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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) announced a quarterly cash dividend of $0.21 per share for Q1 2022, totaling $0.84 annually. This dividend will be paid on March 18, 2022, to shareholders on record by February 25, 2022. The company, a fully integrated real estate investment trust (REIT), manages a diversified portfolio of approximately $5 billion across 17 million square feet in key Eastern U.S. markets, primarily in the Sunbelt region.
Piedmont Office Realty Trust (NYSE: PDM) announced the tax treatment of its 2021 dividends. The company will distribute $0.21 per share on January 4, 2022. Most dividends are classified as ordinary dividends, with only minor amounts categorized as capital gains and qualified dividends. Stockholders are advised to consult tax advisors for specific tax implications. Piedmont, a real estate investment trust, maintains a diverse portfolio valued at approximately $5 billion, focusing on high-quality Class A office properties across major Eastern U.S. markets.
Piedmont Office Realty Trust (NYSE: PDM) will release its fourth quarter financial results on February 7, 2022, post-market close. A conference call is scheduled for February 8, 2022, at 10:00 a.m. ET, where management will discuss performance and recent events, followed by a Q&A session. Investors can access the call via the company’s investor relations website. Piedmont manages a diversified portfolio valued at approximately $5 billion, comprising 17 million square feet of high-quality Class A office properties primarily in the Sunbelt region.
Piedmont Office Realty Trust (NYSE:PDM) reported strong financial results for the quarter ending September 30, 2021. Net income rose to $11.3 million or $0.09 per diluted share, up from $8.9 million or $0.07 in Q3 2020. Core Funds From Operations (Core FFO) increased to $62.0 million or $0.50 per diluted share, compared to $60.2 million or $0.48 in the prior year. The company achieved a 12% increase in Same Store Net Operating Income (NOI) on a cash basis. Additionally, Piedmont narrowed its 2021 Core FFO guidance to $1.95 - $1.98 per diluted share and completed substantial leasing activity across its market portfolio.
Piedmont Office Realty Trust (NYSE: PDM) announced its third quarter financial results release scheduled for October 27, 2021, post-market close. A conference call will follow on October 28, 2021, at 11:00 a.m. EDT, available via the company’s investor relations website. Management will discuss performance and recent events, facilitating a Q&A session. Piedmont's portfolio includes approximately 17 million square feet, primarily in the Sunbelt, valued at about $5 billion. The company is rated BBB by S&P and Baa2 by Moody’s.
Piedmont Office Realty Trust (NYSE: PDM) has announced a $300 million offering of 2.750% senior unsecured notes due 2032, priced at 99.510%. The offering is set to close on September 20, 2021. Proceeds will be utilized to repay existing borrowings under a $300 million term loan, with any remaining funds allocated for working capital and capital expenditures. The notes will be guaranteed by the Company on a senior unsecured basis. Joint book-running managers include prominent financial institutions such as US Bancorp and J.P. Morgan.
Piedmont Office Realty Trust (NYSE:PDM) reported its Q2 2021 results, showing a net income of $9.9 million, down from $192.4 million in Q2 2020, due to a one-time gain in the previous year. Core Funds From Operations (Core FFO) fell slightly to $60.4 million, or $0.48 per diluted share, while Same Store Net Operating Income increased by 5%. The company completed 664,000 square feet of leasing and plans to sell two properties in Massachusetts for $129 million. Piedmont's balance sheet is strong, with no secured debt and $424 million in available credit capacity.
Piedmont Office Realty Trust (NYSE: PDM) will release its second quarter financial results on July 28, 2021, post-market close. A conference call is set for July 29, 2021, at 11:00 a.m. EDT, where management will review performance and answer questions. Piedmont's portfolio includes approximately 17 million square feet of Class A office space, valued at about $5 billion, primarily in the Sunbelt region. It holds investment-grade ratings from S&P and Moody's and is recognized as a 2021 ENERGY STAR Partner of the Year.
Piedmont Office Realty Trust (NYSE: PDM) announced that it has completed approximately 230,000 square feet of leasing transactions in Q2 2021, with around 60% from new tenants. This total excludes a significant 5-year, 313,000 square foot renewal negotiation with the City of New York. Year-to-date, the company has leased over 900,000 square feet. Piedmont also promoted George M. Wells to Chief Operating Officer, emphasizing his extensive experience in property management. The company remains focused on sustainability and health, anticipating increased demand for its amenity-rich office spaces as the workforce adapts post-pandemic.
Piedmont Office Realty Trust (NYSE:PDM) reported a net income of $9.3 million ($0.08 per diluted share) for Q1 2021, up 7.3% year-over-year. Core Funds From Operations (Core FFO) remained stable at $0.48 per diluted share. The company collected over 99% of tenant receivables and completed 678,000 square feet of leasing, including significant renewals with Raytheon. The balance sheet improved with a net debt to Core EBITDA ratio of 5.6x and a Debt-to-Gross Assets ratio of 34.9%. Piedmont also declared a dividend of $0.21 per share for Q2 2021.
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