NYSE : PDM

Piedmont Realty Trust, Inc. — Financial statements

Real Estate · REIT - Office · United States

Last price 9.51 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.18B

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Financial statements

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Rental Revenue552.81M537.99M544.06M555.31M545.74M514.62M
Property Management Fees504.00K348.00K1.74M1.73M1.68M2.50M
Other Revenue28.20M26.66M24.52M20.71M16.35M11.60M
Total Revenue581.51M564.99M570.32M577.76M563.77M528.71M
Property Expenses231.78M227.87M234.12M235.09M226.06M210.93M
Selling, General & Administrative32.66M30.59M30.59M29.19M29.13M30.25M
Depreciation & Amortization177.84M166.53M156.83M148.46M133.62M120.61M
Total Operating Expenses501.24M485.55M491.25M500.50M479.74M447.79M
Operating Income80.27M79.44M79.07M77.26M84.03M80.92M
Interest Expense-128.24M-128.00M-122.98M-101.26M-65.66M-51.29M
Other Non-Operating Income839.00K735.00K4.35M3.90M2.70M9.83M
EBT Excluding Unusual Items-47.13M-47.83M-39.57M-20.10M21.07M39.45M
Impairment of Goodwill-29.40M-16.00M
Gain (Loss) on Sale of Assets8.88M2.01M-445.00K1.95M151.73M
Asset Writedown-33.83M-46.00K-9.98M-41.00M
Other Unusual Items-50.02M-37.79M-5.22M-820.00K
Pretax Income-88.28M-83.60M-79.06M-48.42M146.82M-1.55M
Income Tax Expense1.00K1.00K2.00K-39.00K-10.00K-379.00K
Earnings From Continuing Operations-88.28M-83.60M-79.06M-48.38M146.83M-1.17M
Net Income to Company-88.28M-83.60M-79.06M-48.38M146.83M-1.17M
Minority Interest in Earnings-13.00K-19.00K-5.00K-10.00K14.00K
Net Income-88.29M-83.62M-79.07M-48.39M146.83M-1.15M
Net Income to Common-88.29M-83.62M-79.07M-48.39M146.83M-1.15M
Basic Shares Outstanding124.84M124.44M123.94M123.66M123.35M123.98M
Diluted Shares Outstanding124.84M124.44M123.94M123.66M123.52M123.98M
EPS (Basic)-0.71-0.67-0.64-0.391.19-0.01
EPS (Diluted)-0.71-0.67-0.64-0.391.19-0.01
Dividend Per Share0.120.500.670.840.84
Operating Margin13.80%14.06%13.86%13.37%14.90%15.30%
Profit Margin-15.18%-14.80%-13.86%-8.38%26.04%-0.22%
EBITDA278.57M261.71M247.15M231.06M221.05M206.90M
EBITDA Margin47.90%46.32%43.34%39.99%39.21%39.13%
D&A For Ebitda198.30M182.26M168.08M153.80M137.03M125.98M
EBIT80.27M79.44M79.07M77.26M84.03M80.92M
EBIT Margin13.80%14.06%13.86%13.37%14.90%15.30%
Funds From Operations (FFO)138.21M139.95M180.35M214.40M244.82M245.42M
FFO Per Share1.091.111.441.731.981.97
Adjusted Funds From Operations (AFFO)103.48M84.94M96.91M142.46M178.04M160.13M
AFFO Per Share0.820.670.781.151.441.29
FFO Payout Ratio0.11%22.06%34.30%43.43%42.63%42.34%
Revenue as Reported581.51M564.99M570.32M577.76M563.77M528.71M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Property, Plant & Equipment3.35B3.38B3.40B3.39B3.39B3.09B
Cash & Equivalents3.90M731.00K109.64M825.00K16.54M7.42M
Accounts Receivable224.65M220.44M199.31M190.77M176.78M165.63M
Goodwill53.49M53.49M53.49M53.49M82.94M98.92M
Other Intangible Assets46.76M44.37M60.48M82.59M114.38M94.38M
Loans Receivable Current118.50M
Restricted Cash2.58M3.06M4.25M3.38M3.06M1.44M
Other Current Assets39.62M20.86M25.79M66.97M17.15M8.39M
Trading Asset Securities2.56M671.00K3.03M4.18M
Deferred Long-Term Charges302.80M311.07M260.27M262.28M284.25M264.57M
Other Long-Term Assets66.50M84.37M
Total Assets4.09B4.03B4.11B4.06B4.09B3.93B
Current Portion of Long-Term Debt3.54M250.01M150.15M350.00M
Long-Term Debt2.34B2.22B1.97B1.90B1.63B1.88B
Accounts Payable128.34M144.38M118.05M131.52M110.31M114.45M
Other Current Liabilities37.83M34.93M46.30M15.14M25.36M26.05M
Long-Term Unearned Revenue114.52M112.12M107.03M89.93M59.98M80.69M
Other Long-Term Liabilities21.65M18.39M32.79M42.92M56.95M39.34M
Total Liabilities2.64B2.53B2.53B2.33B2.24B2.14B
Common Stock1.24M1.25M1.24M1.24M1.23M1.23M
Additional Paid-In Capital3.72B3.73B3.72B3.72B3.71B3.70B
Distributions in Excess of Earnings-2.27B-2.23B-2.13B-1.99B-1.86B-1.90B
Comprehensive Income & Other-4.85M-8.97M-10.12M-9.42M-8.68M-18.15M
Total Common Equity1.45B1.50B1.59B1.72B1.85B1.79B
Minority Interest1.49M1.50M1.52M1.56M1.59M1.63M
Shareholders' Equity1.45B1.50B1.59B1.72B1.85B1.79B
Total Liabilities & Equity4.09B4.03B4.11B4.06B4.09B3.93B
Total Debt2.34B2.22B2.22B2.05B1.98B1.88B
Net Cash (Debt)-2.33B-2.22B-2.11B-2.05B-1.96B-1.88B
Net Cash Per Share-18.70-17.87-17.04-16.58-15.89-15.13
Filing Date Shares Outstanding123.82M124.85M124.29M123.80M123.64M123.26M
Total Common Shares Outstanding123.81M124.52M124.08M123.72M123.44M123.08M
Book Value Per Share11.6912.0112.7913.9114.9714.51
Tangible Book Value1.35B1.40B1.47B1.59B1.65B1.59B
Tangible Book Value Per Share10.8811.2211.8712.8113.3712.94
Land552.48M545.10M552.74M559.38M567.24M529.94M
Buildings4.10B4.07B3.89B3.79B3.68B3.37B
Construction In Progress50.99M44.57M104.10M85.24M52.01M43.41M

