Piedmont Office Realty Trust Inc. (NYSE:PDM) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET

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Piedmont Office Realty Trust Inc. (NYSE:PDM) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for joining today's Piedmont Office Realty Trust, Inc. Second Quarter 2020 Earnings Call. [Operator Instructions] To get us started, I am pleased to turn the floor over to Eddie Guilbert. Mr. Guilbert, good morning.

Executive
Edward H. Guilbert

Thank you, operator. Good morning, everyone. We thank you for joining us today for Piedmont's second quarter 2020 earnings conference call. Last night, we filed our Form 10-Q and an 8-K that includes our earnings release and our unaudited supplemental information for the second quarter. All of this information is available on our website at piedmontreit.com under the Investor Relations section.

During this call, we'll refer to certain non-GAAP financial measures, such as FFO, core FFO, AFFO, same-store NOI. The definitions and reconciliations of these non-GAAP measures are contained in the earnings release and in the supplemental financial information.

On today's call, the Company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements address matters which are subject to risks and uncertainties, and therefore, actual results may differ from those we anticipate and discuss today. The risks and uncertainties of these forward-looking statements are discussed in detail in our press release as well as our SEC filings. We encourage everyone to review the more detailed discussion related to risks associated with forward-looking statements in our SEC filings. Examples of forward-looking statements include those related to Piedmont's future revenues, operating income, dividends and financial guidance, future leasing and investment activity. And an important factor for today's call is the potential adverse effects associated with the COVID-19 pandemic on the Company's financial and operational results. The extent to which COVID-19 pandemic impacts us and our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the depth, duration and severity of the pandemic and the related economic disruption. You should not place any undue reliance on any of the forward-looking statements, and these statements speak only as of the date they are made.

At this time, our President and Chief Executive Officer, Brent Smith, will provide some opening comments and discuss our second quarter results and accomplishments. Brent?

Executive
C. Brent Smith

Thank you, Eddie, and good morning, everyone. We appreciate all of you taking the time to join us today for Piedmont's second quarter earnings call. In summary, our financial results for the quarter were strong, and we made significant progress on a number of our strategic objectives. Of note, we completed a strategic asset recycling transaction at the end of the quarter, and we executed some important leasing, all despite the unprecedented disruption from the coronavirus pandemic on both the national and global economies, which had operational and financial consequences for our tenants and Piedmont.

In light of the challenging economic environment, we are very fortunate that most of our tenants are investment-grade quality and subject to long-term leases with an approximately six-year weighted average lease term remaining and with very low expirations