Piedmont Realty Trust (PDM) Financials

$7.57 -0.07 (-0.90%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$7.56 -0.01 (-0.08%)

As of 08/8/2025 05:46 PM Eastern

Annual Income Statements for Piedmont Realty Trust

This table shows Piedmont Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	42	131	100	134	130	229	233	-1.15	147	-48	-79
Consolidated Net Income / (Loss)	42	131	100	134	130	229	233	-1.17	147	-48	-79
Net Income / (Loss) Continuing Operations	40	1.55	100	134	130	229	233	-1.17	147	-48	-79
Total Pre-Tax Income	40	1.55	6.31	14	130	32	233	-1.17	-4.90	-50	-79
Total Revenue	566	585	556	506	526	533	535	539	566	582	575
Net Interest Income / (Expense)	0.00	0.00	0.00	-68	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	68	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	566	585	556	574	526	533	535	539	566	582	575
Other Service Charges	2.07	2.02	-	-	22	-	15	10	2.71	3.94	4.35
Other Non-Interest Income	564	583	556	574	504	533	520	529	564	578	570
Total Non-Interest Expense	458	511	485	493	410	441	446	489	506	530	530
Other Operating Expenses	24	30	27	252	239	249	242	241	255	264	270
Depreciation Expense	139	135	128	119	108	106	111	121	134	148	157
Amortization Expense	57	61	75	75	63	77	93	86	91	88	70
Impairment Charge	0.00	43	34	46	0.00	8.95	0.00	41	26	29	34
Nonoperating Income / (Expense), net	-68	-72	-64	0.66	15	-60	144	-51	-66	-102	-123
Other Gains / (Losses), net	-	-	-	3.85	-	197	-	0.00	152	1.95	-0.45
Net Income / (Loss) Attributable to Noncontrolling Interest	0.02	0.02	-0.02	-0.02	-0.01	-0.01	-0.00	-0.01	0.00	0.01	0.01
Basic Earnings per Share	$0.27	$0.87	$0.69	$0.92	$1.00	$1.82	$1.85	($0.01)	$1.19	($0.39)	($0.64)
Weighted Average Basic Shares Outstanding	154.45M	150.54M	145.23M	145.04M	130.16M	125.71M	125.73M	123.98M	123.35M	123.66M	123.94M
Diluted Earnings per Share	$0.27	$0.87	$0.69	$0.92	$1.00	$1.82	$1.85	($0.01)	$1.19	($0.39)	($0.64)
Weighted Average Diluted Shares Outstanding	154.59M	150.88M	145.64M	145.38M	130.64M	126.18M	126.10M	123.98M	123.52M	123.66M	123.94M
Weighted Average Basic & Diluted Shares Outstanding	154.80M	150.90M	144.50M	145.20M	125.60M	125.89M	123.96M	123.26M	123.64M	123.80M	124.29M
Cash Dividends to Common per Share	$0.81	$0.84	$0.84	$1.34	$0.84	$0.84	$0.84	$0.84	$0.84	$0.67	$0.50

This table shows Piedmont Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	76	-1.37	-1.99	-17	-28	-28	-9.81	-12	-30	-10	-17
Consolidated Net Income / (Loss)	76	-1.36	-1.99	-17	-28	-28	-9.81	-12	-30	-10	-17
Net Income / (Loss) Continuing Operations	76	-1.36	-1.99	-17	-28	-28	-9.81	-12	-30	-10	-17
Total Pre-Tax Income	-25	-1.36	-1.99	-17	-30	-28	-9.81	-11	-30	-11	-18
Total Revenue	148	144	143	147	147	145	144	141	145	143	140
Net Interest Income / (Expense)	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Income	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Non-Interest Income	148	144	143	147	147	145	144	141	145	143	140
Other Service Charges	0.41	1.66	5.57	0.35	-3.64	0.28	0.33	2.09	-4.62	0.40	0.13
Other Non-Interest Income	147	142	138	147	151	145	143	139	150	143	140
Total Non-Interest Expense	152	123	123	136	147	142	124	120	143	122	119
Other Operating Expenses	68	65	66	67	66	67	67	64	71	65	64
Depreciation Expense	35	36	36	38	38	39	39	39	40	41	41
Amortization Expense	24	22	21	20	24	18	18	17	16	15	15
Impairment Charge	-	0.00	0.00	11	18	18	0.00	0.00	15	0.00	0.00
Nonoperating Income / (Expense), net	-21	-22	-22	-28	-30	-30	-30	-32	-32	-32	-39
Other Gains / (Losses), net	101	-	-	0.00	-	0.00	0.00	-0.45	-	0.79	1.22
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00
Basic Earnings per Share	$0.61	($0.01)	($0.02)	($0.14)	($0.22)	($0.22)	($0.08)	($0.09)	($0.25)	($0.08)	($0.14)
Weighted Average Basic Shares Outstanding	123.35M	123.55M	123.67M	123.70M	123.66M	123.80M	123.95M	124.00M	123.94M	124.26M	124.46M
Diluted Earnings per Share	$0.61	($0.01)	($0.02)	($0.14)	($0.22)	($0.22)	($0.08)	($0.09)	($0.25)	($0.08)	($0.14)
Weighted Average Diluted Shares Outstanding	123.52M	123.55M	123.67M	123.70M	123.66M	123.80M	123.95M	124.00M	123.94M	124.26M	124.46M
Weighted Average Basic & Diluted Shares Outstanding	123.64M	123.64M	123.70M	123.71M	123.80M	123.89M	124.00M	124.00M	124.29M	124.41M	124.50M

