CORRESP 1 filename1.htm Document

PIEDMONT OFFICE REALTY TRUST, INC
VIA EDGAR AND EMAIL
June 2, 2025

Ms. Mary Beth Breslin
Industry Office Chief
Division of Corporation Finance
Office of Real Estate and Construction
U.S. Securities and Exchange Commission
100 F Street, NE
Washington D.C. 20549

Re: Piedmont Office Realty Trust, Inc.
Form 10-K for the year ended December 31, 2024, Filed on February 19, 2025
File No. 001-34626

Dear Ms. Breslin:

This letter is submitted in response to the comments by the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission”) with respect to the above referenced filing by Piedmont Office Realty Trust, Inc. (the “Company”). We welcome the opportunity to discuss our response with you, and I am available to do so at (770) 418-8603 or Sherry Rexroad, our Chief Financial Officer, is available at (770) 418-8604.

For your convenience, we have repeated each comment by the Staff immediately preceding our response.

Form 10-K for the year ended December 31, 2024
6. Impairment Charges, page F-23
Comment:
1.Please revise your disclosure to include the goodwill disclosures required by ASC 350-20-50-1 for each of your reportable segments as well as in total.

Response:

We will include in future filings, beginning with our quarterly report on Form 10-Q for the quarter ending June 30, 2025, the following goodwill disclosures required by ASC 350-20-50-1 for each of our reportable segments as well as in total. Presented below for illustrative purposes is a table with information for the years ended December 31, 2024, and 2023 to show an example of the enhanced disclosure approach we intend to take in our future filings:




The change in the carrying amount of Piedmont’s goodwill allocated to each of its reportable segments and in total as of December 31, 2024 and 2023 is as follows (in thousands):

AtlantaDallasOrlandoNorthern Virginia/
Washington, D.C.
MinneapolisNew YorkBostonTotal
Balance as of January 1, 2023:
Goodwill$18,563 $18,525 $10,818 $15,981 $10,957 $10,585 $13,489 $98,918 
Accumulated impairment charges— — — (15,981)— — — (15,981)
18,563 18,525 10,818 — 10,957 10,585 13,489 82,937 
2023 impairment charges— — — — (10,957)(5,000)(13,489)(29,446)
Balance as of December 31, 2023:
Goodwill18,563 18,525 10,818 15,981 10,957 10,585 13,489 98,918 
Accumulated impairment charges— — — (15,981)(10,957)(5,000)(13,489)(45,427)
18,563 18,525 10,818 — — 5,585 — 53,491 
2024 impairment charges— — — — — — —  
Balance as of December 31, 2024:
Goodwill18,563 18,525 10,818 15,981 10,957 10,585 13,489 98,918 
Accumulated impairment charges— — — (15,981)(10,957)(5,000)(13,489)(45,427)
$18,563 $18,525 $10,818 $ $ $5,585 $ $53,491 

Comment:

2.We note your disclosure that you recorded losses for impairment on real estate assets in 2024 and 2022. Please tell us and revise future filings to disclose the segment in which the impaired long-lived asset (asset group) is reported. Refer to ASC 360-10- 50-2(d).

Response:

Our recorded losses for impairment on real estate assets in 2024 and 2022 are related to the following segments:

BuildingReportable Segment202420232022
One Lincoln ParkDallas$932 $— $— 
750 West John Carpenter FreewayDallas17,500 — — 
80 and 90 Central StreetBoston10,000 — — 
161 Corporate Center
Dallas5,400 — — 
9320 Excelsior Boulevard
Minneapolis — 10,000 
Total impairment charge on real estate assets
$33,832 $— $10,000 

We will include in future filings, beginning with our quarterly report on Form 10-Q for the quarter ending June 30, 2025, disclosure of the reportable segment in which the impaired long-lived asset is reported in accordance with ASC 360-10-50-2(d).




May 28, 2025
Page 2

Sincerely,

/s/ Laura P. Moon

Laura P. Moon
Chief Accounting Officer
Piedmont Office Realty Trust, Inc.

    CC:     Mr. C. Brent Smith, President, Principal Executive Officer and Director
    Ms. Sherry L. Rexroad, Chief Financial Officer, Principal Financial Officer
    Mr. Will Herman, Deloitte & Touche LLP
    Mr. Keith Townsend, Esq., King & Spalding, LLP