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Piedmont Office Realty Trust (PDM)

Piedmont Office Realty Trust, Inc. is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in select sub-markets within seven major Eastern U.S. office markets, with the majority of its revenue being generated from the Sunbelt. Its geographically-diversified, approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. The Company is a fully-integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by S&P Global Ratings (BBB) and Moody's (Baa2). As of December 31, 2020, approximately 64% of the company's portfolio was ENERGY STAR certified and approximately 43% was LEED certified.

Company profile

Ticker
PDM
Exchange
CEO
C. Brent Smith
Employees
Incorporated
Location
Fiscal year end
Former names
WELLS REAL EASTATE INVESTMENT TRUST INC, WELLS REAL ESTATE INVESTMENT TRUST INC
SEC CIK
Subsidiaries
Piedmont Operating Partnership, LP • Piedmont Washington Properties, Inc. • Piedmont Office Holdings, Inc. • Piedmont Office Holdings • Piedmont Office Management, LLC • Piedmont Government Services, LLC • Piedmont Leasing, LLC • Piedmont-Las Colinas Springing Member, LLC • Piedmont-Independence Square, LLC • Piedmont-3100 Clarendon LLC ...
IRS number
582328421

PDM stock data

Analyst ratings and price targets

Last 3 months

Calendar

27 Jul 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 7.86M 7.86M 7.86M 7.86M 7.86M 7.86M
Cash burn (monthly) 270.67K 153.67K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 446.29K 253.37K n/a n/a n/a n/a
Cash remaining 7.41M 7.6M n/a n/a n/a n/a
Runway (months of cash) 27.4 49.5 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Aug 22 Glenn Gary Cohen Common Stock Buy Acquire P No No 13.01 3,000 39.03K 30,419
1 Jul 22 Smith Christopher Brent Common Stock Payment of exercise Dispose F No No 13.33 4,573 60.96K 217,109
11 May 22 Mcdowell Frank C Common Stock Payment of exercise Dispose F No No 14.62 1,616 23.63K 65,713
11 May 22 Mcdowell Frank C Common Stock Option exercise Acquire M No No 0 5,011 0 67,329
11 May 22 Mcdowell Frank C RSU Common Stock Grant Acquire A No No 0 6,839 0 6,839
11 May 22 Mcdowell Frank C RSU Common Stock Option exercise Dispose M No No 0 5,011 0 0
11 May 22 Lang Barbara B Common Stock Payment of exercise Dispose F No No 14.62 1,504 21.99K 25,006
11 May 22 Lang Barbara B Common Stock Option exercise Acquire M No No 0 5,011 0 26,510
11 May 22 Lang Barbara B RSU Common Stock Grant Acquire A No No 0 6,839 0 6,839
11 May 22 Lang Barbara B RSU Common Stock Option exercise Dispose M No No 0 5,011 0 0
80.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 243 237 +2.5%
Opened positions 35 28 +25.0%
Closed positions 29 29
Increased positions 79 88 -10.2%
Reduced positions 88 78 +12.8%
13F shares Current Prev Q Change
Total value 1.3B 1.75B -25.5%
Total shares 99.25M 101.12M -1.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Vanguard 19.79M $259.63M +0.8%
BLK Blackrock 12.29M $161.3M -0.9%
STT State Street 6.13M $80.48M -0.7%
LSV Asset Management 4.45M $58.35M -1.1%
Wellington Management 4.23M $55.52M +12.6%
FMR 4.22M $55.32M +9.4%
Cbre Clarion Securities 3.56M $46.74M +0.9%
Charles Schwab Investment Management 2.94M $38.51M +0.9%
Heitman Real Estate Securities 2.85M $37.37M -16.0%
Geode Capital Management 2.47M $32.34M -2.9%
Largest transactions Shares Bought/sold Change
LGEN Legal & General 0 -790.54K EXIT
ExodusPoint Capital Management 0 -619.16K EXIT
Heitman Real Estate Securities 2.85M -543.51K -16.0%
RVB Capital Management 0 -525K EXIT
Private Management 1.14M +489.08K +74.7%
Wellington Management 4.23M +474.46K +12.6%
Fuller & Thaler Asset Management 1.83M -427.28K -18.9%
AMP Ameriprise Financial 614.02K +409.17K +199.7%
Renaissance Technologies 695.7K +382.6K +122.2%
FMR 4.22M +362.15K +9.4%

Financial report summary

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Management Discussion
  • Net income applicable to common stockholders for the three months ended June 30, 2022 was approximately $8.0 million, or $0.06 per diluted share, as compared with net income applicable to common stockholders of $9.9 million, or $0.08 per diluted share, for the three months ended June 30, 2021. The decrease is mainly attributable to interest income earned during the six months ended June 30, 2021 on notes receivable due from the purchaser of our New Jersey Portfolio. The notes receivable were repaid in full in March 2022.

Content analysis

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