Earnings release
Page 2
Piedmont Realty TrustTM Earnings Release and Supplemental Information Index Page Page Introduction Diversification Tables Forward-Looking Statements 3 Tenant Diversification 31 Earnings Release 4 Tenant Credit Rating & Lease Distribution 32 Company Information 9 Industry Diversification 33 Research Coverage 10 Geographic Diversification 34 Portfolio Statistics & Key Performance Indicators 11 Geographic Diversification by Location Type 35 Financials Portfolio Information Consolidated Balance Sheets 13 Portfolio Detail 36 Consolidated Statements of Income 14 Property Investment Activity and Land Holdings 38 Funds From Operations & Adjusted Funds From Operations 16 Same Store Net Operating Income 17 Supporting Information Debt Summary 20 Definitions 39 Debt Detail 21 Non-GAAP Reconciliations 40 Debt Covenants & Ratios 22 Operational & Leasing Information Leased Percentage 23 Rental Rate Roll Up / Roll Down 24 Contractual Tenant Improvements & Leasing Commissions 25 Net Effective Rents 26 Future Contractual Income (Leases Yet to Commence & Abatements) 27 Lease Expiration Schedule 28 Quarterly Lease Expirations 29 Annual Lease Expirations 30 Notice to Readers: Please refer to page 3 for a discussion of important risks related to the business of Piedmont Realty TrustTM, as well as an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking information. Considering these risks, uncertainties, assumptions, and limitations, the forward-looking statements about leasing, financial operations, leasing prospects, acquisitions, dispositions, etc. contained in this quarterly supplemental information report may differ from actual results. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. In addition, many of the schedules herein contain rounding to the nearest thousands or millions and, therefore, the schedules may not total due to this rounding convention. To supplement the presentation of the Company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this report contains certain financial measures that are not prepared in accordance with GAAP, including FFO, Core FFO, AFFO, Same Store NOI, Property NOI, EBITDAre and Core EBITDA. Definitions and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included beginning on page 39. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs. The Company may also change the calculation of any of the non-GAAP measures included in this report from time to time in light of its then existing operations.
Page 3
Forward-Looking Statements Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. Therefore, such statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or similar words or phrases that indicate predictions of future events or trends or that do not relate solely to historical matters. Examples of such statements in this press release include the Company's estimated range of Net Income/(Loss), Depreciation, Amortization, NAREIT FFO, Core FFO and Core FFO per diluted share for the year ending December 31, 2026. These statements are based on beliefs and assumptions of Piedmont’s management, which in turn are based on information available at the time the statements are made. The following are some of the factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements: • Economic, regulatory, socio-economic, technological (e.g. artificial intelligence and machine learning, virtual meeting platforms, etc.), and other changes that impact the real estate market generally, the office sector or the patterns of use of commercial office space in general, or the markets where we primarily operate or have high concentrations of revenue; • The impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases; • Lease terminations, lease defaults, lease contractions, or changes in the financial condition of our tenants, particularly by one of our large tenants; • Impairment charges on our long-lived assets or goodwill resulting therefrom; • The success of our real estate strategies and investment objectives, including our ability to implement successful redevelopment and development strategies or identify and consummate suitable acquisitions and divestitures; • The illiquidity of real estate investments, including economic changes, such as interest rate increases, costs of construction, improvements and redevelopments, and available financing, which could impact the number of buyers/sellers of our target properties, and regulatory restrictions to which real estate investment trusts ("REITs") are subject and the resulting impediment on our ability to quickly respond to adverse changes in the performance of our properties; • The risks and uncertainties associated with our acquisition and disposition of properties, many of which risks and uncertainties may not be known at the time of acquisition or disposition; • Development and construction delays, including the potential of supply chain disruptions, and resultant increased costs and risks; • Future acts of terrorism, civil unrest, or armed hostilities in any of the major metropolitan areas in which we own properties; • Risks related to the occurrence of cybersecurity incidents, including cybersecurity incidents against us or any of our properties, vendors, or tenants, or a deficiency in our identification, assessment or management of cybersecurity threats impacting our operations and the public's reaction to reported cybersecurity incidents, including the reputational impact on our business and value of our common stock; • Costs of complying with governmental laws, regulations and policies, including environmental standards imposed on office building owners; • Uninsured losses or losses in excess of our insurance coverage, and our inability to obtain adequate insurance coverage at a reasonable cost; • Additional risks and costs associated with directly managing properties occupied by government tenants, such as potential changes in the political environment, a reduction in federal or state funding of our governmental tenants, government layoffs or an increased risk of default by government tenants during periods in which state or federal governments are shut down or on furlough; • Significant price and volume fluctuations in the public markets, including on the exchange on which we listed our common stock; • Risks associated with incurring mortgage and other indebtedness, including changing capital reserve requirements on our lenders and rising interest rates for new debt financings; • A downgrade in our credit ratings, the credit ratings of Piedmont Operating Partnership, LP ("Piedmont OP") or the credit ratings of our or Piedmont OP's unsecured debt securities, which could, among other effects, trigger an increase in the stated rate of one or more of our unsecured debt instruments; • The effect of future offerings of debt or equity securities on the value of our common stock; • Additional risks and costs associated with adverse U.S. and global economic conditions, inflation and potential increases in the rate of inflation, including the impact of a possible recession, uncertainty and volatility in financial markets, and any changes in governmental rules, regulations, and fiscal policies; • Uncertainties associated with environmental and regulatory matters; • Changes in the financial condition of our tenants directly or indirectly resulting from geopolitical developments that could negatively affect important supply chains and international trade, the termination or threatened termination of existing international trade agreements, or the implementation of tariffs or retaliatory tariffs on imported or exported goods; • The effect of any litigation to which we are, or may become, subject; • Additional risks and costs associated with owning properties occupied by tenants in particular industries, such as oil and gas, hospitality, travel, co-working, etc., including risks of default during start-up and during economic downturns; • Changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), or other tax law changes which may adversely affect our stockholders; • The future effectiveness of our internal controls and procedures; and • Other factors, including the risk factors discussed under Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward- looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 3
Page 4
Piedmont Realty TrustTM Earnings Release Piedmont Realty Trust Reports Third Quarter 2026 Results – Increases 2026 Outlook for third quarter in a row – Generated approximately 8% Same Store NOI Cash Growth – Strong leasing momentum continues with over 400,000 square feet executed and cash leasing spreads of over 26% – Signed but yet to commence leases total $29 million equivalent to 410 bps of portfolio occupancy – Refinanced $287 million of high coupon debt, reducing weighted average cost of debt to 4.8% and extending the maturity profile with no final debt maturities until October of 2028 ATLANTA, October 26, 2026 — Piedmont Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended September 30, 2026. Commenting on results for the three months ended September 30, 2026, Brent Smith, our President and Chief Executive Officer, said, "Piedmont had a phenomenal third quarter. Leasing demand remained strong, allowing us to continue to push rental rates and net effective rents to all-time highs with cash and accrual leasing spreads of 26% and 35%, respectively. Same Store NOI on a cash basis grew approximately 8% during the quarter as free rent related to recently executed leases continues to burn off. Additionally, our capital recycling program was active with the acquisition of 4075 Wilson Boulevard paired with the disposition of a land parcel during the quarter. Finally, we were also able to complete some important refinancing activity during the quarter, significantly improving our weighted average cost of debt and lengthening our remaining maturity profile. Looking ahead to the remainder of the year, the leasing pipeline remains strong, with over 700,000 square feet of leases either already executed or in the legal stage thus far during October. For the third quarter in a row, we are raising our annual outlook, which is now six cents ahead of our initial 2026 outlook." Highlights for the Three and Nine Months Ended September 30, 2026: Financial Results: Three Months Ended Nine Months Ended (in 000s other than per share amounts) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net loss applicable to Piedmont $(21,022) $(13,462) $(45,043) $(40,374) Net loss per share applicable to common stockholders - basic and diluted $(0.17) $(0.11) $(0.36) $(0.32) Gain on sale of real estate assets $8,878 $— $8,878 $2,013 Loss on early extinguishment of debt $20,236 $— $20,236 $8,000 Interest expense, net of interest income $31,855 $31,908 $95,559 $95,113 NAREIT Funds From Operations ("FFO") applicable to common stock $29,908 $43,485 $123,789 $125,530 Core FFO applicable to common stock $50,144 $43,485 $144,025 $133,530 NAREIT FFO per diluted share $0.23 $0.35 $0.98 $1.00 Core FFO per diluted share $0.39 $0.35 $1.13 $1.06 Adjusted FFO applicable to common stock $29,939 $26,504 $84,771 $66,234 Same Store NOI - cash basis 7.5 % 9.2 % Same Store NOI - accrual basis 6.9 % 3.8 % 4
Page 5
