v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate assets, at cost:    
Land $ 552,482 $ 540,584
Buildings and improvements, less accumulated depreciation of $1,356,637 and $1,250,436 as of September 30, 2026 and December 31, 2025, respectively 2,745,272 2,720,420
Intangible lease assets, less accumulated amortization of $68,465 and $73,824 as of September 30, 2026 and December 31, 2025, respectively 46,761 44,371
Construction in progress 50,991 44,358
Real estate assets held for sale, net 66,503 71,976
Total real estate assets 3,462,009 3,421,709
Cash and cash equivalents 3,903 731
Tenant receivables 10,207 6,155
Straight-line rent receivables 214,444 203,382
Restricted cash and escrows 2,577 3,060
Prepaid expenses and other assets 24,475 20,857
Goodwill 53,491 53,491
Interest rate swaps 2,561 0
Deferred lease costs, less accumulated amortization of $228,978 and $206,101 as of September 30, 2026 and December 31, 2025, respectively 302,801 305,948
Other assets held for sale, net 15,145 16,021
Total assets 4,091,613 4,031,354
Liabilities:    
Unsecured debt, net of unamortized discount and debt issuance costs of $27,182 and $23,368 as of September 30, 2026 and December 31, 2025, respectively 2,154,818 2,035,890
Secured debt 186,023 188,822
Accounts payable, accrued expenses and accrued capital expenditures 165,337 172,880
Deferred income 114,518 111,227
Intangible lease liabilities, less accumulated amortization of $31,434 and $35,036 as of September 30, 2026 and December 31, 2025, respectively 21,653 24,824
Interest rate swaps 0 111
Other liabilities held for sale 832 897
Total liabilities 2,643,181 2,534,651
Commitments and Contingencies (Note 8) 0 0
Stockholders’ Equity:    
Shares-in-trust, 150,000,000 shares authorized; none outstanding as of September 30, 2026 or December 31, 2025 0 0
Preferred stock, no par value, 100,000,000 shares authorized; none outstanding as of September 30, 2026 or December 31, 2025 0 0
Common stock, $0.01 par value, 750,000,000 shares authorized; 123,813,969 and 124,519,278 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 1,238 1,245
Additional paid-in capital 3,722,950 3,730,273
Cumulative distributions in excess of earnings (2,272,393) (2,227,350)
Accumulated other comprehensive loss (4,852) (8,967)
Piedmont stockholders’ equity 1,446,943 1,495,201
Noncontrolling interest 1,489 1,502
Total stockholders’ equity 1,448,432 1,496,703
Total liabilities and stockholders’ equity $ 4,091,613 $ 4,031,354