Form 8-K

8-K — Piedmont Realty Trust, Inc.

Accession: 0001042776-26-000043

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001042776

SIC: 6512 (OPERATORS OF NONRESIDENTIAL BUILDINGS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — pdm-20260430.htm (Primary)

EX-99.1 — Q1 2026 EARNINGS RELEASE AND SUPPLEMENTAL PACKAGE (pdm33126ex991q12026ersuppl.htm)

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8-K — FORM 8-K 4.30.26

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

Piedmont Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-34626

Maryland 58-2328421

(State or other jurisdiction of (IRS Employer

incorporation) Identification No.)

5565 Glenridge Connector Ste. 450

Atlanta, Georgia 30342

(Address of principal executive offices, including zip code)

(770) 418-8800

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock, $0.01 par value PDM New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2026, Piedmont Realty Trust, Inc. (the "Registrant") issued an earnings release and supplemental information announcing its financial results for the first quarter 2026 and published the earnings release and supplemental information for the first quarter 2026 to its website under Investor Relations. The earnings release and the supplemental information are attached hereto as Exhibit 99.1, and are incorporated herein by reference. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibits and the information set forth therein are deemed to have been furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No. Description

99.1

Piedmont Realty Trust, Inc. Earnings Release and Supplemental Information for First Quarter 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Piedmont Realty Trust, Inc.

(Registrant)

Dated: April 30, 2026 By: /s/ Sherry L. Rexroad

Sherry L. Rexroad

Chief Financial Officer and Executive Vice President

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Document

EXHIBIT 99.1

Piedmont Realty TrustTM

Earnings Release and Supplemental Information

Index

Page Page

Introduction Diversification Tables

Forward-Looking Statements

Tenant Diversification

Earnings Release

Tenant Credit Rating & Lease Distribution

Company Information

Industry Diversification

Research Coverage

Geographic Diversification

Portfolio Statistics & Key Performance Indicators

Geographic Diversification by Location Type

Financials Portfolio Information

Consolidated Balance Sheets

Portfolio Detail

Consolidated Statements of Income

Property Investment Activity and Land Holdings

Funds From Operations & Adjusted Funds From Operations

Same Store Net Operating Income

Supporting Information

Debt Summary

Definitions

Debt Detail

Non-GAAP Reconciliations

Debt Covenants & Ratios

Operational & Leasing Information

Leased Percentage

Rental Rate Roll Up / Roll Down

Contractual Tenant Improvements & Leasing Commissions

Net Effective Rents

Leases Yet to Commence and Abatements

Lease Expiration Schedule

Quarterly Lease Expirations

Annual Lease Expirations

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.

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;

•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; 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.

Piedmont Realty TrustTM

Earnings Release

Piedmont Realty Trust Reports First Quarter 2026 Results

–Strong leasing momentum continues with over 430,000 square feet executed and cash leasing spreads of over 11%

–Generated Same Store NOI Cash Growth of over 11%

–Increases 2026 Outlook

ATLANTA, April 30, 2026 — Piedmont Realty Trust, Inc. ("Piedmont" 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 March 31, 2026.

Commenting on operational results for the three months ended March 31, 2026, Brent Smith, Piedmont's President and Chief Executive Officer, said, "During the first quarter, we witnessed a continuation of the elevated demand that we experienced in the latter half of 2025, with tour and proposal activity at levels above our historical averages. During the quarter we executed over 430,000 square feet of leasing, and most importantly, two-thirds was related to new tenancy. The customer pipeline remains robust with over 700,000 square feet of leases either already executed or in the legal stage thus far in the second quarter. Additionally, last year’s leasing success is positively impacting our operating metrics, pushing this quarter’s same-store cash NOI growth over 11% and helping to drive a one cent increase in 2026 earnings outlook and a 1% increase in our 2026 Same Store NOI outlook. Furthermore, strong customer demand driven by the flight-to quality is giving Piedmont the opportunity to increase rents to record levels across our portfolio." Continuing, Smith added, "We were also particularly excited about several operational recognitions during the first quarter. Galleria Towers in Dallas won the CoStar Impact Award for Redevelopment of the Year in the Dallas Fort-Worth market and Piedmont, as a company, was recognized as an "Elite 5" participant in the annual Kingsley survey for the office sector. These accolades serve as further evidence that our modern, redeveloped, amenity-rich Piedmont PLACES, combined with our hospitality- infused service model, are recognized by our customers and peers as the premier office experience."

Highlights for the Three Months Ended March 31, 2026:

Financial Results:

Three Months Ended

(in 000s other than per share amounts) March 31, 2026 March 31, 2025

Net loss applicable to Piedmont $(12,920) $(10,104)

Net loss per share applicable to common stockholders - basic and diluted $(0.10) $(0.08)

Gain on sale of real estate assets $— $789

Loss on early extinguishment of debt $— $500

Interest expense, net of interest income $31,897 $31,282

NAREIT Funds From Operations ("FFO") applicable to common stock $46,018 $45,033

Core FFO applicable to common stock $46,018 $45,533

NAREIT FFO per diluted share $0.36 $0.36

Core FFO per diluted share $0.36 $0.36

Adjusted FFO applicable to common stock $23,842 $23,489

Same Store NOI - cash basis 11.1%

Same Store NOI - accrual basis 1.9%

•Piedmont recognized a net loss of $12.9 million, or $0.10 per diluted share, for the first quarter of 2026, as compared to a net loss of $10.1 million, or $0.08 per diluted share, for the first quarter of 2025. Both periods reflect elevated interest expense, net of interest income, as a result of refinancing activity completed over the past several years in a higher interest rate environment. The increase in net loss recognized during the current year was primarily driven by increased depreciation expense as recently completed capital improvement projects and tenant improvements associated with new leasing activity were placed in service.

•Core FFO, which removes gain/loss on sale of real estate assets and loss on early extinguishment of debt, as well as depreciation and amortization, was $0.36 per diluted share for both the first quarter of 2026 and the first quarter of 2025. Growth in property operations during the twelve months ended March 31, 2026 was offset by the sale of 80/90 Central in Boxborough, MA and 161 Corporate Center in Irving, TX during the same period.

•During the three months ended March 31, 2026, Same Store NOI on a cash and accrual basis increased by 11.1% and 1.9% , respectively, as the commencement or burn off of abatements on new leases outweighed expiring leases.

Leasing:

Three Months Ended

March 31, 2026

# of lease transactions 50

Total leasing sf (in 000s)

431

New tenant leasing sf (in 000s)

293

Cash rent roll up 11.1%

Accrual rent roll up 17.8%

Leased percentage as of period end 89.3%

•The Company completed approximately 431,000 square feet of leasing during the first quarter, including approximately 293,000 square feet of new tenant leasing, approximately 60% of which related to previously vacant space.

•The average size lease executed during the first quarter was approximately 8,600 square feet and the weighted average lease term was approximately seven years.

•Rental rates on leases executed during the three months ended March 31, 2026 for space vacant one year or less increased approximately 11.1% and 17.8% on a cash and accrual basis, respectively.

•The Company's leased percentage for its in-service portfolio as of March 31, 2026 was 89.3%, as compared to 89.6% as of December 31, 2025.

