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Jun 30, 2021
Piedmont Q2 2021 Earnings Report
Piedmont reported solid financial metrics and strong leasing momentum.
Key Takeaways
Piedmont Office Realty Trust reported net income of $9.9 million, or $0.08 per diluted share, and Core Funds From Operations of $60.4 million, or $0.48 per diluted share. The company completed over 664,000 square feet of leasing and experienced an approximately 5% increase in Same Store Net Operating Income.
Net income applicable to common stockholders was $9.9 million, or $0.08 per diluted share.
Core Funds From Operations was $60.4 million, or $0.48 per diluted share.
Same Store Net Operating Income increased by approximately 5%.
Completed over 664,000 square feet of leasing, including approximately 154,000 square feet of new tenant leasing.
Forward Guidance
Piedmont is raising its expectation of Same Store NOI - cash basis growth from the previously provided 3-5% range to the 5-7% range. Our projections for 2021 include the assumption of a gradual ramping up of business over the year with a return to a more typical state of operations during the second half of 2021.
Positive Outlook
- Gradual ramping up of business over the year
- Return to a more typical state of operations during the second half of 2021
- Net Income between $38 million and $40 million
- NAREIT FFO and Core FFO applicable to common stock between $237 million and $244 million
- NAREIT FFO and Core FFO per diluted share between $1.90 and $1.96
Challenges Ahead
- Potential acquisition or disposition activity
- Pace and strength of the ongoing economic recovery from the COVID-19 pandemic
- Timing of lease commencements and expirations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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