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Piedmont Realty TrustTM

Earnings Release and Supplemental Information

Index

			Page									Page
Introduction									Diversification Tables
Forward-Looking Statements			3						Tenant Diversification			30
Earnings Release			4						Tenant Credit Rating & Lease Distribution			31
Company Information			8						Industry Diversification			32
Research Coverage			9						Geographic Diversification			33
Portfolio Statistics & Key Performance Indicators			10						Geographic Diversification by Location Type			34
Financials									Portfolio Information
Consolidated Balance Sheets			12						Portfolio Detail			35
Consolidated Statements of Income			13						Property Investment Activity and Land Holdings			37
Funds From Operations & Adjusted Funds From Operations			15
Same Store Net Operating Income			16						Supporting Information
Debt Summary			19						Definitions			38
Debt Detail			20						Non-GAAP Reconciliations			39
Debt Covenants & Ratios			21
Operational & Leasing Information
Leased Percentage			22
Rental Rate Roll Up / Roll Down			23
Contractual Tenant Improvements & Leasing Commissions			24
Net Effective Rents			25
Leases Yet to Commence and Abatements			26
Lease Expiration Schedule			27
Quarterly Lease Expirations			28
Annual Lease Expirations			29

Notice to Readers:
Please refer to page 3 for a discussion of important risks related to the business of Piedmont Realty TrustTM, as well as an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information. Considering these risks, uncertainties, assumptions, and limitations, the forward-looking statements about leasing, financial operations, leasing prospects, acquisitions, dispositions, etc. contained in this quarterly supplemental information report may differ from actual results.
Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. In addition, many of the schedules herein contain rounding to the nearest thousands or millions and, therefore, the schedules may not total due to this rounding convention.
To supplement the presentation of the Company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this report contains certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, AFFO, Same Store NOI, Property NOI, EBITDAre and Core EBITDA. Definitions and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included beginning on page 38. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs. The Company may also change the calculation of any of the non-GAAP measures included in this report from time to time in light of its then existing operations.

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Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. Therefore, such statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or similar words or phrases that indicate predictions of future events or trends or that do not relate solely to historical matters. Examples of such statements in this press release include the Company's estimated range of Net Income/(Loss), Depreciation, Amortization, NAREIT FFO, Core FFO and Core FFO per diluted share for the year ending December 31, 2025. These statements are based on beliefs and assumptions of Piedmont’s management, which in turn are based on information available at the time the statements are made.

The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements:

•Economic, regulatory, socio-economic, technological (e.g. artificial intelligence and machine learning, virtual meeting platforms, etc.), and other changes that impact the real estate market generally, the office sector or the patterns of use of commercial office space in general, or the markets where we primarily operate or have high concentrations of revenue;

•Reduced demand for office space, including as a result of remote working and flexible or “hybrid” working arrangements that allow work from remote locations other than an employer’s office premises;

•The impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases;

•Lease terminations, lease defaults, lease contractions, or changes in the financial condition of our tenants, particularly by one of our large tenants;

•Impairment charges on our long-lived assets or goodwill resulting therefrom;

•The success of our real estate strategies and investment objectives, including our ability to implement successful redevelopment and development strategies or identify and consummate suitable acquisitions and divestitures;

•The illiquidity of real estate investments, including economic changes, such as fluctuating interest rates, costs of construction, improvements and redevelopments, and available financing, which could impact the number of buyers/sellers of our target properties, and regulatory restrictions to which real estate investment trusts ("REITs") are subject and the resulting impediment on our ability to quickly respond to adverse changes in the performance of our properties;

•The risks and uncertainties associated with our acquisition and disposition of properties, many of which risks and uncertainties may not be known at the time of acquisition or disposition;

•Development and construction delays, including the potential of supply chain disruptions, and resultant increased costs and risks;

•Future acts of terrorism, civil unrest, or armed hostilities in any of the major metropolitan areas in which we own properties;

•Risks related to the occurrence of cybersecurity incidents, including cybersecurity incidents against us or any of our properties, vendors, or tenants, or a deficiency in our identification, assessment or management of cybersecurity threats impacting our operations and the public's reaction to reported cybersecurity incidents, including the reputational impact on our business and value of our common stock;

•Costs of complying with governmental laws, regulations and policies, including environmental standards imposed on office building owners;

•Uninsured losses or losses in excess of our insurance coverage, and our inability to obtain adequate insurance coverage at a reasonable cost;

•Additional risks and costs associated with directly managing properties occupied by government tenants, such as potential changes in the political environment, a reduction in federal or state funding of our governmental tenants, government layoffs or an increased risk of default by government tenants during periods in which state or federal governments are shut down or on furlough;

•Significant price and volume fluctuations in the public markets, including on the exchange on which we listed our common stock;

•Risks associated with incurring mortgage and other indebtedness, including changing capital reserve requirements on our lenders and rising interest rates for new debt financings;

•A downgrade in our credit ratings, the credit ratings of Piedmont Operating Partnership, L.P. ("Piedmont OP") or the credit ratings of our or Piedmont OP's unsecured debt securities, which could, among other effects, trigger an increase in the stated rate of one or more of our unsecured debt instruments;

•The effect of future offerings of debt or equity securities on the value of our common stock;

•Additional risks and costs associated with adverse U.S. global and economic conditions, inflation and potential increases in the rate of inflation, including the impact of a possible recession, uncertainty and volatility in financial markets, and any changes in governmental rules, regulations, and fiscal policies;

•Uncertainties associated with environmental and regulatory matters;

•Changes in the financial condition of our tenants directly or indirectly resulting from geopolitical developments that could negatively affect important supply chains and international trade, the termination or threatened termination of existing international trade agreements, or the implementation of tariffs or retaliatory tariffs on imported or exported goods;

•The effect of any litigation to which we are, or may become, subject;

•Additional risks and costs associated with owning properties occupied by tenants in particular industries, such as oil and gas, hospitality, travel, co-working, etc., including risks of default during start-up and during economic downturns;

•Changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), or other tax law changes which may adversely affect our stockholders;

•The future effectiveness of our internal controls and procedures;

•Actual or threatened public health epidemics or outbreaks of highly infectious or contagious diseases, as well as immediate and long-term governmental and private measures taken to combat such health crises; and

•Other factors, including the risk factor described in Item 1A. of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as well as the risk factors discussed under Item 1A. or our Annual Report on Form 10-K for the year ended December 31, 2024.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Piedmont Realty TrustTM    

Earnings Release

Piedmont Realty Trust Reports Third Quarter 2025 Results

ATLANTA, October 27, 2025 — Piedmont Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended September 30, 2025.

Brent Smith, Piedmont's President and Chief Executive Officer, commented, "We are thrilled with our outstanding third quarter results driven by the Company’s strong leasing performance. Piedmont executed approximately 724,000 square feet of total leasing, topping our record-breaking statistics from last quarter, and including over half a million square feet of new tenant leases, the highest amount in over a decade. Our portfolio of recently renovated, well-located, hospitality-inspired Piedmont PLACEs continues to set the standard for the office market, helping us to drive leasing volumes and rental rates to all-time highs. Over the last two years Piedmont has leased over five million square feet, equating to one-third of the portfolio, with rental rate roll-ups of approximately 9% and 17% on a cash and accrual basis, respectively. Today, the portfolio stands at 89.2% leased with robust demand, including over 150,000 square feet executed in October and 400,000 square feet in our legal stage pipeline. Most exciting is that the leasing success is expected to drive earnings growth materially in 2026 as almost $40 million of annual contractual rent from recently executed leases starts to commence."

Highlights for the Three and Nine Months Ended September 30, 2025:

Financial Results:

			Three Months Ended									Nine Months Ended
(in 000s other than per share amounts)			September 30, 2025			September 30, 2024						September 30, 2025			September 30, 2024
Net loss applicable to Piedmont			$(13,462)			$(11,519)						$(40,374)			$(49,091)
Net loss per share applicable to common stockholders - basic and diluted			$(0.11)			$(0.09)						$(0.32)			$(0.40)
Gain/(loss) on sale of real estate assets			$—			$(445)						$2,013			$(445)
Loss on early extinguishment of debt			$—			$—						$8,000			$386
Impairment charges			$—			$—						$—			$18,432
Interest expense, net of interest income			$31,908			$30,148						$95,113			$89,143
NAREIT Funds From Operations ("FFO") applicable to common stock			$43,485			$44,627						$125,530			$138,745
Core FFO applicable to common stock			$43,485			$44,627						$133,530			$139,131
NAREIT FFO per diluted share			$0.35			$0.36						$1.00			$1.11
Core FFO per diluted share			$0.35			$0.36						$1.06			$1.11
Adjusted FFO applicable to common stock			$26,504			$25,937						$66,234			$72,330
Same Store NOI - cash basis			2.8		%							(0.5)		%
Same Store NOI - accrual basis			3.2		%							2.6		%

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•Piedmont recognized a net loss of $13.5 million, or $0.11 per diluted share, for the third quarter of 2025, as compared to a net loss of $11.5 million, or $0.09 per diluted share, for the third quarter of 2024. Both periods reflect elevated interest expense, net of interest income, as a result of refinancing activity completed over the past two years in a higher interest rate environment.

•Core FFO, which removes gain/loss on sale of real estate assets, as well as depreciation and amortization, was $0.35 per diluted share for the third quarter of 2025, as compared to $0.36 per diluted share for the third quarter of 2024 with the penny decrease attributable to the sale of three projects during the twelve months ended September 30, 2025.

•During the three months ended September 30, 2025, Same Store NOI increased by 2.8% and 3.2% on a cash and accrual basis, respectively, as the commencement or burn off of abatements on new leases outweighed expiring leases.

Leasing:

			Three Months Ended			Nine Months Ended
			September 30, 2025			September 30, 2025
# of lease transactions			75			189
Total leasing sf (in 000s)			724			1,799
New tenant leasing sf (in 000s)			551			1,198
Cash rent roll up			8.6%			8.9%
Accrual rent roll up			20.2%			18.1%
Leased percentage as of period end			89.2%

•The Company completed approximately 724,000 square feet of leasing during the third quarter, approximately 75% of which was for new tenant leases and the most new tenant leasing the Company has completed in a quarter since 2015.

•The average size lease executed during the third quarter was approximately 9,700 square feet and the weighted average lease term was approximately eight years.

•Rental rates on leases executed during the three months ended September 30, 2025 for space vacant one year or less increased approximately 8.6% and 20.2% on a cash and accrual basis, respectively.

•The Company's leased percentage for its in-service portfolio as of September 30, 2025 was 89.2%, an increase of 50 bps as compared to 88.7 % as of June 30, 2025 as a result of strong leasing activity during the quarter.

•As of September 30, 2025, the Company had approximately 0.9 million square feet of executed leases for vacant space that are yet to commence representing approximately $39 million of future additional annual cash rents, and approximately 1.1 million square feet of executed leases currently under rental abatement, representing approximately $36 million of future additional annual cash rents.

•Leases representing over 150,000 square feet have already been executed thus far in October with another 400,000 square feet in the legal stage.

