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Piedmont Office Realty Trust

NYSE:PDM
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PDM
NYSE
$3B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major U.S. The last earnings update was 15 days ago. More info.


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PDM Share Price and Events
7 Day Returns
0.6%
NYSE:PDM
0.2%
US REITs
-3.9%
US Market
1 Year Returns
16.5%
NYSE:PDM
13%
US REITs
1.4%
US Market
PDM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Piedmont Office Realty Trust (PDM) 0.6% 1.4% 0.2% 16.5% 6.3% 12.3%
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • PDM outperformed the REITs industry which returned 13% over the past year.
  • PDM outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
PDM
Industry
5yr Volatility vs Market

PDM Value

 Is Piedmont Office Realty Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Piedmont Office Realty Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Piedmont Office Realty Trust.

NYSE:PDM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PDM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (60.06%))
0.855
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.855 * 5.96%)
7.83%

Discounted Cash Flow Calculation for NYSE:PDM using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Piedmont Office Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Piedmont Office Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:PDM DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.83%)
2019 141.63 Analyst x4 131.35
2020 159.50 Analyst x4 137.19
2021 200.66 Analyst x2 160.06
2022 195.38 Analyst x1 144.54
2023 192.20 Analyst x1 131.87
2024 200.46 Est @ 4.3% 127.56
2025 208.14 Est @ 3.83% 122.83
2026 215.42 Est @ 3.5% 117.90
2027 222.46 Est @ 3.27% 112.91
2028 229.37 Est @ 3.11% 107.97
Present value of next 10 years cash flows $1,294.18
NYSE:PDM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $229.37 × (1 + 2.73%) ÷ (7.83% – 2.73%)
$4,624.07
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,624.07 ÷ (1 + 7.83%)10
$2,176.71
NYSE:PDM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,294.18 + $2,176.71
$3,470.89
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,470.89 / 125.60
$27.64
NYSE:PDM Discount to Share Price
Calculation Result
Value per share (USD) From above. $27.64
Current discount Discount to share price of $20.79
= -1 x ($20.79 - $27.64) / $27.64
24.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Piedmont Office Realty Trust is available for.
Intrinsic value
25%
Share price is $20.79 vs Future cash flow value of $27.64
Current Discount Checks
For Piedmont Office Realty Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Piedmont Office Realty Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Piedmont Office Realty Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Piedmont Office Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Piedmont Office Realty Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PDM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.96
NYSE:PDM Share Price ** NYSE (2019-05-15) in USD $20.79
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Piedmont Office Realty Trust.

NYSE:PDM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PDM Share Price ÷ EPS (both in USD)

= 20.79 ÷ 0.96

21.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piedmont Office Realty Trust is good value based on earnings compared to the US REITs industry average.
  • Piedmont Office Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Piedmont Office Realty Trust's expected growth come at a high price?
Raw Data
NYSE:PDM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
2.1%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:PDM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.62x ÷ 2.1%

10.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piedmont Office Realty Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Piedmont Office Realty Trust's assets?
Raw Data
NYSE:PDM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $13.71
NYSE:PDM Share Price * NYSE (2019-05-15) in USD $20.79
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:PDM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PDM Share Price ÷ Book Value per Share (both in USD)

= 20.79 ÷ 13.71

1.52x

* Primary Listing of Piedmont Office Realty Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piedmont Office Realty Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Piedmont Office Realty Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Piedmont Office Realty Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PDM Future Performance

 How is Piedmont Office Realty Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Piedmont Office Realty Trust expected to grow at an attractive rate?
  • Piedmont Office Realty Trust's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Piedmont Office Realty Trust's earnings growth is positive but not above the United States of America market average.
  • Piedmont Office Realty Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PDM Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PDM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 2.1%
NYSE:PDM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 6.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PDM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PDM Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 617 95 1
2022-12-31 597 89 1
2021-12-31 543 71 2
2020-12-31 494 64 3
2019-12-31 406 55 1
NYSE:PDM Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 529 210 123
2018-12-31 526 203 130
2018-09-30 532 205 54
2018-06-30 540 214 164
2018-03-31 556 226 176
2017-12-31 574 243 134
2017-09-30 579 236 195
2017-06-30 580 241 56
2017-03-31 566 232 104
2016-12-31 556 232 100
2016-09-30 552 257 153
2016-06-30 562 225 165

