Piedmont Office: 3Q Earnings Snapshot
ATLANTA (AP) _ Piedmont Office Realty Trust Inc. (PDM) on Wednesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $56.7 million, or 45 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 45 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $8.4 million, or 7 cents per share.
The commercial real estate investment trust posted revenue of $135.4 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $127.6 million.
Piedmont Office expects full-year funds from operations in the range of $1.77 to $1.79 per share.
The company’s shares have climbed 26% since the beginning of the year. The stock has increased 16% in the last 12 months.