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Dec 31, 2019
Piedmont Q4 2019 Earnings Report
Piedmont reported strong Q4 2019 results driven by property sales and leasing activity.
Key Takeaways
Piedmont Office Realty Trust reported a net income of $162.5 million, or $1.29 per diluted share, for the fourth quarter of 2019. The company completed significant leasing activity, including the renewal and expansion of the State of New York lease. The sale of 500 West Monroe Street in Chicago contributed to the positive results.
Net income applicable to common stockholders was $162.5 million, or $1.29 per diluted share.
Core Funds From Operations (FFO) reached $0.46 per diluted share.
Approximately 867,000 square feet of leasing was completed, including a major renewal and expansion with the State of New York.
Same Store NOI increased by 8.2% on a cash basis and 5.2% on an accrual basis.
Forward Guidance
Piedmont introduced guidance for the year ending December 31, 2020.
Positive Outlook
- Net Income between $43 million and $47 million.
- Depreciation between $115 million and $120 million.
- Amortization between $82 million and $85 million.
- NAREIT FFO and Core FFO applicable to common stock between $240 million and $252 million.
- NAREIT FFO and Core FFO per diluted share between $1.90 and $2.00.
Challenges Ahead
- Guidance does not include potential effects of additional acquisition or disposition activity.
- Guidance does not include estimates for any gains or losses that may be incurred as a result of the potential sale of 1901 Market Street.
- Individual quarters may fluctuate due to lease commencements and expirations.
- Individual quarters may fluctuate due to abatement periods.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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