PDM Q3 FY2026 earnings: results, stock reaction and implied move

Reported results

GAAP net loss applicable to Piedmont was $21.022 million, or $0.17 per basic and diluted share, for the third quarter of 2026, compared to $13.462 million, or $0.11 per share, for the third quarter of 2025.
Non-GAAP Core FFO applicable to common stock was $50.144 million, or $0.39 per diluted share, for the third quarter of 2026, compared to $43.485 million, or $0.35 per diluted share, in the prior year period.
Non-GAAP NAREIT FFO applicable to common stock was $29.908 million, or $0.23 per diluted share, for the third quarter of 2026.
Non-GAAP Adjusted FFO applicable to common stock was $29.939 million for the three months ended September 30, 2026.
Non-GAAP Same Store NOI on a cash basis increased 7.5% for the three months ended September 30, 2026.
Non-GAAP Same Store NOI on an accrual basis increased 6.9% for the three months ended September 30, 2026.

Guidance

For the year ending December 31, 2026, GAAP net loss is expected to be $(51) million to $(50) million.
For the year ending December 31, 2026, non-GAAP NAREIT FFO applicable to common stock is projected to be $176 million to $179 million, or $1.39 to $1.41 per diluted share.
For the year ending December 31, 2026, non-GAAP Core FFO applicable to common stock is projected to be $196 million to $199 million, or $1.55 to $1.57 per diluted share.
For the full year 2026, non-GAAP Same Store NOI is expected to increase 7.5% to 8.5% on a cash basis and 5% to 6% on an accrual basis.

Notes

Certain prior period amounts have been reclassified to conform to the current period financial statement presentation.

Price and volatility reaction

The stock moved -3.9% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved +76.4 vol points across the event (constant-maturity series — not the front-week crush).

Measure	Value	Basis
Close before release	9.61	2026-10-26
Close after release	9.24	2026-10-27
Realised move	-3.9%	close to close
30d ATM IV change	+76.4 vol pts	constant-maturity series, not the front expiry

Price and volatility reaction. Closes either side of the release. No front-expiry chain on file for a straddle expected move. SharpeIQ — listed option chain and price_history

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-26 (8-K, Item 2.02). Read the original filing on sec.gov.

Piedmont Realty Trust, Inc. (PDM) Q3 FY2026 earnings