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Piedmont Realty Trust Q3 core FFO per share rises as rental rates grew, new leases started

By Reuters News


Overview

  • US office REIT reported Q3 core FFO per share of $0.39


Outlook

  • Piedmont raises and narrows FY26 Core FFO guidance to $1.55-$1.57 per share from $1.47-$1.53

  • Company expects FY26 same-store NOI to rise 7.5% to 8.5% cash basis and 5% to 6% accrual basis

  • Piedmont anticipates its $81.8 mln Enclave Place sale will close in Q4 and repay its credit li


Result Drivers

  • RENTAL GROWTH AND LEASE COMMENCEMENTS – Core FFO per share rose to $0.39 from $0.35 as rental rates grew and new leases commenced

  • HIGHER RENTS AND ABATEMENT BURN-OFF – Same-store cash NOI rose 7.5% as higher rental rates and new-lease abatements ending outweighed expirations

  • DEBT REFINANCING CHARGE – Net loss widened to $21.0 mln from $13.5 mln, reflecting a $20.2 mln loss on early debt extinguishment, partly offset by an $8.9 mln property-sale gain


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Core FFO Per Share

$0.39


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the commercial reits peer group is "hold"

  • Wall Street's median 12-month price target for Piedmont Realty Trust, Inc. is $11.00, about 13.6% above its October 23 closing price of $9.68


Reuters Recommended Reads

  • Oct 26 - Sun Communities Q3 core FFO per share rises driven by manufactured houses strength

  • Oct 26 - Welltower Q3 normalized FFO per share rises 25%, guidance raised

  • Oct 26 - Public Storage Q3 Core FFO company lifts 2026 outlook as portfolio expands


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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