per share data and ratios) Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Ratios for Debt Holders Core EBITDA to total revenues 54.5 % 54.8 % 54.4 % 54.8 % 55.3 % Net principal amount of debt / Total gross assets less cash and cash equivalents (8) 40.0 % 40.3 % 40.3 % 39.2 % 39.0 % Average net principal amount of debt to Core EBITDA - trailing twelve months (9) 7.1 x 6.9 x 6.9 x 6.8 x 6.7 x Fixed charge coverage ratio (10) 2.1 x 2.1 x 2.2 x 2.2 x 2.1 x (1) As of September 30, 2025, the Company's in-service office portfolio excluded three projects currently held out of service for redevelopment, totaling 788,000 square feet. Additional information on these projects can be found on page 36. (2) Refer to page 22 for detailed analysis on the Company's leased percentage. (3) Excludes the square footage associated with tenants currently in rental abatement periods. (4) Refer to the three pages starting with page 16 for reconciliations to net income and additional same store net operating income information. The statistic provided for each of the prior quarters is based on the same store property population applicable at the time that the metric was initially reported. (5) Reflects dividends paid in the quarter in which the record date occurred. (6) Defined as the total principal amount of debt outstanding, minus cash and restricted cash and escrows, all as of the end of the period. (7) Reflects common stock closing price, shares outstanding and principal amount of debt outstanding as of the end of the reporting period. (8) Metric shown on a net debt basis to account for certain periods presented that had elevated balances of cash and restricted cash and escrows to be used primarily for debt retirement in a future period. (9) Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period. (10) Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented). The Company recorded principal amortization of $0.9 million for each of the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024. The Company recorded capitalized interest of $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, and $3.4 million for the quarter ended September 30, 2024. 11
Page 12
Piedmont Realty TrustTM Consolidated Balance Sheets Unaudited (in thousands) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Assets: Real estate assets, at cost: Land $ 545,102 $ 545,101 $ 550,724 $ 552,744 $ 552,744 Buildings and improvements 4,018,671 3,911,368 3,918,373 3,894,804 3,815,948 Buildings and improvements, accumulated depreciation (1,238,031) (1,199,698) (1,183,585) (1,150,892) (1,116,169) Intangible lease assets 119,734 120,726 133,266 136,461 146,005 Intangible lease assets, accumulated amortization (71,501) (68,474) (77,090) (75,982) (80,620) Construction in progress 57,283 108,208 107,422 104,104 143,966 Total real estate assets 3,431,258 3,417,231 3,449,110 3,461,239 3,461,874 Cash and cash equivalents 2,990 3,314 2,911 109,637 133,624 Tenant receivables 5,729 4,386 7,026 5,524 6,963 Straight-line rent receivables 211,591 207,025 201,228 193,783 189,904 Restricted cash and escrows 5,145 4,501 3,723 4,245 3,343 Prepaid expenses and other assets 27,598 29,802 29,075 25,792 26,455 Goodwill 53,491 53,491 53,491 53,491 53,491 Interest rate swaps — 72 27 671 992 Deferred lease costs, gross 473,597 458,839 465,584 464,419 468,385 Deferred lease costs, accumulated amortization (207,671) (198,398) (208,218) (204,150) (206,814) Total assets $ 4,003,728 $ 3,980,263 $ 4,003,957 $ 4,114,651 $ 4,138,217 Liabilities: Unsecured debt, net of discount $ 2,003,588 $ 1,987,111 $ 1,994,695 $ 2,029,923 $ 2,028,607 Secured debt 189,736 190,641 191,536 192,423 193,300 Accounts payable, accrued expenses and accrued capital expenditures 135,220 131,104 119,994 164,346 150,648 Deferred income 111,174 94,529 104,988 107,030 99,294 Intangible lease liabilities, less accumulated amortization 26,788 28,752 30,720 32,794 35,165 Interest rate swaps 175 116 293 8 1,035 Total liabilities 2,466,681 2,432,253 2,442,226 2,526,524 2,508,049 Stockholders' equity: Common stock 1,245 1,245 1,244 1,241 1,240 Additional paid in capital 3,727,914 3,725,769 3,723,373 3,723,680 3,721,423 Cumulative distributions in excess of earnings (2,184,104) (2,170,642) (2,153,834) (2,128,194) (2,082,716) Accumulated other comprehensive loss (9,517) (9,873) (10,575) (10,123) (11,314) Piedmont stockholders' equity 1,535,538 1,546,499 1,560,208 1,586,604 1,628,633 Non-controlling interest 1,509 1,511 1,523 1,523 1,535 Total stockholders' equity 1,537,047 1,548,010 1,561,731 1,588,127 1,630,168 Total liabilities and stockholders' equity $ 4,003,728 $ 3,980,263 $ 4,003,957 $ 4,114,651 $ 4,138,217 12
Page 13
Piedmont Realty TrustTM Consolidated Statements of Income Unaudited (in thousands except for per share data) Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Revenues: (1) Rental revenue $ 110,748 $ 111,130 $ 111,776 $ 111,169 $ 109,393 Tenant reimbursements 22,282 22,824 24,288 24,312 23,439 Property management fee revenue 115 81 81 203 896 Other property related income 6,018 6,257 6,541 7,547 5,565 139,163 140,292 142,686 143,231 139,293 Expenses: Property operating costs 55,890 55,610 57,914 58,605 57,510 Depreciation 42,127 40,646 40,893 40,150 39,000 Amortization 15,188 14,785 15,421 16,422 17,067 Impairment charges — — — 15,400 — General and administrative (2) 7,607 7,960 7,563 12,650 6,809 120,812 119,001 121,791 143,227 120,386 Other income (expense): Interest expense (31,968) (31,954) (31,677) (31,629) (32,072) Other income (3) 160 133 395 1,648 2,091 Loss on early extinguishment of debt — (7,500) (500) — — Gain / (loss) on sale of real estate assets — 1,224 789 — (445) Net loss (13,457) (16,806) (10,098) (29,977) (11,519) Less: Net income applicable to noncontrolling interest (5) (2) (6) (1) — Net loss applicable to Piedmont $ (13,462) $ (16,808) $ (10,104) $ (29,978) $ (11,519) Weighted average common shares outstanding - basic and diluted (4) 124,502 124,459 124,258 124,001 124,000 Net loss per share applicable to common stockholders - basic and diluted $ (0.11) $ (0.14) $ (0.08) $ (0.24) $ (0.09) (1) To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue." (2) General and administrative expense for the fourth quarter of 2024 included $4.8 million in executive separation costs. (3) Includes interest income (in thousands) of $60, $31, $395, $1,528, and $1,924 for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively. (4) As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding. 13
Page 14
Piedmont Realty TrustTM Consolidated Statements of Income Unaudited (in thousands except for per share data) Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 Change ($) Change (%) 9/30/2025 9/30/2024 Change ($) Change (%) Revenues: (1) Rental revenue $ 110,748 $ 109,393 $ 1,355 1.2 % $ 333,654 $ 334,287 $ (633) (0.2) % Tenant reimbursements 22,282 23,439 (1,157) (4.9) % 69,394 74,296 (4,902) (6.6) % Property management fee revenue 115 896 (781) (87.2) % 277 1,535 (1,258) (82.0) % Other property related income 6,018 5,565 453 8.1 % 18,816 16,975 1,841 10.8 % 139,163 139,293 (130) (0.1) % 422,141 427,093 (4,952) (1.2) % Expenses: Property operating costs 55,890 57,510 1,620 2.8 % 169,414 175,519 6,105 3.5 % Depreciation 42,127 39,000 (3,127) (8.0) % 123,666 116,683 (6,983) (6.0) % Amortization 15,188 17,067 1,879 11.0 % 45,394 53,284 7,890 14.8 % Impairment charges — — — — % — 18,432 18,432 100.0 % General and administrative 7,607 6,809 (798) (11.7) % 23,130 22,773 (357) (1.6) % 120,812 120,386 (426) (0.4) % 361,604 386,691 25,087 6.5 % Other income (expense): Interest expense (31,968) (32,072) 104 0.3 % (95,599) (91,355) (4,244) (4.6) % Other income 160 2,091 (1,931) (92.3) % 688 2,697 (2,009) (74.5) % Loss on early extinguishment of debt — — — — % (8,000) (386) (7,614) (1,972.5) % Gain / (loss) on sale of real estate assets — (445) 445 100.0 % 2,013 (445) 2,458 552.4 % Net loss (13,457) (11,519) (1,938) (16.8) % (40,361) (49,087) 8,726 17.8 % Less: Net income applicable to noncontrolling interest (5) — (5) (100.0) % (13) (4) (9) (225.0) % Net loss applicable to Piedmont $ (13,462) $ (11,519) $ (1,943) (16.9) % $ (40,374) $ (49,091) $ 8,717 17.8 % Weighted average common shares outstanding - basic and diluted (2) 124,502 124,000 124,407 123,918 Net loss per share applicable to common stockholders - basic and diluted $ (0.11) $ (0.09) $ (0.32) $ (0.40) (1) To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue." (2) As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding. 14