• Piedmont recognized a net loss of $21.0 million, or $0.17 per diluted share, for the third quarter of 2026, as compared to a net loss of $13.5 million, or $0.11 per diluted share, for the third quarter of 2025. The three months ended September 30, 2026 included a $20.2 million loss on early extinguishment of debt, as well as an $8.9 million gain on sale of real estate assets. • Core FFO, which removes gain/loss on sale of real estate assets and loss on early extinguishment of debt, as well as depreciation and amortization, was $0.39 per diluted share for the third quarter of 2026 as compared to $0.35 per diluted share for the third quarter of 2025, with the increase attributable to rental rate growth and new leases commencing during the twelve months ended September 30, 2026. • During the three months ended September 30, 2026, Same Store NOI on a cash and accrual basis increased by 7.5% and 6.9%, respectively, as rental rates increased and the commencement or burn off of abatements on new leases outweighed expiring leases. Leasing: Three Months Ended Nine Months Ended September 30, 2026 September 30, 2026 # of lease transactions 43 135 Total leasing sf (in 000s) 406 1,296 New tenant leasing sf (in 000s) 194 750 Cash rent roll up 26.2 % 17.1 % Accrual rent roll up 34.6 % 28.5 % Net effective rent $29.31 Leased percentage as of period end 87.7 % • The Company completed approximately 406,000 square feet of leasing during the third quarter, almost half of which related to new tenant leasing. • The average size lease executed during the third quarter was approximately 9,400 square feet and the weighted average lease term was approximately ten years. • Rental rates on leases executed during the three months ended September 30, 2026 for space vacant one year or less increased approximately 26.2% and 34.6% on a cash and accrual basis, respectively, and represented the second largest quarterly increases in the Company's history. • The Company's in-service portfolio was 87.7% leased as of September 30, 2026, as compared to 88.9% leased as of June 30, 2026. The decrease is attributable to net expiring square footage outweighing newly leased square footage related to previously vacant space, as well as the acquisition of 83% leased 4075 Wilson Boulevard (see Transactional Activity below), during the quarter. • The Company's out-of-service portfolio, comprised of two projects in Minneapolis that have recently undergone redevelopment, was 84.7% leased as of September 30, 2026. • As of September 30, 2026, the Company had approximately 0.7 million square feet of executed leases for vacant space that are yet to commence representing approximately $29 million of future additional annual cash rents, and approximately 1.2 million square feet of executed leases currently under rental abatement, representing approximately $32 million of future additional annual cash rents. • Leases representing over 700,000 square feet have either already been executed or are in the legal stage thus far in the fourth quarter of 2026. Transactional Activity: • During the three months ended September 30, 2026, the Company acquired 4075 Wilson Boulevard, an approximately 186,000 square foot, Class A office building located in the Ballston submarket of Arlington, VA, for a net purchase price of approximately $52.0 million. 4075 Wilson is approximately 83% leased and has 5.5 years of weighted- average lease term. The property is surrounded by food and beverage and retail options, and is a five-minute walk to the Metro. The Ballston submarket continues to serve as a hub for defense and cybersecurity tenants. 4075 Wilson is two blocks from the Defense Advanced Research Projects Agency (DARPA) and Office of Naval Research (ONR). • During the three months ended September 30, 2026, the Company sold a 10.6 acre undeveloped land parcel known as Royal Lane located in the Las Colinas submarket of Dallas, TX for a gross sales price of $12.0 million. The planned development of this land parcel will provide approximately 20,000 square feet of retail directly adjacent to Piedmont's Connection Drive assets. 5
Page 6
• During the three months ended September 30, 2026, the Company entered into a binding contract to sell Enclave Place, one of the Company’s two remaining assets in Houston, TX, for $81.8 million. The transaction is subject to customary closing conditions and is anticipated to close during the fourth quarter of 2026. The Company anticipates using the resulting net sales proceeds to pay down the balance on its $600 million line of credit during the fourth quarter. Balance Sheet: (in 000s except for ratios) September 30, 2026 December 31, 2025 Cash and Cash Equivalents $3,903 $731 Total Real Estate Assets $3,462,009 $3,421,709 Total Assets $4,091,613 $4,031,354 Total Debt $2,340,841 $2,224,712 Weighted Average Cost of Debt 4.78 % 5.58 % Net Principal Amount of Debt / Total Gross Assets less Cash and Cash Equivalents 40.9 % 40.2 % Average Net Debt to Core EBITDA (trailing twelve months) 7.1 x 7.2 x • During the three months ended September 30, 2026, the Company issued $230 million in aggregate principal amount of 2.875% exchangeable senior notes. Approximately $50 million of the net proceeds from the issuance was used to repurchase approximately 5.4 million shares of the Company's common stock at an average price of $9.20 per share. The remaining net proceeds, together with the net proceeds from the issuance of approximately 4.1 million shares of common stock under Piedmont’s at-the-market equity program at an average price of $9.72 per share, cash on hand, and borrowings under its $600 Million Unsecured 2022 Line of Credit were used to redeem all of the Company's then outstanding 9.25% Unsecured Senior Notes due 2028, resulting in the recognition of an approximately $20.2 million loss on early extinguishment of debt during the quarter. • As of September 30, 2026, the Company had approximately $448 million of capacity on its $600 million revolving line of credit available and no final debt maturity requirements until October 2028. Corporate Responsibility and Operations: • The Company published its annual Corporate Responsibility report which is available electronically at www.piedmontreit.com/corporate-responsibility. • As of September 30, 2026, approximately 83% and 73% of the Company's portfolio was ENERGY STAR rated and LEED certified, respectively, and 67% of its portfolio was certified LEED gold. 6
Page 7
Outlook for 2026: For the third quarter in a row, the Company is increasing and narrowing its Core FFO outlook for the year ending December 31, 2026, as follows: Revised Initial Annual Guidance (in millions, except per share data) Low High Low High Net loss $ (51) $ (50) $ (48) $ (44) Add: Depreciation 181 182 181 183 Amortization 55 56 53 55 Less: Gain on sale (9) (9) — — NAREIT FFO applicable to common stock $ 176 $ 179 $ 186 $ 194 Loss on early extinguishment of debt 20 20 — — Core FFO applicable to common stock $ 196 $ 199 $ 186 $ 194 NAREIT FFO applicable to common stock per diluted share $1.39 $1.41 $1.47 $1.53 Core FFO applicable to common stock per diluted share $1.55 $1.57 $1.47 $1.53 This outlook is based on information available to management as of the date of this release and reflects management's view of current market conditions, including the following specific assumptions and projections: Property Operation Assumptions: • Executed leasing for the year of approximately 1.7 to 2.0 million square feet resulting in an anticipated year-end leased percentage for the Company's in-service portfolio of approximately 87.5% to 88.5%, reflecting recent acquisition and disposition activity and bringing two out of service projects (222 South Orange and Meridian) back into the in- service population; • Stabilization of the Company's out of service projects, resulting in an approximately 85-90% year-end leased percentage for the out of service portfolio, with the expected placement of the Meridian project back into service in the fourth quarter of 2026 and the 9320 Excelsior project back into service in the first quarter of 2027; • Same Store NOI increase of 7.5% to 8.5% on a cash basis and 5% to 6% on an accrual basis for the year; Financing Assumptions: • Interest expense (net of interest income) of approximately $125-$126 million, primarily reflecting a reduction in interest expense attributable to the refinancing completed in the third quarter of 2026; Other Assumptions: • General and administrative expense of approximately $31-$33 million; and • Weighted average shares outstanding of approximately 126-127 million. No speculative acquisitions, dispositions, or refinancing are included in the above outlook. 7
Page 8
Note that actual results could differ materially from these estimates and individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of any future dispositions, significant lease commencements and expirations, abatement periods, repairs and maintenance expenses, capital expenditures, capital markets activities, seasonal general and administrative expenses, accrued potential performance-based compensation expense, one-time revenue or expense events, and other factors discussed under "Forward- Looking Statements" above. Conference Call Information: Piedmont has scheduled a conference call and an audio webcast for Tuesday, October 27, 2026, at 9:00 A.M. Eastern time. The live, listen-only, audio webcast of the call may be accessed on the Company's website at https://investor.piedmontreit.com/news-and-events/event-calendar. Dial-in numbers for analysts who plan to actively participate in the call are (888) 506-0062 for participants in the United States and Canada and (973) 528-0011 for international participants. Participant Access Code is 836460. A replay of the conference call will be available through November 10, 2026, and may be accessed by dialing (877) 481-4010 for participants in the United States and Canada and (919) 882-2331 for international participants, followed by conference identification code 54602. A webcast replay will also be available after the conference call in the Investor Relations section of the Company's website. During the audio webcast and conference call, the Company's management team will review third quarter 2026 performance, discuss recent events, and conduct a question- and-answer period. 8
Page 9
Piedmont Realty TrustTM Company Information Piedmont Realty TrustTM (NYSE: PDM), also referred to herein as "Piedmont" or the "Company", is a fully integrated, self-managed real estate company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of 16 million square feet of Class A properties across major U.S. Sunbelt markets, Piedmont is known for its hospitality- driven approach and commitment to transforming buildings into premier "Piedmont PLACEs" that enhance each client's workplace experience. The Company is headquartered in Atlanta, Georgia with local management offices in each of its markets. The Company's senior unsecured notes are investment-grade rated by Moody's, Standard & Poor's and Fitch Ratings. For more information, please visit www.piedmontreit.com. Executive Management Brent Smith Sherry Rexroad Laura Moon George Wells Alex Valente President, Chief Executive Officer Chief Financial Officer Chief Accounting Officer Co-Chief Operating Officer Co-Chief Operating Officer and Director and Executive Vice President and Executive Vice President and Executive Vice President and Executive Vice President Kevin Fossum Christopher Kollme Damian Miller Pierre Dait Wade Grace Executive Vice President, Executive Vice President, Executive Vice President, Senior Vice President, Senior Vice President, Property Management Investments Central Region Risk Management Controller Jennifer Heneisen Lisa Tyler Senior Vice President, Senior Vice President, Financial Planning & Analysis Human Resources Board of Directors Kelly H. Barrett Dale H. Taysom Glenn G. Cohen Jeffrey J. Donnelly Deneen L. Donnley Chair of the Board Vice Chair of the Board Chair of the Compensation Director Director Chair of the Audit Committee Committee Mary Hager Barbara B. Lang Stephen E. Lewis Brent Smith Director Chair of the Nominating & Director President, Chief Executive Officer Corporate Governance and Director Committee Contact Information Corporate Headquarters Research Analysts / Institutional Investors Shareholder Services / Transfer Agent Services Corporate Counsel 5565 Glenridge Connector, Suite 450 770.418.8592 Computershare, Inc. King & Spalding Atlanta, Georgia 30342 investor.relations@piedmontreit.com 866.354.3485 1180 Peachtree Street, NE 770.418.8800 investor.services@piedmontreit.com Atlanta, GA 30309 www.piedmontreit.com 404.572.4600 9
