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PDM logoPiedmont Office Realty Trust, Inc.(PDM)Earnings, Financials & Key Ratios

PDM•NYSE•REIT / Real Estate
$8.45
$1.06B mkt cap·Price updated May 6, 2026
SectorReal EstateIndustryOffice REITsSub-IndustrySun Belt and Multi-Market Office REITs
AboutPiedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in select sub-markets within seven major Eastern U.S. office markets, with the majority of its revenue being generated from the Sunbelt. Its geographically-diversified, approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. The Company is a fully-integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by S&P Global Ratings (BBB) and Moody's (Baa2). At the end of the third quarter, approximately 63% of the company's portfolio was ENERGY STAR certified and approximately 41% was LEED certified.Show more
  • Revenue$565M-0.9%
  • FFO$143M+45.2%
  • FFO/Share1.15+44.6%
  • FFO Payout21.52%-65.6%
  • FFO per Share1.15+44.6%
  • NOI Margin-20.72%-135.1%
  • FFO Margin25.4%+46.6%
  • ROE-5.42%-13.5%
  • ROA-2.05%-6.1%
  • Debt/Assets56.42%-7.3%
  • Net Debt/EBITDA7.42-21.9%
  • Book Value/Share12.03-6.1%
Technical→

PDM Key Insights

Piedmont Office Realty Trust, Inc. (PDM) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 21.5%
  • ✓Healthy dividend yield of 2.9%
  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗FFO declining 22.4% TTM
  • ✗Low NOI margin of -20.7%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

PDM Price & Volume

Piedmont Office Realty Trust, Inc. (PDM) stock price & volume — 10-year historical chart

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PDM Growth Metrics

Piedmont Office Realty Trust, Inc. (PDM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-0.34%
5 Years1.1%
3 Years0.07%
TTM-25.71%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-40.73%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-41.9%

Return on Capital

10 Years2.84%
5 Years2.08%
3 Years2%
Last Year2.05%

PDM Recent Earnings

Piedmont Office Realty Trust, Inc. (PDM) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 30, 2026
EPS
$0.10
Est $0.03
-212.0%
Revenue
$143M
Est $129M
+11.4%
Q1 2026
Feb 11, 2026
EPS
$0.35
Est $0.35
+0.0%
Revenue
$112M
Est $140M
-19.7%
Q4 2025
Oct 27, 2025
EPS
$0.35
Est $0.34
+2.9%
Revenue
$139M
Est $139M
-0.2%
Q3 2025
Jul 28, 2025
EPS
$0.36
Est $0.35
+2.9%
Revenue
$140M
Est $142M
-1.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$0.10vs $0.03-212.0%
$143Mvs $129M+11.4%
Q1 2026Feb 11, 2026
$0.35vs $0.35+0.0%
$112Mvs $140M-19.7%
Q4 2025Oct 27, 2025
$0.35vs $0.34+2.9%
$139Mvs $139M-0.2%
Q3 2025Jul 28, 2025
$0.36vs $0.35+2.9%
$140Mvs $142M-1.1%
Based on last 12 quarters of dataView full earnings history →

PDM Peer Comparison

Piedmont Office Realty Trust, Inc. (PDM) competitors in Sun Belt and Multi-Market Office REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
HIW logoHIWHighwoods Properties, Inc.Direct Competitor2.85B25.8217.81-2.39%11.4%3.76%1.49
DEA logoDEAEasterly Government Properties, Inc.Direct Competitor1.08B23.2980.3111.27%4.27%1.07%1.23
PGRE logoPGREParamount Group, Inc.Direct Competitor1.46B6.60-31.431.97%-13.47%-2.39%0.92
BXP logoBXPBXP, Inc.Product Competitor9.5B59.8434.392.19%7.95%3.58%2.26
VNO logoVNOVornado Realty TrustProduct Competitor5.94B31.567.511.27%43.99%11.77%1.16
KRC logoKRCKilroy Realty CorporationProduct Competitor4.16B35.0915.13-2.02%24.81%4.91%0.86
CUZ logoCUZCousins Properties IncorporatedProduct Competitor4.41B26.79111.6316%-0.52%-0.11%0.78
SLG logoSLGSL Green Realty Corp.Product Competitor3.18B44.71-28.1241.96%-8.99%-2.03%1.82

Compare PDM vs Peers

Piedmont Office Realty Trust, Inc. (PDM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs HIW

Most directly comparable listed peer for PDM.

