Piedmont Office Realty TrustNYSE
Thu, Oct. 13, 4:22 PM
- The shared workspace provider completed a $690M funding round begun earlier this year, with investors including Shanghai Jin Jiang International Hotels putting up $260M at a $16.9B valuation, writes Maureen Farrell in the WSJ.
- The latest money will be used to fund WeWork's (Private:VWORK) international expansion - the company opened a Shanghai office in July, and has moved into South Korea and Hong Kong, with plans to open elsewhere in Asia.
- With 98 co-working spaces in 32 cities, WeWork puts the market caps of most office landlords to shame despite controlling only a fraction of their square footage.
- Boston Properties (NYSE:BXP), SL Green (NYSE:SLG), Equity Commonwealth (NYSE:EQC), Washington Real Estate (NYSE:WRE), First Potomac (NYSE:FPO), Highwood Properties (NYSE:HIW), Piedmont Office (NYSE:PDM), Paramount Group (NYSE:PGRE), and Brandywine Realty (NYSE:BDN) look on in wonder.
Mon, Sep. 19, 4:09 PM
- The company plans to sell its assets and liquidate, but CTFN suggests a sale of the company is still a possibility, with SL Green Realty (NYSE:SLG), Empire State Realty (NYSE:ESRT), and Piedmont Office Trust (NYSE:PDM) as possible "logical buyers."
- One source says a liquidation could see investors getting $13 per share vs. today's price of $9.10. A sale might take place in the low-$11 range.
Wed, Aug. 24, 8:17 AM
Wed, Aug. 3, 5:55 PM
Tue, Aug. 2, 5:35 PM
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Tue, May 3, 11:33 AM
Mon, May 2, 5:23 PM
- Piedmont Office (NYSE:PDM): Q1 EPS of $0.41 beats by $0.01.
- Revenue of $138M (-7.9% Y/Y) misses by $1.31M.
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
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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
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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