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

Stocks in this article: PDM

Piedmont’s office portfolio was 86.5% leased at June 30, 2011, as compared to 89.2% leased at the beginning of the year. The main driver for this decline in lease percentage is due to our success in acquiring several value-added buildings including 500 West Monroe in Chicago, which was 67% leased at acquisition with several near-term lease expirations, 1200 Enclave Parkway in Houston, which is 18% leased at the time of acquisition, and The Medici building in Atlanta 22% leased at the time of acquisition. If you remove the effect of these acquired properties, which are detailed on page 31 of our supplemental information, our stabilized portfolio of office properties was 89% leased at June 30, 2011.

At the end of the second quarter, our weighted average remaining lease term was 6.3 years, up from 5.8 years at the end of 2010. The office markets where we completed the most leasing activity in the quarter were Washington D.C., Detroit, Michigan, and the Central Business District of Chicago, although we’ve seen positive momentum in leasing transactions in a number of markets.

In the Washington D.C. market, The Office of the Comptroller of the Currency renewed 334,000 square feet for two years with double-digit increases on both a cash and accrual basis with no capital expended to extend the lease. Also in Bethesda, Maryland, outside of Washington, the regional accounting firm of Watkins Meegan signed a new 12-year lease for 35,000 square feet at our Piedmont Pointe property bringing that project to over 50% occupancy.

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