Piedmont Realty Trust, Inc. · NYSE:PDM
Piedmont Realty Trust — Piedmont Office Realty Trust — Debt Investor Presentation (March 2025)
16 slides from Piedmont Realty Trust's debt investor presentation, Mar 31, 2025
Slide 1: Fixed Income Supplemental Presentation March 31, 2025
Fixed Income Supplemental Presentation March 31, 2025 Corporate Headquarters Research Analysts / Institutional Investors Shareholder Services / Transfer Agent 5565 Glenridge Connector, Suite 450 770.418.8592 866.354.3485 Atlanta, GA 30342 investor.relations@piedmontreit.com investor.services@piedmon
Slide 2: Piedmont Reports First Quarter 2025 Results
Piedmont Office Realty Trust, Inc. Earnings Release Piedmont Office Realty Trust Reports First Quarter 2025 Results ATLANTA, April 28, 2025--Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt mark
Slide 3: Earnings Release: Leasing and Balance Sheet
increased interest expense, net of interest income, with the remaining decrease attributable to the sale of two properties and the downtime associated with the expiration of a few large leases during the twelve months ended March 31, 2025, before newly executed leases commence. • Same Store NOI incr
Slide 4: Earnings Release: Debt, ESG and Operations
• Also during the three months ended March 31, 2025, the Company recast its $600 million revolving credit facility to extend the maturity date to June 30, 2028, with two additional one-year extension options, for a final maturity date of June 30, 2030. • The Company has no required debt maturities u
Slide 5: Company Information
Piedmont Office Realty Trust, Inc. Company Information 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 C
Slide 6: Research Coverage
Piedmont Office Realty Trust, Inc. Research Coverage Equity Research Coverage Dylan Burzinski Anthony Paolone, CFA Nicholas Thillman Michael Lewis, CFA Green Street JP Morgan Robert W. Baird & Co. Truist Securities 100 Bayview Circle, Suite 400 383 Madison Avenue, 32nd Floor 777 East Wisconsin Avenu
Slide 7: Portfolio Statistics & Key Performance Indicators
Piedmont Office Realty Trust, Inc. Portfolio Statistics & Key Performance Indicators Unaudited (in thousands except for per share data and ratios) This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Earnings Before Interest, Taxes, Depreciatio
Slide 8: Portfolio Statistics & Key Performance Indicators (continued)
Piedmont Office Realty Trust, Inc. Portfolio Statistics & Key Performance Indicators (continued) Unaudited (in thousands except for per share data and ratios) Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Ratios for Debt Holders Core EBITDA to total revenues 54.4 % 54.8 % 55.
Slide 9: Debt Covenant & Ratio Analysis (for Debt Holders)
Piedmont Office Realty Trust, Inc. Debt Covenant & Ratio Analysis (for Debt Holders) As of March 31, 2025 Unaudited Three Months Ended Bank Debt Covenant Compliance (1) Required 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Maximum leverage ratio 0.60 0.48 0.44 0.42 0.41 0.41 Minimum fixed char
Slide 10: Debt Summary
Piedmont Office Realty Trust, Inc. Debt Summary As of March 31, 2025 Unaudited ($ in thousands) Floating Rate & Fixed Rate Debt Principal Amount Weighted Average Weighted Average Floating Rate Debt Outstanding Interest Rate Maturity 4.2% Floating Rate (2) $93,000 5.56% 63.0 months Fixed Rate 2,116,5
Slide 11: Debt Detail
Piedmont Office Realty Trust, Inc. Debt Detail Unaudited ($ in thousands) Principal Facility Stated Rate (1) Effective Rate (2) Maturity Date Outstanding (3) Secured Debt Fixed-Rate Mortgage (1180 Peachtree) 4.10% 4.10% Fixed 10/1/2028 $ 191,536 Secured Subtotal / Weighted Average Interest Rate 4.10
Slide 12: Geographic Diversification
Piedmont Office Realty Trust, Inc. Geographic Diversification As of March 31, 2025 ($ and square footage in thousands) Percentage of Percentage of Number of Annualized Annualized Lease Rentable Rentable Square Leased Location Projects Lease Revenue Revenue (%) Square Footage Footage (%) Square Foota
Slide 13: Industry Diversification
Piedmont Office Realty Trust, Inc. Industry Diversification As of March 31, 2025 ($ 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 Footag
Slide 14: Supplemental Definitions
Piedmont Office Realty Trust, Inc. Supplemental Definitions Included below are definitions of various terms used throughout this report, including definitions of certain non-GAAP financial measures and the reasons why the Company’s management believes these measures provide useful information to inv
Slide 15: Consolidated Balance Sheets
Piedmont Office Realty Trust, Inc. Consolidated Balance Sheets Unaudited (in thousands) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Assets: Real estate assets, at cost: Land $ 550,724 $ 552,744 $ 552,744 $ 552,744 $ 552,744 Buildings and improvements 3,918,373 3,894,804 3,815,948 3,791,196 3,
Slide 16: 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 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Net income (loss) applicable to Piedmont $ (10,104) $ (29,978) $ (11,519) $ (9,809) $ (27,763) Net income (loss) applicable to
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