This table details how cash moves in and out of Piedmont Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	5.33	-7.37	-2.41	0.55	-2.72	9.35	-6.17	-0.35	11	-15	110
Net Cash From Operating Activities	217	224	232	243	203	208	193	242	215	210	198
Net Cash From Continuing Operating Activities	217	224	232	243	203	208	193	242	215	210	198
Net Income / (Loss) Continuing Operations	42	131	100	134	130	229	233	-1.17	147	-48	-79
Consolidated Net Income / (Loss)	42	131	100	134	130	229	233	-1.17	147	-48	-79
Depreciation Expense	139	135	128	119	108	106	111	121	134	148	157
Amortization Expense	58	63	76	76	58	72	87	82	86	84	71
Non-Cash Adjustments to Reconcile Net Income	18	-79	-51	-64	-64	-173	-191	52	-120	32	44
Changes in Operating Assets and Liabilities, net	-40	-26	-20	-22	-29	-26	-46	-11	-31	-6.55	5.22
Net Cash From Investing Activities	-267	300	-120	241	324	134	-198	-369	-1.25	-196	-187
Net Cash From Continuing Investing Activities	-267	300	-120	241	324	134	-198	-369	-1.25	-196	-187
Purchase of Property, Leasehold Improvements and Equipment	-169	-119	-110	-80	-72	-104	-113	-123	-121	-158	-212
Purchase of Investment Securities	-117	-392	-350	-36	-155	-326	-417	-226	-271	0.00	0.00
Sale and/or Maturity of Investments	6.02	0.00	366	388	578	590	360	0.00	416	1.95	75
Other Investing Activities, net	-33	-38	-26	-31	-27	-26	-28	-20	-25	-40	-49
Net Cash From Financing Activities	55	-531	-114	-483	-529	-334	-1.58	126	-203	-30	98
Net Cash From Continuing Financing Activities	55	-531	-114	-483	-529	-334	-1.58	126	-203	-30	98
Issuance of Debt	1,053	1,302	695	180	977	592	1,174	790	803	1,413	919
Repayment of Debt	-816	-1,545	-707	-477	-1,021	-798	-1,037	-537	-898	-1,347	-757
Payment of Dividends	-125	-127	-92	-122	-184	-106	-106	-104	-104	-93	-62
Other Financing Activities, Net	-1.28	-2.04	-2.69	-3.59	-2.22	-4.01	-2.70	-3.12	-4.40	-1.76	-1.95

This table details how cash moves in and out of Piedmont Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	6.76	155	-165	0.81	-6.82	3.56	136	-6.86	-23	-107	1.18
Net Cash From Operating Activities	51	40	55	65	50	23	67	43	65	3.71	50
Net Cash From Continuing Operating Activities	51	40	55	65	50	23	67	43	65	3.71	50
Net Income / (Loss) Continuing Operations	76	-1.36	-1.99	-17	-28	-28	-9.81	-12	-30	-10	-17
Consolidated Net Income / (Loss)	76	-1.36	-1.99	-17	-28	-28	-9.81	-12	-30	-10	-17
Depreciation Expense	35	36	36	38	38	39	39	39	40	41	41
Amortization Expense	22	21	21	18	24	18	18	17	17	16	16
Non-Cash Adjustments to Reconcile Net Income	-76	1.76	2.16	13	15	21	2.20	2.63	19	1.90	8.73
Changes in Operating Assets and Liabilities, net	-7.48	-17	-2.60	13	-0.58	-27	17	-4.69	19	-45	1.55
Net Cash From Investing Activities	119	-45	-43	-48	-59	-1.97	-66	-33	-86	-40	-31
Net Cash From Continuing Investing Activities	119	-45	-43	-48	-59	-1.97	-66	-33	-86	-40	-31
Purchase of Property, Leasehold Improvements and Equipment	-26	-36	-35	-42	-45	-46	-51	-43	-72	-40	-42
Sale and/or Maturity of Investments	154	0.00	-	-	1.95	53	-	22	-	5.66	26
Other Investing Activities, net	-8.83	-9.22	-7.72	-6.66	-16	-9.21	-15	-12	-14	-5.80	-15
Net Cash From Financing Activities	-164	160	-176	-16	2.60	-18	135	-17	-2.07	-71	-18
Net Cash From Continuing Financing Activities	-164	160	-176	-16	2.60	-18	135	-17	-2.07	-71	-18
Issuance of Debt	42	267	233	613	300	459	460	-	-	366	116
Repayment of Debt	-205	-54	-383	-613	-297	-446	-309	-1.16	-1.02	-404	-134
Payment of Dividends	-0.58	-51	-26	-15	-0.34	-31	-16	-16	-0.22	-31	-0.01
Other Financing Activities, Net	-0.33	-1.58	-0.07	-0.03	-0.08	-0.86	-0.23	-0.03	-0.83	-2.31	-0.06

This table presents Piedmont Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,788	4,362	4,368	4,000	3,592	3,517	3,740	3,931	4,086	4,057	4,115
Cash and Due from Banks	12	5.44	6.99	7.38	4.57	14	7.33	7.42	17	0.83	110
Restricted Cash	5.68	5.17	1.21	1.37	1.46	1.84	1.88	1.44	3.06	3.38	4.25
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	3,416	3,514	2,985	2,734	2,592	2,698	2,848	3,044	3,334	3,308	3,297
Deferred Acquisition Cost	229	288	277	245	236	266	272	265	284	262	260
Goodwill	180	105	99	99	99	99	99	99	83	53	53
Intangible Assets	70	85	100	78	78	74	91	94	114	83	60
Other Assets	867	352	892	835	582	356	412	420	250	346	330
Total Liabilities & Shareholders' Equity	4,788	4,362	4,368	4,000	3,592	3,517	3,740	3,931	4,086	4,057	4,115
Total Liabilities	2,476	2,238	2,270	2,013	1,880	1,698	1,842	2,143	2,236	2,334	2,527
Other Short-Term Payables	134	128	-	217	121	117	138	-	136	132	164
Long-Term Debt	2,270	2,030	2,020	1,727	1,685	1,481	1,622	1,878	1,984	2,055	2,222
Other Long-Term Liabilities	72	80	250	70	74	99	82	265	117	148	140
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,312	2,123	2,098	1,986	1,712	1,819	1,898	1,787	1,849	1,723	1,588
Total Preferred & Common Equity	2,310	2,122	2,096	1,985	1,710	1,817	1,896	1,786	1,848	1,721	1,587
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,310	2,122	2,096	1,985	1,710	1,817	1,896	1,786	1,848	1,721	1,587
Common Stock	3,668	3,671	3,675	3,679	3,684	3,688	3,695	3,703	3,712	3,718	3,725
Accumulated Other Comprehensive Income / (Loss)	8.30	1.66	2.10	8.16	8.46	0.97	-24	-18	-8.68	-9.42	-10
Other Equity Adjustments	-1,366	-1,551	-1,581	-1,702	-1,983	-1,871	-1,775	-1,899	-1,856	-1,987	-2,128
Noncontrolling Interest	1.61	1.03	1.88	1.82	1.77	1.73	1.68	1.63	1.59	1.56	1.52

