# Piedmont Realty Trust, Inc. (PDM)

> Source: Nexqual · https://nexqual.com/PDM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Piedmont Realty Trust, Inc. (PDM), nexqual.com/PDM" · informational, not investment advice.

**Price:** USD 9.63 (+4.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.63 · day 9.25–9.67 · 52w 6.32–10.13 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $569M, net income -$80.7M (-14.2% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $39K; 1 not under a Rule 10b5-1 plan ($39K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.75 on a 1–5 scale) (4 analysts), mean target USD 10.75 (range 10–11).
- Total return with dividends: 1Y +15.3% vs S&P 500 +14.9%; 5Y -32.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD -0.01, revenue estimate $147M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $529M | $564M | $578M | $570M | $565M | $569M |
| Net income | -$1.2M | $147M | -$48.4M | -$79.1M | -$83.6M | -$80.7M |
| EPS (diluted) | -$0.01 | $1.19 | -$0.39 | -$0.64 | -$0.67 | — |
| Net margin | -0.2% | 26.0% | -8.4% | -13.9% | -14.8% | -14.2% |
| Revenue growth | -1.2% | +6.6% | +2.5% | -1.3% | -0.9% | — |
| Cash + short-term investments | $7.4M | $16.5M | $825K | $110M | $731K | — |
| Total debt | $1.88B | $1.98B | $2.05B | $2.22B | $2.22B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Rexroad Sherry L | EVP-CFO | 4,446 | $39K | 7.6% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.75 on a 1–5 scale), 4 analysts; mean target USD 10.75 (low 10, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-09 | JP Morgan | Target raised | Neutral | $10 → $11 |
| 2026-08-14 | Baird | Target raised | Neutral | $9 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +15.3% | -32.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +15.4% | -7.6% |
| Volatility (annualized) | 31.9% | 34.4% |
| Max drawdown | -27.9% (Feb 2026→Mar 2026) | -70.4% (Jan 2022→Oct 2023) |

## Peers (REIT - Office)
DEA (Easterly Government Properties,) USD 22.57 +2.13% · ESBA (Empire State Realty OP, L.P. Se) USD 4.99 +4.51% · PSTL (Postal Realty Trust, Inc.) USD 21.87 +2.39% · DEI (Douglas Emmett, Inc.) USD 10.09 +5.88% · HPP (Hudson Pacific Properties, Inc.) USD 10.58 +11.84% · BDN (Brandywine Realty Trust) USD 2.95 +9.26%

## More
Full page: https://nexqual.com/PDM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Atlanta | $44.5M | 30.9% | -0.0% |
| Dallas | $27.5M | 19.1% | +4.2% |
| Orlando | $18.6M | 12.9% | +23.8% |
| New York | $13.9M | 9.6% | -5.4% |
| Northern Virginia/Washington, D.C. | $13.3M | 9.2% | +4.2% |
| Minneapolis | $11.7M | 8.1% | +2.2% |
| Boston | $9.7M | 6.7% | -9.1% |
| Total revenue | $144.1M | 100% | — |
The lines above cover 96.5% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other property related income | $6.8M | 4.7% | +7.9% |
| Property management fee revenue | $108,000 | 0.1% | +33.3% |
| Total revenue | $144.1M | 100% | — |
The lines above cover 4.8% of total revenue.

## Company outlook (8-K filed 2026-07-28)

- "Outlook for second quarter in a row – Generated Same Store NOI Cash Growth of 9% – Strong leasing momentum continues with almost 460,000 square feet executed and cash leasing spreads of over 14% – Signed but yet to commence leases total $39 million equivalent to 570 bps of portfolio occupancy ATLANTA, July 28, 2026 — Piedmont Realty Trust, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $-0.01 | -21.0% | $146.7M | 1 |
| Next quarter (ends 2026-12-31) | $0.03 | $0.02 | +90.0% | $149.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.17 | $-0.13 | +31.5% | $583.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.25 | $0.12 | +109.1% | $597.6M | 1 |