Business Description

Piedmont Realty Trust, Inc. (“Piedmont," "we," "our," or "us") (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes and engages in the ownership, management, development, redevelopment, and operation of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. (“Piedmont OP”), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. Operating Objectives and Strategy Piedmont 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 million square feet (unaudited) of Class A properties across major U.S. Sunbelt markets, we are known for our hospitality-driven approach and commitment to transforming buildings into premier “Piedmont PLACEs” that enhance each client’s workplace experience. As of December 31, 2025, we owned and operated a portfolio of 29 in-service projects and three redevelopment projects. The in-service office projects totaled approximately 14.9 million square feet (unaudited) and were 89.6% leased. Our redevelopment projects were approximately 62% leased as of December 31, 2025. Collectively, over 70% of our ALR is generated from our properties located in our Sunbelt markets. We lease space to a mixture of corporate tenants from multiple industries, and our average lease size is approximately 14,000 square feet with an average lease term remaining of six years as of December 31, 2025. Our diversified tenant base is primarily comprised of investment grade or nationally recognized corporations or governmental agencies, with the majority of our ALR derived from such tenants. No single tenant accounts for more than 5% of our ALR. Headquartered in Atlanta, Georgia, with local management offices in each of our markets, Piedmont values operational excellence and is a leading participant among REITs based on the number of buildings owned and managed with Building Owners and Managers Association ("BOMA") 360 designations. BOMA 360 is a program that evaluates a building's operations and management and benchmarks its performance against industry standards. As of December 31, 2025, projects representing approximately 99% of our in-service portfolio (based on square footage) had achieved such a designation, recognizing excellence in building operations and management and counting us among the top ten companies nationwide with the most BOMA360 certified buildings. Our focus on operational excellence, fostering long-term relationships with our high-credit quality, diverse tenant base, and maintaining our portfolio of modern, amenity-rich properties, has resulted in an approximate 65% tenant retention rate over the past five years. In addition to operational excellence, we also focus on environmental sustainability initiatives at our properties. During 2025, we: • were recognized as an ENERGY STAR Partner of the year for the fifth consecutive year; • achieved a maximum five star designation and “Green Star” recognition with scores ranking in the top decile of all participating listed U.S. companies from the GRESB Real Estate Assessment; and • continued to be recognized as a Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy’s Better Buildings Alliance. As of December 31, 2025, approximately 83% and 74% of our portfolio was ENERGY STAR rated and Leadership in Energy and Environmental Design ("LEED") certified, respectively, and 63% of our portfolio was certified LEED gold. Our primary operating objectives are to maximize the risk-adjusted return to our stockholders by increasing cash flow from operations, by achieving sustainable growth in funds from operations, and by growing net asset value as a result of long-term capital appreciation.…