Atlanta, April 30, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended March 31, 2024 which included significant leasing activity, strong Same Store NOI growth, as well as previously announced refinancing and disposition activity. Highlights for the Three Months Ended March 31, 2024: Financial Results:   Three Months Ended (in 000s other than per share amounts ) March 31, 2024 March 31, 2023 Net loss applicable to Piedmont $ (27,763 ) $ (1,367 ) Net loss per share applicable to common stockholders - diluted $ (0.22 ) $ (0.01 ) Interest expense $ 29,714   $ 22,077   Impairment charges $ 18,432   $ 0   Core FFO applicable to common stock $ 47,753   $ 56,344   NAREIT FFO per diluted share $ 0.38   $ 0.46   Core FFO per diluted share $ 0.39   $ 0.46   Adjusted FFO applicable to common stock $ 24,741   $ 36,792   Same Store NOI - cash basis           5.1   %   Same Store NOI - accrual basis           2.1   %             Piedmont recognized a net loss of $27.8 million, or $0.22 per diluted share, for the first quarter of 2024, as compared to a net loss of $1.4 million, or $0.01 per diluted share, for the first quarter of 2023, with the first quarter of 2024 including $18.4 million, or $0.15 per diluted share, in impairment charges primarily related to shortening the projected hold period for one property during the quarter, as well as approximately $7.6 million, or $0.06 per diluted share, of increased interest expense as compared to first quarter of 2023. Core FFO, which removes the impact of the impairment charges noted above, as well as loss on early extinguishment of debt, and depreciation and amortization expense, was $0.39 per diluted share for the first quarter of 2024, as compared to $0.46 per diluted share for the first quarter of 2023, with the decrease primarily attributable to the $0.06 per diluted share increase in interest expense noted above. Same Store NOI - Cash basis and Same Store NOI - Accrual basis increased 5.1% and 2.1%, respectively, for the three months ended March 31, 2024, as compared to the same period in the prior year, as newly commenced leases or those with expiring abatements outweighed expiring leases. Leasing:   Three Months Ended March 31, 2024 # of lease transactions         54   Total leasing sf (in 000s)         500   New tenant leasing sf (in 000s)         328   Cash rent roll up         8.0 % Accrual rent roll up         18.6 % Leased Percentage as of period end         87.8 %       The Company completed approximately 500,000 square feet of leasing during the first quarter, including approximately 328,000 square feet of new tenant leasing. The weighted average size lease executed during the quarter was approximately 13,000 square feet and the weighted average lease term was approximately eight years. Rents on leases executed during the three months ended March 31, 2024 for space vacant one year or less increased approximately 8.0% and 18.6% on a cash and accrual basis, respectively. The Company's leased percentage for its in-service portfolio as of March 31, 2024 increased to 87.8%, ...