Piedmont Office Realty Trust, Inc. Q1 FY2026 earnings call

• Macro perspective: U.S. office market recovery in Q1 2026 with leasing activity up, supply growth low. Piedmont well-positioned due to portfolio quality, leasing success, service model, etc. • Quarterly results: Continued elevated demand, executed over 430,000 sq ft of leasing with new deals dominant, high retention rate, robust leasing economics, same-store NOI growth. • Market activity: Dallas led in Q1, Atlanta active, progress on key expirations, redevelopment projects strong. • Investment activity: Two land parcels under contract, evaluating acquisition opportunities, redirecting capital towards accretive uses.

No specific product segments mentioned with detailed financial performance and revenue contribution % provided. Mentioned portfolio quality, leasing activity, same-store NOI growth, etc. Core FFO per diluted share for Q1 2026 was 36 cents. AFFO generated was approximately $23.8 million. Balance sheet had ~$526 million capacity on revolver as of quarter end.

• Narrowed and increased 2026 annual core FFO guidance by a penny to $1.49 to $1.54 per diluted share. • Increased same-store NOI, cash and GAAP, guidance range from 3-6% to 4-7%. • Guidance does not include speculative acquisitions, dispositions, or refinancing activity.

• Q: Question about half the portfolio seeing 15%+ rent increase in 2025, specific to assets vs markets.

A: Details on specific markets like Northwest Submarket Atlanta, Midtown Atlanta, Dallas, Minneapolis, downtown Orlando, Northern Virginia sub-market. • Q: Question about order of magnitude dollar-wise on disposition side this year.

A: About $30 million under contract, $12 million hard, expect closings in third quarter and early 2027, looking to monetize stabilized assets. • Q: Question about notable move-outs in 2027 in Orlando and Minneapolis.

A: Details on Minneapolis and Orlando move-outs and ongoing discussions. • Q: Question about 700,000 sq ft pipeline and dividend status.

A: Pipeline details, dividend reviewed by board, not likely to declare until 2027. • Q: Question about lease percentage and portfolio structure.

A: Lease percentage recovery, belief in continuing absorption and potentially higher lease range in future. • Q: Question about monetizing assets in Minneapolis.

A: Continue to harvest stabilized assets, evaluate market at time, likely reduce exposure over time.