Piedmont Q4 net loss $30M, Core FFO $0.37; guides FY25 lower; 2024 leasing strongest in 9 years

Piedmont Realty Trust, Inc.

2024-FY EPS reported -$0.64 revenue$570,324,000

Net loss Q4 $30M ($0.24/diluted), full year net loss $79M ($0.64) vs $48M loss prior year.
Core FFO per diluted share Q4 $0.37 (vs $0.41 YoY), FY $1.49 (vs $1.74).
Full-year leasing 2.4M sf (most since 2015); new tenant leasing 1.0M sf; leased % 88.4% up from 87.1%.
Refinanced term loan to $325M, revolver to $600M, extending maturities; no debt maturities until 2028.
2025 guidance: Core FFO $1.38-$1.44; net loss $46-$49M; Same Store NOI flat to +3%.

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