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Balance Sheet:

(in 000s except for ratios)			September 30, 2025						December 31, 2024
Cash and Cash Equivalents			$2,990						$109,637
Total Real Estate Assets			$3,431,258						$3,461,239
Total Assets			$4,003,728						$4,114,651
Total Debt			$2,193,324						$2,222,346
Weighted Average Cost of Debt			5.95		%				6.01%
Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents			40.0		%				39.2%
Average Net Debt to Core EBITDA (ttm)			7.1 x						6.8 x

•During the three months ended September 30, 2025, the Company amended its Second Amended and Restated Revolving Credit Agreement and its Term Loan Agreement to remove the credit spread adjustment from SOFR-based interest rates thereby reducing its all-in interest rate on each facility by 10bps.

•The Company has no debt maturity requirements until 2028.

Corporate Responsibility and Operations:

•During the three months ended September 30, 2025, the Company received notice from GRESB® that it had achieved the highest sustainability rating of "5 Star” for the third consecutive year and a "Green Star" recognition for the fourth consecutive year based on 2024 performance. The Company's scores ranked in the top decile for all participating listed American companies.

•The Company published its annual Corporate Responsibility report which is available electronically at www.piedmontreit.com/corporate-responsibility.

•As of September 30, 2025, approximately 85% and 74% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 63% of its portfolio was certified LEED gold.

Guidance for 2025:

The Company is narrowing its previously issued Core FFO guidance for the year ending December 31, 2025, as follows:

			Current												Previous
(in millions, except per share data)			Low						High						Low						High
Net loss			$	(53)					$	(51)					$	(54)					$	(51)
Add:
Depreciation			163						165						165						168
Amortization			60						60						58						60
Less:
Gain on sale			(2)						(2)						(2)						(2)
NAREIT FFO applicable to common stock			$	168					$	172					$	167					$	175
Loss on early extinguishment of debt			8						8						8						8
Core FFO applicable to common stock			$	176					$	180					$	175					$	183
Core FFO applicable to common stock per diluted share			$1.40						$1.42						$1.38						$1.44

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This guidance is based on information available to management as of the date of this release and reflects management's view of current market conditions, including the following specific assumptions and projections:

Property Operation Assumptions:

•Executed leasing for the year of approximately 2.2 to 2.4 million square feet resulting in an increase in the anticipated year-end leased percentage for the Company's in-service portfolio to approximately 89-90%, exclusive of any speculative acquisition or disposition activity;

•Same Store NOI of flat to 3% increase on both a cash and accrual basis for the year;

Financing Assumptions:

•Interest expense (net of interest income) of approximately $127-$129 million as compared to $119 million in 2024, reflecting a full year of higher interest rates as a result of refinancing activity completed by the Company during 2024 and early 2025;

Other Assumptions:

•General and administrative expense of approximately $30-$32 million; and

•Weighted average shares outstanding of approximately 125-126 million.

No speculative acquisitions, dispositions, or refinancing are included in the above guidance. The Company will adjust guidance if such transactions occur.

Note that actual results could differ materially from these estimates and individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of any future dispositions, significant lease commencements and expirations, abatement periods, repairs and maintenance expenses, capital expenditures, capital markets activities, seasonal general and administrative expenses, accrued potential performance-based compensation expense, one-time revenue or expense events, and other factors discussed under "Forward-Looking Statements" above.

Conference Call Information:

Piedmont has scheduled a conference call and an audio webcast for Tuesday, October 28, 2025, at 9:00 A.M. Eastern time. The live, listen-only, audio web cast of the call may be accessed on the Company's website at https://investor.piedmontreit.com/news-and-events/event-calendar. Dial-in numbers for analysts who plan to actively participate in the call are (888) 506-0062 for participants in the United States and Canada and (973) 528-0011 for international participants. Participant Access Code is 475776. A replay of the conference call will be available through November 11, 2025, and may be accessed by dialing (877) 481-4010 for participants in the United States and Canada and (919) 882-2331 for international participants, followed by conference identification code 53079. A web cast replay will also be available after the conference call in the Investor Relations section of the Company's website. During the audio web cast and conference call, the Company's management team will review third quarter 2025 performance, discuss recent events, and conduct a question-and-answer period.

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Piedmont Realty TrustTM

Company Information

Piedmont Realty TrustTM (NYSE: PDM), also referred to herein as "Piedmont" or the "Company", is a fully integrated, self-managed real estate company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of 16 million square feet of Class A properties across major U.S. Sunbelt markets, Piedmont is known for its hospitality-driven approach and commitment to transforming buildings into premier "Piedmont PLACEs" that enhance each client's workplace experience. The Company is headquartered in Atlanta, Georgia with local management offices in each of its markets. The Company's senior unsecured notes are investment-grade rated by Moody's, Standard & Poor's and Fitch Ratings. Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com.

Executive Management
C. Brent Smith			Sherry L. Rexroad			Laura P. Moon			George M. Wells
President, Chief Executive Officer			Chief Financial Officer			Chief Accounting Officer			Chief Operating Officer
and Director			and Executive Vice President			and Executive Vice President			and Executive Vice President
Kevin D. Fossum			Christopher A. Kollme			Damian J. Miller			Alex Valente
Executive Vice President,			Executive Vice President,			Executive Vice President,			Executive Vice President,
Property Management			Investments			Central Region			Southeast Region
Pierre Dait			Wade Grace			Jennifer Heneisen			Lisa Tyler
Senior Vice President,			Senior Vice President,			Senior Vice President,			Senior Vice President,
Risk Management			Controller			Financial Planning & Analysis			Human Resources
Board of Directors
Kelly H. Barrett			Dale H. Taysom			Glenn G. Cohen			Barbara B. Lang
Chair of the Board of Directors			Vice Chair of the Board of Directors			Chair of the Compensation Committee			Chair of the Nominating and
Chair of the Audit Committee									Corporate Governance Committee
Jeffrey J. Donnelly			Deneen L. Donnley			Mary Hager			Stephen E. Lewis
Director			Director			Director			Director
C. Brent Smith
Director & Chief Executive Officer

Contact Information
Corporate Headquarters			Research Analysts / Institutional Investors			Shareholder Services / Transfer Agent Services			Corporate Counsel
5565 Glenridge Connector, Suite 450			770.418.8592			Computershare, Inc.			King & Spalding
Atlanta, Georgia 30342			investor.relations@piedmontreit.com			866.354.3485			1180 Peachtree Street, NE
770.418.8800						investor.services@piedmontreit.com			Atlanta, GA 30309
www.piedmontreit.com									404.572.4600

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Piedmont Realty TrustTM

Research Coverage

Equity Research Coverage
Dylan Burzinski			Anthony Paolone, CFA			Nicholas Thillman			Michael Lewis, CFA
Green Street			JP Morgan			Robert W. Baird & Co.			Truist Securities
100 Bayview Circle, Suite 400			383 Madison Avenue, 32nd Floor			777 East Wisconsin Avenue			50 Hudson Yards, 69th Floor
Newport Beach, CA 92660			New York, NY 10179			Milwaukee, WI 53202			New York, NY 10001
Phone: (949) 640-8780			Phone: (212) 622-6682			Phone: (414) 298-5053			Phone: (212) 319-5659

Fixed Income Research Coverage
Mark S. Streeter, CFA
JP Morgan
383 Madison Avenue, 3rd Floor
New York, NY 10179
Phone: (212) 834-5086

Credit Ratings
Issuer Credit Ratings:			Senior Unsecured Notes Ratings:
Baa3 (Moody's)			Baa3 (Moody's)
BB+ (Standard & Poor's)			BBB- (Standard & Poor's)
BBB- (Fitch)			BBB- (Fitch)

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Piedmont Realty TrustTM

Portfolio Statistics & Key Performance Indicators

Unaudited (in thousands except for per share data and ratios)

This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciation, and Amortization for real estate (EBITDAre), Core Earnings Before Interest, Taxes, Depreciation, and Amortization (Core EBITDA), Funds from Operations (FFO), Core Funds from Operations (Core FFO), Adjusted Funds from Operations (AFFO), and Same Store Net Operating Income (Same Store NOI). Definitions of these non-GAAP measures are provided on page 38 and reconciliations are provided beginning on page 39.

			Three Months Ended
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Portfolio Statistics:
Number of in-service projects (1)			29						29						30						30						30
Rentable in-service square footage (1)			14,918						14,923						15,241						15,323						15,335
Leased percentage (2)			89.2		%				88.7		%				88.1		%				88.4		%				88.8		%
Commenced leased percentage			85.4		%				85.0		%				85.2		%				85.5		%				84.8		%
Economic leased percentage (3)			79.4		%				78.7		%				77.5		%				80.7		%				80.6		%
Leasing Activity:
Total square feet leased during the period			724						712						363						433						461
Square feet (new) leased during the period			551						468						179						94						205
Square feet (renewal) leased during the period			173						243						184						339						256
Rental rate roll up / roll down - accrual rents			20.2		%				13.6		%				18.6		%				14.7		%				8.5		%
Rental rate roll up / roll down - cash rents			8.6		%				7.3		%				10.3		%				11.5		%				4.0		%
Net effective rent per square foot after capex and opex			$21.26						$20.78						$24.29						$22.65						$20.28
Financial Results:
Total revenues			$139,163						$140,292						$142,686						$143,231						$139,293
Net income (loss) applicable to Piedmont			-$13,462						-$16,808						-$10,104						-$29,978						-$11,519
Net income (loss) per share applicable to common stockholders - diluted			-$0.11						-$0.14						-$0.08						-$0.24						-$0.09
Core EBITDA			$75,826						$76,856						$77,605						$78,455						$77,065
Core FFO applicable to common stock			$43,485						$44,512						$45,533						$46,436						$44,627
Core FFO per share - diluted			$0.35						$0.36						$0.36						$0.37						$0.36
AFFO applicable to common stock			$26,504						$16,241						$23,489						$24,576						$25,937
Same store net operating income - accrual basis (4)			3.2		%				1.7		%				3.2		%				2.5		%				-2.1		%
Same store net operating income - cash basis (4)			2.8		%				-2.0		%				-2.0		%				0.9		%				-0.8		%
Balance Sheet and Capitalization Information:
Weighted average shares outstanding - diluted (WASO)			126,007						125,178						125,177						125,614						125,675
Shares of common stock issued and outstanding at period end			124,504						124,492						124,408						124,083						124,000
Closing price of common stock at period end			$9.00						$7.29						$7.37						$9.15						$10.10
Gross regular dividends (5)			—						—						$15,536						$15,500						$15,500
Regular dividends per share			—						—						$0.125						$0.125						$0.125
Total debt - GAAP			$2,193,324						$2,177,752						$2,186,231						$2,222,346						$2,221,907
Total principal amount of debt outstanding			$2,213,196						$2,199,101						$2,209,536						$2,242,423						$2,243,300
Total net principal amount of debt outstanding (6)			$2,205,061						$2,191,286						$2,202,902						$2,128,541						$2,106,333
Total gross real estate assets			$4,740,790						$4,685,403						$4,709,785						$4,688,113						$4,658,663
Equity market capitalization (7)			$1,120,536						$907,547						$916,887						$1,135,360						$1,252,399
Total market capitalization (7)			$3,333,732						$3,106,648						$3,126,423						$3,377,783						$3,495,699

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Piedmont Office Realty Trust, Inc.
Portfolio Statistics & Key Performance Indicators (continued)
Unaudited (in thousands except for per share data and ratios)
			Three Months Ended
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Ratios for Debt Holders
Core EBITDA to total revenues			54.5		%				54.8		%				54.4		%				54.8		%				55.3		%
Net principal amount of debt / Total gross assets less cash and cash equivalents (8)			40.0		%				40.3		%				40.3		%				39.2		%				39.0		%
Average net principal amount of debt to Core EBITDA - trailing twelve months (9)			7.1 x						6.9 x						6.9 x						6.8 x						6.7 x
Fixed charge coverage ratio (10)			2.1 x						2.1 x						2.2 x						2.2 x						2.1 x

(1)			As of September 30, 2025, the Company's in-service office portfolio excluded three projects currently held out of service for redevelopment, totaling 788,000 square feet. Additional information on these projects can be found on page 36.
(2)			Refer to page 22 for detailed analysis on the Company's leased percentage.
(3)			Excludes the square footage associated with tenants currently in rental abatement periods.
(4)			Refer to the three pages starting with page 16 for reconciliations to net income and additional same store net operating income information. The statistic provided for each of the prior quarters is based on the same store property population applicable at the time that the metric was initially reported.
(5)			Reflects dividends paid in the quarter in which the record date occurred.
(6)			Defined as the total principal amount of debt outstanding, minus cash and restricted cash and escrows, all as of the end of the period.
(7)			Reflects common stock closing price, shares outstanding and principal amount of debt outstanding as of the end of the reporting period.
(8)			Metric shown on a net debt basis to account for certain periods presented that had elevated balances of cash and restricted cash and escrows to be used primarily for debt retirement in a future period.
(9)			Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period.
(10)			Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented).
			The Company recorded principal amortization of $0.9 million for each of the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024.
			The Company recorded capitalized interest of $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, and $3.4 million for the quarter ended September 30, 2024.

