Piedmont Realty Trust reported second-quarter 2026 results showing Same Store NOI cash growth of 9% and Core FFO of $47.9 million. The company recorded a net loss applicable to Piedmont of $11.1 million, or $(0.09) per share, while NAREIT FFO per diluted share was $0.38. Management raised its full-year 2026 NAREIT/Core FFO outlook to $190–$197 million (or $1.50–$1.55 per diluted share).

Financial Highlights

  • Total revenues: $144.1 million for the three months ended June 30, 2026.
  • Net loss applicable to Piedmont: $(11.1) million for Q2 2026; net loss per diluted share: $(0.09).
  • NAREIT FFO applicable to common stock: $47.9 million for Q2 2026; NAREIT FFO per diluted share: $0.38.
  • Core FFO applicable to common stock: $47.9 million for Q2 2026; Core FFO per diluted share: $0.38.
  • Adjusted FFO (AFFO) applicable to common stock: $31.0 million for Q2 2026.

Business Highlights

  • Same Store NOI: cash basis increased 9.0% and accrual basis increased 2.8% for the quarter, driven by rental rate growth and burn off of abatements.
  • Leasing momentum: ~459,000 sq ft executed in Q2 (approx. 262,000 sq ft new tenant leasing) with cash rent roll-up of 14.1% and accrual roll-up of 32.4% for leases on space vacant ≤1 year.
  • Signed-but-not-yet-commenced leases: ~0.9 million sq ft representing ~$39 million of future annual cash rent; leases under abatement: ~1.0 million sq ft (~$28 million future annual cash rent).
  • Portfolio occupancy and redevelopment: in-service leased percentage 88.9% (in-service rentable sq ft ~15.1M); out-of-service redevelopment projects (671k sq ft) were 82.9% leased and one asset (222 South Orange Avenue) was placed back into service during Q2.
  • Balance sheet and liquidity: total debt (GAAP) $2.251 billion; cash and cash equivalents $16.8 million; amended unsecured term loan increased to $400 million (maturity extended to May 28, 2031) with proceeds used to repay the revolving line.

Original SEC Filing:

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