Piedmont Realty Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Piedmont Realty Trust, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	556	574	526	533	535	529	564	578	570	565
General and administrative	27.4	29.3	29.7	37.9	27.5	30.3	29.1	29.2	35.4	30.6
Operating expenses	485	493	410
Operating income	70.8	81.3	116
Interest expense	64.9	68.1	61	61.6	55	51.3	65.7	101	123	128
Other non-operating income	28.9	52.3	14.6	137	144	-41.1	88.8	-96.2	-119	-163
Income tax	0.42	0.01	-0.1	0.16	0	-0.38	-0.01	0.04	-0	-0
Net income to minority interests	-0.02	-0.02	-0.01	-0.01	-0	-0.01	0	0.01	0.01	0.02
Net income	99.7	134	130	229	233	-1.15	147	-48.4	-79.1	-83.6
EBITDA	226	227	244
EPS, basic	0.69	0.92	1.00	1.82	1.85	-0.01	1.19	-0.39	-0.64	-0.67
EPS, diluted	0.69	0.92	1.00	1.82	1.85	-0.01	1.19	-0.39	-0.64	-0.67
Shares, basic (weighted)	145	145	130	126	126	124	123	124	124	124
Shares, diluted (weighted)	146	145	131	126	126	124	124	124	124	124
Dividend per share	0.84	1.34	0.84	0.84	0.84	0.84	0.84	0.67	0.50	0.13

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.99	7.38	4.57	13.5	7.33	7.42	16.5	0.83	110	0.73
Lease right-of-use assets				0.2	0.2	0.1	0.2	0.1
Goodwill	98.9	98.9	98.9	98.9	98.9	98.9	82.9	53.5	53.5	53.5
Intangible assets	99.7	77.8	77.7	74.4	90.6	94.4	114	82.6	60.5	44.4
Total assets	4,368	4,000	3,592	3,517	3,740	3,931	4,086	4,057	4,115	4,031
Total liabilities	2,270	2,013	1,880	1,698	1,842	2,143	2,236	2,334	2,527	2,535
Total debt	2,020	1,727	1,685	1,481	1,622	1,878	1,984	2,055	2,222	2,225
Paid-in capital	3,673	3,677	3,683	3,686	3,694	3,702	3,711	3,717	3,724	3,730
Other comprehensive income	2.1	8.16	8.46	0.97	-24.1	-18.2	-8.68	-9.42	-10.1	-8.97
Shareholders' equity	2,096	1,985	1,710	1,817	1,896	1,786	1,848	1,721	1,587	1,495
Minority interests	1.88	1.82	1.77	1.73	1.68	1.63	1.59	1.56	1.52	1.5
Total equity	2,098	1,986	1,712	1,819	1,898	1,787	1,849	1,723	1,588	1,497
Total liabilities and equity	4,368	4,000	3,592	3,517	3,740	3,931	4,086	4,057	4,115	4,031
Shares outstanding	145	142	126	126	124	123	123	124	124	125

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	99.7	134	130	229	233	-1.17	147	-48.4	-79.1	-83.6
Depreciation and amortization	155	146	128	133	143	149	166	179	178	181
Stock-based compensation	7.93	9.2	9.74	15.4	9.72	11	8.97	8.09	9.55	9.67
Change in receivables	-26.7	-21.4	-16.1	-15.7	-30.9	-9.69	-14.2	-14.1	-11.8	-23.6
Change in payables	3.56	-1.52	-9.09	-11.3	6.26	1.86	-1.59	19.3	14.4	-18.2
Cash from operations	232	243	203	208	193	242	215	210	198	141
Cash from investing	-120	241	324	134	-198	-369	-1.25	-196	-187	-175
Debt issued						790	803	1,413	919	998
Debt repaid						-536	-897	-1,345	-755	-1,002
Share buybacks	-7.94	-60.5	-299	-16.9	-30	-19.5	0	0
Dividends paid				-106	-106	-104	-104	-93.1	-61.9	-30.9
Cash from financing	-114	-483	-529	-334	-1.58	126	-203	-29.5	98.2	-75.3
Net change in cash	-2.41	0.55	-2.72	9.35	-6.17	-0.35	10.7	-15.4	110	-110
Interest paid	69	67.6	63.1	64	50.7	49.4	66.1	81	118	142

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $9.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	-15.3%	Net income / revenue.
Operating cash flow margin	29.2%	Cash from operations / revenue.
Return on equity (ROE)	-5.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.1%	Net income / average total assets.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	30.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-29.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-75.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-47.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-31.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	55.8%	Total debt / total assets.
Liabilities / assets	63.2%	Total liabilities / total assets.
Net debt	$2.25B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	2.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.53	Revenue / diluted weighted shares.
Operating cash flow per share	$1.32	Cash from operations / diluted weighted shares.
Book value per share	$11.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.10	Tangible book value / shares outstanding.
Cash per share	$0.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.15B	Share price x shares outstanding.
Enterprise value	$3.40B	Market cap + total debt - cash - short-term investments.
P/S	2.03x	Market cap / revenue.
P/B	0.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.83x	Market cap / tangible book value, when positive.
P/OCF	6.96x	Market cap / cash from operations, when positive.
EV/Sales	6.01x	Enterprise value / revenue.
Earnings yield	-7.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Piedmont Realty Trust, Inc.'s revenue in fiscal 2025?

Piedmont Realty Trust, Inc. reported revenue of $565.0M for fiscal 2025, 0.9% lower than the year before.

Was Piedmont Realty Trust, Inc. profitable in fiscal 2025?

No. It reported a net loss of $83.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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