11

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Piedmont Realty TrustTM

Consolidated Balance Sheets

Unaudited (in thousands)

			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Assets:
Real estate assets, at cost:
Land			$	545,102					$	545,101					$	550,724					$	552,744					$	552,744
Buildings and improvements			4,018,671						3,911,368						3,918,373						3,894,804						3,815,948
Buildings and improvements, accumulated depreciation			(1,238,031)						(1,199,698)						(1,183,585)						(1,150,892)						(1,116,169)
Intangible lease assets			119,734						120,726						133,266						136,461						146,005
Intangible lease assets, accumulated amortization			(71,501)						(68,474)						(77,090)						(75,982)						(80,620)
Construction in progress			57,283						108,208						107,422						104,104						143,966
Total real estate assets			3,431,258						3,417,231						3,449,110						3,461,239						3,461,874
Cash and cash equivalents			2,990						3,314						2,911						109,637						133,624
Tenant receivables			5,729						4,386						7,026						5,524						6,963
Straight-line rent receivables			211,591						207,025						201,228						193,783						189,904
Restricted cash and escrows			5,145						4,501						3,723						4,245						3,343
Prepaid expenses and other assets			27,598						29,802						29,075						25,792						26,455
Goodwill			53,491						53,491						53,491						53,491						53,491
Interest rate swaps			—						72						27						671						992
Deferred lease costs, gross			473,597						458,839						465,584						464,419						468,385
Deferred lease costs, accumulated amortization			(207,671)						(198,398)						(208,218)						(204,150)						(206,814)
Total assets			$	4,003,728					$	3,980,263					$	4,003,957					$	4,114,651					$	4,138,217
Liabilities:
Unsecured debt, net of discount			$	2,003,588					$	1,987,111					$	1,994,695					$	2,029,923					$	2,028,607
Secured debt			189,736						190,641						191,536						192,423						193,300
Accounts payable, accrued expenses and accrued capital expenditures			135,220						131,104						119,994						164,346						150,648
Deferred income			111,174						94,529						104,988						107,030						99,294
Intangible lease liabilities, less accumulated amortization			26,788						28,752						30,720						32,794						35,165
Interest rate swaps			175						116						293						8						1,035
Total liabilities			2,466,681						2,432,253						2,442,226						2,526,524						2,508,049
Stockholders' equity:
Common stock			1,245						1,245						1,244						1,241						1,240
Additional paid in capital			3,727,914						3,725,769						3,723,373						3,723,680						3,721,423
Cumulative distributions in excess of earnings			(2,184,104)						(2,170,642)						(2,153,834)						(2,128,194)						(2,082,716)
Accumulated other comprehensive loss			(9,517)						(9,873)						(10,575)						(10,123)						(11,314)
Piedmont stockholders' equity			1,535,538						1,546,499						1,560,208						1,586,604						1,628,633
Non-controlling interest			1,509						1,511						1,523						1,523						1,535
Total stockholders' equity			1,537,047						1,548,010						1,561,731						1,588,127						1,630,168
Total liabilities and stockholders' equity			$	4,003,728					$	3,980,263					$	4,003,957					$	4,114,651					$	4,138,217

12

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Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

			Three Months Ended
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Revenues: (1)
Rental revenue			$	110,748					$	111,130					$	111,776					$	111,169					$	109,393
Tenant reimbursements			22,282						22,824						24,288						24,312						23,439
Property management fee revenue			115						81						81						203						896
Other property related income			6,018						6,257						6,541						7,547						5,565
			139,163						140,292						142,686						143,231						139,293
Expenses:
Property operating costs			55,890						55,610						57,914						58,605						57,510
Depreciation			42,127						40,646						40,893						40,150						39,000
Amortization			15,188						14,785						15,421						16,422						17,067
Impairment charges			—						—						—						15,400						—
General and administrative (2)			7,607						7,960						7,563						12,650						6,809
			120,812						119,001						121,791						143,227						120,386
Other income (expense):
Interest expense			(31,968)						(31,954)						(31,677)						(31,629)						(32,072)
Other income (3)			160						133						395						1,648						2,091
Loss on early extinguishment of debt			—						(7,500)						(500)						—						—
Gain / (loss) on sale of real estate assets			—						1,224						789						—						(445)
Net loss			(13,457)						(16,806)						(10,098)						(29,977)						(11,519)
Less: Net income applicable to noncontrolling interest			(5)						(2)						(6)						(1)						—
Net loss applicable to Piedmont			$	(13,462)					$	(16,808)					$	(10,104)					$	(29,978)					$	(11,519)
Weighted average common shares outstanding - basic and diluted (4)			124,502						124,459						124,258						124,001						124,000
Net loss per share applicable to common stockholders - basic and diluted			$	(0.11)					$	(0.14)					$	(0.08)					$	(0.24)					$	(0.09)

(1)			To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue."
(2)			General and administrative expense for the fourth quarter of 2024 included $4.8 million in executive separation costs.
(3)			Includes interest income (in thousands) of $60, $31, $395, $1,528, and $1,924 for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.
(4)			As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

13

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Piedmont Realty TrustTM

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

			Three Months Ended																		Nine Months Ended
			9/30/2025			9/30/2024						Change ($)			Change (%)						9/30/2025			9/30/2024						Change ($)			Change (%)
Revenues: (1)
Rental revenue			$	110,748		$	109,393					$	1,355		1.2		%				$	333,654		$	334,287					$	(633)		(0.2)		%
Tenant reimbursements			22,282			23,439						(1,157)			(4.9)		%				69,394			74,296						(4,902)			(6.6)		%
Property management fee revenue			115			896						(781)			(87.2)		%				277			1,535						(1,258)			(82.0)		%
Other property related income			6,018			5,565						453			8.1		%				18,816			16,975						1,841			10.8		%
			139,163			139,293						(130)			(0.1)		%				422,141			427,093						(4,952)			(1.2)		%
Expenses:
Property operating costs			55,890			57,510						1,620			2.8		%				169,414			175,519						6,105			3.5		%
Depreciation			42,127			39,000						(3,127)			(8.0)		%				123,666			116,683						(6,983)			(6.0)		%
Amortization			15,188			17,067						1,879			11.0		%				45,394			53,284						7,890			14.8		%
Impairment charges			—			—						—			—		%				—			18,432						18,432			100.0		%
General and administrative			7,607			6,809						(798)			(11.7)		%				23,130			22,773						(357)			(1.6)		%
			120,812			120,386						(426)			(0.4)		%				361,604			386,691						25,087			6.5		%
Other income (expense):
Interest expense			(31,968)			(32,072)						104			0.3		%				(95,599)			(91,355)						(4,244)			(4.6)		%
Other income			160			2,091						(1,931)			(92.3)		%				688			2,697						(2,009)			(74.5)		%
Loss on early extinguishment of debt			—			—						—			—		%				(8,000)			(386)						(7,614)			(1,972.5)		%
Gain / (loss) on sale of real estate assets			—			(445)						445			100.0		%				2,013			(445)						2,458			552.4		%
Net loss			(13,457)			(11,519)						(1,938)			(16.8)		%				(40,361)			(49,087)						8,726			17.8		%
Less: Net income applicable to noncontrolling interest			(5)			—						(5)			(100.0)		%				(13)			(4)						(9)			(225.0)		%
Net loss applicable to Piedmont			$	(13,462)		$	(11,519)					$	(1,943)		(16.9)		%				$	(40,374)		$	(49,091)					$	8,717		17.8		%
Weighted average common shares outstanding - basic and diluted (2)			124,502			124,000															124,407			123,918
Net loss per share applicable to common stockholders - basic and diluted			$	(0.11)		$	(0.09)														$	(0.32)		$	(0.40)

(1)			To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue."
(2)			As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding.

14

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Piedmont Realty TrustTM

Funds From Operations, Core Funds From Operations and Adjusted Funds From Operations

Unaudited (in thousands except for per share data)

			Three Months Ended												Nine Months Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024
GAAP net loss applicable to common stock			$	(13,462)					$	(11,519)					$	(40,374)					$	(49,091)
Depreciation of real estate assets			41,759						38,642						122,538						115,699
Amortization of lease-related costs			15,188						17,059						45,379						53,260
Impairment charges			—						—						—						18,432
(Gain) / loss on sale of real estate assets			—						445						(2,013)						445
NAREIT Funds From Operations applicable to common stock			43,485						44,627						125,530						138,745
Adjustments:
Loss on early extinguishment of debt (1)			—						—						8,000						386
Core Funds From Operations applicable to common stock			43,485						44,627						133,530						139,131
Adjustments:
Amortization of debt issuance costs and discounts on debt			1,561						1,332						4,591						3,679
Depreciation of non-real estate assets			368						347						1,106						950
Straight-line effects of lease revenue			(6,251)						(5,125)						(24,887)						(15,570)
Stock-based compensation adjustments			2,503						2,153						4,954						5,240
Amortization of lease-related intangibles			(1,959)						(2,463)						(5,978)						(7,668)
Non-incremental capital expenditures (2)
Base Building Costs			(3,203)						(6,829)						(18,768)						(25,971)
Tenant Improvement Costs			(5,575)						67						(14,013)						(6,579)
Leasing Commission Costs			(4,425)						(8,172)						(14,301)						(20,882)
Adjusted Funds From Operations applicable to common stock			$	26,504					$	25,937					$	66,234					$	72,330
Weighted average common shares outstanding - diluted (3)			126,007						125,675						125,638						125,087
NAREIT Funds From Operations per share (diluted)			$	0.35					$	0.36					$	1.00					$	1.11
Core Funds From Operations per share (diluted)			$	0.35					$	0.36					$	1.06					$	1.11

(1)			During the nine months ended September 30, 2025, Piedmont repurchased approximately $67.5 million of the aggregate principal amount of the $600 Million Unsecured Senior Notes due 2028. The premium paid to repurchase the debt, as well as the write-off of the pro-rata share of unamortized debt issuance costs, resulted in the recognition of a $7.5 million loss on early extinguishment of debt.
(2)			Non-incremental capital expenditures are defined on page 38.
(3)			Includes potential share dilution using the treasury stock method. Such shares are not included when calculating net loss per share applicable to Piedmont as presented on the Consolidated Statements of Income, as they would reduce the loss per share presented.

