Piedmont Office Realty Trust Inc. (NYSE: PDM) was incorporated in Maryland in 1997 and commenced active operations in 1998. Since inception we have raised over $5 billion in offering proceeds which were used as equity capital to build the portfolio that exists today.
Since its formation in 1997, Piedmont Office Realty Trust has been governed by standard SEC rules and regulations.
The following is a timeline of key events in Piedmont Office Realty Trust’s history.
1997 Incorporated in Maryland (originally known as Wells Real Estate Investment Trust, Inc.)
1998 Commenced active operations
2005 Portfolio of 27 properties sold realizing a gain of approximately $189.5 million and resulting in a special distribution to stockholders of approximately $748.5 million. The sale repositioned the portfolio geographically by exiting 12 smaller markets, improving our credit profile, and enhancing the overall quality of the portfolio without negatively impacting the overall targeted return on equity.
2007 Internalized real estate management and advisory functions, received investment grade credit ratings from S&P and Moody’s, changed name to Piedmont Office Realty Trust, Inc.
2010 Listed on the New York Stock Exchange under the ticker symbol "PDM". Effected a stockholder approved recapitalization in conjunction with the listing and concurrent offering.