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Piedmont Office Realty Trust's earnings are expected to grow by 2.1% yearly, however this is not considered high growth (20% yearly).
  • Piedmont Office Realty Trust's revenue is expected to grow by 6.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PDM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Piedmont Office Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PDM Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.51 0.51 0.51 1.00
2020-12-31 0.49 0.49 0.49 1.00
2019-12-31 0.42 0.42 0.42 1.00
NYSE:PDM Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.96
2018-12-31 1.00
2018-09-30 0.40
2018-06-30 1.18
2018-03-31 1.24
2017-12-31 0.92
2017-09-30 1.34
2017-06-30 0.38
2017-03-31 0.72
2016-12-31 0.69
2016-09-30 1.06
2016-06-30 1.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Piedmont Office Realty Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Piedmont Office Realty Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Piedmont Office Realty Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PDM Past Performance

  How has Piedmont Office Realty Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Piedmont Office Realty Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Piedmont Office Realty Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Piedmont Office Realty Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Piedmont Office Realty Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Piedmont Office Realty Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Piedmont Office Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PDM Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 529.00 122.67 32.53
2018-12-31 525.97 130.30 29.71
2018-09-30 531.90 53.50 30.75
2018-06-30 539.83 163.52 30.26
2018-03-31 555.60 176.29 27.72
2017-12-31 574.17 133.56 29.32
2017-09-30 578.82 195.14 27.59
2017-06-30 579.79 55.90 28.83
2017-03-31 566.42 104.46 29.62
2016-12-31 556.08 99.73 27.38
2016-09-30 551.75 153.43 31.11
2016-06-30 562.09 164.65 31.95
2016-03-31 573.53 122.35 31.71
2015-12-31 585.32 131.22 30.35
2015-09-30 592.60 59.89 29.06
2015-06-30 588.38 70.93 26.61
2015-03-31 579.94 51.41 25.67
2014-12-31 566.07 40.93 23.83
2014-09-30 556.42 43.97 22.72
2014-06-30 555.13 53.38 22.75
2014-03-31 549.44 61.02 21.89
2013-12-31 545.93 72.18 21.88
2013-09-30 539.92 68.72 21.81
2013-06-30 529.41 60.63 21.47
2013-03-31 527.26 61.92 20.06
2012-12-31 521.63 59.52 20.77
2012-09-30 530.97 65.78 21.84
2012-06-30 531.01 75.80 21.06

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Piedmont Office Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Piedmont Office Realty Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Piedmont Office Realty Trust has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Piedmont Office Realty Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Piedmont Office Realty Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PDM Health

 How is Piedmont Office Realty Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Piedmont Office Realty Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Piedmont Office Realty Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Piedmont Office Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Piedmont Office Realty Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Piedmont Office Realty Trust Company Filings, last reported 1 month ago.