15

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Piedmont Realty TrustTM

Same Store Net Operating Income (Cash Basis)

Unaudited (in thousands)

			Three Months Ended												Nine Months Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024
Net loss applicable to Piedmont			$	(13,462)					$	(11,519)					$	(40,374)					$	(49,091)
Net income applicable to noncontrolling interest			5						—						13						4
Interest expense			31,968						32,072						95,599						91,355
Depreciation			42,127						38,988						123,644						116,649
Amortization			15,188						17,059						45,379						53,260
Depreciation and amortization attributable to noncontrolling interests			—						20						38						59
Impairment charges			—						—						—						18,432
(Gain) / loss on sale of real estate assets			—						445						(2,013)						445
EBITDAre			75,826						77,065						222,286						231,113
Loss on early extinguishment of debt			—						—						8,000						386
Core EBITDA			75,826						77,065						230,286						231,499
General and administrative expense			7,607						6,809						23,130						22,773
Management fee revenue (net)			(114)						(714)						(254)						(965)
Other income			(52)						(1,983)						(364)						(2,374)
Straight-line effects of lease revenue			(6,251)						(5,125)						(24,887)						(15,570)
Straight-line effects of lease revenue attributable to noncontrolling interests			—						1						(4)						1
Amortization of lease-related intangibles			(1,959)						(2,463)						(5,978)						(7,668)
Property net operating income (cash basis)			75,057						73,590						221,929						227,696
Deduct net operating (income) loss from:
Acquisitions (1)			—						—						—						—
Dispositions (1)			54						(1,383)						(1,616)						(5,141)
Other investments (2)			(42)						816						211						(838)
Same store net operating income (cash basis)			$	75,069					$	73,023					$	220,524					$	221,717
Change period over period			2.8		%				N/A						(0.5)		%				N/A

(1)			Refer to page 37 for detailed information on recent acquisitions and dispositions.
(2)			Reflects three redevelopment projects currently held out-of-service and various land holdings. Refer to pages 36 and 37 for detailed information on these entities.

16

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Piedmont Realty TrustTM

Same Store Net Operating Income (Accrual Basis)

Unaudited (in thousands)

			Three Months Ended												Nine Months Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024
Net loss applicable to Piedmont			$	(13,462)					$	(11,519)					$	(40,374)					$	(49,091)
Net income applicable to noncontrolling interest			5						—						13						4
Interest expense			31,968						32,072						95,599						91,355
Depreciation			42,127						38,988						123,644						116,649
Amortization			15,188						17,059						45,379						53,260
Depreciation and amortization attributable to noncontrolling interests			—						20						38						59
Impairment charges			—						—						—						18,432
(Gain) / loss on sale of real estate assets			—						445						(2,013)						445
EBITDAre			75,826						77,065						222,286						231,113
Loss on early extinguishment of debt			—						—						8,000						386
Core EBITDA			75,826						77,065						230,286						231,499
General and administrative expense			7,607						6,809						23,130						22,773
Management fee revenue (net)			(114)						(714)						(254)						(965)
Other income			(52)						(1,983)						(364)						(2,374)
Property net operating income (accrual basis)			83,267						81,177						252,798						250,933
Deduct net operating (income) loss from:
Acquisitions (1)			—						—						—						—
Dispositions (1)			54						(1,269)						(1,725)						(5,188)
Other investments (2)			(118)						687						(37)						(1,131)
Same store net operating income (accrual basis)			$	83,203					$	80,595					$	251,036					$	244,614
Change period over period			3.2		%				N/A						2.6		%				N/A

(1)			Refer to page 37 for detailed information on recent acquisitions and dispositions.
(2)			Reflects three redevelopment projects currently held out-of-service and various land holdings. Refer to pages 36 and 37 for detailed information on these entities.

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Piedmont Realty TrustTM

Same Store Net Operating Income (Financial Components)

Unaudited (in thousands)

						Three Months Ended															Nine Months Ended
						9/30/2025			9/30/2024			Change ($)			Change (%)						9/30/2025			9/30/2024			Change ($)			Change (%)
Revenue
			Cash rental income			$	102,222		$	99,754		$	2,468		2.5		%				$	299,702		$	300,315		$	(613)		(0.2)		%
			Tenant reimbursements			22,159			22,670			(511)			(2.3)		%				68,190			69,175			(985)			(1.4)		%
			Straight-line effects of lease revenue			6,175			5,108			1,067			20.9		%				24,534			15,228			9,306			61.1		%
			Amortization of lease-related intangibles			1,959			2,464			(505)			(20.5)		%				5,978			7,669			(1,691)			(22.0)		%
			Total rents			132,515			129,996			2,519			1.9		%				398,404			392,387			6,017			1.5		%
			Other property related income			5,991			5,687			304			5.3		%				18,715			17,383			1,332			7.7		%
Total revenue						138,506			135,683			2,823			2.1		%				417,119			409,770			7,349			1.8		%
Property operating expense						55,411			55,196			(215)			(0.4)		%				166,406			165,479			(927)			(0.6)		%
Other income						108			108			—			—		%				323			323			—			—		%
Same store net operating income (accrual)						$	83,203		$	80,595		$	2,608		3.2		%				$	251,036		$	244,614		$	6,422		2.6		%
Less:
			Straight-line effects of lease revenue			(6,175)			(5,108)			(1,067)			(20.9)		%				(24,534)			(15,228)			(9,306)			(61.1)		%
			Amortization of lease-related intangibles			(1,959)			(2,464)			505			20.5		%				(5,978)			(7,669)			1,691			22.0		%
Same store net operating income (cash)						$	75,069		$	73,023		$	2,046		2.8		%				$	220,524		$	221,717		$	(1,193)		(0.5)		%

18

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Piedmont Realty TrustTM

Debt Summary

As of September 30, 2025

Unaudited ($ in thousands)

Floating Rate & Fixed Rate Debt

Debt

Principal Outstanding

Weighted Average Interest Rate

Weighted Average Maturity

Fixed Rate

$2,047,196

6.01%

45.4 months

Floating Rate

166,000

5.29%

57.0 months

Total

$2,213,196

5.95%

46.3 months

            

Unsecured & Secured Debt

Debt

Principal Outstanding

Weighted Average Interest Rate

Weighted Average Maturity

Unsecured

$2,023,460

6.13%

47.3 months

Secured (1)

189,736

4.10%

36.1 months

Total

$2,213,196

5.95%

46.3 months

                 

Debt Maturities (2)
Maturity Year			Secured Principal Outstanding			Unsecured Principal Outstanding			Weighted Average Interest Rate			Percentage of Total Debt
2025			$—			$—						—			—
2026			—			—						—			—
2027			—			—						—			—
2028			189,736			857,460						7.12%			47.3%
2029			—			400,000						7.11%			18.1%
2030			—			466,000						4.40%			21.0%
2031			—			—						—			—
2032			—			300,000						2.78%			13.6%
Total			$	189,736		$	2,023,460					5.95%			100.00%

    

(1)			All outstanding debt as of September 30, 2025 was interest-only with the exception of the amortizing fixed-rate mortgage associated with the 1180 Peachtree asset.
(2)			For loans that provide extension options conditional upon proper notice to the loan's administrative agent and the payment of an extension fee, the final extended maturity date is reflected.

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Piedmont Realty TrustTM

Debt Detail

As of September 30, 2025

Unaudited ($ in thousands)

Facility						Stated Rate (1)			Effective Rate (2)									Maturity Date			Principal Outstanding (3)
Secured Debt
Fixed-Rate Mortgage (1180 Peachtree)						4.10%			4.10%						Fixed			10/1/2028			189,736
Secured Subtotal / Weighted Average Interest Rate									4.10%												$	189,736
Unsecured Debt
$325 Million Unsecured 2024 Term Loan (4)						SOFR + 1.30%			5.38%						Fixed			1/29/2028			325,000
$600 Million Unsecured 2023 Senior Notes (5)						9.25%			9.25%						Fixed			7/20/2028			532,460
$400 Million Unsecured 2024 Senior Notes						6.88%			7.11%						Fixed			7/15/2029			400,000
$600 Million Unsecured Line of Credit (6)						SOFR + 1.05%			5.29%						Floating			6/30/2030			166,000
$300 Million Unsecured 2020 Senior Notes						3.15%			3.90%						Fixed			8/15/2030			300,000
$300 Million Unsecured 2021 Senior Notes						2.75%			2.78%						Fixed			4/1/2032			300,000
Unsecured Subtotal / Weighted Average Interest Rate									6.13%												$	2,023,460
Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate						5.95%												$	2,213,196
GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs																					(19,872)
Total Debt - GAAP																		$	2,193,324
Less: Cash, cash equivalents, and restricted cash and escrows																					8,135
Total Net Debt - Principal Amount Outstanding																					$	2,205,061

(1)			The stated rates for the term loan and the line of credit are comprised of the relevant SOFR selection and an additional spread based on Piedmont's current credit rating, as defined in the respective loan agreement.
(2)			The effective rates reflect the consideration of settled or in-place interest rate swap agreements and issuance discounts.
(3)			All outstanding debt at period end was interest-only with the exception of the amortizing fixed-rate mortgage.
(4)			The $325 million unsecured term loan has a stated variable interest rate; however, Piedmont has entered into multiple interest rate swap agreements which effectively fixes the entire facility through February 1, 2026. The loan has an initial maturity date of January 29, 2027 with two six-month extension options for a final maturity date of January 29, 2028; provided that Piedmont is not then in default and upon payment of extension fees.
(5)			During the second quarter of 2025, Piedmont repurchased approximately $67.5 million of its $600 Million Unsecured 2023 Senior Notes, using availability on the $600 Million Unsecured Line of Credit and cash on hand.
(6)			Piedmont may select from multiple interest rate options with each draw under the revolving credit facility, including the prime rate and various SOFR selections. The facility has an initial maturity date of June 30, 2028 with two one-year extension options for a final maturity date of June 30, 2030; provided that Piedmont is not then in default and upon payment of extension fees.

