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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 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.
Piedmont Office Realty Trust (NYSE: PDM), a real estate investment trust (REIT), has announced its third quarter dividend for 2024. The company's board of directors has declared a regular quarterly cash dividend of $0.125 per share, which equates to $0.50 per share on an annualized basis. This dividend will be paid on September 20, 2024 to stockholders of record as of the close of business on August 23, 2024. This announcement demonstrates Piedmont's commitment to providing regular returns to its shareholders and maintaining its REIT status.
Piedmont Office Realty Trust (NYSE: PDM) has announced that it will release its second quarter 2024 financial results on July 31, 2024, after the market close. The company will host a conference call on August 1, 2024, at 9:00 a.m. Eastern time to discuss the results, recent events, and entertain questions from investors. The call will be available in listen-only mode on the company's investor relations website. Replay options will also be provided via webcast and telephone through August 15, 2024. Questions for the management can be submitted in advance to askpiedmont@piedmontreit.com.
Piedmont Office Realty Trust announced the pricing of a $400 million senior unsecured notes offering due 2029 at 6.875% interest, priced at 98.993% of the principal amount.
The offering is set to close on June 25, 2024, pending customary conditions.
Proceeds will be used to repay outstanding borrowings and for general corporate purposes.
Guarantees for the notes will be provided by the company on a senior unsecured basis.
BofA Securities, Wells Fargo Securities, J.P. Morgan, Truist Securities, Morgan Stanley, TD Securities, and US Bancorp are the joint book-running managers, with PNC Capital Markets , Scotiabank, and Ramirez & Co., Inc. acting as co-managers.
Piedmont Office Realty Trust announced signing over 575,000 SF of leases in April and May 2024, bringing their YTD leasing to about 1.1 million SF.
The largest lease involved Travel + Leisure Co’s relocation to Piedmont's 501 W Church Street property in Orlando. Other significant leases included Ryan, Inc. in Dallas and the International Food Policy Research Institute in Washington, D.C.
Piedmont projects future cash revenue from these leases to reach $52 million annually. The company notes a robust leasing pipeline, reinforcing confidence in achieving its 2024 leasing targets.
Piedmont will discuss these achievements at the NAREIT Investor Conference in New York City.
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