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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Earnings data Q3 2023

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Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Piedmont Office Realty Trust excels in leasing and Sunbelt focus

Piedmont Office Realty Trust demonstrated strong performance in leasing, financial results, and strategic focus on Sunbelt markets and tenant needs.
While facing challenges from rising interest expenses and market variations, the company remains optimistic about growth opportunities and portfolio stability.
Renewal of key leases, limited tech layoffs exposure, and positive market prospects position Piedmont well for 2023 despite cautious asset sale plans.
Management's prudent approach to financial decisions and focus on core operations underscore Piedmont's resilience and adaptability in a changing market.

Piedmont Office Realty Trust (PDM) reports robust leasing and financial performance

Piedmont Office Realty Trust (PDM) showcased strong leasing performance and financial stability in Q1 2023. Despite market challenges, the company's strategy of offering quality workspaces at competitive rates is driving demand. Management is actively addressing concerns and exploring opportunities for future growth and partnerships.

Piedmont Office Realty Trust reports Q2 operational resilience and challenges

Piedmont Office Realty Trust (PDM) navigated Q2 2023 with a focus on refinancing, leasing success, and operational resilience. Despite facing challenges in growth and asset optimization, the company remains well-positioned to capitalize on market opportunities and drive operational growth.

Piedmont Office Realty Trust reports resilient performance amidst market challenges

Piedmont Office Realty Trust showcased strength in leasing and portfolio performance despite challenges in select submarkets.
The company remains optimistic about leasing trends and operational performance, aiming for an 87% lease percentage by year-end.
Strategic efforts to reduce debt, maintain liquidity, and capitalize on leasing opportunities position Piedmont for future growth.
Overall, Piedmont expressed confidence in the office sector, inviting further discussions and promoting itself as a compelling investment opportunity.

Piedmont Office Realty Trust surpasses leasing goals, eyes debt reduction

Piedmont Office Realty Trust showcased robust leasing performance, defying negative office space sentiments. The company's strategic leasing approach and debt refinancing efforts position it well for future growth. Challenges include limited acquisition activity and potential delays in occupancy projections.

Piedmont Office Realty Trust (PDM) excels in Q1 2024, eyes growth opportunities

Piedmont Office Realty Trust (PDM) delivered a strong performance in Q1 2024, driven by leasing momentum and balance sheet improvements.
The company's focus on core business, modern workplace environments, and strategic financial management positions it well for future growth.
While challenges like potential market troughs and execution risks exist, PDM's opportunities in targeted acquisitions and value-add strategies offer avenues for expansion.

Piedmont Office Realty Trust reports strong Q3 performance and optimistic outlook

Piedmont Office Realty Trust (PDM) delivers a strong performance in Q3 2024, marked by robust leasing activity and solid financial results.
The company's strong liquidity position, positive market trends, and future guidance reflect confidence in sustained growth and operational resilience.
While facing challenges in maintaining growth amidst market dynamics, Piedmont Office Realty Trust remains well-positioned to capitalize on opportunities for portfolio expansion and revenue enhancement.

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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.

Piedmont Office Realty Trust, Inc. (NYSE:PDM ) Q3 2022 Earnings Conference Call November 3, 2022 9:00 AM ET Company Participants Eddie Guilbert - EVP, Finance & Treasurer Brent Smith - President, CEO & Director George Wells - COO & EVP Christopher Kollme - EVP of Investments Robert Bowers - Chief Financial and Administrative Officer, EVP Conference Call Participants Daniel Ismail - Green Street Advisors Anthony Paolone - JPMorgan Operator Good day ladies and gentlemen, and welcome to the Piedmont Office Realty Trust Third Quarter 2022 Earnings Conference Call. At this time all participants have been placed on a listen-only mode then we will open up the floor for your questions and comments after the presentation.

Piedmont Office Realty Trust, Inc.(PDM) Q3 2022 Earnings Call Transcript

Piedmont Office (PDM) delivered FFO and revenue surprises of 0% and 4.47%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?

Piedmont Office (PDM) Q3 FFO Match Estimates

Atlanta, Nov. 02, 2022 (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, today announced its results for the quarter ended September 30, 2022.

