Call Start: 09:00 January 1, 0000 9:53 AM ET Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q1 2022 Results Earnings Conference Call April 28, 2022, 9:00 AM ET Company Participants Brent Smith – President and Chief Executive Officer Eddie Guilbert – Executive Vice President of Finance and Treasurer Bobby Bowers – Chief Financial Officer George Wells – Chief Operating Officer Chris Coleman – Executive Vice President of Investments Conference Call Participants Michael Lewis – Truist Securities Anthony Paolone ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ _______________________________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the Quarterly Period Ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the Transition Period From ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________ _________________________________________________________ FORM 10-K (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to to Commission file number 001-34626 ___________ ...

Financial Data and Key Metrics Changes - For Q4 2021, the company reported FFO per share of $0.51, aligning with market consensus, and a 5.8% increase in same-store NOI on a cash basis [8][27] - Core FFO for the year was $1.97 per diluted share, a 4% increase over 2020, exceeding the upper end of the original guidance range [26][27] - AFFO generated during Q4 was approximately $39 million, well above the current quarterly dividend level of $26 million [29] Business Line Data and Key Metrics Changes - The company leased approximately 400,000 square feet in Q4, with a 3% increase in second-generation cash rents and an average lease term of 6.5 years [8][9] - For the fiscal year 2021, Piedmont leased almost 2.3 million square feet, consistent with pre-COVID annual leasing levels, and achieved a 7.5% increase in second-generation cash rents [17] Market Data and Key Metrics Changes - Boston, Dallas, and Atlanta were identified as the most active leasing markets, with Boston showing strong fundamentals due to business migration and life science demand [10][11] - Orlando's downtown properties are performing well, with leasing activity at pre-pandemic levels, although net effective rents are about 5% lower than pre-pandemic levels due to increased concessions [12][13] Company Strategy and Development Direction - The company aims to have 70% to 75% of annualized lease revenue generated from Sunbelt markets by the end of 2023, currently at 63% [25] - Piedmont is focusing on redevelopment opportunities and has completed over $50 million in incremental investments to upgrade properties [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the office sector, particularly for landlords offering high-quality, amenity-rich environments [17] - The company anticipates a gradual increase in physical utilization of buildings by tenants throughout 2022, aiming for a pro forma lease percentage of approximately 88% [31][32] Other Important Information - The company is in discussions for a pipeline of over $1 billion in high-quality assets, primarily in Sunbelt markets [19] - Cap rates remain steady for high-quality assets, while construction starts have slowed due to pandemic-related uncertainties [20] Q&A Session Summary Question: Details on loan investments repayment - The company expects the note receivable to be paid off in the first quarter based on discussions with the involved parties [35] Question: Capital recycling and spreads - Management indicated that spreads depend on the opportunities available, with historical accretive recycling activity of 150 to 200 basis points [36][38] Question: Asset sale targets - The company is considering noncore assets for disposition, including properties in Houston and Cambridge, and is optimistic about the current market opportunities [46][48] Question: Guidance range factors - The guidance range is influenced by leasing activity, with operational factors such as move-outs and expirations affecting the bottom end of the range [49][51] Question: Dividend increase rationale - Management believes the ability to raise the dividend is supported by positive leasing market conditions and a significant spread between AFFO and the current dividend [73] Question: CapEx normalization - Management acknowledged that CapEx has structurally moved higher due to increased focus on amenities and a higher concessionary environment [77][81]

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q3 2021 Earnings Conference Call October 28, 2021 11:00 AM ET Company Participants Eddie Guilbert - EVP, Finance and Treasurer Brent Smith - President and CEO George Wells - COO Bobby Bowers - CFO Conference Call Participants Anthony Paolone - JPMorgan Dave Rodgers - Baird Daniel Ismail - Green Street Michael Lewis - Truist Securities Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps withi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ _______________________________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the Quarterly Period Ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the Transition Period ...

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q2 2021 Earnings Conference Call July 29, 2021 11:00 AM ET Company Participants Eddie Guilbert - EVP, Finance and Treasurer Brent Smith - President and CEO George Wells - COO Bobby Bowers - CFO Conference Call Participants Anthony Paolone - JPMorgan Dave Rodgers - Baird Daniel Ismail - Green Street Operator Good day, ladies and gentlemen, and welcome to the Piedmont Office Realty Trust, Inc. Second Quarter 2021 Earnings Call. All lines have been placed in a list ...

