Piedmont Realty Trust (PDM)


Market Price (8/8/2026): $9.48 | Market Cap: $1.2 BilSector: Real Estate | Industry: Office REITs

Piedmont Realty Trust (PDM)


Market Price (8/8/2026): $9.48
Market Cap: $1.2 Bil
Sector: Real Estate
Industry: Office REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more.

Trading close to highs
Dist 52W High is -4.8%

Weak multi-year price returns
2Y Excs Rtn is -28%, 3Y Excs Rtn is -25%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 190%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%

Key risks
PDM key risks include [1] a significant debt burden requiring major refinancing in 2028, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%
1 Low stock price volatility
Vol 12M is 31%
2 Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more.
3 Trading close to highs
Dist 52W High is -4.8%
4 Weak multi-year price returns
2Y Excs Rtn is -28%, 3Y Excs Rtn is -25%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 190%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
8 Key risks
PDM key risks include [1] a significant debt burden requiring major refinancing in 2028, Show more.

PDM in ETFs

Weight = PDM's share of each fund

ITOT0.00%
IWM0.04%
VB0.01%
USRT0.10%
FNDA0.09%
SCHH0.08%
IWN0.08%
VNQ0.07%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/1/2026

Piedmont Realty Trust (PDM) stock has gained about 15% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.

Piedmont Realty Trust reported fiscal Q2 2026 Core FFO of $0.38 per diluted share, exceeding consensus estimates by $0.01 and marking a $0.02 year-over-year increase. Following this performance, management raised its full-year 2026 Core FFO guidance for the second consecutive quarter to $1.50-$1.55 per diluted share, representing over 8% projected growth, and increased its same-store Net Operating Income (NOI) guidance to 5%-8% on a cash and GAAP basis.

2. Robust Leasing Activity and Significant Rent Growth.

In fiscal Q2 2026, Piedmont executed approximately 459,000 square feet of leasing, including 262,000 square feet of new tenant leases. This strong leasing momentum was accompanied by substantial rent growth, with cash rents on comparable space increasing by 14.1% and net effective rent after capital expenditures reaching a record $25.56 per square foot, an increase of over 20% compared to the prior 12-month average.

Show more
Updated on 8/1/2026

Piedmont Realty Trust (PDM) stock has gained about 15% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.

Piedmont Realty Trust reported fiscal Q2 2026 Core FFO of $0.38 per diluted share, exceeding consensus estimates by $0.01 and marking a $0.02 year-over-year increase. Following this performance, management raised its full-year 2026 Core FFO guidance for the second consecutive quarter to $1.50-$1.55 per diluted share, representing over 8% projected growth, and increased its same-store Net Operating Income (NOI) guidance to 5%-8% on a cash and GAAP basis.

2. Robust Leasing Activity and Significant Rent Growth.

In fiscal Q2 2026, Piedmont executed approximately 459,000 square feet of leasing, including 262,000 square feet of new tenant leases. This strong leasing momentum was accompanied by substantial rent growth, with cash rents on comparable space increasing by 14.1% and net effective rent after capital expenditures reaching a record $25.56 per square foot, an increase of over 20% compared to the prior 12-month average.

3. Favorable "Flight-to-Quality" in the Office Market.

The broader commercial real estate market in fiscal Q2 2026 exhibited a pronounced "flight-to-quality" trend, where Class A office properties, which constitute Piedmont's primary focus in Sun Belt markets, experienced positive net absorption. This contrasted with Class B spaces, which saw declining occupancy. Occupiers increasingly sought and committed to high-quality assets, contributing to Piedmont's strong leasing and rental rate increases in its portfolio.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 13.4% change in PDM stock from 4/30/2026 to 8/7/2026 was primarily driven by a 12.9% change in the company's P/S Multiple.
(LTM values as of)43020268072026Change
Stock Price ($)8.369.4813.4%
Change Contribution By: 
Total Revenues ($ Mil)5665690.7%
P/S Multiple1.82.112.9%
Shares Outstanding (Mil)125125-0.2%
Cumulative Contribution13.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/7/2026
ReturnCorrelation
PDM13.4% 
Market (SPY)7.6%8.5%
Sector (XLRE)1.3%59.5%