Piedmont Office Realty Trust Reports Third Quarter 2022 Results

Atlanta, Oct. 25, 2022 (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 $0.21 per share, or $0.84 per share on an annualized basis, for the fourth quarter of 2022. The dividend will be paid on January 3, 2023 to stockholders of record as of the close of business on November 25, 2022.

Piedmont Office Realty Trust Declares Fourth Quarter Dividend

With a proven business model and strong fundamentals, Piedmont has been growing steadily over the past decade or so. The acquisition of the iconic Atlanta Peachtree property should spur further growth.

Piedmont Office Realty Trust's 8.7% Dividend Yield Looks Peachy

Atlanta, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) announced today that the Company will release its third quarter financial results on Wednesday, November 2, 2022, after the close of trading on the New York Stock Exchange. A conference call is scheduled for Thursday, November 3, 2022, at 9:00 a.m. Eastern daylight 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 third quarter performance, discuss recent events, and conduct a question-and-answer period.

Piedmont Office Realty Trust, Inc to Report Third Quarter 2022 Financial Results

Piedmont Office Realty owns a portfolio of Class A office properties concentrated in the Sunbelt region of the United States that are leased to a diverse group of tenants. Since the height of the COVID-19 pandemic, occupancy levels have continued to increase, and this has been paired with strong leasing activity.

Piedmont Office Realty Trust: A 6.5% Yielding Sunbelt REIT Due For A Rebound

Atlanta, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced today that its Board of Directors has appointed Venkatesh (“Tesh”) S. Durvasula, as a member of the Board, effective August 1, 2022. Durvasula will serve as an independent director of the Company and as a member of the Capital Committee of the Board.

Tesh Durvasula Joins Piedmont Office Realty Trust's Board of Directors

Piedmont Office Realty Trust, Inc. (NYSE:PDM ) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET Company Participants Eddie Guilbert - Executive Vice President of Finance & Treasurer Brent Smith - President & Chief Executive Officer George Wells - Chief Operating Officer Chris Kollme - Executive Vice President of Investments Bobby Bowers - Chief Financial Officer Conference Call Participants Michael Lewis - Truist Securities Ray Zhong - JPMorgan Operator Good day ladies and gentlemen and welcome to the Piedmont Office Realty Trust Second Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only mode.

Piedmont Office Realty Trust, Inc. (PDM) CEO Brent Smith on Q2 2022 Results - Earnings Call Transcript

Atlanta, July 27, 2022 (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, today announced its results for the quarter ended June 30, 2022.

Piedmont Office Realty Trust Reports Second Quarter 2022 Results

Atlanta, July 18, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) announced today that the Company has rescheduled the time of its second quarter earnings conference call one hour earlier to 9:00 a.m. Eastern daylight time on Thursday, July 28, 2022. Financial results for the quarter ended June 30, 2022 will still be released on Wednesday, July 27, 2022, after the close of trading on the New York Stock Exchange.

Piedmont Office Realty Trust, Inc. Reschedules Time for Second Quarter Earnings Call to 9am EDT on July 28, 2022

Atlanta, July 14, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) announced today that the Company will release its second quarter financial results on Wednesday, July 27, 2022, after the close of trading on the New York Stock Exchange. A conference call is scheduled for Thursday, July 28, 2022, at 10:00 a.m. Eastern daylight 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 second quarter performance, discuss recent events, and conduct a question-and-answer period.

Piedmont Office Realty Trust, Inc to Report Second Quarter 2022 Financial Results

Atlanta, June 08, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today that it was selected as a 2022 Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy's Better Buildings Alliance.

Piedmont Office Realty Trust Selected as a 2022 Green Lease Leader

Atlanta, May 11, 2022 (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 Kimley-Horn and Associates, Inc. (“Kimley-Horn”), has leased approximately 61,000 square feet at its 200 and 222 South Orange Avenue buildings in downtown Orlando through 2034. The lease is the largest office lease signed in downtown Orlando since 2019 and will be Kimley-Horn's second location with Piedmont as they also lease approximately 80,000 square feet in Piedmont's Dallas portfolio.

