Piedmont Realty Trust (PDM) Stock Overview
Piedmont Realty Trust Inc. is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment. More details
| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 3/6 |
| Past Performance | 0/6 |
| Financial Health | 0/6 |
| Dividends | 0/6 |
PDM Community Fair Values
Create NarrativeSee what 7 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Piedmont Realty Trust, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$9.04 |
| 52 Week High | US$9.44 |
| 52 Week Low | US$6.32 |
| Beta | 1.37 |
| 1 Month Change | 10.24% |
| 3 Month Change | 37.60% |
| 1 Year Change | 23.16% |
| 3 Year Change | 22.33% |
| 5 Year Change | -51.00% |
| Change since IPO | -42.05% |
Recent News & Updates
Narrative Update • Jun 22
PDM: Updated Fair Value Assumptions Will Shape Bullish Outlook
The analyst price target for Piedmont Realty Trust has been adjusted from $9.67 to $10.00 as analysts update their models to reflect refreshed fair value estimates, modest tweaks to discount rate and revenue growth assumptions, and changes in projected profit margins and future P/E levels. What’s in the News for Piedmont Realty Trust Analysts revised the Piedmont Realty Trust price target to $10.00 as part of a broader update to valuation models.Narrative Update • Jun 07
PDM: Leasing Momentum And 2028 Debt Maturity Profile Will Shape Outlook
Analysts have trimmed their price target on Piedmont Realty Trust stock to $10 from $11. They point to updated models that factor in expectations that FFO and cash flow may find a low point around 2025, the large gap between leased and rent-paying occupancy, and the absence of debt maturities until 2028.Narrative Update • May 08
PDM: Leased Occupancy Conversion And 2028 Debt Profile Will Drive Upside
Analysts have reduced their price target on Piedmont Realty Trust by $1 to $10, citing updated models that incorporate current FFO and cash flow expectations, the gap between leased and rent-paying occupancy, and the absence of debt maturities until 2028. Analyst Commentary Analysts are revisiting their assumptions on Piedmont Realty Trust, updating models to reflect current FFO trends, cash flow expectations, and the timing of lease commencements relative to rent-paying occupancy.Seeking Alpha • May 06
Piedmont Realty Trust: The Dividend Probably Will Be Back Next Year
Summary Piedmont Realty Trust offers compelling value for contrarian, risk-tolerant investors seeking multi-year upside in A-tier office REITs. PDM raised its 2026 core FFO outlook, underpinned by strong leasing volumes and anticipated portfolio stabilization near 90% occupancy. Future cash rental income is set to rise meaningfully, with $68 million in additional annual rents from executed leases yet to commence or under abatement. Management is prioritizing long-term repositioning over short-term market appeasement, with a likely dividend reinstatement targeted for 2027 as capital needs decline. Read the full article on Seeking AlphaRecent updates
Narrative Update • Jun 22
PDM: Updated Fair Value Assumptions Will Shape Bullish Outlook
The analyst price target for Piedmont Realty Trust has been adjusted from $9.67 to $10.00 as analysts update their models to reflect refreshed fair value estimates, modest tweaks to discount rate and revenue growth assumptions, and changes in projected profit margins and future P/E levels. What’s in the News for Piedmont Realty Trust Analysts revised the Piedmont Realty Trust price target to $10.00 as part of a broader update to valuation models.Narrative Update • Jun 07
PDM: Leasing Momentum And 2028 Debt Maturity Profile Will Shape Outlook
Analysts have trimmed their price target on Piedmont Realty Trust stock to $10 from $11. They point to updated models that factor in expectations that FFO and cash flow may find a low point around 2025, the large gap between leased and rent-paying occupancy, and the absence of debt maturities until 2028.Narrative Update • May 08
PDM: Leased Occupancy Conversion And 2028 Debt Profile Will Drive Upside
Analysts have reduced their price target on Piedmont Realty Trust by $1 to $10, citing updated models that incorporate current FFO and cash flow expectations, the gap between leased and rent-paying occupancy, and the absence of debt maturities until 2028. Analyst Commentary Analysts are revisiting their assumptions on Piedmont Realty Trust, updating models to reflect current FFO trends, cash flow expectations, and the timing of lease commencements relative to rent-paying occupancy.Seeking Alpha • May 06
