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Jun 30, 2020
Piedmont Q2 2020 Earnings Report
Reported a strong second quarter, highlighted by the sale of 1901 Market Street and a 14% increase in Core Funds From Operations.
Key Takeaways
Piedmont Office Realty Trust reported net income applicable to common stockholders of $192.4 million, or $1.52 per diluted share. The sale of 1901 Market Street for approximately $360 million significantly contributed to the quarter's results, resulting in a $191.4 million gain. Core Funds From Operations increased by 14% to $0.49 per diluted share.
Net income applicable to common stockholders was $192.4 million, or $1.52 per diluted share.
Core Funds From Operations increased by 14%, reporting $0.49 per diluted share.
Completed the disposition of 1901 Market Street for approximately $360 million, recognizing a $191.4 million gain.
Collected 99% of billed tenant receivables during the second quarter.
Forward Guidance
Due to the uncertainty of the COVID-19 pandemic, Piedmont is not providing guidance for 2020 at this time. They anticipate that their overall leased percentage and expected 2020 financial performance will not be severely impacted by the pandemic.
Positive Outlook
- Strong, diversified tenant base, a majority of which is investment grade quality.
- Collected 99% of billed tenant receivables during the second quarter of 2020.
- Prudent balance sheet with excellent liquidity, including approximately $30 million in cash.
- Full availability under its $500 million line of credit at June 30, 2020.
- No debt maturities until late 2021.
Challenges Ahead
- New tenant leasing activity slowed during the second quarter and is expected to continue throughout the third quarter, potentially lowering 2020 NOI by approximately $5 million.
- Transient parking income is estimated to be lower by approximately $2 million for the year.
- Overall retail NOI is estimated to be lower by approximately $2 million for the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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