PDM Secures Over 500K Square Feet of Leases in Third Quarter to Date

Piedmont Realty Trust PDM recently announced that it has completed more than 500,000 square feet of leases, with more than 400,000 square feet of leases coming from new tenants in the third quarter through Sept. 9, 2025.

Its healthy leasing activities are expected to boost the occupancy level at the company’s property and fuel growth in rental income.

Nearly 85% of the new tenant leases are for previously vacant space. Approximately 178,000 square feet of the new tenant leases relate to the company’s out-of-service portfolio, which is now more than 50% leased. Moreover, the year-to-date leasing volume totaled more than 1.5 million square feet.

Brent Smith, Piedmont's president and CEO, said that the leasing activity was very strong in July and August 2025, with tenant demand reaching record levels. The company signed five leases for full floors, showing that their renovated buildings and focus on tenant needs are attracting many types of businesses. Demand has been especially strong in Minneapolis and the Sunbelt. With more than 400,000 square feet of space in its late-stage pipeline and strong activity across its markets, he is confident the company will reach its 2025 goal of leasing between 2.2 and 2.4 million square feet.

Conclusion

With encouraging leases executed over the past few quarters, the company remains well-positioned to navigate the challenging environment. Its long-term leases with creditworthy tenants assure stable rental revenues.

Over the past three months, shares of this Zacks Rank #2 (Buy) company have gained 11.5% compared with the industry’s growth of 0.3%.

Other Stocks to Consider

Some other top-ranked stocks from the broader REIT sector are Plymouth Industrial REIT PLYM and Crown Castle CCI, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for PLYM’s 2025 FFO per share has moved 2 cents northward to $1.88 over the past month.

The Zacks Consensus Estimate for CCI’s 2025 FFO per share has moved 3 cents upward to $4.21 over the past month.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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