Whitestone REIT Continues Board Refreshment with Appointment of Two Independent Trustees
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 04 2024
0mins
Source: Globenewswire
New Board Appointments: Whitestone REIT has appointed Kristian M. Gathright and Donald A. Miller to its Board of Trustees, reflecting shareholder feedback and concluding a thorough search process. Both bring extensive real estate experience and will contribute to the company's growth strategy.
Board Restructuring: The appointments lead to the immediate departure of Nandita V. Berry and David F. Taylor from the Board, maintaining a total of six trustees, five of whom are independent, as the company aims to enhance shareholder returns through strategic oversight.
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Analyst Views on PDM
Wall Street analysts forecast PDM stock price to fall
1 Analyst Rating
1 Buy
0 Hold
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Moderate Buy
Current: 9.230
Low
9.00
Averages
9.00
High
9.00
Current: 9.230
Low
9.00
Averages
9.00
High
9.00
About PDM
Piedmont Realty Trust, Inc., formerly Piedmont Office Realty Trust, Inc., is a fully integrated, self-managed real estate investment company. As an owner, manager, developer and operator of 16 MM SF of Class A properties across major United States Sunbelt markets, the Company is transforming buildings into premier Piedmont PLACEs that enhance each client’s workplace experience. It conducts business through its wholly owned subsidiary, Piedmont Operating Partnership, L.P. (Piedmont OP). Piedmont OP owns properties directly, through wholly owned subsidiaries, and through various joint ventures which it controls. Its portfolio includes 999 Peachtree, 1155 Perimeter Center West, Las Colinas Connection, Park Place on Turtle Creek, Norman Pointe I, US Bancorp Center, The Exchange on Orange, 4250 North Fairfax, Arlington Gateway, Crescent Ridge II, and Wayside Office Park, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Sustained Demand: Piedmont's total leasing volume is nearing 900,000 square feet, either executed or in the legal stage, reflecting high customer recognition of its premium office environments and services, driving rental rate growth.
- Competitive Market Advantage: CEO Brent Smith noted that Piedmont's
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- Strong Leasing Performance: The company has renovated 90% of its portfolio since 2020, with leasing rates approaching 90%, and has absorbed nearly 750,000 square feet over the past 12 months, indicating robust market appeal and leasing activity.
- Upgraded Financial Outlook: CFO Sherry Rexroad raised the 2026 core FFO guidance to $1.49 to $1.54 per share, an increase of over $0.10 at the midpoint compared to 2025, while also adjusting same-store NOI guidance from 3%-6% to 4%-7%, reflecting confidence in future performance.
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- Revenue Growth: The Q1 revenue reached $143.29 million, reflecting a 0.4% year-over-year increase, although it slightly missed the forecast by $0.47 million, highlighting modest growth in market demand.
- Future Outlook: The company targets a core FFO per share of $1.47 to $1.53 for 2026, suggesting that as leasing momentum accelerates, future earnings are expected to improve significantly.
- Market Assessment: Piedmont Realty Trust is viewed as having significant upside potential, and despite current financial data not fully meeting market expectations, its long-term investment value remains promising.
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