Page 15
Piedmont Realty TrustTM Funds From Operations, Core Funds From Operations and Adjusted Funds From Operations Unaudited (in thousands except for per share data) Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 9/30/2025 9/30/2024 GAAP net loss applicable to common stock $ (13,462) $ (11,519) $ (40,374) $ (49,091) Depreciation of real estate assets 41,759 38,642 122,538 115,699 Amortization of lease-related costs 15,188 17,059 45,379 53,260 Impairment charges — — — 18,432 (Gain) / loss on sale of real estate assets — 445 (2,013) 445 NAREIT Funds From Operations applicable to common stock 43,485 44,627 125,530 138,745 Adjustments: Loss on early extinguishment of debt (1) — — 8,000 386 Core Funds From Operations applicable to common stock 43,485 44,627 133,530 139,131 Adjustments: Amortization of debt issuance costs and discounts on debt 1,561 1,332 4,591 3,679 Depreciation of non-real estate assets 368 347 1,106 950 Straight-line effects of lease revenue (6,251) (5,125) (24,887) (15,570) Stock-based compensation adjustments 2,503 2,153 4,954 5,240 Amortization of lease-related intangibles (1,959) (2,463) (5,978) (7,668) Non-incremental capital expenditures (2) Base Building Costs (3,203) (6,829) (18,768) (25,971) Tenant Improvement Costs (5,575) 67 (14,013) (6,579) Leasing Commission Costs (4,425) (8,172) (14,301) (20,882) Adjusted Funds From Operations applicable to common stock $ 26,504 $ 25,937 $ 66,234 $ 72,330 Weighted average common shares outstanding - diluted (3) 126,007 125,675 125,638 125,087 NAREIT Funds From Operations per share (diluted) $ 0.35 $ 0.36 $ 1.00 $ 1.11 Core Funds From Operations per share (diluted) $ 0.35 $ 0.36 $ 1.06 $ 1.11 (1) During the nine months ended September 30, 2025, Piedmont repurchased approximately $67.5 million of the aggregate principal amount of the $600 Million Unsecured Senior Notes due 2028. The premium paid to repurchase the debt, as well as the write-off of the pro-rata share of unamortized debt issuance costs, resulted in the recognition of a $7.5 million loss on early extinguishment of debt. (2) Non-incremental capital expenditures are defined on page 38. (3) Includes potential share dilution using the treasury stock method. Such shares are not included when calculating net loss per share applicable to Piedmont as presented on the Consolidated Statements of Income, as they would reduce the loss per share presented. 15
Page 16
Piedmont Realty TrustTM Same Store Net Operating Income (Cash Basis) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 9/30/2025 9/30/2024 Net loss applicable to Piedmont $ (13,462) $ (11,519) $ (40,374) $ (49,091) Net income applicable to noncontrolling interest 5 — 13 4 Interest expense 31,968 32,072 95,599 91,355 Depreciation 42,127 38,988 123,644 116,649 Amortization 15,188 17,059 45,379 53,260 Depreciation and amortization attributable to noncontrolling interests — 20 38 59 Impairment charges — — — 18,432 (Gain) / loss on sale of real estate assets — 445 (2,013) 445 EBITDAre 75,826 77,065 222,286 231,113 Loss on early extinguishment of debt — — 8,000 386 Core EBITDA 75,826 77,065 230,286 231,499 General and administrative expense 7,607 6,809 23,130 22,773 Management fee revenue (net) (114) (714) (254) (965) Other income (52) (1,983) (364) (2,374) Straight-line effects of lease revenue (6,251) (5,125) (24,887) (15,570) Straight-line effects of lease revenue attributable to noncontrolling interests — 1 (4) 1 Amortization of lease-related intangibles (1,959) (2,463) (5,978) (7,668) Property net operating income (cash basis) 75,057 73,590 221,929 227,696 Deduct net operating (income) loss from: Acquisitions (1) — — — — Dispositions (1) 54 (1,383) (1,616) (5,141) Other investments (2) (42) 816 211 (838) Same store net operating income (cash basis) $ 75,069 $ 73,023 $ 220,524 $ 221,717 Change period over period 2.8 % N/A (0.5) % N/A (1) Refer to page 37 for detailed information on recent acquisitions and dispositions. (2) Reflects three redevelopment projects currently held out-of-service and various land holdings. Refer to pages 36 and 37 for detailed information on these entities. 16
Page 17
Piedmont Realty TrustTM Same Store Net Operating Income (Accrual Basis) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 9/30/2025 9/30/2024 Net loss applicable to Piedmont $ (13,462) $ (11,519) $ (40,374) $ (49,091) Net income applicable to noncontrolling interest 5 — 13 4 Interest expense 31,968 32,072 95,599 91,355 Depreciation 42,127 38,988 123,644 116,649 Amortization 15,188 17,059 45,379 53,260 Depreciation and amortization attributable to noncontrolling interests — 20 38 59 Impairment charges — — — 18,432 (Gain) / loss on sale of real estate assets — 445 (2,013) 445 EBITDAre 75,826 77,065 222,286 231,113 Loss on early extinguishment of debt — — 8,000 386 Core EBITDA 75,826 77,065 230,286 231,499 General and administrative expense 7,607 6,809 23,130 22,773 Management fee revenue (net) (114) (714) (254) (965) Other income (52) (1,983) (364) (2,374) Property net operating income (accrual basis) 83,267 81,177 252,798 250,933 Deduct net operating (income) loss from: Acquisitions (1) — — — — Dispositions (1) 54 (1,269) (1,725) (5,188) Other investments (2) (118) 687 (37) (1,131) Same store net operating income (accrual basis) $ 83,203 $ 80,595 $ 251,036 $ 244,614 Change period over period 3.2 % N/A 2.6 % N/A (1) Refer to page 37 for detailed information on recent acquisitions and dispositions. (2) Reflects three redevelopment projects currently held out-of-service and various land holdings. Refer to pages 36 and 37 for detailed information on these entities. 17
Page 18
Piedmont Realty TrustTM Same Store Net Operating Income (Financial Components) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2025 9/30/2024 Change ($) Change (%) 9/30/2025 9/30/2024 Change ($) Change (%) Revenue Cash rental income $ 102,222 $ 99,754 $ 2,468 2.5 % $ 299,702 $ 300,315 $ (613) (0.2) % Tenant reimbursements 22,159 22,670 (511) (2.3) % 68,190 69,175 (985) (1.4) % Straight-line effects of lease revenue 6,175 5,108 1,067 20.9 % 24,534 15,228 9,306 61.1 % Amortization of lease-related intangibles 1,959 2,464 (505) (20.5) % 5,978 7,669 (1,691) (22.0) % Total rents 132,515 129,996 2,519 1.9 % 398,404 392,387 6,017 1.5 % Other property related income 5,991 5,687 304 5.3 % 18,715 17,383 1,332 7.7 % Total revenue 138,506 135,683 2,823 2.1 % 417,119 409,770 7,349 1.8 % Property operating expense 55,411 55,196 (215) (0.4) % 166,406 165,479 (927) (0.6) % Other income 108 108 — — % 323 323 — — % Same store net operating income (accrual) $ 83,203 $ 80,595 $ 2,608 3.2 % $ 251,036 $ 244,614 $ 6,422 2.6 % Less: Straight-line effects of lease revenue (6,175) (5,108) (1,067) (20.9) % (24,534) (15,228) (9,306) (61.1) % Amortization of lease-related intangibles (1,959) (2,464) 505 20.5 % (5,978) (7,669) 1,691 22.0 % Same store net operating income (cash) $ 75,069 $ 73,023 $ 2,046 2.8 % $ 220,524 $ 221,717 $ (1,193) (0.5) % 18
Page 19
