Atlanta, GA -- January 17, 2017 - Piedmont Office Realty Trust, Inc. (NYSE:PDM) will host an Investor Day in Orlando, FL today, including a 2:30 PM ET presentation by company executives highlighting the Company's Orlando portfolio as well as the Company's history, portfolio strategies, and introduction of 2017 guidance including the following:
| (in millions, except per share data) || || Low || || High|
| Net Income || || $105 || - || $213 |
| Add: || || || || |
| Depreciation || || 127 || || - || 134 |
| Amortization || || 75 || || - || 76 |
| Less: Gain on Sale of Real Estate Assets || || (59 || ) || - || (161) |
| NAREIT FFO and Core FFO applicable to Common Stock || || $248 || || - || $262 |
| NAREIT FFO and Core FFO per diluted share || || $1.70 || - || $1.80 |
Actual results could differ from the guidance presented above. Note that individual quarters may fluctuate on both a cash and an accrual basis due to the timing of lease commencements and expirations, repairs and maintenance, capital expenditures, capital markets activities, seasonal general and administrative expenses, accrued potential performance-based compensation expenses, and one-time revenue or expense events. In addition, the Company's guidance is based on information available to management as of January 17, 2017 and reflects managements' current view of market conditions. The Company's guidance also incorporates certain economic and operational assumptions, including the following:
| || || Low || || High|
| Same Store Cash NOI (Growth % 2016 to 2017) || || 5% || - || 8% |
| Same Store GAAP NOI (Growth % 2016 to 2017) || || 5% || - || 7% |
| General and Administrative Expense (in millions) || || $ 30 || - || $32 |
| End of Year Leased Percentage || || 92% || - || 93% |
| Weighted Average Shares Outstanding (Diluted; in 000s) || || 145,800 || - || 145,800 |
| Net Disposition Activity for 2017 (in millions) || || $100 || - || $300 |
A recording of the presentation will be available in the Investor Relations section of the Company's website at www.piedmontreit.com under the heading "Featured Presentations". The materials will be accessible beginning at approximately 2:30 pm Eastern time on January 17, 2017 and a replay will be available until February 7, 2017.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select submarkets located primarily within eight major U.S. office markets. Its geographically-diversified, over $5 billion portfolio is comprised of over 19 million square feet. The Company is a fully-integrated, self-managed real estate investment trust (REIT) with local management offices in each of its major markets and is investment-grade rated by Standard & Poor's (BBB) and Moody's (Baa2). For more information, see www.piedmontreit.com.
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "believe," "continue" or similar words or phrases that are predictions of future events or trends and which do not relate solely to historical matters. Examples of such statements in this press release include the Company's 2017 financial guidance.
The following are some of the factors that could cause the Company`s actual results and its expectations to differ materially from those described in the Company`s forward-looking statements: economic, regulatory and socio-economic changes (including accounting standards) that impact the real estate market generally or that could affect the patters of use of commercial office space, may cause our operating results to suffer and decrease the value of our real estate properties; the success of our real estate strategies and investment objectives, including our ability to identify and consummate suitable acquisitions and divestitures; lease terminations or lease defaults, particularly by one of our large lead tenants; the impact of competition on our efforts to renew existing leases or re-let space on terms similar to existing leases; changes in the economies and other conditions affecting the office market in general and of the specific markets in which we operate, particularly in Washington, D.C., the New York metropolitan area, and Chicago where we have high concentrations of office properties; the illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties; acquisitions of properties may have unknown risks and other liabilities at the time of acquisition; development and construction delays and resultant increased costs and risks may negatively impact our operating results; our real estate development strategies may not be successful; future terrorist attacks in the major metropolitan areas in which we own properties could significantly impact the demand for, and value of, our properties; additional risks and costs associated with directly managing properties occupied by government tenants; adverse market and economic conditions may negatively affect us and could cause us to recognize impairment charges on both our long-lived assets or goodwill or otherwise impact our performance; availability of financing and our lending banks' ability to honor existing line of credit commitments; costs of complying with governmental laws and regulations; future offerings of debt or equity securities may adversely affect the market price of our common stock; changes in market interest rates may have an effect on the value of our common stock; uncertainties associated with environmental and other regulatory matters; potential changes in political environment and reduction in federal and/or state funding of our governmental tenants; we may be subject to litigation, which could have a material adverse effect on our financial condition; changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code; and other factors detailed in the Company`s most recent Annual Report on Form 10-K for the period ended December 31, 2015, and other documents the Company files with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact: Eddie Guilbert
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8800