Fundamental Drivers

The 12.6% change in PDM stock from 1/31/2026 to 8/7/2026 was primarily driven by a 12.3% change in the company's P/S Multiple.
(LTM values as of)13120268072026Change
Stock Price ($)8.429.4812.6%
Change Contribution By: 
Total Revenues ($ Mil)5655690.7%
P/S Multiple1.92.112.3%
Shares Outstanding (Mil)125125-0.5%
Cumulative Contribution12.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/7/2026
ReturnCorrelation
PDM12.6% 
Market (SPY)12.1%27.6%
Sector (XLRE)9.3%52.3%

Fundamental Drivers

The 25.4% change in PDM stock from 7/31/2025 to 8/7/2026 was primarily driven by a 25.2% change in the company's P/S Multiple.
(LTM values as of)73120258072026Change
Stock Price ($)7.569.4825.4%
Change Contribution By: 
Total Revenues ($ Mil)5665690.7%
P/S Multiple1.72.125.2%
Shares Outstanding (Mil)124125-0.5%
Cumulative Contribution25.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/7/2026
ReturnCorrelation
PDM25.4% 
Market (SPY)23.4%29.4%
Sector (XLRE)11.4%52.3%

Fundamental Drivers

The 43.8% change in PDM stock from 7/31/2023 to 8/7/2026 was primarily driven by a 47.3% change in the company's P/S Multiple.
(LTM values as of)73120238072026Change
Stock Price ($)6.599.4843.8%
Change Contribution By: 
Total Revenues ($ Mil)577569-1.3%
P/S Multiple1.42.147.3%
Shares Outstanding (Mil)124125-1.1%
Cumulative Contribution43.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/7/2026
ReturnCorrelation
PDM43.8% 
Market (SPY)74.9%43.7%
Sector (XLRE)29.3%62.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PDM Return19%-47%-15%37%-7%13%-23%
Peers Return21%-39%3%23%-14%15%-8%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
PDM Win Rate58%25%42%42%50%50% 
Peers Win Rate58%35%47%60%40%55% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
PDM Max Drawdown-16%-52%-50%-22%-36%-28% 
Peers Max Drawdown-12%-50%-40%-20%-27%-25% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CUZ, HIW, BDN, KRC, BXP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)

How Low Can It Go

EventPDMS&P 500
2025 US Tariff Shock
  % Loss-22.4%-18.8%
  % Gain to Breakeven28.9%23.1%
  Time to Breakeven37 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.7%-9.5%
  % Gain to Breakeven38.3%10.5%
  Time to Breakeven49 days24 days
2023 SVB Regional Banking Crisis
  % Loss-40.8%-6.7%
  % Gain to Breakeven68.9%7.1%
  Time to Breakeven465 days31 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-10.3%-19.2%
  % Gain to Breakeven11.5%23.8%
  Time to Breakeven30 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-15.4%-3.7%
  % Gain to Breakeven18.2%3.9%
  Time to Breakeven74 days6 days
2014-2016 Oil Price Collapse
  % Loss-11.1%-6.8%
  % Gain to Breakeven12.5%7.3%
  Time to Breakeven43 days15 days

Compare to CUZ, HIW, BDN, KRC, BXP

In The Past

Piedmont Realty Trust's stock fell -22.4% during the 2025 US Tariff Shock. Such a loss loss requires a 28.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPDMS&P 500
2025 US Tariff Shock
  % Loss-22.4%-18.8%
  % Gain to Breakeven28.9%23.1%
  Time to Breakeven37 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.7%-9.5%
  % Gain to Breakeven38.3%10.5%
  Time to Breakeven49 days24 days
2023 SVB Regional Banking Crisis
  % Loss-40.8%-6.7%
  % Gain to Breakeven68.9%7.1%
  Time to Breakeven465 days31 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.8%-17.9%
  % Gain to Breakeven34.8%21.8%
  Time to Breakeven480 days123 days

Compare to CUZ, HIW, BDN, KRC, BXP

In The Past

Piedmont Realty Trust's stock fell -22.4% during the 2025 US Tariff Shock. Such a loss loss requires a 28.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Piedmont Realty Trust (PDM)

Piedmont Office Realty Trust (NYSE: PDM) is a real estate investment trust (REIT) focused on the ownership, management, development, redevelopment, and operation of high-quality, Class A office properties. As a fully-integrated and self-managed company, Piedmont handles all aspects of its property portfolio, providing premium office spaces for businesses.

