Piedmont Realty Trust, Inc. (PDM) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of Piedmont Office Realty Trust, Inc. [Operator Instructions] It is now my pleasure to turn the meeting over to Piedmont's CEO, Brent Smith. The floor is yours.

Thank you, operator, and good morning, everyone. At this time, I'd like to call the 2025 Annual Meeting of Stockholders of Piedmont Office Realty Trust, Inc. to order. I'm Brent Smith, Chief Executive Officer and Director of Piedmont and will preside this meeting, which is being conducted via live webcast. Some of the participants in today's meeting include all of the Piedmont's directors and various members of Piedmont's management team, including Tom McKean, Associate General Counsel and Corporate Secretary for Piedmont, who will also act as Secretary of this meeting; Cassandra Shedd from our transfer agent, Computershare, who has taken the oath of office to serve as inspector of this election, her report will be filed with the minutes of this meeting; Keith Townsend of King & Spalding, our external Corporate Legal Counsel; and Mark Scalese, one of our engagement partners with Deloitte & Touche, Piedmont's external audit firm. I call your attention to the rules of conduct set forth for this meeting. These have been made available to each stockholder in the Document section, which you would see in the lower left corner of your computer screen. The secretary has informed me that copies of the notice of the meeting, including the notice of Internet availability of proxy materials and form of proxy were mailed to stockholders on or about March 25, 2025. The record date for the voting shares at this meeting was March 4, 2025. If you need a copy of the annual report or the proxy statement, the links are provided online under the option Documents located on the right side of your computer screen. The inspector of this election has informed me that as of the close of business on March 4, 2025, Piedmont had outstanding and entitled to vote 124,408,011 shares of common stock. Each share is entitled to 1 vote. There are no other securities entitled to vote at this meeting. I am also informed that the holders of a majority of outstanding shares of the common stock entitled to vote at this meeting are present by proxy. Accordingly, I recognize the presence of a quorum for the purpose of proceeding with the business of the annual meeting and declare that such meeting is duly organized for the transaction of business, subject to verification of a quorum after completion of the vote tabulation. The first proposal on today's agenda is a proposal to elect 9 directors to hold office for terms expiring at our next annual meeting. The Board's nominees are myself, Kelly H. Barrett, Glenn G. Cohen, Deneen L. Donnelly, Jeffrey J. Donnelly, Mary M. Hager, Barbara B. Lang, Stephen E. Lewis and Dale H. Taysom, and their names shall be duly placed in nomination. Any other nominations for director were required to have been submitted to Piedmont in accordance with the advanced notice provisions of Piedmont's bylaws. Having received no other nominations, I declare the nominations are now closed. The second proposal on today's agenda is a proposal to ratify the appointment of Deloitte & Touche LLP as Piedmont's independent auditor for the fiscal year 2025. And the third proposal is to approve on an advisory basis, the compensation of the named executive officers as disclosed in the proxy statement. Detailed information concerning all of these proposals and the governance of Piedmont is contained in the proxy statement furnished in connection with this meeting. Your Board of Directors recommends a vote for each of the nominees for election as director, for the ratification of the independent auditor and for the advisory approval of executive compensation. The poll for the 3 proposals to be voted upon is now open. If you've already voted by phone, by Internet or by mail ballot, there is no need to vote again unless you desire to change your vote. If you have not voted or wish to change your vote, you may do so now by clicking on the vote option link on the right side of your computer screen. I will now pause for a moment to give our stockholders the opportunity to submit ballots. [Voting]

Thank you to all stockholders for voting and attending today's meeting. I now declare the poll closed. The inspector will tabulate the vote, and the final results will be publicly announced as soon as they are available. However, I am informed on a preliminary basis that all proposals have passed. With no other business before the meeting, I declare this meeting adjourned. We thank everyone for attending. We are grateful for your interest and support of Piedmont.

This concludes the meeting. You may now disconnect.