Financial Performance - Net income applicable to Piedmont for the quarter ended June 30, 2021, was $9.9 million, or $0.08 per share, compared to $192.4 million, or $1.52 per share, for the same quarter in 2020[15] - Funds from operations (FFO) for the quarter ended June 30, 2021, was $60.4 million, or $0.48 per share, compared to $52.3 million, or $0.41 per share, for the same quarter in 2020[16] - Core funds from operations (Core FFO) for the quarter ended June 30, 2021, was $60.4 million, or $0.48 per share, compared to $61.6 million, or $0.49 per share, for the same quarter in 2020[17] - Adjusted funds from operations (AFFO) for the quarter ended June 30, 2021, was $41.7 million, compared to $45.0 million for the same quarter in 2020[19] Portfolio and Leasing - As of June 30, 2021, the total in-service office portfolio was 85.9% leased, compared to 86.8% at December 31, 2020[20] - The weighted average remaining lease term of the in-service portfolio was 6.1 years as of June 30, 2021, unchanged from December 31, 2020[21] - The weighted average adjusted Annualized Lease Revenue per square foot for the in-service portfolio was $37.21 as of June 30, 2021[21] - During the three months ended June 30, 2021, the Company completed approximately 664,000 square feet of leasing activity, including new tenant leases for approximately 154,000 square feet[24] Capital Activity - Piedmont entered into a binding contract to sell two office buildings in Woburn, MA, for $129.0 million, or $293 per square foot, expected to close around the end of 2021[35] - As of quarter end, Board-approved capacity remaining for additional repurchases totaled approximately $170 million under the stock repurchase plan[40] - The ratio of total debt to total gross assets was 34.6% as of June 30, 2021, compared to 34.4% at December 31, 2020[39]