•The Company's leased percentage for its out-of-service portfolio, comprised of two projects in Minneapolis and one in Orlando that have recently undergone extensive redevelopment, was 75.5% leased as of March 31, 2026, as compared to 62.4% leased as of December 31, 2025.

•As of March 31, 2026, the Company had approximately 1.0 million square feet of executed leases for vacant space that are yet to commence representing approximately $42 million of future additional annual cash rents, and approximately 0.9 million square feet of executed leases currently under rental abatement, representing approximately $26 million of future additional annual cash rents.

•Leases representing over 700,000 square feet have either already been executed or are in the legal stage thus far in the second quarter of 2026.

Transactional Activity:

•During the three months ended March 31, 2026, the Company entered into a binding contract to sell a 10.6 acre undeveloped land parcel known as Royal Lane located in the Las Colinas submarket of Dallas, TX for $12.0 million. The transaction is subject to several extension options; however, is expected to close later in 2026.

Balance Sheet:

(in 000s except for ratios) March 31, 2026 December 31, 2025

Cash and Cash Equivalents $2,279 $731

Total Real Estate Assets $3,421,687 $3,421,709

Total Assets $4,033,931 $4,031,354

Total Debt $2,252,351 $2,224,712

Weighted Average Cost of Debt 5.51% 5.58%

Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents 40.1% 40.2%

Average Net Debt to Core EBITDA (ttm) 7.2 x 7.2 x

•As of March 31, 2026, the Company had approximately $526 million of capacity on its revolving line of credit and no debt maturity requirements until 2028.

Corporate Responsibility and Operations:

•During the three months ended March 31, 2026, Piedmont earned the “Elite 5” distinction in the 2026 Kingsley Excellence Awards for the office sector. The "Elite 5" is Kingsley's highest-level performance recognition and is reserved for the top five commercial real estate organizations nationally that achieve the highest levels of tenant satisfaction.

•Galleria Towers in Dallas recently won the CoStar Impact Award for Redevelopment of the Year in the Dallas Fort-Worth market for its unparalleled transformation. CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year.

•As of March 31, 2026, approximately 83% and 74% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 67% of its portfolio was certified LEED gold.

Outlook for 2026:

The Company is increasing and narrowing its outlook for the year ending December 31, 2026, as follows:

Current Previous

(in millions, except per share data) Low High Low High

Net loss $ (45) $ (42) $ (48) $ (44)

Add:

Depreciation 181 183 181 183

Amortization 53 55 53 55

NAREIT and Core FFO applicable to common stock $ 189 $ 196 $ 186 $ 194

NAREIT and Core FFO applicable to common stock per diluted share $1.49 $1.54 $1.47 $1.53

This outlook 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 1.7 to 2.0 million square feet resulting in an increase in the anticipated year-end leased percentage for the Company's in-service portfolio to approximately 89.5% to 90.5%, exclusive of any speculative acquisition or disposition activity;

•Stabilization of the Company's out of service assets, resulting in an approximately 85-90% year-end leased percentage for the out of service portfolio and the placement of these assets back into the in-service population around the end of 2026;

•Same Store NOI increase of 4% to 7% on both a cash and accrual basis for the year, a 1% increase from our previous estimate;

Financing Assumptions:

•Interest expense (net of interest income) of approximately $125-$127 million, reflecting lower interest expense as a result of the refinancing activity completed in late 2025, partially offset by lower capitalized interest as various redevelopment projects conclude;

Other Assumptions:

•General and administrative expense of approximately $31-$33 million; and

•Weighted average shares outstanding of approximately 126-127 million.

No speculative acquisitions, dispositions, or refinancing are included in the above outlook. The Company will adjust its outlook 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 Friday, May 1, 2026, at 9:00 A.M. Eastern time. The live, listen-only, audio webcast 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 820042. A replay of the conference call will be available through May 15, 2026, 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 53839. A webcast replay will also be available after the conference call in the Investor Relations section of the Company's website. During the audio webcast and conference call, the Company's management team will review first quarter 2026 performance, discuss recent events, and conduct a question-and-answer period.

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.

For more information, please visit www.piedmontreit.com.

Executive Management

Brent Smith Sherry Rexroad Laura Moon George Wells Alex Valente

President, Chief Executive Officer Chief Financial Officer Chief Accounting Officer Co-Chief Operating Officer Co-Chief Operating Officer

and Director and Executive Vice President and Executive Vice President and Executive Vice President and Executive Vice President

Kevin Fossum Christopher Kollme Damian Miller Pierre Dait Wade Grace

Executive Vice President, Executive Vice President, Executive Vice President, Senior Vice President, Senior Vice President,

Property Management Investments Central Region Risk Management Controller

Jennifer Heneisen Lisa Tyler

Senior Vice President, Senior Vice President,

Financial Planning & Analysis Human Resources

Board of Directors

Kelly H. Barrett Dale H. Taysom Glenn G. Cohen Jeffrey J. Donnelly Deneen L. Donnley

Chair of the Board Vice Chair of the Board Chair of the Compensation Director Director

Chair of the Audit Committee Committee

Mary Hager Barbara B. Lang Stephen E. Lewis Brent Smith

Director Chair of the Nominating & Director President, Chief Executive Officer

Corporate Governance and Director

Committee

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

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 400 390 Madison Avenue 777 East Wisconsin Avenue 50 Hudson Yards, 69th Floor

Newport Beach, CA 92660 New York, NY 10017 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)

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

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Portfolio Statistics:

Number of in-service projects (1)

29 29 29 29 30

Rentable in-service square footage (1)

14,923 14,921 14,918 14,923 15,241

Leased percentage (2)

89.3 % 89.6 % 89.2 % 88.7 % 88.1 %

Commenced leased percentage

85.0 % 84.8 % 85.4 % 85.0 % 85.2 %

Economic leased percentage (3)

81.9 % 81.6 % 79.4 % 78.7 % 77.5 %

Leasing Activity:

Total square feet leased during the period 431 679 724 712 363

Square feet (new) leased during the period 293 466 551 468 179

Square feet (renewal) leased during the period 138 213 173 243 184

Rental rate roll up / roll down - accrual rents

17.8 % 20.5 % 20.2 % 13.6 % 18.6 %

Rental rate roll up / roll down - cash rents 11.1 % 11.9 % 8.6 % 7.3 % 10.3 %

Net effective rent per square foot after capex and opex $22.03 $21.10 $21.26 $20.78 $24.29

Financial Results:

Total revenues $143,294 $142,853 $139,163 $140,292 $142,686

Net income (loss) applicable to Piedmont -$12,920 -$43,246 -$13,462 -$16,808 -$10,104

Net income (loss) per share applicable to common stockholders - diluted -$0.10 -$0.35 -$0.11 -$0.14 -$0.08

Core EBITDA $78,304 $76,982 $75,826 $76,856 $77,605

Core FFO applicable to common stock $46,018 $44,205 $43,485 $44,512 $45,533

Core FFO per share - diluted $0.36 $0.35 $0.35 $0.36 $0.36

AFFO applicable to common stock $23,842 $18,709 $26,504 $16,241 $23,489

Same store net operating income - accrual basis (4)

1.9 % -0.6 % 3.2 % 1.7 % 3.2 %

Same store net operating income - cash basis (4)

11.1 % 2.2 % 2.8 % -2.0 % -2.0 %

Balance Sheet and Capitalization Information:

