Piedmont Office Realty Q2 core FFO $0.50/shr; acquires 1180 Peachtree for $465M; portfolio 87% leased

Piedmont Realty Trust, Inc.

2022-Q2 EPS reported $0.55 revenue$272,458,000

Net income $8.0M ($0.06/shr) vs $9.9M ($0.08/shr) YoY; Core FFO $0.50/shr vs $0.48/shr.
Same Store NOI up 1.8% (cash) and 2.8% (accrual); portfolio 87.0% leased vs 85.5% at year-end 2021.
Executed 724K sq ft leasing in Q2, including 233K sq ft new tenant leases; weighted-average lease term ~6.5 years.
Binding contract to buy 1180 Peachtree St, Atlanta for $465M net; expected close Q3 2022; initial NOI yield 6.3%.
Entered $200M bridge loan; amended credit line to $600M, extended maturity to 2027; Q3 dividend $0.21/shr.

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