v3.26.1
Stock Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
Annually, the Compensation Committee of Piedmont's Board of Directors has granted deferred stock award units to certain employees at its discretion. Employee awards typically vest ratably over four years. In addition, Piedmont's independent directors receive an annual grant of deferred stock award units for services rendered and such awards vest over a one-year service period.

In addition to the time-based awards discussed above, certain management employees also participate in a multi-year performance share program whereby actual awards are contingent upon Piedmont's total stockholder return ("TSR") performance relative to the TSR of a peer group of office REITs. The number of shares earned, if any, are determined at the end of the multi-year performance period (or upon the participant's termination) and vest immediately. The grant date fair value of the multi-year performance share awards is estimated using the Monte Carlo valuation method and is recognized ratably over the performance period.

A roll forward of Piedmont's equity based award activity for the six months ended June 30, 2026 is as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested and Potential Stock Awards as of December 31, 2025
3,953,854 $9.13 
Deferred Stock Awards Granted
571,098 $8.19 
Performance Stock Awards Granted528,963 $10.19 
Change in Estimated Potential Share Awards based on TSR Performance
(128,069)$8.68 
Performance Stock Awards Vested
(471,324)$12.37 
Deferred Stock Awards Vested
(509,220)$8.16 
Unvested and Potential Stock Awards as of June 30, 2026
3,945,302 $8.82 

The following table provides additional information regarding stock award activity during the three and six months ended June 30, 2026 and 2025, respectively (in thousands, except per share amounts):

Three Months EndedSix Months Ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Weighted-Average Grant Date Fair Value per share of Deferred Stock Granted During the Period
$8.15 $6.90 $8.19 $8.15 
Total Grant Date Fair Value of Deferred Stock Vested During the Period
$840 $650 $4,158 $3,828 
A detail of Piedmont’s outstanding stock awards and programs as of June 30, 2026 is as follows:

Date of grantType of Award
Net Shares
Granted (1)
Grant
Date Fair
Value		Vesting ScheduleUnvested Shares
February 23, 2023Deferred Stock Award284,234 $9.47 
Of the shares granted, 25% will vest on February 23, 2024, 2025, 2026, and 2027, respectively.
80,729 
February 20, 20242024-2026 Performance Share Program— $7.64 Shares awarded, if any, will vest immediately upon determination of award in 2027.1,035,878 
(2)
February 20, 2024Deferred Stock Award419,055 $6.55 
Of the shares granted, 25% will vest on February 20, 2025, 2026, 2027, and 2028, respectively.
234,267 
October 1, 2024Deferred Stock Award60,606 $9.90 
Of the shares granted, 25% will vest on October 1, 2025, 2026, 2027, and 2028 respectively.
45,455 
October 28, 2024Deferred Stock Award322,101 $10.09 
Of the shares granted, 100% will vest on October 28, 2029.
322,101 
February 3, 2025Deferred Stock Award389,110 $8.52 
Of the shares granted, 25% will vest on February 3, 2026, 2027, 2028, and 2029, respectively.
317,327 
February 3, 20252025-2027 Performance Share Program— $10.05 Shares awarded, if any, will vest immediately upon determination of award in 2028.1,007,634 
(2)
February 17, 2026Deferred Stock Award468,034 $8.20 
Of the shares granted, 25% will vest on February 17, 2027, 2028, 2029, and 2030, respectively.
468,034 
February 17, 20262026-2028 Performance Share Program— $10.19 Shares awarded, if any, will vest immediately upon determination of award in 2029.330,813 
(2)
May 12, 2026Deferred Stock Award-Board of Directors103,064 $8.15 
Of the shares granted, 100% will vest on the earlier of the 2027 Annual Meeting or May 12, 2027.
103,064 
Total3,945,302 

(1)Amounts reflect the total original grant to employees and independent directors, net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations through June 30, 2026.
(2)Estimated based on Piedmont's cumulative TSR for the respective performance period through June 30, 2026. Share estimates are subject to change in future periods based upon Piedmont's relative TSR performance compared to its peer group of office REITs.

During both the three months ended June 30, 2026 and 2025, Piedmont recognized approximately $2.5 million of compensation expense related to the amortization of unvested and potential stock awards. During the six months ended June 30, 2026 and 2025, Piedmont recognized approximately $4.7 million and $4.6 million, respectively, of compensation expense related to the amortization of unvested and potential stock awards. During the six months ended June 30, 2026, 613,547 shares (net of shares surrendered upon vesting to satisfy required minimum tax withholding obligations) were issued to employees and independent directors. As of June 30, 2026, approximately $18.9 million of unrecognized compensation cost related to unvested and potential stock awards remained, which Piedmont will record in its consolidated statements of operations over a weighted-average vesting period of approximately one year.