Weighted average shares outstanding - diluted (WASO) 126,136 126,712 126,007 125,178 125,177

Shares of common stock issued and outstanding at period end 125,019 124,519 124,504 124,492 124,408

Closing price of common stock at period end $6.57 $8.34 $9.00 $7.29 $7.37

Gross regular dividends (5)

— — — — $15,536

Regular dividends per share

— — — — $0.125

Total debt - GAAP $2,252,351 $2,224,712 $2,193,324 $2,177,752 $2,186,231

Total principal amount of debt outstanding $2,274,157 $2,248,080 $2,213,196 $2,199,101 $2,209,536

Total net principal amount of debt outstanding (6)

$2,267,822 $2,244,289 $2,205,061 $2,191,286 $2,202,902

Total gross real estate assets $4,820,893 $4,774,133 $4,740,790 $4,685,403 $4,709,785

Equity market capitalization (7)

$821,375 $1,038,491 $1,120,536 $907,547 $916,887

Total market capitalization (7)

$3,095,532 $3,286,571 $3,333,732 $3,106,648 $3,126,423

Piedmont Office Realty Trust, Inc.

Portfolio Statistics & Key Performance Indicators (continued)

Unaudited (in thousands except for per share data and ratios)

Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Ratios for Debt Holders

Core EBITDA to total revenues

54.6 % 53.9 % 54.5 % 54.8 % 54.4 %

Net principal amount of debt / Total gross assets less cash and cash equivalents (8)

40.1 % 40.2 % 40.0 % 40.3 % 40.3 %

Average net principal amount of debt to Core EBITDA - trailing twelve months (9)

7.2 x 7.2 x 7.1 x 6.9 x 6.9 x

Fixed charge coverage ratio - current quarter (10)

2.3 x 2.2 x 2.1 x 2.1 x 2.2 x

(1)

As of March 31, 2026, the Company's in-service office portfolio excluded three projects currently held out of service for redevelopment, totaling 795,000 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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.

The Company recorded capitalized interest of $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, and $3.3 million for the quarter ended March 31, 2025.

Piedmont Realty TrustTM

Consolidated Balance Sheets

Unaudited (in thousands)

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Assets:

Real estate assets, at cost:

Land $ 542,474 $ 542,474 $ 542,474 $ 542,473 $ 548,096

Buildings and improvements 4,108,901 4,066,269 4,018,671 3,911,368 3,918,373

Buildings and improvements, accumulated depreciation (1,321,935) (1,278,600) (1,238,031) (1,199,698) (1,183,585)

Intangible lease assets 117,826 118,195 119,734 120,726 133,266

Intangible lease assets, accumulated amortization (77,271) (73,824) (71,501) (68,474) (77,090)

Construction in progress 48,855 44,358 57,074 107,999 107,213

Real estate assets held for sale, net 2,837 2,837 2,837 2,837 2,837

Total real estate assets 3,421,687 3,421,709 3,431,258 3,417,231 3,449,110

Cash and cash equivalents 2,279 731 2,990 3,314 2,911

Tenant receivables 6,907 6,155 5,729 4,386 7,026

Straight-line rent receivables 216,416 214,285 211,591 207,025 201,228

Restricted cash and escrows 4,056 3,060 5,145 4,501 3,723

Prepaid expenses and other assets 20,928 20,857 27,598 29,802 29,075

Goodwill 53,491 53,491 53,491 53,491 53,491

Interest rate swaps — — — 72 27

Deferred lease costs, gross 530,409 520,221 473,597 458,839 465,584

Deferred lease costs, accumulated amortization (222,242) (209,155) (207,671) (198,398) (208,218)

Total assets $ 4,033,931 $ 4,031,354 $ 4,003,728 $ 3,980,263 $ 4,003,957

Liabilities:

Unsecured debt, net of discount $ 2,064,452 $ 2,035,890 $ 2,003,588 $ 1,987,111 $ 1,994,695

Secured debt 187,899 188,822 189,736 190,641 191,536

Accounts payable, accrued expenses and accrued capital expenditures 158,041 172,880 135,220 131,104 119,994

Deferred income 117,733 112,124 111,174 94,529 104,988

Intangible lease liabilities, less accumulated amortization 22,880 24,824 26,788 28,752 30,720

Interest rate swaps — 111 175 116 293

Total liabilities 2,551,005 2,534,651 2,466,681 2,432,253 2,442,226

Stockholders' equity:

Common stock 1,250 1,245 1,245 1,245 1,244

Additional paid in capital 3,728,827 3,730,273 3,727,914 3,725,769 3,723,373

Cumulative distributions in excess of earnings (2,240,270) (2,227,350) (2,184,104) (2,170,642) (2,153,834)

Accumulated other comprehensive loss (8,380) (8,967) (9,517) (9,873) (10,575)

Piedmont stockholders' equity 1,481,427 1,495,201 1,535,538 1,546,499 1,560,208

Non-controlling interest 1,499 1,502 1,509 1,511 1,523

Total stockholders' equity 1,482,926 1,496,703 1,537,047 1,548,010 1,561,731

Total liabilities and stockholders' equity $ 4,033,931 $ 4,031,354 $ 4,003,728 $ 3,980,263 $ 4,003,957

Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Revenues: (1)

Rental revenue

$ 113,393 $ 111,994 $ 110,748 $ 111,130 $ 111,776

Tenant reimbursements

23,048 22,943 22,282 22,824 24,288

Property management fee revenue 158 71 115 81 81

Other property related income 6,695 7,845 6,018 6,257 6,541

143,294 142,853 139,163 140,292 142,686

Expenses:

Property operating costs 57,306 58,460 55,890 55,610 57,914

Depreciation 44,027 42,862 42,127 40,646 40,893

Amortization 15,263 15,166 15,188 14,785 15,421

General and administrative 7,909 7,457 7,607 7,960 7,563

124,505 123,945 120,812 119,001 121,791

Other income (expense):

Interest expense (31,929) (32,406) (31,968) (31,954) (31,677)

Other income (2)

225 46 160 133 395

Loss on early extinguishment of debt (3)

— (29,788) — (7,500) (500)

Gain on sale of real estate assets

— — — 1,224 789

Net loss (12,915) (43,240) (13,457) (16,806) (10,098)

Less: Net income applicable to noncontrolling interest (5) (6) (5) (2) (6)

Net loss applicable to Piedmont $ (12,920) $ (43,246) $ (13,462) $ (16,808) $ (10,104)

Weighted average common shares outstanding - basic and diluted (4)

124,806 124,519 124,502 124,459 124,258

Net loss per share applicable to common stockholders - basic and diluted $ (0.10) $ (0.35) $ (0.11) $ (0.14) $ (0.08)

(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) Includes interest income (in thousands) of $32, $38, $60, $31, and $395 for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

(3) The loss on early extinguishment of debt recorded in the three months ended December 31, 2025 is related to the repurchase of $245.2 million in principal amount of the 9.25% senior notes due 2028.

