Core Viewpoint - Piedmont Realty Trust, Inc. has successfully completed a cash tender offer for its outstanding 9.250% senior notes due 2028, with a significant portion of the notes tendered by the expiration time [1][3]. Summary by Relevant Sections Tender Offer Details - The cash tender offer was announced on November 13, 2025, and the expiration time was set for November 19, 2025 [1]. - A total of $532,460,000 in principal amount of the notes was outstanding, with $244,639,000 (45.95%) tendered by the expiration time and an additional $3,829,000 (0.72%) tendered pursuant to guaranteed delivery procedures [2]. Acceptance and Consideration - The Operating Partnership accepted all validly tendered notes and will pay a total consideration of $1,114.09 for each $1,000 principal amount of notes, plus accrued and unpaid interest [3]. - Notes tendered under guaranteed delivery procedures are expected to be accepted by November 21, 2025, with a settlement date anticipated on November 24, 2025 [3]. Management and Execution - BofA Securities, Inc., TD Securities (USA) LLC, and Wells Fargo Securities acted as dealer managers for the tender offer [4]. Company Overview - Piedmont Realty Trust is a fully integrated, self-managed real estate investment company focused on delivering exceptional office environments, managing approximately 16 million square feet of Class A properties across major U.S. Sunbelt markets [6][7].

Atlanta, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Piedmont Realty Trust, Inc. (“Piedmont” or the “Company”) (NYSE: PDM) today announced the pricing of the cash tender offer to purchase any and all of its outstanding 9.250% senior notes due 2028 (the “notes”) for the consideration described below by its operating partnership, Piedmont Operating Partnership, LP (the “Operating Partnership”). The table below sets forth the applicable Reference Yield and Consideration for the notes, as calculated at 2:00 p.m., New Yor ...

Piedmont Office Realty Trust, Inc. (NYSE:PDM) ranks among the best sustainability stocks to invest in. On October 28, Truist Securities reaffirmed its $9 price target and Buy rating for Piedmont Office Realty Trust, Inc. (NYSE:PDM) following the company’s third-quarter earnings report. Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced third-quarter funds from operations (FFO) of $0.35 per share, which exceeded both Truist’s estimate and the consensus projection of $0.34. The company also adjusted i ...

Core Viewpoint - Piedmont Realty Trust, Inc. has announced a $400 million offering of 5.625% senior notes due 2033, expected to close on November 20, 2025, subject to customary conditions [1] Group 1: Offering Details - The offering is priced at 99.364% of the principal amount [1] - The net proceeds will be used to purchase outstanding 9.250% senior notes due 2028, along with borrowings from a $600 million unsecured line of credit and cash on hand if necessary [2] - If the tender offer for the 2028 notes is not completed, remaining proceeds will be allocated for working capital, capital expenditures, and other corporate purposes [2] Group 2: Guarantees and Management - The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Piedmont Realty Trust [3] - Major financial institutions including Wells Fargo Securities, BofA Securities, J.P. Morgan, and others are acting as joint book-running managers for the offering [3] Group 3: Company Overview - Piedmont Realty Trust is a self-managed real estate investment company focused on delivering high-quality office environments, managing approximately 16 million square feet of Class A properties across major U.S. Sunbelt markets [6]

Core Viewpoint - Piedmont Realty Trust has initiated a cash tender offer to purchase all outstanding 9.250% senior notes due 2028, indicating a strategic move to manage its debt obligations and potentially improve its financial position [1][4]. Tender Offer Details - The total principal amount of the 9.250% senior notes outstanding is approximately $532.46 million [2]. - The consideration for each $1,000 principal amount of notes will be determined based on a fixed spread of 95 basis points plus the yield to maturity of the U.S. Treasury Reference Security as of November 19, 2025 [3]. - The tender offer will expire on November 19, 2025, at 5:00 p.m. New York City time, unless extended or terminated earlier [4]. Settlement and Conditions - The company expects to pay the consideration for validly tendered notes on November 20, 2025, with settlement for guaranteed delivery procedures anticipated on November 24, 2025 [5]. - The tender offer is contingent upon certain conditions, including the completion of a proposed concurrent senior notes offering [5]. Future Actions - Post-tender offer, the company may engage in additional purchases of notes through various methods, which could be on similar or different terms compared to the current tender offer [6]. Company Overview - Piedmont Realty Trust is a fully integrated, self-managed real estate investment company, managing approximately 16 million square feet of Class A properties across major U.S. Sunbelt markets [9].

