8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): 04/01/2009

Piedmont Office Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 000-25739

MD	58-2328421
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

11695 Johns Creek Parkway

Suite 350

Johns Creek, GA 30097-1523

(Address of principal executive offices, including zip code)

770-418-8800

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

On April 1, 2009, Piedmont Office Realty Trust, Inc. (the “Registrant”) began a series of regional stockholder meetings and will use the presentation attached as Exhibit 99.1 to this Current Report on Form 8-K for these meetings throughout April 2009. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934.

Additionally, the exhibit to this Form 8-K may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding any liquidity event of the Registrant and other factors that may affect future earnings or financial results. Such forward-looking statements can generally be identified by the Registrant’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe” or other similar words. Information given in this exhibit relating to leasing, the Registrant’s estimated net asset value and other facts and figures are given as of the date of this filing. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, increases in interest rates, lease-up risks, lack of availability of financing or other capital proceeds and additional borrowings under our unsecured line of credit or other debt facilities. Piedmont Office Realty Trust is closed to new investors. SEC filings: www.sec.gov.

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Piedmont Office Realty Trust, Inc.
Date: April 01, 2009	By:	/s/ Robert E. Bowers
		Robert E. Bowers
		Chief Financial Officer and Executive Vice-President

Exhibit Index

Exhibit No.	Description
EX 99.1	April 2009 Regional Stockholder Meeting Presentation

EX-99.1

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Investor Presentation

Donald A. Miller, CFA

President & CEO

Exhibit 99.1

©

2007

Piedmont

Office

Realty

Trust,

Inc.

What Piedmont Wants You To Know

Certain statements contained herein may be deemed to be forward-looking statements under the federal securities laws, and Piedmont intends that such forward-

looking statements be subject to the safe-harbor provisions.  All forward-looking statements are qualified in their entirety by this cautionary statement.  Such 

statements generally can be identified by our use of words such as “may,”  “will,” “can,”  “intend,” “anticipate,”  “estimate,” “think,” “continue,” or other similar words.

Legislative, economic, and financial factors could cause actual results to vary materially from those expressed in forward-looking statements.

•

The points made in this presentation represent the intentions of

Piedmont’s management team to focus on putting the investor first. 

•

Uncertainties in the regulatory, economic, and real estate markets

may adversely affect the company’s ability to meet it’s objectives. 

•

If Real Estate initiatives cannot attract financially stable tenants,

vacancies or defaults may occur that may reduce the portfolio’s

return.

•

Properties that incur vacancies may be difficult to sell or re-lease.

•

Future financial performance of the company and the performance of

real estate is difficult to predict.

•

Information is accurate at the time of the presentation; however, lease

dates and the ability to meet our stated objectives are subject to

change.

•

Data presented reflects Piedmont portfolio as of December 31, 2008.

©

2007

Piedmont

Office

Realty

Trust,

Inc.

History

•

June 1998 –

Active operations commenced

•

December 2003 –

Closed fourth and final offering

–

$5.2bn of equity raised (including DRP proceeds)

•

April 2005 –

27 property portfolio sale

–

$189.5mm gain

–

$748.5mm special dividend

•

April 2007 –

Advisor internalization

–

76 employees of the former advisor became our employees

•

July 2007 –

Received investment grade credit ratings

–

BBB from S&P and Baa3 from Moody’s (reaffirmed Feb. 2009)

•

August 2007 –

Name change and new website

–

Changed name from Wells REIT to Piedmont Office Realty Trust

–

Launched new website (www.piedmontreit.com)

•

December 2007 –

Liquidity event extension approved

–

Extended for up to 3 years from January 30, 2008

•

Subject to SEC reporting/filing since inception

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Portfolio Characteristics

92%

% Leased

1

34%

Leverage Ratio (estimated NAV basis)

3

85%

%

Leased

–

Office

Building

Industry

Average

2

63%

Leverage

Ratio

–

Publicly

Traded

REIT

Office

Average

4

6

Weighted

Average

Lease

Term

Remaining

(years)

1

76

# of Properties

1

21,012

Square

Feet

(in

thousands)