(4)

As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

Three Months Ended

3/31/2026 3/31/2025 Change ($) Change (%)

Revenues: (1)

Rental revenue

$ 113,393 $ 111,776 $ 1,617 1.4 %

Tenant reimbursements

23,048 24,288 (1,240) (5.1) %

Property management fee revenue 158 81 77 95.1 %

Other property related income 6,695 6,541 154 2.4 %

143,294 142,686 608 0.4 %

Expenses:

Property operating costs 57,306 57,914 608 1.0 %

Depreciation 44,027 40,893 (3,134) (7.7) %

Amortization 15,263 15,421 158 1.0 %

General and administrative 7,909 7,563 (346) (4.6) %

124,505 121,791 (2,714) (2.2) %

Other income (expense):

Interest expense (31,929) (31,677) (252) (0.8) %

Other income 225 395 (170) (43.0) %

Loss on early extinguishment of debt

— (500) 500 100.0 %

Gain on sale of real estate assets

— 789 (789) (100.0) %

Net loss (12,915) (10,098) (2,817) (27.9) %

Less: Net income applicable to noncontrolling interest (5) (6) 1 16.7 %

Net loss applicable to Piedmont $ (12,920) $ (10,104) $ (2,816) (27.9) %

Weighted average common shares outstanding - basic and diluted (2)

124,806 124,258

Net loss per share applicable to common stockholders - basic and diluted $ (0.10) $ (0.08)

(2)

As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

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

3/31/2026 3/31/2025

GAAP net loss applicable to common stock $ (12,920) $ (10,104)

Depreciation of real estate assets

43,675 40,513

Amortization of lease-related costs

15,263 15,413

Gain on sale of real estate assets

— (789)

NAREIT Funds From Operations applicable to common stock 46,018 45,033

Adjustments:

Loss on early extinguishment of debt — 500

Core Funds From Operations applicable to common stock 46,018 45,533

Adjustments:

Amortization of debt issuance costs and discounts on debt

1,648 1,456

Depreciation of non-real estate assets 351 369

Straight-line effects of lease revenue

(4,382) (9,668)

Stock-based compensation adjustments (739) 55

Amortization of lease-related intangibles

(1,940) (2,062)

Non-incremental capital expenditures (1)

Base Building Costs (6,569) (5,416)

Tenant Improvement Costs (7,840) (4,629)

Leasing Commission Costs (2,705) (2,149)

Adjusted Funds From Operations applicable to common stock $ 23,842 $ 23,489

Weighted average common shares outstanding - diluted (2)

126,136 125,177

NAREIT Funds From Operations per share (diluted) $ 0.36 $ 0.36

Core Funds From Operations per share (diluted) $ 0.36 $ 0.36

(1)

Non-incremental capital expenditures are defined on page 38.

(2) 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.

Piedmont Realty TrustTM

Same Store Net Operating Income (Cash Basis)

Unaudited (in thousands)

Three Months Ended

3/31/2026 3/31/2025

Net loss applicable to Piedmont $ (12,920) $ (10,104)

Net income applicable to noncontrolling interest 5 6

Interest expense

31,929 31,677

Depreciation

44,027 40,894

Amortization

15,263 15,421

Gain on sale of real estate assets

— (789)

EBITDAre

78,304 77,105

Loss on early extinguishment of debt — 500

Core EBITDA

78,304 77,605

General and administrative expense

7,909 7,563

Management fee revenue (net)

(158) (64)

Other income

(118) (288)

Straight-line effects of lease revenue

(4,382) (9,669)

Amortization of lease-related intangibles

(1,940) (2,061)

Property net operating income (cash basis) 79,615 73,086

Deduct net operating (income) loss from:

Acquisitions (1)

— —

Dispositions (1)

45 (1,224)

Other investments (2)

327 162

Same store net operating income (cash basis) $ 79,987 $ 72,024

Change period over period 11.1 % 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.

Piedmont Realty TrustTM

Same Store Net Operating Income (Accrual Basis)

Unaudited (in thousands)

Three Months Ended

3/31/2026 3/31/2025

Net loss applicable to Piedmont $ (12,920) $ (10,104)

Net income applicable to noncontrolling interest 5 6

Interest expense

31,929 31,677

Depreciation

44,027 40,894

Amortization

15,263 15,421

Gain on sale of real estate assets

— (789)

EBITDAre

78,304 77,105

Loss on early extinguishment of debt — 500

Core EBITDA

78,304 77,605

General and administrative expense

7,909 7,563

Management fee revenue (net)

(158) (64)

Other income

(118) (288)

Property net operating income (accrual basis) 85,937 84,816

Acquisitions (1)

— —

Dispositions (1)

46 (1,119)

Other investments (2)

(656) 50

Same store net operating income (accrual basis) $ 85,327 $ 83,747

Change period over period 1.9 % 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.

Piedmont Realty TrustTM

Same Store Net Operating Income (Financial Components)

Unaudited (in thousands)

Three Months Ended

3/31/2026 3/31/2025 Change ($) Change (%)

Revenue

Cash rental income $ 106,684 $ 98,239 $ 8,445 8.6 %

Tenant reimbursements 22,917 23,649 (732) (3.1) %

Straight-line effects of lease revenue 3,400 9,662 (6,262) (64.8) %

Amortization of lease-related intangibles 1,940 2,061 (121) (5.9) %

Total rents

134,941 133,611 1,330 1.0 %

Other property related income

6,691 6,501 190 2.9 %

Total revenue 141,632 140,112 1,520 1.1 %

Less: Property operating expense 56,413 56,473 60 0.1 %

Add: Other income 108 108 — — %

Same store net operating income (accrual) $ 85,327 $ 83,747 $ 1,580 1.9 %

Less:

Straight-line effects of lease revenue (3,400) (9,662) 6,262 64.8 %

Amortization of lease-related intangibles (1,940) (2,061) 121 5.9 %

Same store net operating income (cash) $ 79,987 $ 72,024 $ 7,963 11.1 %

Piedmont Realty TrustTM

Debt Summary

As of March 31, 2026

Unaudited ($ in thousands)

Floating Rate & Fixed Rate Debt

Debt

Principal

Outstanding

Weighted Average

Interest Rate

Weighted Average

Maturity

Fixed Rate $1,875,157 5.64% 53.0 months

Floating Rate (1)

399,000 4.89% 27.4 months

Total $2,274,157 5.51% 48.5 months

Unsecured & Secured Debt

Debt

Principal

Outstanding

Weighted Average

Interest Rate

Weighted Average

Maturity

Unsecured $2,086,258 5.63% 50.2 months

Secured 187,899 4.10% 30.1 months

Total $2,274,157 5.51% 48.5 months

Debt Maturities (2)

Maturity

Year

Secured Principal Outstanding

Unsecured Principal Outstanding

Weighted Average

Interest Rate

Percentage of

Total Debt

2026 $— $— — —

2027 — — — —

2028 187,899 612,258 6.29% 35.2%

2029 — 400,000 7.11% 17.6%

2030 — 374,000 4.06% 16.4%

2031 — — — —

2032 — 300,000 2.78% 13.2%

2033 — 400,000 5.73% 17.6%

Total $ 187,899 $ 2,086,258 5.51% 100.00%

(1) During the three months ended March 31, 2026, the five interest rate swap agreements associated with the $325 Million Unsecured 2024 Term Loan expired. As of March 31, 2026, the Company's floating rate debt balance was comprised of the $325 million term loan and the $74 million balance on the line of credit.

(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.