Page 10
Piedmont Realty TrustTM Research Coverage Equity Research Coverage Dylan Burzinski Anthony Paolone, CFA Nicholas Thillman Michael Lewis, CFA Green Street JP Morgan Robert W. Baird & Co. Truist Securities dburzinski@greenstreet.com anthony.paolone@jpmorgan.com nthillman@rwbaird.com michael.r.lewis@truist.com Phone: (949) 640-8780 Phone: (212) 622-6682 Phone: (414) 298-5053 Phone: (212) 319-5659 Zhiger Kurmet, CFA Freedom Broker zhiger.kurmet@fbroker.kz +7 (708) 297-6150 Fixed Income Research Coverage Mark S. Streeter, CFA JP Morgan mark.streeter@jpmorgan.com Phone: (212) 834-5086 Credit Ratings Issuer Credit Ratings: Senior Unsecured Notes Ratings: Baa3 (Moody's) Baa3 (Moody's) BB+ (Standard & Poor's) BBB- (Standard & Poor's) BBB- (Fitch) BBB- (Fitch) 10
Page 11
Piedmont Realty TrustTM Portfolio Statistics & Key Performance Indicators Unaudited (in thousands except for per share data and ratios) This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciation, and Amortization for real estate (EBITDAre), Core Earnings Before Interest, Taxes, Depreciation, and Amortization (Core EBITDA), Funds from Operations (FFO), Core Funds from Operations (Core FFO), Adjusted Funds from Operations (AFFO), and Same Store Net Operating Income (Same Store NOI). Definitions of these non-GAAP measures are provided on page 39 and reconciliations are provided beginning on page 40. Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Portfolio Statistics: Number of in-service projects (1) 30 29 29 29 29 Rentable in-service square footage (1) 15,253 15,066 14,923 14,921 14,918 In-service leased percentage (2) 87.7 % 88.9 % 89.3 % 89.6 % 89.2 % In-service commenced leased percentage 85.2 % 85.1 % 85.0 % 84.8 % 85.4 % In-service economic leased percentage (3) 80.8 % 81.4 % 81.9 % 81.6 % 79.4 % Leasing Activity: Total square feet leased during the period 406 459 431 679 724 Square feet (new) leased during the period 194 262 293 466 551 Square feet (renewal) leased during the period 212 197 138 213 173 Rental rate roll up / roll down - accrual rents 34.6 % 32.4 % 17.8 % 20.5 % 20.2 % Rental rate roll up / roll down - cash rents 26.2 % 14.1 % 11.1 % 11.9 % 8.6 % Net effective rent per square foot after capex and opex $29.31 $25.56 $22.03 $21.10 $21.26 Financial Results: Total revenues $151,236 $144,123 $143,294 $142,853 $139,163 Net loss applicable to Piedmont -$21,022 -$11,101 -$12,920 -$43,246 -$13,462 Net loss per share applicable to common stockholders - diluted -$0.17 -$0.09 -$0.10 -$0.35 -$0.11 Core EBITDA $82,528 $80,089 $78,304 $76,982 $75,826 Core FFO applicable to common stock $50,144 $47,863 $46,018 $44,205 $43,485 Core FFO per share - diluted $0.39 $0.38 $0.36 $0.35 $0.35 AFFO applicable to common stock $29,939 $30,990 $23,842 $18,709 $26,504 Same store net operating income - accrual basis (4) 6.9 % 2.8 % 1.9 % -0.6 % 3.2 % Same store net operating income - cash basis (4) 7.5 % 9.0 % 11.1 % 2.2 % 2.8 % Balance Sheet and Capitalization Information: Weighted average shares outstanding - diluted (WASO) 127,320 126,914 126,136 126,712 126,007 Shares of common stock issued and outstanding at period end 123,814 125,133 125,019 124,519 124,504 Closing price of common stock at period end $8.90 $9.15 $6.57 $8.34 $9.00 Total debt - GAAP $2,340,841 $2,250,937 $2,252,351 $2,224,712 $2,193,324 Total principal amount of debt outstanding $2,368,023 $2,274,224 $2,274,157 $2,248,080 $2,213,196 Total net principal amount of debt outstanding (5) $2,361,543 $2,252,478 $2,267,822 $2,244,289 $2,205,061 Total gross real estate assets $4,917,911 $4,819,963 $4,820,893 $4,774,133 $4,740,790 Equity market capitalization (6) $1,101,944 $1,144,965 $821,375 $1,038,491 $1,120,536 Total market capitalization (6) $3,469,967 $3,419,189 $3,095,532 $3,286,571 $3,333,732 11
Page 12
Piedmont Office Realty Trust, Inc. Portfolio Statistics & Key Performance Indicators (continued) Unaudited (in thousands except for per share data and ratios) Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Ratios for Debt Holders Core EBITDA to total revenues 54.6 % 55.6 % 54.6 % 53.9 % 54.5 % Net principal amount of debt / Total gross assets less cash and cash equivalents (7) 40.9 % 39.8 % 40.1 % 40.2 % 40.0 % Average net principal amount of debt to Core EBITDA - trailing twelve months (8) 7.1 x 7.2 x 7.2 x 7.2 x 7.1 x Fixed charge coverage ratio - current quarter (9) 2.4 x 2.4 x 2.3 x 2.2 x 2.1 x (1) As of September 30, 2026, the Company's in-service office portfolio excluded two projects currently held out of service for redevelopment, totaling 670,000 square feet. Additional information on these projects can be found on page 37. (2) Refer to page 23 for detailed analysis on the Company's leased percentage. (3) Excludes the square footage associated with tenants currently in rental abatement periods. (4) Refer to the three pages starting with page 17 for reconciliations to net income and additional same store net operating income information. The statistic provided for each of the prior quarters is based on the same store property population applicable at the time that the metric was initially reported. (5) Defined as the total principal amount of debt outstanding, minus cash and restricted cash and escrows, all as of the end of the period. (6) Reflects common stock closing price, shares outstanding and principal amount of debt outstanding as of the end of the reporting period. (7) Metric shown on a net debt basis to account for certain periods presented that had elevated balances of cash and restricted cash and escrows to be used primarily for debt retirement in a future period. (8) Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period. (9) Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented). The Company recorded principal amortization of $0.9 million for each of the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025. The Company recorded capitalized interest of $0.8 million for the quarter ended September 30, 2026, $1.0 million for the quarter ended June 30, 2026, $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, and $2.9 million for the quarter ended September 30, 2025. 12
Page 13
Piedmont Realty TrustTM Consolidated Balance Sheets Unaudited (in thousands) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Assets: Real estate assets, at cost: Land $ 552,482 $ 540,584 $ 540,584 $ 540,584 $ 540,584 Buildings and improvements 4,101,909 4,029,471 4,013,488 3,970,856 3,923,258 Buildings and improvements, accumulated depreciation (1,356,637) (1,315,910) (1,292,892) (1,250,436) (1,210,745) Intangible lease assets 115,226 102,637 117,826 118,195 119,734 Intangible lease assets, accumulated amortization (68,465) (65,398) (77,271) (73,824) (71,501) Construction in progress 50,991 47,131 48,855 44,358 57,074 Real estate assets held for sale, gross 97,303 100,140 100,140 100,140 100,140 Real estate assets held for sale, accumulated depreciation & amortization (30,800) (29,922) (29,043) (28,164) (27,286) Total real estate assets 3,462,009 3,408,733 3,421,687 3,421,709 3,431,258 Cash and cash equivalents 3,903 16,785 2,279 731 2,990 Tenant receivables 10,207 11,440 6,907 6,155 5,729 Straight-line rent receivables 214,444 209,057 205,675 203,382 200,527 Restricted cash and escrows 2,577 4,961 4,056 3,060 5,145 Prepaid expenses and other assets 24,475 24,120 20,928 20,857 27,598 Goodwill 53,491 53,491 53,491 53,491 53,491 Interest rate swaps 2,561 530 — — — Deferred lease costs, gross 531,779 520,047 522,237 512,049 465,425 Deferred lease costs, accumulated amortization (228,978) (216,631) (219,064) (206,101) (204,741) Other assets held for sale, gross 18,571 18,751 18,913 19,075 19,236 Other assets held for sale, accumulated amortization (3,426) (3,302) (3,178) (3,054) (2,930) Total assets $ 4,091,613 $ 4,047,982 $ 4,033,931 $ 4,031,354 $ 4,003,728 Liabilities: Unsecured debt, net of discount $ 2,154,818 $ 2,063,971 $ 2,064,452 $ 2,035,890 $ 2,003,588 Secured debt 186,023 186,966 187,899 188,822 189,736 Accounts payable, accrued expenses and accrued capital expenditures 165,337 185,339 158,041 172,880 135,220 Deferred income 114,518 114,642 116,858 111,227 110,255 Intangible lease liabilities, less accumulated amortization 21,653 21,216 22,880 24,824 26,788 Interest rate swaps — — — 111 175 Other liabilities held for sale 832 854 875 897 919 Total liabilities 2,643,181 2,572,988 2,551,005 2,534,651 2,466,681 Stockholders' equity: Common stock 1,238 1,251 1,250 1,245 1,245 Additional paid in capital 3,722,950 3,730,985 3,728,827 3,730,273 3,727,914 Cumulative distributions in excess of earnings (2,272,393) (2,251,371) (2,240,270) (2,227,350) (2,184,104) Accumulated other comprehensive loss (4,852) (7,368) (8,380) (8,967) (9,517) Piedmont stockholders' equity 1,446,943 1,473,497 1,481,427 1,495,201 1,535,538 Non-controlling interest 1,489 1,497 1,499 1,502 1,509 Total stockholders' equity 1,448,432 1,474,994 1,482,926 1,496,703 1,537,047 Total liabilities and stockholders' equity $ 4,091,613 $ 4,047,982 $ 4,033,931 $ 4,031,354 $ 4,003,728 13
Page 14
Piedmont Realty TrustTM Consolidated Statements of Income Unaudited (in thousands except for per share data) Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Revenues: (1) Rental revenue $ 118,956 $ 115,375 $ 113,393 $ 111,994 $ 110,748 Tenant reimbursements 25,208 21,890 23,048 22,943 22,282 Property management fee revenue 167 108 158 71 115 Other property related income 6,905 6,750 6,695 7,845 6,018 151,236 144,123 143,294 142,853 139,163 Expenses: Property operating costs 60,029 55,986 57,306 58,460 55,890 Depreciation 46,123 44,825 44,027 42,862 42,127 Amortization 14,045 14,487 15,263 15,166 15,188 General and administrative 9,057 8,237 7,909 7,457 7,607 129,254 123,535 124,505 123,945 120,812 Other income (expense): Interest expense (32,026) (31,874) (31,929) (32,406) (31,968) Other income (2) 378 189 225 46 160 Loss on early extinguishment of debt (3) (20,236) — — (29,788) — Gain on sale of real estate assets (4) 8,878 — — — — Net loss (21,024) (11,097) (12,915) (43,240) (13,457) Less: Net loss (income) applicable to noncontrolling interest 2 (4) (5) (6) (5) Net loss applicable to Piedmont $ (21,022) $ (11,101) $ (12,920) $ (43,246) $ (13,462) Weighted average common shares outstanding - basic and diluted (5) 124,948 125,082 124,806 124,519 124,502 Net loss per share applicable to common stockholders - basic and diluted $ (0.17) $ (0.09) $ (0.10) $ (0.35) $ (0.11) (1) To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue." (2) Includes interest income (in thousands) of $171, $67, $32, $38, and $60 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively. (3) The loss on early extinguishment of debt recorded in the three months ended September 30, 2026 and December 31, 2025, respectively, is related to the redemption of the 9.25% unsecured senior notes due 2028. (4) The gain on sale of real estate assets recorded in the three months ended September 30, 2026 is related to the sale of an undeveloped land parcel in the Las Colinas submarket of Dallas, TX. (5) As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding. 14
