Welcome to our dedicated page for Piedmont Office news (Ticker: PDM), a resource for investors and traders seeking the latest updates and insights on Piedmont Office stock.
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is a fully integrated, self-managed real estate investment trust (REIT) specializing in the ownership, management, development, and redevelopment of high-quality Class A office properties. Headquartered in Atlanta, GA, Piedmont operates a diverse portfolio of approximately 16 million rentable square feet across major U.S. Sunbelt markets including Chicago, Washington, D.C., New York, Dallas, Los Angeles, and Boston. With a strong investment-grade rating from Standard & Poor's (BBB-) and Moody's (Baa3), the company has consistently maintained a low-leverage strategy.
Piedmont derives a significant portion of its revenue from rental income generated through mid- to long-term lease agreements with tenants such as U.S. Government entities, business services companies, and financial institutions. Notable properties include 800 Nicollet Mall in Minneapolis and the Galleria on the Park in Atlanta. The company's focus on sustainability has earned it the designation of 2024 ENERGY STAR Partner of the Year - Sustained Excellence.
Recent achievements include the signing of a 77,000 square-foot lease with GE Vernova, the renewal of a 447,000 square-foot lease with U.S. Bancorp, and a strategic sale of One Lincoln Park in Dallas for $54 million. These transactions not only bolster the company's leasing pipeline but also affirm its financial stability by addressing upcoming debt maturities. In the fourth quarter of 2023 alone, Piedmont completed over 800,000 square feet of leasing activity, maintaining an occupancy level of approximately 87%.
Piedmont's management team, led by President and CEO Brent Smith, emphasizes a strategic focus on small to medium enterprises and a commitment to providing top-tier office environments. The company continues to update its financial guidance to reflect current market conditions and maintains an engaged approach to investor relations.
For more information, visit www.piedmontreit.com.
Piedmont Office Realty Trust (NYSE:PDM) has expanded its Board of Directors with three new appointments, bringing the total board membership to ten. The new appointees are:
- Deneen Donnley, current Senior Vice President and General Counsel at Consolidated Edison (NYSE: ED)
- Stephen E. Lewis, former Chair and CEO of Troutman Pepper law firm
- Jeffrey J. Donnelly, current CEO and Director of DiamondRock Hospitality (NYSE: DRH)
Each appointee brings significant experience in their respective fields. Donnley has extensive legal and financial services background, Lewis brings strategic transaction expertise, and Donnelly contributes substantial real estate and financial management experience. Board Chair Kelly H. Barrett expressed enthusiasm about the appointments, highlighting the unique perspectives each new member brings to the boardroom.
Piedmont Office Realty Trust (NYSE:PDM) reported its Q4 and full-year 2024 results, showing a net loss of $30.0 million ($0.24 per share) for Q4 2024, compared to a $28.0 million loss in Q4 2023. The company's Core FFO decreased to $0.37 per share in Q4 2024 from $0.41 in Q4 2023.
Notable achievements include completing 2.4 million square feet of leasing in 2024, the highest since 2015, with over 1 million square feet in new tenant leasing. The company's leased percentage improved to 88.4% from 87.1% year-over-year. Rental rates increased by 11.9% on a cash basis and 18.9% on an accrual basis for the year.
The company has approximately $710 million in total liquidity and successfully refinanced its debt, with no maturities until 2028. For 2025, Piedmont projects Core FFO guidance of $1.38-$1.44 per diluted share.
Piedmont Office Realty Trust (NYSE: PDM), a real estate investment trust (REIT), has announced its first quarter dividend for 2025. The company's board of directors has declared a regular quarterly cash dividend of $0.125 per share, which amounts to $0.50 per share on an annualized basis. The dividend will be distributed on March 14, 2025, to stockholders who are on record as of the close of business on February 21, 2025.
Piedmont Office Realty Trust (NYSE: PDM) has scheduled the release of its fourth quarter and annual 2024 financial results on Thursday, February 13, 2025, after NYSE trading hours. The company will host a conference call on Friday, February 14, 2025, at 9:00 a.m. ET to discuss the results.
