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
Website
CEO
C. Brent Smith
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
WELLS REAL EASTATE INVESTMENT TRUST INC, WELLS REAL ESTATE INVESTMENT TRUST INC
SEC CIK
Corporate docs
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
Press releases
Tesh Durvasula Joins Piedmont Office Realty Trust's Board of Directors
2 Aug 22
Piedmont Office Realty Trust Reports Second Quarter 2022 Results
27 Jul 22
Piedmont Office Realty Trust, Inc. Reschedules Time for Second Quarter Earnings Call to 9am EDT on July 28, 2022
18 Jul 22
Piedmont Office Realty Trust, Inc to Report Second Quarter 2022 Financial Results
14 Jul 22
Piedmont Office Realty Trust Secures a Fortune 500 Company Corporate Relocation
9 Jun 22
Analyst ratings and price targets
Calendar
27 Jul 22
18 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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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 |
Recent insider trades
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 |
Institutional ownership, Q2 2022
80.4% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 243 |
Opened positions | 35 |
Closed positions | 29 |
Increased positions | 79 |
Reduced positions | 88 |
13F shares | Current |
---|---|
Total value | 1.3B |
Total shares | 99.25M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Vanguard | 19.79M | $259.63M |
BLK Blackrock | 12.29M | $161.3M |
STT State Street | 6.13M | $80.48M |
LSV Asset Management | 4.45M | $58.35M |
Wellington Management | 4.23M | $55.52M |
FMR | 4.22M | $55.32M |
Cbre Clarion Securities | 3.56M | $46.74M |
Charles Schwab Investment Management | 2.94M | $38.51M |
Heitman Real Estate Securities | 2.85M | $37.37M |
Geode Capital Management | 2.47M | $32.34M |
Financial report summary
?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
?Positive | ||
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Readability |
H.S. junior Avg
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New words:
AA, arrangement, assumption, BBB, bear, bearing, bps, charge, Chase, correct, Daily, epicenter, expanded, Fargo, iconic, JPMorgan, leverage, LLC, maintenance, Midtown, Overnight, owe, PNC, put, ratio, recession, signatory, SOFR, sufficient, trophy, true, Truist, ultimately
Removed:
deem, evaluate, filing, global, half, impacted, outlook, outweigh, plan, retail, slowdown, small, unclear
Financial reports
Current reports
8-K
Entry into a Material Definitive Agreement
16 Aug 22
8-K
Tesh Durvasula Joins Piedmont Office Realty Trust’s Board of Directors
2 Aug 22
8-K
Other Events
29 Jul 22
8-K
Entry into a Material Definitive Agreement
27 Jul 22
8-K
Piedmont Office Realty Trust Reports Second Quarter 2022 Results
27 Jul 22
8-K
Entry into a Material Definitive Agreement
15 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
11 May 22
8-K
Piedmont Office Realty Trust Reports First Quarter 2022 Results
27 Apr 22
8-K
Piedmont Office Realty Trust Reports Fourth Quarter and Annual 2021 Results
7 Feb 22
8-K
Piedmont Office Realty Trust Reports Third Quarter 2021 Results and Raises Guidance
27 Oct 21
Registration and prospectus
424B5
Prospectus supplement for primary offering
29 Jul 22
S-3ASR
Automatic shelf registration
29 Jul 22
424B2
Prospectus for primary offering
14 Sep 21
FWP
Free writing prospectus
13 Sep 21
424B5
Prospectus supplement for primary offering
13 Sep 21
S-8
Registration of securities for employees
2 Jun 21
424B2
Prospectus for primary offering
6 Aug 20
FWP
Free writing prospectus
5 Aug 20
424B5
Prospectus supplement for primary offering
5 Aug 20
424B5
Prospectus supplement for primary offering
7 Aug 19
Proxies
DEFA14A
Additional proxy soliciting materials
18 Mar 22
DEFA14A
Additional proxy soliciting materials
19 Mar 21
DEFA14A
Additional proxy soliciting materials
29 Apr 20
DEFA14A
Additional proxy soliciting materials
20 Mar 20
DEF 14A
Definitive proxy
20 Mar 20
DEFA14A
Additional proxy soliciting materials
25 Mar 19
DEFA14A
Additional proxy soliciting materials
25 Mar 19
DEFA14A
Additional proxy soliciting materials
19 Mar 19
Other
UPLOAD
Letter from SEC
10 Oct 16
CORRESP
Correspondence with SEC
3 Oct 16
UPLOAD
Letter from SEC
2 Oct 16
CORRESP
Correspondence with SEC
31 Aug 16
UPLOAD
Letter from SEC
22 Aug 16
UPLOAD
Letter from SEC
6 Apr 14
CORRESP
Correspondence with SEC
1 Apr 14
UPLOAD
Letter from SEC
30 Mar 14
EFFECT
Notice of effectiveness
17 Jun 13
UPLOAD
Letter from SEC
3 Jun 13
Ownership
3
Piedmont Office Realty Trust / Venkatesh S. Durvasula ownership change
5 Aug 22
4
Piedmont Office Realty Trust / GLENN GARY COHEN ownership change
4 Aug 22
4
Piedmont Office Realty Trust / Christopher Brent Smith ownership change
6 Jul 22
4
Piedmont Office Realty Trust / Dale H. Taysom ownership change
12 May 22
4
Piedmont Office Realty Trust / Jeffrey L. Swope ownership change
12 May 22
4
Piedmont Office Realty Trust / Barbara B Lang ownership change
12 May 22
4
Piedmont Office Realty Trust / GLENN GARY COHEN ownership change
12 May 22
4
Piedmont Office Realty Trust / WESLEY E CANTRELL ownership change
12 May 22
4
Piedmont Office Realty Trust / KELLY HEFNER BARRETT ownership change
12 May 22
4
Piedmont Office Realty Trust / FRANK C MCDOWELL ownership change
12 May 22
Transcripts
2022 Q2
Earnings call transcript
30 Jul 22
2022 Q1
Earnings call transcript
28 Apr 22
2021 Q4
Earnings call transcript
8 Feb 22
2021 Q3
Earnings call transcript
28 Oct 21
2021 Q2
Earnings call transcript
1 Aug 21
2021 Q1
Earnings call transcript
3 May 21
2020 Q4
Earnings call transcript
11 Feb 21
2020 Q3
Earnings call transcript
31 Oct 20
2020 Q3
Earnings call transcript
30 Oct 20
2020 Q2
Earnings call transcript
2 Aug 20
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