Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — 2018 NAREIT Conference
12 slides from Piedmont Realty Trust's conference presentation, November 2018
Slide 1: 2018 NAREIT Conference
ENCLAVE PLACE 1430 ENCLAVE PARKWAY HOUSTON, TEXAS 2018 NAREIT CONFERENCE NOVEMBER 2018
Slide 2: Introduction
INTRODUCTION Piedmont Office Realty Trust, Inc. (also referred to herein as “Piedmont” or the “Company”) (NYSE: PDM) is an owner, manager, developer and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major eastern U.S. office markets. The Com
Slide 3: Key NAREIT Discussion Topics
KEY NAREIT DISCUSSION TOPICS
Slide 4: Growth Measurements
GROWTH MEASUREMENTS IN CASE YOU MISSED IT… FFO GROWTH $5.25 $1.75 $1.72 Core FFO per share $1.67 • Since 2014, Piedmont has sharpened its portfolio through $1.60 $ Billions $4.75 $2.2 billion in dispositions, decreasing its Gross Assets by $1.60 $1.49 $4.25 24%... and STILL grew FFO/sh by 15%1. $3.7
Slide 5: Growth Measurements: Where We're Heading
GROWTH MEASUREMENTS WHERE WE’RE HEADING… 2018-2019 FFO/sh Growth Estimates1 3.1% 3.1% 2019 FFO PROJECTED ABOVE PEERS 2.6% 2.3% • Based on consensus estimates, Piedmont is projected to 2.1% deliver leading FFO/share growth in 2019. Diverse Non- DC Diverse Gateway SunBelt PDM Gateway HOW WE GET THERE…
Slide 6: At an Extremely Attractive Valuation
…AT AN EXTREMELY ATTRACTIVE VALUATION UNDERLYING REAL ESTATE VALUATION Stock Price (11/1/18) What’s Left at $18.06 High Value Assets 11% Cap Rate and $124/SF Shares Out 128,371 • Infill Atlanta • Cambridge (2) Equity Value (bln) $2.3 • Orlando CBD • Downtown NYC (1) Total debt (3Q '18) $1.7 • Dallas
Slide 7: Submarket Spotlights
SUBMARKET SPOTLIGHTS
Slide 8: Capturing the Opportunities - Submarket Spotlight: Galleria (Atlanta)
CAPTURING THE OPPORTUNITIES- SUBMARKET SPOTLIGHT GALLERIA (ATLANTA) AT A GLANCE CORPORATE TENANT BASE: WEIGHING THE ALTERNATIVES: DRIVING RENT GROWTH: Source: CoStar Source: CoStar SUBMARKET STATS (4 and 5 Stars) “The Home Depot, Genuine Parts (owner of 5.0% Size 15.2 MSF Napa Auto Parts), and Comca
Slide 9: Capturing the Opportunities - Submarket Spotlight: Burlington (Boston)
CAPTURING THE OPPORTUNITIES- SUBMARKET SPOTLIGHT BURLINGTON (BOSTON) AT A GLANCE GROWING TAMI TENANT BASE: WEIGHING THE ALTERNATIVES: DRIVING RENT GROWTH: Source: CoStar Source: CoStar SUBMARKET STATS (4 and 5 Stars) “This stock has successfully attracted a 5.0% Size 5.9 MSF strong base of technolog
Slide 10: Capturing the Opportunities - Submarket Spotlight: Lake Mary (Orlando)
CAPTURING THE OPPORTUNITIES- SUBMARKET SPOTLIGHT LAKE MARY (ORLANDO) AT A GLANCE CORPORATE TENANT BASE: WEIGHING THE ALTERNATIVES: DRIVING RENT GROWTH: Source: CoStar Source: CoStar SUBMARKET STATS (4 and 5 Stars) “Unlike in neighboring submarkets, jobs 5.0% Size 4.4 MSF here do not stem largely fro
Slide 11: Capturing the Opportunities - Development
CAPTURING THE OPPORTUNITIES- DEVELOPMENT ACTIVELY PURSUING DEVELOPMENT OPPORTUNITIES…WITH ACTIVELY PURSUING REDEVELOPMENT OPPORTUNITIES…AT STRATEGIC LAND POSITIONS AT LOW BASIS LEVELS ACCRETIVE INCREMENTAL RETURNS Two Million SF…$750 Million of Investment 31st Floor, US Bank Tower, Minneapolis Inves
Slide 12: Footnotes
FOOTNOTES PAGE 3 1 Assumes midpoint of guidance for 2018 FY FFO 2 Source: SNL Peer Group: HPP, KRC, CLI, PGRE, BXP, BDN, CXP, OFC, CUZ, DEI, ESRT, FSP, HIW, TIER, WRE West Coast: DEI, HPP, KRC 3 Based as a percentage of market cap PAGE 4 1 Source: SNL as of 11/5/2018, straight averages Groupings: No
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