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Piedmont Realty TrustTM

Debt Covenants & Ratios for Debt Holders

As of September 30, 2025                 

Unaudited

						Three Months Ended
Bank Debt Covenant Compliance (1)			Required			9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024
Maximum leverage ratio			0.60			0.48			0.47			0.48			0.44			0.42
Minimum fixed charge coverage ratio (2)			1.50			2.15			2.15			2.21			2.24			2.35
Maximum secured indebtedness ratio			0.40			0.04			0.04			0.04			0.04			0.04
Minimum unencumbered leverage ratio			1.60			2.12			2.13			2.12			2.31			2.33
Minimum unencumbered interest coverage ratio (3)			1.75			2.19			2.17			2.22			2.30			2.40

						Three Months Ended
Bond Covenant Compliance (4)			Required			9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024
Total debt to total assets			60% or less			46.5%			46.8%			46.8%			46.6%			46.7%
Secured debt to total assets			40% or less			4.0%			4.1%			4.1%			4.0%			4.0%
Ratio of consolidated EBITDA to interest expense			1.50 or greater			2.53			2.53			2.58			2.57			2.70
Unencumbered assets to unsecured debt			150% or greater			213%			212%			212%			213%			212%

Other Debt Coverage Ratios for Debt Holders

As of

As of

(trailing twelve months)

September 30, 2025

December 31, 2024

Average net principal amount of debt to Core EBITDA (5)

7.1 x

6.8 x

Fixed charge coverage ratio (6)

2.1 x

2.2 x

Interest coverage ratio (7)

2.2 x

2.3 x

(1)			Bank debt covenant compliance calculations relate to the most restrictive of the specific calculations detailed in the relevant credit agreements. Please refer to such agreements for relevant defined terms.
(2)			Defined as EBITDA for the trailing four quarters (including the Company's share of EBITDA from unconsolidated interests), excluding one-time or non-recurring gains or losses, less a $0.15 per square foot capital reserve, and excluding the impact of straight line rent leveling adjustments and amortization of intangibles divided by the Company's share of fixed charges, as more particularly described in the credit agreements. This definition of fixed charge coverage ratio as prescribed by our credit agreements is different from the fixed charge coverage ratio definition employed elsewhere within this report.
(3)			Defined as net operating income for the trailing four quarters for unencumbered assets (including the Company's share of net operating income from partially-owned entities and subsidiaries that are deemed to be unencumbered) less a $0.15 per square foot capital reserve divided by the Company's share of interest expense associated with unsecured financings only, as more particularly described in the credit agreements.
(4)			Bond covenant compliance calculations relate to specific calculations prescribed in the relevant debt agreements. Please refer to the Indenture and the First Supplemental Indenture dated March 6, 2014, the Second Supplemental Indenture dated August 12, 2020, the Third Supplemental Indenture dated September 20, 2021, the Fourth Supplemental Indenture dated July 20, 2023, and the Fifth Supplemental Indenture dated June 25, 2024 for defined terms and detailed information about the calculations.
(5)			Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period.
(6)			Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented).
			The Company recorded principal amortization of $0.9 million for each of the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024.
			The Company recorded capitalized interest of $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, and $3.4 million for the quarter ended September 30, 2024.
(7)			Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $2.9 million for the quarter ended September 30, 2025, $3.2 million for the quarter ended June 30, 2025, $3.3 million for the quarter ended March 31, 2025, $3.7 million for the quarter ended December 31, 2024, and $3.4 million for the quarter ended September 30, 2024.

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Piedmont Realty TrustTM

Leased Percentage

(in thousands)

						Three Months Ended												Three Months Ended
						September 30, 2025												September 30, 2024
						Leased Square Footage			Rentable Square Footage			Percent Leased (1)						Leased Square Footage			Rentable Square Footage			Percent Leased (1)
			In-Service Leased - beginning of period			13,230			14,923			88.7		%				13,669			15,658			87.3		%
			Total leasing executed during period			724												461
			Less: Lease renewals signed during period			(173)												(256)
			Less: New leases signed during period for currently occupied space			(74)												(49)
			Less: New leases signed during period for current out of service space			(183)												(14)
			Less: Leases expired during period and other			(220)			(5)									(45)			(8)
			Subtotal			13,304			14,918			89.2		%				13,766			15,650			88.0		%
			Acquisitions / (dispositions) (2)			—			—									(146)			(315)
			Assets placed in service / (taken out of service) (3)			—			—									—			—
			In-Service Leased - end of period			13,304			14,918			89.2		%				13,620			15,335			88.8		%

			Nine Months Ended												Nine Months Ended
			September 30, 2025												September 30, 2024
			Leased Square Footage			Rentable Square Footage			Percent Leased (1)						Leased Square Footage			Rentable Square Footage			Percent Leased (1)
In-Service Leased - beginning of period			13,538			15,323			88.4		%				14,426			16,563			87.1		%
Total leasing executed during period			1,799												1,999
Less: Lease renewals signed during period			(600)												(1,061)
Less: New leases signed during period for currently occupied space			(202)												(264)
Less: New leases signed during period for current out of service space			(361)												(32)
Less: Leases expired during period and other			(507)			22									(1,015)			—
Subtotal			13,667			15,345			89.1		%				14,053			16,563			84.8		%
Acquisitions / (dispositions) (2)			(363)			(427)									(403)			(572)
Assets placed in service / (taken out of service) (3)			—			—									(30)			(656)
In-Service Leased - end of period			13,304			14,918			89.2		%				13,620			15,335			88.8		%

			Same Store Analysis
			Less: Acquisitions and dispositions after September 30, 2024 (2)			—			—			—		%				(359)			(427)			84.1		%
			Less: Change in out of service assets after September 30, 2024 (3)			—			—			—		%				—			—			—		%
			Same Store Leased Percentage - end of period			13,304			14,918			89.2		%				13,261			14,908			89.0		%

(1)			Calculated as the square footage of commenced leases plus the square footage of uncommenced leases for spaces vacant as of period end, divided by total rentable in-service square footage at period end.
(2)			Refer to page 37 for detailed information on recent acquisitions and dispositions.
(3)			Refer to page 36 for detailed information on assets placed out of service.

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Piedmont Realty TrustTM

Rental Rate Roll Up / Roll Down

			Three Months Ended
			September 30, 2025
			Square Feet (in thousands)			% of Total Signed During Period			% of Rentable Square Footage			% Change Cash Rents (1)			% Change Accrual Rents (2)
Leases executed for spaces vacant one year or less			237			32.7%			1.6%			8.6%			20.2%
Leases executed for spaces excluded from analysis (3)			488			67.3%

			Nine Months Ended
			September 30, 2025
			Square Feet (in thousands)			% of Total Signed During Period			% of Rentable Square Footage			% Change Cash Rents (1)			% Change Accrual Rents (2)
Leases executed for spaces vacant one year or less			591			32.8%			4.0%			8.9%			18.1%
Leases executed for spaces excluded from analysis (3)			1,209			67.2%

(1)			Calculation compares the last twelve months of cash paying rents of the previous lease to the first twelve months of cash paying rents of the new lease.
(2)			Calculation compares the accrual basis rents of the previous lease to the accrual basis rents of the new leases. For newly signed leases which have variations in accrual basis rents, whether because of known future expansions, contractions, lease expense recovery structure changes, or other similar reasons, the weighted average of such varying accrual basis rents is used for the calculation.
(3)			Leases are excluded from the above analyses if: (1) the space has been vacant for more than one year, (2) the lease term is less than one year, (3) the lease is associated with storage space, retail space, a management office, or a percentage rent agreement, or (4) the lease is associated with a recently acquired asset for which there is less than one year of operating history.

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Piedmont Realty TrustTM

Contractual Tenant Improvements and Leasing Commissions        

						Three Months Ended September 30, 2025									Nine Months Ended September 30, 2025			For the Year Ended																														2021 to 2025 (Weighted Average)
												2024 (2)						2023 (3)			2022			2021
			Total Leasing Transactions
			Square feet (1)			724,415												1,795,835			2,428,246			2,239,797						2,142,852						2,247,366																								10,854,096
			Tenant improvements per square foot per year of lease term			$3.75												$4.25			$3.70			$3.80						$3.22						$2.78																								$3.58
			Leasing commissions per square foot per year of lease term			$2.71												$2.77			$2.31			$2.21						$2.22						$1.67																								$2.24
			Total per square foot per year of lease term			$6.46												$7.02			$6.01			$6.01						$5.44						$4.45																								$5.82
			Less Adjustment for Commitment Expirations (4)
			Expired tenant improvements (not paid out) per square foot per year of lease term			$0.30												-$0.29			-$0.34			-$0.79						-$0.10						-$0.20																								-$0.37
			Adjusted total per square foot per year of lease term			$6.76												$6.73			$5.67			$5.22						$5.34						$4.25																								$5.45

(1)			Excludes leasing transactions associated with storage and license spaces.
(2)			Tenant improvement and leasing commission amounts presented for the twelve months ended December 31, 2024 include a 101,500 square foot 11-year lease executed in the first quarter of 2024 with no capital outlay requirements.
(3)			Tenant improvement amounts presented for the year ended December 31, 2023 were adjusted to reflect the overall concession package for the 447,000 square foot 10-year renewal with US Bancorp, executed in the fourth quarter of 2023. The renewal terms provided for zero months of rent abatement, offset by an above-market tenant improvement allowance. The amounts are presented as if the renewal had included the standard twelve months of gross rent abatement in line with market conditions and, therefore, a normalized tenant improvement allowance. This adjustment effectively lowered the total capital per square foot per year of lease term for the year ended December 31, 2023 by $0.97.
(4)			The Company reports total tenant improvement amounts based on the maximum amount of committed leasing capital in the period in which the lease is executed. However, tenants do not always use the full allowance provided for in the lease, or a portion of the allowance could expire at a set date. To provide additional clarity on actual costs for completed leasing transactions, tenant improvement allowances that have expired or are no longer available to the tenant are disclosed in this section and are deducted from the capital commitments per square foot of leased space in the periods in which they expired.

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Piedmont Realty TrustTM

Net Effective Rents

			Three Months Ended																														Five Quarter
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						Average
Leasing activity included in net effective rent analysis (1)
Renewal leasing square footage (in 000s)			119						124						162						301						159						173
New tenant leasing square footage (in 000s)			539						455						169						93						191						289
Total leasing square footage (in 000s)			658						579						331						394						350						462
Renewal square footage (% of total)			18.1		%				21.4		%				48.9		%				76.4		%				45.4		%				42.0		%
New Lease square footage (% of total)			81.9		%				78.6		%				51.1		%				23.6		%				54.6		%				58.0		%
# of lease transactions			64						49						50						40						49						50
Net effective rents (2) (3)
Base rent (gross)			$	44.67					$	45.62					$	49.60					$	45.58					$	43.78					$	45.85
Rent concessions			(2.46)						(2.57)						(2.71)						(1.97)						(2.22)						(2.39)
GAAP Rent			$	42.21					$	43.06					$	46.89					$	43.60					$	41.56					$	43.46
Tenant improvements			(3.31)						(4.40)						(3.33)						(3.00)						(3.38)						(3.48)
Leasing commissions			(2.75)						(2.70)						(2.89)						(2.69)						(2.21)						(2.65)
Other concessions			(0.01)						—						(0.35)						(0.21)						(0.01)						(0.12)
Effective rent after capex			$	36.14					$	35.95					$	40.32					$	37.70					$	35.96					$	37.21
Expense stop			(14.88)						(15.17)						(16.03)						(15.05)						(15.68)						(15.36)
Effective rent after capex and opex			$	21.26					$	20.78					$	24.29					$	22.65					$	20.28					$	21.85
Weighted average lease term in years (weighted by square feet)			8.8						9.5						7.4						7.0						6.9						7.9

(1)			Leases are excluded from this analysis if: (1) the lease term is one year or less or (2) the lease is associated with non-office space (storage, retail or a management office). Total leased square footage in this analysis will not tie to the total reported leasing volume reported elsewhere in this supplemental report.
(2)			Based on the weighted average per rentable square footage over the lease term of each deal.
(3)			Excludes parking income due to the variable nature between markets and individual lease transactions.

