Piedmont Realty Trust: Strong Leasing Activity and Valuation Story

Piedmont Realty Trust reported 2.5 million sq ft of leasing in 2025, about 16% of its portfolio, with record rental rates across its Sunbelt office markets. Despite strong leasing update and active balance sheet moves, the 90-day share price return of 3.07% and 1-year total shareholder return of 1.15% indicate modest momentum. The 5-year total shareholder return decline of 31.98% highlights a weaker longer-term record. The valuation story leans toward a discount that investors may want to understand in more detail, with a fair value of $9.67.