Page 15
Piedmont Realty TrustTM Consolidated Statements of Income Unaudited (in thousands except for per share data) Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 Change ($) Change (%) 9/30/2026 9/30/2025 Change ($) Change (%) Revenues: (1) Rental revenue $ 118,956 $ 110,748 $ 8,208 7.4 % $ 347,724 $ 333,654 $ 14,070 4.2 % Tenant reimbursements 25,208 22,282 2,926 13.1 % 70,146 69,394 752 1.1 % Property management fee revenue 167 115 52 45.2 % 433 277 156 56.3 % Other property related income 6,905 6,018 887 14.7 % 20,350 18,816 1,534 8.2 % 151,236 139,163 12,073 8.7 % 438,653 422,141 16,512 3.9 % Expenses: Property operating costs 60,029 55,890 (4,139) (7.4) % 173,321 169,414 (3,907) (2.3) % Depreciation 46,123 42,127 (3,996) (9.5) % 134,975 123,666 (11,309) (9.1) % Amortization 14,045 15,188 1,143 7.5 % 43,795 45,394 1,599 3.5 % General and administrative 9,057 7,607 (1,450) (19.1) % 25,203 23,130 (2,073) (9.0) % 129,254 120,812 (8,442) (7.0) % 377,294 361,604 (15,690) (4.3) % Other income (expense): Interest expense (32,026) (31,968) (58) (0.2) % (95,829) (95,599) (230) (0.2) % Other income 378 160 218 136.3 % 792 688 104 15.1 % Loss on early extinguishment of debt (20,236) — (20,236) (100.0) % (20,236) (8,000) (12,236) (153.0) % Gain on sale of real estate assets 8,878 — 8,878 100.0 % 8,878 2,013 6,865 341.0 % Net loss (21,024) (13,457) (7,567) (56.2) % (45,036) (40,361) (4,675) (11.6) % Less: Net loss (income) applicable to noncontrolling interest 2 (5) 7 140.0 % (7) (13) 6 46.2 % Net loss applicable to Piedmont $ (21,022) $ (13,462) $ (7,560) (56.2) % $ (45,043) $ (40,374) $ (4,669) (11.6) % Weighted average common shares outstanding - basic and diluted (2) 124,948 124,502 124,946 124,407 Net loss per share applicable to common stockholders - basic and diluted $ (0.17) $ (0.11) $ (0.36) $ (0.32) (1) To be in conformance with GAAP presentation, the Company would combine "Rental income" and "Tenant reimbursements" amounts and present an aggregated figure on one line entitled "Rental and tenant reimbursement revenue." (2) As Piedmont recognized a net loss for the periods presented, earnings per share is computed using basic weighted-average common shares outstanding. 15
Page 16
Piedmont Realty TrustTM Funds From Operations, Core Funds From Operations and Adjusted Funds From Operations Unaudited (in thousands except for per share data) Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP net loss applicable to Piedmont $ (21,022) $ (13,462) $ (45,043) $ (40,374) Depreciation of real estate assets 45,763 41,759 133,915 122,538 Amortization of lease-related costs 14,045 15,188 43,795 45,379 Gain on sale of real estate assets (8,878) — (8,878) (2,013) NAREIT Funds From Operations applicable to common stock 29,908 43,485 123,789 125,530 Adjustments: Loss on early extinguishment of debt 20,236 — 20,236 8,000 Core Funds From Operations applicable to common stock 50,144 43,485 144,025 133,530 Adjustments: Amortization of debt issuance costs and discounts on debt 1,603 1,561 4,878 4,591 Depreciation of non-real estate assets 360 368 1,060 1,106 Straight-line effects of lease revenue (7,649) (6,251) (17,382) (24,887) Stock-based compensation adjustments 2,478 2,503 4,135 4,954 Amortization of lease-related intangibles (1,496) (1,959) (5,096) (5,978) Non-incremental capital expenditures (1) Base Building Costs (2,876) (3,203) (12,815) (18,768) Tenant Improvement Costs (8,540) (5,575) (23,722) (14,013) Leasing Commission Costs (4,085) (4,425) (10,312) (14,301) Adjusted Funds From Operations applicable to common stock $ 29,939 $ 26,504 $ 84,771 $ 66,234 Weighted average common shares outstanding - diluted (2) 127,320 126,007 126,941 125,638 NAREIT Funds From Operations per share (diluted) $ 0.23 $ 0.35 $ 0.98 $ 1.00 Core Funds From Operations per share (diluted) $ 0.39 $ 0.35 $ 1.13 $ 1.06 (1) Non-incremental capital expenditures are defined on page 39. (2) Includes potential share dilution using the treasury stock method. Such shares are not included when calculating net loss per share applicable to Piedmont as presented on the Consolidated Statements of Income, as they would reduce the loss per share presented. 16
Page 17
Piedmont Realty TrustTM Same Store Net Operating Income (Cash Basis) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP net loss applicable to Piedmont $ (21,022) $ (13,462) $ (45,043) $ (40,374) Net (loss) income applicable to noncontrolling interest (2) 5 7 13 Interest expense 32,026 31,968 95,829 95,599 Depreciation 46,123 42,127 134,975 123,666 Amortization 14,045 15,188 43,795 45,395 Gain on sale of real estate assets (8,878) — (8,878) (2,013) EBITDAre 62,292 75,826 220,685 222,286 Loss on early extinguishment of debt 20,236 — 20,236 8,000 Core EBITDA 82,528 75,826 240,921 230,286 General and administrative expense 9,057 7,607 25,203 23,130 Management fee revenue (net) (167) (114) (433) (254) Other income (270) (52) (468) (364) Straight-line effects of lease revenue (7,649) (6,251) (17,382) (24,891) Amortization of lease-related intangibles (1,496) (1,959) (5,096) (5,978) Property net operating income (cash basis) 82,003 75,057 242,745 221,929 Deduct net operating (income) loss from: Acquisitions (1) (200) — (200) — Dispositions (1) (72) 74 14 (1,554) Other investments (2) (1,022) (62) (1,855) 149 Same store net operating income (cash basis) $ 80,709 $ 75,069 $ 240,704 $ 220,524 Change period over period 7.5 % N/A 9.2 % N/A (1) Refer to page 38 for information on recent acquisitions and dispositions. (2) Includes projects currently held out-of-service, recently completed redevelopment projects in which a portion of operating expenses was capitalized during the current and/or prior reporting periods, and various land holdings. Refer to pages 37 and 38 for detailed information on these entities. 17
Page 18
Piedmont Realty TrustTM Same Store Net Operating Income (Accrual Basis) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP net loss applicable to Piedmont $ (21,022) $ (13,462) $ (45,043) $ (40,374) Net (loss) income applicable to noncontrolling interest (2) 5 7 13 Interest expense 32,026 31,968 95,829 95,599 Depreciation 46,123 42,127 134,975 123,666 Amortization 14,045 15,188 43,795 45,395 Gain on sale of real estate assets (8,878) — (8,878) (2,013) EBITDAre 62,292 75,826 220,685 222,286 Loss on early extinguishment of debt 20,236 — 20,236 8,000 Core EBITDA 82,528 75,826 240,921 230,286 General and administrative expense 9,057 7,607 25,203 23,130 Management fee revenue (net) (167) (114) (433) (254) Other income (270) (52) (468) (364) Property net operating income (accrual basis) 91,148 83,267 265,223 252,798 Acquisitions (1) (314) — (314) — Dispositions (1) (72) 74 14 (1,662) Other investments (2) (1,815) (138) (4,238) (100) Same store net operating income (accrual basis) $ 88,947 $ 83,203 $ 260,685 $ 251,036 Change period over period 6.9 % N/A 3.8 % N/A (1) Refer to page 38 for detailed information on recent acquisitions and dispositions. (2) Includes projects currently held out-of-service, recently completed redevelopment projects in which a portion of operating expenses was capitalized during the current and/or prior reporting periods, and various land holdings. Refer to pages 37 and 38 for detailed information on these entities. 18
Page 19
Piedmont Realty TrustTM Same Store Net Operating Income (Financial Components) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2026 9/30/2025 Change ($) Change (%) 9/30/2026 9/30/2025 Change ($) Change (%) Revenue Cash rental income $ 107,952 $ 102,222 $ 5,730 5.6 % $ 321,935 $ 299,702 $ 22,233 7.4 % Tenant reimbursements 24,555 22,159 2,396 10.8 % 68,520 68,190 330 0.5 % Straight-line effects of lease revenue 6,783 6,175 608 9.8 % 14,924 24,534 (9,610) (39.2) % Amortization of lease-related intangibles 1,455 1,959 (504) (25.7) % 5,057 5,978 (921) (15.4) % Total rents 140,745 132,515 8,230 6.2 % 410,436 398,404 12,032 3.0 % Other property related income 6,607 5,991 616 10.3 % 19,584 18,715 869 4.6 % Total revenue 147,352 138,506 8,846 6.4 % 430,020 417,119 12,901 3.1 % Less: Property operating expense 58,513 55,411 (3,102) (5.6) % 169,659 166,406 (3,253) (2.0) % Add: Other income 108 108 — — % 324 323 1 0.3 % Same store net operating income (accrual) $ 88,947 $ 83,203 $ 5,744 6.9 % $ 260,685 $ 251,036 $ 9,649 3.8 % Less: Straight-line effects of lease revenue (6,783) (6,175) (608) (9.8) % (14,924) (24,534) 9,610 39.2 % Amortization of lease-related intangibles (1,455) (1,959) 504 25.7 % (5,057) (5,978) 921 15.4 % Same store net operating income (cash) $ 80,709 $ 75,069 $ 5,640 7.5 % $ 240,704 $ 220,524 $ 20,180 9.2 % 19
Page 20
Piedmont Realty TrustTM Debt Summary As of September 30, 2026 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Debt Principal Outstanding Weighted Average Interest Rate Weighted Average Maturity Fixed Rate $2,016,023 4.74% 52.1 months Floating Rate (1) 352,000 4.99% 51.2 months Total $2,368,023 4.78% 52.0 months Floating Rate 14.9% Fixed Rate 85.1% Unsecured & Secured Debt Debt Principal Outstanding Weighted Average Interest Rate Weighted Average Maturity Unsecured $2,182,000 4.83% 54.4 months Secured 186,023 4.10% 24.1 months Total $2,368,023 4.78% 52.0 months Secured 7.9% Unsecured 92.1% Debt Maturities (2) Maturity Year Secured Principal Outstanding Unsecured Principal Outstanding Weighted Average Interest Rate Percentage of Total Debt 2026 $— $— — — 2027 — — — — 2028 186,023 — 4.10% 7.8% 2029 — 400,000 7.11% 16.9% 2030 — 452,000 4.25% 19.1% 2031 — 630,000 4.21% 26.6% 2032 — 300,000 2.78% 12.7% 2033 — 400,000 5.73% 16.9% Total $ 186,023 $ 2,182,000 4.78% 100.00% Debt Maturity Schedule Secured Unsecured 2026 2027 2028 2029 2030 2031 2032 2033 $— $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 (1) As of September 30, 2026, the Company's floating rate debt was comprised of the $200 million variable portion of the $400 million term loan and the $152 million outstanding balance on the line of credit at the end of the period. (2) For loans that provide extension options conditional upon proper notice to the loan's administrative agent and the payment of an extension fee, the final extended maturity date is reflected. 20
Page 21
