An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Piedmont Office Realty Trust Completes Sales of Cambridge Assets and Extends $200 Million Term Loan
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Atlanta, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont") (NYSE:PDM), an owner of Class A office properties located primarily in the Sun Belt, announced today that it has completed the sales of its two Cambridge, MA assets, One Brattle Square and 1414 Massachusetts Avenue. The combined proceeds of approximately $160 million from the two sales were used to pay off the outstanding balance on the Company’s $600 million line of credit, leaving the full capacity of the line currently available. Additionally, during December, the Company addressed its largest near-term debt maturity by amending its $200 million unsecured term loan facility to extend the final maturity date to June 2025. All other terms of the facility remain unchanged.
Commenting on the transactions, C. Brent Smith, Piedmont’s President and Chief Executive Officer, said, “The disposition of our Cambridge assets was a crucial step in our asset recycling strategy and rotated an approximately $100 million book gain from a non-strategic submarket accretively into our recent purchase of 1180 Peachtree Street, a skyline defining asset in the heart of Midtown Atlanta. These transactions delivered an exceptional outcome for Piedmont freeing up the full capacity on our $600 million line of credit and, in conjunction with the extension of our nearest debt maturity, favorably positions our balance sheet heading into 2023.”
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt. Its approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. The Company is a fully integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by S&P Global Ratings (BBB) and Moody’s (Baa2). Piedmont is a 2022 ENERGY STAR Partner of the Year. For more information, see www.piedmontreit.com.
piedmont office realty trust, inc. (nyse: pdm) is a fully integrated and self-managed real estate investment trust (reit) specializing in the ownership and management of high-quality class a office buildings located primarily in the ten largest u.s. office markets, including chicago, washington, d. c., new york, dallas, los angeles, and boston. piedmont's wholly-owned office buildings comprise approximately 21 million rentable square feet. the company is headquartered in atlanta, ga, with local management offices in each of its major markets. investment-grade rated by standard & poor's (bbb) and moody's (baa2), piedmont has maintained a low-leverage strategy while transacting almost $6 billion and approximately $1.5 billion in property acquisitions and dispositions, respectively, during its fifteen year operating history.
