Piedmont Office Realty Q1 Core FFO $0.51, up 6% YoY; raises 2022 FFO guidance midpoint $0.01

Piedmont Realty Trust, Inc.

2022-Q1 EPS reported $0.49 revenue$136,149,000

Net income $60M ($0.49 diluted) incl. $50.7M gain on sale; Core FFO $0.51 (up 6% YoY).
Same Store NOI up 5.1% cash, 2.5% accrual; portfolio leased 87% vs 85.5% at Q4 2021.
Leased 552k sq ft, 243k new tenant leasing (largest quarterly new leasing since 2018).
Sold Boston asset for $129M (gain ~$49M) and Chicago asset for $24M; Sunbelt now 63% of rent.
Declared Q2 dividend $0.21/share; raised 2022 Core FFO guidance midpoint to $2.03 from $2.02.

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