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]

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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 ...