Piedmont Office Realty Trust PDM Q3 2026 earnings

“Piedmont had a phenomenal third quarter. Leasing demand remained strong, allowing us to continue to push rental rates and net effective rents to all-time highs with cash and accrual leasing spreads of 26% and 35%, respectively. Same Store NOI on a cash basis grew approximately 8% during the quarter as free rent related to recently executed leases continues to burn off. Additionally, our capital recycling program was active with the acquisition of 4075 Wilson Boulevard paired with the disposition of a land parcel during the quarter. Finally, we were also able to complete some important refinancing activity during the quarter, significantly improving our weighted average cost of debt and lengthening our remaining maturity profile. Looking ahead to the remainder of the year, the leasing pipeline remains strong, with over 700,000 square feet of leases either already executed or in the legal stage thus far during October. For the third quarter in a row, we are raising our annual outlook, which is now six cents ahead of our initial 2026 outlook.”