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Mar 31, 2024
Piedmont Q1 2024 Earnings Report
Piedmont reported a net loss for Q1 2024, but experienced strong leasing activity and Same Store NOI growth.
Key Takeaways
Piedmont Office Realty Trust reported a net loss of $27.8 million for the first quarter of 2024, which included $18.4 million in impairment charges. However, the company experienced strong leasing activity, completing approximately 500,000 square feet of leasing, and Same Store NOI increased by 5.1% on a cash basis.
Net loss of $27.8 million, or $0.22 per diluted share, was reported for Q1 2024.
Approximately 500,000 square feet of leasing were completed during the first quarter, including approximately 328,000 square feet of new tenant leasing.
Same Store NOI increased 5.1% on a cash basis and 2.1% on an accrual basis.
One Lincoln Park in Dallas, TX was sold for $54 million.
Revenue by Segment
Forward Guidance
The company is affirming its previous guidance for the year ending December 31, 2024.
Positive Outlook
- Executed leasing in the range of 1.5 - 2 million square feet.
- Year-end leased percentage for the Company's in-service portfolio anticipated to be approximately 87-88%, before the impacts of any acquisition or disposition activity.
- Same Store NOI flat to 2% increase on both a cash and accrual basis.
- Interest expense of approximately $119-121 million.
- General and administrative expense will remain relatively flat at approximately $29-30 million.
Challenges Ahead
- Net loss between $(47) and $(41) million.
- Downtime between certain lease expirations and new lease commencements during 2024.
- Full year of higher interest rates as a result of refinancing activity completed by the Company during the latter half of 2023 and early 2024.
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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