2020-02-04 16:34:24 PDM Piedmont Office Realty
02/04/20 02/0416:34 02/04/2016:34 | Piedmont Office Realty reports Q4 core FFO 46c, consensus 45cReports Q4 revenue $134.15M, consensus $134.75M. Commenting on the quarter's results, Brent Smith, President and CEO, said, "2019 was a phenomenal year for Piedmont. We completed several key acquisitions which allowed us to gain control of the entire 2.1 million square foot Atlanta Galleria office development. Those acquisitions were funded by the sale of two of our more mature assets in non-strategic markets, including the sale during the fourth quarter of 500 West Monroe Street in Chicago, and demonstrate our ability to monetize assets which have maximized their growth potential in our portfolio and redeploy the proceeds accretively into our targeted sub-markets. Leasing activity for the year was an impressive 2.3 million square feet and resulted in strong current, and what we believe, will be future rent growth. During the fourth quarter we successfully completed an approximately 20-year renewal of one of our largest tenants, State of New York, for more space and at better economics than we originally anticipated. Further, we are very excited about the start we are seeing for 2020 with a significant acquisition planned in Dallas and continued leasing momentum across the portfolio." |
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