This table presents Piedmont Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	3,696	4,185	4,237	4,094	4,074	3,994	4,159	4,138	4,004	3,980
Cash and Due from Banks	6.40	11	171	5.17	5.04	3.54	138	134	2.91	3.31
Restricted Cash	1.46	2.19	4.18	5.06	5.98	4.22	5.37	3.34	3.72	4.50
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	3,019	3,404	3,335	3,355	3,337	3,284	3,263	3,253	3,286	3,257
Deferred Acquisition Cost	247	293	281	274	266	257	267	262	257	260
Goodwill	99	99	83	83	72	53	53	53	53	53
Intangible Assets	79	124	106	98	91	77	71	65	56	52
Other Assets	243	254	258	274	297	315	361	368	345	349
Total Liabilities & Shareholders' Equity	3,696	4,185	4,237	4,094	4,074	3,994	4,159	4,138	4,004	3,980
Total Liabilities	1,880	2,388	2,417	2,297	2,307	2,312	2,500	2,508	2,442	2,432
Other Short-Term Payables	100	111	98	108	121	107	141	151	120	131
Long-Term Debt	1,675	2,145	2,198	2,049	2,050	2,070	2,222	2,222	2,186	2,178
Other Long-Term Liabilities	105	131	121	140	136	135	138	135	136	123
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,816	1,797	1,820	1,797	1,767	1,682	1,658	1,630	1,562	1,548
Total Preferred & Common Equity	1,814	1,796	1,819	1,796	1,765	1,680	1,657	1,629	1,560	1,546
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,814	1,796	1,819	1,796	1,765	1,680	1,657	1,629	1,560	1,546
Common Stock	3,709	3,710	3,712	3,714	3,716	3,719	3,721	3,723	3,725	3,727
Accumulated Other Comprehensive Income / (Loss)	-12	-9.19	-10	-6.98	-6.72	-8.09	-8.18	-11	-11	-9.87
Other Equity Adjustments	-1,883	-1,906	-1,883	-1,911	-1,944	-2,030	-2,056	-2,083	-2,154	-2,171
Noncontrolling Interest	1.61	1.60	1.59	1.57	1.57	1.55	1.54	1.54	1.52	1.51

