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Item 9A. Controls and Procedures

2026-02-17 compared with 2025-02-19 · 301 added, 337 removed, 1042 unchanged (38% of the section changed)

2 unchanged sentences

We carried out an evaluation, under the supervision and with the participation of management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this report.

Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report in providing a reasonable level of assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods in SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Principal Executive Officer and our Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report in providing a reasonable level of assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and represented within the time periods in SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Principal Executive Officer and our Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Report of Management on Internal Control Over Financial Reporting

6 unchanged sentences

Accordingly, even internal controls determined to be effective can provide only reasonable assurance that the information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized, and represented within the time periods required.

Index to Financial Statements

Our management has assessed the effectiveness of our internal control over financial reporting at December 31, 2025.

2 unchanged sentences

Piedmont’s independent registered public accounting firm has issued an attestation report on the effectiveness of Piedmont’s internal control over financial reporting, which appears in this Annual Report.

Index to Financial Statements

Changes in Internal Control Over Financial Reporting

2 unchanged sentences

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of Piedmont Office Realty Trust, Inc.

To the stockholders and the Board of Directors of Piedmont Realty Trust, Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Piedmont Office Realty Trust, Inc.

We have audited the internal control over financial reporting of Piedmont Realty Trust, Inc.

and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control —Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

22 unchanged sentences

OTHER INFORMATION

No director or officer has adopted or terminated any contract, instruction, or written plan for the purchase or sale of securities of Piedmont that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or any written trading arrangement for the purchase or sale of securities of Piedmont that meets the requirements of a non-Rule 10b5-1 trading arrangement as defined in Item 408(c), as defined in Regulation S-K of the Exchange Act.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

30 unchanged sentences

Exhibit Number Description of Document

3.1.1 Third Articles of Amendment and Restatement of Piedmont Office Realty Trust, Inc.

(the "Company") (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, filed on March 16, 2010)

3.1.2 Articles of Amendment to the Third Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on July 6, 2011)

3.1.3 Articles Supplementary to the Third Articles of Amendment and Restatement of the Company, as amended (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on July 6, 2011)

3.1.4 Articles Supplementary to the Third Articles of Amendment and Restatement of the Company, as supplemented and amended (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on November 14, 2016)

3.1.5 Articles of Amendment to the Third Articles of Amendment and Restatement of the Company, as supplemented and amended (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on May 23, 2018)

3.2 Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on March 19, 2019)

4.1.1 Indenture, dated May 9, 2013, by and among Piedmont Operating Partnership, LP (the "Operating Partnership"), the Company and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K, filed on May 13, 2013)

4.1.2 Form of 3.40% Senior Notes due 2023 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 13, 2013)

4.2.1 Indenture, dated March 6, 2014, by and among the Operating Partnership, the Company and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K, filed on March 6, 2014)

3.1.1 Third Articles of Amendment and Restatement of Piedmont (incorporated by reference to Exhibit 3.1 to Piedmont’s Annual Report on Form 10-K for the year ended December 31, 2009, filed on March 16, 2010)

3.1.2 Articles of Amendment to the Third Articles of Amendment and Restatement of Piedmont (incorporated by reference to Exhibit 3.2 to Piedmont's Current Report on Form 8-K filed on July 6, 2011)

3.1.3 Articles Supplementary to the Third Articles of Amendment and Restatement of Piedmont, as amended (incorporated by reference to Exhibit 3.1 to Piedmont's Current Report on Form 8-K filed on July 6, 2011)

3.1.4 Articles Supplementary to the Third Articles of Amendment and Restatement of Piedmont, as supplemented and amended (incorporated by reference to Exhibit 3.1 to Piedmont's Current Report on Form 8-K, filed on November 14, 2016)

3.1.5 Articles of Amendment to the Third Articles of Amendment and Restatement of Piedmont, as supplemented and amended (incorporated by reference to Exhibit 3.1 to Piedmont's Current Report on Form 8-K, filed on May 23, 2018)

3.1.6 Articles of Amendment to the Third Articles of Amendment and Restatement of Piedmont, as supplemented and amended (incorporated by reference to Exhibit 3.1 to Piedmont's Current Report on Form 8-K filed on June 9, 2025).

3.2 Second Amended and Restated Bylaws of Piedmont (incorporated by reference to Exhibit 3.2 to Piedmont's Current Report on Form 8-K filed on June 9, 2025)

4.1.1 Indenture, dated March 6, 2014, by and among Piedmont OP, Piedmont, and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to Piedmont's Current Report on Form 8-K, filed on March 6, 2014)

4.1.2 Supplemental Indenture, dated March 6, 2014, by and among Piedmont OP, Piedmont, and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Piedmont's Current Report on Form 8-K, filed on March 6, 2014)

4.1.3 Form of 4.450% Senior Notes due 2024 (incorporated by reference to Exhibit 4.3 to Piedmont's Current Report on Form 8-K filed on March 6, 2014)

Index to Financial Statements

4.2.2 Supplemental Indenture, dated March 6, 2014, by and among the Operating Partnership, the Company and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed on March 6, 2014)

4.2.3 Form of 4.450% Senior Notes due 2024 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on March 6, 2014)

4.2.4 Supplemental Indenture, dated August 12, 2020, by and among the Operating Partnership, the Company and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 12, 2020)

4.2.5 Form of 3.150% Senior Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on August 12, 2020)

4.2.6 Supplemental Indenture, dated as of September 20, 2021, by and among the Operating Partnership, the Company and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed on September 20, 2021)

4.2.7 Form of 2.750% Senior Notes due 2032 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on September 20, 2021)

4.2.8 Supplemental Indenture, dated as of July 20, 2023, by and among the Operating Partnership, the Company and U.S.

Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on July 20, 2023)

4.2.9 Form of 9.250% Senior Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on July 20, 2023)

4.2.10 Supplemental Indenture, dated as of June 25, 2024, by and among Piedmont Operating Partnership, LP, Piedmont Office Realty Trust, Inc.

Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed on June 25, 2024)

4.2.11 Form of 6.875% Senior Notes due 2029 (incorporated by reference and included in Exhibit 4.2 to the Company's Current Report on Form 8-K, filed June 25, 2024)

4.3 Description of Securities registered pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.15 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020)

10.1.1 Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated January 1, 2000 (incorporated by reference to Exhibit 10.64 to the Company's Annual Report on Form 10-K for the year ended December 31, 2000, filed on March 28, 2001)

10.1.2 Amendment to Agreement of Limited Partnership of the Operating Partnership, as Amended and Restated as of January 1, 2000, dated April 16, 2007 (incorporated by reference to Exhibit 99.8 to the Company’s Current Report on Form 8-K, filed on April 20, 2007)

10.1.3 Amendment to Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated August 8, 2007 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed on August 10, 2007)

10.2.1* The Piedmont Office Realty Trust, Inc.

Executive Nonqualified Deferred Compensation Plan dated December 5, 2013 (incorporated by reference to Exhibit 10.39 to the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 18, 2014)

10.2.2* The Piedmont Office Realty Trust, Inc.

Executive Nonqualified Deferred Compensation Plan Adoption Agreement dated December 5, 2013 (incorporated by reference to Exhibit 10.40 to the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 18, 2014)

10.3.1* Employment Agreement dated April 16, 2007, by and between the Company and Robert E.

Bowers (incorporated by reference to Exhibit 99.9 to the Company’s Current Report on Form 8-K, filed on April 20, 2007)

10.3.2* Separation Agreement, dated September 30, 2024, between the Company and Robert Bowers (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, filed on September 30, 2024)

10.4* Employment Agreement dated May 14, 2007, by and between the Company and Laura P.

Moon (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K, filed on May 14, 2007)

4.1.4 Supplemental Indenture, dated August 12, 2020, by and among Piedmont OP, Piedmont, and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Piedmont's Current Report on Form 8-K filed on August 12, 2020)

4.1.5 Form of 3.150% Senior Notes due 2030 (incorporated by reference to Exhibit 4.3 to Piedmont's Current Report on Form 8-K filed on August 12, 2020)

4.1.6 Supplemental Indenture, dated as of September 20, 2021, by and among Piedmont OP, Piedmont, and U.S.

Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Piedmont's Current Report on Form 8-K, filed on September 20, 2021)

4.1.7 Form of 2.750% Senior Notes due 2032 (incorporated by reference to Exhibit 4.3 to Piedmont's Current Report on Form 8-K filed on September 20, 2021)

4.1.8 Supplemental Indenture, dated as of July 20, 2023, by and among Piedmont OP, Piedmont, and U.S.

Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Piedmont’s Current Report on Form 8-K filed on July 20, 2023)

4.1.9 Form of 9.250% Senior Notes due 2028 (incorporated by reference to Exhibit 4.2 to Piedmont's Current Report on Form 8-K filed on July 20, 2023)

4.1.10 Supplemental Indenture, dated as of June 25, 2024, by and among Piedmont OP, Piedmont, and U.S.

Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Piedmont's Current Report on Form 8-K, filed on June 25, 2024)

4.1.11 Form of 6.875% Senior Notes due 2029 (incorporated by reference and included in Exhibit 4.2 to Piedmont's Current Report on Form 8-K, filed June 25, 2024)

4.1.12 Supplemental Indenture, dated as of November 20, 2025, by and among Piedmont OP, Piedmont, and U.S.

Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Piedmont's Current Report on Form 8-K, filed November 20, 2025)

4.1.13 Form of 5.625% Senior Notes due 2033 (incorporated by reference and included in Exhibit 4.2 to Piedmont's Current Report on Form 8-K, filed November 20, 2025)

4.2 Description of Securities registered pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.15 to Piedmont's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020)

10.1.1 Amended and Restated Agreement of Limited Partnership of Piedmont OP, dated January 1, 2000 (incorporated by reference to Exhibit 10.64 to Piedmont's Annual Report on Form 10-K for the year ended December 31, 2000, filed on March 28, 2001)

10.1.2 Amendment to Agreement of Limited Partnership of Piedmont OP, as Amended and Restated as of January 1, 2000, dated April 16, 2007 (incorporated by reference to Exhibit 99.8 to Piedmont’s Current Report on Form 8-K, filed on April 20, 2007)

10.1.3 Amendment to Second Amended and Restated Agreement of Limited Partnership of Piedmont OP, dated August 8, 2007 (incorporated by reference to Exhibit 99.1 to Piedmont’s Current Report on Form 8-K, filed on August 10, 2007)

10.2.1* Employment Agreement dated April 16, 2007, by and between Piedmont and Robert E.

Bowers (incorporated by reference to Exhibit 99.9 to Piedmont’s Current Report on Form 8-K, filed on April 20, 2007)

10.2.2* Separation Agreement, dated September 30, 2024, between Piedmont and Robert Bowers (incorporated by reference to Exhibit 10.3 to Piedmont's Current Report on Form 8-K, filed on September 30, 2024)

10.3* Employment Agreement dated May 14, 2007, by and between Piedmont and Laura P.

Moon (incorporated by reference to Exhibit 99.3 to Piedmont’s Current Report on Form 8-K, filed on May 14, 2007)

10.4.1* Separation and Release Agreement, dated December 31, 2024, by and between Piedmont and Robert K.

Wiberg (incorporated by reference to Exhibit 10.5.1 to Piedmont's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 19, 2025)

10.4.2* Consulting Agreement, dated December 31, 2024, by and between Piedmont and Robert K.

Wiberg (incorporated by reference to Exhibit 10.5.2 to Piedmont's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 19, 2025)

Index to Financial Statements

10.5.1* Separation and Release Agreement, dated December 31, 2024, by and between the Company and Robert K.

10.5.2* Consulting Agreement, dated December 31, 2024, by and between the Company and Robert K.

