Piedmont Office Realty Trust (NYSE: PDM) reported Q1 EPS of $0.07, $0.02 worse than the analyst estimate of $0.09.

Highlights for the Quarter Ended March 31, 2020:

• Reported net income applicable to common stockholders of $8.7 million, or $0.07 per diluted share, for the quarter ended March 31, 2020, as compared with $50.2 million (which included a $37.9 million gain on sale of real estate asset), or $0.40 per diluted share, for the quarter ended March 31, 2019;
• Achieved Core Funds From Operations ("Core FFO") of $0.47 per diluted share for the quarter ended March 31, 2020 as compared to $0.45 for the quarter ended March 31, 2019;
• Completed approximately 417,000 square feet of leasing, including approximately 120,000 square feet of new tenant leasing;
• Reported an approximately 5.0% and 15.4% roll up in cash and accrual rents, respectively, on leases executed during the quarter for space vacant one year or less;
• Reported a 2.2% and 4.2% increase in the current quarter's Same Store NOI-Cash Basis and Same Store NOI-Accrual Basis, respectively, as compared to the quarter ended March 31, 2019;
• Completed the acquisition of the Dallas Galleria Office Towers, a 1.4 million square foot project plus a 1.9-acre developable land parcel located in Dallas, TX, for approximately $396 million;
• Entered into a binding contract to sell 1901 Market Street in Philadelphia, PA for $360 million; and,
• Entered into a $300 million unsecured term loan and used the proceeds to pay down its $500 million line of credit.

Commenting on the quarter's results, Brent Smith, President and Chief Executive Officer, said, "While the first quarter of 2020 was undoubtedly a historic one in many ways, and we are not immune to the macro economic forces that we are all currently dealing with related to the COVID-19 pandemic, it is during times like these that our business strategy, which focuses on long-term leases to investment-grade tenants, demonstrates its resilience, quality, and value. We are thankful to report that the consequences of the coronavirus had minimal financial impact on our first quarter operations. Our leasing results were robust, financial results were in line with our expectations, and we completed the largest acquisition in Piedmont's history, as well as placing another large asset under contract to sell. Finally, and perhaps most importantly, in light of today's economic landscape, we entered into a new $300 million unsecured term loan and used the proceeds to pay down our $500 million line of credit, so our balance sheet is in a very strong and liquid position. At this time, the well being of our tenants, employees and contractors continues to be our top priority. All of our buildings remain open and fully operational, allowing those tenants with essential business to continue to serve their communities, and we are appreciative of those individuals who remain steadfast in keeping our communities safe, healthy and supplied."

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