Reading PDM? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track PDM free→Reading PDM? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track PDM free→NYSEReal EstateReit - OfficeSnapshot 2026-06-16
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
Recent financial performance is strong, but earnings quality cannot be assessed as the company was unprofitable over the past year. Management's recent track record has been fairly steady, though the capital stance is capital unfriendly. The sector backdrop is a headwind, and compared with sector peers, PDM is below typical. Peer multiples imply a price about 21% above where it trades (it looks cheap on this basis); the read is fair, but weakening. The analysis is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 3 valuation methods, at three horizons. Current price $9.21. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $9.21 PDM trades at 2× p/s, below its 6× p/s peer median. Our $12 fair value sits above the price; low confidence. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The price implies about 21% below a flat-multiple fair value, below our forecast of about 0%. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
No fragility gates fired. Regime (Mania) does not concentrate fragility.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Real Estate names rated strong grew net income 57% of the time over the next year (vs 54% for the rest of the cohort, n=1506).
Over the trailing year it converted -1.91x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
7 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Real Estate names rated neutral grew net income 57% of the time over the next year (vs 55% for the rest of the cohort, n=5004).
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
EPS estimate $-0.03 → $-0.03 (+2.6% / 30d). 0 raised, 0 cut, 1 covering analysts.
0 upgrades, 0 downgrades / 30d, 1 maintained. 33% of analysts rate Buy.
1 PT revisions / 30d. Avg target 20.9% above current price.
1 positive, 1 negative / 30d. See F4 management tile for the event list.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$139.
How much price usually moves either way.
On a bad day, this stock has moved -$329.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $2,947.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
Valuation label changed from 'fair' to 'inexpensive'.
No material changes since the prior snapshot.
as of 2026-06-16
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: If revenue growth picks up, it could signal a recovery for Piedmont and its peers. This could improve investor sentiment.
Confirms:Sector revenue growth rises above 5% year over year.
Disproves:Sector revenue growth remains below 5% year over year.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for PDM yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Entry into a Material Definitive Agreement. The information set forth under Item 2.03, “Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant” is incorporated herein by reference.
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Looks cheaper than most peers in the same business.
Self-history needs ~20 months of data.
Trailing four: 2025-Q1, 2025-Q2, 2025-Q3, 2026-Q1
A side-by-side read on sector standing, valuation, and risk versus Office REITs.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
PDM Piedmont Realty Trust, Inc. | Below typical Show detailsSector percentile: 28 of 100 | inexpensive | moderate |
BXP BXP, Inc. | Above typical Show detailsSector percentile: 79 of 100 | full | moderate |
ARE Alexandria Real Estate Equities | Typical Show detailsSector percentile: 48 of 100 | inexpensive | elevated |
VNO Vornado Realty Trust | Above typical Show detailsSector percentile: 74 of 100 | inexpensive | moderate |
HPP Hudson Pacific Properties, Inc. | Typical Show detailsSector percentile: 59 of 100 | inexpensive | elevated |
Not investment advice. As of 2026-06-16.
via XLRE
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-16.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Piedmont Realty Trust aims to increase Same Store NOI by 4% to 7% for the fiscal year 2026.
Piedmont Realty Trust maintains its Core FFO guidance of $1.47 to $1.53 per diluted share for 2026.
Piedmont Realty Trust has extended its Term Loan Agreement, increasing the principal amount to $400 million.
Why it matters: The earnings report will show how Piedmont is managing its losses. It will also reveal if the valuation change to 'inexpensive' is justified.
Confirms one read:Earnings report shows a reduction in losses or positive revenue growth.
Confirms the other:The earnings report shows bigger losses. Revenue keeps going down.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On May 28, 2026, Piedmont Realty Trust, Inc. (the “Registrant”) and its operating partnership, Piedmont Operating Partnership, LP (“Piedmont OP”), entered into an amendment (the “Amendment”) to its Term Loan Agreement, dated January 30, 2024, as amended (the “Term Loan Agreement”) to, among other things, increase the principal amount to $400 million from $325 million and extend t…
Results of Operations and Financial Condition. On April 30, 2026, Piedmont Realty Trust, Inc. (the "Registrant") issued an earnings release and supplemental information announcing its financial results for the first quarter 2026 and published the earnings release and supplemental information for the first quarter 2026 to its website under Investor Relations. The earnings release and the supplemental information are attached hereto as Exhibit 99.1, and are incorporated herein by reference. Pur…
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Third Amended and Restated Omnibus Incentive Plan On May 12, 2026, the stockholders of Piedmont Realty Trust, Inc. (the "Registrant") approved the Piedmont Realty Trust, Inc. Third Amended and Restated Omnibus Incentive Plan (the “A&R Incentive Plan"). The A&R Incentive Plan was authorized and approved by the Registrant’s Board of Directors (the “B…
Results of Operations and Financial Condition. On February 11, 2026, Piedmont Realty Trust, Inc. (the "Registrant") issued an earnings release and supplemental information announcing its financial results for the fourth quarter 2025, as well as the year ended December 31, 2025, and published the earnings release and supplemental information for the fourth quarter 2025, as well as the year ended December 31, 2025, to its website under Investor Relations. The earnings release and the supplement…