Scale Benchmark

vs O

Larger-name benchmark to compare PDM against a more recognizable public peer.

Peer Set

Compare Top 5

vs HIW, DEA, PGRE, BXP

PDM Income Statement

Piedmont Office Realty Trust, Inc. (PDM) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue574.17M525.97M533.18M535.02M528.71M563.77M577.76M570.32M564.99M422.31M
Revenue Growth %3.32%-8.4%1.37%0.35%-1.18%6.63%2.48%-1.29%-0.93%-25.71%
Property Operating Expenses220.63M209.34M211.38M214.93M210.93M226.06M235.09M234.12M682.05M341.45M
Net Operating Income (NOI)
353.54M▲ 0%
316.63M▼ 10.4%
321.8M▲ 1.6%
320.09M▼ 0.5%
317.78M▼ 0.7%
337.71M▲ 6.3%
342.67M▲ 1.5%
336.2M▼ 1.9%
-117.06M▼ 134.8%
107.81M▲ 0%
NOI Margin %61.57%60.2%60.35%59.83%60.1%59.9%59.31%58.95%-20.72%25.53%
Operating Expenses225.78M200.96M34.72M231.33M236.86M253.68M265.4M261.96M-196.5M30.22M
G&A Expenses31.13M29.71M34.72M27.46M30.25M29.13M29.19M35.42M30.59M30.93M
EBITDA527.71M525.97M399.09M292.63M287.53M308.58M313.48M252.13M306.53M229.32M
EBITDA Margin %91.91%100%74.85%54.69%54.38%54.74%54.26%44.21%54.25%54.3%
Depreciation & Amortization446.42M410.3M112.01M203.87M206.61M224.55M236.21M177.89M227.09M170.77M
D&A / Revenue %77.75%78.01%21.01%38.1%39.08%39.83%40.88%31.19%40.19%40.44%
Operating Income
81.3M▲ 0%
115.67M▲ 42.3%
287.08M▲ 148.2%
88.76M▼ 69.1%
80.92M▼ 8.8%
84.03M▲ 3.8%
77.26M▼ 8.1%
74.24M▼ 3.9%
79.44M▲ 7.0%
58.55M▲ 0%
Operating Margin %14.16%21.99%53.84%16.59%15.3%14.9%13.37%13.02%14.06%13.86%
Interest Expense68.12M61.02M61.59M54.99M51.29M65.66M101.26M122.98M128M2M
Interest Coverage2.96x3.14x1.69x1.61x0.98x3.24x0.52x0.60x0.35x-
Non-Operating Income-127.96M-75.65M182.68M030.79M-128.46M24.38M035.04M29.58M
Pretax Income
17.68M▲ 0%
54.6M▲ 208.9%
229.42M▲ 320.2%
232.69M▲ 1.4%
-1.17M▼ 100.5%
146.83M▲ 12681.8%
-48.38M▼ 132.9%
-79.06M▼ 63.4%
-83.6M▼ 5.7%
-86.42M▲ 0%
Pretax Margin %3.08%10.38%43.03%43.49%-0.22%26.04%-8.37%-13.86%-14.8%-20.46%
Income Tax-43.26M-42K160K0000000
Effective Tax Rate %-244.77%-0.08%0.07%0%0%0%0%0%0%0%
Net Income
133.56M▲ 0%
130.3M▼ 2.4%
229.26M▲ 76.0%
232.69M▲ 1.5%
-1.15M▼ 100.5%
146.83M▲ 12834.6%
-48.39M▼ 133.0%
-79.07M▼ 63.4%
-83.6M▼ 5.7%
-86.42M▲ 0%
Net Margin %23.26%24.77%43%43.49%-0.22%26.04%-8.37%-13.86%-14.8%-20.46%
Net Income Growth %23.8%-2.45%75.95%1.49%-100.5%12834.61%-132.95%-63.41%-5.73%-40.73%
Funds From Operations (FFO)
579.98M▲ 0%
540.6M▼ 6.8%
341.27M▼ 36.9%
436.56M▲ 27.9%
205.45M▼ 52.9%
371.38M▲ 80.8%
187.83M▼ 49.4%
98.82M▼ 47.4%
143.49M▲ 45.2%
128.38M▲ 0%
FFO Margin %101.01%102.78%64.01%81.6%38.86%65.88%32.51%17.33%25.4%30.4%
FFO Growth %3.77%-6.79%-36.87%27.92%-52.94%80.76%-49.43%-47.39%45.2%-97.94%
FFO per Share3.994.142.703.461.663.011.520.801.151.03
FFO Payout Ratio %21.08%34.05%31.19%24.35%50.57%28.1%49.58%62.6%21.52%0.03%
EPS (Diluted)
0.92▲ 0%
1.00▲ 8.7%
1.32▲ 32.0%
1.85▲ 40.2%
-0.01▼ 100.5%
1.19▲ 12895.7%
-0.39▼ 132.8%
-0.64▼ 64.1%
-0.67▼ 4.7%
-0.69▲ 0%
EPS Growth %24.32%8.7%32%40.15%-100.5%--132.77%-64.1%-4.69%-41.9%
EPS (Basic)0.941.031.321.85-0.011.19-0.39-0.64-0.67-
Diluted Shares Outstanding145.38M130.64M126.18M126.1M123.98M123.52M123.66M123.94M124.44M124.81M