10.6* Employment Agreement dated January 1, 2019, by and between the Company and Christopher Kollme (incorporated by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K for the year ended December 31, 2018, filed on February 20, 2019)

10.7* Employment Agreement, dated as of March 19, 2019, between the Company and C.

Brent Smith (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on March 19, 2019)

10.8* Employment Agreement, dated November 1, 2022, by and between the Company and George M.

Wells (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, filed on November 2, 2022)

10.9* Offer Letter, dated September 30, 2024, between the Company and Sherry Rexroad (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on September 30, 2024)

10.10.1* Piedmont Office Realty Trust, Inc.

Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Company's Proxy Statement for its 2017 Annual Meeting of Stockholders filed with the Commission on March 22, 2017)

10.10.2* Form of Employee Deferred Stock Award Agreement for Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 19, 2020 (incorporated by reference to Exhibit 10.33 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020)

10.10.3* Form of Director Deferred Stock Award Agreement for Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 19, 2020 (incorporated by reference to Exhibit 10.34 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020)

10.10.4* Piedmont Realty Trust, Inc.

Second Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed May 12, 2021)

10.5* Employment Agreement dated January 1, 2019, by and between Piedmont and Christopher Kollme (incorporated by reference to Exhibit 10.31 to Piedmont's Annual Report on Form 10-K for the year ended December 31, 2018, filed on February 20, 2019)

10.6* Employment Agreement, dated as of March 19, 2019, between Piedmont and C.

Brent Smith (incorporated by reference to Exhibit 10.2 to Piedmont's Current Report on Form 8-K, filed on March 19, 2019)

10.7* Employment Agreement, dated November 1, 2022, by and between Piedmont and George M.

Wells (incorporated by reference to Exhibit 10.4 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, filed on November 2, 2022)

10.8* Offer Letter, dated September 30, 2024, between Piedmont and Sherry Rexroad (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K, filed on September 30, 2024)

10.9.1* Piedmont's Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Appendix A to Piedmont's Proxy Statement for its 2017 Annual Meeting of Stockholders filed with the Commission on March 22, 2017)

10.9.2* Form of Employee Deferred Stock Award Agreement for Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 19, 2020 (incorporated by reference to Exhibit 10.33 to Piedmont's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020)

10.9.3* Form of Director Deferred Stock Award Agreement for Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 19, 2020 (incorporated by reference to Exhibit 10.34 to Piedmont's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020)

10.9.4* Piedmont's Second Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K filed May 12, 2021)

10.9.5* Amendment No.

1 to the Second Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Appendix A of Registrant’s Proxy Statement filed with the Commission on March 14, 2024)

1 to the Second Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Appendix A of Piedmont’s Proxy Statement filed with the Commission on March 14, 2024)

10.9.6* Amendment No.

2 to the Second Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Appendix A of Registrant’s Supplement to Proxy Statement filed with the Commission on April 10, 2024)

10.10.7* Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on April 28, 2021)

10.10.8* Form of Employee Officer Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on April 28, 2021)

10.10.9* Form of Director Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on April 28, 2021)

10.10.10* Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 10, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 filed, on April 27, 2022)

10.10.11* Form of Employee Officer Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 10, 2022 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed on April 27, 2022)

10.10.12* Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 23, 2023 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed on May 1, 2023)

2 to the Second Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Appendix A of Piedmont’s Supplement to Proxy Statement filed with the Commission on April 10, 2024)

10.9.7* Amendment No.

3 to the Second Amended and Restated 2007 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed on July 28, 2025).

Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont (incorporated by reference to Exhibit 10.1 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on April 28, 2021)

Form of Employee Officer Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont (incorporated by reference to Exhibit 10.2 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on April 28, 2021)

Form of Director Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont (incorporated by reference to Exhibit 10.3 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on April 28, 2021)

Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 10, 2022 (incorporated by reference to Exhibit 10.1 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 filed, on April 27, 2022)

Form of Employee Officer Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 10, 2022 (incorporated by reference to Exhibit 10.2 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed on April 27, 2022)

Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 23, 2023 (incorporated by reference to Exhibit 10.2 to Piedmont’s Quarterly Report on Form 10-Q, filed on May 1, 2023)

Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 20, 2024 (incorporated by reference to Exhibit 10.9.11 to Piedmont's Annual Report on Form 10-K, filed on February 20, 2024)

Index to Financial Statements

10.10.13* Form of Employee Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 20, 2024 (incorporated by reference to Exhibit 10.9.11 to the Company's Annual Report on Form 10-K, filed on February 20, 2024)

10.10.14* Form of Employee Officer Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 20, 2024 (incorporated by reference to Exhibit 10.9.12 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

10.10.15* Form of Director Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 20, 2024 (incorporated by reference to Exhibit 10.9.13 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

10.10.16* Form of Performance Share Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of the Company effective February 20, 2024 (incorporated by reference to Exhibit 10.9.14 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

10.10.17* Executive Severance Plan, effective September 30, 2024 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on September 30, 2024)

Form of Employee Officer Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 20, 2024 (incorporated by reference to Exhibit 10.9.12 to Piedmont’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

Form of Director Deferred Stock Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 20, 2024 (incorporated by reference to Exhibit 10.9.13 to Piedmont’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

Form of Performance Share Award Agreement for Second Amended and Restated 2007 Omnibus Incentive Plan of Piedmont effective February 20, 2024 (incorporated by reference to Exhibit 10.9.14 to Piedmont’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

Executive Severance Plan, as amended and restated June 6, 2025 (incorporated by reference to Exhibit 10.1 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed on July 28, 2025).

10.10.1* Amendment No.

4 to Piedmont Office Realty Trust, Inc.

Long-Term Incentive Program effective March 19, 2020 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed on July 28, 2021)

10.11.2* Piedmont Office Realty Trust, Inc.

Long-Term Incentive Program Award Agreement effective March 19, 2020 (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed on April 29, 2020)

10.11.3* Piedmont Office Realty Trust, Inc.

Long-Term Incentive Program Award Agreement effective February 17, 2022 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed on April 27, 2022)

4 to Piedmont's Long-Term Incentive Program effective March 19, 2020 (incorporated by reference to Exhibit 10.2 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed on July 28, 2021)

10.10.2* Piedmont's Long-Term Incentive Program Award Agreement effective March 19, 2020 (incorporated by reference to Exhibit 10.4 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed on April 29, 2020)

10.10.3* Piedmont's Long-Term Incentive Program Award Agreement effective February 17, 2022 (incorporated by reference to Exhibit 10.3 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed on April 27, 2022)

10.10.4* Amendment No.

5 to Piedmont Office Realty Trust, Inc.'s Long-Term Incentive Program effective February 23, 2023 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, filed on May 1, 2023)

10.12.1 Term Loan Agreement, dated as of March 29, 2018, by and among the Operating Partnership, as Borrower, the Company, as Parent, U.S.

5 to Piedmont's Long-Term Incentive Program effective February 23, 2023 (incorporated by reference to Exhibit 10.1 to Piedmont’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, filed on May 1, 2023)

10.11.1 Term Loan Agreement, dated as of March 29, 2018, by and among Piedmont OP, as Borrower, Piedmont, as Parent, U.S.

Bank National Association, PNC Capital Markets LLC, and SunTrust Robinson Humphrey, Inc., as Joint Lead Arrangers and Joint Book Runners, U.S.

Bank National Association, as Administrative Agent, PNC Bank, National Association and SunTrust Bank as Syndication Agents, and the other banks signatory thereto as Lenders (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed April 3, 2018)

Bank National Association, as Administrative Agent, PNC Bank, National Association and SunTrust Bank as Syndication Agents, and the other banks signatory thereto as Lenders (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K, filed April 3, 2018)

10.11.2 Amendment No.

1, dated as of September 28, 2018, to the Term Loan Agreement between the Operating Partnership, as Borrower and U.S.

Bank National Association as Administrative Agent dated as of March 29, 2018 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018, filed on October 30, 2018)

1, dated as of September 28, 2018, to the Term Loan Agreement between Piedmont OP, as Borrower and U.S.

Bank National Association as Administrative Agent dated as of March 29, 2018 (incorporated by reference to Exhibit 10.1 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018, filed on October 30, 2018)

10.11.3 Amendment No.

2, dated as of March 3, 2020, to the Term Loan Agreement dated March 29, 2018, between the Operating Partnership, as Borrower and U.S.

Bank National Association as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed on April 29, 2020)

2, dated as of March 3, 2020, to the Term Loan Agreement dated March 29, 2018, between Piedmont OP, as Borrower and U.S.

Bank National Association as Administrative Agent (incorporated by reference to Exhibit 10.1 to Piedmont's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed on April 29, 2020)

10.11.4 Amendment No.

3, dated as of March 29, 2023, to the Term Loan Agreement, dated March 29, 2018, between the Operating Partnership, as Borrower and U.S.

Bank National Association as Administrative Agent (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, filed on May 1, 2023)

3, dated as of March 29, 2023, to the Term Loan Agreement, dated March 29, 2018, between Piedmont OP, as Borrower and U.S.

Bank National Association as Administrative Agent (incorporated by reference to Exhibit 10.3 to Piedmont’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, filed on May 1, 2023)

10.11.5 Amendment No.

4 to Term Loan Agreement, dated May 6, 2024, by and among Piedmont Operating Partnership, LP, as Borrower, Piedmont Office Realty Trust, Inc., as Parent, U.S.

Bank National Association, as Agent, and the other financial institutions signatory thereto, as Lenders (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on May 7, 2024)

10.13 Purchase and Sale Agreement Between SPUS7 Galleria, LP, as Seller and Piedmont Dallas Galleria, LLC, as Purchaser (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed February 12, 2020)

4 to Term Loan Agreement, dated May 6, 2024, by and among Piedmont OP, as Borrower, Piedmont, as Parent, U.S.

Bank National Association, as Agent, and the other financial institutions signatory thereto, as Lenders (incorporated by reference to Exhibit 10.2 to Piedmont's Current Report on Form 8-K, filed on May 7, 2024)

10.12 Purchase and Sale Agreement Between SPUS7 Galleria, LP, as Seller and Piedmont Dallas Galleria, LLC, as Purchaser (incorporated by reference to Exhibit 2.1 to Piedmont's Current Report on Form 8-K filed February 12, 2020)

Index to Financial Statements

10.14.1 Amended and Restated Revolving Credit Agreement, dated as of June 14, 2022, by and among the Operating Partnership, as Borrower, the Company, as Parent, JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S.

10.13.1 Amended and Restated Revolving Credit Agreement, dated as of June 14, 2022, by and among Piedmont OP, as Borrower, Piedmont, as Parent, JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S.

Bank National Association, PNC Capital Markets LLC and Wells Fargo Securities, LLC., as Joint Lead Arrangers, JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank, U.S.

Bank National Association, PNC Bank, National Association, and Wells Fargo Bank, N.A.

as Syndication Agents, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed June 15, 2022)

as Syndication Agents, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K, filed June 15, 2022)

10.13.2 Amendment No.

1 to Amended and Restated Revolving Credit Agreement, dated May 6, 2024, by and among Piedmont Operating Partnership, LP, as Borrower, Piedmont Office Realty Trust, Inc., as Parent, JPMorgan Chase Bank, N.A., as Agent, and the other financial institutions signatory thereto, as Lenders (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, filed on May 7, 2024)

10.15.1 Term Loan Agreement, dated as of July 22, 2022, by and among the Operating Partnership, as Borrower, the Company, as Parent, Truist Securities, Inc., as Lead Arranger and Book Manager, Truist Bank, as Administrative Agent, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed July 27, 2022)

1 to Amended and Restated Revolving Credit Agreement, dated May 6, 2024, by and among Piedmont OP, as Borrower, Piedmont, as Parent, JPMorgan Chase Bank, N.A., as Agent, and the other financial institutions signatory thereto, as Lenders (incorporated by reference to Exhibit 10.3 to Piedmont's Current Report on Form 8-K, filed on May 7, 2024)

10.13.3 Second Amended and Restated Revolving Credit Agreement, dated as of February 13, 2025, by and among Piedmont OP, Piedmont, each lender initially signatory thereto, JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S.

