Piedmont Realty Trust Q2: Core FFO $0.38, Same Store NOI Up 9%, Leased Rate Slips to 88.9%

summarizeSummary

Piedmont Realty Trust reported Q2 2026 Core FFO of $0.38 per share, a 9% cash-basis same-store NOI increase, and a slight decline in leased percentage to 88.9%. No common dividends were paid.

check_boxKey Events · Earnings and Guidance · PDM

• Core FFO Beats Prior Year

  Core FFO of $0.38 per share for Q2 2026, up from $0.36 in Q2 2025, driven by higher rental revenue and lower interest costs.

• Same-Store NOI Growth Accelerates

  Cash-basis same-store NOI rose 9.0% year-over-year, reflecting rental rate roll-ups and the burn-off of rent abatements on new leases.

• Leased Percentage Edges Lower

  In-service portfolio leased percentage declined to 88.9% as of June 30, 2026, from 89.6% at December 31, 2025, with 8% of annualized lease revenue expiring in the second half of 2026.

• Dividend Suspension Continues

  No dividends were declared or paid on common stock during the first half of 2026, as management prioritizes debt reduction and capital expenditures.

auto_awesomeAnalysis · PDM · Real Estate & Construction

Piedmont's second-quarter results present a mixed picture. Core FFO of $0.38 per share beat the prior-year quarter's $0.36, driven by a 9% cash-basis increase in same-store net operating income — a sign that rental rate roll-ups and abatement burn-offs are gaining traction. However, the leased percentage dipped to 88.9% from 89.6% at year-end, and the company still posted a GAAP net loss. The balance sheet remains solid with full availability on its $600 million credit line and no maturities until 2028, but the suspension of common dividends continues, reflecting management's priority on debt reduction and capital spending over shareholder returns.