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Piedmont Realty TrustTM

Future Contractual Income Sources

As of September 30, 2025

Uncommenced Leases for Vacant Space (1)

920,000 square feet representing $38.7 million in future annual cash rent

Major Leases (by Industry)

Project

Market

Square Feet Leased

Space Status

Estimated Lease Commencement Date

New / Expansion

Video game development

The Exchange on Orange

Orlando

27,830

Vacant

Q4 2025

New

Supply chain solutions consultant

Galleria on the Park

Atlanta

25,437

Vacant

Q4 2025

New

Food production and distribution

9320 Excelsior

Minneapolis

84,479

Vacant

Q1 2026 (77,197 SF) & Q1 2029 (7,282 SF)

New

General contracting and construction

Meridian

Minneapolis

34,013

Vacant

Q1 2026

New

Banking and financial services

Meridian

Minneapolis

27,049

Vacant

Q1 2026

New

Global risk management

Galleria Towers

Dallas

92,977

Vacant

Q2 2026

New

International data centers provider

Interlink at Las Colinas

Dallas

56,080

Vacant

Q2 2026

New

Engineering, architecture and construction

Galleria Towers

Dallas

46,004

Vacant

Q2 2026

New

Insurance and financial services

9320 Excelsior

Minneapolis

40,793

Vacant

Q2 2026

New

Banking and financial services

Meridian

Minneapolis

44,977

Vacant

Q4 2026

New

Engineering and environmental consulting

Meridian

Minneapolis

85,267

Vacant

Q4 2026

New

Leases Currently Under Abatement (1)

1.1 million square feet representing $35.7 million in future annual cash rent

Major Leases (by Industry)

Project

Market

Square Feet Abated

Lease Commencement

Remaining Abatement Schedule

Lease Expiration

Global energy conglomerate

Galleria on the Park

Atlanta

77,163

Q3 2024

September 2024 through September 2025

Q3 2036

Financial services

Crescent Ridge II

Minneapolis

32,326

Q4 2024

October 2024 through March 2026

Q1 2041

Insurance and financial services

Glenridge Highlands

Atlanta

35,903

Q4 2024

December 2024 through November 2025

Q4 2035

Insurance and financial services

Galleria on the Park

Atlanta

30,168

Q4 2024

December 2024 through October 2025

Q3 2035

Construction materials supplier

Interlink at Las Colinas

Dallas

21,303

Q4 2024

Mid-December 2024 through Mid-December 2025

Q4 2036

Accounting and business advisory

US Bancorp Center

Minneapolis

40,622

Q4 2024

January 2025 through December 2025

Q4 2037

Commercial real estate

CNL Center

Orlando

26,372

Q2 2025

April 2025 through December 2025

Q4 2037

Commercial real estate

CNL Center

Orlando

23,711

Q2 2025

May 2025 through February 2026 (50% abated)

Q3 2031

National legal services

Galleria Towers

Dallas

28,153

Q3 2025

August 2025 through January 2026

Q1 2032

Travel services

501 West Church

Orlando

182,461

Q3 2025

September 2025 through October 2025

Q4 2040

Insurance and financial services

Galleria on the Park

Atlanta

46,939

Q3 2025

September 2025 through August 2026

Q4 2036

(1)			Includes leasing activity for the total portfolio, including assets currently out of service.

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Piedmont Realty TrustTM

Lease Expiration Schedule

As of September 30, 2025

(in thousands)

Expiration Year						Annualized Lease Revenue (1)			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)
Vacant						$—			—			1,614			10.8
2025 (2)						12,774			2.2			334			2.3
2026						60,908			10.6			1,442			9.7
2027						54,106			9.4			1,361			9.1
2028						50,400			8.8			1,252			8.4
2029						54,570			9.5			1,264			8.5
2030						58,700			10.2			1,362			9.1
2031						41,824			7.3			1,020			6.8
2032						39,408			6.8			918			6.2
2033						13,056			2.3			295			2.0
2034						46,224			8.0			1,167			7.8
2035						31,740			5.5			778			5.2
2036						26,231			4.6			647			4.3
2037						46,349			8.1			867			5.8
Thereafter						38,479			6.7			597			4.0
Total						$574,769			100.0			14,918			100.0

            

Average Lease Term Remaining
9/30/2025			6.0 years
12/31/2024			6.0 years

(1)			Annualized rental income associated with each newly executed lease for currently occupied space is incorporated herein only at the expiration date for the current lease. Annualized rental income associated with each such new lease is removed from the expiry year of the current lease and added to the expiry year of the new lease. These adjustments effectively incorporate known roll ups and roll downs into the expiration schedule.
(2)			Includes leases with an expiration date of September 30, 2025, comprised of approximately 20,000 square feet and Annualized Lease Revenue of $0.9 million.

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Piedmont Realty TrustTM

Lease Expirations by Quarter

As of September 30, 2025

(in thousands)

						Q4 2025 (1)									Q1 2026									Q2 2026									Q3 2026
Location						Expiring Square Footage			Expiring Lease Revenue (2)						Expiring Square Footage			Expiring Lease Revenue (2)						Expiring Square Footage			Expiring Lease Revenue (2)						Expiring Square Footage			Expiring Lease Revenue (2)
Atlanta						79			$2,721						52			$2,145						282			$11,305						88			$3,452
Boston						—			—						3			167						2			102						6			32
Dallas						65			2,644						6			313						240			8,576						37			1,244
Minneapolis						140			5,526						11			290						9			395						3			147
New York						—			6						5			176						313			16,619						—			—
Orlando						32			1,137						32			1,201						20			678						56			2,229
Northern Virginia / Washington, D.C.						18			979						1			70						—			16						57			3,198
Other						—			—						—			—						—			—						—			—
Total (3)						334			$13,013						110			$4,362						866			$37,691						247			$10,302

(1)			Includes leases with an expiration date of September 30, 2025, comprised of approximately 20,000 square feet and expiring lease revenue of $0.9 million. No such adjustments are made to other periods presented.
(2)			Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space.
(3)			Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on the previous page as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates.

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Piedmont Realty TrustTM

Lease Expirations by Year

As of September 30, 2025

(in thousands)

						12/31/2025 (1)									12/31/2026									12/31/2027									12/31/2028									12/31/2029
Location						Expiring Square Footage			Expiring Lease Revenue (2)						Expiring Square Footage			Expiring Lease Revenue (2)						Expiring Square Footage			Expiring Lease Revenue (2)						Expiring Square Footage			Expiring Lease Revenue (2)						Expiring Square Footage			Expiring Lease Revenue (2)
Atlanta						79			$2,721						449			$17,888						601			$24,805						424			$17,649						442			$18,077
Boston						—			—						13			403						44			2,200						8			419						197			8,558
Dallas						65			2,644						372			13,607						158			5,181						325			14,089						269			13,227
Minneapolis						140			5,526						26			888						210			7,466						67			2,380						50			1,915
New York						—			6						318			16,795						7			636						2			175						17			1,024
Orlando						32			1,137						164			6,015						297			11,215						89			3,347						218			8,285
Northern Virginia / Washington, D.C.						18			979						100			5,663						44			2,502						78			4,536						71			3,789
Other						—			—						—			—						—			5						259			8,364						—			6
Total (3)						334			$13,013						1,442			$61,259						1,361			$54,010						1,252			$50,959						1,264			$54,881

(1)			Includes leases with an expiration date of September 30, 2025, comprised of approximately 20,000 square feet and expiring lease revenue of $0.9 million. No such adjustments are made to other periods presented.
(2)			Expiring Lease Revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space.
(3)			Total expiring lease revenue in any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule on page 27 as the Lease Expiration Schedule accounts for the revenue effects of newly signed leases. Reflected herein are expiring revenues based on in-place rental rates.

29

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Piedmont Realty TrustTM

Tenant Diversification

As of September 30, 2025

Tenants Contributing 1% or More to Annualized Lease Revenue
Tenant			Credit Rating (1) S&P / Moody's			Number of Properties			Lease Term Remaining (in years)			Annualized Lease Revenue (in thousands)			Percentage of Annualized Lease Revenue (%)			Leased Square Footage (in thousands)			Percentage of Leased Square Footage (%)
State of New York			AA+ / Aa1			1			11.9						$28,344			4.9						486			3.6
City of New York			AA / Aa2			1			0.7						16,619			2.9						313			2.3
US Bancorp			A / A3			1			8.4						16,184			2.8						447			3.4
Amazon			AA / A1			2			4.8						15,289			2.7						285			2.1
Microsoft			AAA / Aaa			2			5.7						14,319			2.5						355			2.7
King & Spalding			No Rating Available			1			5.5						13,438			2.3						268			2.0
Transocean			CCC+ / B3			1			10.6						12,315			2.1						301			2.3
VMware, Inc.			A- / A3			1			1.8						9,761			1.7						215			1.6
Schlumberger Technology			A / A1			1			3.3						8,311			1.4						254			1.9
Gartner			BBB- / Baa3			3			8.7						8,270			1.4						209			1.6
Fiserv			BBB / Baa2			1			1.8						7,900			1.4						195			1.5
Salesforce.com			A+ / A1			1			3.8						7,803			1.4						182			1.4
Epsilon Data Management (subsidiary of Publicis)			BBB+ / Baa1			1			0.8						7,351			1.3						222			1.7
Eversheds Sutherland			No Rating Available			1			0.6						7,279			1.3						180			1.3
Travel + Leisure Co.			BB- / Ba3			1			15.1						5,702			1.0						182			1.4
Other									Various						395,884			68.9						9,210			69.2
Total															$574,769			100.0						13,304			100.0

(1)			Credit rating may reflect the credit rating of the parent or a guarantor. The absence of a credit rating for a tenant is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating.

30

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Piedmont Realty TrustTM

Tenant Credit Rating & Lease Distribution

As of September 30, 2025

Tenant Credit Rating        

Rating Level (1) S&P / Moody's			Annualized Lease Revenue (in thousands)			Percentage of Annualized Lease Revenue (%)
AAA / Aaa			$15,021			2.6
AA / Aa			80,306			14.0
A / A			69,325			12.1
BBB / Baa			51,097			8.9
BB / Ba			19,970			3.5
B / B			28,885			5.0
Below			126			—
Not rated (2)			310,039			53.9
Total			$574,769			100.0

Lease Distribution

Lease Size			Number of Leases			Percentage of Leases (%)			Annualized Lease Revenue (in thousands)			Percentage of Annualized Lease Revenue (%)			Leased Square Footage (in thousands)			Percentage of Leased Square Footage (%)
2,500 sf or Less			325			33.5			$26,865			4.7			243			1.8
2,501 - 10,000 sf			387			39.9			83,202			14.5			2,008			15.1
10,001 - 20,000 sf			107			11.0			59,689			10.4			1,434			10.8
20,001 - 40,000 sf			80			8.2			86,630			15.0			2,150			16.2
40,001 - 100,000 sf			50			5.2			138,584			24.1			3,158			23.7
Greater than 100,000 sf			21			2.2			179,799			31.3			4,311			32.4
Total			970			100.0			$574,769			100.0			13,304			100.0

(1)			Credit rating may reflect the credit rating of the parent or a guarantor. Where differences exist between the Standard & Poor's credit rating and the Moody's credit rating for a tenant, the higher credit rating is selected for this analysis.
(2)			The classification of a tenant as "not rated" is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating. Included in this category are such tenants as Piper Sandler, Ernst & Young, KPMG, BDO, and RaceTrac Petroleum.

