Piedmont Q3: Core FFO Rises to $0.39/Share on 7.5% Same-Store NOI Growth
PDM sits 52% above its 52-week low of $6.315.
Summary
Piedmont's Q3 2026 Core FFO rose to $0.39 per diluted share from $0.35 a year ago on 7.5% cash same-store NOI growth, while GAAP net loss widened to $21.0 million after a $20.2 million debt-extinguishment charge. Leased percentage fell to 87.7% and roughly $210 million remains available under the ATM program.
Key Events · Earnings and Guidance · PDM
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Core FFO Beats Prior Year
Q3 2026 Core FFO was $50.1 million, or $0.39 per diluted share, versus $43.5 million, or $0.35, in Q3 2025. GAAP net loss applicable to Piedmont widened to $21.0 million ($0.17 per share) from $13.5 million ($0.11).
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Same-Store NOI Up 7.5%
Same Store NOI rose 7.5% on a cash basis and 6.9% on an accrual basis year over year, driven by rental rate roll-ups and abatement burn-off. Leased percentage declined to 87.7% at September 30, 2026 from 89.6% at December 31, 2025.
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$20.2M Charge on 2028 Note Redemption
Piedmont redeemed its remaining $600 Million Unsecured Senior Notes due 2028, recognizing a $20.2 million loss on early extinguishment of debt, partly offset by an $8.8 million gain on the August 2026 Royal Lane land parcel sale.
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Balance Sheet Reshaped in Q3
Issued $230.0 million of 2.875% exchangeable senior notes due 2031 (exchange price $12.65), repurchased 5,434,782 shares at $9.20 for about $50 million, and amended the term loan to $400 million maturing May 28, 2031.
Analysis · PDM · Real Estate & Construction
Core FFO of $50.1 million ($0.39 per diluted share) beat last year's $0.35 even as GAAP net loss widened to $21.0 million on a $20.2 million charge from redeeming the 9.25% 2028 notes. Same-store NOI grew 7.5% cash / 6.9% accrual, but leased percentage slipped to 87.7% from 89.6% at year-end, so the rent growth is coming from mark-to-market on signed leases rather than occupancy. The balance sheet was reshaped during the quarter: $230 million of 2.875% exchangeable notes replaced high-coupon debt, $50 million of stock was repurchased at $9.20, and roughly $210 million remains available under the ATM — a live dilution overhang.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PDM was trading at $9.61 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $6.32 to $10.13. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.