Piedmont Realty TrustTM Debt Summary As of September 30, 2025 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Debt Principal Outstanding Weighted Average Interest Rate Weighted Average Maturity Fixed Rate $2,047,196 6.01% 45.4 months Floating Rate 166,000 5.29% 57.0 months Total $2,213,196 5.95% 46.3 months Floating Rate 7.5% Fixed Rate 92.5% Unsecured & Secured Debt Debt Principal Outstanding Weighted Average Interest Rate Weighted Average Maturity Unsecured $2,023,460 6.13% 47.3 months Secured (1) 189,736 4.10% 36.1 months Total $2,213,196 5.95% 46.3 months Secured 8.6% Unsecured 91.4% Debt Maturities (2) Maturity Year Secured Principal Outstanding Unsecured Principal Outstanding Weighted Average Interest Rate Percentage of Total Debt 2025 $— $— — — 2026 — — — — 2027 — — — — 2028 189,736 857,460 7.12% 47.3% 2029 — 400,000 7.11% 18.1% 2030 — 466,000 4.40% 21.0% 2031 — — — — 2032 — 300,000 2.78% 13.6% Total $ 189,736 $ 2,023,460 5.95% 100.00% Debt Maturity Schedule Secured Unsecured 2025 2026 2027 2028 2029 2030 2031 2032 $— $300,000 $600,000 $900,000 $1,200,000 (1) All outstanding debt as of September 30, 2025 was interest-only with the exception of the amortizing fixed-rate mortgage associated with the 1180 Peachtree asset. (2) For loans that provide extension options conditional upon proper notice to the loan's administrative agent and the payment of an extension fee, the final extended maturity date is reflected. 19
Page 20
Piedmont Realty TrustTM Debt Detail As of September 30, 2025 Unaudited ($ in thousands) Facility Stated Rate (1) Effective Rate (2) Maturity Date Principal Outstanding (3) Secured Debt Fixed-Rate Mortgage (1180 Peachtree) 4.10% 4.10% Fixed 10/1/2028 189,736 Secured Subtotal / Weighted Average Interest Rate 4.10% $ 189,736 Unsecured Debt $325 Million Unsecured 2024 Term Loan (4) SOFR + 1.30% 5.38% Fixed 1/29/2028 325,000 $600 Million Unsecured 2023 Senior Notes (5) 9.25% 9.25% Fixed 7/20/2028 532,460 $400 Million Unsecured 2024 Senior Notes 6.88% 7.11% Fixed 7/15/2029 400,000 $600 Million Unsecured Line of Credit (6) SOFR + 1.05% 5.29% Floating 6/30/2030 166,000 $300 Million Unsecured 2020 Senior Notes 3.15% 3.90% Fixed 8/15/2030 300,000 $300 Million Unsecured 2021 Senior Notes 2.75% 2.78% Fixed 4/1/2032 300,000 Unsecured Subtotal / Weighted Average Interest Rate 6.13% $ 2,023,460 Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate 5.95% $ 2,213,196 GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs (19,872) Total Debt - GAAP $ 2,193,324 Less: Cash, cash equivalents, and restricted cash and escrows 8,135 Total Net Debt - Principal Amount Outstanding $ 2,205,061 (1) The stated rates for the term loan and the line of credit are comprised of the relevant SOFR selection and an additional spread based on Piedmont's current credit rating, as defined in the respective loan agreement. (2) The effective rates reflect the consideration of settled or in-place interest rate swap agreements and issuance discounts. (3) All outstanding debt at period end was interest-only with the exception of the amortizing fixed-rate mortgage. (4) The $325 million unsecured term loan has a stated variable interest rate; however, Piedmont has entered into multiple interest rate swap agreements which effectively fixes the entire facility through February 1, 2026. The loan has an initial maturity date of January 29, 2027 with 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. (5) During the second quarter of 2025, Piedmont repurchased approximately $67.5 million of its $600 Million Unsecured 2023 Senior Notes, using availability on the $600 Million Unsecured Line of Credit and cash on hand. (6) Piedmont may select from multiple interest rate options with each draw under the revolving credit facility, including the prime rate and various SOFR selections. The facility has an initial maturity date of June 30, 2028 with two one- year extension options for a final maturity date of June 30, 2030; provided that Piedmont is not then in default and upon payment of extension fees. 20
Page 21
Piedmont Realty TrustTM Debt Covenants & Ratios for Debt Holders As of September 30, 2025 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Maximum leverage ratio 0.60 0.48 0.47 0.48 0.44 0.42 Minimum fixed charge coverage ratio (2) 1.50 2.15 2.15 2.21 2.24 2.35 Maximum secured indebtedness ratio 0.40 0.04 0.04 0.04 0.04 0.04 Minimum unencumbered leverage ratio 1.60 2.12 2.13 2.12 2.31 2.33 Minimum unencumbered interest coverage ratio (3) 1.75 2.19 2.17 2.22 2.30 2.40 Three Months Ended Bond Covenant Compliance (4) Required 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Total debt to total assets 60% or less 46.5% 46.8% 46.8% 46.6% 46.7% Secured debt to total assets 40% or less 4.0% 4.1% 4.1% 4.0% 4.0% Ratio of consolidated EBITDA to interest expense 1.50 or greater 2.53 2.53 2.58 2.57 2.70 Unencumbered assets to unsecured debt 150% or greater 213% 212% 212% 213% 212% Other Debt Coverage Ratios for Debt Holders As of As of (trailing twelve months) September 30, 2025 December 31, 2024 Average net principal amount of debt to Core EBITDA (5) 7.1 x 6.8 x Fixed charge coverage ratio (6) 2.1 x 2.2 x Interest coverage ratio (7) 2.2 x 2.3 x (1) Bank debt covenant compliance calculations relate to the most restrictive of the specific calculations detailed in the relevant credit agreements. Please refer to such agreements for relevant defined terms. (2) Defined as EBITDA for the trailing four quarters (including the Company's share of EBITDA from unconsolidated interests), excluding one-time or non-recurring gains or losses, less a $0.15 per square foot capital reserve, and excluding the impact of straight line rent leveling adjustments and amortization of intangibles divided by the Company's share of fixed charges, as more particularly described in the credit agreements. This definition of fixed charge coverage ratio as prescribed by our credit agreements is different from the fixed charge coverage ratio definition employed elsewhere within this report. (3) Defined as net operating income for the trailing four quarters for unencumbered assets (including the Company's share of net operating income from partially-owned entities and subsidiaries that are deemed to be unencumbered) less a $0.15 per square foot capital reserve divided by the Company's share of interest expense associated with unsecured financings only, as more particularly described in the credit agreements. (4) Bond covenant compliance calculations relate to specific calculations prescribed in the relevant debt agreements. Please refer to the Indenture and the First Supplemental Indenture dated March 6, 2014, the Second Supplemental Indenture dated August 12, 2020, the Third Supplemental Indenture dated September 20, 2021, the Fourth Supplemental Indenture dated July 20, 2023, and the Fifth Supplemental Indenture dated June 25, 2024 for defined terms and detailed information about the calculations. (5) Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period. (6) Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented). The Company recorded principal amortization of $0.9 million for each of the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024. The Company recorded capitalized interest of $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, and $3.4 million for the quarter ended September 30, 2024. (7) Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, and $3.4 million for the quarter ended September 30, 2024. 21
Page 22
