Piedmont Office Realty Trust Reports Virtually No Damage From Hurricane Milton

Rhea-AI Summary

Piedmont Office Realty Trust (NYSE: PDM), a Class A office property owner with significant assets in major U.S. Sunbelt markets, has reported virtually no damage to its Orlando properties following Hurricane Milton. The company's property management team conducted a thorough review of all Piedmont's Orlando assets and confirmed the safety of all personnel in the affected areas. This announcement comes as a relief for the company, which has a notable presence in the Orlando real estate market.

Positive

• No significant damage reported to Orlando properties
• All personnel in affected areas reported safe

Negative

• None.

News Market Reaction

+1.02%

1 alert

+1.02% News Effect

On the day this news was published, PDM gained 1.02%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Atlanta, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, including Orlando, FL, announced today that its property management team, after reviewing detailed property reports for all of the Company’s Orlando assets, has reported virtually no damage to any of Piedmont’s properties from Hurricane Milton and that all personnel in the affected areas are reported safe.

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 major U.S. Sunbelt markets. Its approximately $5 billion portfolio is currently comprised of approximately 16 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 (Baa3). Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com.

Contact:         Sarah Heimlich
Company:       Piedmont Office Realty Trust
Phone:            770 418 8800
Email:             Investor.relations@Piedmontreit.com

FAQ

How did Hurricane Milton affect Piedmont Office Realty Trust's (PDM) properties in Orlando?

According to the company's property management team, Piedmont Office Realty Trust's properties in Orlando experienced virtually no damage from Hurricane Milton.

What measures did Piedmont Office Realty Trust (PDM) take to assess the impact of Hurricane Milton?

Piedmont's property management team conducted a detailed review of all the company's Orlando assets to assess any potential damage from Hurricane Milton.

Were any Piedmont Office Realty Trust (PDM) employees affected by Hurricane Milton in Orlando?

The company reported that all personnel in the affected areas are safe following Hurricane Milton.

Which markets does Piedmont Office Realty Trust (PDM) primarily operate in?

Piedmont Office Realty Trust primarily owns Class A office properties located in major U.S. Sunbelt markets, including Orlando, FL.