Piedmont Office Realty Trust (PDM) Tops Q4 EPS by 23c

Piedmont Office Realty Trust (NYSE: PDM) reported Q4 EPS of $0.35, $0.23 better than the analyst estimate of $0.12.

Commenting on the Company's results, Donald A. Miller, CFA, Chief Executive Officer, said, "We are very pleased with our fourth quarter transactional activity. We sold our last asset on the West Coast and used the proceeds to acquire two assets in our core markets, both at a substantial discount to replacement cost. In addition, we contracted to sell our largest non-core asset in Washington, D.C. which hits a number of strategic points for us - reducing our exposure to the southwest D.C. submarket, disposing of a fully stabilized asset with limited FFO growth potential, and freeing up capital to reduce our leverage level and/or invest accretively in other opportunities. We believe all of these capital allocation decisions during the fourth quarter will positively impact our 2019 results.”

For earnings history and earnings-related data on Piedmont Office Realty Trust (PDM) click here.

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