The company's main service is leasing these Class A office properties to a diverse range of tenants. Its substantial portfolio, valued at approximately $5 billion and spanning 17 million square feet, is strategically located in select sub-markets within seven major Eastern U.S. office markets, with the majority of its revenue generated from the Sunbelt region.

Piedmont Office Realty Trust maintains strong financial standing, holding investment-grade ratings from S&P Global Ratings (BBB) and Moody's (Baa2). The company also emphasizes sustainability, with a significant portion of its properties being ENERGY STAR certified (approximately 63%) and LEED certified (approximately 41%).

AI Analysis | Feedback

Piedmont Realty Trust is like the publicly-traded landlord for high-end office buildings across the Eastern U.S. and Sunbelt, similar to how Simon Property Group is a landlord for shopping malls or Prologis is for industrial warehouses.

AI Analysis | Feedback

Piedmont Realty Trust (PDM) primarily provides the following services:

  • Office Property Leasing: Piedmont owns and operates Class A office properties and generates revenue by leasing these spaces to various tenants.
  • Property Management: The company provides ongoing management and operational services for its portfolio of office properties to maintain their quality and tenant satisfaction.
  • Property Development and Redevelopment: Piedmont engages in the development of new office properties and the redevelopment of existing ones to enhance their value and expand its portfolio.

AI Analysis | Feedback

Piedmont Realty Trust (NYSE: PDM) sells primarily to other companies. However, based on its financial disclosures, Piedmont Realty Trust has a highly diversified tenant base and does not have individual "major customers" that account for a significant portion of its total revenue. For instance, as of December 31, 2022, no single tenant accounted for more than 4.3% of its total annualized rent.

Therefore, while it does not have specific named major customers, its customer base consists of a wide variety of businesses and organizations that lease high-quality, Class A office properties across various industries. These include, but are not limited to:

  • Professional & Business Services firms
  • Financial Services companies
  • Government entities
  • Healthcare organizations
  • Technology companies

Piedmont's strategy focuses on a diversified portfolio of tenants across different sectors to mitigate risk, rather than relying on a few large clients.

AI Analysis | Feedback

null

AI Analysis | Feedback

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. Before becoming CEO, he was the company's Chief Investment Officer for four years. Prior to joining Piedmont in 2012, Mr. Smith was an Executive Director with Morgan Stanley in the Real Estate Investment Banking division, where he provided advisory services to a wide range of public and private real estate clients. He brings approximately 20 years of real estate transaction experience across North America and Asia. His professional network includes private and public pension equity investors and top-tier investment bankers.

Sherry Rexroad Executive Vice President, Chief Financial Officer

Ms. Rexroad was appointed Chief Financial Officer, effective November 8, 2024. She brings approximately 30 years of experience in REITs, real estate, finance, and capital markets. Most recently, she served as CFO of STORE Capital, a publicly traded net-lease REIT. Before that, she spent a decade at BlackRock Global Real Asset Securities, where she held roles including Global Head of Business Development, Co-Global Chief Investment Officer, and Chair of the Investment Committee. She is also a current board member of Apartment Investment and Management Company (NYSE: AIV).

George Wells Executive Vice President, Chief Operating Officer

Mr. Wells serves as Executive Vice President and Chief Operating Officer. As of February 2026, he is also Co-Chief Operating Officer, working alongside Alex Valente, to oversee property and asset management.

Laura P. Moon Executive Vice President, Chief Accounting Officer and Treasurer

Ms. Moon has served as Chief Accounting Officer since 2007, Executive Vice President since 2025, and Treasurer since 2023. She possesses over 30 years of experience in accounting and reporting for public companies. At Piedmont, she is responsible for all treasury, general ledger accounting, SEC, and tax reporting functions. Her prior roles include Vice President and Chief Accounting Officer at Piedmont's former advisor, Chief Accounting Officer at Wells Real Estate Investment Trust, Inc. in 2007, Chief Accounting Officer at NetBank, Inc. from 1999 to 2002, and Senior Director-Financial Planning & Analysis at Lexisnexis Risk Assets, Inc. in 2005. She began her career in 1991 at Deloitte & Touche LLP as a Senior Manager.