Bank National Association, Wells Fargo Securities, LLC, BofA Securities Inc.

and TD Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders (incorporated by reference to Exhibit 10.2 to Piedmont's Current Report on Form 8-K, filed on February 13, 2025)

10.13.4 Amendment No.

1 to Term Loan Agreement dated as of December 14, 2022, by and among the Operating Partnership, as Borrower, the Company, as Parent, Truist Securities, Inc., as Lead Arranger and Book Manager, Truist Bank, as Administrative Agent, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed December 14, 2022)

10.16.1 Loan Assignment and Assumption Agreement and Omnibus Amendment to Note, Loan Agreement and Other Loan Documents (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed August 16, 2022)

10.16.2 Loan Agreement, dated as of September 10, 2018 by and between 1180 Peachtree Office Investors, LLC, as Borrower, and Metlife Real Estate Lending LLC, as Lender (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed August 16, 2022)

10.17.1 Term Loan Agreement, dated as of January 31, 2023, by and among the Operating Partnership, as Borrower, the Company, as Parent, BofA Securities, Inc., JPMorgan Chase Bank, N.A., and TD Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, Bank of America, N.A., as Administrative Agent, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on February 3, 2023)

1 to Second Amended and Restated Revolving Credit Agreement, dated as of September 16, 2025, by and among Piedmont OP, Piedmont, each lender initially signatory thereto, JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S.

Bank National Association, Wells Fargo Securities, LLC, BofA Securities Inc.

and TD Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K filed on September 16, 2025)

10.14.1 Term Loan Agreement, dated as of July 22, 2022, by and among Piedmont OP, as Borrower, Piedmont, as Parent, Truist Securities, Inc., as Lead Arranger and Book Manager, Truist Bank, as Administrative Agent, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K, filed July 27, 2022)

10.14.2 Amendment No.

1 to Term Loan Agreement dated as of December 14, 2022, by and among Piedmont OP, as Borrower, Piedmont, as Parent, Truist Securities, Inc., as Lead Arranger and Book Manager, Truist Bank, as Administrative Agent, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K filed December 14, 2022)

10.15.1 Loan Assignment and Assumption Agreement and Omnibus Amendment to Note, Loan Agreement and Other Loan Documents (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K filed August 16, 2022)

10.15.2 Loan Agreement, dated as of September 10, 2018 by and between 1180 Peachtree Office Investors, LLC, as Borrower, and Metlife Real Estate Lending LLC, as Lender (incorporated by reference to Exhibit 10.2 to Piedmont's Current Report on Form 8-K, filed August 16, 2022)

10.16.1 Term Loan Agreement, dated as of January 31, 2023, by and among Piedmont OP, as Borrower, Piedmont, as Parent, BofA Securities, Inc., JPMorgan Chase Bank, N.A., and TD Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, Bank of America, N.A., as Administrative Agent, and the other financial institutions initially signatory thereto and their assignees (incorporated by reference to Exhibit 10.1 to Piedmont’s Current Report on Form 8-K, filed on February 3, 2023)

10.16.2 Waiver, Agent Resignation, Extension, and Amendment No.

1 to Term Loan Agreement dated as of January 31, 2023 (incorporated by reference to Exhibit 10.20.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

10.18.1 Term Loan Agreement, dated as of January 30, 2024, by and among the Operating Partnership, as Borrower, the Company, as Parent, Truist Securities, Inc,.

1 to Term Loan Agreement dated as of January 31, 2023 (incorporated by reference to Exhibit 10.20.2 to Piedmont’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 20, 2024)

10.17.1 Term Loan Agreement, dated as of January 30, 2024, by and among Piedmont OP, as Borrower, Piedmont, as Parent, Truist Securities, Inc,.

as Joint Lead Arranger and Sole Book Manager, JP Morgan Chase Bank, N.A.

3 unchanged sentences

as Co-Syndication Agents, and Wells Fargo Bank, N.A,.

as Documentation Agent, and the other financial institutions signatory thereto and their assignees, as Lenders (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on January 30, 2024).

as Documentation Agent, and the other financial institutions signatory thereto and their assignees, as Lenders (incorporated by reference to Exhibit 10.1 to Piedmont’s Current Report on Form 8-K, filed on January 30, 2024).

10.17.2 Amendment No.

1 to Term Loan Agreement, dated May 6, 2024, by and among Piedmont Operating Partnership, LP, as Borrower, Piedmont Office Realty Trust, Inc., as Parent, Truist Bank, as Agent, and the other financial institutions signatory thereto, as Lenders (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on May 7, 2024)

1 to Term Loan Agreement, dated May 6, 2024, by and among Piedmont OP, as Borrower, Piedmont, as Parent, Truist Bank, as Agent, and the other financial institutions signatory thereto, as Lenders (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K, filed on May 7, 2024)

Index to Financial Statements

10.17.3 Amendment No.

2 to Term Loan Agreement, dated as of February 13, 2025, by and among Piedmont OP, Piedmont, each lender initially signatory thereto, Truist Securities, Inc., as Lead Arranger and Book Manager, and Truist Bank, as administrative agent for the lenders (incorporated by reference to Exhibit 10.1 to Piedmont's Current Report on Form 8-K, filed on February 13, 2025)

10.17.4 Amendment No.

3 to Term Loan Agreement, dated as of September 16, 2025, by and among Piedmont OP, Piedmont, each lender initially signatory thereto, Truist Securities, Inc., as Lead Arranger and Book Manager, and Truist Bank, as administrative agent for the lenders (incorporated by reference to Exhibit 10.2 to Piedmont's Current Report on Form 8-K filed on September 16, 2025)

19.1 Piedmont Insider Trading Policy dated October 21, 2025

21.1 List of Subsidiaries of the Company

22.1 Subsidiary Issuer of Guaranteed Securities (incorporated by reference to Exhibit 22.1 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2024)

22.1 Subsidiary Issuer of Guaranteed Securities

23.1 Consent of Deloitte & Touche LLP

2 unchanged sentences

32.1** Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Index to Financial Statements

32.2** Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

97.1 Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K filed on February 20, 2024)

97.1 Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97.1 to Piedmont's Annual Report on Form 10-K filed on February 20, 2024)

101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

10 unchanged sentences

Pursuant to the requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized this 17 th day of February, 2026.

Piedmont Office Realty Trust, Inc.

Piedmont Realty Trust, Inc.

B RENT S MITH

3 unchanged sentences

/s/ K ELLY H.

Chairman, and Director February 19, 2025

Vice-Chairman, and Director February 19, 2025

Chair, and Director February 17, 2026

Vice-Chair, and Director February 17, 2026

/s/ G LENN G.

Director February 17, 2026

/s/ V ENKATESH S.

/s/ J EFFREY J.

Director February 17, 2026

/s/ D ENEEN L.

Director February 17, 2026

/s/ B ARBARA B.

Director February 17, 2026

/s/ S TEPHEN E.

Director February 17, 2026

B RENT S MITH

21 unchanged sentences

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of Piedmont Office Realty Trust, Inc.

To the stockholders and the Board of Directors of Piedmont Realty Trust, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Piedmont Office Realty Trust, Inc.

We have audited the accompanying consolidated balance sheets of Piedmont Realty Trust, Inc.

and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income/(loss), stockholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15(a) (collectively referred to as the "financial statements").

12 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Revenues - Refer to Note 2 to the financial statements

Rental and Tenant Reimbursement Revenue - Refer to Note 2 and Note 9 to the financial statements

Critical Audit Matter Description

Rental and tenant reimbursement income consists of revenue from leases with the Company’s tenants, as well as reimbursements for services prescribed by such leases.

The Company recognizes fixed base rental payments, as well as any fixed portions of reimbursement income, on a straight-line basis over the term of the related lease.

Rental and tenant reimbursement revenue consists of income from leases with the Company’s tenants, as well as reimbursements for services prescribed by such leases.

The Company recognizes fixed base rental payments, as well as any fixed portions of reimbursement revenue, on a straight-line basis over the term of the related lease.

The timing of rental revenue recognition is largely dependent on whether the Company is the owner of tenant improvements at the leased property.

12 unchanged sentences

Our audit procedures related to management’s determination of the owner of the tenant improvements and the related impact on the timing and amount of revenue recognition, included the following, among others:

• We tested the effectiveness of controls over revenue recognition, including the determination of the owner of tenant improvements and the timing and amounts of rental revenues to be recognized over the term of the related lease.

• We selected a sample of lease agreements and performed the following to evaluate the appropriateness of management’s conclusions regarding the owner of the tenant improvements and the timing and amount of revenue recognition:

• We tested the effectiveness of internal controls over revenue recognition, including the determination of the owner of tenant improvements and the timing and amounts of rental revenues to be recognized over the term of the related lease.

• We selected a sample of certain lease agreements and performed the following to evaluate the appropriateness of management’s conclusions regarding the owner of the tenant improvements and the timing and amount of revenue recognition:

◦ Evaluated the reasonableness and consistency of the factors considered by management to determine the owner of the tenant improvements and compared such factors to the terms in the lease agreement or other supporting documents.

6 unchanged sentences

Index to Financial Statements

PIEDMONT OFFICE REALTY TRUST, INC.

PIEDMONT REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

8 unchanged sentences

Construction in progress 44,567 104,104

Real estate assets held for sale, net — 36,203

Total real estate assets 3,421,709 3,461,239

8 unchanged sentences

311,066 260,269

Other assets held for sale, net — 3,213

Total assets $ 4,031,354 $ 4,114,651

25 unchanged sentences

Index to Financial Statements

PIEDMONT OFFICE REALTY TRUST, INC.

PIEDMONT REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

18 unchanged sentences

( 163,046 ) ( 119,470 ) ( 96,192 )

Net income/(loss) ( 79,064 ) ( 48,377 ) 146,830

Net loss ( 83,601 ) ( 79,064 ) ( 48,377 )

Net income applicable to noncontrolling interest ( 19 ) ( 5 ) ( 10 )

Net income/(loss) applicable to Piedmont $ ( 79,069 ) $ ( 48,387 ) $ 146,830

Net loss applicable to Piedmont $ ( 83,620 ) $ ( 79,069 ) $ ( 48,387 )

Per share information— basic and diluted:

Net income/(loss) applicable to common stockholders $ ( 0.64 ) $ ( 0.39 ) $ 1.19

Weighted-average shares outstanding—basic 123,938,819 123,658,622 123,351,187

Weighted-average shares outstanding—diluted 123,938,819 123,658,622 123,523,881

Net loss applicable to common stockholders $ ( 0.67 ) $ ( 0.64 ) $ ( 0.39 )

Weighted-average shares outstanding—basic and diluted 124,435,499 123,938,819 123,658,622

See accompanying notes.

Index to Financial Statements

PIEDMONT OFFICE REALTY TRUST, INC.