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Piedmont Realty TrustTM

Industry Diversification

As of September 30, 2025

($ and square footage in thousands)

												Percentage of						Leased			Percentage
			Number of			Percentage of Total			Annualized Lease			Annualized Lease						Square			of Leased
Industry			Tenants			Tenants (%)			Revenue (ALR)			Revenue (%)						Footage			Square Footage (%)
Business Services			87			11.5			$86,548			15.1						2,132			16.0
Engineering, Accounting, Research, Management & Related Services			98			12.9			74,256			12.9						1,703			12.8
Legal Services			82			10.8			62,148			10.8						1,424			10.7
Governmental Entity (1)			5			0.7			50,910			8.9						917			6.9
Real Estate			51			6.7			30,065			5.2						842			6.3
Holding and Other Investment Offices			45			5.9			25,570			4.4						574			4.3
Depository Institutions			18			2.4			24,961			4.3						651			4.9
Oil and Gas Extraction			4			0.5			23,738			4.1						642			4.8
Security & Commodity Brokers, Dealers, Exchanges & Services			56			7.4			20,792			3.6						514			3.9
Miscellaneous Retail			7			0.9			16,860			2.9						328			2.5
Insurance Agents, Brokers & Services			18			2.4			15,854			2.8						378			2.8
Health Services			33			4.4			15,364			2.7						363			2.7
Automotive Repair, Services & Parking			9			1.2			14,700			2.6						8			0.1
Membership Organizations			22			2.9			13,987			2.4						249			1.9
Insurance Carriers			16			2.1			10,016			1.7						265			2.0
Other			206			27.3			89,000			15.6						2,314			17.4
Total			757			100.0			$574,769			100.0						13,304			100.0

(1)			Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (5.0% of ALR), and city / local (3.2% of ALR).

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Piedmont Realty TrustTM

Geographic Diversification

As of September 30, 2025

($ and square footage in thousands)

Location			Number of Projects			Annualized Lease Revenue			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)			Leased Square Footage			Percent Leased (%)
Atlanta			6			$181,734			31.6						4,723			31.7			4,419			93.6
Dallas			5			112,651			19.6						2,827			18.9			2,584			91.4
Orlando			4			66,543			11.6						1,754			11.8			1,646			93.8
Northern Virginia / Washington, D.C.			5			57,038			9.9						1,583			10.6			1,059			66.9
New York			1			54,963			9.6						1,047			7.0			974			93.0
Minneapolis			3			47,898			8.3						1,434			9.6			1,280			89.3
Boston			3			33,251			5.8						936			6.3			782			83.5
Other			2			20,691			3.6						614			4.1			560			91.2
Total / Weighted Average			29			$574,769			100.0						14,918			100.0			13,304			89.2

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Piedmont Realty TrustTM

Geographic Diversification by Location Type

As of September 30, 2025

(square footage in thousands)

									CBD															URBAN INFILL / SUBURBAN															TOTAL
Location									Number of Projects			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)						Number of Projects			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)						Number of Projects			Percentage of Annualized Lease Revenue (%)			Rentable Square Footage			Percentage of Rentable Square Footage (%)
Atlanta									2			10.9			1,304			8.8						4			20.7			3,419			22.9						6			31.6			4,723			31.7
Dallas									—			—			—			—						5			19.6			2,827			18.9						5			19.6			2,827			18.9
Orlando									3			9.7			1,445			9.7						1			1.9			309			2.1						4			11.6			1,754			11.8
Northern Virginia / Washington, D.C.									2			4.8			687			4.6						3			5.1			896			6.0						5			9.9			1,583			10.6
New York									1			9.6			1,047			7.0						—			—			—			—						1			9.6			1,047			7.0
Minneapolis									1			5.2			930			6.2						2			3.1			504			3.4						3			8.3			1,434			9.6
Boston									—			—			—			—						3			5.8			936			6.3						3			5.8			936			6.3
Other									—			—			—			—						2			3.6			614			4.1						2			3.6			614			4.1
Total						9			40.2			5,413			36.3						20			59.8			9,505			63.7						29			100.0			14,918			100.0

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Piedmont Realty TrustTM

Portfolio Detail

As of September 30, 2025

(in thousands)

In-Service Assets			Energy Star Certification			LEED Certification			BOMA 360 Certification			Percent Ownership			Number of Buildings			Rentable Square Footage Owned			Percent Leased			Percent Commenced Leased			Percent Economic Leased (1)			Annualized Lease Revenues
Atlanta
999 Peachtree			P			P			P			100.0%			1			626			93.1		%	82.1		%	78.1		%	26,504
1180 Peachtree			P			P			P			100.0%			1			678			96.9		%	96.8		%	93.4		%	36,293
Galleria on the Park			P			P			P			100.0%			5			2,173			92.4		%	88.7		%	78.9		%	72,346
Glenridge Highlands One and Two			P			P			P			100.0%			2			713			91.3		%	91.3		%	83.7		%	24,965
1155 Perimeter Center West			P			P			P			100.0%			1			377			98.4		%	96.0		%	94.7		%	15,245
The Medici			P						P			100.0%			1			156			96.2		%	84.0		%	81.4		%	6,381
Market Subtotal / Weighted Average															11			4,723			93.6		%	89.8		%	82.9		%	181,734
Boston
5 Wall			P			P			P			100.0%			1			182			100.0		%	100.0		%	100.0		%	7,806
Wayside Office Park			P						P			100.0%			2			473			90.3		%	90.3		%	89.6		%	17,609
25 Mall			P						P			100.0%			1			281			61.6		%	58.0		%	56.9		%	7,836
Market Subtotal / Weighted Average															4			936			83.5		%	82.5		%	81.8		%	33,251
Dallas
Galleria Towers			P			P			P			100.0%			3			1,397			93.8		%	81.8		%	78.8		%	63,259
Park Place on Turtle Creek			P						P			100.0%			1			183			80.3		%	77.6		%	66.7		%	7,795
6565 MacArthur			P			P			P			100.0%			1			254			89.8		%	89.8		%	88.2		%	8,512
Las Colinas Connection			P						P			100.0%			3			605			98.7		%	95.4		%	94.5		%	21,785
The Interlink at Las Colinas			P						P			100.0%			2			388			77.6		%	62.4		%	55.4		%	11,300
Market Subtotal / Weighted Average															10			2,827			91.4		%	82.5		%	79.0		%	112,651
Minneapolis
US Bancorp Center			P			P			P			100.0%			1			930			84.8		%	82.3		%	75.6		%	29,867
Crescent Ridge II			P			P			P			100.0%			1			295			96.3		%	96.3		%	78.3		%	10,707
Norman Pointe I			P						P			100.0%			1			209			99.0		%	99.0		%	94.7		%	7,324
Market Subtotal / Weighted Average															3			1,434			89.3		%	87.6		%	78.9		%	47,898
New York
60 Broad									P			100.0%			1			1,047			93.0		%	92.0		%	88.5		%	54,963
Market Subtotal / Weighted Average															1			1,047			93.0		%	92.0		%	88.5		%	54,963
Orlando
200 South Orange at The Exchange			P			P			P			100.0%			1			646			87.8		%	84.1		%	80.8		%	24,453
CNL Center I and II			P			P			P			99.0%			2			617			95.3		%	94.5		%	87.5		%	25,348
501 West Church												100.0%			1			182			100.0		%	100.0		%	—		%	5,706
400 and 500 TownPark			P			P			P			100.0%			2			309			100.0		%	98.7		%	98.7		%	11,036
Market Subtotal / Weighted Average															6			1,754			93.8		%	92.0		%	77.9		%	66,543

35

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In-Service Assets (continued)			Energy Star Certification			LEED Certification			BOMA 360 Certification			Percent Ownership			Number of Buildings			Rentable Square Footage Owned			Percent Leased			Percent Commenced Leased			Percent Economic Leased (1)			Annualized Lease Revenues
Northern Virginia / Washington, D.C.
4250 North Fairfax			P			P			P			100.0%			1			307			63.8		%	57.0		%	52.8		%	9,784
Arlington Gateway			P			P			P			100.0%			1			331			63.7		%	57.4		%	53.8		%	10,604
3100 Clarendon			P			P			P			100.0%			1			258			76.7		%	73.6		%	65.1		%	8,763
1201 and 1225 Eye Street			P			P			P			(2)			2			478			68.2		%	67.4		%	65.9		%	21,090
400 Virginia			P			P			P			100.0%			1			209			61.2		%	60.8		%	59.3		%	6,797
Market Subtotal / Weighted Average															6			1,583			66.9		%	63.4		%	59.8		%	57,038
Other
Enclave Place			P			P			P			100.0%			1			301			100.0		%	100.0		%	100.0		%	12,321
1430 Enclave			P			P			P			100.0%			1			313			82.7		%	82.7		%	82.7		%	8,370
Market Subtotal / Weighted Average															2			614			91.2		%	91.2		%	91.2		%	20,691
In-Service Total															43			14,918			89.2		%	85.4		%	79.4		%	574,769

Out-of-Service Redevelopment Projects (3)									Market			Estimated Stabilization Date			Current Basis (in millions)			Percent Ownership			Number of Buildings			Rentable Square Footage Owned			Percent Leased			Percent Commenced Leased			Percent Economic Leased (1)			Annualized Lease Revenues
222 South Orange at The Exchange									Orlando			Q4 2026			50.3			100.0%			1			130			46.6		%	25.2		%	9.2		%	2,159
9320 Excelsior									Minneapolis			Q4 2026			24.8			100.0%			1			261			47.9		%	—		%	—		%	4,596
Meridian									Minneapolis			Q4 2026			63.1			100.0%			2			397			59.9		%	8.2		%	8.2		%	8,845
Out-of-Service Total															138.2						4			788			53.7		%	8.3		%	5.6		%	15,600

(1)			Economic leased percentage excludes the square footage associated with executed but not commenced leases for currently vacant spaces and the square footage associated with tenants receiving rental abatements (after proportional adjustments for tenants receiving only partial rental abatements).
(2)			Piedmont owns 98.6% of 1201 Eye Street and 98.1% of 1225 Eye Street; however, it is entitled to 100% of the cash flows for each asset pursuant to the terms of each property ownership entity's joint venture agreement.
(3)			These projects have been placed into redevelopment and are currently excluded from our in-service portfolio metrics. During the redevelopment phase, the Company is adding or fully renovating the lobbies, common areas and other tenant amenities, transforming the projects into multi-tenant assets with a distinct focus on hospitality. Assets will be reclassified back to in-service upon the earlier of (a) one year after receiving the final certificate of occupancy for the space or (b) the asset reaching 80 percent occupied (i.e. commenced leased).

