Piedmont Office: Core FFO Will Likely Trough In 2024 (Rating Upgrade)

Marilyn Nieves Introduction Piedmont Office Realty Trust (NYSE:PDM) has significantly outperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, delivering a ~41% total return against the circa 10% gain for the benchmark ETF: PDM vs VNQ in 2024 (Seeking Alpha) I also covered the shares back in April 2024 with a Neutral rating as I liked the valuation but was cautious due to elevated risks stemming from high leverage and weak occupancy that is plaguing the whole office sector. After reviewing ...