• Leasing of Office Properties: Providing commercial office space for lease to corporate tenants across key U.S. submarkets.
• Property Management: Offering comprehensive management services for its owned office buildings, including maintenance, operations, and tenant relations.

Piedmont Realty Trust (symbol: PDM), also known as Piedmont Office Realty Trust, Inc., is a Real Estate Investment Trust (REIT) that owns, manages, develops, and operates primarily Class A office properties. As such, it sells its services (leasing office space) primarily to other companies.

Based on the company's financial disclosures (e.g., 10-K filings), Piedmont Office Realty Trust has a diversified tenant base. No single tenant accounts for a major portion of its annualized contractual rent (typically stated as no more than 3% or a similar low percentage). Therefore, the company does not have a few specific "major customers" that can be individually named and listed with symbols. Its customer base consists of a broad range of businesses across various industries that require office space.

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C. Brent Smith, President, Chief Executive Officer & Director

Brent Smith has served as President and Chief Executive Officer of Piedmont Realty Trust since July 2019. Prior to this role, he was the company's Chief Investment Officer for four years and also served as Executive Vice President of Piedmont's Northeast Region, overseeing leasing, asset management, acquisitions, dispositions, and development. Mr. Smith joined Piedmont in 2012 as Senior Vice President, Strategic Investments. Before joining Piedmont, he was an Executive Director with Morgan Stanley in the Real Estate Investment Banking division, where he advised a diverse range of public and private real estate clients on over $80 billion in transactions and financings. He possesses approximately 20 years of real estate transaction experience across North America and Asia and maintains an extensive network of private and public pension equity investors and top-tier investment bankers.

Sherry L. Rexroad, Chief Financial Officer (effective November 8, 2024)

Sherry Rexroad will assume the role of Chief Financial Officer on November 8, 2024. She brings approximately 30 years of experience in REITs, real estate, finance, and capital markets. Most recently, Ms. Rexroad served as the Chief Financial Officer of STORE Capital, a publicly traded net-lease REIT. Her background also includes a decade at BlackRock Global Real Asset Securities, where she held positions as Global Head of Business Development, Co-Global Chief Investment Officer, and Chair of the Investment Committee. Ms. Rexroad currently serves on the board of directors for Apartment Investment and Management Company (Aimco).

George M. Wells, Executive Vice President & Chief Operating Officer

George M. Wells has served as Executive Vice President and Chief Operating Officer since 2021. His responsibilities include leading the company's asset and property management divisions and providing oversight to the construction management team for developments, re-developments, and tenant build-outs. Prior to this role, he was Executive Vice President — Real Estate Operations since 2019 and Executive Vice President of the Southeast Region for approximately four years. Mr. Wells has over 30 years of commercial real estate experience, with nearly two decades at Piedmont and its former advisor. His previous tenures include positions with Lend Lease Real Estate Investments and Equitable Real Estate. He is also a member of NAIOP.

Laura P. Moon, Senior Vice President and Chief Accounting Officer

Laura P. Moon holds the position of Senior Vice President and Chief Accounting Officer at Piedmont Realty Trust. She has been identified in SEC filings as Chief Accounting Officer since at least 2011, indicating a long tenure with the company.

The clear emerging threat for Piedmont Realty Trust (PDM) is the significant and potentially permanent reduction in demand for traditional office space driven by the widespread adoption of remote and hybrid work models.

Piedmont Realty Trust (symbol: PDM) is a real estate investment company primarily focused on owning, managing, developing, and operating Class A office properties. The company operates mainly in major U.S. Sunbelt markets.

The addressable market for Piedmont Realty Trust's main services is the U.S. office market. In 2024, the sales volume for office buildings in the U.S. totaled $63.6 billion. As of August 2025, the U.S. office market transaction volume reached $33 billion.

Piedmont Realty Trust (PDM) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strong Leasing Momentum and High Occupancy: Piedmont has demonstrated robust leasing activity, including record quarterly volumes for new tenant leases. The company has a stated goal of achieving an 89-90% leased percentage for its in-service portfolio by year-end, which, combined with continued new lease activity, is a primary driver of revenue. For example, the company completed 2.4 million square feet of total leasing in 2024, the most since 2015, and leased over 700,000 square feet in Q3 2025, a quarterly volume not seen in over a decade.
2. Rental Rate Growth on New and Renewed Leases: Piedmont is achieving significant rental rate increases, both on a cash and accrual basis, for new leases and renewals. For instance, rental rates on leases executed in Q3 2025 for space vacant less than a year increased approximately 8.6% and 20.2% on a cash and accrual basis, respectively. The company has seen its strongest rental rate growth in the past five years on an accrual basis, and over a decade on a cash basis.
3. Commencement of Previously Executed Leases: A significant portion of Piedmont's anticipated revenue growth is back-end loaded, stemming from a substantial backlog of executed leases that are yet to commence and will start contributing cash rent in 2026. The backlog of uncommenced leases has reached almost $40 million on an annualized basis, with substantially all of these leases expected to commence by the end of 2026, projected to fuel mid-single-digit future earnings growth.
4. Strategic Portfolio Repositioning and Focus on High-Quality Sunbelt Properties: The company's strategy of focusing on and upgrading high-quality, Class A office properties, primarily in major U.S. Sunbelt markets, is attracting tenants, benefiting from a "flight to quality" trend in office demand. This strategic positioning and ongoing property improvements lead to increased interest and higher rental rates, particularly in redeveloped properties like Galleria on the Park in Atlanta.