This table displays calculated financial ratios and metrics derived from Piedmont Realty Trust's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.03%	3.27%	-4.97%	-8.94%	3.94%	1.37%	0.35%	0.73%	5.11%	2.69%	-1.21%
EBITDA Growth	-2.12%	-10.91%	1.25%	-24.25%	35.44%	-4.16%	5.91%	-11.64%	10.78%	1.62%	-4.21%
EBIT Growth	-23.47%	-31.64%	-3.97%	-81.39%	778.05%	-20.23%	-3.81%	-43.53%	21.21%	-14.82%	-13.53%
NOPAT Growth	-23.47%	-31.64%	1,418.27%	-88.96%	-6.38%	-20.23%	-3.81%	-60.47%	21.21%	-14.82%	-13.53%
Net Income Growth	-57.30%	211.44%	-24.07%	33.93%	-2.44%	75.96%	1.50%	-100.50%	12,681.83%	-132.95%	-63.43%
EPS Growth	-55.00%	222.22%	-20.69%	33.33%	8.70%	82.00%	1.65%	-100.54%	12,000.00%	-132.77%	-64.10%
Operating Cash Flow Growth	0.97%	3.01%	3.65%	4.73%	-16.45%	2.77%	-7.29%	25.31%	-11.14%	-2.36%	-5.72%
Free Cash Flow Firm Growth	95.95%	4,775.58%	129.53%	-54.22%	-18.33%	-56.08%	-169.04%	15.80%	-13.65%	173.16%	-101.72%
Invested Capital Growth	2.66%	-9.36%	-0.84%	-9.83%	-8.50%	-2.86%	6.65%	4.13%	4.58%	-1.44%	0.87%
Revenue Q/Q Growth	1.09%	-0.71%	0.81%	14.74%	16.26%	-2.85%	-37.88%	60.39%	0.75%	-0.06%	-0.36%
EBITDA Q/Q Growth	-0.12%	-0.49%	2.40%	9.44%	73.32%	-7.13%	-52.86%	174.39%	5.71%	3.64%	-1.16%
EBIT Q/Q Growth	-5.59%	0.08%	1.18%	198.25%	1,780.93%	-20.44%	-78.49%	147.21%	21.46%	10.67%	4.03%
NOPAT Q/Q Growth	-5.59%	0.08%	2,185.35%	1,416.40%	458.46%	-20.44%	-78.49%	133.05%	21.46%	10.67%	4.03%
Net Income Q/Q Growth	-30.27%	123.80%	-35.04%	-31.55%	143.56%	104.35%	-58.82%	99.16%	271.67%	-187.61%	-2.53%
EPS Q/Q Growth	-28.95%	128.95%	-33.65%	-31.34%	132.56%	104.49%	-37.29%	-102.27%	271.88%	-188.64%	-4.92%
Operating Cash Flow Q/Q Growth	4.05%	15.36%	-11.33%	2.80%	-0.92%	-7.25%	3.33%	10.34%	-10.76%	-0.77%	8.45%
Free Cash Flow Firm Q/Q Growth	90.62%	301.28%	183.53%	91.35%	8.97%	3,470.14%	-130.72%	-29.40%	67.23%	-42.06%	65.52%
Invested Capital Q/Q Growth	0.20%	-8.14%	-1.08%	-4.23%	-1.50%	-7.29%	-0.76%	3.96%	-2.78%	-1.04%	-1.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	53.76%	46.38%	49.41%	41.10%	53.56%	50.64%	53.45%	46.88%	49.41%	48.90%	47.42%
EBIT Margin	19.04%	12.61%	12.74%	2.60%	21.99%	17.31%	16.59%	9.30%	10.73%	8.90%	7.79%
Profit (Net Income) Margin	7.45%	22.46%	17.94%	26.39%	24.77%	43.00%	43.49%	-0.22%	25.92%	-8.32%	-13.76%
Tax Burden Percent	105.20%	8,455.83%	1,581.05%	965.65%	100.00%	710.96%	100.00%	100.00%	-2,997.14%	96.13%	100.57%
Interest Burden Percent	37.17%	2.11%	8.91%	104.99%	112.65%	34.95%	262.16%	-2.33%	-8.06%	-97.23%	-175.68%
Effective Tax Rate	0.00%	0.00%	-1,481.05%	-837.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.38%	1.69%	27.06%	3.16%	3.25%	2.76%	2.60%	0.98%	1.13%	0.95%	0.83%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.69%	4.37%	-23.28%	3.69%	4.11%	11.41%	11.88%	-1.10%	6.54%	-3.24%	-4.34%
Return on Net Nonoperating Assets (RNNOA)	-0.62%	4.23%	-22.34%	3.38%	3.79%	10.23%	9.92%	-1.04%	6.94%	-3.66%	-5.60%
Return on Equity (ROE)	1.77%	5.92%	4.72%	6.54%	7.05%	12.98%	12.52%	-0.06%	8.08%	-2.71%	-4.78%
Cash Return on Invested Capital (CROIC)	-0.24%	11.51%	27.90%	13.49%	12.14%	5.66%	-3.84%	-3.07%	-3.34%	2.41%	-0.04%
Operating Return on Assets (OROA)	2.28%	1.61%	1.62%	0.31%	3.05%	2.60%	2.45%	1.31%	1.52%	1.27%	1.10%
Return on Assets (ROA)	0.89%	2.87%	2.28%	3.19%	3.43%	6.45%	6.41%	-0.03%	3.66%	-1.19%	-1.94%
Return on Common Equity (ROCE)	1.77%	5.92%	4.72%	6.53%	7.04%	12.97%	12.51%	-0.06%	8.07%	-2.71%	-4.77%
Return on Equity Simple (ROE_SIMPLE)	1.83%	6.19%	4.76%	6.73%	7.62%	12.62%	12.27%	-0.07%	7.95%	-2.81%	-4.98%
Net Operating Profit after Tax (NOPAT)	108	74	1,119	124	116	92	89	35	43	36	31
NOPAT Margin	19.04%	12.61%	201.39%	24.41%	21.99%	17.31%	16.59%	6.51%	7.51%	6.23%	5.45%
Net Nonoperating Expense Percent (NNEP)	3.07%	-2.68%	50.34%	-0.53%	-0.86%	-8.65%	-9.28%	2.07%	-5.40%	4.19%	5.16%
SG&A Expenses to Revenue	42.28%	41.39%	39.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	80.96%	87.39%	87.26%	97.40%	78.01%	82.69%	83.41%	90.70%	89.27%	91.10%	92.21%
Earnings before Interest and Taxes (EBIT)	108	74	71	13	116	92	89	50	61	52	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	304	271	275	208	282	270	286	253	280	284	272
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.73	0.79	0.92	0.97	0.91	1.14	0.83	1.04	0.52	0.48	0.72
Price to Tangible Book Value (P/TBV)	0.82	0.86	1.02	1.06	1.01	1.26	0.93	1.16	0.59	0.52	0.77
Price to Revenue (P/Rev)	2.98	2.85	3.47	3.79	2.95	3.87	2.96	3.43	1.70	1.42	1.97
Price to Earnings (P/E)	39.98	12.71	19.31	14.35	11.89	9.00	6.80	0.00	6.58	0.00	0.00
Dividend Yield	7.42%	7.32%	6.33%	10.09%	11.10%	5.12%	6.69%	5.64%	10.73%	10.04%	5.46%
Earnings Yield	2.50%	7.87%	5.18%	6.97%	8.41%	11.11%	14.70%	0.00%	15.20%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.89	0.96	0.98	0.95	1.07	0.91	1.01	0.76	0.76	0.85
Enterprise Value to Revenue (EV/Rev)	6.96	6.31	7.09	7.19	6.14	6.62	5.98	6.90	5.17	4.95	5.65
Enterprise Value to EBITDA (EV/EBITDA)	12.94	13.60	14.35	17.49	11.47	13.08	11.18	14.72	10.47	10.11	11.91
Enterprise Value to EBIT (EV/EBIT)	36.53	50.04	55.66	276.10	27.93	38.28	36.03	74.21	48.25	55.59	72.50