Christopher Kollme Executive Vice President, Investments & Strategy

Mr. Kollme holds the position of Executive Vice President of Investments & Strategy. He is also listed as Executive Vice President, Investments.

AI Analysis | Feedback

The key risks for Piedmont Office Realty Trust (PDM) are primarily its elevated financial leverage, ongoing challenges related to the demand for office space and occupancy rates, and persistent financial performance concerns, including net losses and declining Funds From Operations (FFO).

  1. Elevated Financial Leverage: Piedmont Office Realty Trust faces significant risk due to its high level of financial leverage. Debt accounts for a substantial portion of its enterprise value, with sources indicating it's between 72% and 75%. The company has experienced elevated funding stress, as evidenced by recent high-interest rate debt issuances. Upcoming debt maturities, such as those in March 2025, are anticipated to further increase the company's weighted average interest rate, leading to higher interest expenses in a rising rate environment. This high leverage also contributes to increased share price volatility.
  2. Shifts in Office Space Demand and Occupancy: As an owner of Class A office properties, Piedmont is highly sensitive to market trends affecting the demand for office space. The enduring shift towards remote work and flexible office arrangements, accelerated by the pandemic, poses a long-term threat. This trend could result in sustained pressure on occupancy rates, the need for rent reductions, or costly property redevelopments to adapt to evolving tenant requirements. While the company's occupancy rates have seen marginal improvements recently, they remain below pre-pandemic levels. The risk persists that office demand may not fully recover, even in its key Sunbelt markets.
  3. Financial Performance Concerns: Piedmont has reported consistent financial performance challenges, including net losses and a decline in Funds From Operations (FFO). The company recognized a net loss of $30.0 million in Q4 2024 and $13.5 million for Q3 2025. Core FFO also decreased in 2023 and 2024, with further declines projected for 2025. These financial pressures are exacerbated by increased depreciation expenses and elevated interest costs, limiting the company's ability to invest in new opportunities or withstand economic downturns.

AI Analysis | Feedback

The sustained and growing adoption of remote and hybrid work models, reducing the demand for traditional office space and impacting occupancy rates and lease terms.

AI Analysis | Feedback

The addressable market for Piedmont Realty Trust's main products and services, which are high-quality, Class A office properties, can be estimated based on the overall U.S. office real estate market. The U.S. office real estate market was valued at approximately USD 369.58 billion in 2025 and is projected to grow to USD 381.48 billion in 2026. This market is expected to reach USD 447.86 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.22%.

Specifically, Class A properties represent a significant portion of this market. In 2025, Grade A stock held 58.56% of the United States office real estate market share. Based on the 2025 valuation of the U.S. office real estate market, the estimated size of the Class A office market in the U.S. was approximately USD 216.42 billion (58.56% of USD 369.58 billion). Grade A space is projected to expand at a 3.76% CAGR to 2031.

Piedmont Realty Trust primarily operates in select sub-markets within seven major Eastern U.S. office markets, with a majority of its revenue generated from the Sunbelt region. The Sunbelt region, encompassing eighteen states in the Southeast and Southwest, holds about 50% of the national population and is experiencing significant growth in its office market. Class A assets in high-growth Sunbelt metros, such as Dallas, Charlotte, and Nashville, continue to attract strong tenant demand, driven by population growth, sustained job creation, and evolving workplace strategies. Companies are increasingly relocating to Sunbelt cities from coastal regions, contributing to rising demand and more favorable market dynamics for landlords in these areas.

The market size provided is for the broader U.S. region, as a specific addressable market size for "select sub-markets within seven major Eastern U.S. office markets with a majority of revenue from the Sunbelt" is not explicitly available as a single figure.

