What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-17 compared with 2025-02-19 · 23 added, 22 removed, 111 unchanged (29% of the section changed)

Piedmont Office Realty Trust, Inc.

Piedmont Realty Trust, Inc.

(“Piedmont," "we," "our," or "us") (NYSE:

7 unchanged sentences

Operating Objectives and Strategy

Piedmont is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment.

As an owner, manager, developer and operator of approximately 16 million square feet (unaudited) of Class A properties across major U.S.

Sunbelt markets, we are known for our hospitality-driven approach and commitment to transforming buildings into premier “Piedmont PLACEs” that enhance each client’s workplace experience.

As of December 31, 2025, we owned and operated a portfolio of 29 in-service projects and three redevelopment projects.

The in-service office projects total approximately 15.3 million square feet (unaudited) of primarily Class A office space and were 88.4% leased.

Collectively, approximately 70% of our ALR is generated from our properties located in our Sunbelt markets.

The in-service office projects totaled approximately 14.9 million square feet (unaudited) and were 89.6% leased.

Our redevelopment projects were approximately 62% leased as of December 31, 2025.

Collectively, over 70% of our ALR is generated from our properties located in our Sunbelt markets.

We lease space to a mixture of corporate tenants from multiple industries, and our average lease size is approximately 14,000 square feet with an average lease term remaining of six years as of December 31, 2025.

Our diversified tenant base is primarily comprised of investment grade or nationally recognized corporations or governmental agencies, with the majority of our ALR derived from such tenants.

Only one tenant, the State of New York at our 60 Broad Street project, accounts for more than 5% of our ALR.

No single tenant accounts for more than 5% of our ALR.

Headquartered in Atlanta, Georgia, with local management offices in each of our markets, Piedmont values operational excellence and is a leading participant among REITs based on the number of buildings owned and managed with Building Owners and Managers Association ("BOMA") 360 designations.

BOMA 360 is a program that evaluates a building's operations and management and benchmarks its performance against industry standards.

As of December 31, 2024, properties representing approximately 97% of our portfolio (based on square footage) had achieved such a designation, recognizing excellence in building operations and management and counting us among the top ten companies nationwide with the most BOMA360 certified buildings.

As of December 31, 2025, projects representing approximately 99% of our in-service portfolio (based on square footage) had achieved such a designation, recognizing excellence in building operations and management and counting us among the top ten companies nationwide with the most BOMA360 certified buildings.

Our focus on operational excellence, fostering long-term relationships with our high-credit quality, diverse tenant base, and maintaining our portfolio of modern, amenity-rich properties, has resulted in an approximate 65% tenant retention rate over the past five years.

1 unchanged sentence

During 2025, we:

• were recognized as an ENERGY STAR® Partner of the Year for the fourth consecutive year, this year adding the prestigious “Sustained Excellence” designation;

• achieved a maximum 5 star designation and “Green Star” recognition with scores ranking in the top decile of all participating listed U.S.

companies from GRESB Real Estate Assessment;

• were selected as a 2023 Green Lease Leader by the Institute for Market Transformation and the U.S.

• were recognized as an ENERGY STAR Partner of the year for the fifth consecutive year;

• achieved a maximum five star designation and “Green Star” recognition with scores ranking in the top decile of all participating listed U.S.

companies from the GRESB Real Estate Assessment;

• continued to be recognized as a Green Lease Leader by the Institute for Market Transformation and the U.S.

Department of Energy’s Better Buildings Alliance.

Approximately 72% of our portfolio (based on square footage) has achieved and maintains Leadership in Energy and Environmental Design ("LEED") certification and 61% of our portfolio is certified LEED Gold or higher.

As of December 31, 2025, approximately 83% and 74% of our portfolio was ENERGY STAR rated and Leadership in Energy and Environmental Design ("LEED") certified, respectively, and 63% of our portfolio was certified LEED gold.

Our primary operating objectives are to maximize the risk-adjusted return to our stockholders by increasing cash flow from operations, by achieving sustainable growth in funds from operations, and by growing net asset value as a result of long-term capital appreciation.