Piedmont Realty TrustTM Debt Detail As of September 30, 2026 Unaudited ($ in thousands) Facility Stated Rate (1) Effective Rate (2) Maturity Date (3) Principal Outstanding (4) Secured Debt $197 Million Fixed-Rate Mortgage (1180 Peachtree) 4.10% 4.10% Fixed 10/1/2028 186,023 Secured Subtotal / Weighted Average Interest Rate 4.10% $ 186,023 Unsecured Debt $400 Million Unsecured Senior Notes due 2029 6.88% 7.11% Fixed 7/15/2029 400,000 $600 Million Unsecured 2022 Line of Credit (5) SOFR + 1.05% 4.95% Floating 6/30/2030 152,000 $300 Million Unsecured Senior Notes due 2030 3.15% 3.90% Fixed 8/15/2030 300,000 $230 Million Exchangeable Senior Notes due 2031 (6) 2.88% 2.88% Fixed 2/1/2031 230,000 $400 Million Unsecured 2026 Term Loan (7) SOFR + 1.15% 5.02% 4.94% Floating Fixed 5/28/2031 400,000 $300 Million Unsecured Senior Notes due 2032 2.75% 2.78% Fixed 4/1/2032 300,000 $400 Million Unsecured Senior Notes due 2033 5.63% 5.73% Fixed 1/15/2033 400,000 Unsecured Subtotal / Weighted Average Interest Rate 4.83% $ 2,182,000 Total Debt - Principal Amount Outstanding / Weighted Average Interest Rate 4.78% $ 2,368,023 GAAP Adjustments - Discounts and Unamortized Debt Issuance Costs (27,182) Total Debt - GAAP $ 2,340,841 Less: Cash, cash equivalents, and restricted cash and escrows 6,480 Total Net Debt - Principal Amount Outstanding $ 2,361,543 (1) Stated rates for the unsecured term loan and the unsecured line of credit are comprised of the relevant SOFR selection and an additional spread based on Piedmont's current credit rating, as defined in the respective loan agreement. (2) Effective rates reflect the consideration of settled or in-place interest rate swap agreements and issuance discounts, where applicable. (3) For loans that provide extension options conditional upon proper notice to the loan's administrative agent and the payment of an extension fee, the final extended maturity date is reflected. (4) All outstanding debt at period end was interest-only with the exception of the amortizing fixed-rate mortgage. (5) Piedmont may select from multiple interest rate options with each draw under the revolving credit facility, including the prime rate and various SOFR selections. The facility has an initial maturity date of June 30, 2028 with two 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. (6) During the three months ended September 30, 2026, Piedmont issued $230 million in 2.875% exchangeable senior notes, which will mature on February 1, 2031, unless repurchased, redeemed, or exchanged. Proceeds from this issuance, along with borrowings under the $600 million line of credit, were used to redeem all of the outstanding 9.25% unsecured senior notes due 2028. (7) During the second quarter of 2026, the Company amended its $325 Million Unsecured Term Loan to increase the principal to $400 million and extend the maturity date to May 28, 2031. The new term loan has a stated variable interest rate; however, the Company has entered into interest rate swap agreements which effectively fixes $200 million of the principal through June 1, 2028. 21
Page 22
Piedmont Realty TrustTM` Debt Covenants & Ratios for Debt Holders As of September 30, 2026 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Maximum leverage ratio 0.60 0.44 0.45 0.46 0.46 0.48 Minimum fixed charge coverage ratio (2) 1.50 2.35 2.29 2.23 2.16 2.15 Maximum secured indebtedness ratio 0.40 0.03 0.04 0.04 0.04 0.04 Minimum unencumbered leverage ratio 1.60 2.28 2.27 2.21 2.18 2.12 Minimum unencumbered interest coverage ratio (3) 1.75 2.54 2.43 2.31 2.22 2.19 Three Months Ended Bond Covenant Compliance (4) Required 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Total debt to total assets 60% or less 47.7% 46.4% 47.0% 47.0% 46.5% Secured debt to total assets 40% or less 3.8% 3.9% 3.9% 3.9% 4.0% Ratio of consolidated EBITDA to interest expense 1.50 or greater 2.55 2.54 2.50 2.51 2.53 Unencumbered assets to unsecured debt 150% or greater 204% 210% 210% 210% 213% Other Debt Coverage Ratios for Debt Holders As of As of (trailing twelve months) September 30, 2026 December 31, 2025 Average net principal amount of debt to Core EBITDA (5) 7.1 x 7.2 x Fixed charge coverage ratio (6) 2.3 x 2.2 x Interest coverage ratio (7) 2.4 x 2.2 x (1) Bank debt covenant compliance calculations relate to the most restrictive of the specific calculations detailed in the relevant credit agreements. Please refer to such agreements for relevant defined terms. (2) Defined as EBITDA for the trailing four quarters (including the Company's share of EBITDA from unconsolidated interests), excluding one-time or non-recurring gains or losses, less a $0.15 per square foot capital reserve, and excluding the impact of straight line rent leveling adjustments and amortization of intangibles divided by the Company's share of fixed charges, as more particularly described in the credit agreements. This definition of fixed charge coverage ratio as prescribed by our credit agreements is different from the fixed charge coverage ratio definition employed elsewhere within this report. (3) Defined as net operating income for the trailing four quarters for unencumbered assets (including the Company's share of net operating income from partially-owned entities and subsidiaries that are deemed to be unencumbered) less a $0.15 per square foot capital reserve divided by the Company's share of interest expense associated with unsecured financings only, as more particularly described in the credit agreements. (4) Bond covenant compliance calculations relate to specific calculations prescribed in the relevant debt agreements. Please refer to the Indenture and the First Supplemental Indenture dated March 6, 2014, the Second Supplemental Indenture dated August 12, 2020, the Third Supplemental Indenture dated September 20, 2021, the Fourth Supplemental Indenture dated July 20, 2023, the Fifth Supplemental Indenture dated June 25, 2024, the Sixth Supplemental Indenture dated November 20, 2025, and the Indenture dated September 17, 2026 for defined terms and detailed information about the calculations. (5) Calculated using the sum of Core EBITDA for the trailing twelve month period and the average principal balance of debt outstanding for the trailing twelve months less the average balance of cash and restricted cash and escrows during the trailing twelve month period. (6) Calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends (none during periods presented). The Company recorded principal amortization of $0.9 million for each of the quarters ended September 20, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025. The Company recorded capitalized interest of $0.8 million for the quarter ended September 30, 2026, $1.0 million for the quarter ended June 30, 2026, $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, and $2.9 million for the quarter ended September 30, 2025. (7) Calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. The Company recorded capitalized interest of $0.8 million for the quarter ended September 30, 2026, $1.0 million for the quarter ended June 30, 2026, $1.1 million for the quarter ended March 31, 2026, $1.6 million for the quarter ended December 31, 2025, and $2.9 million for the quarter ended September 30, 2025. 22
Page 23
Piedmont Realty TrustTM Leased Percentage (in thousands) Three Months Ended Three Months Ended September 30, 2026 September 30, 2025 Leased Square Footage Rentable Square Footage Percent Leased (1) Leased Square Footage Rentable Square Footage Percent Leased (1) In-Service Leased - beginning of period 13,393 15,066 88.9 % 13,230 14,923 88.7 % Total leasing executed during period 406 724 Less: Lease renewals signed during period (212) (173) Less: New leases signed during period for currently occupied space (84) (74) Less: New leases signed during period for out of service space (13) (183) Less: Leases expired during period and other (274) 1 (220) (5) Subtotal 13,216 15,067 87.7 % 13,304 14,918 89.2 % Acquisitions / (dispositions) (2) 154 186 — — Assets placed in service / (taken out of service) (3) — — — — In-Service Leased - end of period 13,370 15,253 87.7 % 13,304 14,918 89.2 % Nine Months Ended Nine Months Ended September 30, 2026 September 30, 2025 Leased Square Footage Rentable Square Footage Percent Leased (1) Leased Square Footage Rentable Square Footage Percent Leased (1) In-Service Leased - beginning of period 13,363 14,921 89.6 % 13,538 15,323 88.4 % Total leasing executed during period 1,296 1,799 Less: Lease renewals signed during period (546) (600) Less: New leases signed during period for currently occupied space (262) (202) Less: New leases signed during period for out of service space (178) (361) Less: Leases expired during period and other (563) 14 (507) 22 Subtotal 13,110 14,935 87.8 % 13,667 15,345 89.1 % Acquisitions / (dispositions) (2) 154 186 (363) (427) Assets placed in service / (taken out of service) (3) 106 132 — — In-Service Leased - end of period 13,370 15,253 87.7 % 13,304 14,918 89.2 % Same Store Analysis (4) Less: Acquisitions and dispositions after September 30, 2025 (154) (186) 82.5 % — — — % Less: Assets placed in or taken out of service after September 30, 2025 (120) (133) 90.2 % — — — % Same Store Leased Percentage - end of period 13,096 14,934 87.7 % 13,304 14,918 89.2 % (1) Calculated as the square footage of commenced leases plus the square footage of uncommenced leases for spaces vacant as of period end, divided by total rentable in-service square footage at period end. (2) In the three and nine months ended September 30, 2026, respectively, the Company acquired 4075 Wilson Boulevard in Arlington, Virginia. Refer to page 38 for more information on acquisitions and dispositions completed in the current and prior years. (3) In the nine months ended September 30, 2026, the Company placed the 222 South Orange Avenue asset back into service. Refer to page 37 for more information on the remaining two out of service projects. (4) To compare leased percentage on a same store basis, the end of period amounts for current and prior years are adjusted. Dispositions completed during the previous twelve months are deducted from the previous period data, and acquisitions completed during the previous twelve months are deducted from the current period data. Assets taken out of service during the previous twelve months are deducted from the previous period data, and assets that were placed in service during the previous twelve months are deducted from the current period data. 23
Page 24
Piedmont Realty TrustTM Rental Rate Roll Up / Roll Down Three Months Ended September 30, 2026 Square Feet (in thousands) % of Total Signed During Period % of Rentable Square Footage % Change Cash Rents (1) % Change Accrual Rents (2) Leases executed for spaces vacant one year or less 227 55.9% 1.5% 26.2% 34.6% Leases executed for spaces excluded from analysis (3) 179 44.1% Nine Months Ended September 30, 2026 Square Feet (in thousands) % of Total Signed During Period % of Rentable Square Footage % Change Cash Rents (1) % Change Accrual Rents (2) Leases executed for spaces vacant one year or less 692 53.4% 4.5% 17.1% 28.5% Leases executed for spaces excluded from analysis (3) 604 46.6% (1) Calculation compares the last twelve months of cash paying rents of the previous lease to the first twelve months of cash paying rents of the new lease. (2) Calculation compares the accrual basis rents of the previous lease to the accrual basis rents of the new leases. For newly signed leases which have variations in accrual basis rents, whether because of known future expansions, contractions, lease expense recovery structure changes, or other similar reasons, the weighted average of such varying accrual basis rents is used for the calculation. (3) Leases are excluded from the above analyses if: (1) the space has been vacant for more than one year, (2) the lease term is less than one year, (3) the lease is associated with storage space, retail space, a management office, or a percentage rent agreement, or (4) the lease is associated with a recently acquired asset for which there is less than one year of operating history. 24
Page 25