NYSE:PDM Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,723.52 1,568.20 5.18
2018-12-31 1,712.14 1,686.31 5.77
2018-09-30 1,734.00 1,715.37 10.88
2018-06-30 1,743.06 1,720.85 11.62
2018-03-31 1,789.59 1,689.87 7.45
2017-12-31 1,986.49 1,728.41 8.07
2017-09-30 2,174.00 1,707.50 36.14
2017-06-30 2,080.31 2,058.24 9.60
2017-03-31 2,087.10 2,071.29 6.81
2016-12-31 2,097.70 2,028.64 6.99
2016-09-30 2,168.98 2,011.91 6.03
2016-06-30 2,206.71 1,906.39 21.11
2016-03-31 2,159.66 2,022.39 4.73
2015-12-31 2,123.42 2,039.50 5.44
2015-09-30 2,092.74 2,448.85 7.70
2015-06-30 2,255.85 2,328.71 17.29
2015-03-31 2,285.92 2,345.53 8.00
2014-12-31 2,312.02 2,276.34 12.74
2014-09-30 2,338.85 2,237.20 9.25
2014-06-30 2,357.19 2,113.06 8.56
2014-03-31 2,378.96 2,034.19 9.74
2013-12-31 2,461.16 2,006.73 31.15
2013-09-30 2,520.68 1,828.19 35.16
2013-06-30 2,629.96 1,713.16 30.10
2013-03-31 2,622.62 1,707.97 19.29
2012-12-31 2,640.50 1,424.76 14.03
2012-09-30 2,665.28 1,444.94 20.76
2012-06-30 2,726.74 1,407.45 26.87
  • Piedmont Office Realty Trust's level of debt (91%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (85.6% vs 91% today).
  • Debt is not well covered by operating cash flow (13.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Piedmont Office Realty Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Piedmont Office Realty Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PDM Dividends

 What is Piedmont Office Realty Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.04%
Current annual income from Piedmont Office Realty Trust dividends. Estimated to be 4.56% next year.
If you bought $2,000 of Piedmont Office Realty Trust shares you are expected to receive $81 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Piedmont Office Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Piedmont Office Realty Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Upcoming dividend payment

Purchase Piedmont Office Realty Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PDM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PDM Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.12 1.00
2022-12-31 1.08 1.00
2021-12-31 1.02 2.00
2020-12-31 0.89 4.00
2019-12-31 0.84 2.00
NYSE:PDM Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-01 0.840 4.046
2019-02-05 0.840 4.076
2018-10-30 0.840 4.620
2018-08-01 0.840 4.381
2018-05-01 0.840 4.358
2017-11-01 0.840 4.483
2017-05-03 0.840 4.079
2017-02-08 0.840 3.826
2016-11-01 0.840 4.125
2016-05-02 0.840 3.998
2015-11-09 0.840 4.422
2015-07-29 0.840 4.616
2015-02-05 0.840 4.647
2014-10-29 0.800 4.168
2014-07-30 0.800 4.238
2014-02-11 0.800 4.437
2013-11-04 0.800 4.789
2013-08-07 0.800 4.514
2013-05-07 0.800 4.269
2013-02-28 0.800 4.033
2012-10-31 0.800 4.351
2012-08-01 0.800 4.611
2012-05-03 0.800 4.747
2011-11-03 1.260 7.245
2011-08-09 1.260 7.255
2011-05-05 1.260 6.216
2010-11-10 1.260 6.430
2010-05-11 1.260 6.838
2010-03-05 1.260 6.511

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piedmont Office Realty Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Piedmont Office Realty Trust has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Piedmont Office Realty Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (237.5x coverage).
X
Income/ dividend checks
We assess Piedmont Office Realty Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Piedmont Office Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Piedmont Office Realty Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PDM Management

 What is the CEO of Piedmont Office Realty Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Don Miller
COMPENSATION $5,081,683
AGE 55
TENURE AS CEO 12.3 years
CEO Bio

