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Jun 30, 2022
Piedmont Q2 2022 Earnings Report
Piedmont reported strong results driven by new tenant leasing and strategic acquisitions.
Key Takeaways
Piedmont Office Realty Trust reported a net income of $8.0 million, or $0.06 per diluted share, and Core Funds From Operations (FFO) of $0.50 per diluted share for the quarter ended June 30, 2022. The company completed significant leasing activities and entered into a contract to purchase 1180 Peachtree Street in Midtown Atlanta.
Net income applicable to Piedmont was $8.0 million, or $0.06 per diluted share.
Core Funds From Operations (FFO) was $0.50 per diluted share.
Same Store Net Operating Income (NOI) increased by 1.8% and 2.8% on a cash and accrual basis, respectively.
Completed approximately 724,000 square feet of leasing, including 233,000 square feet related to new tenant leasing.
Forward Guidance
Piedmont narrowed its previously provided guidance for the year ending December 31, 2022.
Positive Outlook
- The guidance includes the acquisition of 1180 Peachtree Street during the third quarter of 2022.
- The guidance includes the bridge financing of the acquisition.
- The guidance includes the subsequent disposition of non-strategic assets totaling approximately $400 million over the next 12 months.
- Revised net income guidance between $80 million and $83 million
- Revised NAREIT FFO and Core FFO per diluted share guidance between $1.99 and $2.05
Challenges Ahead
- Increased interest rate projections.
- More conservative lease commencement date assumptions.
- Actual results could differ materially from these estimates based on a variety of factors.
- The timing of any future acquisitions and dispositions could impact results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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