PIEDMONT REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

2 unchanged sentences

2025 2024 2023

Net income/(loss) applicable to Piedmont $ ( 79,069 ) $ ( 48,387 ) $ 146,830

Net loss applicable to Piedmont $ ( 83,620 ) $ ( 79,069 ) $ ( 48,387 )

Other comprehensive income/(loss):

4 unchanged sentences

Other comprehensive income/(loss) 1,156 ( 705 ) ( 739 )

Comprehensive income/(loss) applicable to Piedmont

Comprehensive loss applicable to Piedmont

$ ( 82,464 ) $ ( 79,774 ) $ ( 49,126 )

1 unchanged sentence

Index to Financial Statements

PIEDMONT OFFICE REALTY TRUST, INC.

PIEDMONT REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

10 unchanged sentences

Balance, December 31, 2022 123,440 $ 1,234 $ 3,711,005 $ ( 1,855,893 ) $ ( 8,679 ) $ 1,588 $ 1,849,255

Offering costs — — ( 460 ) — — — ( 460 )

Dividends to common stockholders ($ 0.67 per share) and stockholders of subsidiaries

1 unchanged sentence

Shares issued and amortized under the 2007 Omnibus Incentive Plan, net of tax 275 3 5,737 — — — 5,740

Net income applicable to Piedmont — — — 146,830 — — 146,830

Other comprehensive income — — — — 9,475 — 9,475

Net loss applicable to noncontrolling interest — — — — — 10 10

Net loss applicable to Piedmont — — — ( 48,387 ) — — ( 48,387 )

Other comprehensive loss — — — — ( 739 ) — ( 739 )

Balance, December 31, 2023 123,715 1,237 3,716,742 ( 1,987,147 ) ( 9,418 ) 1,558 1,722,972

Offering costs — — ( 185 ) — — — ( 185 )

Dividends to common stockholders ($ 0.50 per share) and stockholders of subsidiaries

11 unchanged sentences

Net loss applicable to Piedmont — — — ( 83,620 ) — — ( 83,620 )

Other comprehensive loss — — — — ( 705 ) — ( 705 )

Other comprehensive income — — — — 1,156 — 1,156

Balance, December 31, 2025 124,519 $ 1,245 $ 3,730,273 $ ( 2,227,350 ) $ ( 8,967 ) $ 1,502 $ 1,496,703

1 unchanged sentence

Index to Financial Statements

PIEDMONT OFFICE REALTY TRUST, INC.

PIEDMONT REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

3 unchanged sentences

Cash Flows from Operating Activities:

Net income/(loss) $ ( 79,064 ) $ ( 48,377 ) $ 146,830

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

Net loss $ ( 83,601 ) $ ( 79,064 ) $ ( 48,377 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation 166,528 156,833 148,458

19 unchanged sentences

Cash Flows from Investing Activities:

Acquisition of real estate assets, intangibles, and undeveloped land parcels — — ( 270,908 )

Capitalized expenditures ( 157,241 ) ( 212,108 ) ( 158,191 )

1 unchanged sentence

31,351 74,892 1,946

Note receivable repayment

Deferred lease costs paid ( 49,458 ) ( 49,400 ) ( 39,775 )

5 unchanged sentences

Repayments of debt ( 1,002,343 ) ( 754,610 ) ( 1,344,967 )

Discount paid due to loan modification — — ( 500 )

Premiums paid and costs to repurchase senior notes ( 35,572 ) — —

Costs of issuance of common stock ( 604 ) ( 185 ) —

3 unchanged sentences

( 30,874 ) ( 61,864 ) ( 93,122 )

Net cash provided by/(used in) financing activities

Net cash (used in)/provided by financing activities

( 75,308 ) 98,180 ( 29,505 )

4 unchanged sentences

Index to Financial Statements

PIEDMONT OFFICE REALTY TRUST, INC.

PIEDMONT REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, AND 2023

Piedmont Office Realty Trust, Inc.

Piedmont Realty Trust, Inc.

(“Piedmont”) (NYSE:

25 unchanged sentences

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes.

The most significant of these estimates includes the underlying cash flows and holding periods used in assessing impairment, judgements regarding the recoverability of goodwill including the assumptions associated with the capitalization rates and discount rates used in valuing the properties in each reporting unit, and the assessment of the collectibility of receivables.

The most significant of these estimates includes the underlying cash flows and holding periods used in assessing impairment, judgments regarding the recoverability of goodwill including the assumptions associated with the capitalization rates and discount rates used in valuing the properties in each reporting unit, and the assessment of the collectability of receivables.

While Piedmont has made, what it believes to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date, actual results could materially differ from those estimates.

14 unchanged sentences

Furniture, fixtures, and equipment 3 - 10 years

Intangible lease assets Lease term

Intangible lease assets and liabilities

Piedmont continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of operating properties in which Piedmont has an ownership interest, either directly or through investments in joint ventures, may not be recoverable.

20 unchanged sentences

These lease intangibles are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

Gross intangible assets and liabilities, inclusive of amounts classified as real estate assets held for sale, recorded as of December 31, 2024 and 2023, respectively, are as follows (in thousands):

Intangible assets and liabilities recorded as of December 31, 2025 and 2024, respectively, are as follows (in thousands):

December 31, 2025 December 31, 2024

1 unchanged sentence

Above-Market In-Place Lease Assets $ 124 $ 218

Less Accumulated Amortization

( 67 ) ( 130 )

In-Place Lease Valuation $ 118,071 $ 136,243

Less Accumulated Amortization

( 73,757 ) ( 75,852 )

$ 44,314 $ 60,391

Intangible Lease Origination Costs (included as component of Deferred Lease Costs) $ 171,823 $ 192,979

Less Accumulated Amortization

( 107,345 ) ( 107,301 )

$ 64,478 $ 85,678

Intangible Lease Liabilities (Below-Market In-Place Leases) $ 59,860 $ 66,435

Less Accumulated Amortization

( 35,036 ) ( 33,641 )

$ 24,824 $ 32,794

For the years ended December 31, 2025, 2024, and 2023, respectively, Piedmont recognized amortization of intangible lease costs in the accompanying consolidated statements of operations, as follows (in thousands):

2 unchanged sentences

Amortization of Above-Market and Below-Market In-Place Lease Intangibles as a net increase to Rental and Tenant Reimbursement Revenue $ 7,937 $ 10,020 $ 13,830

Index to Financial Statements

Net intangible assets and liabilities as of December 31, 2025 will be amortized as follows (in thousands):

12 unchanged sentences

Weighted-Average Amortization Period (in years) 5 5 5 5

(1) Included as a component of Deferred Lease Costs in the accompanying consolidated balance sheets.

Cash and Cash Equivalents

1 unchanged sentence

Cash equivalents include cash and short-term investments.

The majority of Piedmont’s cash and cash equivalents

Index to Financial Statements

are held at major commercial banks and at times may exceed the Federal Deposit Insurance Corporation limit of $250,000.

The majority of Piedmont’s cash and cash equivalents are held at major commercial banks and at times may exceed the Federal Deposit Insurance Corporation limit of $250,000.

Short-term investments consist of investments in demand deposit accounts stated at cost, which approximates estimated fair value, and available-for-sale securities associated with Piedmont's previous non-qualified deferred compensation program carried at estimated fair value.

1 unchanged sentence

Tenant receivables are comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of future adjustments necessary to present rental income on a straight-line basis.

Piedmont evaluates the collectibility of its operating lease receivables on a tenant/lease-specific basis and recognizes changes in the collectibility assessment of its operating lease receivables as a reduction of rental and tenant reimbursement revenues.

Piedmont evaluates the collectability of its operating lease receivables on a tenant/lease-specific basis and recognizes changes in the collectability assessment of its operating lease receivables as a reduction of rental and tenant reimbursement revenues.

Allowance for Doubtful Accounts

As detailed above, Piedmont records contra-revenue adjustments to reduce tenant and straight-line rent receivables to their net realizable value when collectibility is in question.

During the year ended December 31, 2020, Piedmont also established an allowance for doubtful accounts due to the general uncertainty regarding collectibility of certain tenant receivables during the COVID-19 pandemic.

The majority of this allowance was ultimately not used and was reversed during the two years ended December 31, 2023.

A roll forward of the allowance for doubtful accounts for the years ended December 31, 2024, 2023, and 2022 is as follows:

Balance at Beginning of Period Additions/Reversals as Decrease/(Increase) to Revenue Write-offs Balance at End of Period

Year Ended December 31,

2024 $ — $ — $ — $ —

2023 $ 1,000 $ ( 1,000 ) $ — $ —

2022 $ 4,000 $ ( 3,000 ) $ — $ 1,000

As detailed above, Piedmont records contra-revenue adjustments to reduce tenant and straight-line rent receivables for specific accounts deemed to not be probable of collection.

Piedmont regularly evaluates the collectability of its lease related receivables.

Management's evaluation of collectability primarily consists of reviewing the credit quality of the tenant, historical trends of repayment, and changes in payment terms.

During the year ended December 31, 2020, Piedmont also established an allowance for doubtful accounts due to the general uncertainty regarding collectability of certain tenant receivables during the COVID-19 pandemic.

The majority of this allowance was ultimately not used and the final $ 1.0 million was fully reversed during the year ended December 31, 2023.

Restricted Cash and Escrows

7 unchanged sentences

Prepaid expenses and other assets are primarily comprised of the following items:

Index to Financial Statements

• prepaid property taxes, insurance and operating costs;

3 unchanged sentences

Balances without a future economic benefit are expensed as they are identified.

Index to Financial Statements

Goodwill is the excess of cost of an acquired entity over the amounts specifically assigned to assets acquired and liabilities assumed in purchase accounting for business combinations, and is allocated to each of Piedmont's reporting units.

6 unchanged sentences

Piedmont also makes assumptions about future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, and the number of months it takes to re-lease the property, among other factors.

As a result of impairment assessments performed during the years ended December 31, 2023 and 2022 Piedmont determined that portions of its goodwill related to various reporting units were impaired, and recorded goodwill impairment charges in each period as further described in Note 6 below.

No impairment charge relative to goodwill was recognized for the year ended December 31, 2024.

As a result of impairment assessments performed during the year ended December 31, 2023, Piedmont determined that portions of its goodwill related to various reporting units were impaired, and recorded goodwill impairment charges in each period as further described in Note 6 below.

No impairment charges relative to goodwill was recognized for the years ended December 31, 2025 and 2024.

Interest Rate Derivatives

9 unchanged sentences

Settlements resulting from the hedge of Piedmont's exposure to interest rate changes are classified as operating cash flows in the accompanying consolidated statements of cash flows.

Index to Financial Statements

Deferred Lease Costs

4 unchanged sentences

• Approximately $ 4.6 million, $ 4.2 million, and $ 4.4 million, of deferred lease costs related to lease incentives granted to tenants are included as an offset to rental and tenant reimbursement revenue for the years ended December 31, 2025, 2024, and 2023, respectively.

Index to Financial Statements

Upon receipt of an early lease termination notice, Piedmont recognizes any unamortized deferred lease costs ratably over the revised remaining term of the lease after giving effect to the termination notice.

16 unchanged sentences

Tenant improvement allowance overages or improvements paid for by the tenant, where Piedmont owns all of the underlying improvements, are recorded as deferred income and amortized on a straight-line basis into rental and tenant reimbursement revenue over the term of the respective leases.

Index to Financial Statements

Shares-in-trust

5 unchanged sentences

Piedmont’s board of directors may determine the relative rights, preferences, and privileges of any class or series of preferred stock that may be issued, and can be more beneficial than the rights, preferences, and privileges attributable to Piedmont’s common stock.

Index to Financial Statements

Under Piedmont’s charter, it has authority to issue a total of 750,000,000 shares of common stock with a par value of $ 0.01 per share.

20 unchanged sentences

All of Piedmont's leases where Piedmont is the lessor are for the lessee's use of space in Piedmont's commercial office properties and are classified as operating leases.

