Piedmont Office Realty Trust, Inc. reported a net loss of approximately $16.8 million, or $0.14 per diluted share, for the three months ended June 30, 2025, compared to a net loss of $9.8 million, or $0.08 per diluted share, for the same period in 2024. The decline in profitability was primarily attributed to a $7.5 million loss on early extinguishment of debt. Total revenues for the second quarter of 2025 were approximately $140.4 million, a decrease from $143.3 million in the prior year, driven by a reduction in rental and tenant reimbursement revenue, which fell to $134.0 million from $136.7 million.
For the six months ended June 30, 2025, Piedmont's total revenues were approximately $282.9 million, down from $287.8 million in the same period of 2024. The decrease in revenue was largely due to downtime between tenant expirations and the commencement of new leases, as well as the sale of four properties since January 1, 2024. Despite these challenges, the company reported an increase in net operating income (NOI) for its same-store properties, which was $169.5 million for the first half of 2025, slightly down from $169.8 million in the previous year.
Piedmont's operational metrics showed a leased percentage of 88.7% as of June 30, 2025, a slight increase from 88.4% at the end of 2024. The company owned and operated a portfolio of 29 in-service projects totaling approximately 14.9 million square feet. The firm also engaged in strategic financial maneuvers, including the repurchase of $67.5 million of its senior unsecured notes due 2028, which resulted in a loss on early extinguishment of debt. Additionally, Piedmont amended its $200 million unsecured term loan, increasing it to $325 million and extending its maturity to January 2028.
Looking ahead, Piedmont anticipates continued challenges in the leasing market, particularly with the potential for downtime and rental rate roll-downs as leases expire. However, the company remains focused on maintaining its REIT status and plans to utilize cash flows from operations and available credit to meet its obligations. The firm has approximately $450 million of borrowing capacity under its $600 million unsecured line of credit, which it views as sufficient liquidity for the foreseeable future.
About Piedmont Office Realty Trust, Inc.
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