Tue, May 3, 11:33 AM
Mon, May 2, 5:23 PM
Thu, Apr. 14, 9:20 AM
- Recession fears have resulted in a big drop in leasing volume - down 17.8% in Q1 to just 50M square feet, the lowest level since mid-2009.
- As for rents, high-demand submarkets saw rent gains of 3.2%, well above the U.S. average.
- The current development pipeline is at its highest level of the cycle at 96.8M square feet, with more spec developments set to break ground this year in spots like San Francisco, Seattle, Dallas, and D.C.
- While 46.8M square feet of deliveries will push completions above the long-term average, they are still well below 2008's peak.
- Looking at the sales market, it's slowed, with transaction volumes up just 1% in Q1 following five straight years at a far faster rate of growth.
- Interested parties: GOV, EQC, BXP, WRE, FPO, HIW, PDM, CIO, PSB, SIR, PKY, PGRE, BDN, SLG
Mon, Mar. 28, 3:05 PM
- Office space isn't keeping up with job growth, writes Bloomberg's Rani Molla, noting office space per employee fell to 192 square feet last year vs. nearly 205 sq. ft. five years earlier. It's naturally good news for landlords as well as companies which build corporate offices, but particularly so for those located in areas with the fastest employment growth.
- Not surprisingly, this includes San Francisco and San Jose, but it also includes the Sunbelt, where many companies are moving workers to escape sky-high prices on the coasts.
- REITs with substantial Sunbelt exposure - think Equity Commonwealth (NYSE:EQC), Piedmont Office Realty Trust (NYSE:PDM), and Highwoods Properties (NYSE:HIW) - have outperformed big city counterparts over the past year. According to Highwoods CFO Mark Mulhern, his company's properties are enjoying an all-time average occupancy of 93%.
Thu, Feb. 4, 5:12 PM
- Piedmont Office (NYSE:PDM): Q4 EPS of $0.41 in-line.
- Revenue of $139.5M (-4.9% Y/Y) misses by $8.49M.
Wed, Feb. 3, 5:35 PM
- ACET, ACXM, AHL, AIV, ASYS, ATHN, ATR, BMI, CATM, CTRL, DATA, DCT, DECK, DV, ECHO, ECOM, EGAN, EGOV, ELY, ES, ESL, ESS, FLDM, FLT, G, GNW, HBI, HIG, IPHI, KRG, LGF, LNKD, MOBL, MTD, NEWR, NFG, NSR, NTGR, OMCL, OUTR, PCTY, PDM, PKI, POST, PPS, PXLW, QRVO, RDEN, RNG, SKYW, SRCL, SWIR, SXT, THG, TTMI, UBNT, UEPS, WAIR, YRCW
Thu, Jan. 7, 10:45 AM
- Alongside the team's upgrade of six REITs, Baird cuts Apple Hospitality REIT (APLE -1.6%), DDR (DDR -1.3%), Highwoods Properties (HIW -2.2%), Kite Realty (KRG -2.3%), Piedmont Office Realty (PDM -1%), Spirit Capital (SRC -2%), and Terreno Realty (TRNO -2.6%) to Neutral from Outperform.
- Ashford Hospitality Prime (AHP -5.1%) is downgraded to Underperform from Neutral.
Nov. 10, 2015, 6:15 AM
- Piedmont Office (NYSE:PDM): Q3 EPS of $0.41 in-line.
- Revenue of $148.82M (+2.9% Y/Y) beats by $0.64M.
