v3.26.3
Segment Information
 9 Months Ended
Sep. 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 September 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 September 30, 2026 and 2025 (in thousands):

Three Months Ended September 30, 2026
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$46,761 $16,438 $519 $30,842 
Dallas28,402 12,186 117 16,333 
Orlando18,928 7,069 52 11,911 
Northern Virginia/Washington, D.C.14,227 6,234 165 8,158 
New York16,280 6,731 19 9,568 
Minneapolis11,972 6,477 216 5,711 
Boston9,654 3,420 12 6,246 
Total reportable segments146,224 58,555 1,100 88,769 
Other5,012 1,474 (1,159)2,379 
Totals$151,236 $60,029 $(59)$91,148 
Three Months Ended September 30, 2025
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$44,979 $16,437 $493 $29,035 
Dallas24,951 9,443 112 15,620 
Orlando15,831 6,671 50 9,210 
Northern Virginia/Washington, D.C.12,538 6,024 165 6,679 
New York14,605 6,801 21 7,825 
Minneapolis11,626 5,829 168 5,965 
Boston9,527 3,624 11 5,914 
Total reportable segments134,057 54,829 1,020 80,248 
Other5,106 1,061 (1,026)3,019 
Totals$139,163 $55,890 $(6)$83,267 
The following table presents accrual-based revenues, property operating costs, and other segment items included in NOI by geographic reportable segment for the nine months ended September 30, 2026 and 2025 (in thousands):

Nine Months Ended September 30, 2026
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$138,067 $47,623 $1,549 $91,993 
Dallas80,516 34,660 350 46,206 
Orlando56,180 20,682 155 35,653 
Northern Virginia/Washington, D.C.40,793 18,028 496 23,261 
New York44,916 20,158 61 24,819 
Minneapolis33,836 18,274 612 16,174 
Boston29,231 10,706 34 18,559 
Total reportable segments423,539 170,131 3,257 256,665 
Other15,114 3,190 (3,366)8,558 
Totals$438,653 $173,321 $(109)$265,223 
Nine Months Ended September 30, 2025
Total RevenuesProperty Operating CostsOther Segment ItemsNOI
Atlanta$134,259 $48,645 $1,463 $87,077 
Dallas78,223 31,402 331 47,152 
Orlando46,563 20,026 149 26,686 
Northern Virginia/Washington, D.C.38,807 17,931 495 21,371 
New York43,817 20,319 61 23,559 
Minneapolis33,832 16,229 492 18,095 
Boston31,644 12,041 35 19,638 
Total reportable segments407,145 166,593 3,026 243,578 
Other14,996 2,821 (2,955)9,220 
Totals$422,141 $169,414 $71 $252,798 
A reconciliation of Net loss applicable to Piedmont to NOI is presented below (in thousands):

Three Months Ended
Nine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Net loss applicable to Piedmont$(21,022)$(13,462)$(45,043)$(40,374)
Management fee revenue (1)
(167)(114)(433)(254)
Depreciation and amortization60,168 57,315 178,770 169,061 
General and administrative expenses9,057 7,607 25,203 23,130 
Interest expense32,026 31,968 95,829 95,599 
Other income(270)(52)(468)(364)
Loss on early extinguishment of debt20,236 — 20,236 8,000 
Gain on sale of real estate assets(8,878)— (8,878)(2,013)
Net income applicable to noncontrolling interest(2)5 7 13 
Total NOI$91,148 $83,267 $265,223 $252,798 

(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.