AI Analysis | Feedback

Piedmont Realty Trust (PDM) anticipates several key drivers for its future revenue growth over the next 2-3 years, stemming from its strategic operational focus and market dynamics:

  1. Increased Leasing Activity and Occupancy Growth: Piedmont has achieved record leasing volumes, with 2.5 million square feet leased in 2025, the highest in over a decade. The company's in-service lease percentage rose to 89.6% by the end of 2025, and it projects this to further increase to approximately 89.5% to 90.5% for the entire portfolio by year-end 2026. A substantial backlog of nearly $40 million in annualized uncommenced leases is expected to commence by the end of 2026, directly contributing to future revenue.
  2. Rental Rate Growth: The company has experienced significant increases in rental rates, with executed leases for space vacant less than a year showing approximately 12% cash and 21% accrual basis increases in Q4 2025. Management anticipates substantial rent growth, potentially 20-40% in its Sun Belt portfolio, driven by strong demand for premium spaces, limited new construction, and current rents being below new construction costs.
  3. Strategic Focus on High-Quality, Amenity-Rich Properties in Sunbelt Markets: Piedmont's strategy of owning and operating recently renovated, well-located, and amenity-rich Class A office properties, particularly in high-growth Sun Belt markets, continues to attract tenants and enable higher rental rates. This focus aligns with tenant demand for upgraded office experiences and is supported by ongoing population and job growth in these regions.
  4. Stabilization of Redevelopment Assets: The company expects earnings growth to be fueled by the stabilization of its out-of-service portfolio, which includes projects in Minneapolis and Orlando, by the end of 2026. For example, a significant lease with Travel and Leisure in Orlando commenced in September 2025 and is set to contribute meaningfully to results.
  5. Interest Expense Savings from Refinancing: Recent refinancing activities, including amending revolving credit facilities and term loans, and bond refinancing, are projected to lead to lower net interest expenses. These savings are expected to be a tailwind for Funds From Operations (FFO) per share growth, with an estimated annual saving of approximately $0.04 per share, enhancing the company's profitability.

AI Analysis | Feedback

Capital Expenditures

  • Piedmont Realty Trust has consistently invested in building upgrades and adding amenities to differentiate its properties and attract a diverse tenant base, with redevelopment projects noted in markets such as Minneapolis and Dallas.
  • The company is dedicated to transforming its properties into "Piedmont PLACEs," focusing on enhancing the workplace environment through premium workspaces and superior service.
  • In April 2025, the company suspended its common stock dividend to fund future growth and meet the capital and free rent requirements associated with its significant leasing success, indicating a redirection of capital towards property enhancements and tenant improvements. The company anticipates additional capital expenditures in the short term for executed leases yet to commence.

Better Bets vs. Piedmont Realty Trust (PDM)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PDMCUZHIWBDNKRCBXPMedian
NamePiedmont.Cousins .Highwood.Brandywi.Kilroy R.BXP  
Mkt Price9.4829.6231.453.2237.9769.7130.54
Mkt Cap1.24.93.50.64.411.13.9
Rev LTM5691,0358364981,0943,516935
Op Inc LTM7723721579270995226
FCF LTM32-43849-2401,28420
FCF 3Y Avg613138625-41,25778
CFO LTM1794323841225151,284408
CFO 3Y Avg1824023861535521,257394

Growth & Margins

PDMCUZHIWBDNKRCBXPMedian
NamePiedmont.Cousins .Highwood.Brandywi.Kilroy R.BXP  
Rev Chg LTM0.7%11.9%3.0%0.5%-3.8%1.9%1.3%
Rev Chg 3Y Avg-0.4%9.2%-0.1%-0.7%-1.2%3.2%-0.3%
Rev Chg Q2.7%11.8%7.9%6.9%-6.0%3.1%5.0%
QoQ Delta Rev Chg LTM0.7%2.8%1.9%1.7%-1.6%0.8%1.2%
Op Inc Chg LTM0.2%13.1%5.3%-3.9%-20.4%-3.4%-1.6%
Op Inc Chg 3Y Avg-1.3%8.9%-2.8%-6.0%-7.1%-1.3%-2.1%
Op Mgn LTM13.5%22.9%25.8%15.9%24.7%28.3%23.8%
Op Mgn 3Y Avg13.5%22.3%25.6%17.6%27.7%29.7%23.9%
QoQ Delta Op Mgn LTM-0.2%0.5%0.2%-0.8%-2.1%-0.2%-0.2%
CFO/Rev LTM31.5%41.7%46.0%24.4%47.0%36.5%39.1%
CFO/Rev 3Y Avg31.8%43.5%46.7%30.5%49.5%36.6%40.1%
FCF/Rev LTM5.6%-0.4%46.0%1.7%-22.0%36.5%3.7%
FCF/Rev 3Y Avg1.0%15.2%46.7%5.0%-0.6%36.6%10.1%