Index to Financial Statements

In most lease arrangements, Piedmont finances improvements to leased space and is deemed the owner of the tenant improvements.

5 unchanged sentences

• whether the landlord is obligated to fund cost overruns for the construction of leasehold improvements;

Index to Financial Statements

• whether the leasehold improvements are unique to the tenant or could reasonably be used by other parties;

21 unchanged sentences

When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets.

Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale.

In circumstances where Piedmont extends seller financing as part of a sale of real estate assets, Piedmont assesses the collectibility of the notes receivable as of each reporting period end.

Notes receivable that are deemed to be uncollectible or fully in default are reduced to their net realizable value, which approximates their fair value.

Property dispositions with no continuing

Index to Financial Statements

involvement will continue to be recognized upon closing of the sale.

In circumstances where Piedmont extends seller financing as part of a sale of real estate assets, Piedmont assesses the collectability of the notes receivable as of each reporting period end.

Notes receivable that are deemed to be uncollectible or fully in default are reduced to their net realizable value, which approximates their fair value.

Stock-based Compensation

4 unchanged sentences

Compensation expense recognized related to both of these award types is recorded as property operating costs for those employees whose job is related to property operations and as general and administrative expense for all other employees and board of directors in the accompanying consolidated statements of operations.

Net Income/(Loss) Available to Common Stockholders Per Share

Net income/(loss) per share-basic is calculated as net income/(loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period.

Net income/(loss) per share-diluted is calculated as net income/(loss) available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including the dilutive effect of nonvested restricted stock.

Net Income Available to Common Stockholders Per Share

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period.

Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including the dilutive effect of nonvested restricted stock.

The dilutive effect of nonvested restricted stock is calculated using the treasury stock method to determine the number of additional common shares that would become outstanding if the remaining unvested restricted stock awards vested.

1 unchanged sentence

Under this methodology, the assumed sale proceeds are calculated using the closing price of Piedmont's stock as of the end of the respective reporting period.

As Piedmont recognized a net loss for the years ended December 31, 2025, 2024 and 2023, earnings per share is computed using basic weighted-average common shares outstanding.

Piedmont has elected to be taxed as a REIT under the Code, and has operated as such, beginning with its taxable year ended December 31, 1998.

5 unchanged sentences

Recent Accounting Pronouncements

Income Tax Disclosure

The Financial Accounting Standards Board (the "FASB") has issued ASU No.

2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09").

ASU 2023-09 requires expanded disclosure of tax information, including a rate reconciliation and the amounts of annual income taxes paid (net of refunds received), segregated by federal, state, and local jurisdictions.

The amendments of ASU 2023-09 also require disclosure of income from continuing operations before income tax separated by domestic and foreign income, and eliminate the requirement to disclose the nature and estimates of the range of reasonable possible changes to unrecognized tax benefits within the following twelve months of the reporting period end.

ASU 2023-09 is effective for Piedmont beginning with the filing of the Form 10-K for the year ended December 31, 2025.

Piedmont is currently evaluating the potential impact of adoption;

however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2023-09.

Income Statement Expense Disaggregation Disclosures

The FASB has also issued Accounting Standards Update ("ASU") No.

The Financial Account Standards Board (the "FASB") has issued Accounting Standards Update ("ASU") No.

2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

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ASU 2024-03 aims to enhance the transparency and presentation of income statement expenses in response to increasing demand from investors and other stakeholders for greater clarity and comparability surrounding the nature and composition of an entity's expenses.

The amendments of ASU 2024-03 require tabular disclosure of certain cost and expense

Index to Financial Statements

information, such as employee compensation, in the footnotes to the financial statements.

The amendments of ASU 2024-03 require tabular disclosure of certain cost and expense information, such as employee compensation, in the footnotes to the financial statements.

ASU 2024-03 is effective for Piedmont beginning with the Form 10-K for the year ended December 31, 2027, and subsequent interim periods beginning in calendar-year 2028.

1 unchanged sentence

however, Piedmont does not anticipate any material impact to its consolidated financial statements as a result of adoption of ASU 2024-03.

During the year ended December 31, 2024, Piedmont OP issued $ 400 million in aggregate principal amount of 6.875 % senior notes (the “$ 400 Million Unsecured Senior Notes”), which mature on July 15, 2029.

Upon issuance of the $ 400 Million Unsecured Senior Notes, Piedmont OP received net proceeds of $ 396 million, reflecting a discount of approximately $ 4 million which will be amortized to interest expense over the 5-year term of the $ 400 Million Unsecured Senior Notes using the effective interest method.

Index to Financial Statements

During the year ended December 31, 2025, Piedmont, through Piedmont OP, issued $ 400 million in aggregate principal amount of 5.63 % senior notes (the "$ 400 Million Unsecured Senior Notes"), which mature on January 15, 2033.

Upon issuance of the $ 400 Million Unsecured Senior Notes, Piedmont OP received net proceeds of $ 397.5 million, reflecting a discount of approximately $ 2.5 million which will be amortized to interest expense over the seven-year term of the $ 400 Million Unsecured Senior Notes using the effective interest method.

The $ 400 Million Unsecured Senior Notes are fully and unconditionally guaranteed by Piedmont.

Interest on the $ 400 Million Unsecured Senior Notes is payable semi-annually on January 15 and July 15 of each year commencing January 15, 2025, and is subject to adjustment if the credit rating on the $ 400 Million Unsecured Notes falls below investment grade, as defined in the credit agreement.

The $ 400 Million Unsecured Senior Notes are subject to certain typical covenants that, subject to certain exceptions, include (a) a limitation on the ability of Piedmont and Piedmont OP to, among other things, incur additional secured and unsecured indebtedness;

(b) a limitation on the ability of Piedmont and Piedmont OP to merge, consolidate, sell, lease or otherwise dispose of their properties and assets substantially as an entirety;

and (c) a requirement that Piedmont maintain a pool of unencumbered assets.

Also, during the year ended December 31, 2024, Piedmont OP entered into a new $ 200 Million Unsecured 2024 Term Loan.

The $ 200 Million Unsecured 2024 Term Loan has certain financial covenants that require, among other things, the maintenance of an unencumbered interest rate coverage ratio of at least 1.75 , an unencumbered leverage ratio of at least 1.60 , a fixed charge coverage ratio of at least 1.50 , a leverage ratio of no more than 0.60 , and a secured debt ratio of no more than 0.40 .

Piedmont may prepay the loan in whole or in part, at any time without premium or penalty.

The net proceeds from both the $ 400 Million Unsecured Senior Notes and the new $ 200 Million Unsecured 2024 Term Loan described above were used to repay:

the remaining balance on the $ 400 Million Senior Unsecured Notes due 2024;

the $ 200 Million Unsecured 2022 Term Loan Facility;

the $ 215 Million Unsecured 2023 Term Loan;

and the outstanding balance on the $ 600 Million Unsecured 2022 Line of Credit.

The original term of the $ 200 Million Unsecured 2024 Term Loan was three years , with a maturity date of January 29, 2027;

however, subsequent to December 31, 2024, Piedmont amended the $ 200 Million Unsecured 2024 Term Loan to increase the principal amount of the loan by $ 125 million to a total of $ 325 million principal amount outstanding and to add two six-month extension options for a final maturity date of January 29, 2028, provided Piedmont is not then in default and upon payment of extension fees.

The net proceeds from the increased principal and Piedmont's $ 600 Million Unsecured 2022 Line of Credit, along with cash on hand, were used to repay the $ 250 Million Unsecured 2018 Term Loan that was scheduled to mature in March of 2025.

Also subsequent to December 31, 2024, Piedmont recast the $ 600 Million Unsecured 2022 Line of Credit to extend the maturity date to June 30, 2028, with two additional one-year extension options, for a final maturity date of June 30, 2030, provided Piedmont is not then in default and upon payment of extension fees.

Interest on the $ 400 Million Unsecured Senior Notes is payable semi-annually on January 15 and July 15 of each year commencing January 15, 2026.

During the year ended December 31, 2025, Piedmont repurchased an aggregate principal amount of approximately $ 312.7 million of the aggregate principal amount of its $ 600 Million Senior Unsecured Notes due 2028, resulting in the recognition of an approximately $ 37.3 million loss on early extinguishment of debt.

During the year ended December 31, 2025, Piedmont, through Piedmont OP, amended its $ 600 Million Unsecured 2022 Line of Credit and its $ 325 Million Unsecured 2024 Term Loan to remove the credit spread adjustment from SOFR-based interest rates thereby reducing its all-in interest rates on each facility by 10 basis points.

During the year ended December 31, 2025, Piedmont amended the $ 200 Million Unsecured 2024 Term Loan (as amended, the "$ 325 Million Unsecured 2024 Term Loan") to increase the principal amount of the loan by $ 125 million to a total of $ 325 million and to add two six-month extension options for a final maturity date of January 29, 2028, provided that Piedmont is not in default as of the extension date and upon payment of extension fees.

The net proceeds from the $ 325 Million Unsecured 2024 Term Loan and Piedmont's $ 600 Million Unsecured 2022 Line of Credit, along with cash on hand, were used to repay the $ 250 Million Unsecured 2018 Term Loan that was scheduled to mature in March of 2025.

In conjunction with this repayment, Piedmont recognized a loss of approximately $ 0.5 million as a result of expensing unamortized financing costs due to the early extinguishment of debt.

Finally, during the year ended December 31, 2025, Piedmont recast the $ 600 Million Unsecured 2022 Line of Credit to extend the maturity date to June 30, 2028, with two additional one-year extension options, for a final maturity date of June 30, 2030, provided that Piedmont is not in default as of the extension date and upon payment of extension fees.

Index to Financial Statements

7 unchanged sentences

Unsecured (Variable and Fixed)

$ 400 Million Unsecured Senior Notes due 2024

4.45 % 4.10 % 3/15/2024 — 50,154

$ 200 Million Unsecured 2022 Term Loan Facility

SOFR + 1.25 %

6.70 % 12/16/2024 — 100,000

$ 250 Million Unsecured 2018 Term Loan

1 unchanged sentence

4.79 % 3/31/2025 — 250,000

$ 250 Million Unsecured 2018 Term Loan

SOFR + 1.20 %

4.79 % 3/31/2025 (3)

250,000 250,000

$ 600 Million Unsecured 2022 Line of Credit

4 unchanged sentences

1/29/2027 (7)

325,000 200,000

$ 600 Million Unsecured Senior Notes due 2028

6 unchanged sentences

2.75 % 2.78 % 4/1/2032 300,000 300,000

$ 400 Million Unsecured Senior Notes due 2033

5.63 % 5.73 % 1/15/2033 400,000 —

Discounts and unamortized debt issuance costs

6 unchanged sentences

(2) Effective rate after consideration of settled or in-place interest rate swap agreements and issuance discounts.

(3) Subsequent to December 31, 2024, Piedmont repaid the outstanding balance of the $ 250 Million Unsecured 2018 Term Loan.

(4) The all-in interest rates associated for the SOFR selections are comprised of the relevant adjusted SOFR rate (calculated as the base SOFR interest rate plus a fixed adjustment of 0.10 %) and a stated interest rate spread that can vary from 0.85 % to 1.70 % based upon the then current credit rating of Piedmont or Piedmont OP, whichever is higher.

During any period that either Piedmont or Piedmont OP has received credit ratings from two different credit rating agencies that are not equivalent, the credit rating shall be determined as the higher of the two credit ratings.