Mr. Donald A. Miller, also known as Don, CFA is Chief Executive Officer and Director of Piedmont Office Realty Trust Inc. since February 2007. He was President at Piedmont Office Realty Trust, Inc. since February 2007 until October 30, 2018. From 2003 to 2007, Mr. Miller was the head of real estate activities at Wells Real Estate Funds, Inc. In such capacity, he was responsible for directing all aspects of the acquisitions, asset management, dispositions, property management, and construction groups. From 2001 to 2003, Mr. Miller headed the U.S. equity real estate operations of Lend Lease, where he had worked since 1994. Prior to Lend Lease, Mr. Miller was responsible for regional acquisitions for Prentiss Properties Realty Advisors, a predecessor entity to Prentiss Properties Trust, a publicly traded REIT (which was acquired by Brandywine Realty Trust in 2005). Earlier in his career, Mr. Miller worked in the pension investment management department of Delta Air Lines and was responsible for real estate and international equity investment programs. Mr. Miller is also a Chartered Financial Analyst. He received a B.A. from Furman University in Greenville, South Carolina. He currently sits on the board of Directors of Pacolet Milliken Enterprises. From 2012 to 2015, he served on the Board of Governors for the National Association of Real Estate Investment Trusts (NAREIT). He is currently a member of the Urban Land Institute (ULI), and the National Association of Industrial and Office Properties (NAIOP). Mr. Miller has almost 30 years of experience in dealing with virtually all aspects of real estate acquisition, financing, management, leasing, disposition as well as both portfolio and asset management experience. He also has an extensive personal network of contacts throughout the real estate industry given his involvement in ULI, NAIOP and NAREIT.

CEO Compensation
  • Don's compensation has been consistent with company performance over the past year.
  • Don's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Piedmont Office Realty Trust management team in years:

6.9
Average Tenure
55
Average Age
  • The average tenure for the Piedmont Office Realty Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Don Miller

TITLE
CEO & Director
COMPENSATION
$5M
AGE
55
TENURE
12.3 yrs

Christopher Smith

TITLE
President
COMPENSATION
$1M
AGE
42
TENURE
0.5 yrs

Bobby Bowers

TITLE
CFO, Executive VP & Chief Administrative Officer
COMPENSATION
$2M
AGE
61
TENURE
12.1 yrs

Bob Wiberg

TITLE
Executive VP of Northeast Region & Head of Development
COMPENSATION
$1M
AGE
62
TENURE
6.5 yrs

Chris Kollme

TITLE
Executive Vice President of Finance & Strategy
COMPENSATION
$1M
TENURE
1.9 yrs

Laura Moon

TITLE
Chief Accounting Officer & Senior VP
COMPENSATION
$489K
AGE
47
TENURE
12.1 yrs

Eddie Guilbert

TITLE
Executive VP of Finance & Treasurer

Thomas McKean

TITLE
Senior VP

Lisa Tyler

TITLE
Vice President of Human Resource

George Wells

TITLE
Executive Vice President of the Southeastern Region
AGE
55
TENURE
6.9 yrs
Board of Directors Tenure

Average tenure and age of the Piedmont Office Realty Trust board of directors in years:

3.8
Average Tenure
68.5
Average Age
  • The tenure for the Piedmont Office Realty Trust board of directors is about average.
Board of Directors

Frank McDowell

TITLE
Chairman of the Board
COMPENSATION
$214K
AGE
69
TENURE
2 yrs

Don Miller

TITLE
CEO & Director
COMPENSATION
$5M
AGE
55
TENURE
12.3 yrs

Dale Taysom

TITLE
Vice Chairman of the Board
COMPENSATION
$152K
AGE
69
TENURE
2.3 yrs

Christopher Smith

TITLE
President
COMPENSATION
$1M
AGE
42
TENURE
0.2 yrs

Wes Cantrell

TITLE
Director
COMPENSATION
$155K
AGE
83
TENURE
12 yrs

Kelly Barrett

TITLE
Director
COMPENSATION
$152K
AGE
54
TENURE
3.2 yrs

Jeff Swope

TITLE
Director
COMPENSATION
$155K
AGE
68
TENURE
10.6 yrs

Barbara Lang

TITLE
Director
COMPENSATION
$145K
AGE
74
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
05. Nov 18 Buy Dale Taysom Individual 02. Nov 18 02. Nov 18 2,000 $17.85 $35,700
X
Management checks
We assess Piedmont Office Realty Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Piedmont Office Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PDM News

Simply Wall St News

How Much Are Piedmont Office Realty Trust, Inc. (NYSE:PDM) Insiders Spending On Buying Shares?