Piedmont Realty TrustTM

Debt Detail

As of March 31, 2026

Unaudited ($ in thousands)

Facility

Stated Rate (1)

Effective Rate (2)

Maturity Date (3)

Principal Outstanding (4)

Secured Debt

Fixed-Rate Mortgage (1180 Peachtree) 4.10% 4.10% Fixed 10/1/2028 187,899

Secured Subtotal / Weighted Average Interest Rate 4.10% $ 187,899

Unsecured Debt

$325 Million Unsecured 2024 Term Loan (5)

SOFR + 1.30% 4.93% Floating 1/29/2028 325,000

$600 Million Unsecured 2023 Senior Notes (6)

9.25% 9.25% Fixed 7/20/2028 287,258

$400 Million Unsecured 2024 Senior Notes 6.88% 7.11% Fixed 7/15/2029 400,000

$600 Million Unsecured Line of Credit (7)

SOFR + 1.05% 4.73% Floating 6/30/2030 74,000

$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

$400 Million Unsecured 2025 Senior Notes 5.63% 5.73% Fixed 1/15/2033 400,000

Unsecured Subtotal / Weighted Average Interest Rate 5.63% $ 2,086,258

Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate

5.51% $ 2,274,157

GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs

(21,806)

Total Debt - GAAP $ 2,252,351

Less: Cash, cash equivalents, and restricted cash and escrows 6,335

Total Net Debt - Principal Amount Outstanding $ 2,267,822

(1) Stated rates for the unsecured term loan and the unsecured 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) Effective rates reflect the consideration of settled or in-place interest rate swap agreements and issuance discounts, where applicable.

(3) 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.

(4) All outstanding debt at period end was interest-only with the exception of the amortizing fixed-rate mortgage.

(5) The $325 million unsecured term loan has a stated variable interest rate. 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 Piedmont is not then in default and upon payment of extension fees.

(6)

Piedmont repurchased a portion of its outstanding $600 Million Unsecured 2023 Senior Notes during 2025, repurchasing approximately $67.5 million and $245.2 million during the second and fourth quarter of 2025, respectively.

(7)

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 Piedmont is not then in default and upon payment of extension fees.

Piedmont Realty TrustTM

Debt Covenants & Ratios for Debt Holders

As of March 31, 2026

Unaudited

Three Months Ended

Bank Debt Covenant Compliance (1)

Required 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Maximum leverage ratio 0.60 0.46 0.46 0.48 0.47 0.48

Minimum fixed charge coverage ratio (2)

1.50 2.23 2.16 2.15 2.15 2.21

Maximum secured indebtedness ratio 0.40 0.04 0.04 0.04 0.04 0.04

Minimum unencumbered leverage ratio 1.60 2.21 2.18 2.12 2.13 2.12

Minimum unencumbered interest coverage ratio (3)

1.75 2.31 2.22 2.19 2.17 2.22

Three Months Ended

Bond Covenant Compliance (4)

Required 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Total debt to total assets 60% or less 47.0% 47.0% 46.5% 46.8% 46.8%

Secured debt to total assets 40% or less 3.9% 3.9% 4.0% 4.1% 4.1%

Ratio of consolidated EBITDA to interest expense 1.50 or greater 2.50 2.51 2.53 2.53 2.58

Unencumbered assets to unsecured debt 150% or greater 210% 210% 213% 212% 212%

Other Debt Coverage Ratios for Debt Holders As of As of

(trailing twelve months) March 31, 2026 December 31, 2025

Average net principal amount of debt to Core EBITDA (5)

7.2 x 7.2 x

Fixed charge coverage ratio (6)

2.2 x 2.2 x

Interest coverage ratio (7)

2.2 x 2.2 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, the Fifth Supplemental Indenture dated June 25, 2024, and the Sixth Supplemental Indenture dated November 20, 2025 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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.

(7) Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, and $3.3 million for the quarter ended March 31, 2025.

Piedmont Realty TrustTM

Leased Percentage

(in thousands)

Three Months Ended Three Months Ended

March 31, 2026 March 31, 2025

Leased

Square Footage

Rentable

Square Footage

Percent

Leased (1)

Leased

Square Footage

Rentable

Square Footage

Percent

Leased (1)

In-Service Leased - beginning of period 13,363 14,921 89.6 % 13,538 15,323 88.4 %

Total leasing executed during period 431 363

Less: Lease renewals signed during period (137) (184)

Less: New leases signed during period for currently occupied space (109) (52)

Less: New leases signed during period for out of service space (103) —

Less: Leases expired during period and other (122) 2 (174) 23

Subtotal 13,323 14,923 89.3 % 13,491 15,346 87.9 %

Acquisitions / (dispositions) (2)

— — (65) (105)

Assets placed in service / (taken out of service) (3)

— — — —

In-Service Leased - end of period 13,323 14,923 89.3 % 13,426 15,241 88.1 %

Same Store Analysis

Less: Acquisitions and (dispositions) after March 31, 2025 (2)

— — — % (302) (322) 93.8 %

Less: Change in out of service assets after March 31, 2025 (3)

— — — % — — — %

Same Store Leased Percentage - end of period 13,323 14,923 89.3 % 13,124 14,919 88.0 %

(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.

Piedmont Realty TrustTM

Rental Rate Roll Up / Roll Down

Three Months Ended

March 31, 2026

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

220 51.0% 1.5% 11.1% 17.8%

Leases executed for spaces excluded from analysis (3)

211 49.0%

(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.

Piedmont Realty TrustTM

Contractual Tenant Improvements and Leasing Commissions

Three Months Ended

March 31, 2026 For the Year Ended

2022 to 2026

(Weighted Average)

2025

2024 (2)

2023 (3)

2022

Total Leasing Transactions

Square feet (1)

430,067 2,474,774 2,428,246 2,239,797 2,142,852 9,715,736

Tenant improvements per square foot per year of lease term

$3.20 $4.07 $3.70 $3.80 $3.22 $3.72

Leasing commissions per square foot per year of lease term

$2.40 $2.77 $2.31 $2.21 $2.22 $2.40

Total per square foot per year of lease term

$5.60 $6.84 $6.01 $6.01 $5.44 $6.12

Less Adjustment for Commitment Expirations (4)

Expired tenant improvements (not paid out)

per square foot per year of lease term -$0.42 -$0.26 -$0.34 -$0.79 -$0.10 -$0.40

Adjusted total per square foot per year of lease term $5.18 $6.58 $5.67 $5.22 $5.34 $5.72

(1) Excludes square feet associated with storage and license agreement transactions.

(2) Tenant improvement and leasing commission amounts presented for the year 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.