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Points - The conference call is focused on Air Liquide's third quarter revenue for 2025, highlighting the company's solid achievements despite a turbulent environment [4]. Group 1: Company Overview - Aude Rodriguez, Head of Investor Relations, introduced the call and mentioned that Francois Jackow and Jérôme Pelletan would present the third quarter revenue [2]. - The next announcement for the full year 2025 results is scheduled for February 20 next year [2]. Group 2: Leadership Insights - François Jackow, CEO & Director, expressed pleasure in discussing the company's achievements in the third quarter of 2025 [4].

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q3 2025 was $0.35, a decrease from $0.36 in Q3 2024, attributed to the sale of three projects and higher net interest expense, offset by growth in operations due to higher economic occupancy and rental rate growth [27][28] - FFO generated during Q3 2025 was approximately $26.5 million [27] - The company narrowed its 2025 annual core FFO guidance from a range of $1.38 to $1.44 to $1.40 to $1.42 per diluted share [29] Business Line Data and Key Metrics Changes - The company executed approximately 724,000 square feet of total leasing during the quarter, including over half a million square feet of new tenant leases, marking the largest amount of new tenant leasing in a single quarter in over a decade [9][10] - The weighted average starting cash rent was nearly $42 per square foot, unchanged from the previous quarter, with net effective rents at $21.26 per square foot, reflecting a 2.5% increase [17] Market Data and Key Metrics Changes - U.S. office demand turned around in Q3 2025, with about 12 million more square feet occupied than returned to landlords, marking the first positive figure since late 2021 [4][5] - Five operating markets experienced positive absorption, with Washington, D.C. and Boston being exceptions [5] - The overall lease percentage increased by 50 basis points quarter-over-quarter to 89.2% [10] Company Strategy and Development Direction - The company aims to strengthen its brand as the landlord of choice, driving leasing demand and increasing rental rates across its portfolio [8][32] - The strategy includes focusing on high-quality office spaces and leveraging hospitality-driven service models to enhance tenant experiences [7][14] - The company anticipates achieving a lease percentage above 90% and increasing rental rates while refinancing above-market rate debt to drive FFO and cash flow growth [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit FFO growth in 2026 and 2027, driven by strong leasing momentum and a backlog of uncommenced leases [14][30] - The company noted that the broader macro factors and successful portfolio repositioning are expected to continue driving organic FFO growth [14] - Management highlighted that the office sector is turning a corner, with a surge in large tenant leasing and limited availability of premium space [6][10] Other Important Information - The company achieved a five-star rating and Green Star recognition from GRESB, placing it in the top decile of all participating listed U.S. companies [14] - The out-of-service portfolio was over 50% leased and is expected to reach stabilization by the end of 2026 [11] Q&A Session Summary Question: Clarification on expansion versus contraction within the portfolio - Management noted that there have been 16 expansions versus two contractions in the last quarter, indicating a net positive of 40,000 square feet [36][37] Question: Insights on larger tenant behavior and office utilization - Management indicated that larger users are generally looking to upgrade to higher quality space, with some consolidations occurring to enhance collaboration [40][41] Question: Conviction level for earnings growth next year - Management clarified that the projected earnings growth is based on organic growth within a static portfolio, assuming no acquisitions or dispositions [47] Question: Status of non-core asset dispositions - Management stated that the market remains challenging for selling non-core assets, but they continue to focus on pruning these assets [60][62] Question: Details on the $75 million of cash rent pending - Management estimated that about 70% of the $75 million would be realized in 2026, with a significant portion expected to commence in the middle of the year [70][73]