Enterprise Value to NOPAT (EV/NOPAT)	36.53	50.04	3.52	29.44	27.93	38.28	36.03	106.01	68.93	79.42	103.58
Enterprise Value to Operating Cash Flow (EV/OCF)	18.14	16.49	16.99	14.98	15.93	16.94	16.54	15.36	13.62	13.69	16.38
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	7.34	3.41	6.88	7.49	18.64	0.00	0.00	0.00	31.41	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.98	0.96	0.96	0.87	0.98	0.81	0.85	1.05	1.07	1.19	1.40
Long-Term Debt to Equity	0.98	0.96	0.96	0.87	0.98	0.81	0.85	1.05	1.07	1.19	1.40
Financial Leverage	0.90	0.97	0.96	0.92	0.92	0.90	0.83	0.95	1.06	1.13	1.29
Leverage Ratio	1.98	2.06	2.07	2.05	2.05	2.01	1.95	2.08	2.20	2.28	2.47
Compound Leverage Factor	0.74	0.04	0.18	2.15	2.31	0.70	5.12	-0.05	-0.18	-2.22	-4.34
Debt to Total Capital	49.54%	48.87%	49.06%	46.51%	49.61%	44.89%	46.08%	51.23%	51.75%	54.39%	58.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	49.54%	48.87%	49.06%	46.51%	49.61%	44.89%	46.08%	51.23%	51.75%	54.39%	58.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.04%	0.02%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%
Common Equity to Total Capital	50.42%	51.11%	50.89%	53.45%	50.34%	55.06%	53.87%	48.72%	48.21%	45.57%	41.64%
Debt to EBITDA	7.46	7.48	7.36	8.30	5.98	5.49	5.67	7.43	7.09	7.22	8.16
Net Debt to EBITDA	7.40	7.44	7.33	8.26	5.96	5.43	5.64	7.40	7.02	7.21	7.74
Long-Term Debt to EBITDA	7.46	7.48	7.36	8.30	5.98	5.49	5.67	7.43	7.09	7.22	8.16
Debt to NOPAT	21.05	27.53	1.81	13.98	14.57	16.06	18.27	53.52	46.64	56.71	70.94
Net Debt to NOPAT	20.89	27.39	1.80	13.91	14.52	15.89	18.17	53.26	46.18	56.60	67.31
Long-Term Debt to NOPAT	21.05	27.53	1.81	13.98	14.57	16.06	18.27	53.52	46.64	56.71	70.94
Noncontrolling Interest Sharing Ratio	0.07%	0.06%	0.07%	0.09%	0.10%	0.10%	0.09%	0.09%	0.09%	0.09%	0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11	503	1,154	528	431	190	-131	-110	-125	92	-1.58
Operating Cash Flow to CapEx	128.58%	188.49%	210.33%	304.15%	281.35%	201.33%	171.69%	197.51%	177.34%	132.83%	93.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	7.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	3.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	2.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.13	0.13	0.12	0.14	0.15	0.15	0.14	0.14	0.14	0.14
Fixed Asset Turnover	0.16	0.17	0.17	0.18	0.20	0.20	0.19	0.18	0.18	0.18	0.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,582	4,153	4,118	3,713	3,398	3,300	3,520	3,665	3,833	3,778	3,810
Invested Capital Turnover	0.13	0.13	0.13	0.13	0.15	0.16	0.16	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	119	-429	-35	-405	-316	-97	220	145	168	-55	33
Enterprise Value (EV)	3,938	3,689	3,940	3,637	3,231	3,532	3,198	3,720	2,931	2,877	3,245
Market Capitalization	1,685	1,669	1,926	1,917	1,550	2,064	1,583	1,849	966	825	1,135
Book Value per Share	$14.97	$14.59	$14.43	$13.75	$13.32	$14.45	$15.05	$14.39	$14.97	$13.91	$12.80
Tangible Book Value per Share	$13.35	$13.28	$13.06	$12.52	$11.95	$13.07	$13.54	$12.83	$13.37	$12.81	$11.88
Total Capital	4,582	4,153	4,118	3,713	3,398	3,300	3,520	3,665	3,833	3,778	3,810
Total Debt	2,270	2,030	2,020	1,727	1,685	1,481	1,622	1,878	1,984	2,055	2,222
Total Long-Term Debt	2,270	2,030	2,020	1,727	1,685	1,481	1,622	1,878	1,984	2,055	2,222
Net Debt	2,252	2,019	2,012	1,718	1,679	1,466	1,613	1,869	1,964	2,050	2,108
Capital Expenditures (CapEx)	169	119	110	80	72	104	113	123	121	158	212
Net Nonoperating Expense (NNE)	66	-58	1,019	-10	-15	-137	-144	36	-104	85	110
Net Nonoperating Obligations (NNO)	2,270	2,030	2,020	1,727	1,685	1,481	1,622	1,878	1,984	2,055	2,222
Total Depreciation and Amortization (D&A)	197	197	204	195	166	178	197	203	219	233	228
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$1.15	$0.74	$0.92	$1.00	$1.82	$1.85	($0.01)	$1.19	($0.39)	($0.64)
Adjusted Weighted Average Basic Shares Outstanding	154.45M	150.54M	145.23M	145.04M	130.16M	125.71M	125.73M	123.98M	123.35M	123.66M	123.94M
Adjusted Diluted Earnings per Share	$0.28	$1.15	$0.74	$0.92	$1.00	$1.82	$1.85	($0.01)	$1.19	($0.39)	($0.64)
Adjusted Weighted Average Diluted Shares Outstanding	154.59M	150.88M	145.63M	145.38M	130.64M	126.18M	126.10M	123.98M	123.52M	123.66M	123.94M
Adjusted Basic & Diluted Earnings per Share	$0.28	$1.15	$0.74	$0.92	$1.00	$1.82	$1.85	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	154.34M	145.06M	145.32M	135.07M	125.60M	125.89M	123.96M	123.26M	123.64M	123.80M	124.29M
Normalized Net Operating Profit after Tax (NOPAT)	75	82	73	42	81	71	62	64	61	57	55
Normalized NOPAT Margin	13.33%	14.01%	13.19%	8.25%	15.39%	13.29%	11.61%	11.84%	10.72%	9.77%	9.57%
Pre Tax Income Margin	7.08%	0.27%	1.13%	2.73%	24.77%	6.05%	43.49%	-0.22%	-0.86%	-8.65%	-13.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	1.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-0.98	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	296.92%	96.35%	91.88%	91.56%	141.29%	46.43%	45.69%	-8,903.60%	71.08%	-192.49%	-78.25%
Augmented Payout Ratio	426.89%	217.33%	99.84%	136.84%	370.49%	53.80%	58.57%	-10,577.72%	71.08%	-192.49%	-78.25%