Piedmont Realty TrustTM

Net Effective Rents

Three Months Ended Five Quarter

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Average

Leasing activity included in net effective rent analysis (1)

Renewal leasing square footage (in 000s) 104 174 119 124 162 137

New tenant leasing square footage (in 000s) 284 436 539 455 169 377

Total leasing square footage (in 000s) 388 610 658 579 331 514

Renewal square footage (% of total) 26.8 % 28.5 % 18.1 % 21.4 % 48.9 % 26.7 %

New Lease square footage (% of total) 73.2 % 71.5 % 81.9 % 78.6 % 51.1 % 73.3 %

# of lease transactions 37 49 64 49 50 50

Net effective rents (2) (3)

Base rent (gross) $ 43.88 $ 43.41 $ 44.67 $ 45.62 $ 49.60 $ 45.44

Rent concessions (2.62) (2.17) (2.46) (2.57) (2.71) (2.51)

GAAP Rent $ 41.26 $ 41.24 $ 42.21 $ 43.06 $ 46.89 $ 42.93

Tenant improvements (2.65) (2.82) (3.31) (4.40) (3.33) (3.30)

Leasing commissions (2.35) (2.63) (2.75) (2.70) (2.89) (2.66)

Other concessions (0.09) — (0.01) — (0.35) (0.09)

Effective rent after capex $ 36.17 $ 35.79 $ 36.14 $ 35.95 $ 40.32 $ 36.88

Expense stop (14.14) (14.69) (14.88) (15.17) (16.03) (14.98)

Effective rent after capex and opex $ 22.03 $ 21.10 $ 21.26 $ 20.78 $ 24.29 $ 21.90

Weighted average lease term in years (weighted by square feet)

8.0 7.4 8.8 9.5 7.4 8.2

(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.

Piedmont Realty TrustTM

Future Contractual Income Sources

As of March 31, 2026

Uncommenced Leases for Vacant Space (1)

1.0 million square feet representing $41.6 million in future annual rent

Major Leases (by Industry) Project Market Square Feet

Leased Estimated Lease

Commencement New /

Expansion

Global risk management Galleria Towers Dallas 92,977 Q2 2026 New

International data centers provider Interlink at Las Colinas Dallas 56,080 Q2 2026 New

National mortgage lender Interlink at Las Colinas Dallas 55,252 Q2 2026 New

Insurance and financial services 9320 Excelsior Minneapolis 40,793 Q2 2026 New

Home service provider Galleria on the Park Atlanta 47,835 Q3 2026 New

Security hardware and software The Medici Atlanta 35,669 Q3 2026 New

Banking and financial services Meridian Minneapolis 54,692 Q4 2026 New

Accounting and business advisory US Bancorp Center Minneapolis 41,294 Q4 2026 New

Engineering and environmental consulting Meridian Minneapolis 85,267 Q4 2026 New

Global risk management Meridian Minneapolis 54,662 Q4 2026 New

Leases Currently Under Abatement (1)

0.9 million square feet representing $26.0 million in future annual cash rent

Major Leases (by Industry) Project Market Square Feet

Abated

Lease

Commencement

Lease

Expiration Remaining Abatement Schedule

Financial services Crescent Ridge II Minneapolis 32,326 Q4 2024 Q1 2041 October 2024 through March 2026

Insurance and financial services Galleria on the Park Atlanta 46,939 Q3 2025 Q4 2036 September 2025 through August 2026

Governmental entity 60 Broad New York 35,103 Q3 2024 Q3 2037 December 2025 through May 2026

Private investment management CNL Center I and II Orlando 25,538

Q3 2026 (2)

Q4 2032

January 2026 through May 2026 (2)

Banking and financial services Meridian Minneapolis 27,049 Q1 2026 Q4 2036 January 2026 through December 2027

Food production and distribution 9320 Excelsior Minneapolis 77,197 Q1 2026 Q1 2040 February 2026 through January 2027

Trial law firm 999 Peachtree Atlanta 24,220 Q1 2026 Q1 2039 March 2026 through June 2026

Commercial construction management Meridian Minneapolis 34,013 Q1 2026 Q1 2038 March 2026 through February 2028

(1) Includes leasing activity for the total portfolio, including assets currently out of service.

(2) Abatement will be given for five months during the existing lease term, before the tenant renewal is set to commence in third quarter of 2026.

Piedmont Realty TrustTM

Lease Expiration Schedule

As of March 31, 2026

(in thousands)

Expiration Year

Annualized Lease

Revenue (1)

Percentage of

Annualized Lease

Revenue (%)

Rentable

Square Footage

Percentage of

Rentable

Square Footage (%)

Vacant $— — 1,600 10.7

2026 (2)

52,648 9.0 1,193 8.0

2027 53,449 9.1 1,351 9.0

2028 51,302 8.7 1,236 8.4

2029 56,026 9.5 1,273 8.5

2030 59,496 10.1 1,372 9.2

2031 47,638 8.1 1,137 7.6

2032 41,076 7.0 944 6.3

2033 16,459 2.8 378 2.5

2034 51,700 8.8 1,292 8.7

2035 33,537 5.7 799 5.4

2036 27,424 4.7 677 4.5

2037 50,386 8.6 982 6.6

2038 7,543 1.3 168 1.1

Thereafter 38,762 6.6 521 3.5

Total $587,446 100.0 14,923 100.0

Average Lease Term Remaining

3/31/2026 5.9 Years

12/31/2025 6.0 years

(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 March 31, 2026, comprised of approximately 30,000 square feet and Annualized Lease Revenue of $1.1 million.

Piedmont Realty TrustTM

Lease Expirations by Quarter

As of March 31, 2026

(in thousands)

Q2 2026 (1)

Q3 2026 Q4 2026 Q1 2027

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 189 $7,811 49 $2,001 111 $6,581 51 $1,801

Boston — — 6 44 2 104 2 100

Dallas 226 8,189 33 1,277 86 3,665 38 1,693

Minneapolis 9 404 3 150 7 252 10 276

New York 315 16,645 — — — — — —

Orlando 29 916 52 2,063 6 215 75 2,988

Northern Virginia / Washington, D.C. — 24 58 3,196 12 775 4 260

Other — — — — — — — —

Total (3)

768 $33,989 201 $8,731 224 $11,592 180 $7,118

(1)

Includes leases with an expiration date of March 31, 2026, comprised of approximately 30,000 square feet and expiring lease revenue of $1.0 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.

Piedmont Realty TrustTM

Lease Expirations by Year

As of March 31, 2026

(in thousands)

12/31/2026 (1)

12/31/2027 12/31/2028 12/31/2029 12/31/2030

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 349 $16,394 573 $23,523 398 $17,072 395 $16,849 372 $14,141

Boston 8 146 44 2,412 8 415 204 9,041 245 9,477

Dallas 345 13,132 165 5,537 338 15,119 286 13,811 358 19,148

Minneapolis 20 806 216 7,663 64 2,457 55 2,179 122 4,689

New York 315 16,645 7 635 2 177 17 1,027 20 1,716

Orlando 86 3,194 302 11,559 89 3,443 245 9,460 188 7,340

Northern Virginia / Washington, D.C. 70 3,995 44 2,464 78 4,573 71 3,821 67 3,333

Other — — — 5 259 8,601 — 6 — —

Total (3)

1,193 $54,312 1,351 $53,798 1,236 $51,857 1,273 $56,194 1,372 $59,844

(1)

(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.

