Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — Debt Investor Presentation (December 2021)
13 slides from Piedmont Realty Trust's debt investor presentation, Dec 31, 2021
Slide 1: Fixed Income Supplemental Presentation December 31, 2021
Fixed Income Supplemental Presentation December 31, 2021 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
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 in select submarkets located primarily within
Slide 3: Quarterly Highlights
Piedmont Office Realty Trust, Inc. Quarterly Highlights As of December 31, 2021 Financial Results: • The Company recognized a net loss applicable to Piedmont of $31.8 million, or $0.26 per diluted share, and $1.2 million, or $0.01 per diluted share, for the quarter and year ended December 31, 2021,
Slide 4: Capitalization Analysis
Piedmont Office Realty Trust, Inc. Capitalization Analysis Unaudited (in thousands except for per share data) As of As of December 31, 2021 December 31, 2020 Market Capitalization Common stock price $18.38 $16.23 Total shares outstanding 123,077 123,839 Equity market capitalization (1) $2,262,150 $2
Slide 5: Debt Covenant & Ratio Analysis
Piedmont Office Realty Trust, Inc. Debt Covenant & Ratio Analysis As of December 31, 2021 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Maximum leverage ratio 0.60 0.38 0.35 0.35 0.36 0.35 Minimum fixed charge coverage rat
Slide 6: Debt Summary
Piedmont Office Realty Trust, Inc. Debt Summary As of December 31, 2021 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Principal Amount Weighted Average Stated Weighted Average Debt (1) Outstanding Interest Rate (2) Maturity (3) Floating Rate $440,000 1.02% 27.1 months Fixed Rate 1,450,0
Slide 7: Debt Detail
Piedmont Office Realty Trust, Inc. Debt Detail Unaudited ($ in thousands) Principal Amount Outstanding as of (1) Facility Property Stated Rate Maturity December 31, 2021 (2) $350.0 Million Unsecured 2013 Senior Notes N/A 3.40 % 6/1/2023 $ 350,000 $500.0 Million Unsecured Line of Credit (3) N/A 1.01
Slide 8: Geographic Diversification
Piedmont Office Realty Trust, Inc. Geographic Diversification As of December 31, 2021 ($ 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 9: Industry Diversification
Piedmont Office Realty Trust, Inc. Industry Diversification As of December 31, 2021 ($ 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 Foo
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) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Assets: Real estate, at cost: Land assets $ 529,941 $ 476,717 $ 476,717 $ 476,717 $ 476,716 Buildings and improvements 3,374,903
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 Twelve Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020 Net income / (loss) applicable to Piedmont $ (31,750) $ 11,306 $ 9,947 $ 9,344 $ 22
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