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Mar 31, 2021
Piedmont Q1 2021 Earnings Report
Reported net income and Core FFO increased slightly, driven by leasing activity and cost management.
Key Takeaways
Piedmont Office Realty Trust reported a slight increase in net income and Core FFO for the first quarter of 2021. Leasing activity was strong, with significant renewals and new leases signed. The company also made progress on its ESG initiatives and maintained a healthy balance sheet.
Net income applicable to common stockholders increased by 7.3% to $9.3 million, or $0.08 per diluted share.
Core FFO increased to $0.48 per diluted share compared to $0.47 in the same quarter last year.
Completed approximately 678,000 square feet of leasing, including approximately 154,000 square feet of new tenant leasing.
The Company's average net debt to Core EBITDA ratio as of March 31, 2021 decreased to 5.6 x.
Forward Guidance
The following financial guidance for calendar year 2021 remains unchanged and is based upon management's assumptions, estimates and expectations at this time.
Positive Outlook
- Gradual ramping up of business over the year
- Return to a more typical state of operations during the second half of 2021
- Net Income between $34 million and $38 million
- NAREIT FFO and Core FFO applicable to common stock between $231 million and $244 million
- NAREIT FFO and Core FFO per diluted share between $1.86 and $1.96
Challenges Ahead
- Guidance does not include the effects of any potential acquisition or disposition activity that may be completed during the year.
- Actual results could differ materially from these estimates based on a variety of factors.
- Individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of the business recovery from the COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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