Piedmont Realty Trust reports recurring developments as a self-managed REIT that owns, manages, develops and operates Class A office properties across major U.S. Sunbelt markets. Company news centers on quarterly and annual financial results, leasing activity, portfolio occupancy, tenant demand, redevelopment and placemaking initiatives under the Piedmont PLACEs approach, and operating updates across its office portfolio.
Additional announcements cover dividend tax treatment for common stockholders, participation in REIT industry events, and leadership changes tied to property management, asset management, construction and redevelopment functions.
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.
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