Piedmont Q2 net loss $2.0M ($0.02/sh); issues $400M 9.25% notes; lowers Core FFO guidance

Piedmont Realty Trust, Inc.

2023-Q2 EPS reported -$0.03 revenue$285,439,000

Net loss applicable to Piedmont of $2.0M vs net income $8.0M in Q2 2022; diluted EPS -$0.02 vs +$0.06.
Core FFO $0.45/diluted share vs $0.50 a year ago; increase in interest expense of $9.6M drove the decline.
Closed $400M senior notes offering at 9.25% due 2028; proceeds to fund tender offer for 2024 notes.
Leased 581k sq ft in Q2 (70% retention, 14%+ cash rent roll up); leased percentage 86.2% at June 30.
Revised 2023 Core FFO guidance to $1.74-$1.80/sh from $1.80-$1.90, reflecting higher interest expense.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Piedmont Realty Trust, Inc. reported second quarter 2023 results: net income $(1,988), EPS $(0.02). Guidance reaffirmed.

Period: second quarter 2023
Net income: $(1,988)
EPS: $(0.02)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Net income/(loss) applicable to Piedmont $(1,988) $7,966 Net income/(loss) per share applicable to common stockholders - diluted $(0.02) $0.06

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Piedmont Realty Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001042776-23-000147

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