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Mar 31, 2023
Piedmont Q1 2023 Earnings Report
Piedmont reported a net loss but achieved significant new tenant leasing.
Key Takeaways
Piedmont Office Realty Trust reported a net loss of $1.4 million for Q1 2023, compared to a net income of $60.0 million in Q1 2022. Core FFO per diluted share decreased to $0.46 from $0.51 year-over-year, primarily due to increased interest expense. However, the company saw strong leasing activity, particularly in new tenant leasing, and affirms its year-end leased percentage guidance.
Net loss applicable to Piedmont was $1.4 million, compared to net income of $60.0 million in the same quarter last year.
Core FFO per diluted share decreased to $0.46 from $0.51 year-over-year due to higher interest expenses.
Completed approximately 544,000 square feet of leasing transactions, with 270,000 square feet for new tenants.
Affirmed year-end leased percentage guidance between 87-88%.
Revenue by Segment
Forward Guidance
Piedmont affirms its previously issued guidance for the year ending December 31, 2023, with Core FFO per diluted share expected to be between $1.80 and $1.90 and year-end leased percentage anticipated to be between 87-88%.
Positive Outlook
- Executed leasing activity for 2023 is estimated to be in the range of 1.6 to 2.0 million square feet.
- Year-end leased percentage anticipated to be between 87-88%.
- Net income/(loss) is projected to be between $(1) million and $1 million.
- Depreciation is expected to be between $144 million and $151 million.
- Amortization is projected to be between $80 million and $84 million.
Challenges Ahead
- Actual results could differ materially from these estimates.
- Individual quarters may fluctuate on both a cash basis and an accrual basis.
- Fluctuations may occur due to the timing of any future dispositions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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