Thomas R. Prescott to Joins Piedmont Office Realty Trust Inc. as Executive Vice President for Midwest Region
Aug 5 14
Piedmont Office Realty Trust Inc. announced that Thomas R. Prescott, will be joining the company as its executive vice president for the Midwest Region. Prescott, who will report to Donald A. Miller, CFA, President & CEO for Piedmont, will be responsible for all regional leasing, asset management, acquisitions, dispositions, and development projects. Since 2009, Prescott served as President of Metropolis Investment Holdings Inc. Prior to Metropolis, Prescott was Senior Vice President for the Midwest Region for Forest City Enterprises.
Piedmont Office Realty Trust Inc. Announces Board Changes
Aug 4 14
On July 30, 2014, the Board of Directors of Piedmont Office Realty Trust Inc. amended the company's Corporate Governance Guidelines to limit a non-employee director's term of service to 15 years. The Term Limits provide that the Board of Directors will not nominate for re-election any non-employee director who has served 15 years or more prior to the applicable election, subject to exceptions granted by the Board of Directors. The Board of Directors further determined that it is in the best interest of the Corporation to provide for a transition period in implementing the Term Limits, with respect to Mr. Donald S. Moss and Mr. William H. Keogler, Jr., each of whom have served on the Corporation's Board of Directors in excess of 15 years. As a result, on July 30, 2014, Mr. Moss provided notice of his resignation from the Board of Directors, effective as of December 31, 2014, and the Board of Directors exempted Mr. Keogler from the operation of the Term Limits until September 30, 2015; provided however that, in the event the Board determines to nominate Mr. Keogler for election at the 2015 annual meeting of stockholders, Mr. Keogler submits, concurrent with any such nomination, a resignation from the Board effective no later than September 30, 2015.
Piedmont Office Realty Trust Inc. Announces Earnings Results for the Quarter and Ended June 30, 2014; Declares Dividends for the Third Quarter 2014, Payable on September 19, 2014; Revises Earnings Guidance for the Year 2014
Jul 31 14
Piedmont Office Realty Trust Inc. announced its results for the quarter and ended June 30, 2014. For the quarter, the company reported core funds from operations of $0.37 per diluted share for the quarter ended June 30, 2014. The company's net income available to common stockholders was $12.3 million, or $0.08 per diluted share, as compared with $35.4 million, or $0.21 per diluted share, for the second quarter of 2013. The prior period's results included $0.12 per diluted share in insurance recoveries and gain on sale of real estate assets, whereas the current period includes $0.03 per diluted share of such items. Revenues were $138.6 million, as compared with $132.6 million for the same period a year ago, primarily reflecting increased revenue associated with recently commenced leases and the acquisition of four wholly-owned properties since June 30, 2013. Funds from operations totaled $57.7 million, or $0.37 per diluted share, comparable to $61.4 million, or $0.37 per diluted share, for the quarter ended June 30, 2013. The current quarter includes $1.5 million, or approximately $0.01 per diluted share, in net insurance recoveries related to casualty losses and litigation settlement expense incurred in prior periods, whereas the prior quarter reflects $0.02 per diluted share of such items. Core FFO, which excludes acquisition costs and the insurance recoveries mentioned above, totaled $56.6 million, or $0.37 per diluted share, for the current quarter, as compared to $57.9 million, or $0.35 per diluted share, for the quarter ended June 30, 2013. Increases in Core FFO due to properties acquired or new leases commencing after June 30, 2013 were partially offset by the expiration of the previously mentioned governmental tenant in Washington, D.C. Adjusted FFO totaled $23.1 million, or $0.15 per diluted share, comparable to $33.6 million, or $0.20 per diluted share, in the second quarter of 2013 primarily due to increased capital expenditures associated with several large tenant build outs in preparation for lease commencements and due to the deduction of increased straight-line rent accruals associated with the commencement of a large number of new leases containing abatements at the beginning of their lease terms.
The company revised earnings guidance for the year 2014. Based on management's expectations, the company is narrowing its guidance for full-year 2014 to net Income in the range of $46 million to $54 million, Depreciation, Amortization, and other in the range of $180 million to $181 million, Core FFO per diluted share in the range of $1.45 - $1.50.
On July 30, 2014, the board of directors of the company declared dividends for the third quarter 2014 in the amount of $0.20 per share on its common stock to stockholders of record as of the close of business on August 29, 2014. Such dividends are to be paid on September 19, 2014.