Piedmont Office Realty Trust Inc (PDM) saw its loss widen to $12.75 million, or $0.09 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.88 million, or $0.01 a share.
Revenue during the quarter dropped 6.94 percent to $138.48 million from $148.82 million in the previous year period.
Cost of revenue dropped 11.01 percent or $6.79 million during the quarter to $54.87 million. Gross margin for the quarter expanded 181 basis points over the previous year period to 60.38 percent.
Total expenses were $135.14 million for the quarter, down 9.88 percent or $14.81 million from year-ago period. Operating margin for the quarter period stood at positive 2.42 percent as compared to a negative 0.76 percent for the previous year period.
Operating income for the quarter was $3.35 million, compared with an operating loss of $1.13 million in the previous year period.
Revenue from real estate activities during the quarter declined 6.94 percent or $10.33 million to $138.48 million.
Income from operating leases during the quarter dropped 3.54 percent or $4.17 million to $113.82 million. Revenue from tenant reimbursements was $24.16 million for the quarter, down 20.18 percent or $6.11 million from year-ago period.
Income from management fees during the quarter dropped 8.58 percent or $0.05 million to $0.50 million.
Donald A. Miller, CFA, president and chief executive officer, commented, "The third quarter was a busy one for us from both a leasing and transactional perspective. We completed over 700,000 square feet of leasing, with almost half of that leasing related to new tenants, resulting in net absorption for the quarter. We also continued to enhance the quality of the portfolio by selling off four non-strategic assets and thoughtfully reinvesting the proceeds in properties that are synergistic with our existing portfolio. Overall, we are pleased with our third quarter results and our momentum headed into the last quarter of the year.”
Net receivables were at $24.78 million as on Sep. 30, 2016, down 65.65 percent or $47.36 million from year-ago.
Real estate investments stood at $7.35 million as on Sep. 30, 2016.
Total assets declined 7.42 percent or $351.58 million to $4,388.30 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,219.31 million as on Sep. 30, 2016, down 16.16 percent or $427.82 million from year-ago.
Return on equity for the quarter stood at negative 0.59 percent as compared to a negative 0.09 percent for the previous year period.
Debt comes down
Total debt was at $1,994.08 million as on Sep. 30, 2016, down 17.88 percent or $434.24 million from year-ago. Shareholders equity stood at $2,168.98 million as on Sep. 30, 2016, up 3.64 percent or $76.25 million from year-ago. As a result, debt to equity ratio went down 24 basis points to 0.92 percent in the quarter.
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