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q3 2025 was $0.35, a decrease from $0.36 in Q3 2024, attributed to the sale of three projects and higher net interest expense, offset by growth in operations due to higher economic occupancy and rental rate growth [27] - FFO generated during Q3 2025 was approximately $26.5 million [27] - The company narrowed its 2025 annual core FFO guidance from a range of $1.38 to $1.44 to $1.40 to $1.42 per diluted share [29] Business Line Data and Key Metrics Changes - The company executed approximately 724,000 square feet of total leasing during the quarter, including over half a million square feet of new tenant leases, marking the largest amount of new tenant leasing in a single quarter in over a decade [10] - The weighted average starting cash rent was nearly $42 per square foot, unchanged from the previous quarter, with net effective rents at $21.26 per square foot, reflecting a 2.5% increase [18] - Rental rates for space vacant less than a year reflected almost 9% and just over 20% roll-ups on a cash and accrual basis, respectively [13] Market Data and Key Metrics Changes - U.S. office demand turned around in Q3 2025, with about 12 million more square feet occupied than returned to landlords, the first positive figure since late 2021 [5] - Five operating markets experienced positive absorption, with Washington, D.C. and Boston being exceptions [6] - The overall leasing volume in the U.S. reached approximately 105 million square feet in Q3 2025, within 10% of the 2015 to 2019 national quarterly average [6] Company Strategy and Development Direction - The company aims to strengthen its brand as the landlord of choice, driving leasing demand and increasing rental rates across its portfolio [9] - The strategy includes focusing on high-quality office spaces and leveraging a hospitality-driven service model to attract tenants [8] - The company anticipates achieving a lease percentage of 89% to 90% for its operating portfolio by year-end [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit FFO growth or better in 2026 and 2027, driven by strong leasing momentum and a robust pipeline [15] - The company noted that the broader macro factors, along with successful portfolio repositioning, are expected to drive organic FFO growth [15] - Management highlighted that the demand for office space remains strong despite slow hiring and an uncertain economic outlook [7] Other Important Information - The company achieved a five-star rating and Green Star recognition from GRESB, placing it in the top decile of all participating listed U.S. companies [15] - The out-of-service portfolio is approaching 70% leased, with expectations for stabilization by the end of 2026 [13] Q&A Session Summary Question: Clarification on expansion versus contraction within the portfolio - Management noted that there have been more expansions than contractions, with 16 expansions versus two contractions in the last quarter, indicating a net positive of 40,000 square feet [36] Question: Insights on larger tenant behavior and office utilization - Management indicated that larger users are looking to upgrade their space, with some consolidating to create hubs for collaboration [39] Question: Conviction level for earnings growth next year - Management clarified that the projected earnings growth is based on organic growth within a static portfolio, assuming no acquisitions or dispositions [46] Question: Status of non-core asset dispositions - Management stated that the market remains challenging for selling non-core assets, but they continue to focus on pruning these assets [60] Question: Details on the $75 million of cash rent pending - Management estimated that about 70% of the $75 million would start paying in 2026, with a significant portion expected to commence in the middle of the year [71]

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q3 2025 was $0.35, a decrease from $0.36 in Q3 2024, attributed to the sale of three projects and higher net interest expense, offset by growth in operations due to higher economic occupancy and rental rate growth [25][26][27] - FFO generated during Q3 2025 was approximately $26.5 million [26] - The company narrowed its 2025 annual core FFO guidance to a range of $1.40 to $1.42 per diluted share [28] Business Line Data and Key Metrics Changes - The company executed approximately 724,000 square feet of total leasing during the quarter, including over half a million square feet of new tenant leases, marking the largest amount of new tenant leasing in a single quarter in over a decade [9][10] - The weighted average starting cash rent was nearly $42 per square foot, unchanged from the previous quarter, with net effective rents increasing to $21.26 per square foot, reflecting a 2.5% increase [17][18] - The leasing capital spent was $6.76 per square foot, slightly up compared to the trailing 12 months [17] Market Data and Key Metrics Changes - Five of the operating markets experienced positive absorption, with Washington, D.C. and Boston being exceptions [5] - The overall leasing volume in the U.S. reached about 105 million square feet in Q3 2025, nearing the 2015-2019 national quarterly average of approximately 115 million square feet [5][6] - The out-of-service portfolio was over 50% leased and approaching 70% leased, with significant demand in Minneapolis and Orlando [11][20] Company Strategy and Development Direction - The company aims to strengthen its brand as the landlord of choice, driving leasing demand and increasing rental rates across its portfolio [8][31] - The strategy includes focusing on high-quality office spaces and enhancing service models to attract tenants [7][30] - The company is also looking to prune non-core assets while exploring acquisition opportunities in high-demand markets like Dallas [24][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit FFO growth in 2026 and 2027, driven by strong leasing momentum and a robust pipeline [14][29] - The broader macro factors, along with successful portfolio repositioning, are expected to continue driving the company's ability to grow FFO organically [14] - Management noted that the office sector is turning a corner, with increased demand for high-quality spaces despite a generally uncertain economic outlook [6][10] Other Important Information - The company achieved a five-star rating and Green Star recognition from GRESB, placing it in the top decile of all participating listed U.S. companies [14] - The company has approximately $435 million of availability under its revolving line of credit and no final debt maturities until 2028 [27] Q&A Session Summary Question: Clarification on expansion versus contraction within the portfolio - Management noted that expansions exceeded contractions for five consecutive quarters, with 16 expansions versus two contractions in the last quarter, indicating a net positive of 40,000 square feet [36] Question: Conviction level for earnings growth next year - Management clarified that the projected earnings growth is based on organic growth within a static portfolio, assuming no acquisitions or refinancings [44] Question: Status of non-core asset dispositions - Management indicated that the market remains challenging for selling non-core assets, but they continue to focus on pruning these assets [54] Question: Details on the $75 million of cash rent pending - Management estimated that about 70% of the $75 million would be realized in 2026, with a significant portion expected to commence in the middle of the year [62] Question: Reconciliation of leasing demand with job market conditions - Management observed that despite layoffs, there is still strong demand for upgrading office space, as companies seek to enhance collaboration and innovation [65]