Piedmont Office: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}ATLANTA (AP) _ Piedmont Office Realty Trust Inc. (PDM) on Tuesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Atlanta-based real estate investment trust said it had funds from operations of $57.6 million, or 45 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 43 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $16.1 million, or 13 cents per share.
The commercial real estate investment trust posted revenue of $129.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $127.2 million.
{{#rendered}} {{/rendered}}Piedmont Office expects full-year funds from operations in the range of $1.70 to $1.73 per share.
The company's shares have dropped 6 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.43, a decrease of slightly more than 4 percent in the last 12 months.
_____
{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PDM at https://www.zacks.com/ap/PDM