Piedmont Office Realty TrustNYSE: PDM

Atlanta, June 13, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (the “Company” or “Piedmont”) (NYSE:PDM) announced today that its operating partnership, Piedmont Operating Partnership, LP (the “Operating Partnership”), has priced an offering of $400 million aggregate principal amount of 6.875% senior unsecured notes due 2029 at 98.993% of the principal amount. The offering is expected to close on June 25, 2024, subject to the satisfaction of customary closing conditions.

Atlanta, June 03, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont” or “the Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today, that the Company will be participating at this week's NAREIT Investor Conference in New York City. The Company will be noting that it has completed over 575,000 square feet of leasing thus far in the second quarter of 2024, with approximately 60% of this total leased square footage related to new tenants and bringing year-to-date leasing volume to approximately 1.1 million square feet.

Piedmont's new lease agreement with Travel + Leisure in Downtown Orlando demonstrates strong interest in its office properties.

The key figures for Piedmont Office (PDM) offer a glimpse into the company's performance in the first quarter of 2024, but it could be beneficial to analyze certain important indicators in comparison to analyst forecasts and last year's results.

Piedmont Office (PDM) reported quarterly funds from operations (FFO) of $0.39 per share, meeting the Zacks Consensus Estimate. This is lower than the FFO of $0.46 per share reported in the same quarter last year.

Piedmont Office Realty Trust oversees 51 office properties in the Sunbelt area, particularly in Atlanta and Dallas. The occupancy rate rose to 87.1% in 2023, a slight increase from the previous year but still below the 2019 level of 91.2% before the pandemic. Core FFO decreased by 13% in 2023 to $1.74/share, and another 13% decline is projected for 2024 due to high interest rates offsetting strong rent growth.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

While the top- and bottom-line numbers for Piedmont Office (PDM) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

After losing some value lately, a hammer chart pattern has been formed for Piedmont Office (PDM), indicating that the stock has found support. This, combined with an upward trend in earnings estimate revisions, could lead to a trend reversal for the stock in the near term.