Piedmont Realty TrustTM Leased Percentage (in thousands) Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 Leased Square Footage Rentable Square Footage Percent Leased (1) Leased Square Footage Rentable Square Footage Percent Leased (1) In-Service Leased - beginning of period 13,230 14,923 88.7 % 13,669 15,658 87.3 % Total leasing executed during period 724 461 Less: Lease renewals signed during period (173) (256) Less: New leases signed during period for currently occupied space (74) (49) Less: New leases signed during period for current out of service space (183) (14) Less: Leases expired during period and other (220) (5) (45) (8) Subtotal 13,304 14,918 89.2 % 13,766 15,650 88.0 % Acquisitions / (dispositions) (2) — — (146) (315) Assets placed in service / (taken out of service) (3) — — — — In-Service Leased - end of period 13,304 14,918 89.2 % 13,620 15,335 88.8 % Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 Leased Square Footage Rentable Square Footage Percent Leased (1) Leased Square Footage Rentable Square Footage Percent Leased (1) In-Service Leased - beginning of period 13,538 15,323 88.4 % 14,426 16,563 87.1 % Total leasing executed during period 1,799 1,999 Less: Lease renewals signed during period (600) (1,061) Less: New leases signed during period for currently occupied space (202) (264) Less: New leases signed during period for current out of service space (361) (32) Less: Leases expired during period and other (507) 22 (1,015) — Subtotal 13,667 15,345 89.1 % 14,053 16,563 84.8 % Acquisitions / (dispositions) (2) (363) (427) (403) (572) Assets placed in service / (taken out of service) (3) — — (30) (656) In-Service Leased - end of period 13,304 14,918 89.2 % 13,620 15,335 88.8 % Same Store Analysis Less: Acquisitions and dispositions after September 30, 2024 (2) — — — % (359) (427) 84.1 % Less: Change in out of service assets after September 30, 2024 (3) — — — % — — — % Same Store Leased Percentage - end of period 13,304 14,918 89.2 % 13,261 14,908 89.0 % (1) Calculated as the square footage of commenced leases plus the square footage of uncommenced leases for spaces vacant as of period end, divided by total rentable in-service square footage at period end. (2) Refer to page 37 for detailed information on recent acquisitions and dispositions. (3) Refer to page 36 for detailed information on assets placed out of service. 22
Page 23
Piedmont Realty TrustTM Rental Rate Roll Up / Roll Down Three Months Ended September 30, 2025 Square Feet (in thousands) % of Total Signed During Period % of Rentable Square Footage % Change Cash Rents (1) % Change Accrual Rents (2) Leases executed for spaces vacant one year or less 237 32.7% 1.6% 8.6% 20.2% Leases executed for spaces excluded from analysis (3) 488 67.3% Nine Months Ended September 30, 2025 Square Feet (in thousands) % of Total Signed During Period % of Rentable Square Footage % Change Cash Rents (1) % Change Accrual Rents (2) Leases executed for spaces vacant one year or less 591 32.8% 4.0% 8.9% 18.1% Leases executed for spaces excluded from analysis (3) 1,209 67.2% (1) Calculation compares the last twelve months of cash paying rents of the previous lease to the first twelve months of cash paying rents of the new lease. (2) Calculation compares the accrual basis rents of the previous lease to the accrual basis rents of the new leases. For newly signed leases which have variations in accrual basis rents, whether because of known future expansions, contractions, lease expense recovery structure changes, or other similar reasons, the weighted average of such varying accrual basis rents is used for the calculation. (3) Leases are excluded from the above analyses if: (1) the space has been vacant for more than one year, (2) the lease term is less than one year, (3) the lease is associated with storage space, retail space, a management office, or a percentage rent agreement, or (4) the lease is associated with a recently acquired asset for which there is less than one year of operating history. 23
Page 24
Piedmont Realty TrustTM Contractual Tenant Improvements and Leasing Commissions Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 For the Year Ended 2021 to 2025 (Weighted Average)2024 (2) 2023 (3) 2022 2021 Total Leasing Transactions Square feet (1) 724,415 1,795,835 2,428,246 2,239,797 2,142,852 2,247,366 10,854,096 Tenant improvements per square foot per year of lease term $3.75 $4.25 $3.70 $3.80 $3.22 $2.78 $3.58 Leasing commissions per square foot per year of lease term $2.71 $2.77 $2.31 $2.21 $2.22 $1.67 $2.24 Total per square foot per year of lease term $6.46 $7.02 $6.01 $6.01 $5.44 $4.45 $5.82 Less Adjustment for Commitment Expirations (4) Expired tenant improvements (not paid out) per square foot per year of lease term $0.30 -$0.29 -$0.34 -$0.79 -$0.10 -$0.20 -$0.37 Adjusted total per square foot per year of lease term $6.76 $6.73 $5.67 $5.22 $5.34 $4.25 $5.45 (1) Excludes leasing transactions associated with storage and license spaces. (2) Tenant improvement and leasing commission amounts presented for the twelve months ended December 31, 2024 include a 101,500 square foot 11-year lease executed in the first quarter of 2024 with no capital outlay requirements. (3) Tenant improvement amounts presented for the year ended December 31, 2023 were adjusted to reflect the overall concession package for the 447,000 square foot 10-year renewal with US Bancorp, executed in the fourth quarter of 2023. The renewal terms provided for zero months of rent abatement, offset by an above-market tenant improvement allowance. The amounts are presented as if the renewal had included the standard twelve months of gross rent abatement in line with market conditions and, therefore, a normalized tenant improvement allowance. This adjustment effectively lowered the total capital per square foot per year of lease term for the year ended December 31, 2023 by $0.97. (4) The Company reports total tenant improvement amounts based on the maximum amount of committed leasing capital in the period in which the lease is executed. However, tenants do not always use the full allowance provided for in the lease, or a portion of the allowance could expire at a set date. To provide additional clarity on actual costs for completed leasing transactions, tenant improvement allowances that have expired or are no longer available to the tenant are disclosed in this section and are deducted from the capital commitments per square foot of leased space in the periods in which they expired. 24
Page 25
Piedmont Realty TrustTM Net Effective Rents Three Months Ended Five Quarter 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Average Leasing activity included in net effective rent analysis (1) Renewal leasing square footage (in 000s) 119 124 162 301 159 173 New tenant leasing square footage (in 000s) 539 455 169 93 191 289 Total leasing square footage (in 000s) 658 579 331 394 350 462 Renewal square footage (% of total) 18.1 % 21.4 % 48.9 % 76.4 % 45.4 % 42.0 % New Lease square footage (% of total) 81.9 % 78.6 % 51.1 % 23.6 % 54.6 % 58.0 % # of lease transactions 64 49 50 40 49 50 Net effective rents (2) (3) Base rent (gross) $ 44.67 $ 45.62 $ 49.60 $ 45.58 $ 43.78 $ 45.85 Rent concessions (2.46) (2.57) (2.71) (1.97) (2.22) (2.39) GAAP Rent $ 42.21 $ 43.06 $ 46.89 $ 43.60 $ 41.56 $ 43.46 Tenant improvements (3.31) (4.40) (3.33) (3.00) (3.38) (3.48) Leasing commissions (2.75) (2.70) (2.89) (2.69) (2.21) (2.65) Other concessions (0.01) — (0.35) (0.21) (0.01) (0.12) Effective rent after capex $ 36.14 $ 35.95 $ 40.32 $ 37.70 $ 35.96 $ 37.21 Expense stop (14.88) (15.17) (16.03) (15.05) (15.68) (15.36) Effective rent after capex and opex $ 21.26 $ 20.78 $ 24.29 $ 22.65 $ 20.28 $ 21.85 Weighted average lease term in years (weighted by square feet) 8.8 9.5 7.4 7.0 6.9 7.9 (1) Leases are excluded from this analysis if: (1) the lease term is one year or less or (2) the lease is associated with non-office space (storage, retail or a management office). Total leased square footage in this analysis will not tie to the total reported leasing volume reported elsewhere in this supplemental report. (2) Based on the weighted average per rentable square footage over the lease term of each deal. (3) Excludes parking income due to the variable nature between markets and individual lease transactions. 25
Page 26
