Atlanta, GA, May 16, 2020 – Shares of Piedmont Office Realty Trust Inc. (NYSE: PDM) showed the bearish trend with a lower momentum of -1.16% to $13.60. The company traded total volume of 1.850M shares as contrast to its average volume of 1.11M shares. The company has a market value of $1.71B and about 125.86M shares outstanding.
Piedmont Office Realty Trust Inc. (NYSE: PDM) reported net income applicable to common stockholders of $8.40M, or $0.07 per diluted share, for the quarter ended September 30, 2019, as contrast with $16.10M, or $0.13 per diluted share, for the quarter ended September 30, 2018.
Results for the Quarter ended September 30, 2019:
Piedmont recognized net income applicable to common stockholders for the three months ended September 30, 2019 of $8.40M, or $0.07 per diluted share, as contrast with $16.10M, or $0.13 per diluted share, for the three months ended September 30, 2018. The decrease in the current quarter’s results was mainly a result of about $4.70M of additional amortization expense related to intangibles of the recently attained Galleria 100, 400 and 600. In addition, the current quarter’s results also included a $2.00M loss on impairment of real estate assets associated with the sale of a non-planned building, The Dupree, during the quarter.
Total revenues and property operating costs were $135.40M and $54.60M, respectively, for the three months ended September 30, 2019, contrast to $129.70M and $49.70M, respectively, for the third quarter of 2018, with both line items reflecting the beginning of new leases, the expiration of abatements, and net acquisition activity during the twelve months ended September 30, 2019.
General and administrative expense was $7.90M for the third quarter of 2019 contrast to $6.70M for the same period in 2018, reflecting about $2.00M of additional expense related to increased accruals for potential performance-based equity compensation as a result of the Company’s relative stock performance during the current period, partially offset by lower compensation expense associated with the senior management transition that occurred at the end of the second quarter of 2019.
The Company offered net profit margin of 34.90% while its gross profit margin was 60.40%. ROE was recorded as 10.80% while beta factor was 0.77. The stock, as of recent close, has shown the weekly downbeat performance of -20.09% which was maintained at -38.85% in this year.