Piedmont Office (PDM) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - Piedmont Office (PDM) reported a revenue of $139.29 million for Q3 2024, reflecting a year-over-year decline of 5.2% [1] - The earnings per share (EPS) for the same period was $0.36, a significant improvement from -$0.14 a year ago [1] - The reported revenue was 2.97% below the Zacks Consensus Estimate of $143.56 million, while the EPS was 2.70% below the consensus estimate of $0.37 [1] Revenue Breakdown - Rental and Tenant Reimbursement Revenue - Fixed payments: $109.39 million, below the average estimate of $112.68 million, with a year-over-year change of -5.1% [1] - Rental and Tenant Reimbursement Revenue - Variable payments: $23.44 million, below the average estimate of $25.05 million, with a year-over-year change of -10.8% [1] - Other property-related income: $5.57 million, slightly below the average estimate of $5.73 million, with a year-over-year change of +10.1% [1] - Property management fee revenue: $0.90 million, exceeding the average estimate of $0.43 million, with a year-over-year change of +126.3% [1] - Total Rental and Tenant Reimbursement Revenue: $132.83 million, below the average estimate of $137.74 million, with a year-over-year change of -6.2% [1] Net Income - