v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Piedmont's President and Chief Executive Officer has been identified as Piedmont's chief operating decision maker (the "CODM"), as defined by GAAP. The CODM evaluates Piedmont's portfolio and assesses the ongoing operations and performance of its projects utilizing the following geographic segments: Atlanta, Dallas, Orlando, Northern Virginia/Washington, D.C., Minneapolis, New York, and Boston. These seven operating segments are also Piedmont’s reportable segments. As of June 30, 2026, Piedmont also owned two projects in Houston that do not meet the definition of an operating or reportable segment as the CODM does not regularly review these properties for purposes of allocating resources or assessing performance. Further, Piedmont does not maintain a significant presence nor anticipate further investment in this market. These two projects are the primary contributors to accrual-based net operating income ("NOI") included in "Other" below. During the periods presented, there have been no material inter-segment transactions. The accounting policies of the reportable segments are the same as Piedmont's accounting policies.
NOI by geographic segment is the primary performance measure reviewed by Piedmont's CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating costs and adjusting for other segment items from lease revenues and other property related income. Other segment items consist primarily of allocated costs and salaries, which are recognized at the respective properties and eliminated in the preparation of consolidated financial statements. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. Piedmont's calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs.

Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance.
The following table presents accrual-based revenues, expenses, and other segment items included in NOI by geographic reportable segment for the three months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended June 30, 2026
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$44,535 $14,980 $165 $29,720 
Dallas27,504 11,189 (151)16,164 
Orlando18,565 6,825 — 11,740 
Northern Virginia/Washington, D.C.13,260 5,450 127 7,937 
Minneapolis11,650 5,832 (25)5,793 
New York13,873 6,409 (1)7,463 
Boston9,704 3,431 (69)6,204 
Total reportable segments139,091 54,116 46 85,021 
Other5,032 1,870 (46)3,116 
Totals$144,123 $55,986 $— $88,137 


Three Months Ended June 30, 2025
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$44,538 $15,794 $487 $29,231 
Dallas26,386 10,874 112 15,624 
Orlando14,995 6,781 50 8,264 
Northern Virginia/Washington, D.C.12,724 5,438 164 7,450 
Minneapolis11,398 5,423 162 6,137 
New York14,662 6,514 21 8,169 
Boston10,671 3,896 11 6,786 
Total reportable segments135,374 54,720 1,007 81,661 
Other4,918 890 (975)3,053 
Totals$140,292 $55,610 $32 $84,714 
The following table presents accrual-based revenues, property operating costs, and other segment items included in NOI by geographic reportable segment for the six months ended June 30, 2026 and 2025 (in thousands):

Six Months Ended June 30, 2026
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$91,307 $30,073 $(82)$61,152 
Dallas52,113 21,990 (250)29,873 
Orlando37,253 13,511 — 23,742 
Northern Virginia/Washington, D.C.26,566 11,717 254 15,103 
Minneapolis21,863 11,374 (26)10,463 
New York28,636 13,386 — 15,250 
Boston19,576 7,149 (114)12,313 
Total reportable segments277,314 109,200 (218)167,896 
Other10,103 4,092 167 6,178 
Totals$287,417 $113,292 $(51)$174,074 

Six Months Ended June 30, 2025
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$89,280 $32,207 $969 $58,042 
Dallas53,272 21,959 219 31,532 
Orlando30,733 13,356 99 17,476 
Northern Virginia/Washington, D.C.26,269 11,908 331 14,692 
Minneapolis22,206 10,399 323 12,130 
New York29,212 13,518 40 15,734 
Boston22,117 8,417 24 13,724 
Total reportable segments273,089 111,764 2,005 163,330 
Other9,889 1,760 (1,928)6,201 
Totals$282,978 $113,524 $77 $169,531 
A reconciliation of Net loss applicable to Piedmont to NOI is presented below (in thousands):

Three Months Ended
Six Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net loss applicable to Piedmont$(11,101)$(16,808)$(24,021)$(26,912)
Management fee revenue (1)
(108)(77)(266)(140)
Depreciation and amortization59,312 55,432 118,602 111,746 
General and administrative expenses8,237 7,960 16,146 15,523 
Interest expense31,874 31,954 63,803 63,631 
Other income(81)(25)(199)(312)
Loss on early extinguishment of debt— 7,500 — 8,000 
Gain on sale of real estate assets— (1,224)— (2,013)
Net income applicable to noncontrolling interest4 2 9 8 
Total NOI$88,137 $84,714 $174,074 $169,531 

(1)Presented net of related operating expenses incurred to earn such management fee revenue. Such operating expenses are a component of property operating costs in the accompanying consolidated statements of operations.