[PART I Financial Information](index=5&type=section&id=PART%20I%20Financial%20Information) [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Piedmont Office Realty Trust's unaudited consolidated financial statements, including balance sheets, income statements, and cash flows, for periods ending June 30, 2021 [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased slightly to **$3.76 billion** as of June 30, 2021, while liabilities rose and equity decreased Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$3,758,311** | **$3,739,810** | | Total real estate assets | $3,079,707 | $3,056,034 | | Cash and cash equivalents | $8,122 | $7,331 | | **Total Liabilities** | **$1,885,803** | **$1,841,849** | | Unsecured debt, net | $1,666,570 | $1,594,068 | | Secured debt, net | $— | $27,936 | | **Total Stockholders' Equity** | **$1,872,508** | **$1,897,961** | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) Net income significantly decreased to **$9.9 million** in Q2 2021 due to the absence of a prior-year asset sale gain Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $130,218 | $134,631 | $259,475 | $271,802 | | Net Income Applicable to Piedmont | $9,947 | $192,427 | $19,291 | $201,136 | | Diluted EPS | $0.08 | $1.52 | $0.15 | $1.59 | - The significant decrease in net income for both the three and six months ended June 30, 2021, compared to 2020, is primarily driven by the absence of a large gain on the sale of real estate assets that occurred in 2020[23](index=23&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$100.2 million** for H1 2021, while investing and financing activities used cash Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $100,192 | $90,580 | | Net cash used in investing activities | ($61,577) | ($124,017) | | Net cash (used in)/provided by financing activities | ($38,129) | $56,289 | | **Net increase in cash** | **$486** | **$22,852** | [Condensed Notes to Consolidated Financial Statements](index=12&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, debt, and commitments, with **54 properties** totaling **16.4 million sq ft** and **85.9% leased** - As of June 30, 2021, Piedmont owned **54 in-service office properties** and one redevelopment asset, comprising approximately **16.4 million square feet**, with an occupancy rate of **85.9%**[33](index=33&type=chunk) - The company has one individually significant unrecorded tenant allowance commitment of approximately **$28.1 million** for a 20-year, 520,000 square foot renewal and expansion for the State of New York at 60 Broad Street[53](index=53&type=chunk) - The 225 and 235 Presidential Way assets in Woburn, Massachusetts met the criteria for held for sale classification as of June 30, 2021, with the sale expected to close near the end of 2021[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, liquidity, and operations, noting COVID-19's impact on leasing but not material financial condition - The COVID-19 pandemic has not materially impacted the company's financial condition or liquidity, but the related slowdown in 2020 leasing activity has negatively impacted occupancy levels and slowed earnings growth[73](index=73&type=chunk) - Primary sources of liquidity include cash on hand, cash flow from operations, proceeds from dispositions, and the **$500 million Unsecured 2018 Line of Credit**, which had **$425 million** of available capacity as of the filing date[74](index=74&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Capital expenditures totaled **$54.7 million** for H1 2021, with a **$300 million** term loan maturing soon Capital Expenditures (in thousands) | Category | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Redevelopment/renovations | $23,882 | $16,440 | | Other capital expenditures | $30,824 | $38,512 | | **Total capital expenditures** | **$54,706** | **$54,952** | - As of June 30, 2021, the company had approximately **$169.3 million** of board-authorized capacity remaining for future stock repurchases[79](index=79&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Net income significantly declined in Q2 2021 due to prior-year asset sales; rental revenue decreased in H1 2021 - Q2 2021 vs Q2 2020: Rental revenue decreased by **$4.2 million** due to dispositions and lower occupancy. Amortization expense decreased by **$3.7 million** as certain lease intangibles became fully amortized. General and administrative expense increased by **$2.3 million** due to higher accruals for performance-based compensation[84](index=84&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - H1 2021 vs H1 2020: Rental revenue decreased by **$10.5 million**. Property operating costs decreased by **$3.3 million**, partly due to reduced building utilization from COVID-19. Interest expense decreased by **$4.3 million** following a mortgage repayment in June 2020[95](index=95&type=chunk)[97](index=97&type=chunk)[101](index=101&type=chunk) [Net Operating Income by Geographic Segment](index=30&type=section&id=Net%20Operating%20Income%20by%20Geographic%20Segment) Total NOI decreased to **$156.4 million** for H1 2021, with Dallas increasing and New York/Corporate decreasing NOI by Geographic Segment - Six Months Ended June 30 (in thousands) | Segment | 2021 | 2020 | | :--- | :--- | :--- | | Dallas | $34,020 | $28,389 | | Atlanta | $29,598 | $29,934 | | Washington, D.C. | $17,659 | $19,435 | | Minneapolis | $16,467 | $16,766 | | Boston | $21,771 | $21,249 | | Orlando | $18,088 | $16,972 | | New York | $15,133 | $22,457 | | **Total NOI** | **$156,441** | **$165,218** | [Funds From Operations (FFO), Core FFO, and AFFO](index=31&type=section&id=Funds%20From%20Operations%20(FFO)%2C%20Core%20FFO%2C%20and%20AFFO) Core FFO for Q2 2021 was **$60.4 million** ($0.48/share), slightly down from Q2 2020 FFO and Core FFO Reconciliation Highlights (in thousands, except per share) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | GAAP net income | $9,947 | $192,427 | $19,291 | $201,136 | | NAREIT FFO | $60,353 | $52,267 | $120,409 | $112,142 | | Core FFO | $60,353 | $61,603 | $120,409 | $121,478 | | Core FFO per share | $0.48 | $0.49 | $0.97 | $0.96 | [Property and Same Store Net Operating Income](index=33&type=section&id=Property%20and%20Same%20Store%20Net%20Operating%20Income) Same Store NOI increased by **4.3%** (cash basis) and **1.7%** (accrual basis) for H1 2021, with **85.9%** leased occupancy Same Store NOI Growth (YoY) | Period | Cash Basis | Accrual Basis | | :--- | :--- | :--- | | Three Months Ended June 30, 2021 | 4.8% | 4.7% | | Six Months Ended June 30, 2021 | 4.3% | 1.7% | - The portfolio's leased percentage was **85.9%** as of June 30, 2021, compared to **86.8%** as of December 31, 2020[134](index=134&type=chunk) - For leases executed in H1 2021 for space vacant one year or less, the company experienced a **17.3%** roll-up in accrual rents and a **7.7%** roll-up in cash rents[136](index=136&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate fluctuations on variable-rate debt; a **1.0%** increase would raise annual interest expense by **$5.3 million** - The primary market risk is interest rate risk associated with variable-rate debt, including the **$500M Line of Credit** and two unsecured term loans[144](index=144&type=chunk) - As of June 30, 2021, a hypothetical **1.0%** increase in variable interest rates on existing outstanding borrowings would increase annual interest expense by approximately **$5.3 million**[148](index=148&type=chunk) - The company is monitoring the planned phase-out of USD LIBOR after June 2023 and notes its credit agreements contain 'fallback' language for establishing an alternate interest rate[144](index=144&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2021, with no material changes in internal control - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[149](index=149&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2021, that have materially affected, or are reasonably likely to materially affect, internal controls[150](index=150&type=chunk) [PART II. Other Information](index=41&type=section&id=PART%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to any material pending legal proceedings, with routine litigation covered by insurance - Piedmont is not subject to any material pending legal proceedings and expects routine litigation to be covered by insurance without material adverse effect[152](index=152&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2020 Annual Report on Form 10-K - No material changes to risk factors were reported since the 2020 Form 10-K[153](index=153&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity sales or common stock repurchases occurred in Q2 2021; **$169.3 million** remains for repurchases - No unregistered sales of equity securities occurred in Q2 2021[158](index=158&type=chunk) - No shares of common stock were repurchased during Q2 2021. Approximately **$169.3 million** remains available under the stock repurchase program as of June 30, 2021[158](index=158&type=chunk) [Item 3. Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable to the company's current reporting - This item is not applicable[155](index=155&type=chunk) [Item 4. Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's current reporting - This item is not applicable[156](index=156&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No other information was reported under this item - No other information was reported under this item[157](index=157&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and certifications - The exhibits include certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[159](index=159&type=chunk)

Piedmont Office Realty Trust, Inc. (NYSE:PDM) Q1 2021 Earnings Conference Call April 29, 2021 10:00 AM ET Participants Eddie Guilbert - Executive Vice President of Finance and Treasurer, Piedmont Office Realty Trust, Inc. Brent Smith - President and Chief Executive Officer, Piedmont Office Realty Trust, Inc. Bobby Bowers - Chief Financial Officer, Piedmont Office Realty Trust, Inc. Analysts Anthony Paolone - JPMorgan Dave Rodgers - Robert W. Baird Michael Lewis - SunTrust Securities Daniel Ishmael - Green S ...