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Piedmont Office (PDM)
NYSE:PDM
Earnings Data
Report Date
May 04, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.08Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Q4 2025
Earnings Call Date:Feb 11, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum with record leasing, material rent roll-ups, a sizable lease backlog, and constructive 2026 guidance, supported by balance-sheet actions that reduce future interest costs. Challenges are present—most notably a small decline in Core FFO in 2025, modest AFFO, market-specific headwinds (e.g., parts of D.C. and one Boston asset), and near-term uncertainty from several concentrated 2026 expirations. On balance, the positive operational and financial trends and clear path to mid-single-digit FFO growth in 2026–2027 outweigh the identified weaknesses.Company Guidance
Improving Portfolio Lease Percentage
Year-end lease percentage of 89.6%, up 120 basis points during 2025; company guidance expects year-end portfolio lease percentage of ~89.5%–90.5% for 2026 and projects commenced/occupied percentage to rise ~400 basis points from 81% to 85% by year-end 2026.
Meaningful Rent Growth / Mark-to-Market Upside
Q4 roll-up (rental increases) of ~12% on a cash basis and ~21% on an accrual basis for leases vacant <1 year; weighted average accrual-based roll-up over the past eight quarters ~17%; management expects additional mark-to-market upside of roughly 20%–40% in Sunbelt markets versus older in-place rents.
Out-of-Service Redevelopments Leasing Progress
Out-of-service portfolio (two Minneapolis projects and one Orlando) was 62% leased at year-end 2025 and nearly 80% leased including legal-stage transactions; majority of those leases expected to commence in 2026 and stabilize by end of 2026/early 2027.
Positive Same-Store NOI Trend and 2026 Growth Guidance
Portfolio has generated positive cash same-store NOI growth each year for the last five years; 2026 Core FFO guidance of $1.47–$1.53 per diluted share (midpoint up $0.08 vs. 2025), and management projects mid-single-digit organic FFO growth in 2026 and 2027.
Balance Sheet and Interest Cost Improvements
Issued $400,000,000 of new bonds, repurchased ~$245,000,000 of 9.25% 2028 bonds, paid down revolver; expected annual interest savings of ~$0.04 per share and ~$550,000,000 revolver capacity at year-end; no final debt maturities until 2028.
Operational Efficiency and Capital Discipline
Leasing capital spend of $6.12 per sq ft in the quarter, down $0.46 per sq ft from trailing twelve months; weighted average starting cash rent of $42/sq ft essentially unchanged quarter-over-quarter, and net effective rents around $21/sq ft.
Record Annual Leasing Volume
Leased 2,500,000 sq ft in 2025 (~16% of the portfolio), the most leasing in over a decade and ~1,000,000 sq ft ahead of original 2025 guidance.
Strong Quarterly and Pipeline Leasing Momentum
Completed ~679,000 sq ft in Q4 2025 (60 transactions), ~70% new tenants; backlog of ~2,000,000 sq ft representing $68,000,000 of future annualized cash rents, and over 200,000 sq ft already signed in 2026 with ~600,000 sq ft in legal stage.
PDM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PDM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $8.48 | $7.82 | -7.78% |
Oct 27, 2025 | $8.53 | $8.60 | +0.82% |
Jul 28, 2025 | $7.47 | $7.80 | +4.42% |
Apr 28, 2025 | $6.80 | $5.75 | -15.44% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Piedmont Office (PDM) report earnings?
Piedmont Office (PDM) is schdueled to report earning on May 04, 2026, After Close (Confirmed).
What is Piedmont Office (PDM) earnings time?
Piedmont Office (PDM) earnings time is at May 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PDM EPS forecast?
Currently, no data Available