Piedmont Office Realty Trust, Inc. (PDM) Balance Sheet
PDM balance sheet, 2025
December 31, 2025 · U.S. dollars$4.03B assets = $2.53B liabilities + $1.50B equity
Both columns are drawn to the same scale: what PDM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PDM financial health
Descriptive bands, not a rating. Fiscal 2025.
PDM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.45B2016 | $4.03B2025 | −1.1%/yr | |
| Total liabilities | $2.27B2016 | $2.53B2025 | +1.2%/yr | |
| Shareholders’ equity | $2.18B2016 | $1.50B2025 | −4.1%/yr | |
| Cash & short-term investments | $7.0M2016 | $731,0002025 | −22.2%/yr | |
| Total debt | $2.21B2016 | $2.27B2025 | +0.3%/yr | |
| Net cash (debt) | −$2.20B2016 | −$2.27B2025 | −$74.0M | |
| Working capital | $6.7M2016 | $112.1M2025 | +$105.4M | |
| Book value per share | $14.962016 | $12.022025 | −2.4%/yr | |
| Current ratio | 1.032016 | 2.002025 | +0.97 | |
| Debt / equity | 1.012016 | 1.522025 | +0.51 | |
| Shares outstanding | 145.6M2016 | 124.4M2025 | −1.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PDM assets
PDM liabilities and equity
PDM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PDM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $731,000 | $109.6M | $825,000 | $16.5M | $7.4M | $7.3M | $13.5M | $4.6M | $7.4M | $7.0M |
| Cash & equivalents | $731,000 | $109.6M | $825,000 | $16.5M | $7.4M | $7.3M | $13.5M | $4.6M | $7.4M | $7.0M |
| Short-term investments | — | $109.53B | $3.0M | $4.2M | — | — | — | $1.2M | $1.4M | $1.2M |
| Receivables | $220.4M | $199.3M | $190.8M | $176.8M | $284.1M | $278.1M | $159.3M | $173.4M | $175.3M | $192.3M |
| Inventory | $0 | $0 | −$3.0M | $3.1M | $302.8M | $1 | $1 | −$23.9M | −$21.1M | −$22.4M |
| Other current assets | $3.1M | $4.2M | $45.8M | $17.2M | $0 | $1.9M | $1.8M | $46.1M | $69.6M | $23.7M |
| Total current assets | $224.2M | $313.2M | $234.4M | $213.5M | $301.4M | $287.3M | $174.7M | $200.2M | $231.2M | $200.5M |
| Property, plant & equipment (net) | $3.38B | $0 | $3.43B | $3.39B | $3.09B | $2.90B | $2.73B | $2.61B | $2.75B | $3.02B |
| Goodwill & intangible assets | $171.7M | $114.0M | $136.1M | $197.3M | $193.3M | $189.5M | $179.9M | $176.6M | $176.7M | $279.8M |
| Long-term investments | $0 | $0 | $0 | $4.2M | $8.4M | $0 | $0 | $22.0M | $47.8M | $7.4M |
| Other non-current assets | $258.1M | $3.69B | $256.7M | $284.2M | $340.6M | $358.0M | $433.7M | $585.8M | $798.7M | $942.4M |
| Total assets | $4.03B | $4.11B | $4.06B | $4.09B | $3.93B | $3.74B | $3.52B | $3.59B | $4.00B | $4.45B |
| Liabilities | ||||||||||
| Accounts payable | $172.9M | $149.0M | $131.5M | $110.3M | $114.5M | $112.0M | $117.5M | $129.5M | $216.7M | $165.4M |
| Short-term debt | $111,000 | $250.0M | $50.2M | $350.0M | $290.0M | $327.6M | $985,000 | $205.0M | $23.0M | $178.0M |
| Deferred revenue | — | $107.0M | $89.9M | $60.0M | $80.7M | $36.9M | $34.6M | $28.8M | $29.6M | $28.4M |
| Total current liabilities | $112.1M | $271.4M | $286.7M | $195.6M | $221.2M | $174.6M | $178.5M | $158.3M | $246.2M | $193.8M |
| Long-term debt | $2.22B | $2.22B | $2.05B | $1.98B | $1.88B | $1.63B | $1.49B | $1.69B | $1.73B | $2.03B |
| Lease obligations | $24.8M | $32.8M | $42.9M | $56.9M | $39.3M | — | $32.7M | $35.7M | $38.5M | $48.0M |
| Other long-term liabilities | $197.8M | $32.8M | $0 | $56.9M | $44.3M | $35.4M | $32.7M | $35.7M | $38.8M | $48.0M |
| Total liabilities | $2.53B | $2.53B | $2.33B | $2.24B | $2.14B | $1.84B | $1.70B | $1.88B | $2.01B | $2.27B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.3M | $1.3M | $3.68B | $3.67B |
| Retained earnings (deficit) | −$2.23B | −$2.13B | −$1.99B | −$1.86B | −$1.90B | −$1.77B | −$1.87B | −$1.98B | −$1.70B | −$1.50B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$9.0M | −$10.1M | −$9.4M | −$8.7M | −$18.2M | −$24.1M | $967,000 | $8.5M | $8.2M | $2.1M |
