Piedmont Office Realty Trust Announces Receipt of Proceeds From Payoff of New Jersey Notes Receivable

Rhea-AI Summary

Piedmont Office Realty Trust (NYSE: PDM) announced a successful payoff of two notes receivable, yielding approximately $119 million. This significant amount was utilized to reduce the Company’s $500 million line of credit to around $85 million. The early payoff was anticipated and previously included in the Company’s guidance for 2022, resulting in no adjustments to its core funds from operations. Piedmont manages a $5 billion portfolio comprised of roughly 17 million square feet of Class A office properties, primarily located in the Sunbelt region.

Positive

• Received approximately $119 million from note payoff.
• Reduced line of credit from $500 million to approximately $85 million.
• Anticipated payoff was included in 2022 guidance, indicating strong financial planning.
• Maintains a $5 billion portfolio of high-quality office properties.

Negative

• None.

Atlanta, March 29, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) (the “Company”) announced today that it has received approximately $119 million in proceeds from the payoff of two notes receivable that the Company had received in late 2020 from the buyer of its remaining New Jersey properties. The proceeds were used to pay down the Company’s $500 million line of credit to a balance of approximately $85 million. As previously disclosed during the last quarter-end investor call, the timing of the early payoff was anticipated and included in the Company’s guidance for 2022; therefore, there is no change to its core funds from operations guidance due to the payoff of the notes.

 

About Piedmont Office Realty Trust 

Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt. Its approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. The Company is a fully integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by S&P Global Ratings (BBB) and Moody’s (Baa2). Piedmont is a 2021 ENERGY STAR Partner of the Year. For more information, see www.piedmontreit.com.

 

Contact:    Eddie Guilbert

Company:  Piedmont Office Realty Trust

Phone:      770 418 8800

Email:       Investor.relations@piedmontreit.com

FAQ

What is the recent announcement by Piedmont Office Realty Trust (PDM) regarding its notes receivable?

Piedmont Office Realty Trust announced it received approximately $119 million from the payoff of two notes receivable.

How has Piedmont Office Realty Trust managed its line of credit recently?

The company paid down its line of credit from $500 million to about $85 million using proceeds from the notes receivable.

Did the recent payoff affect Piedmont Office Realty Trust's earnings guidance for 2022?

No, the early payoff was anticipated and does not change the company's core funds from operations guidance.

What type of properties does Piedmont Office Realty Trust focus on?

Piedmont primarily owns and manages high-quality, Class A office properties, mainly in the Sunbelt region.

What is the total portfolio value of Piedmont Office Realty Trust?

Piedmont Office Realty Trust's portfolio is valued at approximately $5 billion.