ATLANTA – 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.
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.
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.
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