Financial Data and Key Metrics Changes - For Q3 2020, the company reported core FFO of $0.48 per diluted share, a 6% increase compared to Q3 2019, driven by rental rate roll-ups and capital recycling activities [19][20] - The company experienced a decline in top-line revenue growth due to reduced transient parking and retail revenues, with a total impact of approximately $6 million to $8 million for the year attributed to COVID-19 [20][24] - AFFO for Q3 was approximately $38 million, exceeding the third quarter dividend [22] Business Line Data and Key Metrics Changes - The company completed 229,000 square feet of leasing in Q3, with over one-third related to new tenants, despite the pandemic's impact on leasing demand [9][11] - Cash rent rolls increased approximately 5% year-to-date, while accrual-based rents rose over 11% [11] - The lease occupancy percentage has declined due to the pandemic, with same-store cash NOI comparison being flat year-to-date, impacted by tenant lease modification agreements [13] Market Data and Key Metrics Changes - Strongest leasing activity is observed in the Washington, D.C. area, Boston, and Sunbelt markets, with varying occupancy levels across different regions [11][21] - Daily occupancy at buildings is slowly recovering, with some tenants associated with government services near-normal occupancy, while others remain at 10% to 20% [21] Company Strategy and Development Direction - The company aims to transition its portfolio into high-growth amenity-rich office nodes and improve property quality while maintaining tenant satisfaction [32][33] - The company has exited the New Jersey market and completed a strategic acquisition in Orlando, indicating a focus on refining its portfolio [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledges uncertainties regarding the long-term economic impact of the pandemic on occupancy trends and tenant usage [29] - The leasing pipeline is showing signs of improvement, with expectations for continued momentum into the next year, provided there are no significant COVID-19 waves [39] Other Important Information - The company issued its first green bond of $300 million to fund the acquisition of LEED-certified properties, reflecting its commitment to environmental sustainability [17][18] - The company has a strong liquidity position with approximately $24 million in cash and no debt maturities until late 2021 [23] Q&A Session Summary Question: Can you talk about the utilization of the portfolio by asset type or metropolitan market? - Management noted that occupancy levels vary, with northern markets at 10% to 20% of pre-COVID levels and southern markets at 15% to 40%, while mission-critical facilities are at 80% to 100% [37] Question: Can you discuss the asset sales in New Jersey and the pricing? - The company aimed to clean up its Mid-Atlantic/Northeast portfolio, achieving a reasonable pricing level for the New Jersey assets, generating cash with a cap rate in the high 7s to 8% [41][43] Question: What is the risk of the city of New York moving elsewhere? - Management believes the risk is low due to the unique building fitting the city's needs, with expectations for a shorter-term renewal by year-end [47][48]