(3) The all-in interest rates associated for the SOFR selections are comprised of the basic SOFR interest rate and a stated interest rate spread that can vary from 0.72 % to 1.40 % on the $ 600 Million Unsecured 2022 Line of Credit and 0.85 % to 1.7 % on the $ 325 Million Unsecured 2024 Term Loan based upon the then current credit rating (as defined in the respective loan agreement) of Piedmont or Piedmont OP.

(4) On a periodic basis, Piedmont may select from multiple interest rate options, including the prime rate and various-length SOFR locks on all or a portion of the principal.

(6) Subsequent to December 31, 2024, Piedmont recast the $ 600 Million Unsecured 2022 Line of Credit to extend the maturity date to June 30, 2028, with two additional one-year extension options, for a final maturity date of June 30, 2030, provided Piedmont is not then in default and upon payment of extension fees.

(5) Piedmont may extend the term of the $ 600 Million Unsecured 2022 Line of Credit for up to two additional years (through two available one-year extensions to a final extended maturity date of June 30, 2030);

provided Piedmont is not then in default and upon payment of extension fees.

(6) This term loan has a stated variable rate;

1 unchanged sentence

See Note 4 for disclosures of Piedmont's derivative instruments.

(8) Subsequent to December 31, 2024, Piedmont amended the $ 200 Million Unsecured 2024 Term Loan to increase the principal amount of the loan by $ 125 million to a total of $ 325 million principal amount outstanding and to add two six-month extension options for a final maturity date of January 29, 2028, provided Piedmont is not then in default and upon payment of extension fees.

(7) Piedmont may extend the term for up to two six-month extension options for a final maturity date of January 29, 2028, provided Piedmont is not then in default and upon payment of extension fees.

Index to Financial Statements

A summary of Piedmont's consolidated principal outstanding for aggregate debt maturities of its indebtedness as of December 31, 2025, is provided below (in thousands):

2025 $ 253,295

Thereafter 700,000

13 unchanged sentences

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for Piedmont making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

As of December 31, 2024, Piedmont was party to a total of twelve interest rate swap agreements which were designated as effective cash flow hedges and fully hedge the variable cash flows covering:

1) the entire outstanding balance of the $ 250 Million Unsecured 2018 Term Loan through the maturity of the loan in March 2025, and 2) the entire outstanding balance of the $ 200 Million Unsecured 2024 Term Loan through February 1, 2026.

During the year ended December 31, 2025, Piedmont terminated eight interest rate swap agreements associated with the $ 250 Million Unsecured 2018 Term Loan in conjunction with paying off the loan.

Additionally, Piedmont entered into one new interest rate swap agreement to fully hedge the risk of changes in the interest-related cash flows associated with the additional $ 125 million of principal resulting from the upsized $ 325 Million Unsecured 2024 Term Loan (see Note 3 above) through February 1, 2026.

All of Piedmont's interest rate swap agreements are designated as effective cash flow hedges and are designated using SOFR.

The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows related to these interest rate swap agreements is 13 months.

The maximum length of time over which Piedmont is hedging its exposure to the variability in future cash flows for forecasted transactions is 1 month.

Index to Financial Statements

9 unchanged sentences

125 2/19/2025 2/1/2026

Interest rate swaps 2 $ 200 Million Unsecured 2024 Term Loan

$ 80 2/1/2024 2/1/2026

Interest rate swaps 2 $ 200 Million Unsecured 2024 Term Loan

$ 120 9/3/2024 2/1/2026

(1) Subsequent to December 31, 2024, Piedmont terminated the interest rate swap agreements in conjunction with the repayment of the $ 250 Million Unsecured 2018 Term Loan.

Piedmont presents its interest rate derivatives on its consolidated balance sheets on a gross basis as interest rate swap assets and interest rate swap liabilities.

4 unchanged sentences

Gross derivative liabilities ( 111 ) ( 8 )

Net derivative assets $ 663 $ 3,032

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward starting interest rate swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the years ended December 31, 2024, 2023, and 2022, respectively, was as follows (in thousands):

Net derivative assets/(liabilities) $ ( 111 ) $ 663

The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in OCI and the accompanying consolidated statements of operations as a component of interest expense for the years ended December 31, 2025, 2024, and 2023, respectively, was as follows (in thousands):

Interest Rate Swaps in Cash Flow Hedging Relationships:

7 unchanged sentences

$ ( 37,788 ) $ ( 386 ) $ ( 820 )

Piedmont estimates that approximately $ 1.3 million will be reclassified from OCI as an increase in interest expense over the next twelve months.

Piedmont estimates that approximately $ 2.0 million will be reclassified from OCI as an increase in interest expense over the next twelve months, which includes settled swaps amortized over the underlying term of the associate debt facility.

Piedmont did not recognize any hedge ineffectiveness on its cash flow hedges during the three years ended December 31, 2025.

See Note 5 for fair value disclosures of Piedmont's derivative instruments.

Index to Financial Statements

Additionally, see Note 5 for fair value disclosures of Piedmont's derivative instruments.

Credit-risk-related Contingent Features

Piedmont has agreements with its derivative counterparties that contain a provision whereby if Piedmont defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Piedmont could also be declared in default on its derivative obligations.

If Piedmont were to breach any of the contractual provisions of the derivative contracts, it could be required to settle its liability obligations under the agreements at their termination value of the estimated fair values plus accrued interest.

However, as of December 31, 2024, all of Piedmont's net interest rate swap agreements are in an asset position.

Additionally, Piedmont has rights of set-off under certain of its derivative agreements related to potential termination fees and amounts payable under the agreements, if a termination were to occur.

Add itionally, Piedmont has rights of set-off under certain of its derivative agreements related to potential te rmination fees and amounts payable under the agreements, if a termination were to occur.

Index to Financial Statements

Fair Value Measurements of Financial Instruments

Piedmont considers its cash and cash equivalents, tenant receivables, notes receivable, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments.

Piedmont considers its cash and cash equivalents, tenant receivables, restricted cash and escrows, accounts payable and accrued expenses, interest rate swap agreements, and debt to meet the definition of financial instruments.

The following table sets forth the carrying and estimated fair value for each of Piedmont’s financial instruments, as well as its level within the GAAP fair value hierarchy, as of December 31, 2025 and 2024, respectively (in thousands):

31 unchanged sentences

Goodwill Impairment Charges

During the years ended December 31, 2023 and 2022, Piedmont considered the decline in its stock price to be an indicator of impairment and performed several interim impairment assessments of its goodwill balance.

During the three years ended December 31, 2025, Piedmont considered the decline in its stock price to be an indicator of impairment and performed several interim impairment assessments of its goodwill balance.

These assessments involved comparing the estimated fair value of each of its reporting units (see Note 13 ) to the reporting unit’s carrying value, inclusive of the goodwill balance allocated to the reporting unit.

Estimation of the fair value of each reporting unit involved the projection of discounted future cash flows using certain assumptions that are subjective in nature, including assumptions regarding future market rental rates and the number of months it may take to re-lease a property subsequent to the expiration of current lease agreements, as well as future property operating expenses, among other factors.

Based on the interim impairment assessments performed during the years ended December 31, 2023 and 2022, Piedmont determined that the carrying values of its Boston, Minneapolis, New York, and Northern Virginia/Washington D.C.

reporting units (inclusive of each segment's assigned goodwill balance) exceeded the estimated fair value of each respective reporting unit and recorded goodwill impairment charges of approximately $ 29.4 million and $ 16.0 million, respectively, in the accompanying consolidated statement of operations.

As the carrying value (inclusive of the assigned goodwill balance) of the Boston, Minneapolis, and Northern Virginia/Washington D.C.

reporting units exceeded the estimated fair value of each respective reporting unit by an amount greater than the goodwill balance assigned to each unit, the charges for the Boston, Minneapolis, and Northern Virginia/Washington D.C.

reporting units were equal to the goodwill balance that had been assigned to each segment.

Based on the interim impairment assessments performed during the year ended December 31, 2023, Piedmont determined that the carrying values of its Boston, Minneapolis, and New York reporting units (inclusive of each segment's assigned goodwill balance) exceeded the estimated fair value of each respective reporting unit and recorded goodwill impairment charges of approximately $ 29.4 million in the accompanying consolidated statement of operations .

As the carrying value (inclusive of the assigned goodwill balance) of the Boston and Minneapolis reporting units exceeded the estimated fair value of each respective reporting unit by an amount greater than the goodwill balance assigned to each unit, the charges for these reporting units were equal to the goodwill balance that had been assigned to each segment.

As this was not the case for the New York segment, the charge related to the New York reporting unit, was calculated based on the amount by which the carrying amount of the New York segment (inclusive of the assigned goodwill balance) exceeded the fair value of the New York reporting unit.

6 unchanged sentences

New York December 31, 2023 9.50 % 9.50 % 9.00 % 9.00 %

Northern Virginia/Washington D.C.

December 31, 2022 8.50 % 9.50 % 8.25 % 9.25 %

Index to Financial Statements

The carrying amount of Piedmont’s goodwill allocated to each of its reportable segments in total and net of accumulated impairment charges, as of December 31, 2025 and 2024 is as follows (in thousands):

Atlanta Dallas Orlando Northern Virginia/

Washington, D.C.

Minneapolis New York Boston Total

Balance as of January 1, 2024:

Goodwill $ 18,563 $ 18,525 $ 10,818 $ 15,981 $ 10,957 $ 10,585 $ 13,489 $ 98,918

Accumulated impairment charges — — — ( 15,981 ) ( 10,957 ) ( 5,000 ) ( 13,489 ) ( 45,427 )

$ 18,563 $ 18,525 $ 10,818 $ — $ — $ 5,585 $ — $ 53,491

2024 impairment charges — — — — — — — —

Balance as of December 31, 2024

Goodwill $ 18,563 $ 18,525 $ 10,818 $ 15,981 $ 10,957 $ 10,585 $ 13,489 $ 98,918

Accumulated impairment charges — — — ( 15,981 ) ( 10,957 ) ( 5,000 ) ( 13,489 ) ( 45,427 )

$ 18,563 $ 18,525 $ 10,818 $ — $ — $ 5,585 $ — $ 53,491

2025 impairment charges — — — — — — — —

Balance as of December 31, 2025

Goodwill $ 18,563 $ 18,525 $ 10,818 $ 15,981 $ 10,957 $ 10,585 $ 13,489 $ 98,918

Accumulated impairment charges — — — ( 15,981 ) ( 10,957 ) ( 5,000 ) ( 13,489 ) ( 45,427 )

$ 18,563 $ 18,525 $ 10,818 $ — $ — $ 5,585 $ — $ 53,491

Real Estate Asset Impairment Charges

Piedmont recorded the following real estate asset impairment charges for the years ended December 31, 2025, 2024, and 2023 (in thousands):

2024 2023 2022

One Lincoln Park $ 932 $ — $ —

750 West John Carpenter Freeway 17,500 — —

80 and 90 Central Street 10,000 — —

Building Reportable Segment 2025 2024 2023

One Lincoln Park Dallas $ — $ 932 $ —

750 West John Carpenter Freeway Dallas — 17,500 —

80 and 90 Central Street Boston — 10,000 —

161 Corporate Center

9320 Excelsior Boulevard

Dallas — 5,400 —

Total impairment charge on real estate assets

2 unchanged sentences

As a result, Piedmont recognized an impairment charge calculated as the difference between the carrying value of the asset and the estimated fair value.

The estimated fair values were determined based on a negotiated potential selling

Index to Financial Statements

prices with unrelated, third-party purchasers for each respective building.

The estimated fair values were determined based on a negotiated potential selling prices with unrelated, third-party purchasers for each respective building.

The fair value measurements used in the evaluation of the non-financial assets above are considered to be Level 1 valuations within the fair value hierarchy as defined by GAAP, as there are direct observations and transactions involving the assets by unrelated, third-party purchasers.