Piedmont Realty TrustTM Contractual Tenant Improvements and Leasing Commissions Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 For the Year Ended 2022 to 2026 (Weighted Average)2025 2024 (2) 2023 (3) 2022 Total Leasing Transactions Square feet (1) 403,944 1,287,460 2,474,774 2,428,246 2,239,797 2,142,852 10,573,129 Tenant improvements per square foot per year of lease term $2.74 $3.29 $4.07 $3.70 $3.80 $3.22 $3.69 Leasing commissions per square foot per year of lease term $2.99 $2.72 $2.77 $2.31 $2.21 $2.22 $2.45 Total per square foot per year of lease term $5.73 $6.01 $6.84 $6.01 $6.01 $5.44 $6.14 Less Adjustment for Commitment Expirations (4) Expired tenant improvements (not paid out) per square foot per year of lease term -$0.52 -$0.57 -$0.26 -$0.34 -$0.79 -$0.10 -$0.42 Adjusted total per square foot per year of lease term $5.21 $5.44 $6.58 $5.67 $5.22 $5.34 $5.72 (1) Excludes square feet associated with storage and license agreement transactions. (2) Tenant improvement and leasing commission amounts presented for the year ended December 31, 2024 include a 101,500 square foot 11-year lease executed in the first quarter of 2024 with no capital outlay requirements. (3) Tenant improvement amounts presented for the year ended December 31, 2023 were adjusted to reflect the overall concession package for the 447,000 square foot 10-year renewal with US Bancorp, executed in the fourth quarter of 2023. The renewal terms provided for zero months of rent abatement, offset by an above-market tenant improvement allowance. The amounts are presented as if the renewal had included the standard twelve months of gross rent abatement in line with market conditions and, therefore, a normalized tenant improvement allowance. This adjustment effectively lowered the total capital per square foot per year of lease term for the year ended December 31, 2023 by $0.97. (4) The Company reports total tenant improvement amounts based on the maximum amount of committed leasing capital in the period in which the lease is executed. However, tenants do not always use the full allowance provided for in the lease, or a portion of the allowance could expire at a set date. To provide additional clarity on actual costs for completed leasing transactions, tenant improvement allowances that have expired or are no longer available to the tenant are disclosed in this section and are deducted from the capital commitments per square foot of leased space in the periods in which they expired. 25
Page 26
Piedmont Realty TrustTM Net Effective Rents Three Months Ended Five Quarter 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Average Leasing activity included in net effective rent analysis (1) Renewal leasing square footage (in 000s) 161 167 104 174 119 145 New tenant leasing square footage (in 000s) 161 255 284 436 539 335 Total leasing square footage (in 000s) 322 422 388 610 658 480 Renewal square footage (% of total) 50.0 % 39.6 % 26.8 % 28.5 % 18.1 % 30.2 % New Lease square footage (% of total) 50.0 % 60.4 % 73.2 % 71.5 % 81.9 % 69.8 % # of lease transactions 37 36 37 49 64 45 Net effective rents (2) (3) Base rent (gross) $ 51.60 $ 47.22 $ 43.88 $ 43.41 $ 44.67 $ 46.16 Rent concessions (2.23) (2.47) (2.62) (2.17) (2.46) (2.39) GAAP Rent $ 49.37 $ 44.75 $ 41.26 $ 41.24 $ 42.21 $ 43.77 Tenant improvements (2.46) (3.24) (2.65) (2.82) (3.31) (2.90) Leasing commissions (2.70) (2.71) (2.35) (2.63) (2.75) (2.63) Other concessions — (0.11) (0.09) — (0.01) (0.04) Effective rent after capex $ 44.21 $ 38.69 $ 36.17 $ 35.79 $ 36.14 $ 38.20 Expense stop (14.90) (13.13) (14.14) (14.69) (14.88) (14.35) Effective rent after capex and opex $ 29.31 $ 25.56 $ 22.03 $ 21.10 $ 21.26 $ 23.85 Weighted average lease term in years (weighted by square feet) 8.0 9.6 8.0 7.4 8.8 8.3 (1) Leases are excluded from this analysis if: (1) the lease term is one year or less or (2) the lease is associated with non-office space (storage, retail or a management office). Total leased square footage in this analysis will not tie to the total reported leasing volume reported elsewhere in this supplemental report. (2) Based on the weighted average per rentable square footage over the lease term of each deal. (3) Excludes parking income due to the variable nature between markets and individual lease transactions. 26
Page 27
Piedmont Realty TrustTM Future Contractual Income Sources As of September 30, 2026 Uncommenced Leases for Vacant Space (1) 0.7 million square feet representing $29.3 million in future annual rent Major Leases (by Industry) Project Market Square Feet Leased Estimated Lease Commencement New / Expansion Engineering and environmental consulting Meridian Minneapolis 85,267 Q4 2026 New Global risk management Meridian Minneapolis 54,662 Q4 2026 New Accounting and business advisory US Bancorp Center Minneapolis 41,294 Q4 2026 New Defense technology 4250 North Fairfax Northern Virginia 69,896 Q1 2027 New Leases Currently Under Abatement (1) 1.2 million square feet representing $32.0 million in future annual cash rent Major Leases (by Industry) Project Market Square Feet Abated Lease Commencement Lease Expiration Remaining Abatement Schedule Banking and financial services Meridian Minneapolis 27,049 Q1 2026 Q4 2036 January 2026 through October 2026 Commercial construction management Meridian Minneapolis 34,013 Q1 2026 Q1 2038 March 2026 through February 2028 National mortgage lender Interlink at Las Colinas Dallas 55,252 Q2 2026 Q1 2035 April 2026 through November 2026 Engineering and environmental consulting Galleria Towers Dallas 46,004 Q1 2026 Q4 2032 May 2026 through September 2026 Global risk management Galleria Towers Dallas 92,977 Q2 2026 Q2 2039 May 2026 through April 2027 Technology services company Interlink at Las Colinas Dallas 28,040 Q2 2026 Q3 2031 July 2026 through November 2026 Home service provider Galleria on the Park Atlanta 47,835 Q3 2026 Q3 2038 August 2026 through September 2026 Commercial construction management The Exchange on Orange Orlando 27,990 Q3 2026 Q2 2037 August 2026 through July 2027 Education and healthcare staffing Galleria on the Park Atlanta 46,726 Q1 2025 Q3 2032 September 2026 through December 2026 National law firm 999 Peachtree Atlanta 31,523 Q3 2026 Q3 2040 September 2026 through August 2027 Banking and financial services Meridian Minneapolis 54,692 Q3 2026 Q4 2039 September 2026 through October 2027 (1) Includes leasing activity for the total portfolio, including assets currently out of service. 27
Page 28
Piedmont Realty TrustTM Lease Expiration Schedule As of September 30, 2026 (in thousands) Expiration Year Annualized Lease Revenue Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Vacant $— — 1,883 12.3 2026 (1) 37,877 6.3 584 3.8 2027 49,903 8.3 1,263 8.3 2028 52,063 8.6 1,224 8.0 2029 59,824 9.9 1,351 8.9 2030 65,236 10.8 1,360 8.9 2031 45,513 7.5 1,122 7.4 2032 43,095 7.1 984 6.6 2033 20,707 3.4 475 3.1 2034 56,613 9.4 1,237 8.1 2035 34,162 5.7 815 5.3 2036 28,636 4.7 710 4.7 2037 63,168 10.6 1,241 8.1 2038 11,523 1.9 266 1.7 Thereafter 34,683 5.8 738 4.8 Total $603,003 100.0 15,253 100.0 Average Lease Term Remaining 9/30/2026 5.8 years 12/31/2025 6.0 years Percentage of Annualized Lease Revenue (%) 6.3 8.3 8.6 9.9 10.8 7.5 7.1 3.4 9.4 5.7 4.7 10.6 1.9 5.8 9.5 9.7 8.8 9.4 10.2 7.8 6.9 2.4 8.8 5.5 4.6 8.5 3.8 3.6 9/30/2026 12/31/2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Thereafter 0 4 8 12 (1) Includes leases with an expiration date of September 30, 2026, comprised of approximately 75,000 square feet and Annualized Lease Revenue of $3.6 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement. 28
Page 29
Piedmont Realty TrustTM Lease Expirations by Quarter As of September 30, 2026 (in thousands) Q4 2026 (1) Q1 2027 Q2 2027 Q3 2027 Location Expiring Square Footage Expiring Lease Revenue Expiring Square Footage Expiring Lease Revenue Expiring Square Footage Expiring Lease Revenue Expiring Square Footage Expiring Lease Revenue Atlanta 102 $5,042 5 $60 46 $1,765 344 $15,840 Boston — — 2 100 5 220 5 184 Dallas 92 3,998 31 1,454 38 1,735 69 1,297 Minneapolis — 13 11 283 278 10,712 41 1,413 New York 313 24,681 2 85 5 480 — 57 Orlando 6 215 50 836 13 546 65 2,549 Northern Virginia / Washington, D.C. 71 3,928 4 266 10 545 17 849 Other — — — — — 5 — — Total 584 $37,877 105 $3,084 395 $16,008 541 $22,189 (1) Includes leases with an expiration date of September 30, 2026, comprised of approximately 75,000 square feet and Annualized Lease Revenue of $3.6 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement. No such adjustments are made to other periods presented. 29
Page 30
Piedmont Realty TrustTM Lease Expirations by Year As of September 30, 2026 (in thousands) 12/31/2026 (1) 12/31/2027 12/31/2028 12/31/2029 12/31/2030 Location Expiring Square Footage Expiring Lease Revenue Expiring Square Footage Expiring Lease Revenue Expiring Square Footage Expiring Lease Revenue Expiring Square Footage Expiring Lease Revenue Expiring Square Footage Expiring Lease Revenue Atlanta 102 $5,042 463 $20,016 398 $17,404 411 $17,604 371 $15,588 Boston — — 12 504 42 2,377 204 9,192 245 9,608 Dallas 92 3,998 157 5,279 293 12,894 293 14,140 354 18,799 Minneapolis — 13 338 12,712 63 2,478 62 2,487 122 4,698 New York 313 24,681 7 622 2 180 17 1,038 21 1,819 Orlando 6 215 242 8,262 89 3,454 248 9,584 188 11,878 Northern Virginia / Washington, D.C. 71 3,928 44 2,503 78 4,644 116 5,773 59 2,846 Other — — — 5 259 8,632 — 6 — — Total (3) 584 $37,877 1,263 $49,903 1,224 $52,063 1,351 $59,824 1,360 $65,236 (1) Includes leases with an expiration date of September 30, 2026, comprised of approximately 75,000 square feet and Annualized Lease Revenue of $3.6 million. Also included is the New York City 313,000 square foot lease at 60 Broad Street, which is in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement. No such adjustments are made to other periods presented. 30
Page 31
Piedmont Realty TrustTM Tenant Diversification As of September 30, 2026 Tenants Contributing 1% or More to Annualized Lease Revenue (1) Tenant Credit Rating (2) S&P / Moody's Number of Properties Lease Term Remaining (in years) Annualized Lease Revenue (in thousands) Percentage of Annualized Lease Revenue (%) Leased Square Footage (in thousands) Percentage of Leased Square Footage (%) State of New York AA+ / Aa1 1 10.9 $28,720 4.8 487 3.6 New York City (3) AA / Aa2 1 - 24,681 4.1 313 2.3 US Bancorp A / A3 1 5.5 15,676 2.6 435 3.3 Amazon AA / A1 2 3.8 15,483 2.5 285 2.1 Microsoft AAA / Aaa 2 4.7 14,535 2.4 355 2.7 King & Spalding No Rating Available 1 4.5 13,977 2.3 268 2.0 Transocean Inc. B / B2 1 9.6 12,403 2.1 301 2.3 Broadcom A- / A3 1 0.6 11,604 1.9 206 1.5 Schlumberger Technology A / A1 1 2.3 8,548 1.4 254 1.9 Gartner BBB- / Baa3 2 7.8 8,294 1.4 207 1.5 Salesforce.com A+ / A2 1 2.8 8,142 1.4 182 1.4 Fiserv BBB / Baa2 1 0.8 8,015 1.3 195 1.5 Kimley Horn No Rating Available 3 11.1 6,155 1.0 142 1.1 Other Various 426,770 70.8 9,740 72.8 Total $603,003 100.0 13,370 100.0 (1) Excludes leases executed at the out of service projects. (2) Credit rating may reflect the credit rating of the parent or a guarantor. The absence of a credit rating for a tenant is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating. (3) The New York City lease is currently in holdover status following the tenant's June 4, 2026 expiration date. Annualized lease revenue reflects the maximum holdover penalty that could be assessed per the lease agreement. 31
Page 32
Piedmont Realty TrustTM Tenant Credit Rating & Lease Distribution As of September 30, 2026 Tenant Credit Rating Rating Level (1) S&P / Moody's Annualized Lease Revenue (in thousands) Percentage of Annualized Lease Revenue (%) AAA / Aaa $15,234 2.5 AA / Aa 89,607 14.9 A / A 72,575 12.0 BBB / Baa 45,056 7.5 BB / Ba 21,157 3.5 B / B 31,277 5.2 Below 1,291 0.2 Not rated (2) 326,806 54.2 Total $603,003 100.0 Lease Distribution Lease Size Number of Leases Percentage of Leases (%) Annualized Lease Revenue (in thousands) Percentage of Annualized Lease Revenue (%) Leased Square Footage (in thousands) Percentage of Leased Square Footage (%) 2,500 sf or Less 340 33.1 $29,025 4.8 238 1.8 2,501 - 10,000 sf 408 39.7 90,677 15.1 2,145 16.0 10,001 - 20,000 sf 118 11.5 67,127 11.1 1,580 11.8 20,001 - 40,000 sf 89 8.7 98,329 16.3 2,366 17.7 40,001 - 100,000 sf 54 5.2 146,086 24.2 3,276 24.5 Greater than 100,000 sf 18 1.8 171,759 28.5 3,765 28.2 Total 1,027 100.0 $603,003 100.0 13,370 100.0 (1) Credit rating may reflect the credit rating of the parent or a guarantor. Where differences exist between the Standard & Poor's credit rating and the Moody's credit rating for a tenant, the higher credit rating is selected for this analysis. (2) The classification of a tenant as "not rated" is not an indication of the creditworthiness of the tenant; in most cases, the lack of a credit rating reflects that the tenant has not sought such a rating. 32
