Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc. engages in the owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. . Its activities include acquisition, investment, development, management, disposing, and ownership of commercial real estate properties throughout the United States. The company was founded on July 3, 1997 and is headquartered in Atlanta, GA.

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Piedmont Office Realty Trust reports strong Q1 leasing success

Piedmont Office Realty Trust's Q1 2023 performance showcased strong leasing success and reaffirmed annual core FFO guidance. The company is addressing challenges in the capital markets and potential distress in the sector while focusing on opportunities for asset dispositions and designing buildings to meet tenant preferences.

PDM reports strong Q2 performance, faces challenges amidst refinancing

PDM's Q2 earnings call highlighted strong operational performance, successful refinancing activities, and ongoing discussions on potential asset dispositions. The company faces challenges in managing financial expectations amidst new debt issuance but has opportunities to secure key tenants and optimize its portfolio.

Piedmont (PDM) reports strong Q3 leasing activity and financing challenges

PDM's Q3 performance showcased strong leasing activity and financial results. The company is navigating challenges in the financing environment while pursuing opportunities in the Sunbelt and evaluating potential dispositions in northern markets.

Piedmont (PDM) reports record leasing success and financial resilience

Piedmont's Q4 2023 performance showcased strong leasing achievements and robust financial results, underlining the company's resilience in challenging market conditions. While facing challenges like construction delays and limited acquisition opportunities, Piedmont remains optimistic about future growth prospects. The company's proactive approach to debt management and focus on maintaining leverage ratios position it well for sustained success.

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Piedmont Office Realty Trust, Inc. engages in the ownership, management, development, redevelopment, and operation of office properties. It operates through the following geographical segments: Atlanta, Dallas, Orlando, Northern Virginia/Washington, D.C., Minneapolis, New York, and Boston. The company was founded on July 3, 1997 and is headquartered in Atlanta, GA.

Atlanta, April 24, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) (“Piedmont”), a real estate investment trust (REIT), announced today that its board of directors has declared a regular quarterly cash dividend of $0.125 per share, or $0.50 per share on an annualized basis, for the second quarter of 2024. The dividend will be paid on June 14, 2024 to stockholders of record as of the close of business on May 24, 2024.

Piedmont Office Realty Trust Declares Second Quarter Dividend

Piedmont Office Realty Trust manages 51 office properties with a focus on the Sunbelt region, primarily in Atlanta and Dallas. The company's occupancy rate increased to 87.1% in 2023, up 0.4% Y/Y, but remains below the pre-pandemic 91.2% in 2019. Core FFO dropped 13% in 2023 to $1.74/share with a further 13% decrease expected for 2024, with high interest rates offsetting robust rent growth.

Piedmont Office Realty Trust: Attractive Valuation But Risks Remain

Atlanta, April 09, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) announced today that the Company will release its first quarter financial results on Tuesday, April 30, 2024, after the close of trading on the New York Stock Exchange. A conference call is scheduled for Wednesday, May 1, 2024 at 9:00 a.m. Eastern time and will be broadcast live in listen-only mode on the company's investor relations website at investor.piedmontreit.com. During the conference call, the Company's management team will review first quarter performance, discuss recent events, and conduct a question-and-answer period.

Piedmont Office Realty Trust, Inc. to Report First Quarter 2024 Financial Results

Atlanta, March 28, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont") (NYSE:PDM), an owner of Class A office properties located primarily in the Sun Belt, announced today that the U.S. Environmental Protection Agency and the U.S. Department of Energy has recognized the company with its highest level of recognition - 2024 ENERGY STAR Partner of the Year – Sustained Excellence. The sustained excellence distinction is awarded to organizations who have earned Partner of the Year for several consecutive years and have gone beyond the criteria needed to qualify for recognition.

Piedmont Office Realty Trust Earns ENERGY STAR® Partner Of The Year Sustained Excellence

Atlanta, March 20, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont") ("Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sun Belt, announced today that it has completed the sale of One Lincoln Park, located at 8401 North Central Expressway in Dallas, TX for $54 million, or $210 per square foot, in an all-cash transaction to a financial institution who plans to use the building as its headquarters. The building is a 10-story, approximately 257,000-square foot, office building which was 59% leased at the end of fourth quarter 2023.

Piedmont Completes Sale of One Lincoln Park

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Is Piedmont Office Realty Trust (PDM) a Great Value Stock Right Now?

Piedmont Office Realty Trust, Inc. (PDM) Q4 2023 Earnings Call Transcript

While the top- and bottom-line numbers for Piedmont Office (PDM) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Piedmont Office (PDM) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Atlanta, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended December 31, 2023.

Piedmont Office Realty Trust Reports Fourth Quarter and Annual 2023 Results

After losing some value lately, a hammer chart pattern has been formed for Piedmont Office (PDM), indicating that the stock has found support. This, combined with an upward trend in earnings estimate revisions, could lead to a trend reversal for the stock in the near term.

Here's Why Piedmont Office (PDM) Is a Great 'Buy the Bottom' Stock Now

Atlanta, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) (“Piedmont”), a real estate investment trust (REIT), announced today that its board of directors has declared a regular quarterly cash dividend of $0.125 per share, or $0.50 per share on an annualized basis, for the first quarter of 2024. The dividend will be paid on March 15, 2024 to stockholders of record as of the close of business on February 23, 2024.