This table displays calculated financial ratios and metrics derived from Piedmont Realty Trust's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.94%	4.23%	5.01%	2.01%	-0.24%	0.55%	0.13%	-4.04%	-1.40%	-1.20%	-2.20%
EBITDA Growth	40.59%	2.56%	3.19%	-12.60%	19.06%	-23.62%	-0.38%	14.56%	-5.12%	32.45%	1.50%
EBIT Growth	69.35%	-10.68%	-9.76%	-45.66%	105.16%	-88.71%	-0.93%	87.82%	708.16%	810.22%	8.41%
NOPAT Growth	69.35%	-37.47%	-36.83%	-61.96%	105.16%	-88.71%	-0.93%	87.82%	708.16%	810.22%	8.41%
Net Income Growth	337.98%	-102.27%	-124.92%	-610.39%	-137.09%	-1,935.26%	-394.06%	32.25%	-6.96%	63.63%	-71.37%
EPS Growth	334.62%	-102.04%	-133.33%	-566.67%	-136.07%	-2,100.00%	-300.00%	35.71%	-13.64%	63.64%	-75.00%
Operating Cash Flow Growth	-33.61%	1.38%	5.57%	-9.55%	-3.18%	-42.17%	21.90%	-34.34%	31.13%	-84.10%	-25.02%
Free Cash Flow Firm Growth	-9.58%	-799.79%	-586.53%	133.59%	132.47%	153.17%	94.19%	-115.01%	-156.75%	-92.93%	961.18%
Invested Capital Growth	4.58%	14.80%	10.20%	-3.18%	-1.44%	-6.62%	0.87%	0.91%	0.87%	-0.11%	-3.98%
Revenue Q/Q Growth	2.20%	-2.43%	-0.66%	2.98%	-0.05%	-1.90%	-1.07%	-1.31%	2.70%	-1.46%	-1.86%
EBITDA Q/Q Growth	-32.28%	48.18%	-0.98%	-12.04%	-7.76%	-5.46%	29.15%	1.16%	-23.61%	32.71%	-0.61%
EBIT Q/Q Growth	-123.07%	536.43%	-5.29%	-43.01%	-97.81%	292.45%	730.87%	8.05%	-90.57%	975.25%	0.63%
NOPAT Q/Q Growth	-116.15%	536.43%	-5.29%	-43.01%	-97.81%	292.45%	730.87%	8.05%	-90.57%	975.25%	0.63%
Net Income Q/Q Growth	2,168.69%	-101.80%	-45.53%	-756.47%	-64.86%	0.95%	64.67%	-17.46%	-160.24%	66.31%	-66.43%
EPS Q/Q Growth	1,933.33%	-101.64%	-100.00%	-600.00%	-57.14%	0.00%	63.64%	-12.50%	-177.78%	68.00%	-75.00%
Operating Cash Flow Q/Q Growth	-29.05%	-21.15%	35.70%	19.14%	-24.06%	-52.90%	186.06%	-35.83%	51.67%	-94.29%	1,249.03%
Free Cash Flow Firm Q/Q Growth	56.86%	-194.38%	32.00%	138.90%	-58.30%	379.89%	-107.43%	-0.52%	-57.65%	160.04%	794.66%
Invested Capital Q/Q Growth	-2.78%	4.83%	-4.27%	-0.76%	-1.04%	-0.68%	3.41%	-0.72%	-1.08%	-1.64%	-0.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	35.48%	53.89%	53.72%	45.89%	42.35%	40.94%	53.45%	54.79%	40.75%	54.88%	55.58%
EBIT Margin	-3.22%	14.38%	13.71%	7.59%	0.17%	1.62%	13.57%	14.85%	1.36%	14.88%	15.26%
Profit (Net Income) Margin	51.19%	-0.95%	-1.39%	-11.54%	-19.03%	-19.17%	-6.85%	-8.15%	-20.64%	-7.06%	-11.97%
Tax Burden Percent	-296.53%	100.00%	100.00%	100.00%	93.51%	100.00%	100.00%	104.02%	100.00%	92.75%	93.21%
Interest Burden Percent	536.98%	-6.59%	-10.12%	-152.07%	-12,233.88%	-1,186.87%	-50.46%	-52.74%	-1,513.99%	-51.14%	-84.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-0.34%	1.53%	1.52%	0.80%	0.02%	0.17%	1.43%	1.56%	0.14%	1.59%	1.60%
ROIC Less NNEP Spread (ROIC-NNEP)	3.75%	0.71%	0.67%	-0.39%	-1.38%	-1.21%	0.34%	0.34%	-1.32%	0.42%	0.15%
Return on Net Nonoperating Assets (RNNOA)	3.98%	0.75%	0.69%	-0.46%	-1.56%	-1.47%	0.42%	0.42%	-1.71%	0.55%	0.21%
Return on Equity (ROE)	3.64%	2.29%	2.21%	0.34%	-1.54%	-1.30%	1.85%	1.99%	-1.56%	2.14%	1.81%
Cash Return on Invested Capital (CROIC)	-3.34%	-12.70%	-8.64%	4.07%	2.41%	7.45%	-0.27%	-0.12%	-0.04%	1.30%	5.26%
Operating Return on Assets (OROA)	-0.45%	2.07%	2.04%	1.07%	0.02%	0.23%	1.92%	2.09%	0.19%	2.13%	2.14%
Return on Assets (ROA)	7.24%	-0.14%	-0.21%	-1.63%	-2.72%	-2.71%	-0.97%	-1.14%	-2.90%	-1.01%	-1.68%
Return on Common Equity (ROCE)	3.63%	2.29%	2.21%	0.34%	-1.54%	-1.30%	1.85%	1.98%	-1.56%	2.14%	1.81%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.70%	4.21%	3.13%	0.00%	-4.45%	-4.99%	-4.73%	0.00%	-3.94%	-4.42%
Net Operating Profit after Tax (NOPAT)	-3.32	14	14	7.83	0.17	1.64	14	15	1.39	15	15
NOPAT Margin	-2.25%	10.07%	9.60%	5.31%	0.12%	1.13%	9.50%	10.40%	0.95%	10.42%	10.68%
Net Nonoperating Expense Percent (NNEP)	-4.09%	0.82%	0.84%	1.18%	1.40%	1.38%	1.10%	1.23%	1.47%	1.17%	1.45%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	103.22%	85.62%	86.29%	92.41%	99.83%	98.38%	86.43%	85.15%	98.64%	85.12%	84.74%
Earnings before Interest and Taxes (EBIT)	-4.75	21	20	11	0.25	2.34	19	21	1.98	21	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	52	78	77	68	62	59	77	77	59	79	78
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.52	0.44	0.46	0.37	0.48	0.50	0.53	0.77	0.72	0.59	0.59
Price to Tangible Book Value (P/TBV)	0.59	0.49	0.51	0.40	0.52	0.54	0.58	0.83	0.77	0.63	0.63
Price to Revenue (P/Rev)	1.70	1.39	1.42	1.11	1.42	1.45	1.52	2.17	1.97	1.60	1.59
Price to Earnings (P/E)	6.58	9.33	10.87	11.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	10.73%	13.02%	12.65%	14.43%	10.04%	8.59%	6.99%	4.95%	5.46%	6.78%	6.86%
Earnings Yield	15.20%	10.72%	9.20%	8.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.76	0.70	0.74	0.70	0.76	0.77	0.76	0.87	0.85	0.83	0.83
Enterprise Value to Revenue (EV/Rev)	5.17	4.93	4.94	4.62	4.95	4.99	5.09	5.79	5.65	5.41	5.40