Piedmont Realty Trust: The Dividend Probably Will Be Back Next Year
Summary Piedmont Realty Trust offers compelling value for contrarian, risk-tolerant investors seeking multi-year upside in A-tier office REITs. PDM raised its 2026 core FFO outlook, underpinned by strong leasing volumes and anticipated portfolio stabilization near 90% occupancy. Future cash rental income is set to rise meaningfully, with $68 million in additional annual rents from executed leases yet to commence or under abatement. Management is prioritizing long-term repositioning over short-term market appeasement, with a likely dividend reinstatement targeted for 2027 as capital needs decline. Read the full article on Seeking AlphaNarrative Update • Apr 20
PDM: Leased Occupancy Conversion And 2028 Maturities Will Support Upside
Analysts have trimmed their price target on Piedmont Realty Trust by $1 to $10, citing updated models that reflect expectations for FFO and cash flow to bottom in 2025, the company’s sizable gap between leased and rent-paying occupancy, and no debt maturities until 2028. Analyst Commentary Recent research points to a mixed setup for Piedmont Realty Trust, with some elements supporting the current valuation and others keeping expectations in check.Narrative Update • Apr 06
PDM: Leased Occupancy Conversion And 2028 Debt Profile Will Drive Upside
Analysts have trimmed their price target on Piedmont Realty Trust by $1 to $10, citing updated models that factor in expectations that FFO and cash flow may find a low point in 2025, and noting that the company has a sizable gap between leased and rent-paying occupancy along with no debt maturities until 2028. Analyst Commentary Recent research points to a mix of optimism and caution around Piedmont Realty Trust, centered on how quickly earnings and cash flows can stabilize and how effectively the company can translate its leasing profile into rent-paying occupancy.Narrative Update • Mar 23
PDM: Leased Occupancy Ramp And 2028 Debt Profile Will Support Upside
Analysts have trimmed their price target on Piedmont Realty Trust to about $10 from roughly $11, reflecting updated models that factor in a slightly higher discount rate, modest tweaks to fair value and growth assumptions, and the view that FFO and cash flow may stabilize after 2025, supported by a meaningful leased versus rent-paying occupancy gap and no debt maturities until 2028. Analyst Commentary Recent Street research offers a mix of optimism and caution around Piedmont Realty Trust, centered on valuation reset, cash flow trends, and the timing of occupancy converting into rent.Narrative Update • Mar 08
PDM: Higher Assumed Future P/E Multiple Will Support Prospective Upside
Analysts have adjusted their price target on Piedmont Realty Trust to reflect updated assumptions around discount rates, profit margins, and future P/E. This has led to a revised fair value estimate of $10.00, which is in line with the prior $10 level but reflects a slightly different risk and profitability profile.Narrative Update • Feb 22
PDM: Higher Future P/E Multiple Will Support Prospective Share Price Upside
Analysts have adjusted their price target on Piedmont Realty Trust to $10.00 from $10, citing updated views on discount rates, revenue growth assumptions, profit margin expectations, and a higher future P/E outlook. Valuation Changes Fair Value: Reaffirmed at $10.0, with no change from the prior estimate.Narrative Update • Feb 05
PDM: Updated Fair Value And P/E Expectations Will Support Future Upside
Analysts have raised their price target on Piedmont Realty Trust to US$10.00 from US$9.67, citing updated assumptions around fair value, discount rate, profit margin and future P/E expectations. Valuation Changes Fair Value: Updated slightly from US$9.67 to US$10.00 per share.Narrative Update • Jan 20
PDM: Refined Forecast Assumptions Will Support Attractive Future Upside Potential
Analysts have nudged their price target on Piedmont Realty Trust higher to align more closely with a fair value estimate of US$9.67. They cited small refinements to discount rate, revenue growth, profit margin and future P/E assumptions as the key drivers of the adjustment.Narrative Update • Jan 05
PDM: Steady Assumptions And Undervalued Fair Value Will Support Future Upside
