Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — Debt Investor Presentation (March 2022)
13 slides from Piedmont Realty Trust's debt investor presentation, Mar 31, 2022
Slide 1: Fixed Income Supplemental Presentation March 31, 2022
Fixed Income Supplemental Presentation March 31, 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.com Te
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 March 31, 2022 Financial Results: • Net income applicable to Piedmont was $60.0 million, or $0.49 per diluted share, for the quarter ended March 31, 2022, as compared to $9.3 million, or $0.08 per diluted share, for the quarter ended Marc
Slide 4: Capitalization Analysis
Piedmont Office Realty Trust, Inc. Capitalization Analysis Unaudited (in thousands except for per share data) As of As of March 31, 2022 December 31, 2021 Market Capitalization Common stock price $17.22 $18.38 Total shares outstanding 123,331 123,077 Equity market capitalization (1) $2,123,757 $2,26
Slide 5: Debt Covenant & Ratio Analysis
Piedmont Office Realty Trust, Inc. Debt Covenant & Ratio Analysis As of March 31, 2022 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Maximum leverage ratio 0.60 0.34 0.38 0.35 0.35 0.36 Minimum fixed charge coverage ratio (
Slide 6: Debt Summary
Piedmont Office Realty Trust, Inc. Debt Summary As of March 31, 2022 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Principal Amount Weighted Average Stated Weighted Average Debt (1) Outstanding Interest Rate (2) Maturity (3) Floating Rate $231,000 1.38% 29.7 months Fixed Rate 1,450,000
Slide 7: Debt Detail
Piedmont Office Realty Trust, Inc. Debt Detail Unaudited ($ in thousands) Principal Amount Outstanding as of (1) Facility Stated Rate Maturity March 31, 2022 (2) $350.0 Million Unsecured 2013 Senior Notes 3.40 % 6/1/2023 $ 350,000 $500.0 Million Unsecured Line of Credit (3) 1.36 % (4) 9/29/2023 81,0
Slide 8: Geographic Diversification
Piedmont Office Realty Trust, Inc. Geographic Diversification As of March 31, 2022 ($ 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 (%) Foo
Slide 9: Industry Diversification
Piedmont Office Realty Trust, Inc. Industry Diversification As of March 31, 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 Footag
Slide 10: Appendix
Piedmont Office Realty Trust, Inc. Fixed Income Supplemental Presentation Appendix 10
Slide 11: 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 12: Consolidated Balance Sheets
Piedmont Office Realty Trust, Inc. Consolidated Balance Sheets Unaudited (in thousands) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Assets: Real estate, at cost: Land assets $ 521,789 $ 529,941 $ 476,717 $ 476,717 $ 476,717 Buildings and improvements 3,351,807 3,
Slide 13: 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 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Net income / (loss) applicable to Piedmont $ 59,964 $ (31,750) $ 11,306 $ 9,947 $ 9,344 Net income / (loss) applicable to nonc
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