Piedmont Realty Trust, Inc. reported a net loss applicable to common stockholders of approximately $83.6 million, or $0.67 per diluted share, for the fiscal year ending December 31, 2025. This represents a slight increase in net loss compared to the previous year, which was $79.1 million, or $0.64 per diluted share. The primary factor contributing to this increase was a loss of approximately $37.8 million on early extinguishment of debt, which was partially offset by the absence of impairment charges that totaled $33.8 million in 2024. Total revenues for 2025 decreased to $565 million from $570.3 million in 2024, primarily due to a decline in rental and tenant reimbursement revenue, which fell by $6.1 million.
In terms of operational performance, Piedmont's portfolio consisted of 29 in-service projects and three redevelopment projects, with an overall leased percentage of 89.6% as of December 31, 2025, up from 88.4% the previous year. The company completed approximately 2.5 million square feet of leasing during the year, including 1.7 million square feet of new tenant leases. Annualized Lease Revenue (ALR) from the in-service portfolio was reported at $578.7 million, reflecting a per square foot increase to $43.31 from $41.91 in 2024. The company’s average lease size was approximately 14,000 square feet, with an average remaining lease term of six years.
Piedmont's strategic developments included the completion of several leasing agreements and the ongoing redevelopment of properties to enhance tenant amenities. The company has focused on maintaining a diversified tenant base, with no single tenant accounting for more than 5% of ALR. The geographic distribution of the portfolio is heavily concentrated in major U.S. Sunbelt markets, which accounted for over 70% of ALR. The company also emphasized its commitment to sustainability, achieving recognition as an ENERGY STAR Partner of the Year for the fifth consecutive year and maintaining high levels of ENERGY STAR and LEED certifications across its properties.
Looking ahead, Piedmont Realty Trust expressed a cautious outlook, noting the potential impact of economic conditions on its operations and financial performance. The company plans to continue focusing on maximizing cash flow from operations and pursuing strategic acquisitions that align with its investment criteria. However, management acknowledged the risks associated with market fluctuations, tenant defaults, and the overall economic environment, which could affect future leasing activity and revenue generation. The company remains committed to its long-term objectives of enhancing shareholder value through operational excellence and strategic growth initiatives.
About Piedmont Realty Trust, Inc.
Piedmont Office Realty Trust, Inc. is a REIT specializing in owning, managing, and redeveloping high-quality Class A office properties primarily in U.S. Sunbelt markets. Its diversified portfolio serves corporate and government tenants, emphasizing operational excellence, sustainability, and tenant retention. The company focuses on strategic acquisitions, redevelopment, and environmentally responsible management to maximize long-term risk-adjusted returns.
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