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Mar 31, 2022
Piedmont Q1 2022 Earnings Report
Piedmont reported strong Q1 2022 results driven by robust leasing activity and strategic dispositions.
Key Takeaways
Piedmont Office Realty Trust reported a net income of $60.0 million, or $0.49 per diluted share, for Q1 2022, compared to $9.3 million, or $0.08 per diluted share, for Q1 2021. Core Funds From Operations (FFO) was $0.51 per diluted share, a 6% increase year-over-year. The company completed approximately 552,000 square feet of leasing and increased the portfolio to 87% leased.
Net income applicable to Piedmont was $60.0 million, or $0.49 per diluted share.
Core Funds From Operations (FFO) was $0.51 per diluted share, a 6% increase year-over-year.
Same Store Net Operating Income (NOI) increased 5.1% on a cash basis.
The company completed approximately 552,000 square feet of leasing.
Forward Guidance
Based on leasing activity to date, the current volume of leasing tours and transaction pipeline, adjusting for a higher interest rate forecast, and management's expectations for the remainder of the year, the Company is increasing the midpoint of its previously provided guidance by $0.01 for the year ending December 31, 2022.
Positive Outlook
- Increased midpoint of previous guidance by $0.01 for the year ending December 31, 2022.
- Net income is expected to be between $80 million and $84 million.
- Depreciation is expected to be between $134 million and $138 million.
- Amortization is expected to be between $83 million and $85 million.
- NAREIT FFO and Core FFO per diluted share is expected to be between $1.99 and $2.07.
Challenges Ahead
- Guidance does not include any significant speculative acquisition or disposition activity for the remainder of the year.
- Actual results could differ materially from these estimates based on a variety of factors, particularly the timing of any future acquisitions and dispositions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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