• Piedmont Realty Trust is like Simon Property Group (SPG), but for office buildings instead of malls.
• Piedmont Realty Trust is like Public Storage (PSA), but for office space instead of storage units.
• Piedmont Realty Trust is like Prologis (PLD), but for office buildings instead of warehouses and logistics facilities.

• Office Space Leasing: Piedmont Realty Trust provides rentable office properties to corporate and government tenants across various markets.
• Property Management: The company manages the operations, maintenance, and tenant services for its portfolio of office buildings.
• Real Estate Investment & Development: Piedmont acquires, develops, and redevelops Class A office properties to grow its portfolio and generate long-term value.

Piedmont Realty Trust (symbol: PDM) is an office Real Estate Investment Trust (REIT). As such, its "customers" are the various companies that lease office space from its portfolio of properties.

Piedmont Realty Trust maintains a diversified tenant base and typically does not have "major customers" in the sense of a single tenant accounting for a significant portion of its revenue. According to their financial disclosures (e.g., 10-K filings), no single tenant generally accounts for more than a small percentage (historically, often less than 2%) of their annualized contractual rent. This strategy helps mitigate concentration risk.

Therefore, rather than listing specific major customer companies, it is more accurate to describe the categories of industries that constitute their tenant base. These include a variety of corporate clients from sectors such as:

• Financial Services
• Technology
• Legal
• Government and Public Administration
• Consulting and other professional services

These tenants are a mix of public and private companies, as well as government entities, that require office space for their operations.

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C. Brent Smith, President, Chief Executive Officer & Director

Mr. Smith has served as President and Chief Executive Officer of Piedmont Realty Trust since July 2019 and as a Director since 2019. He joined Piedmont in 2012 as Senior Vice President. Prior to his promotion to CEO, he served as Chief Investment Officer for four years and as Executive Vice President of Piedmont's Northeast Region. Before joining Piedmont, Mr. Smith was an Executive Director with Morgan Stanley in the Real Estate Investment Banking division, where he advised a wide range of public and private real estate clients on over $80 billion of transactions and financings, including mergers and acquisitions. He possesses approximately 20 years of entity and asset-level real estate transaction experience across North America and Asia.

Sherry L. Rexroad, Chief Financial Officer & Executive Vice President

Ms. Rexroad was appointed Chief Financial Officer of Piedmont Realty Trust in November 2024. She brings approximately 30 years of experience in real estate investment trusts (REITs), finance, and capital markets. Most recently, she served as Chief Financial Officer of STORE Capital, a publicly traded net-lease REIT. Previously, Ms. Rexroad spent a decade at BlackRock Global Real Asset Securities, where she held roles as Global Head of Business Development, Co-Global Chief Investment Officer, and Chair of the Investment Committee. She is also a board member of Apartment Investment and Management Company (AIV).

Laura P. Moon, Chief Accounting Officer & Executive Vice President

Ms. Moon has served as Chief Accounting Officer of Piedmont since 2007, Executive Vice President since 2025, and Treasurer since 2023. She has over thirty years of experience with accounting and reporting for public companies and is responsible for all treasury, general ledger accounting, SEC, and tax reporting functions at Piedmont. Before joining Piedmont, Ms. Moon was Vice President and Chief Accounting Officer at Piedmont's former advisor, where her responsibilities included general ledger accounting, financial and tax reporting, and internal audit supervision for 19 public registrants and several private real estate partnerships. Ms. Moon is a CPA and began her career in 1991 with Deloitte & Touche LLP.

George M. Wells, Chief Operating Officer & Executive Vice President - Real Estate Operations

Mr. Wells has served as Executive Vice President and Chief Operating Officer since 2021. Prior to this role, he served as Executive Vice President of the company's Southeast Region.

Kelly H. Barrett, Chairman Executive Board

Ms. Barrett has been the Chairman of Piedmont's Executive Board since 2016. Her previous experience includes serving as Senior Vice President, Vice President, and Controller at The Home Depot. She also served at Cousins Properties.

The key risks to Piedmont Realty Trust's (symbol: PDM) business are primarily centered around its debt profile, the evolving landscape of office space demand, and its overall financial performance.

