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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 (NYSE:PDM) has been recognized as a 2022 Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy. This designation highlights Piedmont's commitment to sustainability through high-performance leasing practices. The company received Silver recognition for implementing green leases that enhance occupant health, increase energy efficiency, and modernize facilities. Piedmont's portfolio, valued at approximately $5 billion, consists of about 16 million square feet of Class A office properties mainly located in the Sunbelt region.
Piedmont Office Realty Trust (NYSE: PDM) announced a significant lease with Kimley-Horn and Associates for approximately 61,000 square feet at their 200 and 222 South Orange Avenue buildings in downtown Orlando, effective through 2034. This marks the largest office lease in downtown Orlando since 2019. The properties, featuring sustainable LEED Gold certification and enhanced amenities, are strategically located with expanded outdoor collaboration spaces. Piedmont's portfolio encompasses approximately 16 million square feet and is valued at around $5 billion.
Piedmont Office Realty Trust (NYSE:PDM) announced a robust financial performance for Q1 2022, reporting a net income of $60 million, or $0.49 per diluted share, significantly up from $9.3 million in Q1 2021. This quarter included a $50.7 million gain from real estate asset sales, bolstering Core Funds From Operations to $0.51 per share. Leasing activity peaked with 552,000 square feet completed, enhancing the portfolio's occupancy to 87%. The company declared a dividend of $0.21 per share for Q2 2022 and raised its 2022 earnings guidance, reflecting strong market recovery and ongoing leasing momentum.
Piedmont Office Realty Trust (NYSE: PDM) will release its first quarter financial results on April 27, 2022, after market close. A conference call will follow on April 28, 2022, at 9:00 a.m. EDT, where management will discuss performance and recent events. The company operates a $5 billion portfolio of high-quality office properties primarily in the Sunbelt, comprising about 17 million square feet. Piedmont is rated investment-grade by S&P and Moody's and is recognized as a 2021 ENERGY STAR Partner of the Year.
Piedmont Office Realty Trust (NYSE: PDM) has successfully achieved the WELL Health-Safety Rating for its entire 17 million square foot portfolio, encompassing over 53 managed properties. This evidence-based rating system verifies the company’s commitment to tenant and visitor health and safety in a post-COVID-19 landscape. Piedmont's initiatives include operational excellence, healthy buildings, and corporate governance, reflecting a strong dedication to environmental, social, and governance (ESG) principles. The achievement underscores Piedmont’s responsibility to enhance the well-being of its tenants.
Piedmont Office Realty Trust (NYSE: PDM) announced a successful payoff of two notes receivable, yielding approximately $119 million. This significant amount was utilized to reduce the Company’s $500 million line of credit to around $85 million. The early payoff was anticipated and previously included in the Company’s guidance for 2022, resulting in no adjustments to its core funds from operations. Piedmont manages a $5 billion portfolio comprised of roughly 17 million square feet of Class A office properties, primarily located in the Sunbelt region.
Piedmont Office Realty Trust (NYSE: PDM) has signed a 50,000 square-foot lease with a leading construction systems provider for its global headquarters at 600 Galleria Parkway, Atlanta, through 2034. This location is part of the Atlanta Galleria Office Park, which features five buildings across 2.1 million square feet and offers modern amenities, including a fitness facility and event space. The site is strategically located near Truist Park and major highways, enhancing its accessibility and appeal for talent recruitment.
Piedmont Office Realty Trust (NYSE: PDM) announced a lease renewal with a major pharmaceutical retailer for roughly 164,000 square feet at 750 W. John Carpenter Freeway, Irving, Texas, extending through 2028. This renewal addresses the company's largest lease expiration for 2022, now leaving just 5% in scheduled expirations for the year. Renovations at the property will include a lobby redesign, tenant amenities, and expanded outdoor spaces, enhancing the work experience.
Piedmont Office Realty Trust (NYSE: PDM) reported a net loss of $31.8 million for Q4 2021, attributed largely to a $41 million impairment charge on its last Chicago asset. Core Funds From Operations (Core FFO) per share stood at $0.51 for Q4 and $1.97 for the full year. The company’s portfolio was 86% leased by year-end, with 2.3 million square feet leased throughout 2021. Piedmont anticipates Core FFO guidance of $1.97–$2.07 per diluted share for 2022. Recent transactions include a $223.9 million acquisition in Atlanta and two sales for $153 million, enhancing its Sunbelt portfolio focus.
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