Piedmont Realty Reports Strong Q3 2026 Growth Driven by Record Net Effective Rents
Piedmont Realty (PDM) reported robust third-quarter 2026 financial results, highlighted by a Core FFO of $0.39 per diluted share, up from $0.35 in the prior year. This growth was primarily fueled by significant rental rate increases and higher occupancy levels, with net effective rents reaching an all-time high of $29.31 per square foot—a 30% increase over the trailing 12-month average. The company successfully optimized its capital structure by issuing $230 million in exchangeable senior notes to redeem higher-coupon debt, effectively reducing its weighted average cost of debt to 4.8%. Management also raised its full-year 2026 Core FFO guidance to a midpoint of $1.56 per share, reflecting strong momentum in leasing spreads and an uncommenced lease pipeline valued at $29 million in annual revenue.
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