Piedmont Office Realty Trust Inc logo

Piedmont Office Realty Trust Inc(PDM)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
4-STAR RATING
PASS
LAST CLOSE
$9.17
09/25/2026
(24-hour delay)

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*as per simulation (see disclosures)
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Upturn Advisory & Investor View for PDM

09/25/2026: PDM (4-star) is currently NOT-A-BUY. Pass it for now.

Piedmont Office Realty Trust is a real estate investment trust specializing in high-quality, Class A office properties within U.S. Sunbelt and coastal markets. The company benefits from a portfolio concentrated in desirable, supply-constrained submarkets and a history of disciplined balance sheet management. Its primary growth story centers on enhancing property value through amenity upgrades and strategic capital recycling. However, the firm faces significant headwinds from the broader structural decline in demand for traditional office space. Piedmont is best suited for income-focused investors who understand the risks associated with the office REIT sector; monitoring office occupancy trends and interest rate policy is essential for assessing future performance.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorWeak fitThe company's growth is constrained by the cyclical and secular challenges facing the office property sector.
Momentum investorWeak fitThe stock currently faces headwinds from negative sector sentiment and volatility.
Value investorStrong fit while signal remains positiveThe stock may offer value if the market has over-discounted the underlying property quality.
Dividend investorMixed fitThe dividend yield is significant, but sustainability remains sensitive to future office leasing trends.
Low-risk investorWeak fitHigh sensitivity to macroeconomic shifts and office market disruption increases the risk profile.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityMedium / highOffice REITs remain sensitive to interest rate shifts and hybrid work policy updates.
Valuation riskMediumMarket pricing of office assets remains highly uncertain amid shifting demand.
Competition risk (office demand)HighIntense competition for fewer office-using tenants challenges occupancy and rental growth.
Business qualityMediumThe company maintains high-quality assets, but the asset class itself is undergoing a fundamental shift.
Dividend incomeMedium / highSustainability depends on consistent cash flow from leasing activity in a difficult environment.
Execution riskMediumRepositioning and development efforts require precise market timing.

Price Behavior

Strong Uptrend
PRICE PATH

Strong Uptrend

The stock has maintained a strong upward price trend across the last three quarters.

Moderately Choppy
PRICE STABILITY

Moderately Choppy

The stock has experienced noticeable price swings while retaining some directional structure.

Analysis of Past Performance

Type Stock
Historic Profit 62.52%
Avg. Invested days 74
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 4.0
Stock Returns Performance Upturn Returns Performance icon 3.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/25/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
PDM receives a 3-star rating, supported by available scored pillars. The rating is constrained by weak unit economics, and weak price momentum.

Company Fundamentals

★★★★★
PDM has moderate overall fundamentals (3 stars), with soft financial health, moderate growth momentum, and solid ownership. In FY2025 versus FY2024, growth and ownership metrics are mixed: negative earnings growth (-5.7%), soft cash generation (FCF margin -3.0%), slightly negative revenue growth (-0.9%).

Financial Health Rating

★★★★★
PDM's financial health is supported by moderate efficiency, including operating-expense and cost-of-revenue discipline (opex -34.8% of revenue). Liquidity is soft (2 stars), which helps explain the 2-star overall score.

Growth Momentum Score

★★★★★
PDM's growth profile is soft, with the least-weak measure being revenue growth at -0.9% FY2025 versus FY2024. By comparison, while earnings growth (-5.7%, negative) and free-cash-flow growth (-19.1%, negative) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 95.5% and approximately 98.7% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 1.31% provides only moderate management-shareholder alignment.

Top 5 Institutional Investors

BlackRock Inc 12.04%
Vanguard Portfolio Management, LLC 9.98%
Cohen & Steers Inc 6.46%
Vanguard Capital Management, LLC 4.51%
State Street Corp 4.24%

Unit Economics (Per $1K Revenue)

★★★★★
PDM generates approximately $-207 of gross profit, $141 of operating income, and $-30 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong cash conversion and healthy margins support the rating, although capital efficiency remains below the highest tier.

Economic Dimensions

★★★★★
Effective Tax Rate: 0.00%

Quantitative Style Profile

★★★★★
PDM has a liquid profile. Weak momentum is the primary drawback, while elevated volatility.

Style Classification

Quality Focused

Value-OrientedHigh VolatilitySmall / Mid Cap RiskShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 1.15B USD
Price to earnings Ratio -
1Y Target Price 10.75
Price to earnings Ratio -
1Y Target Price 10.75
Volume (30-day avg) 1.7M shares
Beta 1.35
52 Weeks Range 6.32 - 10.13
Updated Date 09/26/2026
52 Weeks Range 6.32 - 10.13
Updated Date 09/26/2026
Dividends yield (FY) -
Basic EPS (TTM) -0.64

How Company Makes Money

Business areaWhat it includesRetail investor read
Commercial Property LeasingRental income from Class A office properties.The company makes money primarily by renting space to businesses and collecting recurring lease payments.
Property Management & ServicesFees and operational efficiencies from managing its real estate portfolio.The company also generates value by actively managing its properties to keep them desirable.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE -
Forward PE 75.19
Enterprise Value 3.40B
Price to Sales(TTM) 2.02
Enterprise Value 3.40B
Price to Sales(TTM) 2.02
Enterprise Value to Revenue 5.97
Enterprise Value to EBITDA 12.08
Shares Outstanding 125.13M
Shares Floating 123.51M
Shares Outstanding 125.13M
Shares Floating 123.51M
Percent Insiders 1.31
Percent Institutions 95.47

Icon representing Upturn AI-generated SWOT analysis summary Upturn AI Summary

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Piedmont Office Realty Trust Inc

Exchange NYSE
Headquarters Atlanta, GA, United States
IPO Launch date 2010-02-10
President, CEO & Director Mr. Christopher Brent Smith
Sector Real Estate
Industry REIT - Office
Full time employees 140
Full time employees 140

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. was incorporated in 1997 and is based in Atlanta, United States.