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Piedmont Office (PDM)
NYSE:PDM
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Earnings Data
Report Date
Feb 13, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-0.04Last Year’s EPS
-0.23Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 30, 2018
|% Change Since: -21.97%
|Next Earnings Date:Aug 01, 2018
Earnings Call Sentiment|Positive
The earnings call highlighted strong leasing performance, rental rate growth, and sustainability achievements, underpinned by a robust pipeline and financial liquidity. However, these positive trends were tempered by a decrease in Core FFO and ongoing challenges in the Washington, D.C. market. Overall, the sentiment was optimistic, with management expressing confidence in future growth prospects.Company Guidance
During the Piedmont Office Realty Trust's third-quarter earnings call, the company provided several metrics that highlight its leasing success and financial outlook. Piedmont executed over 461,000 square feet of total leasing in Q3, bringing the year-to-date total to approximately 2 million square feet, marking the highest leasing activity in the first nine months of a year in over a decade. The overall lease percentage of the in-service portfolio rose to 88.8%, the highest since Q1 2020. The company reported a double-digit rental rate growth of 12% on a cash basis and nearly 20% on an accrual basis for the leases signed in the year. The backlog of 1.5 million square feet of leases represents approximately $48 million in additional annual revenues, with contractual expirations manageable at less than 11% of annual revenue through the end of 2025. Financially, Core FFO per diluted share for Q3 2024 was $0.36, down from $0.43 in Q3 2023, attributed to increased net interest expense and downtime between lease expirations and commencements. The company narrowed its 2024 annual core FFO guidance to $1.48 to $1.50 per share.Record Leasing Activity
Piedmont executed over 461,000 square feet of total leasing in Q3, bringing year-to-date leasing to approximately 2 million square feet, the most in over a decade. The overall lease percentage of the in-service portfolio increased to 88.8%, the highest since Q1 2020.
Double-Digit Rental Rate Growth
Leases signed this year have resulted in a 12% cash basis and almost 20% accrual basis rental rate growth once leases begin.
Sustainability Achievements
Piedmont achieved 5-star and Green Star recognition from GRESB based on 2023 sustainability performance, ranking in the top decile for participating listed American companies.
Positive Pipeline and Market Trends
Approximately 3 million square feet of potential leases are in the proposal stage, with positive trends across most submarkets except Washington, D.C. The Sunbelt portfolio saw 60% of new tenant lease activity.
Strong Financial Liquidity
Piedmont has full capacity on its $600 million line of credit and over $130 million in cash and cash equivalents, with no major debt maturities until 2027 after addressing $1.4 billion of maturing debt.
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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
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PDM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $10.74 | $10.19 | -5.12% |
| Jul 31, 2024 | $8.42 | $8.47 | +0.59% |
| Apr 30, 2024 | $6.59 | $6.45 | -2.12% |
| Feb 07, 2024 | $5.89 | $6.21 | +5.43% |
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.
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FAQ
When does Piedmont Office (PDM) report earnings?
Piedmont Office (PDM) is schdueled to report earning on Feb 13, 2025, TBA Not Confirmed.
What is Piedmont Office (PDM) earnings time?
Piedmont Office (PDM) earnings time is at Feb 13, 2025, TBA Not 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?
PDM EPS forecast for the fiscal quarter 2024 (Q4) is -0.04.
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