NYSE$PDM
Piedmont Realty Trust Inc · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
Piedmont reported solid financial metrics and strong leasing momentum.
Piedmont Office Realty Trust reported net income of $9.9 million, or $0.08 per diluted share, and Core Funds From Operations of $60.4 million, or $0.48 per diluted share. The company completed over 664,000 square feet of leasing and experienced an approximately 5% increase in Same Store Net Operating Income.
- Net income applicable to common stockholders was $9.9 million, or $0.08 per diluted share.
- Core Funds From Operations was $60.4 million, or $0.48 per diluted share.
- Same Store Net Operating Income increased by approximately 5%.
- Completed over 664,000 square feet of leasing, including approximately 154,000 square feet of new tenant leasing.
Headline financials
Revenue & EPS history
Piedmont · Revenue · Quarterly
$130M
Revenue by segment
Piedmont · $147M total across 3 segments · Q3 2023
- Rental and Tenant Reimbursement Revenue$142M—96.3%
- Other Property Related Income$5.06M—3.4%
- Property Management Fee Revenue$396K—0.3%
Forward guidance
Piedmont is raising its expectation of Same Store NOI - cash basis growth from the previously provided 3-5% range to the 5-7% range. Our projections for 2021 include the assumption of a gradual ramping up of business over the year with a return to a more typical state of operations during the second half of 2021.
Tailwinds
- Gradual ramping up of business over the year
- Return to a more typical state of operations during the second half of 2021
- Net Income between $38 million and $40 million
- NAREIT FFO and Core FFO applicable to common stock between $237 million and $244 million
- NAREIT FFO and Core FFO per diluted share between $1.90 and $1.96
Headwinds
- Potential acquisition or disposition activity
- Pace and strength of the ongoing economic recovery from the COVID-19 pandemic
- Timing of lease commencements and expirations
- Abatement periods
- Repairs and maintenance expenses
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2021
-0.7%
Avg return
Earnings day
-0.4%
Avg return
5 days after
-1.0%
Avg return
30 days after
42%
27 / 65 earnings
Positive
+6.3%
Q3 2019
Best reaction
-15.4%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.4% | +1.1% | -0.4% | |
| Q4 2025 | -7.8% | -3.3% | -21.8% | |
| Q3 2025 | +0.6% | -5.5% | +2.8% | |
| Q1 2025 | -15.4% | -2.4% | +6.6% | |
| Q4 2024 | -8.2% | -6.9% | -10.3% | |
| Q3 2024 | -3.5% | -5.7% | -12.6% | |
| Q2 2024 | -0.3% | -7.2% | +11.8% | |
| Q1 2024 | -2.9% | -0.4% | +3.6% | |
| Q4 2023 | +3.1% | +7.3% | -0.9% | |
| Q3 2023 | +2.8% | +20.3% | +23.1% | |
| Q2 2023 | -7.8% | -10.4% | -18.5% | |
| Q1 2023 | -1.8% | +1.8% | -4.3% | |
| Q4 2022 | -2.8% | +0.9% | -20.7% | |
| Q3 2022 | -4.2% | -2.2% | -4.0% | |
| Q2 2022 | +1.7% | +2.0% | -9.4% | |
| Q1 2022 | -0.4% | -5.1% | -11.9% | |
| Q4 2021 | -4.8% | -4.3% | -4.1% | |
| Q3 2021 | -1.3% | -0.5% | -2.8% | |
| Q2 2021 | +1.7% | -1.5% | -4.9% | |
| Q1 2021 | +1.8% | +2.1% | +0.9% | |
| Q4 2020 | +3.6% | +3.8% | +11.2% | |
| Q3 2020 | -1.6% | +5.9% | +40.4% | |
| Q2 2020 | +1.5% | -0.7% | -2.2% | |
| Q1 2020 | +1.1% | -5.4% | -2.8% | |
| Q4 2019 | +2.7% | +1.6% | -2.4% | |
| Q3 2019 | +6.3% | +5.2% | +4.7% | |
| Q2 2019 | -1.3% | -5.7% | -4.6% | |
| Q1 2019 | -0.3% | +1.5% | -2.4% | |
| Q4 2018 | +0.9% | +4.6% | +2.7% | |
| Q3 2018 | -1.1% | -1.9% | -0.2% | |
| Q2 2018 | +0.2% | +1.5% | +0.3% | |
| Q1 2018 | +4.5% | +4.0% | +7.3% | |
| Q4 2017 | -4.9% | -2.0% | -2.4% | |
| Q3 2017 | +2.8% | +2.8% | +3.6% | |
| Q2 2017 | -1.0% | -2.3% | -3.8% | |
| Q1 2017 | -4.1% | -1.8% | -3.4% | |
| Q4 2016 | +1.1% | +2.0% | -1.5% | |
| Q3 2016 | -4.2% | -6.5% | -4.8% | |
| Q2 2016 | -1.5% | -1.7% | +0.2% | |
| Q1 2016 | +1.3% | — | — | |
| Q4 2015 | -0.5% | — | — | |
| Q3 2015 | -0.8% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | -2.9% | — | — | |
| Q4 2014 | -3.7% | — | — | |
| Q3 2014 | +0.4% | — | — | |
| Q2 2014 | -0.9% | — | — | |
| Q1 2014 | +3.1% | — | — | |
| Q4 2013 | +1.1% | — | — | |
| Q3 2013 | -1.6% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | +0.9% | — | — | |
| Q4 2012 | -1.1% | — | — | |
| Q3 2012 | +3.5% | — | — | |
| Q2 2012 | +0.9% | — | — | |
| Q1 2012 | +0.3% | — | — | |
| Q4 2011 | -1.5% | — | — | |
| Q4 2009 | -1.5% | — | — | |
| Q3 2011 | -1.2% | — | — | |
| Q3 2010 | -1.2% | — | — | |
| Q2 2011 | +2.5% | — | — | |
| Q2 2010 | +2.5% | — | — | |
| Q1 2010 | -1.1% | — | — | |
| Q4 2010 | -1.1% | — | — | |
| Q1 2011 | -1.1% | — | — |
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