PDM Balance Sheet

Piedmont Office Realty Trust, Inc. (PDM) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets4B3.59B3.52B3.74B3.93B4.09B4.06B4.11B4.03B3.42B
Asset Growth %-10.1%-10.19%-2.11%6.34%5.1%3.94%-0.7%1.42%-2.02%-24.11%
Real Estate & Other Assets-3.15B3.22B405.44M332.85M348.94M3.67B3.77B3.75B-3.16B0
PP&E (Net)2.75B2.61B2.73B2.9B3.09B3.39B003.38B0
Investment Securities10K-1000K0001000K001000K0
Total Current Assets231.19M200.21M209.58M312.46M301.38M213.53M234.39M313.19M224.23M218.69M
Cash & Equivalents7.38M4.57M13.54M7.33M7.42M16.54M825K109.64M731K2.28M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets64.89M38.01M55.47M147.89M128.33M17.15M42.8M4.25M3.06M0
Intangible Assets77.81M77.68M74.41M90.59M94.38M114.38M00118.19M40.55M
Total Liabilities2.01B1.88B1.7B1.84B2.14B2.24B2.33B2.53B2.53B2.55B
Total Debt1.73B1.69B1.49B1.63B1.88B2.04B2.1B2.51B2.27B187.9M
Net Debt1.72B1.68B1.47B1.62B1.88B2.02B2.09B2.4B2.27B185.62M
Long-Term Debt1.73B1.48B1.49B1.6B1.88B1.98B2B2.22B2.25B187.9M
Short-Term Borrowings00027.94M0050.15M250M111K0
Capital Lease Obligations38.46M35.71M00056.95M42.92M32.79M24.82M80.36M
Total Current Liabilities246.24M158.27M150.58M165.62M140.5M195.64M286.74M271.38M112.12M117.73M
Accounts Payable114.85M93.74M115.9M111.2M114.45M110.31M131.52M149.05M172.88M0
Deferred Revenue29.58M28.78M00059.98M89.93M107.03M0117.73M
Other Liabilities5.28M208.24M60.68M72.33M120.03M008K148.17M2.25B
Total Equity
1.99B▲ 0%
1.71B▼ 13.8%
1.82B▲ 6.2%
1.9B▲ 4.3%
1.79B▼ 5.8%
1.85B▲ 3.5%
1.72B▼ 6.8%
1.59B▼ 7.8%
1.5B▼ 5.8%
1.48B▲ 0%
Equity Growth %-8.83%-13.81%6.24%4.34%-5.82%3.46%-6.83%-7.83%-5.76%-22.98%
Shareholders Equity1.98B1.71B1.82B1.9B1.79B1.85B1.72B1.59B1.5B1.48B
Minority Interest1.82M1.77M1.73M1.68M1.63M1.59M1.56M1.52M1.5M1.5M
Common Stock1.42M1.26M1.26M1.24M1.23M1.23M1.24M1.24M1.25M1.25M
Additional Paid-in Capital3.68B3.68B3.69B3.69B3.7B3.71B3.72B3.72B3.73B0
Retained Earnings-1.7B-1.98B000-1.86B-1.99B-2.13B-2.23B0
Preferred Stock0000000000
Return on Assets (ROA)3.16%3.43%6.45%6.41%-0.03%3.66%-1.19%-1.94%-2.05%-2.24%
Return on Equity (ROE)6.41%7.05%12.99%12.52%-0.06%8.08%-2.71%-4.78%-5.42%-5.7%
Debt / Assets43.17%46.92%42.27%43.63%47.9%49.95%51.7%60.88%56.42%5.49%
Debt / Equity0.87x0.98x0.82x0.86x1.05x1.10x1.22x1.58x1.52x1.52x
Net Debt / EBITDA3.26x3.20x3.69x5.55x6.52x6.56x6.68x9.50x7.42x7.42x