Financial Data and Key Metrics Changes - For Q2 2020, the company reported $0.49 per diluted share of core FFO, a 14% increase compared to Q2 2019, reflecting rental rate growth and capital recycling activities [36] - AFFO was approximately $45 million for the second quarter, exceeding the second quarter dividend [36] - Same-store NOI increased approximately 2% on a cash basis and over 5% on an accrual basis before deducting a general reserve of approximately $5 million [37] - General and administrative expenses decreased by $6.5 million compared to the same period in 2019 due to lower stock-based compensation accruals [38] - The average net debt to core EBITDA ratio was 6.2 times, expected to normalize to around 5.6 times in Q3 2020 [39] Business Line Data and Key Metrics Changes - The company collected approximately 99% of cash rents due for Q2 2020, net of $3.6 million in deferred rents [12] - Lease modification agreements were entered into with about 50 tenants, primarily retail, representing approximately 1% of annual revenues [13] - The sale of 1901 Market Street resulted in a gross sales price of approximately $360 million, impacting reported occupancy by lowering the overall lease percentage by 1% to approximately 89% [18][20] Market Data and Key Metrics Changes - The company’s portfolio consists of 57 Class A office properties, totaling 17.2 million square feet, primarily in urban infill and suburban mixed-use environments [22] - Approximately 96% of annualized lease revenue is now generated from properties in seven core operating markets [20] - The pandemic has accelerated trends such as population migration to suburbs and corporations relocating to lower-cost cities [21][25] Company Strategy and Development Direction - The company is focused on a strategic asset recycling program and has successfully exited the Philadelphia market [19] - The pandemic has led to a reevaluation of business strategy, emphasizing the importance of suburban locations and amenities to attract tenants [21][25] - The company aims to leverage its market positions in areas like Dallas, Atlanta, and Washington D.C. to meet the demand for flexible office space [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to withstand the economic slowdown due to COVID-19, citing a strong tenant base and financial position [32] - The company is not providing guidance for 2020 due to uncertainties surrounding the pandemic but anticipates modest impacts on lease percentages and financial performance [41][42] - Management noted that new tenant leasing activity has slowed but is beginning to re-emerge, particularly in Sunbelt markets [30][44] Other Important Information - The company has approximately $30 million in cash and full availability of a $500 million line of credit, with no debt maturities until late 2021 [42] - A general reserve of approximately $5 million was established for potential future losses due to the pandemic [47] - The company is committed to supporting efforts to eliminate prejudice and discrimination in its communities [33][34] Q&A Session Summary Question: Clarification on NOI write-offs and reserves - Management explained that the $1.8 million reserve was specific to individual tenant accounts and included write-offs of straight-line rent receivables [54][58] - The $5 million general reserve was established as a precautionary measure for potential unidentified losses [58] Question: Impact of WeWork's construction delays - Management confirmed that WeWork is current on rental obligations and expects construction to commence in 2021, with rent payments starting as per lease terms [61][62] Question: Vacancy in D.C. market - Management noted that D.C. had a strong leasing pipeline pre-pandemic and is seeing a pickup in activity, particularly in technology and defense sectors [64][66] Question: Demand for walkable amenities - Management indicated that there is a growing demand for walkable, non-public transit-oriented locations, driven by millennial preferences for suburban living [70][75] Question: Long-term trends versus COVID impacts - Management believes the trends towards suburban living and hub-and-spoke models are long-term shifts accelerated by COVID-19 [82][84] Question: New York City lease negotiations - Management stated that negotiations are ongoing, with expectations for a shorter-term renewal while longer-term leases are delayed [85][87] Question: Overall impact of COVID-19 on financial performance - Management highlighted that the anticipated $10 million to $12 million impact on NOI is primarily due to delayed leasing and reserves established for potential losses [90][91]

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q1 2020 Earnings Conference Call April 30, 2020 11:00 AM ET Company Participants Brent Smith - President & CEO Robert Bowers - CFO Conference Call Participants Michael Lewis - SunTrust Anthony Paolone - JPMorgan Chase Dave Rodgers - Robert W. Baird Aaron Wolf - Stifel Operator Good day, ladies and gentlemen, and welcome to the Piedmont Office Realty Trust, Inc., First Quarter 2020 Earnings Call. All lines have been placed on a listen-only mode and the floor will ...

Quarterly Supplemental Information March 31, 2020 Corporate Headquarters Institutional Analyst Contact Investor Relations 5565 Glenridge Connector, Suite 450 Telephone: 770.418.8592 Telephone: 866.354.3485 Atlanta, GA 30342 research.analysts@piedmontreit.com investor.services@piedmontreit.com Telephone: 770.418.8800 www.piedmontreit.com Piedmont Office Realty Trust, Inc. Quarterly Supplemental Information Index Page Page Introduction Other Investments Corporate Data 3 Other Investments Detail 39 COVID-19 Up ...

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q4 2019 Results Earnings Conference Call February 5, 2020 10:00 AM ET Company Participants Brent Smith - President, CEO Edward Guilbert - Executive VP of Finance & Treasurer Robert Bowers - CFO, Executive VP & Chief Administrative Officer Conference Call Participants Nick Thillman - Baird Daniel Ismail - Green Street Advisers John Guinee - Stifel Tony Paolone - JPMorgan Operator Ladies and gentlemen, hello and thank you for joining today's Piedmont Office Realty ...

