Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — Debt Investor Presentation (June 2024)
14 slides from Piedmont Realty Trust's debt investor presentation, Jun 30, 2024
Slide 1: Fixed Income Supplemental Presentation June 30, 2024
Fixed Income Supplemental Presentation June 30, 2024 Corporate Headquarters Institutional Analyst Contact Investor Relations Contact 5565 Glenridge Connector, Suite 450 770.418.8592 866.354.3485 Atlanta, GA 30342 research.analysts@piedmontreit.com investor.services@piedmontreit.com 770.418.8800 www.
Slide 2: Corporate Data
Piedmont Office Realty Trust, Inc. Corporate Data Piedmont Office Realty Trust, Inc. (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt marke
Slide 3: Quarterly Highlights
Piedmont Office Realty Trust, Inc. Quarterly Highlights As of June 30, 2024 Piedmont Office Realty Trust Reports Second Quarter 2024 Results ATLANTA, July 31, 2024--Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in
Slide 4: Leasing highlights for the second quarter
• The Company completed over one million square feet of leasing during the second quarter, the largest amount of leasing the Company has completed in a single quarter in over a decade, which included over 400,000 square feet of new tenant leasing. • The largest new lease completed during the quarter
Slide 5: Capitalization Analysis
Piedmont Office Realty Trust, Inc. Capitalization Analysis Unaudited (in thousands except for per share data and ratios) As of As of June 30, 2024 December 31, 2023 Market Capitalization Common stock price $7.25 $7.11 Total shares outstanding 123,995 123,715 (1) Equity market capitalization $898,964
Slide 6: Debt Covenant & Ratio Analysis (for Debt Holders)
Piedmont Office Realty Trust, Inc. Debt Covenant & Ratio Analysis (for Debt Holders) As of June 30, 2024 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Maximum leverage ratio 0.60 0.41 0.41 0.37 0.36 0.37 Minimum fixed charg
Slide 7: Debt Summary
Piedmont Office Realty Trust, Inc. Debt Summary As of June 30, 2024 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Principal Amount Weighted Average Weighted Average Floating Debt Outstanding (1) Interest Rate (2) Maturity Rate 5.3% Floating Rate (3) $120,000 6.71% 31.0 months Fixed Rate
Slide 8: Debt Detail
Piedmont Office Realty Trust, Inc. Debt Detail Unaudited ($ in thousands) Principal Amount Outstanding as of (1) (2) Facility Stated Rate Effective Rate Maturity Date June 30, 2024 Secured Debt $197 Million Fixed-Rate Mortgage (1180 Peachtree Street) 4.10% 4.10% 10/1/2028 $ 194,169 Secured Subtotal
Slide 9: Geographic Diversification
Piedmont Office Realty Trust, Inc. Geographic Diversification As of June 30, 2024 ($ and square footage in thousands) Percentage of Percentage of Number of Annualized Annualized Lease Rentable Rentable Square Leased Location Properties Lease Revenue Revenue (%) Square Footage Footage (%) Square Foot
Slide 10: Industry Diversification
Piedmont Office Realty Trust, Inc. Industry Diversification As of June 30, 2024 ($ and square footage in thousands) Percentage of Percentage of Number of Percentage of Total Annualized Lease Annualized Lease Leased Square Leased Industry Tenants Tenants (%) Revenue Revenue (%) Footage Square Footage
Slide 11: Appendix
Piedmont Office Realty Trust, Inc. Fixed Income Supplemental Presentation Appendix 11
Slide 12: Definitions of Non-GAAP Financial Measures
Piedmont Office Realty Trust, Inc. Fixed Income Supplemental Presentation Definitions of Non-GAAP Financial Measures Core EBITDA: The Company calculates Core EBITDA as net income/(loss) (computed in accordance with GAAP) before interest, taxes, depreciation and amortization and removing any impairme
Slide 13: Consolidated Balance Sheets
Piedmont Office Realty Trust, Inc. Consolidated Balance Sheets Unaudited (in thousands) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Assets: Real estate assets, at cost: Land $ 552,744 $ 552,744 $ 559,384 $ 559,384 $ 559,384 Buildings and improvements 3,791,196 3,769,592 3,788,249 3,747,467 3,
Slide 14: Reconciliation of Core EBITDA to Net Income
Piedmont Office Realty Trust, Inc. Reconciliation of Core EBITDA to Net Income Unaudited (in thousands) Three Months Ended Six Months Ended 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 6/30/2024 6/30/2023 Net income (loss) applicable to Piedmont $ (9,809) $ (27,763) $ (28,030) $ (17,002) $ (1,
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