The One Lincoln Park building and 750 West John Carpenter Freeway building were subsequently sold during the year ended December 31, 2024 (see Note 11 for further details).

The 80 and 90 Central Street and 161 Corporate Center buildings were subsequently sold during the year ended December 31, 2025, and the One Lincoln Park and 750 West John Carpenter Freeway buildings were sold during the year ended December 31, 2024 (see Note 10 for further details).

Index to Financial Statements

Commitments and Contingencies

1 unchanged sentence

As a recurring part of its business, Piedmont is typically required under its executed lease agreements to fund tenant improvements, leasing commissions, and building improvements.

These commitments are capitalized as the related expenditures are incurred.

In addition, certain agreements contain provisions that require Piedmont to issue corporate or property guarantees to provide funding for capital improvements or other financial obligations.

As of December 31, 2024, Piedmont had two individually significant unrecorded tenant allowance commitment greater than $ 10 million.

These commitments will be capitalized as the related expenditures are incurred.

As of December 31, 2025, Piedmont had no individual tenant allowance commitments greater than $ 10 million.

Contingencies Related to Tenant Audits/Disputes

1 unchanged sentence

Such audits may result in different interpretations of language in the lease agreements from that made by Piedmont, whic h could result in requests for refunds of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont.

There were no such reductions during the three years ended December 31, 2024.

There were no such reductions during the three years ended December 31, 2025 or 2024.

Piedmont is from time to time a party to legal proceedings, which arise in the ordinary course of its business.

3 unchanged sentences

Annually, the Compensation Committee of Piedmont's Board of Directors has granted deferred stock award units to certain employees at its discretion.

Employee awards typically vest ratably over three or four years .

Employee awards typically vest ratably over four years .

In addition, Piedmont's independent directors receive an annual grant of deferred stock award units for services rendered and such awards vest over a one year service period.

26 unchanged sentences

$ 8.15 $ 7.89 $ 9.60

Total Grant Date Fair Value of Deferred Stock Vested

During the Period

$ 6,235 $ 5,448 $ 6,414

Share-based Liability Awards Paid During the Period (1)

Total Grant Date Fair Value of Deferred Stock Vested During the Period

$ 4,104 $ 6,235 $ 5,448

(1) Amounts reflect the issuance of performance share awards related to the 2019-21 Performance Share Plan during the year ended December 31, 2022.

Index to Financial Statements

2 unchanged sentences

Value Vesting Schedule Unvested and Potential Shares as of December 31, 2025

February 10, 2022 Deferred Stock Award 139,831 $ 16.85 Of the shares granted, 25 % vested on the date of grant, and 25 % vested or will vest on February 10, 2023, 2023, and 2025, respectively.

February 17, 2022 Fiscal Year 2022-2024 Performance Share Program — $ 17.77 Shares awarded, if any, will vest immediately upon determination of award in 2025.

February 13, 2023 Deferred Stock Award 331,069 $ 10.55 Of the shares granted, 25 % vested on the date of grant, and 25 % vested or will vest on February 13, 2024, 2025, 2026, respectively.

February 13, 2023 Deferred Stock Award 293,316 $ 10.55 Of the shares granted, 25 % vested on the date of grant, and 25 % will vest on February 13, 2024, 2025, 2026, respectively.

February 23, 2023 Fiscal Year 2023-2025 Performance Share Program — $ 12.37 Shares awarded, if any, will vest immediately upon determination of award in 2026.

February 23, 2023 Deferred Stock Award 352,523 $ 9.47 Of the shares granted, 25 % vested or will vest on February 23, 2024, 2025, 2026, and 2027 respectively.

February 23, 2023 Deferred Stock Award 315,943 $ 9.47 Of the shares granted, 25 % will vest on February 23, 2024, 2025, 2026, and 2027 respectively.

February 20, 2024 Fiscal Year 2024-2026 Performance Share Program — $ 7.64 Shares awarded, if any, will vest immediately upon determination of award in 2027.

1,035,878 (2)

February 20, 2024 Deferred Stock Award 520,002 $ 6.55 Of the shares granted, 25 % vested or will vest on February 23, 2024, 2025, 2026, and 2027 respectively.

May 7, 2024 Deferred Stock Award-Board of Directors 86,328 $ 6.95 Of the shares granted, 100 % will vest on the earlier of the 2025 Annual Meeting or May 7, 2025.

October 1, 2024 Deferred Stock Award 60,606 $ 9.90 Of the shares granted, 25 % vested or will vest on October 1, 2025, 2026, 2027, and 2028 respectively.

February 20, 2024 Deferred Stock Award 466,249 $ 6.55 Of the shares granted, 25 % will vest on February 23, 2024, 2025, 2026, and 2027 respectively.

October 1, 2024 Deferred Stock Award 60,606 $ 9.90 Of the shares granted, 25 % will vest on October 1, 2025, 2026, 2027, and 2028 respectively.

October 28, 2024 Deferred Stock Award 322,101 $ 10.09 Of the shares granted, 100 % will vest on October 28, 2029.

February 3, 2025 Deferred Stock Award 429,334 $ 8.52 Of the shares granted, 25 % will vest on February 3, 2026, 2027, 2028, and 2029 respectively.

February 3, 2025 2025-2027 Performance Share Program — $ 10.05 Shares awarded, if any, will vest immediately upon determination of award in 2028.

May 15, 2025 Deferred Stock Award-Board of Directors 121,736 $ 6.90 Of the shares granted, 100 % will vest on the earlier of the 2026 Annual Meeting or May 15, 2026.

Total 3,953,854

2 unchanged sentences

Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs.

During the years ended December 31, 2024, 2023, and 2022, Piedmont recognized approximately $ 8.4 million, $ 8.1 million and $ 8.8 million of compensation expense related to stock awards, of which approximately $ 8.4 million, $ 8.1 million and $ 7.7 million related to the amortization of unvested and potential stock awards and the fair value adjustment for liability awards, respectively.

During the years ended December 31, 2025, 2024, and 2023, Piedmont recognized approximately $ 9.7 million, $ 8.4 million and $ 8.1 million, respectively, of compensation expense related to the amortization of unvested and potential stock awards.

During the year ended December 31, 2025, a total of 436,240 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors.

As of December 31, 2024, approximately $ 13.7 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately two years .

As of December 31, 2025, approximately $ 13.5 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately one year .

Index to Financial Statements

Earnings Per Share

As Piedmont recognized a net loss for the years ended December 31, 2024 and 2023, earnings per share is computed using basic weighted-average common shares outstanding.

For the year ended December 31, 2022, Piedmont calculated incremental weighted-average shares from time-vested deferred and performance stock awards of 172,694 shares.

Unvested and potential stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares.

For the year ended December 31, 2022, Piedmont calculated and excluded 421,005 weighted average outstanding anti-dilutive.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022, respectively (in thousands):

2024 2023 2022

Weighted-average common shares—basic 123,939 123,659 123,351

Incremental weighted-average shares from time-vested deferred and performance stock awards

Weighted-average common shares—diluted 123,939 123,659 123,524

Operating Leases

5 unchanged sentences

Security deposits liabilities related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets.

The future minimum rental income from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2024 is presented below (in thousands):

The future minimum cash rents from Piedmont’s investment in real estate assets under non-cancelable operating leases as of December 31, 2025 is presented below (in thousands):

Years ending December 31:

8 unchanged sentences

$ 537,985 $ 544,064 $ 555,313

Index to Financial Statements

Property Dispositions and Assets Held for Sale

The following properties were sold during the years ended December 31, 2024, 2023, and 2022, respectively (in thousands):

Property Dispositions

The following properties were sold during the years ended December 31, 2025 and 2024, and 2023 (in thousands):

Buildings Sold Location / Reportable Segment Date of Sale Gain/(Loss) on Sale of Real Estate Assets Net Sales Proceeds

Two Pierce Place Itasca, Illinois / Other January 25, 2022 $ 1,741 $ 24,272

225 and 235 Presidential Way Boston, Massachusetts / Boston January 28, 2022 $ 49,218 $ 119,609

Cambridge Portfolio (1)

Cambridge, Massachusetts / Boston December 2022 $ 102,570 $ 155,307 (2)

One Lincoln Park Dallas, Texas / Dallas March 20, 2024 $ — $ 53,308

750 West John Carpenter Freeway Irving, Texas / Dallas July 23, 2024 $ ( 445 ) $ 21,584

(1) The Cambridge Portfolio is comprised of the One Brattle Square building and the 1414 Massachusetts Avenue building in Cambridge, Massachusetts.

The closing date for One Brattle Square was December 13, 2022, and the sale of 1414 Massachusetts Avenue closed on December 20, 2022.

(2) During the year ended December 31, 2023, Piedmont recorded additional gain on sale as a result of receiving $ 1.9 million in previously escrowed sales proceeds.

The 750 West John Carpenter Freeway building, which was assigned to the Dallas geographic reportable segment, was under a binding contract and met the criteria for held for sale classification as of June 30, 2024, and the assets of the property were presented as held for sale as of December 31, 2023 for comparability purposes.

Details of such amounts as of December 31, 2023 are presented as follows (in thousands):

December 31, 2023

Real estate assets held for sale, net:

Building and improvements, less accumulated depreciation of $ 7,376 as of December 31, 2023

Construction in progress

Total real estate assets held for sale, net

Other assets held for sale, net:

Straight-line rent receivables

Prepaid expenses and other assets

Deferred lease costs, less accumulated amortization of $ 666 as of December 31, 2023

Total other assets held for sale, net

161 Corporate Center Irving, Texas / Dallas February 18, 2025 $ 108 $ 4,980

80 and 90 Central Boxborough, Massachusetts / Boston May 30, 2025 $ 1,224 $ 25,690

In addition to the amounts disclosed above, Piedmont recognized a gain on sale of real estate assets of $ 0.7 million during the year ended December 31, 2025 related to the return of amounts held in escrow for the 750 West John Carpenter building sold in July 2024.

During the year ended December 31, 2023, Piedmont recorded additional gain on sale of the Cambridge Portfolio (originally sold in 2022) as a result of receiving $ 1.9 million in previously escrowed sales proceeds.

Index to Financial Statements

3 unchanged sentences

Tenant improvements funded by tenants $ 20,481 $ 15,999 $ 33,472

Accrued capital expenditures and deferred lease costs $ 28,915 $ 28,173 $ 24,379

Changes in accrued capital expenditures and deferred lease costs (1)

$ 26,041 $ 28,915 $ 28,173

Change in accrued dividends

1 unchanged sentence

Change in accrued deferred financing costs $ ( 13 ) $ ( 232 ) $ ( 189 )

(1) Accrued capital expenditures and deferred lease costs included in accounts payable, accrued expenses, and accrued capital expenditures as of December 31, 2025, 2024, and 2023 were approximately $ 28.5 million, $ 31.0 million, and $ 30.8 million, respectively.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and escrows as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2025, 2024, and 2023 to the consolidated balance sheets for the respective period (in thousands):

17 unchanged sentences

2025 2024 2023

GAAP basis financial statement net income/(loss) $ ( 79,069 ) $ ( 48,387 ) $ 146,830

Increase/(decrease) in net income/(loss) resulting from:

GAAP basis financial statement net loss $ ( 83,620 ) $ ( 79,069 ) $ ( 48,387 )

Increase/(decrease) in net loss resulting from:

Depreciation and amortization expense recognized for financial reporting purposes in excess of amounts recognized for income tax purposes

19 unchanged sentences

100 % 100 % 100 %

Piedmont had no uncertain tax positions as of December 31, 2024 or 2023.

