Piedmont Office Realty Trust Files Q2 2024 10-Q

Ticker: PDM · Form: 10-Q · Filed: 2024-07-31T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, real-estate, financials

TL;DR

Piedmont Office Realty Trust filed its Q2 2024 10-Q. Check financials.

AI Summary

Piedmont Office Realty Trust, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first half of the fiscal year. Specific financial details and operational updates for this period are detailed within the report.

Why It Matters

This filing provides investors with crucial financial and operational data for Piedmont Office Realty Trust, Inc. during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the real estate sector can be subject to market fluctuations and economic downturns.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ending June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on July 31, 2024.

What is the company's primary business according to the SIC code?

The company's Standard Industrial Classification (SIC) code is 6512, indicating it operates as an 'Operators of Nonresidential Buildings'.

What is the company's principal executive office address?

The company's principal executive office is located at 5565 Glenridge Connector, Suite 450, Atlanta, GA 30342.

What was the previous company name and when did the name change occur?

The former company name was Wells Real Estate Investment Trust Inc., and the date of the name change was May 15, 1998.

Filing Stats: 4,582 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-07-31 16:24:48

Key Financial Figures

Filing Documents

Financial Information

PART I Financial Information

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 5 Consolidated Balance Sheets—June 30, 2024 (Unaudited) and December 31, 2023 6 Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 8 Consolidated Statements of Stockholders' Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 9 Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 11 Condensed Notes to Consolidated Financial Statements (Unaudited) 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 43 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Form 10-Q may constitute forward-looking statements within the meaning of the federal securities laws. In addition, Piedmont Office Realty Trust, Inc. ("Piedmont," "we," "our," or "us"), or our executive officers on our behalf, may from time to time make forward-looking statements in reports and other documents we file with the Securities and Exchange Commission or in connection with other written or oral statements made to the press, potential investors, or others. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements. Forward-looking statements include statements preceded by, followed by, or that include the words "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Examples of such statements in this report include descriptions of our real estate, financing, and operating objectives; discussions regarding future dividends; and discussions regarding potential acquisition and disposition activity and the potential impact of economic conditions on our real estate and lease portfolio, among others. These statements are based on beliefs and assumptions of our management, which in turn are based on information available at the time the statements are made. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding the demand for office space in the markets in which we operate, competitive conditions, and general economic conditions. These assumptions could prove inaccurate. The forward-looking statements also involve certain known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. M

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS. The information presented in the accompanying consolidated balance sheets and related consolidated statements of operations, comprehensive income/(loss), stockholders' equity, and cash flows reflects all adjustments that are, in management's opinion, necessary for a fair and consistent presentation of financial position, results of operations, and cash flows in accordance with generally accepted accounting principles ("GAAP"). The accompanying financial statements should be read in conjunction with the notes to Piedmont's financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this report on Form 10-Q and with Piedmont's Annual Report on Form 10-K for the year ended December 31, 2023. Piedmont's results of operations for the six months ended June 30, 2024 are not necessarily indicative of the operating results expected for the full year. 5 Table of Contents PIEDMONT OFFICE REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share amounts) (Unaudited) June 30, 2024 December 31, 2023 Assets: Real estate assets, at cost: Land $ 552,744 $ 559,384 Buildings and improvements, less accumulated depreciation of $ 1,080,613 and $ 1,039,136 as of June 30, 2024 and December 31, 2023, respectively 2,710,583 2,749,113 Intangible lease assets, less accumulated amortization of $ 80,251 and $ 88,066 as of June 30, 2024 and December 31, 2023, respectively 70,764 82,588 Construction in progress 115,213 85,239 Real estate assets held for sale, net 18,726 36,203 Total real estate assets 3,468,030 3,512,527 Cash and cash equivalents 138,454 825 Tenant receivables 7,619 7,915 Straight-line rent receivables 186,913 182,856 Restricted cash and escrows 5,368 3,381 Prepaid expenses and other assets 25,224 27,559 Goodwill 53,491 53,491 Interest rate swaps 3,578 3,032 Deferred lease costs, less accumulated amortizati

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