Enterprise Value to EBITDA (EV/EBITDA)	10.47	10.02	10.07	9.79	10.11	10.92	11.16	12.11	11.91	10.62	10.51
Enterprise Value to EBIT (EV/EBIT)	48.25	48.43	50.96	57.49	55.59	87.08	89.33	77.62	72.50	48.62	47.10
Enterprise Value to NOPAT (EV/NOPAT)	68.93	69.19	72.80	82.12	79.42	124.40	127.61	110.88	103.58	69.46	67.28
Enterprise Value to Operating Cash Flow (EV/OCF)	13.62	13.08	13.09	12.69	13.69	15.05	14.46	18.28	16.38	17.35	19.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	17.00	31.41	10.04	0.00	0.00	0.00	63.71	15.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.21	1.14	1.16	1.19	1.23	1.34	1.36	1.40	1.40	1.41
Long-Term Debt to Equity	1.07	1.21	1.14	1.16	1.19	1.23	1.34	1.36	1.40	1.40	1.41
Financial Leverage	1.06	1.06	1.03	1.18	1.13	1.22	1.24	1.26	1.29	1.31	1.37
Leverage Ratio	2.20	2.17	2.16	2.32	2.28	2.35	2.39	2.42	2.47	2.47	2.54
Compound Leverage Factor	11.84	-0.14	-0.22	-3.52	-278.86	-27.90	-1.21	-1.27	-37.37	-1.26	-2.14
Debt to Total Capital	51.75%	54.70%	53.27%	53.71%	54.39%	55.17%	57.26%	57.68%	58.32%	58.33%	58.45%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	51.75%	54.70%	53.27%	53.71%	54.39%	55.17%	57.26%	57.68%	58.32%	58.33%	58.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Common Equity to Total Capital	48.21%	45.26%	46.68%	46.25%	45.57%	44.79%	42.70%	42.28%	41.64%	41.63%	41.51%
Debt to EBITDA	7.09	7.80	7.21	7.47	7.22	7.78	8.36	8.06	8.16	7.49	7.44
Net Debt to EBITDA	7.02	7.18	7.17	7.43	7.21	7.75	7.82	7.56	7.74	7.47	7.41
Long-Term Debt to EBITDA	7.09	7.80	7.21	7.47	7.22	7.78	8.36	8.06	8.16	7.49	7.44
Debt to NOPAT	46.64	53.88	52.13	62.63	56.71	88.59	95.61	73.79	70.94	49.03	47.60
Net Debt to NOPAT	46.18	49.59	51.87	62.30	56.60	88.26	89.42	69.24	67.31	48.88	47.43
Long-Term Debt to NOPAT	46.64	53.88	52.13	62.63	56.71	88.59	95.61	73.79	70.94	49.03	47.60
Noncontrolling Interest Sharing Ratio	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-171	-504	-342	133	56	268	-20	-20	-32	19	169
Operating Cash Flow to CapEx	198.17%	111.65%	154.57%	156.47%	110.72%	50.72%	131.22%	99.74%	90.18%	9.37%	119.46%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.15	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
Fixed Asset Turnover	0.18	0.18	0.18	0.17	0.18	0.18	0.18	0.18	0.17	0.17	0.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,833	4,018	3,847	3,817	3,778	3,752	3,880	3,852	3,810	3,748	3,726
Invested Capital Turnover	0.15	0.15	0.16	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	168	518	356	-125	-55	-266	33	35	33	-4.02	-154
Enterprise Value (EV)	2,931	2,823	2,862	2,688	2,877	2,907	2,965	3,339	3,245	3,097	3,078
Market Capitalization	966	798	821	647	825	843	886	1,252	1,135	916	907
Book Value per Share	$14.97	$14.71	$14.52	$14.27	$13.91	$13.57	$13.37	$13.13	$12.80	$12.55	$12.43
Tangible Book Value per Share	$13.37	$13.18	$13.06	$12.95	$12.81	$12.52	$12.37	$12.18	$11.88	$11.67	$11.58
Total Capital	3,833	4,018	3,847	3,817	3,778	3,752	3,880	3,852	3,810	3,748	3,726
Total Debt	1,984	2,198	2,049	2,050	2,055	2,070	2,222	2,222	2,222	2,186	2,178
Total Long-Term Debt	1,984	2,198	2,049	2,050	2,055	2,070	2,222	2,222	2,222	2,186	2,178
Net Debt	1,964	2,023	2,039	2,039	2,050	2,062	2,078	2,085	2,108	2,180	2,170
Capital Expenditures (CapEx)	26	36	35	42	45	46	51	43	72	40	42
Net Nonoperating Expense (NNE)	-79	16	16	25	28	29	23	26	31	25	32
Net Nonoperating Obligations (NNO)	1,984	2,198	2,049	2,050	2,055	2,070	2,222	2,222	2,222	2,186	2,178
Total Depreciation and Amortization (D&A)	57	57	57	56	62	57	57	56	57	57	57
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	($0.01)	($0.02)	($0.14)	($0.22)	($0.22)	($0.08)	($0.09)	($0.25)	($0.08)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	123.35M	123.55M	123.67M	123.70M	123.66M	123.80M	123.95M	124.00M	123.94M	124.26M	124.46M
Adjusted Diluted Earnings per Share	$0.61	($0.01)	($0.02)	($0.14)	($0.22)	($0.22)	($0.08)	($0.09)	($0.25)	($0.08)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	123.52M	123.55M	123.67M	123.70M	123.66M	123.80M	123.95M	124.00M	123.94M	124.26M	124.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	123.64M	123.64M	123.70M	123.71M	123.80M	123.89M	124.00M	124.00M	124.29M	124.41M	124.50M
Normalized Net Operating Profit after Tax (NOPAT)	-3.32	14	14	15	13	15	14	15	12	15	15
Normalized NOPAT Margin	-2.25%	10.07%	9.60%	10.52%	8.91%	10.04%	9.50%	10.40%	8.38%	10.42%	10.68%
Pre Tax Income Margin	-17.26%	-0.95%	-1.39%	-11.54%	-20.35%	-19.17%	-6.85%	-7.83%	-20.64%	-7.61%	-12.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	71.08%	121.34%	137.41%	169.07%	-192.49%	-96.85%	-75.00%	-80.38%	-78.25%	-101.10%	-68.10%
Augmented Payout Ratio	71.08%	121.34%	137.41%	169.07%	-192.49%	-96.85%	-75.00%	-80.38%	-78.25%	-101.10%	-68.10%

