Piedmont Realty Trust announced that its operating partnership priced $200 million of 2.875% exchangeable senior notes due 2031 in a private Rule 144A offering to qualified institutional buyers. Piedmont will fully and unconditionally guarantee the senior unsecured notes, which are scheduled to settle on September 17, 2026, subject to customary closing conditions. Initial purchasers have an option to buy up to an additional $30 million of notes. The notes will pay interest semiannually and have an initial exchange rate of 79.0514 shares per $1,000 principal amount, equivalent to an exchange price of $12.65 per share, a 37.5% premium to Piedmont's September 14 closing price of $9.20. Net proceeds are expected to fund the redemption of Piedmont's 9.250% senior notes due 2028, alongside proceeds from forward sales, cash and credit-line borrowings, while about $50 million will fund a concurrent repurchase of 5,434,782 common shares at $9.20 each.