Valuation

PDMCUZHIWBDNKRCBXPMedian
NamePiedmont.Cousins .Highwood.Brandywi.Kilroy R.BXP  
Mkt Cap1.24.93.50.64.411.13.9
P/S2.14.74.21.14.03.23.6
P/Op Inc15.520.616.17.116.311.115.8
P/EBIT25.026.610.435.513.210.619.1
P/E-14.7758.620.6-3.926.137.423.3
P/CFO6.611.39.04.68.68.68.6
Total Yield-6.8%4.6%11.2%-13.1%9.7%7.6%6.1%
Dividend Yield0.0%4.4%6.3%12.2%5.8%4.9%5.4%
FCF Yield 3Y Avg0.4%3.2%12.4%3.4%0.1%12.2%3.3%
D/E1.90.81.04.71.11.51.3
Net D/E1.90.81.04.61.01.41.2

Returns

PDMCUZHIWBDNKRCBXPMedian
NamePiedmont.Cousins .Highwood.Brandywi.Kilroy R.BXP  
1M Rtn1.2%-1.3%0.6%4.9%-1.0%4.4%0.9%
3M Rtn11.8%11.8%26.2%6.2%10.3%18.5%11.8%
6M Rtn7.0%18.4%26.1%4.1%12.2%10.3%11.3%
12M Rtn24.1%15.0%18.1%-11.6%5.4%10.8%12.9%
3Y Rtn52.4%44.9%60.5%-7.2%21.8%19.3%33.4%
1M Excs Rtn-1.2%-5.0%-3.2%2.4%-3.6%1.3%-2.2%
3M Excs Rtn5.9%8.3%19.7%0.5%5.7%12.7%7.1%
6M Excs Rtn-5.4%2.9%12.1%-8.7%0.3%-1.1%-0.4%
12M Excs Rtn-0.6%-7.0%-5.4%-34.9%-16.6%-12.0%-9.5%
3Y Excs Rtn-25.1%-27.0%-9.8%-76.9%-42.4%-49.7%-34.7%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment565570578564 
Other property related income    12
Property management fee revenue    2
Rental and tenant reimbursement revenue    515
Total565570578564529


Price Behavior

Price Behavior
Market Price$9.48 
Market Cap ($ Bil)1.2 
First Trading Date02/10/2010 
Distance from 52W High-4.8% 
   50 Days200 Days
DMA Price$9.26$8.30
DMA Trendupup
Distance from DMA2.4%14.2%
 3M1YR
Volatility30.9%31.4%
Downside Capture13.3545.73
Upside Capture58.5059.21
Correlation (SPY)5.5%27.6%
PDM Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-0.410.010.220.700.741.07
Up Beta-0.36-1.45-0.840.120.750.98
Down Beta-0.990.500.551.211.221.07
Up Capture21%79%71%83%56%129%
Bmk +ve Days11223567138427
Stock +ve Days11233363125370
Down Capture-71%-24%11%70%55%104%
Bmk -ve Days11212859114326
Stock -ve Days9182859117357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PDM
PDM21.8%31.4%0.65-
Sector ETF (XLRE)11.4%14.0%0.5352.5%
Equity (SPY)23.3%12.8%1.3627.6%
Gold (GLD)28.5%28.4%0.877.9%
Commodities (DBC)32.9%19.8%1.32-14.0%
Real Estate (VNQ)14.2%13.8%0.7257.1%
Bitcoin (BTCUSD)-44.2%42.9%-1.2318.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PDM
PDM-8.1%36.0%-0.16-
Sector ETF (XLRE)2.6%19.1%0.0462.9%
Equity (SPY)13.5%17.2%0.6146.8%
Gold (GLD)18.6%18.6%0.818.6%
Commodities (DBC)8.2%19.6%0.3111.8%
Real Estate (VNQ)2.3%18.9%0.0267.5%
Bitcoin (BTCUSD)8.8%53.0%0.3521.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PDM
PDM-3.0%34.4%0.00-
Sector ETF (XLRE)6.2%20.4%0.2670.9%
Equity (SPY)15.4%17.9%0.7355.4%
Gold (GLD)12.1%16.2%0.616.8%
Commodities (DBC)7.4%18.0%0.3320.2%
Real Estate (VNQ)4.8%20.7%0.2075.9%
Bitcoin (BTCUSD)58.2%66.2%0.9815.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity3.8 Mil
Short Interest: % Change Since 6302026-6.7%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest4.7 days
Basic Shares Quantity125.1 Mil
Short % of Basic Shares3.0%