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-88.29M-83.62M-79.07M-48.39M146.83M-1.15M
Depreciation & Amortization198.30M182.26M168.08M153.80M137.03M125.98M
Other Amortization48.67M49.97M59.66M78.90M82.12M76.56M
Gain (Loss) on Sale of Assets-8.88M-2.01M445.00K-1.95M-151.73M
Asset Writedown33.83M29.45M25.98M41.00M
Stock-Based Compensation9.60M9.67M9.55M8.09M8.97M10.98M
Change in Accounts Receivable-22.99M-23.56M-11.82M-14.12M-14.16M-9.69M
Change in Accounts Payable-5.74M-18.24M14.44M19.26M-1.59M1.86M
Change in Other Net Operating Assets2.02M3.43M1.02M-10.69M4.77M1.92M
Other Operating Activities50.04M37.81M391.00K297.00K-14.00K
Operating Cash Flow167.81M140.56M198.11M210.13M215.22M242.20M
Acquisition of Real Estate Assets-212.20M-157.24M-212.11M-158.19M-392.27M-348.64M
Sale of Real Estate Assets11.76M31.35M74.89M1.95M297.39M
Net Sale / Acq. of Real Estate Assets-200.44M-125.89M-137.22M-156.25M-94.88M-348.64M
Other Investing Activities118.50M
Investing Cash Flow-246.95M-175.35M-186.62M-196.02M-1.25M-368.93M
Long-Term Debt Issued998.04M918.97M1.41B803.42M789.58M
Long-Term Debt Repaid-1.00B-754.61M-1.34B-897.00M-535.61M
Net Debt Issued (Repaid)141.03M-4.30M164.36M67.69M-93.58M253.97M
Repurchase of Common Stock-53.03M-2.27M-1.76M-1.76M-3.94M-22.60M
Common Dividends Paid-156.00K-30.87M-61.86M-93.12M-104.37M-103.91M
Other Financing Activities-50.38M-37.86M-2.56M-2.32M-1.33M-1.09M
Net Cash Flow-1.66M-110.09M109.68M-15.39M10.74M-354.00K
Levered Free Cash Flow240.76M211.50M259.32M172.66M331.73M246.04M
Unlevered Free Cash Flow312.50M283.39M329.37M230.09M369.00M274.82M
Cash Interest Paid129.40M141.50M117.50M81.00M66.10M
Change in Working Capital-41.63M-53.51M5.22M-9.07M-30.98M-10.60M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization1.21B1.04B1.13B879.60M1.13B2.28B
Enterprise Value3.54B3.23B3.22B2.92B3.26B3.95B
Last Close Price9.608.348.996.567.6914.45
Price/FFO Ratio8.197.516.253.793.887.33
Price/AFFO Ratio10.8712.3811.595.695.3411.23
PE Ratio7.71
PS Ratio2.041.841.991.522.014.32
PB Ratio0.820.690.710.510.611.28
P/OCF Ratio7.087.395.734.195.269.42
EV/Sales Ratio6.065.725.655.055.797.46
EV/EBITDA Ratio12.6512.3413.0512.6414.7719.08
EV/EBIT Ratio43.8940.6640.7837.8038.8548.78
Debt / Equity Ratio1.621.491.401.191.071.05
Debt / EBITDA Ratio8.408.508.998.898.979.10
Net Debt / Equity Ratio1.611.491.331.191.061.05
Net Debt / EBITDA Ratio8.388.508.558.888.889.06
Asset Turnover0.140.140.140.140.140.14
Quick Ratio1.391.210.750.660.411.23
Current Ratio1.651.340.820.890.452.15
Return on Equity (ROE)-5.91%-5.42%-4.78%-2.71%8.08%-0.06%
Return on Assets (ROA)1.24%1.22%1.21%1.19%1.31%1.32%
Return on Invested Capital (ROIC)2.14%2.11%2.08%2.03%2.24%2.25%
Earnings Yield-7.25%-8.05%-6.97%-5.50%12.98%-0.05%
Dividend Yield1.50%5.47%9.42%9.16%4.53%
Payout Ratio71.08%
Buyback Yield / Dilution-0.43%-0.40%-0.23%-0.11%0.37%1.69%
Total Shareholder Return-0.43%1.10%5.24%9.31%9.53%6.22%