1

As of December 31,

2008

1

Excludes eight unconsolidated joint-venture properties

2

Source: Jones Lang LaSalle North America Office Report Q4 2008

3

Calculated as total liabilities / current value of assets

4

Source: Green Street Advisors, Inc. March 18, 2009

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Senior Management

Carroll A. (Bo) Reddic, IV

EVP, Real Estate Operations

Donald A. Miller, CFA

President & CEO

Robert E. Bowers

CFO

Raymond L. Owens

EVP, Capital Markets

Lisa M. Tyler

Director,

Human Resources

Laura P. Moon

Chief Accounting Officer

Alison M. Mills

Director,

Risk Management

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Property Management Offices

New Hampshire

W.

Virginia

Maine

Rhode Island

Connecticut

Manhattan / L.I.

New Jersey

Delaware

Maryland

D.C.

Massachusetts

Vermont

New York

Pennsylvania

N.Carolina

Virginia

Washington

Oregon

California

Nevada

Utah

Arizona

Idaho

Montana

Wyoming

Colorado

New Mexico

Tennessee

Oklahoma

Louisiana

Missis-

sippi

Alabama

Arkansas

Georgia

Florida

Texas

S. Carolina

Nebraska

South Dakota

North Dakota

Iowa

Minnesota

Wisconsin

Kentucky

Indiana

Michigan

Kansas

Missouri

Illinois

Ohio

Regional Office

City Office

SOUTH

REGION

Tampa

5.3 Million SF Managed

MIDWEST

REGION

Minneapolis

5.9 Million SF Managed

WEST REGION

Los Angeles

2.9 Million SF Managed

EAST REGION

Washington DC

4.0 Million SF Managed

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Foundations of Conservative Real Estate

Investment Strategy

•

High-quality properties/stable income stream

•

Real estate diversification

•

Lower leverage

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Quality Properties

One & Two Independence Square

Washington, D.C.

35 West Wacker

Drive

Chicago, IL

800 North Brand Boulevard

Glendale, CA

Glenridge

Highlands II

Atlanta, GA

©

2007

Piedmont

Office

Realty

Trust,

Inc.

60 Broad Street

New York, NY

Piedmont Properties

AON Center

200 East Randolph Drive

Chicago, IL

1201 Eye Street

Washington, D.C.

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

200 & 400 Crossing Boulevard

Bridgewater, NJ

1901 Market Street

Philadelphia, PA

Nine Polito

Avenue

Lyndhurst, NJ

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

Lockheed Martin I & II

Corporate Boulevard

Rockville, MD

Piedmont Pointe I & II

Rockledge Drive

Bethesda, MD

1201 Eye Street

Washington, D.C.

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Quality Properties

35 West Wacker

Drive

Chicago, IL

800 North Brand Boulevard

Glendale, CA

Glenridge

Highlands II

Atlanta, GA

60 Broad Street

New York, NY

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

AON Center

200 East Randolph Drive

Chicago, IL

Nokia

Connection Drive

Irving, TX

US Bancorp

800 Nicollet Mall

Minneapolis, MN

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

One & Two Independence Square

Washington D.C.

1201 Eye Street

Washington D.C.

4250 N. Fairfax

Arlington, VA

©

2007

Piedmont

Office

Realty

Trust,

Inc.

60 Broad Street

New York, NY

Piedmont Properties

AON Center

200 East Randolph Drive

Chicago, IL

Glenridge

Highlands II

5565 Glenridge

Connector

Atlanta, GA

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

1055 East Colorado

Pasadena, CA

Nestle

800 North Brand Boulevard

Glendale, CA

1901 Main Street

Irvine, CA

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

Las Colinas Corporate Center I & II

North State Hwy. 161

Irving, TX

Nokia

Connection Drive

Irving, TX

Harcourt

North MoPac

Expressway

Austin, TX

©

2007

Piedmont

Office

Realty

Trust,

Inc.

