Piedmont Office Realty Q2 net loss widens to $9.8M, but leasing hits decade-high 1M sf

Piedmont Realty Trust, Inc.

2024-Q2 EPS reported -$0.30 revenue$287,800,000

Net loss of $9.8M ($0.08 diluted) vs $2.0M loss a year ago; Core FFO per share $0.37 vs $0.45.
Completed over 1M sf of leasing (65 deals), including 404k sf new tenant; cash rent roll-up 15.2%.
Issued $400M 6.875% senior notes due 2029; repaid line of credit and $25M term loan; addresses maturities.
2024 Core FFO guidance narrowed to $182-189M ($1.46-1.52); Same Store NOI growth raised to 2-3%.
Q3 dividend $0.125/share payable Sept 20; leased percentage 87.3%, with $51M future annual cash rents.

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