Book Value per Share13.6613.1114.4215.0514.4214.9713.9312.8112.0311.89

PDM Cash Flow Statement

Piedmont Office Realty Trust, Inc. (PDM) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations242.81M202.87M208.48M193.28M242.2M215.22M210.13M198.11M140.56M140.56M
Operating CF Growth %2.97%-16.45%2.77%-7.29%25.31%-11.14%-2.36%-5.72%-29.05%593.61%
Operating CF / Revenue %42.29%38.57%39.1%36.13%45.81%38.17%36.37%34.74%24.88%33.28%
Net Income133.55M130.29M229.26M232.69M-1.17M146.83M-48.39M-79.06M-83.62M-86.42M
Depreciation & Amortization193.23M166.29M177.62M195.11M199.27M215.39M226.85M227.74M0126.71M
Stock-Based Compensation9.2M9.74M15.45M9.72M10.98M8.97M8.09M9.55M7.39M9.7M
Other Non-Cash Items1.59M-250K87K2.08M3.27M-124.99M32.65M34.66M270.3M123.16M
Working Capital Changes-21.51M-29.18M-25.87M-45.54M-10.6M-30.98M-9.07M5.22M-53.51M-8.18M
Cash from Investing240.61M323.78M134.38M-197.88M-368.93M-1.25M-196.02M-186.62M-175.35M-183.92M
Acquisitions (Net)12.33M000000000
Purchase of Investments-1.16M-3.2M00000000
Sale of Investments79.83M578.43M589.77M360.09M0415.89M0000
Other Investing229.44M395.88M-351.84M-445.39M-246.31M-295.78M-37.83M-186.62M-175.35M-149.68M
Cash from Financing-482.87M-529.37M-333.51M-1.58M126.38M-203.23M-29.5M98.18M-75.31M18.66M
Dividends Paid-122.27M-184.09M-106.43M-106.31M-103.91M-104.37M-93.12M-61.86M-30.87M-165K
Common Dividends-122.27M-184.09M-106.43M-106.31M-103.91M-104.37M-93.12M-61.86M-30.87M-34K
Debt Issuance (Net)-1000K-1000K-1000K1000K1000K-1000K1000K1000K-1000K-1000K
Share Repurchases-60.47M-298.54M-16.9M-29.99M-19.54M-3.94M-1.76M-1.76M0-7.16M
Other Financing-3.72M-3.34M-4.16M-4.07M-4.15M-1.33M-2.32M-2.56M-4.56M21.04M
Net Change in Cash
551K▲ 0%
-2.72M▼ 593.8%
9.35M▲ 443.7%
-6.17M▼ 166.0%
-354K▲ 94.3%
10.74M▲ 3133.9%
-15.39M▼ 243.3%
109.68M▲ 812.5%
-110.09M▼ 200.4%
-299K▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning8.2M8.76M6.03M15.39M9.21M8.86M19.6M4.21M113.88M3.79M
Cash at End8.76M6.03M15.39M9.21M8.86M19.6M4.21M113.88M3.79M6.33M
Free Cash Flow
162.97M▲ 0%
130.76M▼ 19.8%
104.93M▼ 19.8%
80.7M▼ 23.1%
119.58M▲ 48.2%
93.86M▼ 21.5%
51.94M▼ 44.7%
-14M▼ 126.9%
-16.68M▼ 19.1%
47.35M▲ 0%
FCF Growth %29.78%-19.76%-19.76%-23.09%48.17%-21.51%-44.66%-126.95%-19.15%274.01%
FCF / Revenue %28.38%24.86%19.68%15.08%22.62%16.65%8.99%-2.45%-2.95%11.21%