Analysts have slightly adjusted their price target on Piedmont Realty Trust, keeping the fair value estimate broadly steady at about US$9.67 while fine tuning assumptions around the discount rate, revenue growth, profit margins, and future P/E to reflect updated risk and earnings expectations. Valuation Changes Fair Value: The fair value estimate remains at about US$9.67 per share, indicating no material shift in the overall valuation outcome.Narrative Update • Dec 16
PDM: Slightly Lower Discount Rate Will Support Future Upside Potential
Narrative Update on Piedmont Realty Trust Analysts have modestly raised their price target on Piedmont Realty Trust by approximately $0.10 per share, reflecting slightly improved profit margin expectations and a marginally lower discount rate, while keeping overall growth assumptions largely unchanged. Valuation Changes Fair Value Estimate: Unchanged at $9.67 per share, indicating no revision to the intrinsic value assessment.Narrative Update • Dec 02
PDM: Leasing Improvements And Lower Discount Rate Will Support Fair Value
Analysts have modestly raised their price target for Piedmont Realty Trust from $9.33 to $9.67 per share. They cite slight improvements in profit margin estimates and a lower projected discount rate as reasons for the adjustment.Narrative Update • Nov 18
PDM: Leasing Momentum And Lower Discount Rate Will Drive Value Ahead
Narrative Update on Piedmont Realty Trust Analysts have raised their price target for Piedmont Realty Trust from $8.67 to $9.33. They cite improved revenue growth projections and a lower discount rate as factors that enhance the company's valuation outlook.
New Narrative • Mar 24
Sunbelt Office Leasing And Upgrades Will Drive Success
Strategic asset acquisitions and upgrades in prime locations are expected to drive increased leasing activity and revenue growth.Seeking Alpha • Feb 17
Piedmont Office Realty Trust: A Bargain Opportunity Before The Market Catches On
Summary Piedmont Office Realty Trust is experiencing earnings headwinds when looking at the surface. Positive market dynamics, including a flight to quality and shrinking supply pipelines, are benefiting office REITs like Piedmont and de-risking investments. Going into 2025 and beyond, I will show you that this is the time to buy into the stock. I won't be surprised to see shares double in the coming 12–24 months. Read the full article on Seeking AlphaSeeking Alpha • Dec 06
Piedmont Office Realty Trust: Christmas Comes Early This Year (Strong Buy)
Summary Piedmont Office Realty Trust focuses on high-quality office properties, particularly in the Sun Belt region, showing strong financial performance and asset repositioning success. The Sun Belt region's demographic growth supports Piedmont's strategic focus, with significant population increases driving demand for premium office spaces. Piedmont's financial health is robust, with climbing occupancy rates, conservative leverage, and well-covered dividends, indicating resilience and potential for future growth. Despite strong financials and portfolio attractiveness, Piedmont appears undervalued compared to peers, presenting a potential investment opportunity given its strategic market positioning and rising rental income. A potential dividend hike and P/FFO multiple expansion are a real possibility, resulting from top-line growth as well as debt-related future cost savings. Read the full article on Seeking AlphaSeeking Alpha • Sep 05
Piedmont Office: Core FFO Will Likely Trough In 2024 (Rating Upgrade)
Summary Piedmont Office Realty Trust is an office REIT focused on the Sunbelt region, with the largest markets being Atlanta, Dallas, and Orlando. The REIT has significantly outperformed the Vanguard Real Estate Index Fund ETF in 2024, delivering a ~41% total return. Q2 2024 results were robust, but elevated interest rates prompted a downgrade in the full-year Core FFO expectations. I expect Core FFO to return to growth in 2025. The company is attractively valued in terms of Core FFO multiple and market-implied cap rate. A debt-heavy capital structure will benefit from Fed rate cuts. Key risks to consider are whether the REIT manages to keep delivering robust net operating income and occupancy growth, as well as the pace of Fed rate cuts. Read the full article on Seeking AlphaSeeking Alpha • Apr 19
Piedmont Office Realty Trust: Attractive Valuation But Risks Remain
