NYSE$PDM
Piedmont Realty Trust Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Piedmont reported mixed results with a net loss but strong leasing activity.
Piedmont Office Realty Trust reported a net loss of $28.0 million for Q4 2023, compared to a net income of $75.6 million in Q4 2022. However, the company experienced strong leasing activity, completing approximately 816,000 square feet of leasing during the quarter.
- Net loss of $28.0 million, or $0.23 per diluted share, compared to net income of $75.6 million, or $0.61 per diluted share, for the fourth quarter of 2022.
- Core FFO per diluted share was $0.41, compared to $0.50 for the fourth quarter of 2022.
- Completed approximately 816,000 square feet of leasing during the fourth quarter.
- Leased percentage as of December 31, 2023 increased to 87.1%, up from 86.7% a year earlier.
Headline financials
Revenue & EPS history
Piedmont · Revenue · Quarterly
$170M
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 introduced guidance for the year ending December 31, 2024, with a net loss between $47 million and $41 million, and Core FFO per diluted share between $1.46 and $1.56.
Tailwinds
- Executed leasing activity in the range of 1.5 - 2 million square feet
- Year-end leased percentage for the Company's in-service portfolio anticipated to be approximately 87-88%, before the impacts of any acquisition or disposition activity
- Same Store NOI flat to 2% increase on both a cash and accrual basis
- General and administrative expense will remain relatively flat at approximately $29-30 million
- No speculative acquisitions, dispositions, or refinancings are included in the above guidance
Headwinds
- Net loss between $(47) and $(41) million
- Company will experience some downtime between certain lease expirations and new lease commencements during 2024
- Interest expense of approximately $119-121 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 early 2024
- Actual results could differ materially from these estimates and individual quarters may fluctuate on both a cash basis and an accrual basis due to the timing of any future dispositions, significant lease commencements and expirations, abatement periods, repairs and maintenance expenses, capital expenditures, capital markets activities, general and administrative expenses, accrued potential performance-based compensation expense, one-time revenue or expense events
- Changes in tax laws impacting REITs and real estate in general, as well as our ability to continue to qualify as a REIT under the Internal Revenue Code of 1986
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 Q4 2023
-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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