Piedmont Realty Trust, Inc. PDM
Piedmont Realty Trust, Inc. ("Piedmont," "we," "our," or "us") (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust ("REIT") for federal income tax purposes and engages in the ownership, management, development, redevelopment, and operation of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. ("Piedmont OP"), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $565.0M | $570.3M | $577.8M | $563.8M | $528.7M | $535.0M | $533.2M | $526.0M | $574.2M | $555.7M |
| SG&A | $30.6M | $35.4M | $29.2M | $29.1M | $30.3M | $27.5M | $37.9M | $29.7M | $29.3M | $27.4M |
| Total operating expenses | $485.5M | $529.9M | $529.9M | $505.7M | $488.8M | $446.3M | $440.9M | $410.3M | $492.9M | $484.9M |
| Operating income | — | — | — | — | — | — | — | $115.7M | $81.3M | $70.8M |
| Interest expense | $128.0M | $123.0M | $101.3M | $65.7M | $51.3M | $55.0M | $61.6M | $61.0M | $68.1M | $64.9M |
| Pre-tax income | -$83.6M | -$79.1M | -$48.3M | $146.8M | -$774.0K | $232.7M | $229.4M | $130.4M | $133.6M | $100.1M |
| Income tax | $1.0K | $2.0K | $39.0K | $10.0K | $379.0K | $4.0K | $160.0K | $97.0K | $13.0K | $415.0K |
| Net income | -$83.6M | -$79.1M | -$48.4M | $146.8M | -$1.2M | $232.7M | $229.3M | $130.3M | $133.6M | $99.7M |
| EPS, basic | -0.67 | -0.64 | -0.39 | 1.19 | -0.01 | 1.85 | 1.82 | — | — | — |
| EPS, diluted | -0.67 | -0.64 | -0.39 | 1.19 | -0.01 | 1.85 | 1.82 | 1.00 | 0.92 | 0.69 |
| Shares, diluted (wtd. avg.) | $124.4M | $123.9M | $123.7M | $123.5M | $124.0M | $126.1M | $126.2M | $130.6M | $145.4M | $145.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $731.0K | $109.6M | $825.0K | $16.5M | $7.4M | $7.3M | $13.5M | $4.6M | $7.4M | $7.0M |
| Goodwill | $53.5M | $53.5M | $53.5M | $82.9M | $98.9M | $98.9M | $98.9M | $98.9M | $98.9M | $98.9M |
| Other intangibles | $44.4M | $60.5M | $82.6M | $114.4M | $94.4M | $90.6M | $74.4M | $77.7M | $77.8M | $99.7M |
| Total assets | $4.03B | $4.11B | $4.06B | $4.09B | $3.93B | $3.74B | $3.52B | $3.59B | $4.00B | $4.37B |
| Long-term debt | $2.22B | $2.22B | $2.05B | $1.98B | $1.88B | — | $1.48B | $1.69B | $1.73B | $2.02B |
| Total liabilities | $2.53B | $2.53B | $2.33B | $2.24B | $2.14B | $1.84B | $1.70B | $1.88B | $2.01B | $2.27B |
| Total equity | $1.50B | $1.59B | $1.72B | $1.85B | $1.79B | $1.90B | $1.82B | $1.71B | $1.99B | $2.10B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $140.6M | $198.1M | $210.1M | $215.2M | $242.2M | $193.3M | $208.5M | $202.9M | $242.8M | $231.8M |
| Depreciation and amortisation | $181.2M | $177.6M | $179.4M | $166.2M | $149.2M | $142.8M | $132.6M | $128.5M | $145.8M | $155.3M |
| Stock-based compensation | $9.7M | $9.6M | $8.1M | $9.0M | $11.0M | $9.7M | $15.4M | $9.7M | $9.2M | $7.9M |
| Investing cash flow | -$175.3M | -$186.6M | -$196.0M | -$1.2M | -$368.9M | -$197.9M | $134.4M | $323.8M | $240.6M | -$119.9M |
| Financing cash flow | -$75.3M | $98.2M | -$29.5M | -$203.2M | $126.4M | -$1.6M | -$333.5M | -$529.4M | -$482.9M | -$114.4M |
| Dividends paid | $30.9M | $61.9M | $93.1M | $104.4M | $103.9M | $106.3M | $106.4M | — | — | — |
| Buybacks | — | — | $0 | $0 | $19.5M | $30.0M | $16.9M | $298.5M | $60.5M | $7.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001042776-26-000012.
Others in SIC 6512
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MAYS | MAYS J W INC | $85.5M | — | 4.1% |
| GYRO | Gyrodyne, LLC | $11.0M | — | — |
| BN | BROOKFIELD Corp /ON/ | — | — | -12.7% |