Piedmont Realty Trust, Inc. PDM

Real EstateResidential & Commercial REITsUnited States of America

Last close 9.60 USD on Nov 1, 2026, +15.1% year to date

Quant rating

Quant rating A Rank 22 of 175 in Real Estate

Growth B 53 of 175
Valuation C 101 of 175
Quality C 117 of 175
Revisions A 2 of 175
Momentum B 27 of 175

Wall Street consensus Buy (2.50)Average target 10.67 USD +11.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 3.5B
52-week range: 6.32 – 10.12
3-year range: 5.37 – 11.07
Dividend yield: 0.00%
Beta (5 years): 1.41
Shares outstanding: 124M
Next earnings: Feb 12, 2027

About the company

Its Dallas portfolio includes 6565 MacArthur, Galleria Towers, Las Colinas Connection, Park Place on Turtle Creek, and The Interlink at Las Colinas. Its Orlando portfolio includes The Exchange on Orange, CNL Center I and II, 400 & 500 TownPark and 501 West Church. Its Northern Virginia/Washington, D.C. portfolio includes 3100 Clarendon, 4250 North Fairfax, Arlington Gateway, 400 Virginia and 1201 & 1225 Eye Street. Its Boston portfolio includes 5 Wall, 25 Mall and Wayside Office Park.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	565	570	578	564	529	–
Revenue growth	−0.9%	−1.3%	2.5%	6.6%	−1.2%	1.1%
EPS (basic, normalized)	−0.67	−0.59	−0.39	1.19	0.32	–
EPS growth	–	–	–	271.9%	–	–
Gross margin	59.7%	58.9%	59.3%	59.9%	60.1%	59.6%
Net margin	−14.8%	−13.9%	−8.4%	26.0%	−0.2%	−2.2%
ROE	−5.4%	−4.8%	−2.7%	8.1%	−0.1%	−1.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	3.9
Current ratio	–
Long-term debt (mil)	2,341
Net debt (mil)	2,338
Total equity (mil)	1,447
Net debt / equity	1.62x
Net debt / EBITDA	7.61x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	565	−0.9%	6.2x	307	+6.7%	11.5x	−0.67	−13.6%	−14.3x
2026	586	+3.7%	6.0x	312	+1.6%	11.3x	−0.23	+64.9%	−40.9x
2027	594	+1.3%	5.9x	324	+3.8%	10.9x	−0.03	+89.4%	−384.0x
2028	617	+3.9%	5.7x	336	+3.6%	10.5x	0.14	+640.0%	71.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	586	+0.5%	+0.6%	+0.5%	−0.23	0.0%	−9.3%	−291.7%
2027	594	−1.4%	−0.6%	+0.5%	−0.03	+66.7%	+72.2%	−125.0%
2028	617	−0.9%	+0.4%	+0.9%	0.14	+28.6%	+125.0%	−53.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	145	143	139	143	143	140	139	143	143	144
Sales mean (mil)	143	141	144	142	141	142	139	139	144	144
Surprise	+0.9%	+1.4%	−3.1%	+0.9%	+1.0%	−1.2%	0.0%	+2.5%	−0.3%	+0.2%
EPS reported	−0.22	−0.08	−0.09	−0.20	−0.08	−0.14	−0.11	−0.35	−0.10	−0.09
EPS mean	−0.09	−0.05	−0.05	−0.03	−0.07	−0.05	−0.05	−0.05	−0.03	−0.06
Surprise	−144.4%	−60.0%	−80.0%	−566.7%	−14.3%	−180.0%	−120.0%	−600.0%	−233.3%	−50.0%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PDM Piedmont Realty Trust, Inc.	1.2B	7.61x	−14.8%	0.82x	−40.9x	−384.0x	11.3x	10.9x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
ESS Essex Property Trust, Inc.	17.0B	4.95x	35.5%	3.21x	46.6x	42.1x	18.6x	17.7x
MAA Mid-America Apartment Communities Inc	13.6B	4.80x	20.1%	2.56x	31.3x	37.5x	15.6x	15.4x
UDR UDR, Inc.	11.4B	6.43x	21.8%	3.88x	34.4x	64.6x	17.3x	17.4x
Mean		5.60x	22.7%	2.48x	24.9x	−27.8x	17.7x	15.9x
Median		5.10x	28.6%	2.39x	32.8x	38.2x	18.0x	16.4x