Piedmont Office Realty Trust Insider Transactions Over The Last Year. … Happily, the Piedmont Office Realty Trust insiders decided to buy shares at close to current prices … While Piedmont Office Realty Trust insiders bought shares last year, they didn't sell

Simply Wall St -

Introducing Piedmont Office Realty Trust (NYSE:PDM), A Stock That Climbed 20% In The Last Five Years

(NYSE:PDM) share price is up 20% in the last five years, that's less than the market return. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Piedmont Office Realty Trust achieved compound earnings per share (EPS) growth of 18% per year.

Simply Wall St -

Investing In Piedmont Office Realty Trust, Inc. (NYSE:PDM): What You Need To Know

Piedmont Office Realty Trust, Inc. … real estate investment trust (REIT) based in Atlanta, United States. … View our latest analysis for Piedmont Office Realty Trust

Simply Wall St -

How Did Piedmont Office Realty Trust, Inc.'s (NYSE:PDM) 7.6% ROE Fare Against The Industry?

We'll use ROE to examine Piedmont Office Realty Trust, Inc. … Over the last twelve months Piedmont Office Realty Trust has recorded a ROE of 7.6%. … See our latest analysis for Piedmont Office Realty Trust?

Simply Wall St -

What Kind Of Shareholder Owns Most Piedmont Office Realty Trust, Inc. (NYSE:PDM) Stock?

If you want to know who really controls Piedmont Office Realty Trust, Inc. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Piedmont Office Realty Trust has a market capitalization of US$2.5b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Who Has Been Buying Piedmont Office Realty Trust, Inc. (NYSE:PDM) Shares?

So before you buy or sell Piedmont Office Realty Trust, Inc. … The Last 12 Months Of Insider Transactions At Piedmont Office Realty Trust. … Overall, Piedmont Office Realty Trust insiders were net buyers last year

Simply Wall St -

Should You Worry About Piedmont Office Realty Trust, Inc.'s (NYSE:PDM) CEO Pay Cheque?

In 2007 Don Miller was appointed CEO of Piedmont Office Realty Trust, Inc. … See our latest analysis for Piedmont Office Realty Trust? … While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at US$720k

Simply Wall St -

One Metric To Rule Them All: Piedmont Office Realty Trust Inc (NYSE:PDM)

Piedmont Office Realty Trust Inc is a US$2.4b. … real estate investment trust (REIT) based in Atlanta, United States. … Check out our latest analysis for Piedmont Office Realty Trust.

Simply Wall St -

Should You Be Impressed By Piedmont Office Realty Trust Inc's (NYSE:PDM) ROE?

We'll use ROE to examine Piedmont Office Realty Trust Inc (NYSE:PDM), by way of a worked example. … Over the last twelve months Piedmont Office Realty Trust has recorded a ROE of 9.4%. … See our latest analysis for Piedmont Office Realty Trust?

Simply Wall St -

Why Piedmont Office Realty Trust Inc (NYSE:PDM) Could Have A Place In Your Portfolio

Attractive stocks have exceptional fundamentals. … In the case of Piedmont Office Realty Trust Inc (NYSE:PDM), there's

Simply Wall St -

PDM Company Info

Description

Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major U.S. office markets. Its geographically-diversified, almost $5 billion 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 major markets and is investment-grade rated by Standard & Poor’s (BBB) and Moody’s (Baa2).

Details
Name: Piedmont Office Realty Trust, Inc.
PDM
Exchange: NYSE
Founded: 1997
$2,611,169,405
125,597,374
Website: http://www.piedmontreit.com
Address: Piedmont Office Realty Trust, Inc.
5565 Glenridge Connector,
Suite 450,
Atlanta,
Georgia, 30342,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PDM Class A Common Stock New York Stock Exchange US USD 10. Feb 2010
Number of employees
Current staff
Staff numbers
134
Piedmont Office Realty Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:14
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/06
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.