Piedmont Realty TrustTM Future Contractual Income Sources As of September 30, 2025 Uncommenced Leases for Vacant Space (1) 920,000 square feet representing $38.7 million in future annual cash rent Major Leases (by Industry) Project Market Square Feet Leased Space Status Estimated Lease Commencement Date New / Expansion Video game development The Exchange on Orange Orlando 27,830 Vacant Q4 2025 New Supply chain solutions consultant Galleria on the Park Atlanta 25,437 Vacant Q4 2025 New Food production and distribution 9320 Excelsior Minneapolis 84,479 Vacant Q1 2026 (77,197 SF) & Q1 2029 (7,282 SF) New General contracting and construction Meridian Minneapolis 34,013 Vacant Q1 2026 New Banking and financial services Meridian Minneapolis 27,049 Vacant Q1 2026 New Global risk management Galleria Towers Dallas 92,977 Vacant Q2 2026 New International data centers provider Interlink at Las Colinas Dallas 56,080 Vacant Q2 2026 New Engineering, architecture and construction Galleria Towers Dallas 46,004 Vacant Q2 2026 New Insurance and financial services 9320 Excelsior Minneapolis 40,793 Vacant Q2 2026 New Banking and financial services Meridian Minneapolis 44,977 Vacant Q4 2026 New Engineering and environmental consulting Meridian Minneapolis 85,267 Vacant Q4 2026 New Leases Currently Under Abatement (1) 1.1 million square feet representing $35.7 million in future annual cash rent Major Leases (by Industry) Project Market Square Feet Abated Lease Commencement Remaining Abatement Schedule Lease Expiration Global energy conglomerate Galleria on the Park Atlanta 77,163 Q3 2024 September 2024 through September 2025 Q3 2036 Financial services Crescent Ridge II Minneapolis 32,326 Q4 2024 October 2024 through March 2026 Q1 2041 Insurance and financial services Glenridge Highlands Atlanta 35,903 Q4 2024 December 2024 through November 2025 Q4 2035 Insurance and financial services Galleria on the Park Atlanta 30,168 Q4 2024 December 2024 through October 2025 Q3 2035 Construction materials supplier Interlink at Las Colinas Dallas 21,303 Q4 2024 Mid-December 2024 through Mid-December 2025 Q4 2036 Accounting and business advisory US Bancorp Center Minneapolis 40,622 Q4 2024 January 2025 through December 2025 Q4 2037 Commercial real estate CNL Center Orlando 26,372 Q2 2025 April 2025 through December 2025 Q4 2037 Commercial real estate CNL Center Orlando 23,711 Q2 2025 May 2025 through February 2026 (50% abated) Q3 2031 National legal services Galleria Towers Dallas 28,153 Q3 2025 August 2025 through January 2026 Q1 2032 Travel services 501 West Church Orlando 182,461 Q3 2025 September 2025 through October 2025 Q4 2040 Insurance and financial services Galleria on the Park Atlanta 46,939 Q3 2025 September 2025 through August 2026 Q4 2036 (1) Includes leasing activity for the total portfolio, including assets currently out of service. 26
Page 27
Piedmont Realty TrustTM Lease Expiration Schedule As of September 30, 2025 (in thousands) Expiration Year Annualized Lease Revenue (1) Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Vacant $— — 1,614 10.8 2025 (2) 12,774 2.2 334 2.3 2026 60,908 10.6 1,442 9.7 2027 54,106 9.4 1,361 9.1 2028 50,400 8.8 1,252 8.4 2029 54,570 9.5 1,264 8.5 2030 58,700 10.2 1,362 9.1 2031 41,824 7.3 1,020 6.8 2032 39,408 6.8 918 6.2 2033 13,056 2.3 295 2.0 2034 46,224 8.0 1,167 7.8 2035 31,740 5.5 778 5.2 2036 26,231 4.6 647 4.3 2037 46,349 8.1 867 5.8 Thereafter 38,479 6.7 597 4.0 Total $574,769 100.0 14,918 100.0 Average Lease Term Remaining 9/30/2025 6.0 years 12/31/2024 6.0 years Percentage of Annualized Lease Revenue (%) — 2.2 10.6 9.4 8.8 9.5 10.2 7.3 6.8 2.3 8.0 5.5 4.6 8.1 6.7 1.4 7.4 12.1 8.9 9.1 9.7 9.6 6.2 5.9 1.8 7.1 5.2 3.8 9.5 2.3 9/30/2025 12/31/2024 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Thereafter 0 4 8 12 (1) Annualized rental income associated with each newly executed lease for currently occupied space is incorporated herein only at the expiration date for the current lease. Annualized rental income associated with each such new lease is removed from the expiry year of the current lease and added to the expiry year of the new lease. These adjustments effectively incorporate known roll ups and roll downs into the expiration schedule. (2) Includes leases with an expiration date of September 30, 2025, comprised of approximately 20,000 square feet and Annualized Lease Revenue of $0.9 million. 27
Page 28
Piedmont Realty TrustTM Lease Expirations by Quarter As of September 30, 2025 (in thousands) Q4 2025 (1) Q1 2026 Q2 2026 Q3 2026 Location Expiring Square Footage Expiring Lease Revenue (2) Expiring Square Footage Expiring Lease Revenue (2) Expiring Square Footage Expiring Lease Revenue (2) Expiring Square Footage Expiring Lease Revenue (2) Atlanta 79 $2,721 52 $2,145 282 $11,305 88 $3,452 Boston — — 3 167 2 102 6 32 Dallas 65 2,644 6 313 240 8,576 37 1,244 Minneapolis 140 5,526 11 290 9 395 3 147 New York — 6 5 176 313 16,619 — — Orlando 32 1,137 32 1,201 20 678 56 2,229 Northern Virginia / Washington, D.C. 18 979 1 70 — 16 57 3,198 Other — — — — — — — — Total (3) 334 $13,013 110 $4,362 866 $37,691 247 $10,302 (1) Includes leases with an expiration date of September 30, 2025, comprised of approximately 20,000 square feet and expiring lease revenue of $0.9 million. No such adjustments are made to other periods presented. (2) Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space. (3) Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on the previous page as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates. 28
Page 29
Piedmont Realty TrustTM Lease Expirations by Year As of September 30, 2025 (in thousands) 12/31/2025 (1) 12/31/2026 12/31/2027 12/31/2028 12/31/2029 Location Expiring Square Footage Expiring Lease Revenue (2) Expiring Square Footage Expiring Lease Revenue (2) Expiring Square Footage Expiring Lease Revenue (2) Expiring Square Footage Expiring Lease Revenue (2) Expiring Square Footage Expiring Lease Revenue (2) Atlanta 79 $2,721 449 $17,888 601 $24,805 424 $17,649 442 $18,077 Boston — — 13 403 44 2,200 8 419 197 8,558 Dallas 65 2,644 372 13,607 158 5,181 325 14,089 269 13,227 Minneapolis 140 5,526 26 888 210 7,466 67 2,380 50 1,915 New York — 6 318 16,795 7 636 2 175 17 1,024 Orlando 32 1,137 164 6,015 297 11,215 89 3,347 218 8,285 Northern Virginia / Washington, D.C. 18 979 100 5,663 44 2,502 78 4,536 71 3,789 Other — — — — — 5 259 8,364 — 6 Total (3) 334 $13,013 1,442 $61,259 1,361 $54,010 1,252 $50,959 1,264 $54,881 (1) Includes leases with an expiration date of September 30, 2025, comprised of approximately 20,000 square feet and expiring lease revenue of $0.9 million. No such adjustments are made to other periods presented. (2) Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space. (3) Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on page 27 as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates. 29
Page 30
Piedmont Realty TrustTM Tenant Diversification As of September 30, 2025 Tenants Contributing 1% or More to Annualized Lease Revenue Tenant Credit Rating (1) S&P / Moody's Number of Properties Lease Term Remaining (in years) Annualized Lease Revenue (in thousands) Percentage of Annualized Lease Revenue (%) Leased Square Footage (in thousands) Percentage of Leased Square Footage (%) State of New York AA+ / Aa1 1 11.9 $28,344 4.9 486 3.6 City of New York AA / Aa2 1 0.7 16,619 2.9 313 2.3 US Bancorp A / A3 1 8.4 16,184 2.8 447 3.4 Amazon AA / A1 2 4.8 15,289 2.7 285 2.1 Microsoft AAA / Aaa 2 5.7 14,319 2.5 355 2.7 King & Spalding No Rating Available 1 5.5 13,438 2.3 268 2.0 Transocean CCC+ / B3 1 10.6 12,315 2.1 301 2.3 VMware, Inc. A- / A3 1 1.8 9,761 1.7 215 1.6 Schlumberger Technology A / A1 1 3.3 8,311 1.4 254 1.9 Gartner BBB- / Baa3 3 8.7 8,270 1.4 209 1.6 Fiserv BBB / Baa2 1 1.8 7,900 1.4 195 1.5 Salesforce.com A+ / A1 1 3.8 7,803 1.4 182 1.4 Epsilon Data Management (subsidiary of Publicis) BBB+ / Baa1 1 0.8 7,351 1.3 222 1.7 Eversheds Sutherland No Rating Available 1 0.6 7,279 1.3 180 1.3 Travel + Leisure Co. BB- / Ba3 1 15.1 5,702 1.0 182 1.4 Other Various 395,884 68.9 9,210 69.2 Total $574,769 100.0 13,304 100.0 (1) Credit rating may reflect the credit rating of the parent or a guarantor. The absence of a credit rating for a tenant is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating. 30
