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Piedmont Office Realty Trust CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: PDM

In addition, during this call, we’ll refer to non-GAAP financial measures such as funds from operations, core FFO, AFFO, and EBITDA. We encourage all of our listeners to review the more detailed discussion related to risk associated with forward-looking statements contained in the company’s filings with the SEC and the definitions and reconciliations of our non-GAAP measures contained in the supplemental financial information available on the company’s website.

I’ll review our financial results in detail after Don Miller, our CEO, discusses some of the quarter’s activities, including progress towards our strategic operating objectives. In addition, we’re joined today by Ray Owens, our EVP of Capital Markets; Laura Moon, our Chief Accounting Officer; Eddie Guilbert, our Vice President of Financial Strategies; and Bo Reddic, our EVP of Real Estate Operations, all of whom will provide additional perspective during the question-and-answer portion of the call.

I’ll now turn the call over to Don Miller.

Donald A. Miller

Good morning. Thanks for joining us everyone as we review our second quarter 2011 results. We are pleased with the company's progress this quarter and have several updates for you this morning.

We have had a busy quarter as we worked to lease up our vacancy and advance our strategic plan. We’ve had a strong balance sheet and a portfolio of high-quality well-located properties and we continued to execute on our disciplined approach to acquisitions and capital recycling.

Last evening, we reported core funds from operations of $0.38 on a per share basis, in line with our pervious guidance. Bobby will discuss our financial results in further detail later. However, I’d like to update you on our leasing and capital transaction accomplishments this quarter.

First, in adjusting our second quarter leasing activity, we had a strong quarter, signing almost 1.2 million square feet of office leases, including 439,000 square feet of new leasing and 741,000 square feet of renewals, achieving an 80% retention rate. Year-to-date we have signed over 2 million square feet of leases covering almost 10% of our portfolio.

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