Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — Debt Investor Presentation (September 2022)
14 slides from Piedmont Realty Trust's debt investor presentation, Sep 30, 2022
Slide 1: Fixed Income Supplemental Presentation September 30, 2022
Fixed Income Supplemental Presentation September 30, 2022 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.co
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 the Sunbelt. The Company
Slide 3: Quarterly Highlights
Piedmont Office Realty Trust, Inc. Quarterly Highlights As of September 30, 2022 Highlights for the Three and Nine Months Ended September 30, 2022: Financial Results: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Net income applicabl
Slide 4: Leasing and Capital Markets Highlights
• The largest renewal completed during the quarter was Ryan LLC's approximately 178,000 square feet at Three Galleria Tower in Dallas, TX for two to five years. This renewal heavily influenced the large cash and accrual rent roll ups for the quarter; however, excluding this lease, cash and accrual r
Slide 5: Capitalization Analysis
Piedmont Office Realty Trust, Inc. Capitalization Analysis Unaudited (in thousands except for per share data) As of As of September 30, 2022 December 31, 2021 Market Capitalization Common stock price $10.56 $18.38 Total shares outstanding 123,395 123,077 Equity market capitalization (1) $1,303,055 $
Slide 6: Debt Covenant & Ratio Analysis
Piedmont Office Realty Trust, Inc. Debt Covenant & Ratio Analysis As of September 30, 2022 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 Maximum leverage ratio 0.60 0.40 0.35 0.34 0.38 0.35 Minimum fixed charge coverage rat
Slide 7: Debt Summary
Piedmont Office Realty Trust, Inc. Debt Summary As of September 30, 2022 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Principal Amount Weighted Average Stated Weighted Average Debt (1) Outstanding Interest Rate (2) Maturity (3) Floating Rate $512,000 4.03% 30.6 months Fixed Rate 1,647,
Slide 8: Debt Detail
Piedmont Office Realty Trust, Inc. Debt Detail Unaudited ($ in thousands) Principal Amount Outstanding as of (1) Facility Property Stated Rate Maturity September 30, 2022 Secured $197.0 Million Fixed-Rate Loan 1180 Peachtree Street 4.10 % (2) 10/1/2028 $ 197,000 (3) Subtotal / Weighted Average 4.10
Slide 9: Geographic Diversification
Piedmont Office Realty Trust, Inc. Geographic Diversification As of September 30, 2022 ($ and square footage in thousands) Percentage of Percentage of Number of Annualized Annualized Lease Rentable Rentable Square Leased Square Location Properties Lease Revenue Revenue (%) Square Footage Footage (%)
Slide 10: Industry Diversification
Piedmont Office Realty Trust, Inc. Industry Diversification As of September 30, 2022 ($ and square footage in thousands) Percentage of Number of Percentage of Total Annualized Lease Annualized Lease Leased Square Percentage of Leased Industry Tenants Tenants (%) Revenue Revenue (%) Footage Square Fo
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 (computed in accordance with GAAP) before interest, taxes, depreciation and amortization and incrementally removing any i
Slide 13: Consolidated Balance Sheets
Piedmont Office Realty Trust, Inc. Consolidated Balance Sheets Unaudited (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Assets: Real estate, at cost: Land assets $ 578,722 $ 521,789 $ 521,789 $ 529,941 $ 476,717 Buildings and improvements 3,751,72
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 Nine Months Ended 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021 9/30/2022 9/30/2021 Net income / (loss) applicable to Piedmont $ 3,331 $ 7,966 $ 59,964 $ (31,750) $ 11,306
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