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Dec 31, 2021
Piedmont Q4 2021 Earnings Report
Reported results for the quarter and year ended December 31, 2021.
Key Takeaways
Piedmont Office Realty Trust reported a net loss of $31.8 million, or $0.26 per diluted share, for Q4 2021. Core FFO per share was $0.51. Same Store NOI increased by 5.8% and 5.2% on a cash and accrual basis, respectively. The company completed approximately 400,000 square feet of leasing during the fourth quarter and acquired 999 Peachtree Street in Atlanta, GA for $223.9 million.
Net loss applicable to Piedmont was $31.8 million, or $0.26 per diluted share.
Core FFO per share was $0.51.
Same Store NOI increased by 5.8% and 5.2% on a cash and accrual basis, respectively.
Completed approximately 400,000 square feet of leasing.
Forward Guidance
The Company is introducing financial guidance for calendar year 2022 of $1.97 to $2.07 per diluted share of Core FFO.
Positive Outlook
- a gradual increase in the physical utilization of our buildings by our customers over the course of the year to a level near pre-pandemic utilization by the end of the year
- excluding the recently completed sales of the Presidential Way and Two Pierce Place assets, neutral asset recycling during the year with about $350 to $450 million each of acquisitions and dispositions
- general and administrative expense of about $29 to $31 million for the year
- excluding acquisition and disposition activity, Same Store NOI on a cash basis are expected to be flat during 2022
- leased percentage is expected to grow to approximately 88% during 2022, excluding acquisition and disposition activity.
Challenges Ahead
- financial guidance is based upon management's assumptions, estimates and expectations based on information available to management as of the date of this release
- slower leasing transactions during the pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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