| Minority interest | $1.5M | $1.5M | $1.6M | $1.6M | $1.6M | $1.7M | $1.7M | $1.8M | $1.8M | $1.9M |
| Total shareholders' equity | $1.50B | $1.59B | $1.72B | $1.85B | $1.79B | $1.90B | $1.82B | $1.71B | $1.99B | $2.18B |
| Key figures | ||||||||||
| Total debt | $2.27B | $2.51B | $2.10B | $2.33B | $2.17B | $1.96B | $1.49B | $1.89B | $1.75B | $2.21B |
| Net cash (debt) | −$2.27B | −$2.40B | −$2.10B | −$2.32B | −$2.16B | −$1.95B | −$1.47B | −$1.89B | −$1.74B | −$2.20B |
| Working capital | $112.1M | $41.8M | −$52.4M | $17.9M | $80.2M | $112.7M | −$3.8M | $41.9M | −$15.1M | $6.7M |
| Tangible book value | $1.32B | $1.47B | $1.59B | $1.65B | $1.59B | $1.71B | $1.64B | $1.54B | $1.81B | $1.90B |
| Book value per share | $12.02 | $12.80 | $13.92 | $14.97 | $14.42 | $15.05 | $14.42 | $13.11 | $13.66 | $14.96 |
| Shares outstanding | 124.4M | 123.9M | 123.7M | 123.5M | 124.0M | 126.1M | 126.2M | 130.6M | 145.4M | 145.6M |
| Current ratio | 2.00 | 1.15 | 0.82 | 1.09 | 1.36 | 1.65 | 0.98 | 1.27 | 0.94 | 1.03 |
| Quick ratio | 1.97 | 1.14 | 0.67 | 0.99 | 1.32 | 1.64 | 0.97 | 1.12 | 0.74 | 1.03 |
| Debt / equity | 1.52 | 1.58 | 1.22 | 1.26 | 1.21 | 1.03 | 0.82 | 1.10 | 0.88 | 1.01 |
| Equity / assets | 37.1% | 38.6% | 42.4% | 45.3% | 45.5% | 50.8% | 51.7% | 47.7% | 49.7% | 49.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $16.8M | $2.3M | $731,000 | $3.0M | $3.3M | $2.9M | $109.6M | $133.6M | $138.5M | $3.5M | $825,000 | $5.0M |
| Cash & equivalents | $16.8M | $2.3M | $731,000 | $3.0M | $3.3M | $2.9M | $109.6M | $133.6M | $138.5M | $3.5M | $825,000 | $5.0M |
| Short-term investments | — | — | — | — | — | — | $109.53B | — | $3.6M | $4.1M | $3.0M | $5.8M |
| Receivables | $231.1M | $223.3M | $220.4M | $217.3M | $211.4M | $208.3M | $199.3M | $196.9M | $194.5M | $195.1M | $190.8M | $190.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $333.8M | −$3.6M | $4.2M | −$3.0M | −$5.8M |
| Other current assets | $7.8M | $6.9M | $3.1M | $5.1M | $4.5M | $3.7M | $4.2M | $0 | $30.9M | $0 | $45.8M | $11.8M |
| Total current assets | $255.7M | $232.5M | $224.2M | $225.5M | $219.2M | $214.9M | $313.2M | $333.8M | $360.3M | $202.9M | $234.4M | $201.7M |
| Property, plant & equipment (net) | $3.30B | $0 | −$73.8M | $0 | $0 | $0 | $0 | $0 | $3.38B | $3.38B | $3.43B | $3.41B |
| Goodwill & intangible assets | $90.7M | $94.0M | $171.7M | $101.7M | $105.7M | $109.7M | $114.0M | $118.9M | $124.3M | $130.2M | $136.1M | $163.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $400.4M | $3.71B | $3.71B | $3.68B | $3.66B | $3.68B | $3.69B | $3.69B | $295.5M | $285.2M | $256.7M | $297.4M |
| Total assets | $4.05B | $4.03B | $4.03B | $4.00B | $3.98B | $4.00B | $4.11B | $4.14B | $4.16B | $3.99B | $4.06B | $4.07B |
| Liabilities | ||||||||||||
| Accounts payable | $185.3M | $158.0M | $172.9M | $135.2M | $131.1M | $120.0M | $149.0M | $150.6M | $140.8M | $106.6M | $131.5M | $120.6M |
| Short-term debt | — | — | $111,000 | $0 | $0 | $0 | $250.0M | $251.0M | $250.0M | $216.0M | $150.2M | $400.0M |
| Deferred revenue | $115.5M | $117.7M | $112.1M | $111.2M | $94.5M | $105.0M | $107.0M | $99.3M | $100.1M | $95.1M | $89.9M | $90.0M |
| Total current liabilities | $300.8M | $275.8M | $112.1M | $246.4M | $225.6M | $225.0M | $271.4M | $249.9M | $140.8M | $417.8M | $386.7M | $210.6M |
| Long-term debt | $2.25B | $2.25B | $2.22B | $2.19B | $2.18B | $2.19B | $2.22B | $2.22B | $2.22B | $2.07B | $2.05B | $2.05B |
| Lease obligations | $21.2M | $22.9M | $24.8M | $26.8M | $28.8M | $30.7M | $32.8M | $35.2M | $37.7M | $40.2M | $42.9M | — |
| Other long-term liabilities | $21.2M | $22.9M | $197.8M | $27.0M | $28.9M | $31.0M | $32.8M | $36.2M | $0 | $0 | $0 | $45.8M |
