Piedmont Office Realty Trust (PDM) Reports Q4 EPS of $0.18, Revenues Beat
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Piedmont Office Realty Trust (NYSE: PDM) reported Q4 EPS of $0.18, versus $0.00 reported last year. Revenue for the quarter came in at $131.5 million versus the consensus estimate of $129.43 million.
Highlights for the Quarter and Year Ended December 31, 2020:
- The timing of dispositions over the last two years and the recording of related gains, significantly impacted the results of the quarter and year ended December 31, 2020. The Company reported net income applicable to common stockholders of $22.6 million, or $0.18 per diluted share, and $232.7 million, or $1.85 per diluted share, for the quarter and year ended December 31, 2020, respectively, as compared with $162.5 million, or $1.29 per diluted share, and $229.3 million, or $1.82 per diluted share for the quarter and year ended December 31, 2019, respectively.
- Piedmont reported an approximate 6% year over year increase in Core Funds From Operations which eliminates the effect of gains and losses on dispositions, with $0.46 per diluted share and $1.89 per diluted share for the quarter and year ended December 31, 2020, respectively, as compared to $0.46 per diluted share and $1.79 per diluted share for the quarter and year ended December 31, 2019, respectively.
- The Company completed 1.1 million square feet of leasing during the year ended December 31, 2020, including approximately 189,000 square feet during the fourth quarter.
- Piedmont recognized a 3.5% and 10.2% roll up in cash and accrual rents, respectively, for the year ended December 31, 2020 with a 2.2% roll down and 5.3% roll up in cash and accrual rents, respectively, for the quarter ended December 31, 2020 on executed leases for space vacant one year or less.
- The Company collected over 99% of billed tenant receivables for the year ended December 31, 2020.
- During the fourth quarter, Piedmont sold a portfolio consisting of its final three assets located in New Jersey: 600 Corporate Drive and 200 and 400 Bridgewater Crossing, for approximately $130 million, or $176 per square foot, resulting in a gain of $14.6 million;
- The Company acquired 222 South Orange Avenue during the fourth quarter. The approximately 127,000 square foot office building, which is connected to Piedmont's 200 South Orange Avenue office tower located in downtown Orlando, FL, was acquired for $20 million, or $157 per square foot.
- During the fourth quarter, 2.2 million shares of the Company's common stock were repurchased at an average price of $14.00 per share.
Commenting on fourth quarter and annual results, Brent Smith, President and Chief Executive Officer, 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."
For earnings history and earnings-related data on Piedmont Office Realty Trust (PDM) click here.
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