Key Financial Trends

Piedmont Realty Trust (NYSE:PDM) shows a mixed financial performance over the last four years, with key highlights and trends as follows:

The company has consistently generated substantial non-interest income, with Q2 2025 reporting $140.4 million, maintaining a stable revenue base over the period.
Depreciation and amortization expenses have been significant but stable, reflecting ongoing property investments and leasehold improvements essential for operations.
Operating cash flow remains positive and generally trending upward, with Q2 2025 cash flow from operating activities at $50.1 million, indicating solid cash generation from core business operations.
Total assets have steadily increased from about $3.7 billion in mid-2022 to nearly $4 billion by mid-2025, showing growth in the asset base and expansion efforts.
The company continues investing in property, plant and equipment, with capital expenditures reflecting ongoing property improvements and acquisitions.
The company has no reported interest income or interest expense in recent quarterly filings, indicating limited exposure to net interest margins typical of a real estate trust.
Cash and equivalents fluctuate considerably between quarters, impacted by financing and investing activities, reflecting strategic liquidity management.
The company pays consistent dividends per share ($0.125 per quarter in recent periods), showing commitment to returning value to shareholders even amid net losses.
Piedmont Realty Trust has reported net losses consistently over recent quarters, including a Q2 2025 net loss of $16.8 million, indicating ongoing profitability challenges.
Non-operating expenses have been sizable and negatively impacted pre-tax income consistently, with $39.5 million reported in Q2 2025, suggesting challenges outside core operations.
Long-term debt remains substantial (about $2.18 billion as of Q2 2025) with debt repayments exceeding new issuances in some quarters, reflecting ongoing leverage risks and refinancing activity.
Impairment charges have appeared in some prior periods (e.g., $18.4 million in Q1 2024 and $18.5 million in Q4 2023), which negatively impact earnings and indicate asset value pressure.

Summary: Piedmont Realty Trust demonstrates steady revenue and asset growth, supported by consistent operating cash flow and property investments. However, the company faces profitability struggles with recurring net losses, impacted by significant non-operating expenses and impairment charges. The high level of long-term debt and sizeable financing activities warrant attention from investors monitoring financial risk and leverage. Dividend payments reflect a focus on shareholder returns despite profitability issues.

08/09/25 10:31 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Piedmont Realty Trust's Financials

When does Piedmont Realty Trust's financial year end?

According to the most recent income statement we have on file, Piedmont Realty Trust's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Piedmont Realty Trust's net income changed over the last 10 years?

Piedmont Realty Trust's net income appears to be on a downward trend, with a most recent value of -$79.06 million in 2024, falling from $42.17 million in 2014. The previous period was -$48.38 million in 2023. See where experts think Piedmont Realty Trust is headed by visiting Piedmont Realty Trust's forecast page.

How has Piedmont Realty Trust's revenue changed over the last 10 years?

Over the last 10 years, Piedmont Realty Trust's total revenue changed from $566.25 million in 2014 to $574.67 million in 2024, a change of 1.5%.

How much debt does Piedmont Realty Trust have?

Piedmont Realty Trust's total liabilities were at $2.53 billion at the end of 2024, a 8.2% increase from 2023, and a 2.0% increase since 2014.

How much cash does Piedmont Realty Trust have?

In the past 10 years, Piedmont Realty Trust's cash and equivalents has ranged from $825 thousand in 2023 to $109.64 million in 2024, and is currently $109.64 million as of their latest financial filing in 2024.

How has Piedmont Realty Trust's book value per share changed over the last 10 years?

Over the last 10 years, Piedmont Realty Trust's book value per share changed from 14.97 in 2014 to 12.80 in 2024, a change of -14.5%.

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This page (NYSE:PDM) was last updated on 8/9/2025 by MarketBeat.com Staff

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Piedmont Realty Trust (PDM) Financials

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Piedmont Realty Trust (PDM) Financials

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