Earnings Returns History

Updated 8/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/28/20263.0%0.7% 
4/30/2026-0.4%1.6%-1.0%
2/11/2026-7.8%-5.9%-21.8%
10/27/20250.8%-5.0%-0.6%
7/28/20254.4%2.0%8.6%
4/28/2025-15.4%-4.6%2.5%
2/13/2025-6.6%-9.6%-6.2%
10/24/2024-5.1%-8.6%-12.8%
...
SUMMARY STATS   
# Positive121111
# Negative121312
Median Positive1.9%1.6%6.2%
Median Negative-3.5%-4.6%-6.4%
Max Positive5.4%18.4%36.2%
Max Negative-15.4%-9.6%-21.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/28/20263.0%0.7% 
4/30/2026-0.4%1.6%-1.0%
2/11/2026-7.8%-5.9%-21.8%
10/27/20250.8%-5.0%-0.6%
7/28/20254.4%2.0%8.6%
4/28/2025-15.4%-4.6%2.5%
2/13/2025-6.6%-9.6%-6.2%
10/24/2024-5.1%-8.6%-12.8%
7/31/20240.6%-4.5%13.1%
4/30/2024-2.2%0.9%6.2%
2/7/20245.4%3.2%3.2%
10/30/20232.2%18.4%24.9%
7/20/2023-4.5%-6.4%-15.7%
5/1/2023-0.9%0.6%-0.2%
2/8/2023-2.4%0.0%-18.6%
11/2/2022-2.0%-2.7%0.2%
7/27/20220.7%-1.8%-6.5%
4/27/20222.1%1.0%-10.4%
2/7/2022-4.8%-5.5%-2.9%
10/27/20211.8%4.9%1.4%
7/28/20211.2%-4.4%-5.9%
4/28/20210.9%-1.9%0.2%
2/10/20213.2%-0.1%12.1%
10/29/2020-1.7%4.0%36.2%
SUMMARY STATS   
# Positive121111
# Negative121312
Median Positive1.9%1.6%6.2%
Median Negative-3.5%-4.6%-6.4%
Max Positive5.4%18.4%36.2%
Max Negative-15.4%-9.6%-21.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/28/202610-Q
03/31/202604/30/202610-Q
12/31/202502/17/202610-K
09/30/202510/27/202510-Q
06/30/202507/28/202510-Q
03/31/202504/28/202510-Q
12/31/202402/19/202510-K
09/30/202410/24/202410-Q
06/30/202407/31/202410-Q
03/31/202404/30/202410-Q
12/31/202302/20/202410-K
09/30/202310/30/202310-Q
06/30/202307/18/202310-Q
03/31/202305/01/202310-Q
12/31/202202/23/202310-K
09/30/202211/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/28/202610-Q
03/31/202604/30/202610-Q
12/31/202502/17/202610-K
09/30/202510/27/202510-Q
06/30/202507/28/202510-Q
03/31/202504/28/202510-Q
12/31/202402/19/202510-K
09/30/202410/24/202410-Q
06/30/202407/31/202410-Q
03/31/202404/30/202410-Q
12/31/202302/20/202410-K
09/30/202310/30/202310-Q
06/30/202307/18/202310-Q
03/31/202305/01/202310-Q
12/31/202202/23/202310-K
09/30/202211/02/202210-Q
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q
12/31/202102/17/202210-K
09/30/202110/27/202110-Q
06/30/202107/28/202110-Q
03/31/202104/28/202110-Q
12/31/202002/17/202110-K
09/30/202010/29/202010-Q
06/30/202007/29/202010-Q
03/31/202004/29/202010-Q
12/31/201902/19/202010-K
09/30/201910/30/201910-Q

