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Piedmont Office (PDM)
NYSE:PDM
Earnings Data
Report Date
May 06, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
-0.03Last Year’s EPS
-0.22Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 13, 2025
|% Change Since: -5.37%
|Next Earnings Date:May 06, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted strong leasing activity, significant rental rate growth, and successful financial management, particularly in refinancing efforts. However, the company faced challenges with increased interest expenses and some downtime due to lease expirations. Overall, the positive aspects of leasing success and financial stability outweigh the negatives.Company Guidance
During the Piedmont Office Realty Trust's fourth quarter 2024 earnings call, several key metrics and guidance were discussed. The company reported completing 2.4 million square feet of total leasing for the year, marking the highest annual leasing since 2015, and achieved a year-end lease percentage of 88.4%. They experienced strong rental rate growth, with cash basis increases of approximately 12% and accrual basis increases nearing 20%. Same-store NOI grew by 2.6%, surpassing initial projections. Additionally, Piedmont's refinancing activity resulted in no debt maturities until 2028, despite increased net interest expenses impacting core FFO, which was reported at $1.49 per diluted share for the year. Looking ahead to 2025, Piedmont anticipates a leasing volume between 1.4 million to 1.6 million square feet, targeting a year-end lease percentage of 89% to 90%, and projecting same-store NOI growth of up to 3%. The guidance also includes expectations of higher interest expenses and manageable lease expirations, positioning the company to continue capturing market demand and driving rental rate growth.Record Leasing Activity
Piedmont completed 2.4 million square feet of total leasing in 2024, the most since 2015, with over a million square feet of new tenant leases. This resulted in a year-end lease percentage of 88.4%.
Strong Rental Rate Growth
The company experienced rental rate growth of approximately 12% on a cash basis and almost 20% on an accrual basis, the strongest growth in the past 5 years on an accrual basis and in over a decade on a cash basis.
Successful Refinancing
Piedmont completed a $400 million bond offering in June and now has no debt with a final maturity until 2028, providing financial stability.
Increased Same-Store NOI
Cash basis same-store NOI grew by 2.6%, well above projections and guidance for the year.
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PDM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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PDM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 13, 2025 | $7.82 | $7.18 | -8.18% |
| Oct 24, 2024 | $10.55 | $10.02 | -5.02% |
| Jul 31, 2024 | $8.28 | $8.32 | +0.48% |
| Apr 30, 2024 | $6.48 | $6.34 | -2.16% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Piedmont Office (PDM) report earnings?
Piedmont Office (PDM) is schdueled to report earning on May 06, 2025, TBA Not Confirmed.
What is Piedmont Office (PDM) earnings time?
Piedmont Office (PDM) earnings time is at May 06, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PDM EPS forecast?
PDM EPS forecast for the fiscal quarter 2025 (Q1) is -0.03.
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