Piedmont Realty slides after announcing $200 mln convertible

Piedmont Realty Trust

14/09/2026 14:28

** Office REIT Piedmont Realty Trust's PDM.N shares down 4.5% at $9.14 premarket on Mon as it looks to raise capital
** Atlanta, Georgia-based PDM offering privately $200 mln exchangeable notes to mature Feb 1, 2031 
** Co intends to use net proceeds to redeem all of its outstanding 9.25% senior notes due 2028
** It also plans to use up to $50 mln to repurchase its shares from initial purchasers of the exchangeable notes to facilitate hedging 
** PDM has ~$1.2 bln market cap
** At Fri close, stock up 15% YTD 
** Avg rating of 4 analysts covering the stock is "hold"; median PT $11, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))