Welcome to our dedicated page for Piedmont Office news (Ticker: PDM), a resource for investors and traders seeking the latest updates and insights on Piedmont Office stock.
Piedmont Office Realty Trust, Inc. (NYSE: PDM) maintains a premier portfolio of Class A office properties across major U.S. markets, combining operational expertise with disciplined financial management. This news hub provides investors and industry professionals with essential updates about the company’s strategic initiatives and market performance.
Access comprehensive coverage of PDM’s leasing achievements, asset repositioning strategies, and financial results. Our curated collection features official press releases alongside analysis of property acquisitions, capital management decisions, and operational milestones that shape this self-managed REIT’s trajectory.
Key updates include quarterly earnings reports, tenant retention successes, and progress on sustainability initiatives within PDM’s Class A portfolio. Track the company’s low-leverage approach to growth and its focus on Sunbelt markets through verified information sources.
Bookmark this page for streamlined access to Piedmont’s latest developments. Regular updates ensure you stay informed about one of commercial real estate’s most strategically managed REITs without promotional bias or market speculation.
Piedmont Office Realty Trust (NYSE: PDM), a Class A office property owner with significant assets in major U.S. Sunbelt markets, has reported virtually no damage to its Orlando properties following Hurricane Milton. The company's property management team conducted a thorough review of all Piedmont's Orlando assets and confirmed the safety of all personnel in the affected areas. This announcement comes as a relief for the company, which has a notable presence in the Orlando real estate market.
Piedmont Office Realty Trust (NYSE: PDM) has announced that it will release its third quarter 2024 financial results on Thursday, October 24, 2024, after the close of trading on the New York Stock Exchange. The company will hold a conference call on Friday, October 25, 2024, at 9:00 a.m. Eastern time, which will be broadcast live in listen-only mode on their investor relations website.
During the call, Piedmont's management team will review the third quarter performance, discuss recent events, and conduct a question-and-answer session. Investors can listen to the webcast through the company's website or dial in for the conference call. A replay of the call will be available both via webcast and telephone until November 8, 2024. Investors can also submit questions prior to the call by emailing askpiedmont@piedmontreit.com.
Piedmont Office Realty Trust (NYSE:PDM) has announced a CFO transition. Robert E. Bowers, who has served as CFO since 2007, will move to an administrative role effective November 8th. Sherry L. Rexroad will succeed him as the new CFO.
Rexroad brings approximately 30 years of experience in REITs, real estate, finance, and capital markets. She most recently served as CFO of STORE Capital and previously spent a decade at BlackRock Global Real Asset Securities. Rexroad is currently a board member of Apartment Investment and Management Company (NYSE: AIV).
CEO C. Brent Smith expressed gratitude for Bowers' contributions and welcomed Rexroad to the Piedmont team, looking forward to her leadership in the company's next chapter.
Piedmont Office Realty Trust (NYSE:PDM) reported its Q2 2024 results, highlighting the completion of over one million square feet of leasing, the largest amount in a single quarter in over a decade. Key financial metrics include:
- Net loss of $9.8 million ($0.08 per diluted share), compared to $2.0 million in Q2 2023
- Core FFO of $0.37 per diluted share, down from $0.45 in Q2 2023
- Same Store NOI increased 5.7% (cash basis) and 3.7% (accrual basis)
- Leased percentage at 87.3% as of June 30, 2024
The company completed 65 lease transactions, including 404,000 sq ft of new tenant leasing. Piedmont also issued $400 million of 6.875% senior notes due in 2029 and narrowed its 2024 guidance, projecting Core FFO of $1.46 to $1.52 per diluted share.
Piedmont Office Realty Trust (NYSE: PDM), a real estate investment trust (REIT), has announced its third quarter dividend for 2024. The company's board of directors has declared a regular quarterly cash dividend of $0.125 per share, which equates to $0.50 per share on an annualized basis. This dividend will be paid on September 20, 2024 to stockholders of record as of the close of business on August 23, 2024. This announcement demonstrates Piedmont's commitment to providing regular returns to its shareholders and maintaining its REIT status.
Piedmont Office Realty Trust (NYSE: PDM) has announced that it will release its second quarter 2024 financial results on July 31, 2024, after the market close. The company will host a conference call on August 1, 2024, at 9:00 a.m. Eastern time to discuss the results, recent events, and entertain questions from investors. The call will be available in listen-only mode on the company's investor relations website. Replay options will also be provided via webcast and telephone through August 15, 2024. Questions for the management can be submitted in advance to askpiedmont@piedmontreit.com.
Piedmont Office Realty Trust announced the pricing of a $400 million senior unsecured notes offering due 2029 at 6.875% interest, priced at 98.993% of the principal amount.
The offering is set to close on June 25, 2024, pending customary conditions.
Proceeds will be used to repay outstanding borrowings and for general corporate purposes.
Guarantees for the notes will be provided by the company on a senior unsecured basis.
BofA Securities, Wells Fargo Securities, J.P. Morgan, Truist Securities, Morgan Stanley, TD Securities, and US Bancorp are the joint book-running managers, with PNC Capital Markets , Scotiabank, and Ramirez & Co., Inc. acting as co-managers.
Piedmont Office Realty Trust announced signing over 575,000 SF of leases in April and May 2024, bringing their YTD leasing to about 1.1 million SF.
The largest lease involved Travel + Leisure Co’s relocation to Piedmont's 501 W Church Street property in Orlando. Other significant leases included Ryan, Inc. in Dallas and the International Food Policy Research Institute in Washington, D.C.
Piedmont projects future cash revenue from these leases to reach $52 million annually. The company notes a robust leasing pipeline, reinforcing confidence in achieving its 2024 leasing targets.
Piedmont will discuss these achievements at the NAREIT Investor Conference in New York City.
Piedmont Office Realty Trust (NYSE:PDM) announced that Travel + Leisure Co (NYSE:TNL) has signed a lease for Piedmont’s 501 W. Church building in downtown Orlando for its new headquarters.
The lease covers the entire 182,000 square foot, 5-story building through 2040 and will bring approximately 900 jobs to downtown Orlando.
Piedmont will renovate and rebrand the building to meet Travel + Leisure’s needs, adding modern amenities such as a fitness center, conference center, and café. This move marks the largest lease in downtown Orlando since 2019.
Piedmont collaborated with local officials and economic partners to secure the lease and plans to complete renovations by 2025.
Piedmont Office Realty Trust, Inc. reported a net loss of $27.8 million, or $0.22 per diluted share, for Q1 2024, with significant leasing activity and strong Same Store NOI growth. The company completed approximately 500,000 square feet of leasing, including executing a new tenant leasing of 328,000 square feet. The Company sold One Lincoln Park in Dallas for $54 million. The balance sheet showed Total Real Estate Assets of $3.45 billion and Total Debt of $2.07 billion. The company received the 2024 ENERGY STAR Partner of the Year award and LEED Gold certification for three buildings.
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