Technical analysis

1M+5.5%
3M−0.2%
1Y+11.6%
3Y+109.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Piedmont Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	565	570	578	564	529	535
Cost of revenue	228	234	235	226	211	215
Gross profit	337	336	343	338	318	320
Selling, general & administrative expenses	30.6	30.6	29.2	29.1	30.3	27.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	227	227	236	225	207	204
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	37.8	39.0	30.3	26.0	41.0	9.3
Other operating expenses	0	0	0	0	0	0
Operating income	41.7	40.0	47.0	58.0	39.9	79.4
Net interest income (expense)	−128	−123	−101	−65.7	−51.3	−55.0
Gain (loss) on sale of assets	2.0	−0.4	1.9	152	0	206
Other non-operating income (expense)	0.7	4.3	3.9	2.7	10.2	2.6
Net income before taxes	−83.6	−79.1	−48.4	147	−1.2	233
Provision for taxes	–	–	–	–	–	–
Minority interest	0	0	0	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−83.6	−79.1	−48.4	147	−1.2	233
Extraordinary items	–	–	–	–	–	–
Net income	−83.6	−79.1	−48.4	147	−1.2	233
EBIT, normalized	79.4	79.1	77.3	84.0	80.9	88.8
EBITDA, normalized	307	306	313	309	288	293
Basic EPS, normalized	−0.67	−0.59	−0.39	1.19	0.32	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Piedmont Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	0.7	110	0.8	16.5	7.4	7.3
Receivables	220	199	192	177	166	160
Total inventory	–	0	–	0	63.9	0
Prepaid expenses	20.9	25.8	28.5	17.2	20.5	23.3
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	3,377	3,401	3,430	3,386	3,087	2,965
Goodwill	53.5	53.5	53.5	82.9	98.9	98.9
Intangibles	44.4	60.5	82.6	114	94.4	90.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	0	118	118
Other long-term assets	556	600	491	502	532	466
Total assets	4,031	4,115	4,057	4,086	3,931	3,740
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	173	149	132	110	114	112
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,225	2,222	2,055	1,984	1,878	1,622
Minority interest	1.5	1.5	1.6	1.6	1.6	1.7
Other liabilities	310	304	280	253	265	220
Total liabilities	2,536	2,528	2,336	2,238	2,145	1,844
Shareholders' equity
Preferred stock	–	–	–	–	0	0
Common stock	1.2	1.2	1.2	1.2	1.2	1.2
Additional paid-in capital	3,730	3,724	3,717	3,711	3,702	3,694
Retained earnings (accumulated deficit)	−2,227	−2,128	−1,987	−1,856	−1,899	−1,775
Treasury stock	–	–	–	–	–	–
Other equity	−9.0	−10.1	−9.4	−8.7	−18.2	−24.1
Total equity	1,495	1,587	1,721	1,848	1,786	1,896
Total liabilities & shareholders' equity	4,031	4,115	4,057	4,086	3,931	3,740

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Piedmont Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−83.6	−79.1	−48.4	147	−1.2	233
Depreciation, depletion & amortization	224	221	227	215	199	195
Deferred taxes	–	–	–	–	–	–
Non-cash items	53.6	51.0	40.7	−116	54.7	−189
Changes in working capital	−53.5	5.2	−9.1	−31.0	−10.6	−45.5
Cash from operations	141	198	210	215	242	193
Investing activities
Capital expenditures	−157	−212	−158	−392	−349	−530
Other investing cash flows	−18.1	25.5	−37.8	391	−20.3	332
Cash from investing	−175	−187	−196	−1.2	−369	−198
Financing activities
Financing cash flow items	−40.1	−4.3	−4.1	−5.3	−4.2	−4.6
Cash dividends paid	−30.9	−61.9	−93.1	−104	−104	−106
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−4.3	164	67.7	−93.6	234	109
Cash from financing	−75.3	98.2	−29.5	−203	126	−1.6
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−110	110	−15.4	10.7	−0.4	−6.2
Free cash flow	−16.7	−14.0	51.9	−177	−106	−336

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.