th

Piedmont Properties

Bellsouth Advertising

2001 NW 64

Street

Ft. Lauderdale, FL

Convergys

5601 Hiatus Road

Tamarac, FL

Sarasota Commerce Center II

101 Arthur Anderson Parkway

Sarasota, FL

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

3750 Brookside Parkway

Alpharetta, GA

11695 Johns Creek Parkway

Johns Creek, GA

Glenridge

Highlands II

5565 Glenridge

Connector

Atlanta, GA

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

US Bancorp

800 Nicollet Mall

Minneapolis, MN

Crescent Ridge II

10900 Wayzata Boulevard

Minnetonka, MN

Two Pierce Place

Itasca, IL

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

35 W. Wacker

Chicago, IL

Windy Pointe I & II

McConnor

Parkway

Schaumburg, IL

AON Center

200 East Randolph Drive

Chicago, IL

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

AON Center

200 East Randolph Drive

Chicago, IL

Glenridge

Highlands II

5565 Glenridge

Connector

Atlanta, GA

1901 Market Street

Philadelphia, PA

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Properties

200 & 400 Crossing Boulevard

Bridgewater, NJ

Nine Polito

Avenue

Lyndhurst, NJ

60 Broad Street

New York, NY

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Financial Highlights

$593.2

$622.0

$571.4

$500.0

$550.0

$600.0

$650.0

2006

2007

2008

$285.5

$294.9

$275.8

$200.0

$250.0

$300.0

2006

2007

2008

Funds From Operations

Revenues

For years ended December 31, 2006, 2007 and 2008 (in millions)

$112.1

$131.3

$96.9

$50.0

$100.0

$150.0

2006

2007

2008

Income From Continuing Operations

4%

5%

16%

17%

4%

3%

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Tenant Base

Tenant diversification (as of December 31, 2008)

Tenant Name

(Ranked by % of AGR)

Annualized

Gross Rental

Revenues

($000's)

Percentage of

Annualized

Gross Rental

Revenues

S&P Credit

Rating

US Government (11 agencies)

61,823

11.4%

AAA

BP Corporation

25,565

4.7%

AA

Leo

Burnett

(Publicis)

1

20,959

3.9%

BBB+

State of New York

19,873

3.7%

AA-

Nestle

18,311

3.4%

AA

US Bancorp

17,311

3.2%

AA

Sanofi-Aventis

17,070

3.1%

AA-

Kirkland

&

Ellis

2

15,775

2.9%

N/A

Independence Blue Cross

15,565

2.9%

N/A

Winston

&

Strawn

3

14,468

2.7%

N/A

Zurich American

10,395

1.9%

AA-

DDB

Needham

(Omnicom)

4

10,065

1.8%

A-

Shaw Facilities

9,514

1.7%

BB+

Lockheed Martin

9,186

1.7%

A-

State Street Bank

8,694

1.6%

AA

Other

5

269,715

49.4%

544,289

100.0%

1

Rating is for parent company, Publicis Groupe SA

2

Kirkland & Ellis is ranked # 7 by The America Lawyer’s 2007 AmLaw 100 Rankings

3

Winston & Strawn is ranked # 33 by The America Lawyer’s 2007 AmLaw 100 Rankings

4

Rating is for parent company, Omnicom Group

5

Includes leases which terminated effective December 31, 2008

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Real Estate Diversification

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Geographic Diversification

Percentage of annualized gross rental revenues (as of December 31, 2008)

25%

19%

16%

6%

6%

4%

4%

4%

3%

3%

2%

2%

1%

1%

4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Industry Diversification

Percentage of annualized gross rental revenues (as of December 31, 2008)

for all industries representing 3% or greater

16%

14%

9%

7%

5%

5%

5%

5%

3%

3%

3%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Lease Expiration Schedule

Percentage of annualized gross rental revenues (as of December 31, 2008)

8%

9%

16%

19%

12%

8%

5%

5%

2%

5%

4%

1%

0%

1%

5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

20.0%

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Leverage

2

2

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Leverage Ratios

Piedmont

(Based

on

estimated

NAV

of

$7.40

per

share)

34%

Publicly Traded REIT Office Sector Average

63%

All Publicly Traded REIT Sectors Average

66%

Leverage Ratio

1

1

Total liabilities as a percentage of current value of assets.