Page 31
Piedmont Realty TrustTM Tenant Credit Rating & Lease Distribution As of September 30, 2025 Tenant Credit Rating Rating Level (1) S&P / Moody's Annualized Lease Revenue (in thousands) Percentage of Annualized Lease Revenue (%) AAA / Aaa $15,021 2.6 AA / Aa 80,306 14.0 A / A 69,325 12.1 BBB / Baa 51,097 8.9 BB / Ba 19,970 3.5 B / B 28,885 5.0 Below 126 — Not rated (2) 310,039 53.9 Total $574,769 100.0 Lease Distribution Lease Size Number of Leases Percentage of Leases (%) Annualized Lease Revenue (in thousands) Percentage of Annualized Lease Revenue (%) Leased Square Footage (in thousands) Percentage of Leased Square Footage (%) 2,500 sf or Less 325 33.5 $26,865 4.7 243 1.8 2,501 - 10,000 sf 387 39.9 83,202 14.5 2,008 15.1 10,001 - 20,000 sf 107 11.0 59,689 10.4 1,434 10.8 20,001 - 40,000 sf 80 8.2 86,630 15.0 2,150 16.2 40,001 - 100,000 sf 50 5.2 138,584 24.1 3,158 23.7 Greater than 100,000 sf 21 2.2 179,799 31.3 4,311 32.4 Total 970 100.0 $574,769 100.0 13,304 100.0 (1) Credit rating may reflect the credit rating of the parent or a guarantor. Where differences exist between the Standard & Poor's credit rating and the Moody's credit rating for a tenant, the higher credit rating is selected for this analysis. (2) The classification of a tenant as "not rated" is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating. Included in this category are such tenants as Piper Sandler, Ernst & Young, KPMG, BDO, and RaceTrac Petroleum. 31
Page 32
Piedmont Realty TrustTM Industry Diversification As of September 30, 2025 ($ and square footage in thousands) Percentage of Leased Percentage Number of Percentage of Total Annualized Lease Annualized Lease Square of Leased Industry Tenants Tenants (%) Revenue (ALR) Revenue (%) Footage Square Footage (%) Business Services 87 11.5 $86,548 15.1 2,132 16.0 Engineering, Accounting, Research, Management & Related Services 98 12.9 74,256 12.9 1,703 12.8 Legal Services 82 10.8 62,148 10.8 1,424 10.7 Governmental Entity (1) 5 0.7 50,910 8.9 917 6.9 Real Estate 51 6.7 30,065 5.2 842 6.3 Holding and Other Investment Offices 45 5.9 25,570 4.4 574 4.3 Depository Institutions 18 2.4 24,961 4.3 651 4.9 Oil and Gas Extraction 4 0.5 23,738 4.1 642 4.8 Security & Commodity Brokers, Dealers, Exchanges & Services 56 7.4 20,792 3.6 514 3.9 Miscellaneous Retail 7 0.9 16,860 2.9 328 2.5 Insurance Agents, Brokers & Services 18 2.4 15,854 2.8 378 2.8 Health Services 33 4.4 15,364 2.7 363 2.7 Automotive Repair, Services & Parking 9 1.2 14,700 2.6 8 0.1 Membership Organizations 22 2.9 13,987 2.4 249 1.9 Insurance Carriers 16 2.1 10,016 1.7 265 2.0 Other 206 27.3 89,000 15.6 2,314 17.4 Total 757 100.0 $574,769 100.0 13,304 100.0 (1) Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (5.0% of ALR), and city / local (3.2% of ALR). 32
Page 33
Piedmont Realty TrustTM Geographic Diversification As of September 30, 2025 ($ and square footage in thousands) Location Number of Projects Annualized Lease Revenue Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Leased Square Footage Percent Leased (%) Atlanta 6 $181,734 31.6 4,723 31.7 4,419 93.6 Dallas 5 112,651 19.6 2,827 18.9 2,584 91.4 Orlando 4 66,543 11.6 1,754 11.8 1,646 93.8 Northern Virginia / Washington, D.C. 5 57,038 9.9 1,583 10.6 1,059 66.9 New York 1 54,963 9.6 1,047 7.0 974 93.0 Minneapolis 3 47,898 8.3 1,434 9.6 1,280 89.3 Boston 3 33,251 5.8 936 6.3 782 83.5 Other 2 20,691 3.6 614 4.1 560 91.2 Total / Weighted Average 29 $574,769 100.0 14,918 100.0 13,304 89.2 Percentage of Annualized Lease Revenue (%) 31.6 19.6 11.6 9.9 9.6 8.3 5.8 30.6 18.8 11.3 10.4 9.8 8.4 7.2 9/30/2025 12/31/2024 Atlanta Dallas Orlando Northern Virginia / Washington, D.C. New York Minneapolis Boston 0 10 20 30 33
Page 34
Piedmont Realty TrustTM Geographic Diversification by Location Type As of September 30, 2025 (square footage in thousands) CBD URBAN INFILL / SUBURBAN TOTAL Location Number of Projects Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Number of Projects Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Number of Projects Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Atlanta 2 10.9 1,304 8.8 4 20.7 3,419 22.9 6 31.6 4,723 31.7 Dallas — — — — 5 19.6 2,827 18.9 5 19.6 2,827 18.9 Orlando 3 9.7 1,445 9.7 1 1.9 309 2.1 4 11.6 1,754 11.8 Northern Virginia / Washington, D.C. 2 4.8 687 4.6 3 5.1 896 6.0 5 9.9 1,583 10.6 New York 1 9.6 1,047 7.0 — — — — 1 9.6 1,047 7.0 Minneapolis 1 5.2 930 6.2 2 3.1 504 3.4 3 8.3 1,434 9.6 Boston — — — — 3 5.8 936 6.3 3 5.8 936 6.3 Other — — — — 2 3.6 614 4.1 2 3.6 614 4.1 Total 9 40.2 5,413 36.3 20 59.8 9,505 63.7 29 100.0 14,918 100.0 34
Page 35
Piedmont Realty TrustTM Portfolio Detail As of September 30, 2025 (in thousands) In-Service Assets Energy Star Certification LEED Certification BOMA 360 Certification Percent Ownership Number of Buildings Rentable Square Footage Owned Percent Leased Percent Commenced Leased Percent Economic Leased (1) Annualized Lease Revenues Atlanta 999 Peachtree P P P 100.0% 1 626 93.1 % 82.1 % 78.1 % 26,504 1180 Peachtree P P P 100.0% 1 678 96.9 % 96.8 % 93.4 % 36,293 Galleria on the Park P P P 100.0% 5 2,173 92.4 % 88.7 % 78.9 % 72,346 Glenridge Highlands One and Two P P P 100.0% 2 713 91.3 % 91.3 % 83.7 % 24,965 1155 Perimeter Center West P P P 100.0% 1 377 98.4 % 96.0 % 94.7 % 15,245 The Medici P P 100.0% 1 156 96.2 % 84.0 % 81.4 % 6,381 Market Subtotal / Weighted Average 11 4,723 93.6 % 89.8 % 82.9 % 181,734 Boston 5 Wall P P P 100.0% 1 182 100.0 % 100.0 % 100.0 % 7,806 Wayside Office Park P P 100.0% 2 473 90.3 % 90.3 % 89.6 % 17,609 25 Mall P P 100.0% 1 281 61.6 % 58.0 % 56.9 % 7,836 Market Subtotal / Weighted Average 4 936 83.5 % 82.5 % 81.8 % 33,251 Dallas Galleria Towers P P P 100.0% 3 1,397 93.8 % 81.8 % 78.8 % 63,259 Park Place on Turtle Creek P P 100.0% 1 183 80.3 % 77.6 % 66.7 % 7,795 6565 MacArthur P P P 100.0% 1 254 89.8 % 89.8 % 88.2 % 8,512 Las Colinas Connection P P 100.0% 3 605 98.7 % 95.4 % 94.5 % 21,785 The Interlink at Las Colinas P P 100.0% 2 388 77.6 % 62.4 % 55.4 % 11,300 Market Subtotal / Weighted Average 10 2,827 91.4 % 82.5 % 79.0 % 112,651 Minneapolis US Bancorp Center P P P 100.0% 1 930 84.8 % 82.3 % 75.6 % 29,867 Crescent Ridge II P P P 100.0% 1 295 96.3 % 96.3 % 78.3 % 10,707 Norman Pointe I P P 100.0% 1 209 99.0 % 99.0 % 94.7 % 7,324 Market Subtotal / Weighted Average 3 1,434 89.3 % 87.6 % 78.9 % 47,898 New York 60 Broad P 100.0% 1 1,047 93.0 % 92.0 % 88.5 % 54,963 Market Subtotal / Weighted Average 1 1,047 93.0 % 92.0 % 88.5 % 54,963 Orlando 200 South Orange at The Exchange P P P 100.0% 1 646 87.8 % 84.1 % 80.8 % 24,453 CNL Center I and II P P P 99.0% 2 617 95.3 % 94.5 % 87.5 % 25,348 501 West Church 100.0% 1 182 100.0 % 100.0 % — % 5,706 400 and 500 TownPark P P P 100.0% 2 309 100.0 % 98.7 % 98.7 % 11,036 Market Subtotal / Weighted Average 6 1,754 93.8 % 92.0 % 77.9 % 66,543 35
Page 36
