The following is a summary of the Piedmont Office Realty Trust, Inc. (PDM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Piedmont's strong operational growth resulted in a cash same-store NOI increase of approximately 5% despite market headwinds.

• The company continued its 8-year streak of positive cash rental rate roll-ups, with an increase of roughly 8% for the quarter.

• The Q1 leasing efforts have built a backlog of 1.3 million square feet of leases yet to commence, equating to estimated future annualized cash rents of $42 million.

• Piedmont reported a core FFO per diluted share of $0.39 for the first quarter of 2024.

Business Progress:

• In Q1, the company completed approximately 500,000 square feet of total leasing, pushing the lease percentage of their in-service portfolio to 87.8%.

• Progress was made in financing and capital market transactions to enhance the company's balance sheet and liquidity position.

• Piedmont demonstrated a commitment to sustainability by winning the ENERGY STAR Partner of the Year for 2024.

• Ahead for 2024, Piedmont projects disposing of $40 to $60 million more, and is selective with capital deployment aiming to deleverage the balance sheet.

• The company is repositioning asset programs at Meridian Crossing and 9320 Excelsior Boulevard, with new leases being executed, and significant redevelopment projects are underway.

• Long-term strategies include rehabilitating older vintage assets and targeting 10 to 15 new assets in each existing market.

More details: Piedmont Office Realty Trust Inc IR

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