2

Source: Green Street Advisors, Inc. March 18, 2009

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Debt Maturities

$695

$45

$140

$168

$105

$250

$121

2009

2010

2011

2012

2013

2014

2015

2016

2017

Secured debt

Unsecured debt

1

The

schedule

assumes

one-year

extensions

for

the

$250

Million

Unsecured

Term

Loan

and

for

the

$500

Million

Unsecured

Line

of

Credit.

1

1

Debt maturity schedule as of December 31, 2008 ($ in millions)

©

2007

Piedmont

Office

Realty

Trust,

Inc.

6.0%

6.1%

6.4%

7.3%

6.0%

5.8%

5.4%

4.3%

6.0%

5.4%

4.4%

1.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

5.50% Rate

6.50% Rate

7.50% Rate

Interest Rate

0% Loan-to-Value

25% Loan-to-Value

50% Loan-to-Value

75% Loan-to-Value

Assumptions:

•

Initial Cap Rate = 7.0%

•

Initial After Fee Return = 6.0%

•

10-yr Note = 4.50%

•

Borrowing Rate = 5.50%

•

Interest-Only Debt

•

Assume interest rates increase

•

Assume portfolio is refinanced

Hypothetical

–

for

illustrative

purposes

only

and

do

not

represent

the

past

or

future

performance

of

any

product.

Hypothetical Effects of Interest Rates and Cap

Rates on a Leveraged Real Estate Portfolio

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Assumptions:

•

Initial Cap Rate = 7.0%

•

Initial After-Fee Return = 6.0%

•

10-yr Note = 4.50%

•

Assume interest rates increase

by 100-200 basis points

•

Increase in interest rate leads

to commensurate increase in

cap rates

•

Increased cap rate results in a

decline in the market value of

the portfolio

Hypothetical Effects of Interest Rates and Cap

Rates on a Leveraged Real Estate Portfolio

Market Value

0.0%

0.0%

0.0%

0.0%

-12.5%

-16.7%

-25.0%

-50.0%

-22.2%

-29.6%

-44.4%

-88.8%

-

90.0%

-

80.0%

-70.0%

-

60.0%

-

50.0%

-

40.0%

-

30.0%

-20.0%

-10.0%

0.0%

7.00% Rate

8.00% Rate

9.00% Rate

Capitalization Rate

0% Loan-to-Value

25% Loan-to-Value

50% Loan-to-Value

75% Loan-to-Value

Hypothetical – for illustrative purposes only and do not represent the past or future performance of any product.

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Investment Strategy

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Execution of Investment Strategy

•

Strive to produce attractive risk adjusted returns

•

Tenant relationships/landlord of choice

•

Expense management/strong stewardship

•

Opportunities to create value/leasing activity

•

Capitalize on (selective) strategic investment opportunities

•

Create an attractive liquidity event (while keeping all

options open) as soon as practical

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Investor Performance Comparison –

1999 and 2004 Investor

Compound Annual Growth Rate of Piedmont vs. Other Indices Over a

5-Year and 10-Year Hold Period

-10%

-5%

0%

5%

10%

15%

10-Year Hold

5-Year Hold

Piedmont

NAREIT (Office Only)

S&P 500

BC Agg Bond Index

Note: Piedmont returns are net of investment management fees.

1/1/99 to 12/31/08

1/1/04 to 12/31/08

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Investor Payback on Initial Capital Outlay

Note: Analysis assumes all shares are purchased on the first day of any given Investment Year.

Percentage of Initial Outlay Paid Back Based on Investment Year

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004

2003

2002

2001

2000

1999

Investment Year

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Opportunities to Create Value

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Lease Extensions/Restructuring

•

Three-building Nokia complex acquired in August

2002

•

Originally Building I and III leased through July

2009

•

Early termination of Building III lease effective July

2006 with concurrent re-lease to Goldman Sachs

affiliate from January 2007 through March 2018

•

Mid 2007, negotiated early termination of Building I

lease effective July 2008 and extended Building II

lease through December 2015

•

Goldman Sachs affiliate expanded into Building I

for an additional 82,686 SF through March 2018,

concurrent with Building III

lease

•

Signed one floor lease (28,000 SF) with Interstate

Bakeries through 2014 for Building I

•

Lease restructuring offers extended term and

Goldman Sachs credit (S&P A)

Dallas, TX

604,243 SF

$119.9mm Purchase Price

©

2007

Piedmont

Office

Realty

Trust,

Inc.