In-Service Assets (continued) Energy Star Certification LEED Certification BOMA 360 Certification Percent Ownership Number of Buildings Rentable Square Footage Owned Percent Leased Percent Commenced Leased Percent Economic Leased (1) Annualized Lease Revenues Northern Virginia / Washington, D.C. 4250 North Fairfax P P P 100.0% 1 307 63.8 % 57.0 % 52.8 % 9,784 Arlington Gateway P P P 100.0% 1 331 63.7 % 57.4 % 53.8 % 10,604 3100 Clarendon P P P 100.0% 1 258 76.7 % 73.6 % 65.1 % 8,763 1201 and 1225 Eye Street P P P (2) 2 478 68.2 % 67.4 % 65.9 % 21,090 400 Virginia P P P 100.0% 1 209 61.2 % 60.8 % 59.3 % 6,797 Market Subtotal / Weighted Average 6 1,583 66.9 % 63.4 % 59.8 % 57,038 Other Enclave Place P P P 100.0% 1 301 100.0 % 100.0 % 100.0 % 12,321 1430 Enclave P P P 100.0% 1 313 82.7 % 82.7 % 82.7 % 8,370 Market Subtotal / Weighted Average 2 614 91.2 % 91.2 % 91.2 % 20,691 In-Service Total 43 14,918 89.2 % 85.4 % 79.4 % 574,769 Out-of-Service Redevelopment Projects (3) Market Estimated Stabilization Date Current Basis (in millions) Percent Ownership Number of Buildings Rentable Square Footage Owned Percent Leased Percent Commenced Leased Percent Economic Leased (1) Annualized Lease Revenues 222 South Orange at The Exchange Orlando Q4 2026 50.3 100.0% 1 130 46.6 % 25.2 % 9.2 % 2,159 9320 Excelsior Minneapolis Q4 2026 24.8 100.0% 1 261 47.9 % — % — % 4,596 Meridian Minneapolis Q4 2026 63.1 100.0% 2 397 59.9 % 8.2 % 8.2 % 8,845 Out-of-Service Total 138.2 4 788 53.7 % 8.3 % 5.6 % 15,600 (1) Economic leased percentage excludes the square footage associated with executed but not commenced leases for currently vacant spaces and the square footage associated with tenants receiving rental abatements (after proportional adjustments for tenants receiving only partial rental abatements). (2) Piedmont owns 98.6% of 1201 Eye Street and 98.1% of 1225 Eye Street; however, it is entitled to 100% of the cash flows for each asset pursuant to the terms of each property ownership entity's joint venture agreement. (3) These projects have been placed into redevelopment and are currently excluded from our in-service portfolio metrics. During the redevelopment phase, the Company is adding or fully renovating the lobbies, common areas and other tenant amenities, transforming the projects into multi-tenant assets with a distinct focus on hospitality. Assets will be reclassified back to in-service upon the earlier of (a) one year after receiving the final certificate of occupancy for the space or (b) the asset reaching 80 percent occupied (i.e. commenced leased). 36
Page 37
Piedmont Realty TrustTM Property Investment Activity and Land Holdings As of September 30, 2025 Acquisitions Completed During Prior Year and Current Year None Dispositions Completed During Prior Year and Current Year Property Market / Submarket Disposition Period Percent Ownership Year Built Square Feet (in thousands) Sale Price (in millions) One Lincoln Park Dallas / Preston Center Q1 2024 100% 1999 257 $54.0 750 West John Carpenter Dallas / Las Colinas Q3 2024 100% 1999 315 23.0 80 and 90 Central Boston / Boxborough Q2 2025 100% 1988 / 2001 322 29.5 Total 894 $106.5 Developable Land Parcels Property Market / Submarket Adjacent Piedmont Project Acres Book Value (in millions) Gavitello Atlanta / Buckhead The Medici 2.0 $2.6 Glenridge Highlands Three Atlanta / Central Perimeter Glenridge Highlands 3.0 2.0 Galleria Atlanta Atlanta / Northwest Galleria on the Park 16.3 24.2 State Highway 161 Dallas / Las Colinas The Interlink at Las Colinas 4.5 3.3 Royal Lane Dallas / Las Colinas Las Colinas Connection 10.6 2.8 Galleria Dallas Dallas / Lower North Tollway Galleria Office Towers 1.9 6.3 TownPark Orlando / Lake Mary 400 and 500 TownPark 18.9 9.1 Total 57.2 $50.3 37
Page 38
Piedmont Realty TrustTM Definitions Included below are definitions of various terms used throughout this supplemental report, including definitions of certain non-GAAP financial measures and the reasons why the Company’s management believes these measures provide useful information to investors about the Company’s financial condition and results of operations. Reconciliations of any non-GAAP financial measures defined below are included beginning on page 39. Adjusted Funds From Operations ("AFFO"): The Company calculates AFFO by starting with Core FFO and adjusting for non-incremental capital expenditures and then adding back non-cash items including: non-real estate depreciation, straight-lined rents and fair value lease adjustments, non-cash components of interest expense and compensation expense, and by making similar adjustments for joint ventures, if any. AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that AFFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments. Other REITs may not define AFFO in the same manner as the Company; therefore, the Company’s computation of AFFO may not be comparable to that of other REITs. Annualized Lease Revenue ("ALR"): ALR is calculated by multiplying (i) current rental payments (defined as base rent plus operating expense reimbursements, if payable by the tenant on a monthly basis under the terms of a lease that has been executed, but excluding a) rental abatements and b) rental payments related to executed but not commenced leases for space that was covered by an existing lease), by (ii) 12. In instances in which contractual rents or operating expense reimbursements are collected on an annual, semi-annual, or quarterly basis, such amounts are multiplied by a factor of 1, 2, or 4, respectively, to calculate the annualized figure. For leases that have been executed but not commenced relating to unleased space, ALR is calculated by multiplying (i) the monthly base rental payment (excluding abatements) plus any operating expense reimbursements for the initial month of the lease term, by (ii) 12. Unless stated otherwise, this measure excludes revenues associated with development properties and properties taken out of service for redevelopment, if any. Core EBITDA: The Company calculates Core EBITDA as net income/(loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization and removing any impairment charges, gains or losses from sales of property and other significant infrequent items that create volatility within our earnings and make it difficult to determine the earnings generated by our core ongoing business. Core EBITDA is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core EBITDA is helpful to investors as a supplemental performance measure because it provides a metric for understanding the performance of the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization), as well as items that are not part of normal day-to-day operations of the Company’s business. Other REITs may not define Core EBITDA in the same manner as the Company; therefore, the Company’s computation of Core EBITDA may not be comparable to that of other REITs. Core Funds From Operations ("Core FFO"): The Company calculates Core FFO by starting with FFO, as defined by NAREIT, and adjusting for gains or losses on the extinguishment of swaps and/or debt and any significant non-recurring items. Core FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain infrequent or non-recurring items which can create significant earnings volatility, but which do not directly relate to the Company’s core business operations. As a result, the Company believes that Core FFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential. Other REITs may not define Core FFO in the same manner as the Company; therefore, the Company’s computation of Core FFO may not be comparable to that of other REITs. EBITDA: EBITDA is defined as net income/(loss) before interest, taxes, depreciation and amortization. EBITDAre: The Company calculates EBITDAre in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines EBITDAre as net income/(loss) (computed in accordance with GAAP) adjusted for gains or losses from sales of property, impairment charges, depreciation on real estate assets, amortization on real estate assets, interest expense and taxes, along with the same adjustments for joint ventures. Some of the adjustments mentioned can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. EBITDAre is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that EBITDAre is helpful to investors as a supplemental performance measure because it provides a metric for understanding the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization) and capitalization and capital structure expenses (such as interest expense and taxes). The Company also believes that EBITDAre