Piedmont REIT Signs over 461,000 SF of Leases during Third Quarter
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), proprietario di immobili per uffici di Classe A principalmente nel Sunbelt, ha riportato 461.000 piedi quadrati di affitti nel terzo trimestre del 2024. Questo porta il loro totale degli affitti dall'inizio dell'anno a circa due milioni di piedi quadrati, aumentando la percentuale di affitto in servizio al 88,8% al 30 settembre 2024. Circa il 45% degli affitti del terzo trimestre è stato per nuovi inquilini.
I canoni per gli spazi affittati per meno di un anno sono aumentati del 4,0% su base cash e dell'8,5% su base accrual. L'azienda ha un portafoglio contrattuale di 1,5 milioni di piedi quadrati, che rappresenta circa 48 milioni di dollari in flusso di cassa annuale futuro. Il loro pipeline di affitti in fase di proposta è cresciuto a circa tre milioni di piedi quadrati, indicando una forte domanda per le loro proprietà.
Piedmont Office Realty Trust (NYSE:PDM), propietario de propiedades de oficinas de Clase A principalmente en el Sunbelt, reportó 461,000 pies cuadrados de arrendamiento en el tercer trimestre de 2024. Esto eleva su arrendamiento acumulado hasta la fecha a aproximadamente dos millones de pies cuadrados, aumentando su porcentaje de arrendamiento en servicio al 88.8% a partir del 30 de septiembre de 2024. Aproximadamente el 45% del arrendamiento del tercer trimestre fue para nuevos inquilinos.
Los alquileres de espacios vacantes por menos de un año aumentaron 4.0% en base de efectivo y 8.5% en base de acumulación. La empresa tiene un retraso contractual de 1.5 millones de pies cuadrados, lo que representa aproximadamente $48 millones en flujo de caja anual futuro. Su cartera de arrendamientos en la etapa de propuesta ha crecido a aproximadamente tres millones de pies cuadrados, indicando una fuerte demanda por sus propiedades.
피에몬트 오피스 리얼티 신탁 (NYSE:PDM), 주로 선벨트 지역의 A급 오피스 자산 소유주, 2024년 3분기에 461,000제곱피트의 임대를 보고했습니다. 이는 올해 누적 임대를 약 200만 제곱피트로 증가시키며, 2024년 9월 30일 기준으로 임대 점유율을 88.8%로 높였습니다. 3분기 임대의 약 45%는 신규 임차인에 대한 것이었습니다.
1년 미만의 공실에 대한 임대료는 현금 기준으로 4.0%, 발생 기준으로 8.5% 증가했습니다. 이 회사는 약 150만 제곱피트의 계약 백로그를 보유하고 있으며, 이는 약 4800만 달러의 미래 연간 현금 흐름을 나타냅니다. 제안 단계의 임대 파이프라인은 약 300만 제곱피트로 성장하였으며, 이는 그들의 재산에 대한 강한 수요를 나타냅니다.
Piedmont Office Realty Trust (NYSE:PDM), propriétaire de biens immobiliers de bureau de Classe A principalement dans la région du Sunbelt, a rapporté 461 000 pieds carrés de location au troisième trimestre 2024. Cela porte leur location depuis le début de l'année à environ deux millions de pieds carrés, augmentant leur pourcentage de location en service à 88,8% au 30 septembre 2024. Environ 45% des locations du troisième trimestre étaient pour de nouveaux locataires.
Les loyers des espaces vacants depuis moins d'un an ont augmenté de 4,0% sur une base de trésorerie et de 8,5% sur une base d'accumulation. L'entreprise a un arriéré contractuel de 1,5 million de pieds carrés, représentant environ 48 millions de dollars de flux de trésorerie annuel futur. Leur pipeline de contrats de location en phase de proposition a atteint environ trois millions de pieds carrés, indiquant une forte demande pour leurs propriétés.
Piedmont Office Realty Trust (NYSE:PDM), ein Eigentümer von Büroimmobilien der Klasse A, der hauptsächlich im Sunbelt tätig ist, berichtete im dritten Quartal 2024 von 461.000 Quadratfuß an Mietverträgen. Dies bringt ihre Jahresmiete bis jetzt auf etwa zwei Millionen Quadratfuß, was ihren vermieteten Prozentsatz auf 88,8% zum 30. September 2024 erhöht. Etwa 45% der Mietverträge im dritten Quartal waren für neue Mieter.
Die Mieten für Flächen, die weniger als ein Jahr unvermietet waren, stiegen um 4,0% auf Basis der Barzahlung und 8,5% auf Basis der Accrual. Das Unternehmen hat einen vertraglichen Rückstand von 1,5 Millionen Quadratfuß, was etwa 48 Millionen Dollar an zukünftigem jährlichen Cashflow darstellt. Ihre Pipeline an Mietverträgen in der Vorschlagsphase ist auf ca. drei Millionen Quadratfuß gewachsen, was auf eine starke Nachfrage nach ihren Immobilien hindeutet.
- 461,000 square feet of leasing completed in Q3 2024
- Year-to-date leasing reached approximately two million square feet
- In-service leased percentage increased to 88.8%
- 45% of Q3 leasing related to new tenants
- Rent increases of 4.0% (cash basis) and 8.5% (accrual basis) for spaces vacant less than a year
- 1.5 million square feet contractual backlog, representing $48 million in future annual cash flow
- Leasing pipeline grew to approximately three million square feet
- None.
Insights
Piedmont Office Realty Trust's Q3 leasing activity shows positive momentum in a challenging office market. The 461,000 square feet of new leases, with 45% from new tenants, is a strong indicator of demand for their Class A properties. The increase in portfolio occupancy to 88.8% is particularly noteworthy, as it surpasses the national average for office occupancy.
The
The 3 million square feet pipeline of proposals suggests continued leasing momentum, which could further improve occupancy and financial performance. However, investors should monitor the broader office market trends and Piedmont's ability to convert this pipeline into signed leases.
Piedmont's focus on Class A office properties in the Sunbelt appears to be paying off, as evidenced by their strong leasing performance. The Sunbelt region has been outperforming other markets in office space demand, benefiting from population shifts and business relocations.
The company's strategy of investing in highly-amenitized, well-located properties is resonating with tenants, as shown by the significant new tenant acquisitions. This approach may provide some insulation against the broader challenges facing the office sector, such as remote work trends.
The 2 million square feet of year-to-date leasing activity is impressive, especially considering the ongoing debates about the future of office work. It suggests that quality office spaces in desirable locations are still in demand. However, investors should remain cautious about the long-term implications of changing work patterns on office REITs.
YTD Leasing of approximately Two Million SF lifts Portfolio to
Atlanta, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont” or “the Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today, that the Company completed over 461,000 square feet of leasing during the third quarter of 2024, with approximately
Commenting on third quarter leasing results, Brent Smith, Piedmont's President and Chief Executive Officer, said, "The portfolio’s leasing momentum continued during the third quarter with the team executing over 461,000 square feet of total leasing, and bringing our total year-to-date leasing to approximately two million square feet. This quarter’s executed leases take our in-service leased percentage to
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt. Its approximately
Contact: Sarah Heimlich
Company: Piedmont Office Realty Trust
Phone: 770 418 8800
Email: Investor.relations@Piedmontreit.com
FAQ
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