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Piedmont Realty TrustTM

Property Investment Activity and Land Holdings

As of September 30, 2025

Acquisitions Completed During Prior Year and Current Year

None

Dispositions Completed During Prior Year and Current Year
Property						Market / Submarket			Disposition Period			Percent Ownership			Year Built			Square Feet (in thousands)			Sale Price (in millions)
One Lincoln Park						Dallas / Preston Center			Q1 2024			100%			1999			257			$54.0
750 West John Carpenter						Dallas / Las Colinas			Q3 2024			100%			1999			315			23.0
80 and 90 Central						Boston / Boxborough			Q2 2025			100%			1988 / 2001			322			29.5
Total																		894			$106.5

Developable Land Parcels

Property

Market / Submarket

Adjacent Piedmont Project

Acres

Book Value (in millions)

Gavitello

Atlanta / Buckhead

The Medici

2.0

$2.6

Glenridge Highlands Three

Atlanta / Central Perimeter

Glenridge Highlands

3.0

2.0

Galleria Atlanta

Atlanta / Northwest

Galleria on the Park

16.3

24.2

State Highway 161

Dallas / Las Colinas

The Interlink at Las Colinas

4.5

3.3

Royal Lane

Dallas / Las Colinas

Las Colinas Connection

10.6

2.8

Galleria Dallas

Dallas / Lower North Tollway

Galleria Office Towers

1.9

6.3

TownPark

Orlando / Lake Mary

400 and 500 TownPark

18.9

9.1

Total

57.2

$50.3

37

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Piedmont Realty TrustTM

Definitions

Included below are definitions of various terms used throughout this supplemental report, including definitions of certain non-GAAP financial measures and the reasons why the Company’s management believes these measures provide useful information to investors about the Company’s financial condition and results of operations. Reconciliations of any non-GAAP financial measures defined below are included beginning on page 39.
Adjusted Funds From Operations ("AFFO"): The Company calculates AFFO by starting with Core FFO and adjusting for non-incremental capital expenditures and then adding back non-cash items including: non-real estate depreciation, straight-lined rents and fair value lease adjustments, non-cash components of interest expense and compensation expense, and by making similar adjustments for joint ventures, if any. AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that AFFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments. Other REITs may not define AFFO in the same manner as the Company; therefore, the Company’s computation of AFFO may not be comparable to that of other REITs.
Annualized Lease Revenue ("ALR"): ALR is calculated by multiplying (i) current rental payments (defined as base rent plus operating expense reimbursements, if payable by the tenant on a monthly basis under the terms of a lease that has been executed, but excluding a) rental abatements and b) rental payments related to executed but not commenced leases for space that was covered by an existing lease), by (ii) 12. In instances in which contractual rents or operating expense reimbursements are collected on an annual, semi-annual, or quarterly basis, such amounts are multiplied by a factor of 1, 2, or 4, respectively, to calculate the annualized figure. For leases that have been executed but not commenced relating to unleased space, ALR is calculated by multiplying (i) the monthly base rental payment (excluding abatements) plus any operating expense reimbursements for the initial month of the lease term, by (ii) 12. Unless stated otherwise, this measure excludes revenues associated with development properties and properties taken out of service for redevelopment, if any.
Core EBITDA: The Company calculates Core EBITDA as net income/(loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization and removing any impairment charges, gains or losses from sales of property and other significant infrequent items that create volatility within our earnings and make it difficult to determine the earnings generated by our core ongoing business. Core EBITDA is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core EBITDA is helpful to investors as a supplemental performance measure because it provides a metric for understanding the performance of the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization), as well as items that are not part of normal day-to-day operations of the Company’s business. Other REITs may not define Core EBITDA in the same manner as the Company; therefore, the Company’s computation of Core EBITDA may not be comparable to that of other REITs.
Core Funds From Operations ("Core FFO"): The Company calculates Core FFO by starting with FFO, as defined by NAREIT, and adjusting for gains or losses on the extinguishment of swaps and/or debt and any significant non-recurring items. Core FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain infrequent or non-recurring items which can create significant earnings volatility, but which do not directly relate to the Company’s core business operations. As a result, the Company believes that Core FFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential. Other REITs may not define Core FFO in the same manner as the Company; therefore, the Company’s computation of Core FFO may not be comparable to that of other REITs.
EBITDA: EBITDA is defined as net income/(loss) before interest, taxes, depreciation and amortization.
EBITDAre: The Company calculates EBITDAre in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines EBITDAre as net income/(loss) (computed in accordance with GAAP) adjusted for gains or losses from sales of property, impairment charges, depreciation on real estate assets, amortization on real estate assets, interest expense and taxes, along with the same adjustments for joint ventures. Some of the adjustments mentioned can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. EBITDAre is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that EBITDAre is helpful to investors as a supplemental performance measure because it provides a metric for understanding the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization) and capitalization and capital structure expenses (such as interest expense and taxes). The Company also believes that EBITDAre can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define EBITDAre in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of EBITDAre may not be comparable to that of such other REITs.
Funds From Operations ("FFO"): The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as net income/(loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets, goodwill, and investment in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, along with appropriate adjustments to those reconciling items for joint ventures, if any. These adjustments can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that FFO is helpful to investors as a supplemental performance measure because it excludes the effects of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. The Company also believes that FFO can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define FFO in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of FFO may not be comparable to that of such other REITs.
Incremental Capital Expenditures: Incremental Capital Expenditures are defined as capital expenditures of a non-recurring nature that incrementally enhance the underlying assets' income generating capacity. Tenant improvements, leasing commissions, building capital and deferred lease incentives ("Leasing Costs") incurred to lease space that was vacant at acquisition, Leasing Costs for spaces vacant for greater than one year, Leasing Costs for spaces at newly acquired properties for which in-place leases expire shortly after acquisition, improvements associated with the expansion of a building, renovations that change the underlying classification of a building, and deferred building maintenance capital identified at and completed shortly after acquisition are included in this measure.
Non-Incremental Capital Expenditures: Non-Incremental Capital Expenditures are defined as capital expenditures of a recurring nature related to tenant improvements and leasing commissions that do not incrementally enhance the underlying assets' income generating capacity. We exclude first generation tenant improvements and leasing commissions from this measure, in addition to other capital expenditures that qualify as Incremental Capital Expenditures, as defined above.
Property Net Operating Income ("Property NOI"): The Company calculates Property NOI by starting with Core EBITDA and adjusting for general and administrative expense, income associated with property management performed by Piedmont for other organizations and other income or expense items for the Company, such as interest income from loan investments or costs from the pursuit of non-consummated transactions. The Company may present this measure on an accrual basis or a cash basis. When presented on a cash basis, the effects of non-cash general reserve for uncollectible accounts, straight-lined rents and fair value lease revenue are also eliminated. Property NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Property NOI is helpful to investors as a supplemental comparative performance measure of income generated by its properties alone without the administrative overhead of the Company. Other REITs may not define Property NOI in the same manner as the Company; therefore, the Company’s computation of Property NOI may not be comparable to that of other REITs.
Same Store Net Operating Income ("Same Store NOI"): The Company calculates Same Store NOI as Property NOI attributable to the properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store NOI also excludes amounts attributable to land assets. The Company may present this measure on an accrual basis or a cash basis. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other REITs may not define Same Store NOI in the same manner as the Company; therefore, the Company’s computation of Same Store NOI may not be comparable to that of other REITs.
Same Store Properties: Same Store Properties is defined as those properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store Properties excludes land assets.
Total Gross Assets: Total Gross Assets is defined as total assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets and accumulated amortization related to deferred lease costs.
Total Gross Real Estate Assets: Total Gross Real Estate Assets is defined as total real estate assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets.

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Piedmont Realty TrustTM

Funds From Operations, Core Funds From Operations, and Adjusted Funds From Operations Reconciliations

Unaudited (in thousands)

			Three Months Ended																														Nine Months Ended
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
GAAP net loss applicable to common stock			$	(13,462)					$	(16,808)					$	(10,104)					$	(29,978)					$	(11,519)					$	(40,374)					$	(49,091)
Depreciation			41,759						40,266						40,513						39,769						38,642						122,538						115,699
Amortization			15,188						14,778						15,413						16,414						17,059						45,379						53,260
Impairment charges			—						—						—						15,400						—						—						18,432
(Gain) / loss on sale of real estate assets			—						(1,224)						(789)						—						445						(2,013)						445
NAREIT Funds From Operations applicable to common stock			43,485						37,012						45,033						41,605						44,627						125,530						138,745
Adjustments:
Executive separation costs			—						—						—						4,831						—						—						—
Loss on early extinguishment of debt			—						7,500						500						—						—						8,000						386
Core Funds From Operations applicable to common stock			43,485						44,512						45,533						46,436						44,627						133,530						139,131
Adjustments:
Amortization of debt issuance costs and discounts on debt			1,561						1,574						1,456						1,463						1,332						4,591						3,679
Depreciation of non real estate assets			368						369						369						370						347						1,106						950
Straight-line effects of lease revenue			(6,251)						(8,968)						(9,668)						(5,996)						(5,125)						(24,887)						(15,570)
Stock-based compensation adjustments			2,503						2,396						55						1,392						2,153						4,954						5,240
Amortization of lease-related intangibles			(1,959)						(1,957)						(2,062)						(2,351)						(2,463)						(5,978)						(7,668)
Non-incremental capital expenditures
Base Building Costs			(3,203)						(10,149)						(5,416)						(5,535)						(6,829)						(18,768)						(25,971)
Tenant Improvement Costs			(5,575)						(3,809)						(4,629)						(4,493)						67						(14,013)						(6,579)
Leasing Commission Costs			(4,425)						(7,727)						(2,149)						(6,710)						(8,172)						(14,301)						(20,882)
Adjusted Funds From Operations applicable to common stock			$	26,504					$	16,241					$	23,489					$	24,576					$	25,937					$	66,234					$	72,330

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Piedmont Realty TrustTM

Same Store Net Operating Income (Cash Basis)

Unaudited (in thousands)

			Three Months Ended																														Nine Months Ended
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Net loss applicable to Piedmont			$	(13,462)					$	(16,808)					$	(10,104)					$	(29,978)					$	(11,519)					$	(40,374)					$	(49,091)
Net income applicable to noncontrolling interest			5						2						6						1						—						13						4
Interest expense			31,968						31,954						31,677						31,629						32,072						95,599						91,355
Depreciation			42,127						40,635						40,883						40,139						38,988						123,644						116,649
Amortization			15,188						14,778						15,413						16,414						17,059						45,379						53,260
Depreciation and amortization attributable to noncontrolling interests			—						19						19						19						20						38						59
Impairment charges			—						—						—						15,400						—						—						18,432
(Gain) / loss on sale of real estate assets			—						(1,224)						(789)						—						445						(2,013)						445
EBITDAre			75,826						69,356						77,105						73,624						77,065						222,286						231,113
Executive separation costs			—						—						—						4,831						—						—						—
Loss on early extinguishment of debt			—						7,500						500						—						—						8,000						386
Core EBITDA			75,826						76,856						77,605						78,455						77,065						230,286						231,499
General and administrative expense			7,607						7,960						7,563						7,819						6,809						23,130						22,773
Management fee revenue			(114)						(77)						(64)						(126)						(714)						(254)						(965)
Other income			(52)						(25)						(288)						(1,540)						(1,983)						(364)						(2,374)
Straight-line effects of lease revenue			(6,251)						(8,968)						(9,668)						(5,996)						(5,125)						(24,887)						(15,570)
Straight-line effects of lease revenue attributable to noncontrolling interests			—						(3)						(1)						2						1						(4)						1
Amortization of lease-related intangibles			(1,959)						(1,957)						(2,061)						(2,351)						(2,463)						(5,978)						(7,668)
Property net operating income (cash basis)			75,057						73,786						73,086						76,263						73,590						221,929						227,696
Deduct net operating (income) loss from:
Acquisitions			—						—						—						—						—						—						—
Dispositions			54						(447)						(1,224)						(1,322)						(1,383)						(1,616)						(5,141)
Other investments			(42)						92						162						92						816						211						(838)
Same store net operating income (cash basis)			$	75,069					$	73,431					$	72,024					$	75,033					$	73,023					$	220,524					$	221,717

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