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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
NYSE
Website
www.piedmontreit.com
CEO
C. Brent Smith
Employees
Incorporated
Maryland
Location
Georgia
Fiscal year end
Dec 31
Sector
Real Estate and Rental and Leasing > Lessors of Nonresidential Buildings (except Miniwarehouses)
Industry (SIC)
Operators of Nonresidential Buildings
Spirit Realty • Spirit Realty Capital • Trinity Place • J.W. Mays • Gyrodyne • SB Partners • AmBase • Awaysis Capital • Zoned Properties • Miller Industries ...
Former names
WELLS REAL EASTATE INVESTMENT TRUST INC, WELLS REAL ESTATE INVESTMENT TRUST INC
SEC CIK
0001042776
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

News

From Benzinga Pro
Ten Major REITs With Big Year-To-Date Price Losses
17 Aug 22
These ten major real estate investment trusts (REITs) are in downtrends from their January peak prices to their present, much-lower values. Some of this movement has to do with interest rates, some with other issues – but whatever the case, sellers are outdoing buyers on these all year.
6 REITs To Consider With Dividends Above 5%
29 Jul 22
Each of these five real estate investment trusts (REITs) currently pays a dividend of greater than 5%.
Piedmont Office Realty Q2 FFO $0.50 Up From $0.48 YoY
27 Jul 22
Piedmont Office Realty (NYSE:PDM) reported quarterly earnings of $0.50 per share. This is a 4.17 percent increase over earnings of $0.48 per share from the same period last year.
Earnings Scheduled For July 27, 2022
27 Jul 22
Stocks That Hit 52-Week Lows On Thursday
14 Jul 22

Press releases

From Benzinga Pro
Tesh Durvasula Joins Piedmont Office Realty Trust's Board of Directors
2 Aug 22
Atlanta, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced today that its Board of Directors has appointed Venkatesh ("Tesh") S. Durvasula, as a member of the Board, effective
Piedmont Office Realty Trust Reports Second Quarter 2022 Results
27 Jul 22
Atlanta, July 27, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, today
Piedmont Office Realty Trust, Inc. Reschedules Time for Second Quarter Earnings Call to 9am EDT on July 28, 2022
18 Jul 22
Atlanta, July 18, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust (NYSE:PDM) announced today that the Company has rescheduled the time of its second quarter earnings conference call one hour earlier to 9:00 a.m.
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

Last 3 months
Truist Securities
Maintains
Buy
$17.00
30 Jun 22

Calendar

27 Jul 22
18 Aug 22
31 Dec 22

Financial summary

Financial statements Chart PDM financial data
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

Financial data from company earnings reports.

Recent insider trades

PDM insider ownership history Insider history
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
Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q2 2022

PDM institutional ownership history Ownership history
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%
Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

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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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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
From filing 10-Q 2022 Q2
Financial reports
View all
10-Q
2022 Q2
Quarterly report
27 Jul 22
10-Q
2022 Q1
Quarterly report
27 Apr 22
10-K
2021 FY
Annual report
17 Feb 22
10-Q
2021 Q3
Quarterly report
27 Oct 21
10-Q
2021 Q2
Quarterly report
28 Jul 21
10-Q
2021 Q1
Quarterly report
28 Apr 21
10-K
2020 FY
Annual report
17 Feb 21
10-Q
2020 Q3
Quarterly report
29 Oct 20
10-Q
2020 Q2
Quarterly report
29 Jul 20
10-Q
2020 Q1
Quarterly report
29 Apr 20
Current reports
View all
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
View all
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
View all
DEFA14A
Additional proxy soliciting materials
18 Mar 22
DEF 14A
Definitive proxy
18 Mar 22
DEFA14A
Additional proxy soliciting materials
19 Mar 21
DEF 14A
Definitive proxy
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
View all
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
View all
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

View all
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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