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%.
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%.
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