| Total liabilities | $2.57B | $2.55B | $2.53B | $2.47B | $2.43B | $2.44B | $2.53B | $2.51B | $2.50B | $2.31B | $2.33B | $2.31B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.3M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M |
| Retained earnings (deficit) | −$2.25B | −$2.24B | −$2.23B | −$2.18B | −$2.17B | −$2.15B | −$2.13B | −$2.08B | −$2.06B | −$2.03B | −$1.99B | −$1.94B |
| Accumulated other comprehensive income | −$7.4M | −$8.4M | −$9.0M | −$9.5M | −$9.9M | −$10.6M | −$10.1M | −$11.3M | −$8.2M | −$2.04B | −$9.4M | −$6.7M |
| Minority interest | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.47B | $1.48B | $1.50B | $1.54B | $1.55B | $1.56B | $1.59B | $1.63B | $1.66B | $1.68B | $1.72B | $1.77B |
| Key figures | ||||||||||||
| Total debt | $2.27B | $2.28B | $2.27B | $2.22B | $2.21B | $2.22B | $2.51B | $2.26B | $2.26B | $2.11B | $2.10B | $2.45B |
| Net cash (debt) | −$2.26B | −$2.27B | −$2.27B | −$2.22B | −$2.20B | −$2.21B | −$2.40B | −$2.12B | −$2.12B | −$2.11B | −$2.10B | −$2.45B |
| Working capital | −$45.2M | −$43.3M | $112.1M | −$20.9M | −$6.4M | −$10.1M | $41.8M | $83.9M | $219.6M | −$214.9M | −$152.3M | −$8.9M |
| Tangible book value | $1.38B | $1.39B | $1.33B | $1.43B | $1.44B | $1.45B | $1.47B | $1.51B | $1.53B | $1.55B | $1.59B | $1.60B |
| Book value per share | $11.79 | $11.87 | $12.02 | $12.33 | $12.43 | $12.56 | $12.80 | $13.13 | $13.37 | $13.57 | $13.91 | $14.27 |
| Shares outstanding | 125.1M | 124.8M | 124.5M | 124.5M | 124.5M | 124.3M | 123.9M | 124.0M | 124.0M | 123.8M | 123.7M | 123.7M |
| Current ratio | 0.85 | 0.84 | 2.00 | 0.92 | 0.97 | 0.96 | 1.15 | 1.34 | 2.56 | 0.49 | 0.61 | 0.96 |
| Quick ratio | 0.82 | 0.82 | 1.97 | 0.89 | 0.95 | 0.94 | 1.14 | 1.32 | 2.37 | 0.48 | 0.50 | 0.93 |
| Debt / equity | 1.54 | 1.54 | 1.52 | 1.45 | 1.43 | 1.42 | 1.58 | 1.39 | 1.36 | 1.26 | 1.22 | 1.39 |
| Equity / assets | 36.4% | 36.7% | 37.1% | 38.4% | 38.9% | 39.0% | 38.6% | 39.4% | 39.8% | 42.1% | 42.4% | 43.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
PDM financial position
At the end of fiscal 2025 (December 31, 2025), Piedmont Office Realty had total assets of $4.0 billion (down 2.0% from a year earlier), total liabilities of $2.5 billion and shareholders' equity of $1.5 billion. It held $0.7 million in cash and short-term investments against $2.3 billion of debt, net debt of $2.3 billion. Its current ratio was 2.00. In the latest quarter (ended June 30, 2026) total assets were $4.0 billion and equity $1.5 billion.
Related: PDM income statement, PDM cash flow statement, PDM key metrics. See the PDM stock overview for the latest quote and news.
PDM balance sheet FAQ
What are Piedmont Office Realty's total assets?
Piedmont Office Realty reported total assets of $4.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.1 billion a year earlier.
How much debt does Piedmont Office Realty have?
Piedmont Office Realty had $2.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.52.
How much cash does Piedmont Office Realty have?
Piedmont Office Realty held $0.7 million in cash and short-term investments at the end of fiscal 2025; with $2.3 billion of debt that is net debt of $2.3 billion.
What is Piedmont Office Realty's book value?
Piedmont Office Realty's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $12.02 per share.
What is Piedmont Office Realty's current ratio?
Piedmont Office Realty had current assets of $224.2 million and current liabilities of $112.1 million, a current ratio of 2.00 (it can cover its short-term obligations).
How much goodwill does Piedmont Office Realty have?
Piedmont Office Realty carried $171.7 million of goodwill and intangible assets, 4.3% of total assets, at the end of fiscal 2025.