Page 33
Piedmont Realty TrustTM Industry Diversification As of September 30, 2026 ($ and square footage in thousands) Percentage of Leased Percentage Number of Percentage of Total Annualized Lease Annualized Lease Square of Leased Industry Tenants Tenants (%) Revenue (ALR) Revenue (%) Footage Square Footage (%) Business Services 98 12.4 $96,881 16.1 2,233 16.7 Engineering, Accounting, Research, Management & Related Services 103 13.1 80,121 13.3 1,807 13.5 Governmental Entity (1) 5 0.6 59,446 9.8 917 6.9 Legal Services 77 9.8 58,546 9.7 1,285 9.6 Real Estate 47 6.0 30,526 5.1 828 6.2 Depository Institutions 23 2.9 28,678 4.7 725 5.4 Oil and Gas Extraction 4 0.5 22,147 3.7 587 4.4 Holding and Other Investment Offices 40 5.1 19,306 3.2 421 3.1 Miscellaneous Retail 8 1.0 17,329 2.9 333 2.5 Security & Commodity Brokers, Dealers, Exchanges & Services 59 7.5 17,019 2.8 403 3.0 Automotive Repair, Services & Parking 10 1.3 16,843 2.8 8 0.1 Insurance Agents, Brokers & Services 18 2.3 14,825 2.5 339 2.5 Health Services 35 4.4 13,821 2.3 309 2.3 Membership Organizations 20 2.5 12,896 2.1 250 1.9 Eating & Drinking Places 39 4.9 11,028 1.8 281 2.1 Other 203 25.7 103,591 17.2 2,644 19.8 Total 789 100.0 $603,003 100.0 13,370 100.0 (1) Comprised of all levels of governmental entities, including federal (0.7% of ALR), state (4.8% of ALR), and city / local (4.3% of ALR). 33
Page 34
Piedmont Realty TrustTM Geographic Diversification As of September 30, 2026 ($ and square footage in thousands) Location Number of Projects Annualized Lease Revenue Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Leased Square Footage Percent Leased (%) Atlanta 6 $187,725 31.1 4,740 31.1 4,328 91.3 Dallas 5 109,651 18.2 2,827 18.6 2,437 86.2 Orlando 4 71,084 11.8 1,881 12.3 1,729 91.9 Northern Virginia / Washington, D.C. 6 69,602 11.5 1,774 11.6 1,348 76.0 New York 1 63,771 10.6 1,047 6.9 970 92.6 Minneapolis 3 45,110 7.5 1,434 9.4 1,202 83.8 Boston 3 35,014 5.8 936 6.1 796 85.0 Other 2 21,046 3.5 614 4.0 560 91.2 Total / Weighted Average 30 $603,003 100.0 15,253 100.0 13,370 87.7 Percentage of Annualized Lease Revenue (%) 31.1 18.2 11.8 11.5 10.6 7.5 5.8 32.0 19.7 11.7 9.9 9.5 7.7 5.9 9/30/2026 12/31/2025 Atlanta Dallas Orlando Northern Virginia / Washington, D.C. New York Minneapolis Boston 0 10 20 30 34
Page 35
Piedmont Realty TrustTM Geographic Diversification by Location Type As of September 30, 2026 (square footage in thousands) CBD URBAN INFILL / SUBURBAN TOTAL Location Number of Projects Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Number of Projects Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Number of Projects Percentage of Annualized Lease Revenue (%) Rentable Square Footage Percentage of Rentable Square Footage (%) Atlanta 2 10.3 1,312 8.6 4 20.8 3,428 22.5 6 31.1 4,740 31.1 Dallas — — — — 5 18.2 2,827 18.6 5 18.2 2,827 18.6 Orlando 3 9.9 1,571 10.3 1 1.9 310 2.0 4 11.8 1,881 12.3 Northern Virginia / Washington, D.C. 2 4.3 687 4.5 4 7.2 1,087 7.1 6 11.5 1,774 11.6 New York 1 10.6 1,047 6.9 — — — — 1 10.6 1,047 6.9 Minneapolis 1 4.3 930 6.1 2 3.2 504 3.3 3 7.5 1,434 9.4 Boston — — — — 3 5.8 936 6.1 3 5.8 936 6.1 Other — — — — 2 3.5 614 4.0 2 3.5 614 4.0 Total 9 39.4 5,547 36.4 21 60.6 9,706 63.6 30 100.0 15,253 100.0 35
Page 36
Piedmont Realty TrustTM Portfolio Detail As of September 30, 2026 (in thousands) In-Service Assets Energy Star Certification LEED Certification BOMA 360 Certification Percent Ownership Number of Buildings Rentable Square Footage Owned Percent Leased Percent Commenced Leased Percent Economic Leased (1) Annualized Lease Revenues Atlanta 999 Peachtree P P P 100.0% 1 634 78.4 % 63.4 % 52.8 % 23,706 1180 Peachtree P P P 100.0% 1 678 97.0 % 97.0 % 96.4 % 38,763 Galleria on the Park P P P 100.0% 5 2,180 96.5 % 94.2 % 86.1 % 79,636 Glenridge Highlands One and Two P P P 100.0% 2 713 77.8 % 77.6 % 74.3 % 21,529 1155 Perimeter Center West P P P 100.0% 1 377 97.3 % 97.3 % 92.8 % 17,315 The Medici P P 100.0% 1 158 93.5 % 78.3 % 75.2 % 6,776 Market Subtotal / Weighted Average 11 4,740 91.3 % 87.7 % 81.5 % 187,725 Boston 5 Wall P P P 100.0% 1 182 100.0 % 100.0 % 100.0 % 8,145 Wayside Office Park P P 100.0% 2 473 91.9 % 91.9 % 91.9 % 18,379 25 Mall P P 100.0% 1 281 63.8 % 60.6 % 60.6 % 8,490 Market Subtotal / Weighted Average 4 936 85.0 % 84.1 % 84.1 % 35,014 Dallas Galleria Towers P P P 100.0% 3 1,403 88.4 % 87.9 % 81.1 % 61,730 Park Place on Turtle Creek P P 100.0% 1 184 84.8 % 83.8 % 75.6 % 8,233 6565 MacArthur P P P 100.0% 1 255 87.1 % 87.1 % 86.3 % 8,480 Las Colinas Connection P P P 100.0% 3 603 78.4 % 78.4 % 75.4 % 18,570 The Interlink at Las Colinas P P 100.0% 2 382 90.4 % 90.4 % 68.7 % 12,638 Market Subtotal / Weighted Average 10 2,827 86.2 % 85.9 % 78.3 % 109,651 Minneapolis US Bancorp Center P P P 100.0% 1 930 75.6 % 69.4 % 68.2 % 26,180 Crescent Ridge II P P P 100.0% 1 295 98.8 % 98.8 % 98.8 % 11,412 Norman Pointe I P P 100.0% 1 209 98.8 % 98.8 % 98.8 % 7,518 Market Subtotal / Weighted Average 3 1,434 83.8 % 79.7 % 79.0 % 45,110 New York 60 Broad P 100.0% 1 1,047 92.6 % 92.0 % 91.8 % 63,771 Market Subtotal / Weighted Average 1 1,047 92.6 % 92.0 % 91.8 % 63,771 Orlando The Exchange on Orange P P P 100.0% 2 773 88.9 % 87.1 % 78.9 % 30,004 CNL Center I and II P P P 99.0% 2 616 90.8 % 89.5 % 87.4 % 24,209 501 West Church 100.0% 1 182 100.0 % 100.0 % 100.0 % 5,706 400 and 500 TownPark P P P 100.0% 2 310 96.9 % 96.9 % 96.6 % 11,165 Market Subtotal / Weighted Average 7 1,881 91.9 % 90.8 % 86.7 % 71,084 36
Page 37
In-Service Assets (continued) Energy Star Certification LEED Certification BOMA 360 Certification Percent Ownership Number of Buildings Rentable Square Footage Owned Percent Leased Percent Commenced Leased Percent Economic Leased (1) Annualized Lease Revenues Northern Virginia / Washington, D.C. 4250 North Fairfax P P P 100.0% 1 312 97.7 % 73.1 % 60.2 % 15,270 Arlington Gateway P P P 100.0% 1 331 67.9 % 62.7 % 60.0 % 11,165 3100 Clarendon P P P 100.0% 1 258 85.7 % 85.7 % 79.1 % 10,014 4075 Wilson Boulevard (2) P P 100.0% 1 186 82.5 % 78.2 % 78.2 % 7,019 1201 and 1225 Eye Street P P (3) 2 478 67.1 % 67.1 % 64.8 % 19,403 400 Virginia P P 100.0% 1 209 58.9 % 58.9 % 58.9 % 6,731 Market Subtotal / Weighted Average 7 1,774 76.0 % 70.2 % 65.9 % 69,602 Other Enclave Place P P P 100.0% 1 301 100.0 % 100.0 % 100.0 % 12,409 1430 Enclave P P P 100.0% 1 313 82.8 % 82.8 % 82.8 % 8,637 Market Subtotal / Weighted Average 2 614 91.2 % 91.2 % 91.2 % 21,046 In-Service Total 45 15,253 87.7 % 85.2 % 80.8 % 603,003 Out-of-Service Redevelopment Projects (4) Market Estimated Stabilization Date Current Basis (in millions) Percent Ownership Number of Buildings Rentable Square Footage Owned Percent Leased Percent Commenced Leased Percent Economic Leased (1) Annualized Lease Revenues 9320 Excelsior Minneapolis Q1 2027 44.2 100.0% 1 273 76.3 % 44.7 % 44.7 % 7,726 Meridian Minneapolis Q4 2026 91.2 100.0% 2 397 90.5 % 42.9 % 13.7 % 14,339 Out-of-Service Total 135.4 3 670 84.7 % 43.6 % 26.4 % 22,065 Total Portfolio 48 15,923 87.5 % 83.4 % 78.4 % 625,068 (1) Economic leased percentage excludes the square footage associated with executed but not commenced leases for currently vacant spaces and the square footage associated with tenants receiving rental abatements (after proportional adjustments for tenants receiving only partial rental abatements). (2) During the three months ended September 30, 2026, the Company acquired 4075 Wilson Boulevard, a Class A office building located in the Ballston submarket of Arlington, VA. (3) Piedmont owns 98.6% of 1201 Eye Street and 98.1% of 1225 Eye Street; however, it is entitled to 100% of the cash flows for each asset pursuant to the terms of each property ownership entity's joint venture agreement. (4) These projects have been placed into redevelopment and are currently excluded from our in-service portfolio metrics. During the redevelopment phase, the Company is adding or fully renovating the lobbies, common areas and other tenant amenities, transforming the projects into multi-tenant assets with a distinct focus on hospitality. Assets will be reclassified back to in-service upon the earlier of (a) one year after receiving the final certificate of occupancy for the space or (b) the asset reaching 80 percent occupied (i.e. commenced leased). 37
Page 38
Piedmont Realty TrustTM Property Investment Activity and Land Holdings As of September 30, 2026 Acquisitions Completed During Prior Year and Current Year Property Market / Submarket Acquisition Period Year Built Percent Leased (%) Square Feet (in thousands) Purchase Price (1) (in millions) 4075 Wilson Boulevard Northern VA / Ballston Q3 2026 2007 83% 186 $52.0 Dispositions Completed During Prior Year and Current Year Property Market / Submarket Disposition Period Year Built Percent Leased (%) Square Feet (in thousands) Sale Price (in millions) 80 and 90 Central Boston / Boxborough Q2 2025 1988 / 2001 94% 322 $29.5 Royal Lane (10.6 acre land parcel) Dallas / Las Colinas Q3 2026 N/A N/A N/A $12.0 Total $41.5 Dispositions Currently Under Contract (2) Property Market / Submarket Anticipated Disposition Period Year Built Percent Leased (%) Square Feet (in thousands) Sale Price (in millions) Enclave Place Houston / Energy Corridor Q4 2026 2015 100 301 $81.8 Developable Land Parcels Property Market / Submarket Adjacent Piedmont Project Acres Book Value (in millions) Gavitello Atlanta / Buckhead The Medici 2.0 $2.6 Glenridge Highlands Three Atlanta / Central Perimeter Glenridge Highlands 3.0 2.0 Galleria Atlanta Atlanta / Northwest Galleria on the Park 16.3 24.1 State Highway 161 Dallas / Las Colinas The Interlink at Las Colinas 4.5 3.3 Galleria Dallas Dallas / Lower North Tollway Galleria Office Towers 1.9 6.3 TownPark Orlando / Lake Mary 400 and 500 TownPark 18.4 9.1 Total 46.1 $47.4 (1) Purchase price is adjusted for credits received at closing. (2) Transactions are subject to customary closing conditions. 38
Page 39
