v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Pay vs Performance Disclosure [Table]          
Pay vs Performance Disclosure, Table

 

Pay vs. 

Performance

 

  Value of Initial Fixed $100 Investment Based on:  

Year 

 Summary Compensation Table Total for PEO ($)

Compensation Actually Paid to PEO(1) ($)

Compensation Table Total for Non-PEO NEOs ($)

Actually Paid to Non-PEO NEOs(2)

 Total Shareholder Return (“TSR”) ($) Peer Group Total Shareholder Return(3) ($)

Net Income (Loss) ($) in 000s

Core FFO(4)

per Share ($)

2025 5,757,342 6,002,426 1,545,195 1,642,846 68.56 54.52 (83,620) 1.41
2024 5,698,958 10,643,820 1,692,067 2,561,983 73.91 66.63 (79,069) 1.49
2023 7,150,720 4,506,668 1,712,760 1,199,819 53.88 65.05 (48,377) 1.74
2022 4,026,288 495,657 1,309,186 412,585 63.16 61.11 146,830 2.00
2021 3,560,678 4,888,145 1,411,844 1,731,390 118.62 112.11 (1,167) 1.97

 

(1)Compensation actually paid” to our Principal Executive Officer (PEO) in each of the years included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our PEO during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to the PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
(2)Average “Compensation actually paid” to our non-PEO NEOs in each of year included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our non-PEO NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to our non-PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
(3)The Peer Groups utilized for this analysis are the same Peer Groups used for our Performance Share Programs as further described above under Long-Term Incentive Compensation Plan — Performance Share Program. Peer Group Total Shareholder Return for 2025, 2024, 2023 and 2022 assuming the 2021 Peer Group had been used would have been $51.87, $60.90, $64.45 and $63.30, respectively.
(4)See the definition of Core FFO and the reconciliation of GAAP net income applicable to common stock to Core FFO for the year ended December 31, 2025 in Appendix B.

 

(1)Compensation actually paid” to our Principal Executive Officer (PEO) in each of the years included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our PEO during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to the PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
(2)Average “Compensation actually paid” to our non-PEO NEOs in each of year included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our non-PEO NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to our non-PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
(3)The Peer Groups utilized for this analysis are the same Peer Groups used for our Performance Share Programs as further described above under Long-Term Incentive Compensation Plan — Performance Share Program. Peer Group Total Shareholder Return for 2025, 2024, 2023 and 2022 assuming the 2021 Peer Group had been used would have been $51.87, $60.90, $64.45 and $63.30, respectively.
(4)See the definition of Core FFO and the reconciliation of GAAP net income applicable to common stock to Core FFO for the year ended December 31, 2025 in Appendix B.

 

  2021 2022 2023 2024 2025
PEO (C. Brent Smith for all periods)
Summary Compensation Table Total Compensation 3,560,678 4,026,288 7,150,720 5,698,958 5,757,342
Less: Stock and Option Award Values Reported in Summary Compensation (2,040,930) (2,478,040) (5,377,973) (3,739,478) (3,766,342)
Plus: Fair Value for Stock and Option Awards Granted in the Covered Year and Unvested at Year End

1,983,364

1,107,509

3,157,586

6,581,983

4,267,560

Plus: Fair Value for Stock and Option Awards Granted in the Covered Year That Vested in the Covered Year

200,003

262,506

397,503

--

--

Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years

1,093,881

(2,257,626)

(674,307)

2,167,159

(540,556)

Change in Fair Value of Outstanding Vested Stock and Option Awards from Prior Years 91,149 (164,980) (146,861) (64,802) 284,422
Compensation Actually Paid 4,888,145 495,657 4,506,668 10,643,820 6,002,426
  2021 2022 2023 2024 2025
Non-PEO NEOs*
Summary Compensation Table Total Compensation 1,411,844 1,309,186 1,712,760 1,692,067 1,545,195
Less: Stock and Option Award Values Reported in Summary Compensation (616,240) (551,037) (917,860) (511,159) (664,648)
Plus: Fair Value for Stock and Option Awards Granted in the Covered Year and Unvested at Year End

592,009 

246,142 

538,479 

592,564 

753,098 

Plus: Fair Value for Stock and Option Awards Granted in the Covered Year That Vested in the Covered Year

68,321 

71,882 

70,036 

151,748 

--

Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years

211,000 

(637,083) 

(176,112)

546,076

(115,138)

Change in Fair Value of Outstanding Vested Stock and Option Awards from Prior Years 64,456 (26,505) (27,484) 90,687 124,339
Compensation Actually Paid 1,731,390 412,585 1,199,819 2,561,983 1,642,846

 

*For the years ended December 31, 2021 - 2023, the Non-PEO NEOs included Robert E. Bowers, Christopher A. Kollme, George M. Wells, and Robert K. Wiberg. The year ended December 31, 2024 also includes Sherry L. Rexroad. The year ended December 31, 2025 includes Christopher A. Kollme, Laura P. Moon, Sherry L. Rexroad, and George M Wells.

 

Equity Valuations: Deferred Stock Unit Award grant date fair values were calculated based on the closing price as of the grant date; Deferred Stock Unit Award vesting date fair values were calculated based on the closing stock price as of the vest date and adjusting for any accrued dividend rights; Performance Share Program Award grant date fair values and fair values as of each respective period end were determined utilizing a Monte Carlo valuation model that models the plan’s potential payoff depending on our and our peer’s group’s future stock price movements; fair values of Performance Share Program Awards as of each vesting date were determined based on our closing stock price as of the vesting date adjusted for any accrued dividends.

        
Company Selected Measure Name Core FFO        
Peer Group Issuers, Footnote The Peer Groups utilized for this analysis are the same Peer Groups used for our Performance Share Programs as further described above under Long-Term Incentive Compensation Plan — Performance Share Program. Peer Group Total Shareholder Return for 2025, 2024, 2023 and 2022 assuming the 2021 Peer Group had been used would have been $51.87, $60.90, $64.45 and $63.30, respectively.        
PEO Total Compensation Amount $ 5,757,342 $ 5,698,958 $ 7,150,720 $ 4,026,288 $ 3,560,678
PEO Actually Paid Compensation Amount [1] $ 6,002,426 10,643,820 4,506,668 495,657 4,888,145
Adjustment To PEO Compensation, Footnote [Text Block]
(1)Compensation actually paid” to our Principal Executive Officer (PEO) in each of the years included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our PEO during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to the PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
  2021 2022 2023 2024 2025
PEO (C. Brent Smith for all periods)
Summary Compensation Table Total Compensation 3,560,678 4,026,288 7,150,720 5,698,958 5,757,342
Less: Stock and Option Award Values Reported in Summary Compensation (2,040,930) (2,478,040) (5,377,973) (3,739,478) (3,766,342)
Plus: Fair Value for Stock and Option Awards Granted in the Covered Year and Unvested at Year End

1,983,364

1,107,509

3,157,586

6,581,983

4,267,560

Plus: Fair Value for Stock and Option Awards Granted in the Covered Year That Vested in the Covered Year

200,003

262,506

397,503

--

--

Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years

1,093,881

(2,257,626)

(674,307)

2,167,159

(540,556)

Change in Fair Value of Outstanding Vested Stock and Option Awards from Prior Years 91,149 (164,980) (146,861) (64,802) 284,422
Compensation Actually Paid 4,888,145 495,657 4,506,668 10,643,820 6,002,426
        
Non-PEO NEO Average Total Compensation Amount [2] $ 1,545,195 1,692,067 1,712,760 1,309,186 1,411,844
Non-PEO NEO Average Compensation Actually Paid Amount [2],[3] $ 1,642,846 2,561,983 1,199,819 412,585 1,731,390
Adjustment to Non-PEO NEO Compensation Footnote
(2)Average “Compensation actually paid” to our non-PEO NEOs in each of year included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our non-PEO NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to our non-PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
  2021 2022 2023 2024 2025
Non-PEO NEOs*
Summary Compensation Table Total Compensation 1,411,844 1,309,186 1,712,760 1,692,067 1,545,195
Less: Stock and Option Award Values Reported in Summary Compensation (616,240) (551,037) (917,860) (511,159) (664,648)
Plus: Fair Value for Stock and Option Awards Granted in the Covered Year and Unvested at Year End

592,009 

246,142 

538,479 

592,564 

753,098 

Plus: Fair Value for Stock and Option Awards Granted in the Covered Year That Vested in the Covered Year

68,321 

71,882 

70,036 

151,748 

--

Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years

211,000 

(637,083) 

(176,112)

546,076

(115,138)

Change in Fair Value of Outstanding Vested Stock and Option Awards from Prior Years 64,456 (26,505) (27,484) 90,687 124,339
Compensation Actually Paid 1,731,390 412,585 1,199,819 2,561,983 1,642,846

 

*For the years ended December 31, 2021 - 2023, the Non-PEO NEOs included Robert E. Bowers, Christopher A. Kollme, George M. Wells, and Robert K. Wiberg. The year ended December 31, 2024 also includes Sherry L. Rexroad. The year ended December 31, 2025 includes Christopher A. Kollme, Laura P. Moon, Sherry L. Rexroad, and George M Wells.
       
Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. PDM TSR and Peer Group TSR

 

 

 

        
Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Net Income / Loss

 

 

 

        
Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid vs. Core FFO Per Share

 

 

 

        
Total Shareholder Return Vs Peer Group

 

 

 

        
Tabular List, Table

 

For 2025, the most important financial performance measures that we used to link our NEO’s compensation, including our CEO’s, to our financial performance were as follows:

 

•Our 3-year TSR relative to the 3-year TSR of our defined peer group;

 

•Core FFO per share relative to budget;

 

•Leasing volume, with an emphasis on new tenant leasing;

 

•Net debt to Core EBITDA ratio relative to budget; and

 

•Same Store NOI - Cash basis relative to budget.
        
Total Shareholder Return Amount $ 68.56 73.91 53.88 63.16 118.62
Peer Group Total Shareholder Return Amount [4] 54.52 66.63 65.05 61.11 112.11
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ (83,620,000) $ (79,069,000) $ (48,377,000) $ 146,830,000 $ (1,167,000)
Company Selected Measure Amount | $ / shares [5] 1.41 1.49 1.74 2.00 1.97
PEO Name C. Brent Smith C. Brent Smith C. Brent Smith C. Brent Smith C. Brent Smith
Measure [Axis]: 1          
Pay vs Performance Disclosure [Table]          
Measure Name Our 3-year TSR relative to the 3-year TSR of our defined peer group        
Measure [Axis]: 2          
Pay vs Performance Disclosure [Table]          
Measure Name Core FFO per share relative to budget;        
Measure [Axis]: 3          
Pay vs Performance Disclosure [Table]          
Measure Name Leasing volume, with an emphasis on new tenant leasing;        
Measure [Axis]: 4          
Pay vs Performance Disclosure [Table]          
Measure Name Net debt to Core EBITDA ratio relative to budget; and        
Measure [Axis]: 5          
Pay vs Performance Disclosure [Table]          
Measure Name Same Store NOI - Cash basis relative to budget.        
PEO [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ (3,766,342) $ (3,739,478) $ (5,377,973) $ (2,478,040) $ (2,040,930)
PEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 4,267,560 6,581,983 3,157,586 1,107,509 1,983,364
PEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 397,503 262,506 200,003
PEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (540,556) 2,167,159 (674,307) (2,257,626) 1,093,881
PEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 284,422 (64,802) (146,861) (164,980) 91,149
Non-PEO NEO [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount [2] (664,648) (511,159) (917,860) (551,037) (616,240)
Non-PEO NEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount [2] 753,098 592,564 538,479 246,142 592,009
Non-PEO NEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount [2] 151,748 70,036 71,882 68,321
Non-PEO NEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount [2] (115,138) 546,076 (176,112) (637,083) 211,000
Non-PEO NEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount [2] $ 124,339 $ 90,687 $ (27,484) $ (26,505) $ 64,456
[1] Compensation actually paid” to our Principal Executive Officer (PEO) in each of the years included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our PEO during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to the PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
[2] For the years ended December 31, 2021 - 2023, the Non-PEO NEOs included Robert E. Bowers, Christopher A. Kollme, George M. Wells, and Robert K. Wiberg. The year ended December 31, 2024 also includes Sherry L. Rexroad. The year ended December 31, 2025 includes Christopher A. Kollme, Laura P. Moon, Sherry L. Rexroad, and George M Wells.
[3] Average “Compensation actually paid” to our non-PEO NEOs in each of year included in the table above was calculated as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our non-PEO NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee with regard to our non-PEO’s compensation for each fiscal year, please see the Compensation Discussion & Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.
[4] The Peer Groups utilized for this analysis are the same Peer Groups used for our Performance Share Programs as further described above under Long-Term Incentive Compensation Plan — Performance Share Program. Peer Group Total Shareholder Return for 2025, 2024, 2023 and 2022 assuming the 2021 Peer Group had been used would have been $51.87, $60.90, $64.45 and $63.30, respectively.
[5] See the definition of Core FFO and the reconciliation of GAAP net income applicable to common stock to Core FFO for the year ended December 31, 2025 in Appendix B.