The conference call will be available in listen-only mode through the company's investor relations website. Management will review performance metrics, discuss recent events, and conduct a Q&A session. Analysts can participate using domestic line (888) 506-0062 or international line (973) 528-0011 with participant code 864662.
A replay will be available through February 28, 2025, via webcast and telephone. Investors can submit questions prior to the call via email at askpiedmont@piedmontreit.com.
Piedmont Office Realty Trust reported Q3 2024 results with a net loss of $11.5 million ($0.09 per share), compared to a $17.0 million loss in Q3 2023. Core FFO decreased to $0.36 per diluted share from $0.43 year-over-year. The company completed approximately 461,000 square feet of leasing in Q3, bringing year-to-date leasing to 2 million square feet. Portfolio leased percentage improved to 88.8% from 87.1% at year-end 2023. Rental rates increased 4.0% on cash basis and 8.5% on accrual basis for Q3. The company has narrowed its 2024 guidance with Core FFO projected at $1.48-$1.50 per diluted share.
Piedmont Office Realty Trust (NYSE:PDM), a Class A office property owner primarily in the Sunbelt, reported 461,000 square feet of leasing in Q3 2024. This brings their year-to-date leasing to approximately two million square feet, increasing their in-service leased percentage to 88.8% as of September 30, 2024. About 45% of the Q3 leasing was for new tenants.
Rents on leases for space vacant less than a year increased by 4.0% on a cash basis and 8.5% on an accrual basis. The company has a contractual backlog of 1.5 million square feet, representing about $48 million in future annual cash flow. Their pipeline of leases in the proposal stage has grown to approximately three million square feet, indicating strong demand for their properties.
Piedmont Office Realty Trust (NYSE: PDM), a Class A office property owner with significant assets in major U.S. Sunbelt markets, has reported virtually no damage to its Orlando properties following Hurricane Milton. The company's property management team conducted a thorough review of all Piedmont's Orlando assets and confirmed the safety of all personnel in the affected areas. This announcement comes as a relief for the company, which has a notable presence in the Orlando real estate market.
Piedmont Office Realty Trust (NYSE: PDM) has announced that it will release its third quarter 2024 financial results on Thursday, October 24, 2024, after the close of trading on the New York Stock Exchange. The company will hold a conference call on Friday, October 25, 2024, at 9:00 a.m. Eastern time, which will be broadcast live in listen-only mode on their investor relations website.
During the call, Piedmont's management team will review the third quarter performance, discuss recent events, and conduct a question-and-answer session. Investors can listen to the webcast through the company's website or dial in for the conference call. A replay of the call will be available both via webcast and telephone until November 8, 2024. Investors can also submit questions prior to the call by emailing askpiedmont@piedmontreit.com.
Piedmont Office Realty Trust (NYSE:PDM) has announced a CFO transition. Robert E. Bowers, who has served as CFO since 2007, will move to an administrative role effective November 8th. Sherry L. Rexroad will succeed him as the new CFO.
Rexroad brings approximately 30 years of experience in REITs, real estate, finance, and capital markets. She most recently served as CFO of STORE Capital and previously spent a decade at BlackRock Global Real Asset Securities. Rexroad is currently a board member of Apartment Investment and Management Company (NYSE: AIV).
CEO C. Brent Smith expressed gratitude for Bowers' contributions and welcomed Rexroad to the Piedmont team, looking forward to her leadership in the company's next chapter.
Piedmont Office Realty Trust (NYSE:PDM) reported its Q2 2024 results, highlighting the completion of over one million square feet of leasing, the largest amount in a single quarter in over a decade. Key financial metrics include:
- Net loss of $9.8 million ($0.08 per diluted share), compared to $2.0 million in Q2 2023
- Core FFO of $0.37 per diluted share, down from $0.45 in Q2 2023
- Same Store NOI increased 5.7% (cash basis) and 3.7% (accrual basis)
- Leased percentage at 87.3% as of June 30, 2024
The company completed 65 lease transactions, including 404,000 sq ft of new tenant leasing. Piedmont also issued $400 million of 6.875% senior notes due in 2029 and narrowed its 2024 guidance, projecting Core FFO of $1.46 to $1.52 per diluted share.
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