Piedmont Realty Trust, Inc Stock Price, News & Analysis

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.

Piedmont Office Realty Trust (NYSE: PDM) is set to release its second quarter 2020 financial results on July 29, 2020, after market close. A conference call will follow on July 30, 2020, at 11:00 a.m. EDT, allowing management to discuss performance and engage in Q&A. Piedmont's portfolio, valued at approximately $5 billion, includes around 17 million square feet of Class A office properties, predominantly located in the Sunbelt region. The company maintains investment-grade ratings from S&P (BBB) and Moody’s (Baa2), with a significant portion of its properties certified for energy efficiency.

Piedmont Office Realty Trust (NYSE: PDM) has sold its sole Philadelphia asset, 1901 Market Street, for approximately $360 million or $450 per square foot. Post-sale, 96% of the company's annualized lease revenue will come from its seven core markets, mainly in the Sunbelt region. The sale, part of a strategic shift, allows Piedmont to reinvest proceeds into the recently acquired Dallas Galleria Office Towers. The transaction is structured as a 1031 exchange, avoiding special distributions despite significant gains.