Piedmont elected to be taxed as a REIT under the Code.

As a REIT, Piedmont is generally not subject to federal income taxes on distributed taxable income, provided it meets certain regulatory requirements.

For the three years ended December 31, 2025 presented in its consolidated financial statements, Piedmont distributed 100 % of its REIT taxable income and accordingly recognized no material federal income tax expense.

Piedmont’s income tax expense relates primarily to immaterial amounts incurred by its TRS and state and local franchise taxes.

Management has evaluated the disclosure requirements under the FASB's Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures,” and believes the disclosures herein consider the materiality and nature of Piedmont’s tax position.

Supporting schedules, including detailed rate reconciliations, are maintained by management and may be provided if materiality increases in future periods.

Furthermore, Piedmont had no uncertain tax positions as of December 31, 2025 or 2024.

Segment Information

6 unchanged sentences

These two properties are the primary contributors to accrual-based net operating income ("NOI") included in "Other" below.

During the periods presented, there have been no material inter segment transactions.

During the periods presented, there have been no

Index to Financial Statements

material inter-segment transactions.

The accounting policies of the reportable segments are the same as Piedmont's accounting policies.

Accrual-based net operating income ("NOI") by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations.

NOI by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations.

NOI is calculated by deducting property operating costs and other segment items from lease revenues and other property related income.

2 unchanged sentences

Piedmont's calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs.

Index to Financial Statements

Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance.

40 unchanged sentences

Index to Financial Statements

A reconciliation of Net income/(loss) applicable to Piedmont to NOI is presented below (in thousands):

A reconciliation of Net loss applicable to Piedmont to NOI is presented below (in thousands):

Years Ended December 31,

2025 2024 2023

Net income/(loss) applicable to Piedmont $ ( 79,069 ) $ ( 48,387 ) $ 146,830

Net loss applicable to Piedmont $ ( 83,620 ) $ ( 79,069 ) $ ( 48,387 )

Management fee revenue (1)

6 unchanged sentences

Loss on early extinguishment of debt 37,788 386 820

Gain on sale of real estate assets 445 ( 1,946 ) ( 151,729 )

Net loss applicable to noncontrolling interests 5 10 —

(Gain)/loss on sale of real estate assets

( 2,013 ) 445 ( 1,946 )

Net income applicable to noncontrolling interests

NOI $ 337,227 $ 335,540 $ 342,345

1 unchanged sentence

Such operating expenses are a component of property operating costs in the accompanying consolidated statements of operations.

Subsequent Events

Refinancing Activity

On February 13, 2025, Piedmont amended the $ 200 Million Unsecured 2024 Term Loan to increase the principal amount by $ 125 million to a total of $ 325 million principal amount outstanding and to add two six-month extension options for a final maturity date of January 29, 2028, provided Piedmont is not then in default and upon payment of extension fees.

The net proceeds from the increased principal and Piedmont's line of credit, along with cash on hand, were used to repay the $ 250 Million Unsecured 2018 Term Loan that was scheduled to mature in March of 2025.

Additionally, Piedmont also recast the $ 600 Million Unsecured 2022 Line of Credit to extend the maturity date to June 30, 2028, with two additional one-year extension options, for a final maturity date of June 30, 2030, provided Piedmont is not then in default and upon payment of extension fees.

Declaration of Dividend for the First Quarter 2025

On February 3, 2025, the board of directors declared a dividend for the first quarter 2025 in the amount of $ 0.125 per share on its common stock to stockholders of record as of the close of business on February 21, 2025, payable on March 14, 2025.

Index to Financial Statements

Piedmont Office Realty Trust, Inc.

Piedmont Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

18 unchanged sentences

CRESCENT RIDGE II Minnetonka, MN 100 % None 7,700 45,154 52,854 23,992 8,021 68,825 76,846 37,361 2000 12/21/2000 0 - 40

90 CENTRAL STREET Boxborough, MA 100 % None 3,642 29,497 33,139 ( 2,431 ) 3,642 27,066 30,708 18,552 2001 5/3/2002 0 - 40

6031 CONNECTION DRIVE Irving, TX 100 % None 3,157 43,656 46,813 16,809 3,157 60,465 63,622 32,590 1999 8/15/2002 0 - 40

9 unchanged sentences

3100 CLARENDON BOULEVARD Arlington, VA 100 % None 11,700 69,705 81,405 51,607 11,791 121,221 133,012 60,741 1987 12/9/2004 0 - 40

LAS COLINAS CORPORATE CENTER I Irving, TX 100 % None 3,912 18,830 22,742 4,511 2,543 24,710 27,253 8,520 1998 8/31/2006 0 - 40

LAS COLINAS CORPORATE CENTER II Irving, TX 100 % None 4,496 29,881 34,377 6,008 2,543 37,842 40,385 16,431 1998 8/31/2006 0 - 40

INTERLINK I Irving, TX 100 % None 3,912 18,830 22,742 4,821 2,543 25,020 27,563 9,894 1998 8/31/2006 0 - 40

INTERLINK II Irving, TX 100 % None 4,496 29,881 34,377 7,707 2,543 39,541 42,084 18,374 1998 8/31/2006 0 - 40

ONE MERIDIAN Richfield, MN 100 % None 2,919 24,398 27,317 3,205 2,919 27,603 30,522 9,366 1997 10/1/2010 0 - 40

TWO MERIDIAN Richfield, MN 100 % None 2,661 25,742 28,403 21,166 2,661 46,908 49,569 11,431 1998 10/1/2010 0 - 40

THE MEDICI Atlanta, GA 100 % None 1,780 11,510 13,290 12,904 1,780 24,414 26,194 9,858 2008 6/7/2011 0 - 40

400 TOWNPARK Lake Mary, FL 100 % None 2,570 20,555 23,125 5,184 2,570 25,739 28,309 12,722 2008 11/10/2011 0 - 40

Index to Financial Statements

14 unchanged sentences

(in years) (5)

TWO MERIDIAN Richfield, MN 100 % None 2,661 25,742 28,403 13,454 2,661 39,196 41,857 9,447 1998 10/1/2010 0 - 40

THE MEDICI Atlanta, GA 100 % None 1,780 11,510 13,290 10,308 1,780 21,818 23,598 8,628 2008 6/7/2011 0 - 40

400 TOWNPARK Lake Mary, FL 100 % None 2,570 20,555 23,125 4,945 2,570 25,500 28,070 11,630 2008 11/10/2011 0 - 40

ARLINGTON GATEWAY Arlington, VA 100 % None 36,930 129,070 166,000 10,655 36,930 139,725 176,655 46,718 2005 3/4/2013 0 - 40

1 unchanged sentence

6565 MACARTHUR BOULEVARD Irving, TX 100 % None 4,820 37,767 42,587 8,098 4,820 45,865 50,685 16,995 1998 12/5/2013 0 - 40

161 CORPORATE CENTER Irving, TX 100 % None 2,020 10,680 12,700 ( 4,901 ) 2,020 5,779 7,799 3,518 1998 12/30/2013 0 - 40

5 WALL STREET Burlington, MA 100 % None 9,560 50,276 59,836 6,357 9,560 56,633 66,193 20,549 2008 6/27/2014 0 - 40

2 unchanged sentences

PARK PLACE ON TURTLE CREEK Dallas, TX 100 % None 4,470 38,048 42,518 12,072 4,470 50,120 54,590 16,338 1986 1/16/2015 0 - 40

80 CENTRAL STREET Boxborough, MA 100 % None 1,980 8,930 10,910 696 1,980 9,626 11,606 3,295 1988 7/24/2015 0 - 40

ENCLAVE PLACE Houston, TX 100 % None 1,890 60,094 61,984 35,319 1,890 95,413 97,303 28,164 2015 N/A 0 - 40

5 unchanged sentences

ONE WAYSIDE ROAD Boston, MA 100 % None 6,240 57,124 63,364 2,029 6,240 59,153 65,393 17,780 1997 / 2008 8/10/2016 0 - 40

GALLERIA 200 Atlanta, GA 100 % None 6,470 55,825 62,295 29,351 6,470 85,176 91,646 24,284 1984 10/7/2016 0 - 40

NORMAN POINTE I Bloomington, MN 100 % None 4,358 22,322 26,680 7,866 4,361 30,185 34,546 11,630 2000 12/28/2017 0 - 40

501 WEST CHURCH STREET Orlando, FL 100 % None 2,805 28,119 30,924 42,666 2,805 70,785 73,590 5,852 2003 2/23/2018 0 - 40

9320 EXCELSIOR BOULEVARD Hopkins, MN 100 % None 3,760 35,289 39,049 ( 10,573 ) 3,707 24,769 28,476 5,096 2010 10/25/2018 0 - 40

25 BURLINGTON MALL ROAD Burlington, MA 100 % None 10,230 54,787 65,017 5,862 10,230 60,649 70,879 13,583 1987 12/12/2018 0 - 40

GALLERIA 100 Atlanta, GA 100 % None 7,285 72,449 79,734 10,898 7,285 83,347 90,632 20,066 1982 5/6/2019 0 - 40

Index to Financial Statements

15 unchanged sentences

GALLERIA 400 Atlanta, GA 100 % None 5,687 92,915 98,602 6,543 5,687 99,458 105,145 19,523 1999 8/23/2019 0 - 40

NORMAN POINTE I Bloomington, MN 100 % None 4,358 22,322 26,680 7,226 4,361 29,545 33,906 9,662 2000 12/28/2017 0 - 40

501 WEST CHURCH STREET Orlando, FL 100 % None 2,805 28,119 30,924 887 2,805 29,006 31,811 4,270 2003 2/23/2018 0 - 40

9320 EXCELSIOR BOULEVARD Hopkins, MN 100 % None 3,760 35,289 39,049 ( 15,208 ) 3,707 20,134 23,841 4,374 2010 10/25/2018 0 - 40

25 BURLINGTON MALL ROAD Burlington, MA 100 % None 10,230 54,787 65,017 5,309 10,230 60,096 70,326 11,001 1987 12/12/2018 0 - 40

GALLERIA 600 Atlanta, GA 100 % None 5,418 81,003 86,421 38,954 5,418 119,957 125,375 21,070 2002 8/23/2019 0 - 40

GALLERIA 400 Atlanta, GA 100 % None 5,687 92,915 98,602 4,003 5,687 96,918 102,605 16,428 1999 8/23/2019 0 - 40

GALLERIA 600 Atlanta, GA 100 % None 5,418 81,003 86,421 36,172 5,418 117,175 122,593 15,104 2002 8/23/2019 0 - 40

ONE GALLERIA TOWER Dallas, TX 100 % None 5,286 107,767 113,053 36,183 5,286 143,950 149,236 33,773 1982 2/12/2020 0 40

13 unchanged sentences

Generally, Building Improvements are depreciated over 5 - 25 years, Land Improvements are depreciated over 20 - 25 years, and Buildings are depreciated over 40 years.

Piedmont Office Realty Trust, Inc.

Index to Financial Statements

Piedmont Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

19 unchanged sentences

Balance at the end of the year $ 1,352,424 $ 1,226,874 $ 1,134,578

(1) Piedmont recognized an impairment loss on the One Lincoln Park, 750 West John Carpenter Freeway, 80 and 90 Central Street, and 161 Corporate Center during the year ended December 31, 2024 as well as the 9320 Excelsior Building during the year ended December 31, 2022.

(1) Piedmont recognized an impairment loss on the One Lincoln Park, 750 West John Carpenter Freeway, 80 and 90 Central Street, and 161 Corporate Center during the year ended December 31, 2024.

(See Note 6 to the accompanying consolidated financial statements).

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 9A. Controls and Procedures