Summary Piedmont Office Realty Trust manages 51 office properties with a focus on the Sunbelt region, primarily in Atlanta and Dallas. The company's occupancy rate increased to 87.1% in 2023, up 0.4% Y/Y, but remains below the pre-pandemic 91.2% in 2019. Core FFO dropped 13% in 2023 to $1.74/share with a further 13% decrease expected for 2024, with high interest rates offsetting robust rent growth. Debt accounts for 72% of enterprise value and represents a key risk for the company, along with mediocre occupancy. Continuation of occupancy and rent growth, together with a 7.3% market cap rate, form the goldilocks scenario for common shareholders. Read the full article on Seeking AlphaSeeking Alpha • Jan 22
Piedmont Office: Steep Discount To Book And A Covered 7% Dividend Yield
Summary Piedmont Office broke with stability when it reduced its quarterly dividend distribution but now offers a 7% dividend yield that was 256% covered by AFFO from its most recent quarter. The office REIT is currently trading at a 50% discount to book value per share. Leasing continues to be strong despite work-from-home headwinds with a focus on Class A office properties forming a tailwind for the REIT. Read the full article on Seeking AlphaSeeking Alpha • Nov 05
Piedmont Office: Most Risks Addressed Following Renewal Of Largest Tenant
Summary Office REIT, Piedmont Office Realty Trust, is outperforming over the past month, up nearly 20%. The positive performance follows a strong quarterly showing, one that included positive updates on their single largest tenant. The renewal update for U.S. Bancorp clears the air of the last major risk factor behind debt refinancing and the dividend payout, both of which were addressed previously. I continue to maintain a strongly bullish view on PDM stock and continue to believe shares have further room to grow. Read the full article on Seeking AlphaSeeking Alpha • Oct 03
Piedmont Office: Calamitous Drops Don't Scare Us Out Of The Game
Summary Piedmont Office Realty Trust is an undervalued office REIT with a yield of more than 9% and trading at less than $6/share. Despite a dividend cut and reduced outlook, the company is still considered a speculative "buy" due to potential market-beating upside. The company is in transition and shifting its business to focus on Sunbelt markets, which presents both risks and opportunities. Read the full article on Seeking AlphaShareholder Returns
| PDM | US Office REITs | US Market | |
|---|---|---|---|
| 7D | -1.8% | -1.1% | -2.3% |
| 1Y | 23.2% | -6.9% | 21.2% |
Return vs Industry: PDM exceeded the US Office REITs industry which returned -8.5% over the past year.
Return vs Market: PDM matched the US Market which returned 23.3% over the past year.
Price Volatility
| PDM volatility | |
|---|---|
| PDM Average Weekly Movement | 4.6% |
| Office REITs Industry Average Movement | 4.6% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.7% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: PDM has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: PDM's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1997 | 140 | Christopher Smith | www.piedmontreit.com |
Piedmont Realty Trust Inc. is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of approximately 16 MM SF of Class A properties across major U.S. Sunbelt markets, Piedmont Realty Trust is known for its hospitality-driven approach and commitment to transforming buildings into premier piedmont places that enhance each client’s workplace experience.
Piedmont Realty Trust, Inc. Fundamentals Summary
| PDM fundamental statistics | |
|---|---|
| Market cap | US$1.13b |
| Earnings (TTM) | -US$86.44m |
| Revenue (TTM) | US$565.60m |
2.0x
P/S Ratio-13.1x
P/E RatioIs PDM overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| PDM income statement (TTM) | |
|---|---|
| Revenue | US$565.60m |
| Cost of Revenue | US$227.27m |
| Gross Profit | US$338.34m |
| Other Expenses | US$424.77m |
| Earnings | -US$86.44m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | -0.69 |
| Gross Margin | 59.82% |
| Net Profit Margin | -15.28% |
| Debt/Equity Ratio | 151.9% |
How did PDM perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/23 19:58 |
| End of Day Share Price | 2026/06/23 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Piedmont Realty Trust, Inc. is covered by 10 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Nicholas Thillman | Baird |
| Paul Adornato | BMO Capital Markets Equity Research |
| Barry Oxford | D.A. Davidson & Co. |