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Dec 31, 2020
Piedmont Q4 2020 Earnings Report
Piedmont reported Q4 2020 results, including net income of $22.6 million and core FFO of $0.46 per diluted share.
Key Takeaways
Piedmont Office Realty Trust reported a net income applicable to common stockholders of $22.6 million, or $0.18 per diluted share, for the fourth quarter of 2020. Core Funds From Operations (FFO) was $0.46 per diluted share. The company completed 189,000 square feet of leasing during the quarter and sold a portfolio of three assets in New Jersey for approximately $130 million.
Net income applicable to common stockholders was $22.6 million, or $0.18 per diluted share.
Core Funds From Operations (FFO) was $0.46 per diluted share.
Completed 189,000 square feet of leasing during the fourth quarter.
Sold a portfolio of three assets in New Jersey for approximately $130 million, resulting in a gain of $14.6 million.
Forward Guidance
Piedmont anticipates Same Store NOI growth in the 3-5% range.
Positive Outlook
- Vaccine distribution creates opportunity for business to return to more normal activity over the course of 2021.
- Strong, diversified tenant base.
- Majority of tenants are investment grade quality.
- Collected over 99% of scheduled rent payments during the year ended December 31, 2020.
- Low lease expirations projected for 2021.
Challenges Ahead
- Longer-term consequences on the economy and tenants as a result of the COVID-19 pandemic continue to be unknown.
- Uncertain economic backdrop remains.
- Assumes gradual ramping up of business over the year with a return to a more typical state of operations during the second half of 2021.
- Individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of the business recovery from the COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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