Piedmont Realty TrustTM

Tenant Diversification

As of March 31, 2026

Tenants Contributing 1% or More to Annualized Lease Revenue (1)

Tenant

Credit Rating (2)

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 11.4 $28,378 4.8 486 3.6

City of New York AA / Aa2 1 0.2 16,560 2.8 313 2.3

Amazon AA / A1 2 4.3 15,662 2.7 285 2.1

US Bancorp A / A3 1 8.2 15,643 2.7 435 3.3

Microsoft AAA / Aaa 2 5.2 14,435 2.5 355 2.7

King & Spalding No Rating Available 1 5.0 13,978 2.4 268 2.0

Transocean CCC+ / B3 1 10.1 12,328 2.1 301 2.3

Broadcom A- / A3 1 1.1 11,474 1.9 206 1.5

Schlumberger Technology A / A1 1 2.8 8,548 1.4 254 1.9

Gartner BBB- / Baa3 2 8.3 8,190 1.4 207 1.5

Fiserv BBB / Baa2 1 1.3 8,015 1.4 195 1.5

Salesforce.com A+ / A2 1 3.3 8,006 1.4 182 1.4

Epsilon Data Management (subsidiary of Publicis) BBB+ / Baa1 1 0.3 7,338 1.2 222 1.7

Eversheds Sutherland No Rating Available 1 0.1 7,091 1.2 180 1.3

Travel + Leisure Co. BB- / Ba3 1 14.6 5,702 1.0 182 1.4

Kimley-Horn and Associates, Inc No Rating Available 2 11.8 5,608 0.9 129 1.0

Other Various 400,490 68.2 9,123 68.5

Total $587,446 100.0 13,323 100.0

(1) Excludes leases executed at the out of service projects.

(2) 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.

Piedmont Realty TrustTM

Tenant Credit Rating & Lease Distribution

As of March 31, 2026

Tenant Credit Rating

Rating Level (1)

S&P / Moody's

Annualized

Lease Revenue

(in thousands) Percentage of

Annualized Lease

Revenue (%)

AAA / Aaa $15,125 2.6

AA / Aa 81,227 13.8

A / A 72,422 12.3

BBB / Baa 49,280 8.4

BB / Ba 20,193 3.4

B / B 30,660 5.2

Below 376 0.1

Not rated (2)

318,163 54.2

Total $587,446 100.0

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 333 33.7 $30,896 5.3 252 1.9

2,501 - 10,000 sf 391 39.6 86,619 14.7 2,055 15.4

10,001 - 20,000 sf 108 10.9 60,024 10.2 1,431 10.7

20,001 - 40,000 sf 83 8.4 90,918 15.5 2,218 16.7

40,001 - 100,000 sf 53 5.4 141,546 24.1 3,200 24.0

Greater than 100,000 sf 20 2.0 177,443 30.2 4,167 31.3

Total 988 100.0 $587,446 100.0 13,323 100.0

(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 Ernst & Young, BDO, KPMG, and RaceTrac Petroleum.

Piedmont Realty TrustTM

Industry Diversification

As of March 31, 2026

($ 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 93 12.1 $94,154 16.0 2,237 16.8

Engineering, Accounting, Research, Management & Related Services 99 12.9 75,553 12.9 1,717 12.9

Legal Services 79 10.3 62,869 10.7 1,418 10.6

Governmental Entity (1)

5 0.7 50,983 8.7 917 6.9

Real Estate 45 5.9 28,210 4.8 781 5.9

Depository Institutions 19 2.5 25,285 4.3 656 4.9

Holding and Other Investment Offices 44 5.7 23,882 4.1 525 3.9

Oil and Gas Extraction 4 0.5 22,040 3.8 587 4.4

Automotive Repair, Services & Parking 9 1.2 18,327 3.1 8 0.1

Miscellaneous Retail 8 1.0 17,497 3.0 334 2.5

Insurance Agents, Brokers & Services 19 2.5 16,714 2.8 399 3.0

Security & Commodity Brokers, Dealers, Exchanges & Services 58 7.6 16,661 2.8 397 3.0

Health Services 35 4.6 13,800 2.3 313 2.3

Membership Organizations 20 2.6 12,552 2.1 246 1.8

Insurance Carriers 15 2.0 10,253 1.7 266 2.0

Other 214 27.9 98,666 16.9 2,522 19.0

Total 766 100.0 $587,446 100.0 13,323 100.0

(1) Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (4.8% of ALR), and city / local (3.2% of ALR).

Piedmont Realty TrustTM

Geographic Diversification

As of March 31, 2026

($ 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 $190,454 32.4 4,732 31.7 4,455 94.1

Dallas 5 114,548 19.5 2,822 18.9 2,596 92.0

Orlando 4 69,889 11.9 1,754 11.8 1,663 94.8

Northern Virginia / Washington, D.C. 5 58,077 9.9 1,584 10.6 1,100 69.4

New York 1 54,588 9.3 1,047 7.0 964 92.1

Minneapolis 3 44,701 7.6 1,434 9.6 1,193 83.2

Boston 3 34,248 5.8 936 6.3 792 84.6

Other 2 20,941 3.6 614 4.1 560 91.2

Total / Weighted Average 29 $587,446 100.0 14,923 100.0 13,323 89.3

Piedmont Realty TrustTM

Geographic Diversification by Location Type

As of March 31, 2026

(square footage in thousands)

CBD URBAN INFILL / SUBURBAN TOTAL

Location Number of

Projects Percentage

Annualized

Lease

Revenue

(%) Rentable

Square

Footage Percentage

of Rentable

Square

Footage

(%) Number of

Projects Percentage

Annualized

Lease

Revenue

(%) Rentable

Square

Footage Percentage

of Rentable

Square

Footage

(%) Number of

Projects Percentage

Annualized

Lease

Revenue

(%) Rentable

Square

Footage Percentage

of Rentable

Square

Footage

(%)

Atlanta 2 11.0 1,305 8.8 4 21.4 3,427 22.9 6 32.4 4,732 31.7

Dallas — — — — 5 19.5 2,822 18.9 5 19.5 2,822 18.9

Orlando 3 10.0 1,445 9.7 1 1.9 309 2.1 4 11.9 1,754 11.8

Northern Virginia / Washington, D.C. 2 4.5 687 4.6 3 5.4 897 6.0 5 9.9 1,584 10.6

New York 1 9.3 1,047 7.0 — — — — 1 9.3 1,047 7.0

Minneapolis 1 4.4 930 6.2 2 3.2 504 3.4 3 7.6 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 39.2 5,414 36.3 20 60.8 9,509 63.7 29 100.0 14,923 100.0

Piedmont Realty TrustTM

Portfolio Detail

As of March 31, 2026

(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% 1 627 91.1 % 85.8 % 78.5 % 25,741

