Piedmont Office (PDM)
NYSE:PDM
Want to see PDM full AI Analyst Report?
Earnings Data
Report Date
Jul 29, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.03Last Year’s EPS
-0.14Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Q1 2026
Earnings Call Date:Apr 30, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum driven by robust leasing, meaningful rent roll-ups and improving same-store NOI, alongside balance sheet flexibility and tangible pipeline activity. Management raised guidance modestly and highlighted multiple positive metrics (net effective rent growth, high renewal/retention rates, redevelopment lease-up progress and substantial revolver capacity). Key risks include concentrated near-term expirations, suspended dividend policy, reliance on continued leasing execution to sustain growth and some timing uncertainty around dispositions and a New York lease public hearing. Overall, the positive leasing and financial indicators materially outweigh the manageable near-term risks.Company Guidance
Strong Leasing Momentum
Executed over 430,000 square feet of leasing in Q1 2026 (~50 transactions), with roughly 2/3 attributable to new tenancy; leasing pipeline exceeded 700,000 square feet in the legal stage for Q2 and outstanding proposals rose from 1.8 million to 2.4 million square feet quarter-over-quarter.
High Renewal and Retention Rates
Portfolio retention remained high at ~70%; Piedmont reports renewal rates of 60%–70% from existing tenancy driven by its hospitality-driven service model and high tenant satisfaction (Kingsley Elite 5 recognition).
Meaningful Absorption and Occupancy Gains
Portfolio generated ~480 basis points of absorption over the last 12 months (approx. 750,000 square feet) and is approaching ~90% leased; company guidance expects year-end total portfolio lease percentage in the 89.5%–90.5% range.
Strong Leasing Economics and Rent Growth
Quarterly roll-ups were 11% on a cash basis and 18% on an accrual basis (weighted average accrual roll-up ~17% over last eight quarters); net effective rents increased to $22.03 per square foot, up ~5% from the prior quarter; over half the portfolio experienced asking rent increases of 15%+ in 2025.
Same-Store NOI and Guidance Improvement
Same-store NOI growth was reported at 11% (driven primarily by burn-off of free rent); management increased 2026 same-store NOI (cash and GAAP) guidance by 100 basis points to a range of 4%–7% and narrowed 2026 core FFO guidance by $0.01 to $1.49–$1.54 per diluted share (midpoint > $0.10 higher than 2025).
Portfolio Quality and Redevelopment Progress
90% of the portfolio renovated since 2020; out-of-service redevelopment lease percentage rose from 62% to 76% during the quarter and, including Q2/legal-stage leases, the out-of-service portfolio is >80% leased; plan to place 222 Orange Ave back into service in Q2.
Balance Sheet Strength and Liquidity
AFFO for Q1 was approximately $23.8 million; revolver capacity was approximately $526 million at quarter end; no final debt maturities until 2028 and the weighted-average cost of debt is declining with management expecting future refinancing to be accretive to FFO per share.
Operational and Industry Recognition
Galleria Towers won the CoStar Impact Award (Redevelopment of the Year, Dallas-Fort Worth) and Piedmont was named an Elite 5 participant in Kingsley tenant surveys—supporting the company’s positioning in top-quartile amenitized office product.
Contracted/Planned Dispositions to Generate Capital
Two land parcels under contract expected to generate proceeds (one in Las Colinas anticipated to produce ~ $12 million net sale proceeds when it closes later in 2026); management has ~ $30 million of assets under contract with $12 million hard in held-for-sale category.
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 |
|---|---|---|---|
Apr 30, 2026 | $8.36 | $8.33 | -0.36% |
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% |
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 Jul 29, 2026, After Close (Confirmed).
What is Piedmont Office (PDM) earnings time?
Piedmont Office (PDM) earnings time is at Jul 29, 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?
PDM EPS forecast for the fiscal quarter 2026 (Q2) is -0.03.