PDM Earnings Prediction
The chart below shows how PDM performed 10 days before and after its earnings report, based on data from the past quarters. Typically, PDM sees a -0.99% change in stock price 10 days leading up to the earnings, and a -0.69% change 10 days following the report. On the earnings day itself, the stock moves by -0.97%. This data can give you a slight idea of what to expect for the next quarter's release.
PDM Key Earning Data
2024/Q4
Year Over Year
Quarter Over Quarter
Total Revenue
139.29M
-5.23%
-2.77%
Gross Margin
46.20%
1.94%
-0.11%
Operating Margin
13.57%
-8.43%
0.00%
Net Margin
-8.27%
-28.52%
20.73%
EPS
-0.09
-35.71%
12.50%
No Data Available
PDM Earnings Analysis
Piedmont Office Realty Trust, Inc. Corporation (PDM.N) Earnings Conference Call
Positive
Record Leasing Activity: During the third quarter, we executed over 461,000 square feet of total leasing, bringing our total leasing year-to-date to approximately 2 million square feet, the most leasing we've done in the first nine months of a year in over a decade.
Lease Percentage Increase: This leasing success helps lift the overall lease percentage of our in-service portfolio to 88.8%, the highest level it's been since the first quarter of 2020, which marked the beginning of the COVID-19 pandemic.
Lease Transactions Volume: During the third quarter, we completed 65 lease transactions for over 460,000 square feet of total overall volume, which is on the high end of our typical quarterly range of 300,000 to 500,000 square feet.
Strong Leasing Pipeline: We have a robust pipeline of approximately 3 million square feet of potential leases in the proposal stage, indicating strong future leasing activity.
Lease Transactions Success: We completed 6 lease transactions for over 450,000 square feet already in late-stage activity, demonstrating strong operational results.
Negative
Core FFO Decline: Core FFO per diluted share for the third quarter of 2024 was $0.36 versus $0.43 per diluted share for the third quarter of 2023, indicating a decrease due to increased net interest expense.
FFO Decrease Analysis: Approximately $0.03 of the decrease in FFO is due to increased net interest expense from successful refinancings over the past year, alongside lower reported rental income due to the sale of two properties this year.
Leasing Activity Trends: The company executed over 461,000 square feet of total leasing in the third quarter, which is the most leasing done in the first nine months of a year in over a decade, but still reflects a decline in overall leasing activity compared to previous years.
Tenant Retention Analysis: The existing tenant retention rate of 80% was much higher than the long-standing retention average of 65%, indicating challenges in maintaining occupancy levels in a competitive market.
Lease Backlog and Revenue: The company has a backlog of 1.5 million square feet of leases representing approximately $48 million of additional annual revenues, but the contract actual expirations are manageable at less than 11% of annual revenue.
PDM FAQs
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PDM Earning Call Sentiment
Piedmont Office Realty Trust, Inc. (PDM) Q3 2024 Earnings Call Transcript
1.0x
00:00
00:00
PDM.N
0.95%Positive
The earnings call summary indicates strong leasing success, increased occupancy, and a robust pipeline, which are positive indicators. The company's liquidity position is strong, with no major debt maturities until 2027. The Q&A section highlights active leasing markets and tenant retention. While there are some uncertainties, such as the impact of elections on D.C. leasing, the overall sentiment is positive, especially with increased guidance and strong financial health. Thus, the stock price is likely to see a positive movement in the next two weeks.