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    Ray Zhang

    Research Analyst at JPMorgan Chase & Co.

    Ray Zhang is not publicly listed as an analyst at JPMorgan Chase & Co.; the available information references Shichang (Ray) Zhang, a postdoctoral fellow at Harvard University specializing in AI research, who received a J.P. Morgan Chase AI PhD Fellowship but does not serve as an equity analyst or hold a performance track record in that capacity. His professional background includes a Ph.D. in Computer Science from UCLA, prior education at Stanford and Berkeley, and recognition for his academic contributions in machine learning. No evidence indicates that Ray Zhang has held analyst roles, managed company coverage, or accrued relevant performance metrics or securities licenses. This profile is based on the best available public information as of August 2025.

    Ray Zhang's questions to Piedmont Office Realty Trust (PDM) leadership

    Ray Zhang's questions to Piedmont Office Realty Trust (PDM) leadership • Q2 2025

    Question

    Ray Zhang questioned why the company's full-year guidance was not raised despite strong leasing and an accretive debt buyback, asking about potential offsets. He also inquired about capital allocation strategy, particularly regarding the potential sale of the New York City asset, the buyer pool, pricing expectations, and how proceeds would be redeployed.

    Answer

    CFO & EVP Sherry Rexroad explained that the accretion from the debt buyback was offset by a recent non-strategic asset sale, and noted that the strong leasing volume will primarily benefit earnings in 2026 and beyond. President, CEO & Director Brent Smith added that the transaction market is improving for core assets, with potential buyers including foreign entities and family offices. He suggested dispositions would likely price in the 8-9 cap rate range, with proceeds redeployed into core-plus assets or opportunistic JVs.

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