Piedmont Office Realty Trust announces significant second quarter leasing success and participation in Nareit REITWeek Investor Conference in NYC.
Quiver AI Summary
Piedmont Office Realty Trust, Inc. announced its participation in the Nareit REITWeek Investor Conference in New York City, highlighting significant leasing activity in the second quarter of 2025. The company has secured over 500,000 square feet of leases this quarter alone, with 350,000 square feet linked to new tenants, primarily filling currently vacant spaces. Notable transactions include a 93,000-square-foot lease with a global professional services firm in Dallas and an 84,000-square-foot lease with a frozen food distributor in Minneapolis. CEO Brent Smith noted a strong momentum in leasing demand despite economic uncertainties, leading to an increase in the company's leasing guidance for 2025 from 1.4–1.6 million square feet to 1.8–2.0 million square feet. Piedmont continues to demonstrate a robust client pipeline and is positioned to meet the demand for quality office environments.
Potential Positives
- Participation in the Nareit REITWeek Investor Conference enhances visibility and engagement with potential investors and industry peers.
- Significant leasing activity with over 500,000 square feet signed in the second quarter, indicating strong demand in a competitive market.
- Increase in 2025 leasing guidance from 1.4 to 1.6 million square feet to 1.8 to 2.0 million square feet reflects positive market momentum and confidence in continued growth.
- Piedmont's recognition as a 2024 ENERGY STAR Partner of the Year – Sustained Excellence underscores the company's commitment to sustainability, appealing to environmentally-conscious tenants and investors.
Potential Negatives
- Leasing activity is concentrated on new tenants in currently vacant spaces, which may indicate challenges in retaining existing tenants or maintaining high occupancy rates.
- The 'turbulent economic backdrop' mentioned by the CEO could suggest potential vulnerabilities in the company's future performance, even if current demand appears strong.
- The increase in leasing guidance may imply previous underperformance or caution regarding the market conditions, raising questions about the reliability of achieved targets.
FAQ
What recent event is Piedmont Office Realty Trust participating in?
Piedmont is participating in the Nareit REITWeek Investor Conference in New York City this week.
How much leasing has Piedmont completed in Q2 2025?
In the second quarter, Piedmont has completed over 500,000 square feet of leasing.
What major transactions did Piedmont sign recently?
Piedmont signed two significant transactions: 93,000 square feet with a global professional services firm and 84,000 square feet with a frozen food distributor.
What is Piedmont's updated leasing guidance for 2025?
The updated leasing guidance for 2025 is increased to 1.8 to 2.0 million square feet.
What is the size of Piedmont's portfolio?
Piedmont's portfolio comprises approximately 16 million square feet of Class A office properties.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PDM Insider Trading Activity
$PDM insiders have traded $PDM stock on the open market 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $PDM stock by insiders over the last 6 months:
- CHRISTOPHER BRENT SMITH (President & Chief Exec. Off) purchased 16,615 shares for an estimated $109,492
- SHERRY L REXROAD (EVP-CFO) purchased 16,850 shares for an estimated $100,257
- DALE H. TAYSOM purchased 3,000 shares for an estimated $18,000
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PDM Hedge Fund Activity
We have seen 104 institutional investors add shares of $PDM stock to their portfolio, and 140 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BROOKFIELD CORP /ON/ removed 1,033,232 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $7,614,919
- NUVEEN ASSET MANAGEMENT, LLC removed 988,771 shares (-55.8%) from their portfolio in Q4 2024, for an estimated $9,047,254
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP removed 701,804 shares (-62.9%) from their portfolio in Q1 2025, for an estimated $5,172,295
- GOLDMAN SACHS GROUP INC removed 442,684 shares (-29.9%) from their portfolio in Q1 2025, for an estimated $3,262,581
- CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC added 396,923 shares (+48.0%) to their portfolio in Q1 2025, for an estimated $2,925,322
- AMERIPRISE FINANCIAL INC removed 382,435 shares (-46.7%) from their portfolio in Q1 2025, for an estimated $2,818,545
- BLACKROCK, INC. added 338,204 shares (+2.2%) to their portfolio in Q1 2025, for an estimated $2,492,563
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Atlanta, June 02, 2025 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont” or “the Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today, that the Company is participating in this week’s Nareit REITWeek Investor Conference in New York City. The Company has completed over 500,000 square feet of leasing thus far in the second quarter, with 350,000 square feet related to new tenants. Approximately 70% of the new tenant leases are for currently vacant space and year-to-date leasing volume now totals over 850,000 square feet. Of note, the Company signed two new, large transactions in excess of 10 years – 93,000 square feet with a global professional services firm specializing in risk, strategy and people at Three Galleria Office Tower in Dallas and 84,000 square feet with a global frozen food distributor at the Company’s recently repositioned 9320 Excelsior building in suburban Minneapolis.
Commenting on second quarter operational success to date, Brent Smith, Piedmont's President and Chief Executive Officer, said, "The portfolio’s leasing momentum accelerated during April and May with the team executing over half a million square feet of leases despite the turbulent economic backdrop. To date, we have not witnessed a slowdown in leasing demand or decision making. Piedmont’s client pipeline remains robust with over 400,000 square feet of leases currently in legal documentation with more than half for currently vacant space. In addition, we have 2.6 million square feet of leases in the proposal stage, further evidence that the investments that we have made in our portfolio, combined with a 'best-in-class' service and sustainability mindset, are resonating with a broad range of tenants. At this time, we are increasing our 2025 leasing guidance to 1.8 to 2.0 million square feet from our initial guidance of 1.4 to 1.6 million square feet. We continue to emphasize that Piedmont is uniquely positioned to capitalize on the growing demand for highly-amenitized, well-located work environments operated by a financially stable landlord."
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt. Its approximately $5 billion, predominantly unencumbered portfolio is currently comprised of approximately 16 million square feet. The Company is a fully integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by Moody’s (Baa3) and Fitch (BBB-). Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com .
Contact: Sarah Heimlich
Company: Piedmont Office Realty Trust
Phone: 770 418 8800
Email: [email protected]
