Piedmont Office: 4Q Earnings Snapshot
ATLANTA (AP) _ Piedmont Office Realty Trust Inc. (PDM) on Tuesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $57.9 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 44 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 $45.4 million, or 35 cents per share.
The commercial real estate investment trust posted revenue of $137.2 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $125.4 million.
For the year, the company reported funds from operations of $226.6 million, or $1.73 per share. Revenue was reported as $526 million.
Piedmont Office expects full-year funds from operations in the range of $1.74 to $1.80 per share.
The company’s shares have climbed 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $19.70, a rise of roughly 7 percent in the last 12 months.