Loading...
•
Sep 30, 2024
Piedmont Q3 2024 Earnings Report
Piedmont reported a net loss of $11.5 million and Core FFO of $0.36 per diluted share, with leasing activity reaching 461,000 square feet.
Key Takeaways
Piedmont Office Realty Trust reported a net loss of $11.5 million for Q3 2024, with Core FFO at $0.36 per diluted share. The company completed 461,000 square feet of leasing, bringing the portfolio to 88.8% leased. The company sold 750 West John Carpenter Freeway, in Dallas, TX for $23 million.
Net loss was $11.5 million, or $0.09 per diluted share.
Core FFO was $0.36 per diluted share.
Completed 461,000 square feet of leasing, 44% pertaining to new tenant leasing.
Leased percentage for the in-service portfolio reached 88.8%.
Revenue by Segment
Forward Guidance
The Company is narrowing its previous guidance for the year ending December 31, 2024.
Positive Outlook
- Increased projection of executed leasing for the year to approximately 2.4-2.6 million square feet.
- Increase in the anticipated year-end leased percentage for the Company's in-service portfolio of approximately 88-89%, exclusive of any speculative acquisition or disposition activity.
- Same Store NOI increase of 2-3% on both a cash and accrual basis for the year.
- Interest income of approximately $4-5 million due to temporarily investing a portion of the net proceeds from the Company's second quarter bond offering prior to using the proceeds to repay a $250 million term loan that matures in March of 2025.
- General and administrative expense of approximately $29-31 million.
Challenges Ahead
- Net loss between $(62) and $(60) million.
- Interest expense of approximately $123-124 million, reflecting a full year of higher interest rates as a result of refinancing activity completed by the Company during the latter half of 2023 and the first half of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...