•

Acquired December 2000

•

Sysco Corporation leased 106,516 SF

through September 2008

•

Shaw Group leased 206,048 SF through

December 2010

•

Sysco started construction on a corporate

campus in 2005 to consolidate operations

•

Shaw Group executed an early renewal

and expansion in 2008 for the entire

building through December 2018

•

Shaw Group renewal and expansion

maintains 100% occupancy and eliminates

downtime

Lease Extension/Restructuring

Houston, TX

312,564 SF

$45mm Purchase Price

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Atlanta, GA

406,241 SF

$84mm Purchase Price

•

Acquired August 2003

•

Originally 76% leased to Cingular

through December 2010

•

AT&T acquired Cingular in 2006 and

exercised termination option effective

December 2008

•

First Data Corp consolidating operations

from Denver and Omaha

•

Executed lease with First Data Corp for

183,375 SF through February 2020

•

First Data lease backfills nearly 60% of

terminated space with little downtime

Leasing Activity

©

2007

Piedmont

Office

Realty

Trust,

Inc.

•

Kirkland & Ellis lease for 497,800 SF

expires in December 2011

•

KPMG leased 260,641 SF of the Kirkland

& Ellis space through August 2027

•

Federal Home Loan Bank of Chicago

subleased 63,402 SF through December

2013 and converts to a direct lease

through December 2024

•

Microsoft leased 78,163 SF through

October 2019, absorbing 3% of vacant

space

•

Increased occupancy from 88% to 93%

and reduced rollover risk

Leasing Activity

Chicago, IL

2,678,252 SF

$465.2mm Purchase Price

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Recent Decisions

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Recent Decisions By Piedmont Board

•

Estimated net asset value reduced from $8.70 to $7.40

•

Dividend reduced from $0.5868 to $0.42 per share per annum

•

Reset DRP pricing –

95% of NAV ($7.03)

•

Reset SRP pricing –

lower of cost or 95% of NAV ($7.03)

•

Limited SRP to $100 million in 2009 –

estimated proceeds from

the dividend reinvestment plan

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Determination of Estimated Net Asset Value

•

By prospectus, update valuations each year

•

Average cost/share = $8.38 (original cost –

return of capital)

•

Valuation to date:

September 30, 2005    $8.70

September 30, 2006    $8.93

December 31, 2007    $8.70

December 31, 2008    $7.40

•

Hired outside appraisal firm to value all properties

•

Take estimated current value of properties, debt and receivables,

enter into balance sheet and divide by number of shares

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Dividend Cuts

(Source-

Morgan Keegan)

•

56 of 121 US publicly traded REITs have reduced

dividends by an average of 61% since 2008

•

9 of 13 office REITs have reduced dividends by average

of 46%

•

Other

industries

–

many

blue

chip

companies

have

cut

dividends drastically (JP Morgan, GE, Bank of America,

Dow

Chemical,

Alcoa,

Pfizer

–

all

over

50%)

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Reasons For Dividend Reduction

•

Proactively provide sufficient liquidity for debt maturing in

2011

•

Provide cash flow for lease activity in future years

•

Provide funding for selective acquisitions

•

Enhance the stability of investment grade rating

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Looking Ahead

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Objectives

If

the

economy

continues

to

falter:

•

Closely monitor tenant credit status

•

Conserve cash position to retain and attract quality

tenants and pay down debt

•

Strive to maintain a predictable revenue source and cash

flow

When

the

economy

begins

to

recover:

•

Look for accretive acquisitions

•

Recycle capital to improve quality of the portfolio in

anticipation of a liquidity event

©

2007

Piedmont

Office

Realty

Trust,

Inc.

Piedmont Objectives

•

Continue to focus on office properties

•

Continue to follow our low leverage strategy

•

Continue to pursue high quality tenants and premium

properties

•

Continue to be good stewards of all that has been

entrusted to us, and

•

Continue to creatively explore all liquidity options for

stockholders