PIEDMONT OFFICE REALTY TRUST DECLARES FIRST QUARTER DIVIDEND

Piedmont Office broke with stability when it reduced its quarterly dividend distribution but now offers a 7% dividend yield that was 256% covered by AFFO from its most recent quarter. The office REIT is currently trading at a 50% discount to book value per share. Leasing continues to be strong despite work-from-home headwinds with a focus on Class A office properties forming a tailwind for the REIT.

Piedmont Office: Steep Discount To Book And A Covered 7% Dividend Yield

Atlanta, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) (“Piedmont”), a real estate investment trust (REIT), announced today the tax treatment of its 2023 common stock dividends as described below. Stockholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of Piedmont dividends.

Piedmont Office Realty Trust Announces Tax Treatment of 2023 Dividends

Atlanta, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) announced today that the Company will release its fourth quarter financial results on Wednesday, February 7, 2024, after the close of trading on the New York Stock Exchange. A conference call is scheduled for Thursday, February 8, 2024 at 9:00 a.m. Eastern time and will be broadcast live in listen-only mode on the company's investor relations website at investor.piedmontreit.com. During the conference call, the Company's management team will review fourth quarter and annual performance, discuss recent events, and conduct a question-and-answer period.

Piedmont Office Realty Trust, Inc. to Report Fourth Quarter and Annual 2023 Financial Results

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NEW YORK, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), announces the upcoming index rebalancing for the fourth quarter of 2023.

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Atlanta, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (the “Company” or “Piedmont”) (NYSE:PDM) announced today that its operating partnership, Piedmont Operating Partnership, LP (the “Operating Partnership”), has priced an add-on offering of $200 million aggregate principal amount of its 9.250% senior notes due 2028 (the “additional 2028 notes”) at 101.828% of the principal amount. The offering is expected to close on December 11, 2023, subject to the satisfaction of customary closing conditions.

Piedmont Office Realty Trust Announces Pricing of an Add-on Offering of Senior Notes

Office REIT, Piedmont Office Realty Trust, is outperforming over the past month, up nearly 20%. The positive performance follows a strong quarterly showing, one that included positive updates on their single largest tenant. The renewal update for U.S. Bancorp clears the air of the last major risk factor behind debt refinancing and the dividend payout, both of which were addressed previously.

Piedmont Office: Most Risks Addressed Following Renewal Of Largest Tenant

Piedmont Office Realty Trust, Inc. (NYSE:PDM ) Q3 2023 Earnings Conference Call October 31, 2023 9:00 AM ET Company Participants Laura Moon - Senior Vice President & Chief Accounting Officer Brent Smith - President & Chief Executive Officer George Wells - Chief Operating Officer Chris Kollme - Executive Vice President, Investments Bobby Bowers - Chief Financial Officer Conference Call Participants Ray Zhang - JPMorgan Nicholas Thillman - Baird Dylan Burzinski - Green Street Operator Greetings, and welcome to the Piedmont Office Realty Trust Incorporated Third Quarter 2023 Earnings Call. At this time, all participants are on a listen-only mode, and the floor will be open for questions and comments following the presentation.

Piedmont Office Realty Trust, Inc. (PDM) Q3 2023 Earnings Call Transcript

Although the revenue and EPS for Piedmont Office (PDM) give a sense of how its business performed in the quarter ended September 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Piedmont Office (PDM) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

Piedmont Office (PDM) came out with quarterly funds from operations (FFO) of $0.43 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.50 per share a year ago.

Piedmont Office (PDM) Matches Q3 FFO Estimates

Atlanta, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in major U.S. Sunbelt markets, today announced its results for the quarter ended September 30, 2023.

Piedmont Office Realty Trust Reports Third Quarter 2023 Results

Atlanta, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (NYSE: PDM) announced today that it has renewed all of U.S. Bancorp (NYSE: USB)'s 447,000 square-foot global headquarters at its 800 Nicollet Mall property in Minneapolis, MN.

U.S. BANCORP RENEWS 447,000 SF HEADQUARTERS IN MINNEAPOLIS, MN

Atlanta, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, today announced that it has signed a new 77,000 square-foot lease through 2036 with GE Vernova, a planned 2024 spinoff of General Electric Company that will focus on electrifying the world while simultaneously working to decarbonize it. The company has selected 600 Galleria Parkway, a LEED-Gold designated property and one of five buildings owned by Piedmont in Atlanta's Galleria on the Park, as one of its strategic U.S. locations.

GE Vernova Chooses Piedmont's Atlanta Galleria for New Strategic Hub

Atlanta, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) (“Piedmont”), a real estate investment trust (REIT), announced today that its board of directors has declared a regular quarterly cash dividend of $0.125 per share, or $0.50 per share on an annualized basis, for the fourth quarter of 2023. The dividend will be paid on January 2, 2024 to stockholders of record as of the close of business on November 24, 2023.

PIEDMONT OFFICE REALTY TRUST DECLARES FOURTH QUARTER DIVIDEND

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