Piedmont Office Realty Trust Leases Kimley-Horn Over 60,000 Square Feet in Downtown Orlando

Atlanta, May 10, 2022 (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 the U.S. Environmental Protection Agency and the U.S. Department of Energy have recognized the company as a 2022 ENERGY STAR Partner of the Year, marking the second year in a row that Piedmont has achieved the designation.

Piedmont Office Realty Trust Earns ENERGY STAR® Partner of the Year Award for Second Year in a Row

Piedmont Office Realty Trust, Inc. (NYSE:PDM ) Q1 2022 Results Earnings Conference Call April 28, 2022 9:00 AM ET Company Participants Brent Smith – President and Chief Executive Officer Eddie Guilbert – Executive Vice President of Finance and Treasurer Bobby Bowers – Chief Financial Officer George Wells – Chief Operating Officer Chris Coleman – Executive Vice President of Investments Conference Call Participants Michael Lewis – Truist Securities Anthony Paolone – JPMorgan Daniel Ismail – Green Street Operator Good day, ladies and gentlemen, and welcome to the Piedmont Office Realty Trust, First Quarter 2022, Earnings Call. At this time, all participants have been placed on a listen-only mode.

Piedmont Office Realty Trust, Inc. (PDM) CEO Brent Smith on Q1 2022 Results - Earnings Call Transcript

Piedmont Office (PDM) delivered FFO and revenue surprises of 0% and 0.20%, respectively, for the quarter ended March 2022. Do the numbers hold clues to what lies ahead for the stock?

Piedmont Office (PDM) Meets Q1 FFO Estimates

Atlanta, April 27, 2022 (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, today announced its results for the quarter ended March 31, 2022.

Piedmont Office Realty Trust Reports First Quarter 2022 Results

Atlanta, April 12, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) announced today that the Company will release its first quarter financial results on Wednesday, April 27, 2022, after the close of trading on the New York Stock Exchange. A conference call is scheduled for Thursday, April 28, 2022, at 9:00 a.m. Eastern daylight 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 2022 Financial Results

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The Office REIT sector has been an upside surprise thus far in 2022.

Picking A Winner In Office REITs

Atlanta, March 30, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today it has earned the WELL Health-Safety Rating for its entire 17 million square foot portfolio spanning over 53 managed properties. The WELL Health-Safety Rating is an evidenced-based rating system, verified through the International WELL Building Institute (IWBI) that focuses on all new and existing building and space type operational policies, maintenance protocols, stakeholder engagement, and emergency plans to address tenant and visitor health and safety concerns in a post-COVID 19 environment now and in the future.

Piedmont Office Realty Trust Awarded The WELL Health-Safety Rating for Entire Portfolio

Atlanta, March 29, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE: PDM) (the “Company”) announced today that it has received approximately $119 million in proceeds from the payoff of two notes receivable that the Company had received in late 2020 from the buyer of its remaining New Jersey properties. The proceeds were used to pay down the Company's $500 million line of credit to a balance of approximately $85 million. As previously disclosed during the last quarter-end investor call, the timing of the early payoff was anticipated and included in the Company's guidance for 2022; therefore, there is no change to its core funds from operations guidance due to the payoff of the notes.

Piedmont Office Realty Trust Announces Receipt of Proceeds From Payoff of New Jersey Notes Receivable

Piedmont Office Realty Trust continues to perform in a very narrow range as management recycles assets at the business.

Piedmont Office Realty Trust: Continued Mediocrity

Atlanta, March 23, 2022 (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 50,000 square-foot lease through 2034 with a leading provider of construction systems. The company will move its global headquarters to 600 Galleria Parkway, one of five buildings owned by Piedmont and known as the Atlanta Galleria Office Park.

Leading Provider of Construction Systems Chooses Piedmont's Atlanta Galleria for New Corporate Headquarters

Atlanta, March 17, 2022 (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 secured a lease renewal through 2028 with a national pharmaceutical retailer for approximately 164,000 square feet at 750 W. John Carpenter Freeway in Irving, Texas. This renewal addresses Piedmont's largest 2022 expiration with positive economic metrics and currently leaves only 5% in scheduled expirations in the Company's portfolio for the remainder of 2022.

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