Piedmont Office Realty Trust Files Q3 2024 10-Q

TL;DR

Piedmont Office Realty Trust (PDM) filed its Q3 2024 10-Q. Check financials.

AI Summary

Piedmont Office Realty Trust, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year. Key financial data and operational details for Piedmont Office Realty Trust, Inc. are presented in this report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Piedmont Office Realty Trust, Inc., crucial for understanding its current market position and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial and operational updates, not indicating any immediate or significant new risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-10-24 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Piedmont Office Realty Trust, Inc. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• 20241024 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value PDM New York Stock Exchange

Filing Documents

• pdm-20240930.htm (10-Q) — 1447KB
• pdm93024ex311peocert.htm (EX-31.1) — 10KB
• pdm93024ex312pfocert.htm (EX-31.2) — 10KB
• pdm93024ex321ceocert.htm (EX-32.1) — 5KB
• pdm93024ex322cfocert.htm (EX-32.2) — 5KB
• 0001042776-24-000109.txt ( ) — 7035KB
• pdm-20240930.xsd (EX-101.SCH) — 45KB
• pdm-20240930_cal.xml (EX-101.CAL) — 58KB
• pdm-20240930_def.xml (EX-101.DEF) — 231KB
• pdm-20240930_lab.xml (EX-101.LAB) — 490KB
• pdm-20240930_pre.xml (EX-101.PRE) — 372KB
• pdm-20240930_htm.xml (XML) — 1117KB

Financial Information

PART I Financial Information

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 5 Consolidated Balance Sheets—September 30, 2024 (Unaudited) and December 31, 2023 6 Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Loss (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 8 Consolidated Statements of Stockholders' Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 9 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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 40

Controls and Procedures

Item 4. Controls and Procedures 40

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

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 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 nine months ended September 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) September 30, 2024 December 31, 2023 Assets: Real estate assets, at cost: Land $ 552,744 $ 559,384 Buildings and improvements, less accumulated depreciation of $ 1,116,169 and $ 1,039,136 as of September 30, 2024 and December 31, 2023, respectively 2,699,779 2,749,113 Intangible lease assets, less accumulated amortization of $ 80,620 and $ 88,066 as of September 30, 2024 and December 31, 2023, respectively 65,385 82,588 Construction in progress 143,966 85,239 Real estate assets held for sale, net — 36,203 Total real estate assets 3,461,874 3,512,527 Cash and cash equivalents 133,624 825 Tenant receivables 6,963 7,915 Straight-line rent receivables 189,904 182,856 Restricted cash and escrows 3,343 3,381 Prepaid expenses and other assets 26,455 27,559 Goodwill 53,491 53,491 Interest rate swaps 992 3,032 Deferred lease costs, less accumulated amort