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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 it will report first quarter financial results on April 28, 2021, after market close. A subsequent conference call is set for April 29, 2021, at 10:00 a.m. EDT. The call will cover Q1 performance, recent developments, and include a Q&A session for investors. The Company operates a diversified $5 billion portfolio of Class A office properties, primarily in the Sunbelt region, certified for energy efficiency. As of December 31, 2020, 64% of its portfolio held ENERGY STAR certification.
Piedmont Office Realty Trust (PDM) reported financial results for Q4 and the year ended December 31, 2020, revealing net income of $22.6 million for the quarter and $232.7 million for the year. The company achieved a 6% year-over-year increase in Core Funds From Operations (FFO), totaling $0.46 per diluted share in Q4 and $1.89 for the full year. Piedmont completed 1.1 million square feet of leasing in 2020 and collected over 99% of tenant receivables. The company exited the New Jersey market, selling assets for $130 million and acquiring a property in Orlando for $20 million. A dividend of $0.21 per share was declared for Q1 2021.
Piedmont Office Realty Trust (NYSE: PDM) is set to release its fourth quarter and annual 2020 financial results on February 10, 2021, after market close. A conference call for analysis and questions will follow on February 11 at 11:00 a.m. ET. The company, managing a diversified portfolio of approximately 17 million square feet valued at $5 billion, emphasizes sustainability with 64% of its properties ENERGY STAR certified and 43% LEED certified.
Piedmont Office Realty Trust (NYSE: PDM) announced the tax treatment of its 2020 common stock dividends, urging stockholders to consult tax advisors for specific guidance. Key dividend details include:
- Dividend per Share: $0.21
- Record Dates: Various dates throughout 2020
- Paid Dates: Various dates in early 2021
- Taxable Dates: Dividends paid will be taxable in the year they were distributed.
This reinforces Piedmont's commitment to providing returns to its shareholders.
Piedmont reported third-quarter results on October 29, 2020, showing net income of $8.9 million, or $0.07 per diluted share, slightly up from $8.4 million in Q3 2019. Core Funds From Operations reached $0.48 per diluted share, an increase from $0.45 a year prior. The company completed about 229,000 square feet in leasing, with cash rent roll-ups of 6.5%. A notable issuance of $300 million in 'green' bonds was made to finance the acquisition of LEED-certified Galleria Office Towers. Despite the challenges posed by COVID-19, rent collections remained strong at 99%.
Piedmont Office Realty Trust (NYSE: PDM) will release its Q3 2020 financial results on October 29, 2020, after market close. A conference call to discuss the results is set for October 30, 2020, at 10:00 AM ET, available via their investor relations website. Piedmont owns and manages approximately $5 billion in high-quality Class A office properties, with a focus on the Sunbelt region. The portfolio spans about 17 million square feet, boasting a significant percentage of ENERGY STAR and LEED certifications.
Piedmont Office Realty Trust (NYSE: PDM) announced that Deluxe (NYSE: DLX) will lease 172,000 square feet at Glenridge Highlands Two in Sandy Springs, bringing approximately 700 jobs to the Atlanta area. Deluxe plans to invest over $12 million to develop its new financial technology innovation center. The project underscores the growth potential in Atlanta's corporate landscape, emphasizing the strategic advantages of Glenridge Highlands, which offers significant visibility and access to major highways. The complex features 424,000 square feet of office space and is set for further development.
Piedmont Office Realty Trust (NYSE: PDM) has priced a $300 million offering of 3.150% senior unsecured notes due in 2030, expected to close on August 12, 2020. Proceeds will fund its previous acquisition of the Galleria Office Towers for $396.2 million and repay outstanding borrowings, including a $300 million term loan. The notes are guaranteed by the company and involve several financial institutions as joint managers. Piedmont manages a portfolio valued at approximately $5 billion, primarily in Class A office properties across seven major U.S. markets.
Piedmont Office Realty Trust (NYSE: PDM) reported significant results for Q2 2020, with net income of $192.4 million ($1.52 per diluted share), up from $8.2 million ($0.06 per share) in Q2 2019. Core Funds From Operations increased 14% year-over-year to $0.49 per diluted share. The company sold its Philadelphia asset, 1901 Market Street, for $360 million, recognizing a $191.4 million gain but incurring a $9.3 million loss on debt extinguishment. Piedmont maintained 99% tenant receivable collections and completed 271,000 square feet of leasing, despite a slowdown due to COVID-19.
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