Tue, Apr. 14, 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
Thu, Feb. 5, 5:39 PM
Wed, Feb. 4, 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
Tue, Feb. 3, 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.
- Press release
Tue, Jan. 13, 7:48 AM
Dec. 12, 2014, 10:46 AM
- Started with Buys are Highwoods Properties Trust (HIW +1.2%), Hudson Pacific Properties (HPP -0.2%), and Parkway Properties (PKY -0.8%).
- Stated with Neutrals are Boston Properties (BXP +0.1%), Brandywine Realty Trust (BDN), Douglas Emmet (DEI +0.7%), First Potomac Realty (FPO +0.3%), Kilroy Realty (KRC +0.7%), and Piedmont Office (PDM -0.2%).
Oct. 29, 2014, 6:02 PM
Oct. 21, 2014, 9:39 AM
- Started at Buy are Boston Properties (BXP +0.4%), Brandywine Realty Trust (BDN +1.5%), Corporate Office Properties Trust (OFC +0.4%), Cousins Properties (CUZ +0.6%), Highwoods Properties (HIW +0.5%), and SL Green Realty (SLG +0.4%).
- Rated Neutral are Washington Real Estate Investment (WRE), Piedmont Office Realty Trust (PDM -0.3%), New York REIT (NYRT -0.1%), Mack Cali Realty (CLI -0.1%), and First Potomac Realty (FPO).
Oct. 20, 2014, 1:12 PM
- Piedmont Office Realty Trust (PDM +0.9%) executed about 684K square feet of total leasing, including 389K square feet of previously unoccupied space - the 2nd highest quarter of new, unoccupied leasing on record for the company.
- The firm also picked up an Atlanta property, adding 376K square feet to its portfolio there (new total is about 1.5M square feet). The property is 100% leased to three tenants.
- About 90% of annualized lease revenue now comes from Piedmont's nine target markets, with about two-thirds coming from CBDs or urban infill properties.
- Press release
Jul. 30, 2014, 6:08 PM
Apr. 30, 2014, 5:42 PM| Comment!
Mar. 6, 2014, 5:40 PM
Feb. 6, 2014, 5:58 PM
- Piedmont Office Realty Trust (PDM): Q4 CFFO of $0.37 in-line.
- Revenue of $142.9M (+7.9% Y/Y) beats by $26.9M.
Feb. 6, 2014, 12:10 AM| 4 Comments
Feb. 5, 2014, 5:35 PM| 2 Comments
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