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Piedmont Office Realty Trust Inc has a market cap of $936.1 million; its shares were traded at around $17.5 with and P/S ratio of 1.6. The dividend yield of Piedmont Office Realty Trust Inc stocks is 7.2%.PDM is in the portfolios of Pioneer Investments.
Highlight of Business Operations: Rental income increased from approximately $110.4 million for the three months ended June 30, 2009 to approximately $110.6 million for the three months ended June 30, 2010. This variance relates primarily to increases in rental revenue at our Glenridge Highlands II Building in Atlanta, Georgia, our 60 Broad Street Building in New York City, New York and our 1225 Eye Street Building and 400 Virginia Avenue Building in Washington, D.C. due to new leasing activity subsequent to the prior period. The increase was partially offset by a reduction in rent associated with the partial termination of a lease at the Aon Center Building in Chicago, Illinois as well as an adjustment to our straight-line rent revenue related to a tenant exercising an option to contract its leased space at the US Bancorp Building in Minneapolis, Minnesota. Tenant reimbursements decreased from approximately $36.1 million for the three months ended June 30, 2009 to approximately $33.4 million for the three months ended June 30, 2010 primarily due to lower recoverable tenant-requested services, utility costs, and janitorial services as well as an overall reduction in reimbursements for utility costs at our 60 Broad Street Building of approximately $1.0 million.
Property operating costs decreased approximately $0.1 million for the three months ended June 30, 2010 compared to the same period in the prior year. This variance is primarily the result of lower recoverable tenant-requested services (i.e., billback expenses) of approximately $0.4 million, lower recoverable utility costs of approximately $0.2 million, and lower recoverable janitorial costs of approximately $0.2 million in the current period. These favorable variances were partially offset by an increase of approximately $0.5 million in recoverable property tax expense and of approximately $0.2 million in recoverable repair and maintenance costs.
In accordance with GAAP, we have classified the operations of the held for sale asset, the 111 Sylvan Avenue Building in Englewood Cliffs, New Jersey, as discontinued operations for all periods presented. (Loss)/income from discontinued operations was approximately $(8.1) million and $1.2 million for the three months ended June 30, 2010 and 2009, respectively. Loss from discontinued operations during the current year is the result of recognizing an impairment charge of approximately $9.6 million in conjunction with adjusting the assets to estimated fair value (less estimated costs to sell) upon execution of a binding contract to dispose of the asset. We do not expect that income from discontinued operations will be comparable to future periods, as such income is subject to the timing and existence of future property dispositions.
Rental income decreased from approximately $221.7 million for the six months ended June 30, 2009 to approximately $221.1 million for the six months ended June 30, 2010. This decrease relates primarily to an adjustment to our straight-line rent revenue related to a tenant exercising an option to contract its leased space at the US Bancorp Building. Tenant reimbursements decreased from approximately $76.2 million for the six months ended June 30, 2009 to approximately $68.4 million for the six months ended June 30, 2010 primarily due to lower recoverable tenant-requested services, utility costs, property tax expense and janitorial services totaling approximately $4.8 million, as well a reduction in reimbursements for utility costs at our 60 Broad Street Building of approximately $1.5 million, and an overall reduction in recoverable expenses due to a partial lease termination at the Aon Center Building.
Property operating costs decreased approximately $4.8 million for the six months ended June 30, 2010 compared to the same period in the prior year. This variance is primarily the result of lower recoverable tenant-requested services (i.e., billback expenses) of approximately $1.9 million, lower recoverable utility costs of approximately $1.5 million, and lower recoverable property tax expenses of approximately $0.9 million in the current period.
In accordance with GAAP, we have classified the operations of the held for sale asset, the 111 Sylvan Avenue Building, as discontinued operations for all periods presented. (Loss)/income from discontinued operations was approximately $(6.9) million and $2.3 million for the six months ended June 30, 2010 and 2009, respectively. Loss from discontinued operations during the current year is the result of recognizing an impairment charge of approximately $9.6 million in conjunction with adjusting the assets to estimated fair value (less costs to sell) upon execution of a binding contract to dispose of the asset. We do not expect that income from discontinued operations will be comparable to future periods, as such income is subject to the timing and existence of future property dispositions.
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