PDM Key Ratios

Piedmont Office Realty Trust, Inc. (PDM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share3.994.142.73.461.663.011.520.81.151.03
FFO Payout Ratio21.08%34.05%31.19%24.35%50.57%28.1%49.58%62.6%21.52%0.03%
NOI Margin61.57%60.2%60.35%59.83%60.1%59.9%59.31%58.95%-20.72%25.53%
Net Debt / EBITDA3.26x3.20x3.69x5.55x6.52x6.56x6.68x9.50x7.42x7.42x
Debt / Assets43.17%46.92%42.27%43.63%47.9%49.95%51.7%60.88%56.42%5.49%
Interest Coverage2.96x3.14x1.69x1.61x0.98x3.24x0.52x0.60x0.35x-
Book Value / Share13.6613.1114.4215.0514.4214.9713.9312.8112.0311.89
Revenue Growth3.32%-8.4%1.37%0.35%-1.18%6.63%2.48%-1.29%-0.93%-25.71%

PDM SEC Filings & Documents

Piedmont Office Realty Trust, Inc. (PDM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Feb 11, 2026·SEC

Material company update

Feb 3, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 19, 2025·SEC

FY 2024

Feb 20, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 27, 2025·SEC

FY 2025

Jul 28, 2025·SEC

PDM Frequently Asked Questions

Piedmont Office Realty Trust, Inc. (PDM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Piedmont Office Realty Trust, Inc. (PDM) reported $422.3M in revenue for fiscal year 2025. This represents a 239% increase from $124.4M in 2002.

Piedmont Office Realty Trust, Inc. (PDM) saw revenue decline by 0.9% over the past year.

Piedmont Office Realty Trust, Inc. (PDM) reported a net loss of $86.4M for fiscal year 2025.

Dividend & Returns

Yes, Piedmont Office Realty Trust, Inc. (PDM) pays a dividend with a yield of 2.94%. This makes it attractive for income-focused investors.

Piedmont Office Realty Trust, Inc. (PDM) has a return on equity (ROE) of -5.4%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Piedmont Office Realty Trust, Inc. (PDM) generated Funds From Operations (FFO) of $128.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More PDM

Piedmont Office Realty Trust, Inc. (PDM) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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