1180 Peachtree P P P 100.0% 1 678 96.9 % 96.9 % 96.6 % 38,849

Galleria on the Park P P P 100.0% 5 2,179 95.6 % 91.1 % 86.5 % 77,709

Glenridge Highlands One and Two P P P 100.0% 2 713 89.1 % 87.1 % 85.4 % 24,500

1155 Perimeter Center West P P P 100.0% 1 377 98.4 % 98.4 % 94.4 % 17,322

The Medici P P 100.0% 1 158 87.3 % 64.6 % 62.7 % 6,333

Market Subtotal / Weighted Average 11 4,732 94.1 % 90.3 % 86.5 % 190,454

Boston

5 Wall P P P 100.0% 1 182 100.0 % 100.0 % 100.0 % 8,009

Wayside Office Park P P 100.0% 2 473 92.0 % 92.0 % 90.5 % 18,239

25 Mall P P 100.0% 1 281 62.3 % 61.6 % 60.5 % 8,000

Market Subtotal / Weighted Average 4 936 84.6 % 84.4 % 83.3 % 34,248

Dallas

Galleria Towers P P P 100.0% 3 1,397 90.2 % 82.3 % 81.0 % 62,570

Park Place on Turtle Creek P P 100.0% 1 183 89.1 % 73.8 % 73.8 % 8,593

6565 MacArthur P P P 100.0% 1 255 87.1 % 85.9 % 85.9 % 8,414

Las Colinas Connection P P 100.0% 3 605 100.0 % 94.9 % 94.9 % 22,138

The Interlink at Las Colinas P P 100.0% 2 382 90.6 % 51.3 % 50.3 % 12,833

Market Subtotal / Weighted Average 10 2,822 92.0 % 80.6 % 79.8 % 114,548

Minneapolis

US Bancorp Center P P P 100.0% 1 930 74.3 % 68.2 % 66.5 % 25,771

Crescent Ridge II P P P 100.0% 1 295 100.0 % 100.0 % 89.2 % 11,495

Norman Pointe I P P 100.0% 1 209 99.0 % 99.0 % 99.0 % 7,435

Market Subtotal / Weighted Average 3 1,434 83.2 % 79.2 % 75.9 % 44,701

New York

60 Broad P 100.0% 1 1,047 92.1 % 92.1 % 85.7 % 54,588

Market Subtotal / Weighted Average 1 1,047 92.1 % 92.1 % 85.7 % 54,588

Orlando

200 South Orange at The Exchange P P P 100.0% 1 646 90.4 % 88.5 % 84.8 % 26,424

CNL Center I and II P P P 99.0% 2 617 95.3 % 95.3 % 89.3 % 26,370

501 West Church 100.0% 1 182 100.0 % 100.0 % 100.0 % 5,706

400 and 500 TownPark P P P 100.0% 2 309 100.0 % 100.0 % 92.2 % 11,389

Market Subtotal / Weighted Average 6 1,754 94.8 % 94.1 % 89.3 % 69,889

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% 1 308 76.0 % 65.3 % 56.8 % 11,758

Arlington Gateway P P P 100.0% 1 331 61.6 % 54.7 % 54.1 % 10,314

3100 Clarendon P P P 100.0% 1 258 82.2 % 82.2 % 75.2 % 9,455

1201 and 1225 Eye Street P P P

(2)

2 478 68.2 % 68.2 % 67.2 % 19,816

400 Virginia P P P 100.0% 1 209 59.3 % 59.3 % 58.4 % 6,734

Market Subtotal / Weighted Average 6 1,584 69.4 % 65.9 % 62.6 % 58,077

Other

Enclave Place P P P 100.0% 1 301 100.0 % 100.0 % 100.0 % 12,334

1430 Enclave P P P 100.0% 1 313 82.7 % 82.7 % 82.7 % 8,607

Market Subtotal / Weighted Average 2 614 91.2 % 91.2 % 91.2 % 20,941

In-Service Total 43 14,923 89.3 % 85.0 % 81.9 % 587,446

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 Q2 2026 56.5 100.0% 1 132 80.1 % 48.4 % 32.8 % 3,819

9320 Excelsior Minneapolis Q4 2026 35.2 100.0% 1 265 64.4 % 29.4 % 0.3 % 6,242

Meridian Minneapolis Q4 2026 72.6 100.0% 2 397 81.4 % 27.6 % 9.2 % 12,589

Out-of-Service Total 164.3 4 794 75.5 % 31.7 % 10.2 % 22,650

Total Portfolio 47 15,717 88.6 % 82.4 % 78.3 % 610,096

(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).

Piedmont Realty TrustTM

Property Investment Activity and Land Holdings

As of March 31, 2026

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)

80 and 90 Central Boston / Boxborough Q2 2025 100% 1988 / 2001 322 29.5

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 (1)

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

(1) During the first quarter of 2026, the Company entered into a binding contract to sell this undeveloped land parcel for $12.0 million. The transaction is subject to several extension options; however, is expected to close later in 2026.

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.

Piedmont Realty TrustTM

Non-GAAP Reconciliation:

GAAP Net Income / (Loss) to FFO, Core FFO, and AFFO

Unaudited (in thousands)

Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

GAAP net loss applicable to common stock $ (12,920) $ (43,246) $ (13,462) $ (16,808) $ (10,104)

Depreciation

43,675 42,497 41,759 40,266 40,513

Amortization

15,263 15,166 15,188 14,778 15,413

Gain on sale of real estate assets

— — — (1,224) (789)

NAREIT Funds From Operations applicable to common stock 46,018 14,417 43,485 37,012 45,033

Adjustments:

Loss on early extinguishment of debt — 29,788 — 7,500 500

Core Funds From Operations applicable to common stock 46,018 44,205 43,485 44,512 45,533

Adjustments:

Amortization of debt issuance costs and discounts on debt

1,648 1,598 1,561 1,574 1,456

Depreciation of non real estate assets 351 365 368 369 369

Straight-line effects of lease revenue

(4,382) (4,305) (6,251) (8,968) (9,668)

Stock-based compensation adjustments (739) 2,437 2,503 2,396 55

Amortization of lease-related intangibles

(1,940) (1,959) (1,959) (1,957) (2,062)

Non-incremental capital expenditures

Base Building Costs (6,569) (3,695) (3,203) (10,149) (5,416)

Tenant Improvement Costs (7,840) (11,887) (5,575) (3,809) (4,629)

Leasing Commission Costs (2,705) (8,050) (4,425) (7,727) (2,149)

Adjusted Funds From Operations applicable to common stock $ 23,842 $ 18,709 $ 26,504 $ 16,241 $ 23,489

Piedmont Realty TrustTM

Non-GAAP Reconciliation:

GAAP Net Income/(Loss) to Core EBITDA and Same Store Net Operating Income (Cash Basis)

Unaudited (in thousands)

Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

GAAP net loss applicable to Piedmont $ (12,920) $ (43,246) $ (13,462) $ (16,808) $ (10,104)

Net income applicable to noncontrolling interest 5 6 5 2 6

Interest expense 31,929 32,406 31,968 31,954 31,677

Depreciation 44,027 42,862 42,127 40,646 40,894

Amortization 15,263 15,166 15,188 14,786 15,421

Gain on sale of real estate assets — — — (1,224) (789)

EBITDAre 78,304 47,194 75,826 69,356 77,105

Loss on early extinguishment of debt — 29,788 — 7,500 500

Core EBITDA 78,304 76,982 75,826 76,856 77,605

General and administrative expense 7,909 7,457 7,607 7,960 7,563

Management fee revenue (158) (71) (114) (77) (64)

Other income (118) 62 (52) (25) (288)

Straight-line effects of lease revenue (4,382) (4,305) (6,251) (8,971) (9,669)

Amortization of lease-related intangibles (1,940) (1,960) (1,959) (1,957) (2,061)

Property net operating income (cash basis) 79,615 78,165 75,057 73,786 73,086

Deduct net operating (income) loss from:

Acquisitions — — — — —

Dispositions 45 (31) 54 (447) (1,224)

Other investments 327 (1,459) (42) 92 162

Same store net operating income (cash basis) $ 79,987 $ 76,675 $ 75,069 $ 73,431 $ 72,024

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