Piedmont Office Realty Trust is a REIT that owns, manages, and operates Class A office buildings, primarily in U.S. Sunbelt markets. As of year-end 2025, Piedmont's in-service portfolio totaled approximately 14.9M square feet across 29 projects. Piedmont's core product — which management calls "Piedmont PLACEs" — is recently renovated, amenity-rich office buildings marketed with a hospitality-driven service model. The strategy is to offer modern, high-quality environments at rents well below new construction, targeting what management calls the "sweet spot" of demand. Management estimates in-place rents are 25%–40% below new construction rents, which it argues provides a long runway for rental rate growth. Sunbelt markets generate over 70% of annualized lease revenue, with Atlanta, Dallas, and Orlando as the largest markets; Piedmont targets increasing Sunbelt exposure to ~80% over time by selling assets in non-core northern markets. Piedmont earns revenue by leasing office space to corporate tenants under long-term leases, with FFO as its primary earnings metric. Near-term earnings growth is driven by the commencement of a large backlog of signed-but-not-yet-paying leases (~2M sq ft representing ~$68M in future annualized cash rent), mark-to-market rent growth on renewals (averaging ~17% rent roll-ups over the past eight quarters), and potential interest savings from refinancing remaining high-coupon debt. Piedmont's broader capital strategy involves redeveloping older buildings in good locations, then re-leasing at higher rents, and recycling proceeds from non-core asset sales into higher-quality Sunbelt acquisitions.