19 unchanged sentences

• focusing our portfolio primarily in high growth Sunbelt markets;

• ensuring that our tenants are credit-worthy and represent a broad spectrum of industry types with lease expirations that are laddered over many years;

• ensuring that our tenants are credit-worthy and represent a broad spectrum of industry types with lease expirations that are distributed over multiple years;

• targeting a low leverage structure comprised of primarily unsecured financing facilities with laddered maturities;

14 unchanged sentences

We also closely engage with our tenants regarding our environmental initiatives and encourage them to partner with us to reduce energy use within their leased spaces.

As our environmental programs have been ongoing for several years under the coordinated supervision of our National Vice President of Sustainability, we currently do not anticipate incurring any unusually large or material capital expenditures within any given year in order to meet these goals.

Further details concerning Piedmont's environmental and climate risk management strategy and programs can be found in our annual ESG report located on our website, www.piedmontreit.com under the "ESG" section.

Further details concerning Piedmont's environmental and climate risk management strategy and programs can be found in our annual Corporate Responsibility report located on our website, www.piedmontreit.com under the "Corporate Responsibility" section.

The information contained on our website is not incorporated herein by reference.

6 unchanged sentences

Financing Strategy

We employ a conservative leverage strategy by targeting a debt-to-gross assets ratio of between 30% to 40%, and net debt to EBITDA ratio of mid 6x or below.

We operate with a leverage strategy that supports our investment grade unsecured debt ratings with target leverage metrics between 30% to 40%, and net debt to EBITDA ratio of mid 6x or below.

To effectively manage our long-term leverage strategy, we continue to analyze various sources of debt capital to prudently ladder debt maturities and to determine which sources will be the most beneficial to our investment strategy at any particular time.

11 unchanged sentences

We encourage all employees, tenants, and vendors to mutually respect one another's diversity in order to maintain a cohesive work environment that values fairness and equal treatment.

During 2024, we continued our partnership with two Historically Black Colleges and Universities, by providing funding for the Piedmont Office Realty Trust Scholarship Program.

The scholarships provide renewable, need-based, scholastic support to selected students interested in pursuing a career related to the real estate industry.

We recognize the value and benefit of employee volunteerism and fully appreciate its positive impact on the community, our employees, and ultimately, our company culture by promoting team building, collaboration, and unity.

Our employees have partnered together to donate thousands of dollars and hours annually to numerous organizations.

Further details concerning our workforce and social and community involvement initiatives can be found in our annual ESG report located on our website, www.piedmontreit.com under the "ESG" section.

Further details concerning our workforce and social and community involvement initiatives can be found in our annual Corporate Responsibility report located on our website, www.piedmontreit.com under the "Corporate Responsibility" section.

The information contained on our website is not incorporated herein by reference.

1 unchanged sentence

leasing, asset management, property management, and construction management services.

Index to Financial Statements

corporations and financial institutions, other publicly traded and privately held REITs, private institutional investment funds, investment banking firms, life insurance companies and pension funds.

In each market where we operate, we also face significant competition for attractive investment opportunities from a large number of other real estate investors, including investors with significant capital resources such as domestic and foreign corporations and financial institutions, other publicly traded and privately held REITs, private institutional investment funds, investment banking firms, life insurance companies and pension funds.

We do not face, however, the same competitors in every market.

This competition, along with market-specific vacancy rates and the condition of available, leasable square footage, affects the rental rates and concessions that we negotiate with our tenants.

This competition, along with market-specific vacancy rates and the condition of available, leasable square footage,

Index to Financial Statements

affects the rental rates and concessions that we negotiate with our tenants.

Our competitors, along with these other market factors, also influence the price we pay to acquire properties, and the proceeds we receive when we dispose of a building.

19 unchanged sentences

The inability of a tenant to pay future rental amounts would have a negative impact on our results of operations.

As of December 31, 2024, our tenants come from broadly diversified industry sectors and only one tenant, the State of New York at our 60 Broad Street project, represented more than 5% of our ALR.

As of December 31, 2025, our tenants come from broadly diversified industry sectors and no single tenant represented more than 5% of our ALR.

Other Matters

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business