|Over a quarter ago|
Piedmont Office Realty appoints George Wells as COO » 07:0006/0706/07/21
The Company announced…
The Company announced that the board has approved the promotion of George Wells to COO of Piedmont. In this role, he will continue to oversee all property and asset management teams, construction, and more recently the addition of corporate branding and marketing. Mr. Wells joined Piedmont sixteen years ago and has over 30 years of commercial real estate experience.
Piedmont Office Realty announces completed leasing transactions through May » 06:5906/0706/07/21
Piedmont Office Realty…
Piedmont Office Realty Trust announced in advance of the National Association of Real Estate Investment Trusts' Annual Investor Conference which begins on June 8th that it has completed approximately 230,000 square feet of leasing transactions during the Second Quarter of 2021 through May, with approximately 60% related to new tenant leasing. This completed leasing total excludes the progress on the previously-reported 5-year, 313,000 square foot renewal negotiation with the City of New York at 60 Broad Street, which cleared the final stage of the public hearing review process in late May and now awaits execution by the Mayor's office.
Piedmont Office Realty sees FY21 core FFO $1.86-$1.96, consensus $1.86 » 17:2602/1002/10/21
The company said,…
The company said, "While the longer-term consequences on the economy and our tenants as a result of the COVID-19 pandemic continue to be unknown, the approval and distribution of vaccines create the opportunity for business to return to more normal activity over the course of 2021. Our projections for 2021 include the assumption of a gradual ramping up of business over the year with a return to a more typical state of operations during the second half of 2021, and anticipate Same Store NOI growth in the 3-5% range. Notwithstanding the uncertain economic backdrop that currently remains, Piedmont has a strong, diversified tenant base, of which a majority is investment grade quality, that resulted in the collection of over 99% of our scheduled rent payments during the year ended December 31, 2020. We believe that this strong tenant base, combined with low lease expirations projected for 2021, limited exposure to transient parking income and retail and co-working tenants, a strong balance sheet, and $4.6 million in general reserves for tenant receivables, will all contribute to stability in our anticipated operating performance in 2021."
Piedmont Office Realty reports Q4 core FFO 46c, consensus 45c » 17:2502/1002/10/21
Reports Q4 revenue…
Reports Q4 revenue $131.5M, consensus $129.40M. Commenting on fourth quarter and annual results, Brent Smith, president and CEO, said, "2020 was an extremely difficult year for everyone, but despite the challenges Piedmont faced, we executed over a million square feet of leasing and achieved approximately 6% growth in Core FFO driven by strong rent collections from our diversified, credit-worthy tenant base. Additionally, we were able to complete several strategic transactions to further our presence in select Sunbelt markets - exchanging 1901 Market, our sole asset in Philadelphia, for the Dallas Galleria Office Towers, exiting the New Jersey market through a portfolio disposition, and bolstering our downtown Orlando campus with the acquisition of 222 South Orange Avenue. Furthermore, we are encouraged by the improved leasing activity witnessed during the latter part of 2020. As we move into 2021, our balance sheet remains strong, our liquidity position is excellent, and leasing activity continues to improve, with Piedmont already completing over 500,000 square feet of leasing year to date. With COVID-19 vaccines entering the distribution phase, we anticipate business and office space usage returning to more normal activity over the course of this year."