Nov. 8, 2015, 5:35 PM
- AEGR, AMBC, APEI, APPS, APU, ASEI, ATW, BDE, BEAT, CALL, CARA, CHMI, CKEC, CZR, DEPO, DTSI, EGY, ENV, FF, GALE, HALO, HMIN, IFF, IPAR, JAZZ, JIVE, JMBA, KEYW, LEAF, LF, LGF, LGND, MDR, MODN, NOR, NSPH, OMER, OPK, PDM, PFIE, PINC, PSIX, PTCT, PTLA, PVA, QNST, RARE, RAX, RBCN, REN, REXX, RLD, RMTI, SB, SBRA, SCLN, SUNE, TERP, TPC, TTEC, TTGT, TUBE, TXTR, UGI, VSAT, WWD, XON, XONE, ZGNX
Jul. 29, 2015, 5:41 PM
- Piedmont Office (NYSE:PDM): Q2 FFO of $0.39 in-line.
- Revenue of $146.73M (+5.9% Y/Y) misses by $2.36M.
- Shares -0.53% AH.
May 13, 2015, 7:54 AM
Apr. 29, 2015, 6:00 PM
- Piedmont Office (NYSE:PDM): Q1 FFO of $0.39 in-line.
- Revenue of $149.76M (+9.9% Y/Y) beats by $1.57M.
Apr. 14, 2015, 2:51 PM
- Raleigh tops Morgan Stanley's list of top 14 metro areas for office property, with San Jose and San Francisco taking spots #2 and #3. Washington, D.C. brings up the rear, just behind Chicago and Houston.
- Analyzing ten different office REITs to determine their exposure to the list, the team finds Hudson Pacific (HPP -0.8%), Highwoods Properties (HIW +1%), and SL Green (SLG +0.8%) have the most exposure to the best markets, while Piedmont Office (PDM +0.4%) and Douglas Emmett (DEI +0.2%) earned weaker scores.
- "One of the best growth stories through avid development, value-add acquisitions and exposure to the attractive Southeast, including Raleigh and Nashville," says Morgan, upgrading Highwoods to Overweight. "We have increased conviction after spending two days with the team last week."
- "A pure-play on high-barrier, coastal gateway office with potential $100/foot asking rents, attractively valued after accounting for embedded growth," says Morgan, maintaining Paramount Group (PGRE +0.4%) at Overweight.
- "High expirations in stronger and weaker submarkets alike, but tenant verticals are slower growth, and high barrier markets limit expansion. Yet one of the more expensive names," they say, reiterating Douglas Emmett at Underweight.
- Source: Barron's
Feb. 5, 2015, 5:39 PM
- Piedmont Office (NYSE:PDM): Q4 EPS of $0.39 beats by $0.01.
- Revenue of $146.71M (+3.7% Y/Y) beats by $2.14M.
Feb. 4, 2015, 5:35 PM
- ACET, ACLS, ADNC, AHL, AIV, ARCW, ASEI, ASYS, ATHN, ATR, ATVI, BCOV, BEBE, BMI, BRKS, BRS, BWLD, CALD, CME, CPST, CTRL, CUTR, DCT, DV, ECHO, ECOM, EGAN, EGOV, ENH, EXPE, FLDM, FLT, FWM, GPRO, HME, IMPV, KIM, KRG, LF, LGF, LNKD, MCK, MRIN, MTD, MXWL, NTGR, NUAN, OLN, ONNN, OUTR, P, PCTY, PDFS, PDM, PXLW, RDEN, RENT, SIMG, SLH, SPF, SPSC, SRCL, SWIR, SYMC, TPX, TSYS, TWTR, UBNT, UEPS, VRSN, WAIR, YELP, YRCW
Feb. 3, 2015, 12:11 PM
- Purchased in late January was Park Place on Turtle Creek, a class-A, 177.2K square foot property including a 14-story office building, and an adjoining 5-level parking structure. It's currently 88% occupied.
- Sold was 3900 Dallas Parkway, a 120K square foot, 5-story property.
- The transactions are part of PDM's strategy of selling non-core assets, and rolling into higher-quality properties.
Piedmont Office Realty Trust, Inc. is a fully integrated, self-administered and self-managed real estate investment trust for federal income tax purposes and engages in the acquisition, development, management, and ownership of commercial real estate properties throughout the United States. The... More
Industry: REIT - Office
Country: United States
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