Recent Forward Guidance

Updated 7/29/2026

Latest: Q2 2026 Earnings Reported 7/28/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net loss-44.00 Mil-42.50 Mil-41.00 Mil2.3% RaisedGuidance: -43.50 Mil for 2026
2026 Depreciation181.00 Mil182.00 Mil183.00 Mil   
2026 Amortization53.00 Mil54.00 Mil55.00 Mil   
2026 NAREIT and Core FFO190.00 Mil193.50 Mil197.00 Mil0.5% RaisedGuidance: 192.50 Mil for 2026
2026 NAREIT and Core FFO per diluted share1.51.521.550.7% RaisedGuidance: 1.51 for 2026
2026 Executed leasing1.70 Mil1.85 Mil2.00 Mil   
2026 Same Store NOI increase0.050.070.08 1.0%RaisedGuidance: 0.06 for 2026
2026 Interest expense128.00 Mil129.00 Mil130.00 Mil2.4% RaisedGuidance: 126.00 Mil for 2026
2026 General and administrative expense31.00 Mil32.00 Mil33.00 Mil0.0% AffirmedGuidance: 32.00 Mil for 2026
2026 Weighted average shares outstanding126.00 Mil126.50 Mil127.00 Mil   

Prior: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net loss-45.00 Mil-43.50 Mil-42.00 Mil  RaisedGuidance: -46.00 Mil for 2026
2026 NAREIT and Core FFO189.00 Mil192.50 Mil196.00 Mil1.3% RaisedGuidance: 190.00 Mil for 2026
2026 NAREIT and Core FFO per diluted share1.491.511.541.0% RaisedGuidance: 1.5 for 2026
2026 Same Store NOI increase0.040.060.07 1.0%RaisedGuidance: 0.04 for 2026
2026 Interest expense125.00 Mil126.00 Mil127.00 Mil   
2026 General and administrative expense31.00 Mil32.00 Mil33.00 Mil   

Q4 2025 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net loss-48.00 Mil-46.00 Mil-44.00 Mil   
2026 NAREIT and Core FFO186.00 Mil190.00 Mil194.00 Mil   
2026 NAREIT and Core FFO per diluted share1.471.51.536.4% Higher NewActual: 1.41 for 2025
2026 Same Store NOI Growth3.0%4.5%6.0% 3.0%Higher NewActual: 1.5% for 2025

Q3 2025 Earnings Reported 10/27/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Core FFO per diluted share1.41.411.420 AffirmedGuidance: 1.41 for 2025
2025 Leased Percentage0.890.90.9   
2025 Same Store NOI Growth0.0%1.5%3.0% 0AffirmedGuidance: 1.5% for 2025
2025 Interest Expense127.00 Mil128.00 Mil129.00 Mil0 AffirmedGuidance: 128.00 Mil for 2025
2025 General and Administrative Expense30.00 Mil31.00 Mil32.00 Mil0 AffirmedGuidance: 31.00 Mil for 2025

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Smith, Christopher BrentPresident & Chief Exec. OffDirectBuy50520256.5916,615109,4932,902,842Form
2Taysom, Dale HDirectBuy50520256.003,00018,000406,601Form
3Rexroad, Sherry LEVP-CFODirectBuy50120255.9516,850100,258100,258Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Smith, Christopher BrentPresident & Chief Exec. OffDirectBuy50520256.5916,615109,4932,902,842Form
2Taysom, Dale HDirectBuy50520256.003,00018,000406,601Form
3Rexroad, Sherry LEVP-CFODirectBuy50120255.9516,850100,258100,258Form

Investor Activity (13F)

Updated Aug 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Wilsey Asset Management Inc$32.1 Mil5.0%25ADD +15.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Wilsey Asset Management Inc$32.1 Mil5.0%25ADD +15.4%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Wilsey Asset Management Inc$32.1 Mil5.0%25ADD +15.4%13F
Core Cache Last Updated: 8/7/2026