1. Debt Refinancing and Interest Rate Sensitivity: Piedmont Realty Trust faces significant risks associated with its substantial outstanding debt, particularly given the current higher interest rate environment. The company has a considerable amount of debt requiring refinancing, with almost half of its total debt due for refinancing in 2028. Recent refinancing activities have already led to elevated interest expenses. Fluctuations in interest rates could cause annual earnings variations, and a downgrade in credit ratings could further increase borrowing costs. The company also suspended its dividend to preserve cash and reduce debt, highlighting the seriousness of this risk.
2. Weakening Office Space Demand and Tenant Occupancy Risks: The broader trend of shifting office space demand, including the impact of remote work and potential economic downturns, poses a material risk to Piedmont Realty Trust. While the company has reported some recent leasing successes, a slowdown in tenant demand could quickly weaken its positive leasing narrative. There is also a risk of concentrated tenant exposure, where a single non-renewal could abruptly impact cash flow and margins. This directly affects occupancy rates and rental revenue generation.
3. Financial Performance Concerns and Liquidity: Piedmont Realty Trust has reported net losses in recent fiscal periods. The company's liquidity position, as indicated by a current ratio of 0.43 as of December 31, 2023, suggests potential challenges in meeting its short-term obligations and points to a working capital deficit. These financial performance concerns underscore an overarching challenge to the company's financial health and stability.

The long-term impact of widespread remote and hybrid work models on the demand for traditional office space. This trend is leading companies to re-evaluate their office footprints, potentially reducing square footage per employee, embracing flexible workspace solutions, and shifting away from long-term, large-scale leases. This fundamental change in how companies utilize and demand office space threatens to depress occupancy rates, put downward pressure on rental income, and reduce the overall value proposition of traditional Class A office assets.

Piedmont Realty Trust (symbol: PDM) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Leasing Activity and Occupancy: Piedmont has demonstrated strong leasing momentum, achieving record levels of leasing with 724,000 square feet leased in the third quarter of 2025, including over 0.5 million square feet of new tenant leases. This success has boosted the in-service lease percentage to 89.2%, with a year-end goal of 89% to 90% leased. A significant backlog of nearly $40 million in annualized uncommenced leases is anticipated to commence by the end of 2026, positioning the company for sustainable earnings growth.
2. Rental Rate Growth: The company is benefiting from higher rental rates, driven by improved economic occupancy and a renewed demand for high-quality office spaces. Strategic positioning of redeveloped properties, such as Galleria on the Park in Atlanta, has led to increased interest and higher rental rates.
3. Strategic Focus on Sunbelt Markets and Class A Properties: Piedmont's strategy of concentrating on Class A office properties within the U.S. Sunbelt markets provides a competitive advantage. These markets are characterized by growing economies and populations, which often result in lower vacancy rates and higher absorption rates, contributing to stable and increasing rental income.
4. Redevelopment and Amenity-Rich "Piedmont PLACEs": Investments in transforming buildings into "Piedmont PLACEs" by enhancing workplace environments and offering amenity-rich, sustainable properties with green certifications (LEED) are attracting and retaining tenants. This focus on high-quality, modern spaces is expected to drive higher occupancy rates and rental income.
5. Portfolio Refinement through Strategic Dispositions: While asset sales have had a minor impact on immediate FFO, the company's planned monetization of non-core assets and strategic dispositions are aimed at refining its portfolio. This strategy allows Piedmont to focus on high-growth areas, optimizing its asset base for long-term efficiency and profitability.

Share Repurchases

• Piedmont had a board-authorized stock repurchase program that expired in February 2024.
• As of December 31, 2023, approximately $150.5 million of share repurchase capacity remained under the expired program; however, no shares were repurchased during 2023.
• In December 2021, Piedmont repurchased $18.9 million in shares.

Share Issuance

• Piedmont has an at-the-market (ATM) stock offering program allowing the company to offer and sell shares of common stock with an aggregate gross sales price of up to $250 million.
• The number of common shares issued and outstanding was 124,083,038 as of December 31, 2024, and 123,715,298 as of December 31, 2023.
• As of December 31, 2022, there were 123,439,558 shares of common stock issued and outstanding.

Outbound Investments

• During the second quarter of 2025, one non-core suburban Boston asset was sold for gross proceeds of $30 million.
• A decrease in Core FFO per diluted share for the third quarter of 2025 was attributed to the sale of three projects during the 12 months ended September 30, 2025.
• In the first quarter of 2022, Piedmont sold 225 & 235 Presidential Way in Boston for $129 million, realizing an approximate gain of $49 million, and also sold Two Pierce Place in Chicago for $24 million.

Capital Expenditures

• Total capital expenditures were $212.1 million in 2024, including $96.7 million for redevelopment/renovations and $115.4 million for other capital expenditures such as building and tenant improvements.
• In 2023, total capital expenditures amounted to $158.2 million, with $55.9 million allocated to redevelopment/renovations and $102.3 million to other capital expenditures.
• The primary focus of capital expenditures is on upgrading assets to modern, amenity-rich, energy-efficient buildings at key locations, aiming to enhance tenant retention and secure premium rents.