Piedmont Realty TrustTM Definitions Included below are definitions of various terms used throughout this supplemental report, including definitions of certain non-GAAP financial measures and the reasons why the Company’s management believes these measures provide useful information to investors about the Company’s financial condition and results of operations. Reconciliations of any non-GAAP financial measures defined below are included beginning on page 40. Adjusted Funds From Operations ("AFFO"): The Company calculates AFFO by starting with Core FFO and adjusting for non-incremental capital expenditures and then adding back non-cash items including: non-real estate depreciation, straight-lined rents and fair value lease adjustments, non-cash components of interest expense and compensation expense, and by making similar adjustments for joint ventures, if any. AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that AFFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments. Other REITs may not define AFFO in the same manner as the Company; therefore, the Company’s computation of AFFO may not be comparable to that of other REITs. Annualized Lease Revenue ("ALR"): ALR is calculated by multiplying (i) current rental payments (defined as base rent plus operating expense reimbursements, if payable by the tenant on a monthly basis under the terms of a lease that has been executed, but excluding a) rental abatements and b) rental payments related to executed but not commenced leases for space that was covered by an existing lease), by (ii) 12. In instances in which contractual rents or operating expense reimbursements are collected on an annual, semi-annual, or quarterly basis, such amounts are multiplied by a factor of 1, 2, or 4, respectively, to calculate the annualized figure. For leases that have been executed but not commenced relating to unleased space, ALR is calculated by multiplying (i) the monthly base rental payment (excluding abatements) plus any operating expense reimbursements for the initial month of the lease term, by (ii) 12. Unless stated otherwise, this measure excludes revenues associated with development properties and properties taken out of service for redevelopment, if any. Core EBITDA: The Company calculates Core EBITDA as net income/(loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization and removing any impairment charges, gains or losses from sales of property and other significant infrequent items that create volatility within our earnings and make it difficult to determine the earnings generated by our core ongoing business. Core EBITDA is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core EBITDA is helpful to investors as a supplemental performance measure because it provides a metric for understanding the performance of the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization), as well as items that are not part of normal day-to-day operations of the Company’s business. Other REITs may not define Core EBITDA in the same manner as the Company; therefore, the Company’s computation of Core EBITDA may not be comparable to that of other REITs. Core Funds From Operations ("Core FFO"): The Company calculates Core FFO by starting with FFO, as defined by NAREIT, and adjusting for gains or losses on the extinguishment of swaps and/or debt and any significant non-recurring items. Core FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain infrequent or non-recurring items which can create significant earnings volatility, but which do not directly relate to the Company’s core business operations. As a result, the Company believes that Core FFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential. Other REITs may not define Core FFO in the same manner as the Company; therefore, the Company’s computation of Core FFO may not be comparable to that of other REITs. EBITDA: EBITDA is defined as net income/(loss) before interest, taxes, depreciation and amortization. EBITDAre: The Company calculates EBITDAre in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines EBITDAre as net income/(loss) (computed in accordance with GAAP) adjusted for gains or losses from sales of property, impairment charges, depreciation on real estate assets, amortization on real estate assets, interest expense and taxes, along with the same adjustments for joint ventures. Some of the adjustments mentioned can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. EBITDAre is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that EBITDAre is helpful to investors as a supplemental performance measure because it provides a metric for understanding the Company’s results from ongoing operations without taking into account the effects of non-cash expenses (such as depreciation and amortization) and capitalization and capital structure expenses (such as interest expense and taxes). The Company also believes that EBITDAre can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define EBITDAre in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of EBITDAre may not be comparable to that of such other REITs. Funds From Operations ("FFO"): The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as net income/(loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets, goodwill, and investment in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, along with appropriate adjustments to those reconciling items for joint ventures, if any. These adjustments can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates. FFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that FFO is helpful to investors as a supplemental performance measure because it excludes the effects of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. The Company also believes that FFO can help facilitate comparisons of operating performance between periods and with other REITs. However, other REITs may not define FFO in accordance with the NAREIT definition, or may interpret the current NAREIT definition differently than the Company; therefore, the Company’s computation of FFO may not be comparable to that of such other REITs. Incremental Capital Expenditures: Incremental Capital Expenditures are defined as capital expenditures of a non-recurring nature that incrementally enhance the underlying assets' income generating capacity. Tenant improvements, leasing commissions, building capital and deferred lease incentives ("Leasing Costs") incurred to lease space that was vacant at acquisition, Leasing Costs for spaces vacant for greater than one year, Leasing Costs for spaces at newly acquired properties for which in-place leases expire shortly after acquisition, improvements associated with the expansion of a building, renovations that change the underlying classification of a building, and deferred building maintenance capital identified at and completed shortly after acquisition are included in this measure. Non-Incremental Capital Expenditures: Non-Incremental Capital Expenditures are defined as capital expenditures of a recurring nature related to tenant improvements and leasing commissions that do not incrementally enhance the underlying assets' income generating capacity. We exclude first generation tenant improvements and leasing commissions from this measure, in addition to other capital expenditures that qualify as Incremental Capital Expenditures, as defined above. Property Net Operating Income ("Property NOI"): The Company calculates Property NOI by starting with Core EBITDA and adjusting for general and administrative expense, income associated with property management performed by Piedmont for other organizations and other income or expense items for the Company, such as interest income from loan investments or costs from the pursuit of non-consummated transactions. The Company may present this measure on an accrual basis or a cash basis. When presented on a cash basis, the effects of non-cash general reserve for uncollectible accounts, straight-lined rents and fair value lease revenue are also eliminated. Property NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Property NOI is helpful to investors as a supplemental comparative performance measure of income generated by its properties alone without the administrative overhead of the Company. Other REITs may not define Property NOI in the same manner as the Company; therefore, the Company’s computation of Property NOI may not be comparable to that of other REITs. Same Store Net Operating Income ("Same Store NOI"): The Company calculates Same Store NOI as Property NOI attributable to the properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store NOI also excludes amounts attributable to land assets. The Company may present this measure on an accrual basis or a cash basis. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company’s operating performance. The Company believes that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other REITs may not define Same Store NOI in the same manner as the Company; therefore, the Company’s computation of Same Store NOI may not be comparable to that of other REITs. Same Store Properties: Same Store Properties is defined as those properties for which the following criteria were met during the entire span of the current and prior year reporting periods: (i) they were owned, (ii) they were not under development / redevelopment, and (iii) none of the operating expenses for which were capitalized. Same Store Properties excludes land assets. Total Gross Assets: Total Gross Assets is defined as total assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets and accumulated amortization related to deferred lease costs. Total Gross Real Estate Assets: Total Gross Real Estate Assets is defined as total real estate assets with the add-back of accumulated depreciation and accumulated amortization related to real estate assets. 39
Page 40
Piedmont Realty TrustTM Non-GAAP Reconciliation: GAAP Net Income / (Loss) to FFO, Core FFO, and AFFO Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 GAAP net loss applicable to Piedmont $ (21,022) $ (11,101) $ (12,920) $ (43,246) $ (13,462) $ (45,043) $ (40,374) Depreciation 45,763 44,477 43,675 42,497 41,759 133,915 122,538 Amortization 14,045 14,487 15,263 15,166 15,188 43,795 45,379 Gain on sale of real estate assets (8,878) — — — — (8,878) (2,013) NAREIT Funds From Operations applicable to common stock 29,908 47,863 46,018 14,417 43,485 123,789 125,530 Adjustments: Loss on early extinguishment of debt 20,236 — — 29,788 — 20,236 8,000 Core Funds From Operations applicable to common stock 50,144 47,863 46,018 44,205 43,485 144,025 133,530 Adjustments: Amortization of debt issuance costs and discounts on debt 1,603 1,627 1,648 1,598 1,561 4,878 4,591 Depreciation of non real estate assets 360 349 351 365 368 1,060 1,106 Straight-line effects of lease revenue (7,649) (5,351) (4,382) (4,305) (6,251) (17,382) (24,887) Stock-based compensation adjustments 2,478 2,396 (739) 2,437 2,503 4,135 4,954 Amortization of lease-related intangibles (1,496) (1,660) (1,940) (1,959) (1,959) (5,096) (5,978) Non-incremental capital expenditures Base Building Costs (2,876) (3,369) (6,569) (3,695) (3,203) (12,815) (18,768) Tenant Improvement Costs (8,540) (7,342) (7,840) (11,887) (5,575) (23,722) (14,013) Leasing Commission Costs (4,085) (3,523) (2,705) (8,050) (4,425) (10,312) (14,301) Adjusted Funds From Operations applicable to common stock $ 29,939 $ 30,990 $ 23,842 $ 18,709 $ 26,504 $ 84,771 $ 66,234 40
Page 41
Piedmont Realty TrustTM Non-GAAP Reconciliation: GAAP Net Income/(Loss) to Core EBITDA and Same Store Net Operating Income (Cash Basis) Unaudited (in thousands) Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 GAAP net loss applicable to Piedmont $ (21,022) $ (11,101) $ (12,920) $ (43,246) $ (13,462) $ (45,043) $ (40,374) Net (loss) income applicable to noncontrolling interest (2) 4 5 6 5 7 13 Interest expense 32,026 31,874 31,929 32,406 31,968 95,829 95,599 Depreciation 46,123 44,825 44,027 42,862 42,127 134,975 123,666 Amortization 14,045 14,487 15,263 15,166 15,188 43,795 45,395 Gain on sale of real estate assets (8,878) — — — — (8,878) (2,013) EBITDAre 62,292 80,089 78,304 47,194 75,826 220,685 222,286 Loss on early extinguishment of debt 20,236 — — 29,788 — 20,236 8,000 Core EBITDA 82,528 80,089 78,304 76,982 75,826 240,921 230,286 General and administrative expense 9,057 8,237 7,909 7,457 7,607 25,203 23,130 Management fee revenue (167) (108) (158) (71) (114) (433) (254) Other income (270) (81) (118) 62 (52) (468) (364) Straight-line effects of lease revenue (7,649) (5,351) (4,382) (4,305) (6,251) (17,382) (24,891) Amortization of lease-related intangibles (1,496) (1,660) (1,940) (1,960) (1,959) (5,096) (5,978) Property net operating income (cash basis) 82,003 81,126 79,615 78,165 75,057 242,745 221,929 Deduct net operating (income) loss from: Acquisitions (200) — — — — (200) — Dispositions (72) 21 65 (2) 74 14 (1,554) Other investments (1,022) (1,138) 307 (1,488) (62) (1,855) 149 Same store net operating income (cash basis) $ 80,709 $ 80,009 $ 79,987 $ 76,675 $ 75,069 $ 240,704 $ 220,524 41