Financial Data and Key Metrics Changes - For Q3 2019, the company reported core FFO of $0.45 per diluted share, consistent with the same period a year ago [36] - AFFO was approximately $36.7 million for the third quarter, well above the current $26 million quarterly dividend level [37] - Same-store NOI increased approximately 5% on a cash basis and 0.5% on an accrual basis for the third quarter [39] Business Line Data and Key Metrics Changes - The company completed approximately 564,000 square feet of leasing during the quarter, with a nearly 10% increase in beginning cash rents and a 23.5% increase in GAAP rents [29] - Significant leases included a renewal by Commercial Metals Company for approximately 106,000 square feet in Dallas and a new lease with WeWork for approximately 72,000 square feet in Atlanta [30][31] Market Data and Key Metrics Changes - The company has concentrated its portfolio in submarkets with greater than 20% Class A market share, achieving operational success in areas like Downtown Orlando and the Galleria office complex in Atlanta [8][9] - The Galleria Atlanta project has seen annualized leased revenue increase by almost 20% since the initial acquisitions [15] Company Strategy and Development Direction - The company is focused on recycling out of fully valued mature assets and redeploying proceeds into accretive acquisitions [7] - The strategy includes the disposition of non-core assets, with $1.9 billion sold over the past four years, and reinvestment into markets with favorable risk-adjusted returns [21][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing momentum and operational success, anticipating meaningful earnings growth in 2020 [5][6] - The company is not prepared to issue formal guidance for 2020 but believes current consensus estimates are below their preliminary expectations [44] Other Important Information - The company completed the acquisition of Galleria 400 and 600 for $212.4 million, with plans for redevelopment to enhance value [16][18] - A sustainability report was released, outlining goals to reduce energy and water consumption by 20% over the next eight years [35] Q&A Session Summary Question: What was the GAAP spread on the New York state lease? - The GAAP spread from the prior lease to the new lease was approximately 40% [47] Question: How does the New York state lease impact 2020 earnings? - Part of the anticipated shortfall in 2020 consensus is related to the New York state lease, along with other leases that have not yet commenced [48][49] Question: What is the expectation for lease-up at Galleria? - The company expects good activity across the project, with a 10% vacancy and potential for rental rates to increase from the low 30s to mid-30s [52][54] Question: What does the acquisition pipeline look like? - The pipeline remains robust in markets like Boston, Dallas, and Atlanta, although there is a slight reduction in overall opportunities [56] Question: How does the company view the dividend going forward? - The company is encouraged by cash flow growth but is cautious about increasing dividends until after addressing current lease negotiations [67] Question: What is the company's stance on co-working tenants like WeWork? - The company recognizes the demand for flexible space and has spread exposure to various co-working operators, with WeWork representing less than 1% of overall annualized lease revenue [75]

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q2 2019 Results Conference Call August 1, 2019 11:00 AM ET Company Participants Robert Bowers - Chief Financial Officer Brent Smith - Chief Executive Officer Conference Call Participants Dave Rodgers - Robert W. Baird John Guinee - Stifel Daniel Ismail - Green Street Advisors Operator Greetings, and welcome to the Piedmont Office Realty Trust Second Quarter 2019 Earnings Conference Call. [Operator instructions] As a reminder, this conference is being recorded. I ...

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q1 2019 Earnings Conference Call May 2, 2019 11:00 AM ET Company Participants Robert Bowers – Chief Financial Officer Don Miller – Chief Executive Officer Brent Smith – President and Chief Investment Officer Conference Call Participants Barry Oxford – D.A, Davidson. Dave Rodgers – Baird Patrice Chen – JPMorgan Operator Greetings and welcome to the Piedmont First Quarter 2019 Conference Call. At this time, all participants are in a listen-only mode. A question-an ...

Piedmont Office Realty Trust (NYSE:PDM) Q4 2018 Results Earnings Conference Call February 6, 2019 10:00 AM ET Company Participants Robert Bowers - CFO and EVP Donald Miller - CEO Brent Smith - President and CIO Conference Call Participants Barry Oxford - D.A. Davidson Michael Lewis - SunTrust David Rodgers - Baird Daniel Ismail - Green Street Advisors Anthony Paolone - JPMorgan John Guinee - Stifel Operator Good day, ladies and gentlemen, and welcome to the Piedmont Office Realty Trust Fourth Quarter 2018 E ...