Piedmont Office Realty Trust Inc (NYSE: PDM) shares plummeted 5.06% on Thursday, following the company's third quarter 2024 earnings call where it reported lower financial results and a cautious outlook for certain markets.
During the earnings call, Piedmont Office reported a decline in core Funds From Operations (FFO) per share to $0.36, down from $0.43 in the same quarter last year. The company attributed the drop to increased net interest expense from refinancing activities and lower reported rental income due to downtime between lease expirations and new leases commencing.
While the company highlighted strong leasing activity across its portfolio, with over 2 million square feet leased year-to-date, it expressed concerns over the Washington DC market, which remains a challenged submarket for Piedmont Office. The company's CEO, Brent Smith, stated that the demand in the district is expected to remain diminished for some time, making it difficult to differentiate the company's assets in that market.
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