- Shares of Class A common stock which are freely tradable on the NYSE closed at $17.17 on August 13, 2010 — the tender offer price is $14.50 for such shares
- Shares of Class B common stock will convert into Class A common stock and become freely tradable beginning November 2010 — the tender offer price for such Class B shares is $14.50
- Piedmont believes that, the $14.50 offer price for the Class A common stock is a below market offer for the Class A common stock, which currently trades on the NYSE and which closed at $17.17 on August 13, 2010;
- the fact that the offer price for the Class B common stock represents a 15.6% discount to the current trading price of the Class A common stock and the Class B common stock will convert into shares of Class A common stock and will become freely tradable with respect to the Class B-2 common stock on November 7, 2010 and with respect to the Class B-3 common stock on January 30, 2011
- Piedmont believes that, given the timing of the offer and the offer price, the offer represents an opportunistic attempt to purchase at a price that is significantly less than Piedmont's current Class A common stock price and, as a result, deprive its stockholders who tender shares in the offer of the potential opportunity to realize the full long-term value of their investment in Piedmont; and
- the fact that MPF will reduce the offer price by the amount of ordinary dividends declared or paid by Piedmont and stockholders who tender shares in the offer will not receive the third quarter $0.315 per common share dividend declared August 10, 2010 by the Board of Directors and payable to shareholders of record on September 15, 2010.
Stockholders with questions about this tender offer or other matters should contact an investor services representative at 800-557-4830 or via e-mail at investor.services@PiedmontReit.com.The Piedmont Office Realty Trust logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5769 Disclosures This press release may contain forward-looking statements about Piedmont. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," or other similar words. Readers of this press release should be aware that there are various factors, many of which are beyond the control of Piedmont, that could cause actual results to differ materially from any forward-looking statements made in this press release, which include changes in general economic conditions, changes in real estate conditions, the potential need to fund capital expenditures out of operating cash flow, and lack of availability of financing or capital proceeds. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Piedmont does not make any representations or warranties (expressed or implied) about the accuracy of any such forward-looking statements. Piedmont urges you to read carefully Item 8 of the Schedule 14D-9 filed with the SEC for a discussion of additional risks that could cause actual results to differ from any forward-looking statements made in this correspondence.
CONTACT: Piedmont Office Realty Trust, Inc. 800-557-4830 investor.services@PiedmontReit.com