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PIEDMONT OFFICE REALTY TRUST INC Reports Operating Results (10-Q)

May 03, 2012 | About:

PIEDMONT OFFICE REALTY TRUST INC (NYSE:PDM) filed Quarterly Report for the period ended 2012-03-31.

Piedmont Office has a market cap of $3.03 billion; its shares were traded at around $17.52 with and P/S ratio of 5.6. The dividend yield of Piedmont Office stocks is 4.6%. Piedmont Office had an annual average earning growth of 25.9% over the past 5 years.

Highlight of Business Operations:

All of Piedmont's interest rate swap agreements outstanding for the periods presented were designated as cash flow hedges of interest rate risk. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in OCI and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings. The effective portion of Piedmont s interest rate swaps that was recorded in the accompanying consolidated statements of income for the three months ended March 31, 2012 and 2011, respectively, was as follows:

Certain lease agreements include provisions that grant tenants the right to engage independent auditors to audit their annual operating expense reconciliations. Such audits may result in the re-interpretation of language in the lease agreements which could result in the refund of previously recognized tenant reimbursement revenues, resulting in financial loss to Piedmont. No such reserves related to such tenant audits/disputes were recorded during the three months ended March 31, 2012 and March 31, 2011, respectively.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three months ended March 31, 2012 and 2011, respectively:

The following table sets forth selected data from our consolidated statements of income for the three months ended March 31, 2012 and 2011, respectively, as well as each balance as a percentage of total revenues for the same periods presented (dollars in millions):

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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