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Owns and leases Class A office buildings concentrated in Sun Belt metro areas of the US.
Owns and leases Class A office buildings concentrated in Sun Belt metro areas of the US.
Collects rent under multi-year office leases but must spend heavily on tenant improvements and leasing commissions each time a lease renews or a new tenant signs, so occupancy and those costs matter as much as rent levels. Has sold older or non-core buildings to concentrate on Sun Belt cities such as Atlanta and Dallas.
Moat: none. Office oversupply and remote work have eroded landlord pricing power broadly.
Headquarters: Atlanta, Georgia, US · Founded: 1998 · Employees: 140
Size Piedmont Realty Trust (PDM) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $1.23B, the 2122nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.97 on 6 Nov 2026.
Performance Over six months the shares gained 17.6%, against -12.1% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 2.9% over the last twelve months (peer median +4.8%); the operating margin is 13.8% (peer median 38.9%).
Valuation It trades at 0.85× book value against a peer median of 1.04× (8th cheapest of 21).
Price implies The share price implies a return on equity of about 10.5%; Piedmont Realty Trust delivers -5.9%, so the price asks more than the business earns today.
Credit Piedmont Realty Trust has 4 bonds outstanding ($1.40B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 140 bp.
Short interest Short interest is 7.8% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $582M | $528M | $522M | $509M | $490M |
| Revenue growth | — | +1% | +2% | +4% | — |
| Gross profit | $113M | $110M | $110M | $106M | $113M |
| EBITDA | $317M | $269M | $252M | $245M | $234M |
| Net income | -$88.3M | -$83.6M | -$79.1M | -$48.4M | $147M |
| Free cash flow | -$26.1M | -$16.7M | -$14.0M | $51.9M | $93.9M |
| Capital expenditure | $218M | $157M | $212M | $158M | $392M |
| Total debt | $2.34B | $2.25B | $2.26B | $2.10B | $2.04B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Piedmont Realty Trust PDM | $1.23B | +18% | +3% | -6% | 0.85× | 10.5% |
| Kilroy Realty KRC | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% |
| BXP BXP | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% |
| Cousins Properties CUZ | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% |
| Highwoods Properties HIW | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PDM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.8% | -0.8% | highest of 21 |
| 6-month return | +17.6% | -12.1% | highest of 21 |
| Return on equity | -5.9% | 5.9% | lowest of 20 |
| Price / book | 0.85× | 1.04× | 8th cheapest of 21 |
| ROE the price implies | 10.5% | 5.3% | 5th most demanding of 21 |
| ROE delivered | -5.9% | 5.9% | lowest of 20 |
| Bond spread | 140 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Piedmont Realty Trust PDM | United States | $1.23B | +18% | +3% | -6% | 0.85× | 10.5% | -5.9% |
| Hulic Reit 3295.T | Japan | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% | 5.9% |
| Mitsui Fudosan Retail Fund Investment 8964.T | Japan | $1.23B | -16% | -6% | 7% | 1.10× | 4.6% | 6.8% |
| Daiwa Securities Living Investment 8986.T | Japan | $1.22B | -25% | +42% | 7% | 1.02× | 5.4% | 7.1% |
| Fortune Real Estate Investment Trust 0778.HK | Hong Kong | $1.19B | -11% | -9% | 0% | 0.37× | 4.5% | -0.3% |
| UMH Properties UMH | United States | $1.28B | -6% | +9% | 3% | 2.37× | 18.9% | 2.8% |
| Centuria Industrial REIT CIP.AX | Australia | $1.28B | +1% | +6% | 6% | 0.74× | 9.5% | 6.4% |
| Alexander's ALX | United States | $1.29B | +3% | +8% | 107% | 5.67× | 34.9% | 107.4% |
| American Assets Trust AAT | United States | $1.32B | +2% | -8% | 2% | 1.19× | 11.1% | 1.9% |
| Esr-reit 9A4U.SI | Singapore | $1.33B | -14% | +5% | 1% | 0.84× | 5.5% | 0.8% |
| Ladder Capital LADR | United States | $1.12B | -13% | +2% | 7% | 0.77× | 8.3% | 6.7% |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 6% | 1.27× | 5.1% | 6.3% |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 5% | 0.89× | 4.1% | 5.3% |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% | 5.9% |
| National Healthcare Properties NHP | United States | $1.11B | +8% | -1% | -5% | 1.05× | 16.3% | -5.3% |
| TOKYU REIT 8957.T | Japan | $1.10B | -6% | +10% | 9% | 1.37× | 5.2% | 8.6% |
| Growthpoint Properties Australia GOZ.AX | Australia | $1.09B | -2% | 0% | 4% | 0.69× | 8.7% | 3.9% |
| Medical Properties Trust MPT | United States | $1.08B | -65% | +11% | 5% | 0.23× | 5.2% | 5.3% |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 1.51× | 4.4% | n/a |
| Easterly Government Properties DEA | United States | $1.06B | -4% | +11% | 1% | 0.82× | 8.6% | 1.0% |
| NTT UD REIT Investment 8956.T | Japan | $1.06B | -16% | +14% | 6% | 1.15× | 4.8% | 6.1% |
Piedmont Realty Trust has 4 bonds outstanding with $1.40B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.02%, a spread of 140 bp over government bonds.