can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define EBITDAre in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of EBITDAre may not be comparable to that of such other REITs. Funds From Operations ("FFO"): The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as net income/(loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets, goodwill, and investment in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, along with appropriate adjustments to those reconciling items for joint ventures, if any. These adjustments can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that FFO is helpful to investors as a supplemental performance measure because it excludes the effects of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. The Company also believes that FFO can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define FFO in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of FFO may not be comparable to that of such other REITs. Incremental Capital Expenditures: Incremental Capital Expenditures are defined as capital expenditures of a non-recurring nature that incrementally enhance the underlying assets' income generating capacity. Tenant improvements, leasing commissions, building capital and deferred lease incentives ("Leasing Costs") incurred to lease space that was vacant at acquisition, Leasing Costs for spaces vacant for greater than one year, Leasing Costs for spaces at newly acquired properties for which in-place leases expire shortly after acquisition, improvements associated with the expansion of a building, renovations that change the underlying classification of a building, and deferred building maintenance capital identified at and completed shortly after acquisition are included in this measure. Non-Incremental Capital Expenditures: Non-Incremental Capital Expenditures are defined as capital expenditures of a recurring nature related to tenant improvements and leasing commissions that do not incrementally enhance the underlying assets' income generating capacity. We exclude first generation tenant improvements and leasing commissions from this measure, in addition to other capital expenditures that qualify as Incremental Capital Expenditures, as defined above. Property Net Operating Income ("Property NOI"): The Company calculates Property NOI by starting with Core EBITDA and adjusting for general and administrative expense, income associated with property management performed by Piedmont for other organizations and other income or expense items for the Company, such as interest income from loan investments or costs from the pursuit of non-consummated transactions. The Company may present this measure on an accrual basis or a cash basis. When presented on a cash basis, the effects of non-cash general reserve for uncollectible accounts, straight-lined rents and fair value lease revenue are also eliminated. Property NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Property NOI is helpful to investors as a supplemental comparative performance measure of income generated by its properties alone without the administrative overhead of the Company. Other REITs may not define Property NOI in the same manner as the Company; therefore, the Company’s computation of Property NOI may not be comparable to that of other REITs. Same Store Net Operating Income ("Same Store NOI"): The Company calculates Same Store NOI as Property NOI attributable to the properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store NOI also excludes amounts attributable to land assets. The Company may present this measure on an accrual basis or a cash basis. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other REITs may not define Same Store NOI in the same manner as the Company; therefore, the Company’s computation of Same Store NOI may not be comparable to that of other REITs. Same Store Properties: Same Store Properties is defined as those properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store Properties excludes land assets. Total Gross Assets: Total Gross Assets is defined as total assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets and accumulated amortization related to deferred lease costs. Total Gross Real Estate Assets: Total Gross Real Estate Assets is defined as total real estate assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets. 38
Page 39
Piedmont Realty TrustTM Funds From Operations, Core Funds From Operations, and Adjusted Funds From Operations Reconciliations Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 GAAP net loss applicable to common stock $ (13,462) $ (16,808) $ (10,104) $ (29,978) $ (11,519) $ (40,374) $ (49,091) Depreciation 41,759 40,266 40,513 39,769 38,642 122,538 115,699 Amortization 15,188 14,778 15,413 16,414 17,059 45,379 53,260 Impairment charges — — — 15,400 — — 18,432 (Gain) / loss on sale of real estate assets — (1,224) (789) — 445 (2,013) 445 NAREIT Funds From Operations applicable to common stock 43,485 37,012 45,033 41,605 44,627 125,530 138,745 Adjustments: Executive separation costs — — — 4,831 — — — Loss on early extinguishment of debt — 7,500 500 — — 8,000 386 Core Funds From Operations applicable to common stock 43,485 44,512 45,533 46,436 44,627 133,530 139,131 Adjustments: Amortization of debt issuance costs and discounts on debt 1,561 1,574 1,456 1,463 1,332 4,591 3,679 Depreciation of non real estate assets 368 369 369 370 347 1,106 950 Straight-line effects of lease revenue (6,251) (8,968) (9,668) (5,996) (5,125) (24,887) (15,570) Stock-based compensation adjustments 2,503 2,396 55 1,392 2,153 4,954 5,240 Amortization of lease-related intangibles (1,959) (1,957) (2,062) (2,351) (2,463) (5,978) (7,668) Non-incremental capital expenditures Base Building Costs (3,203) (10,149) (5,416) (5,535) (6,829) (18,768) (25,971) Tenant Improvement Costs (5,575) (3,809) (4,629) (4,493) 67 (14,013) (6,579) Leasing Commission Costs (4,425) (7,727) (2,149) (6,710) (8,172) (14,301) (20,882) Adjusted Funds From Operations applicable to common stock $ 26,504 $ 16,241 $ 23,489 $ 24,576 $ 25,937 $ 66,234 $ 72,330 39
Page 40
Piedmont Realty TrustTM Same Store Net Operating Income (Cash Basis) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Net loss applicable to Piedmont $ (13,462) $ (16,808) $ (10,104) $ (29,978) $ (11,519) $ (40,374) $ (49,091) Net income applicable to noncontrolling interest 5 2 6 1 — 13 4 Interest expense 31,968 31,954 31,677 31,629 32,072 95,599 91,355 Depreciation 42,127 40,635 40,883 40,139 38,988 123,644 116,649 Amortization 15,188 14,778 15,413 16,414 17,059 45,379 53,260 Depreciation and amortization attributable to noncontrolling interests — 19 19 19 20 38 59 Impairment charges — — — 15,400 — — 18,432 (Gain) / loss on sale of real estate assets — (1,224) (789) — 445 (2,013) 445 EBITDAre 75,826 69,356 77,105 73,624 77,065 222,286 231,113 Executive separation costs — — — 4,831 — — — Loss on early extinguishment of debt — 7,500 500 — — 8,000 386 Core EBITDA 75,826 76,856 77,605 78,455 77,065 230,286 231,499 General and administrative expense 7,607 7,960 7,563 7,819 6,809 23,130 22,773 Management fee revenue (114) (77) (64) (126) (714) (254) (965) Other income (52) (25) (288) (1,540) (1,983) (364) (2,374) Straight-line effects of lease revenue (6,251) (8,968) (9,668) (5,996) (5,125) (24,887) (15,570) Straight-line effects of lease revenue attributable to noncontrolling interests — (3) (1) 2 1 (4) 1 Amortization of lease-related intangibles (1,959) (1,957) (2,061) (2,351) (2,463) (5,978) (7,668) Property net operating income (cash basis) 75,057 73,786 73,086 76,263 73,590 221,929 227,696 Deduct net operating (income) loss from: Acquisitions — — — — — — — Dispositions 54 (447) (1,224) (1,322) (1,383) (1,616) (5,141) Other investments (42) 92 162 92 816 211 (838) Same store net operating income (cash basis) $ 75,069 $ 73,431 $ 72,024 $ 75,033 $ 73,023 $ 220,524 $ 221,717 40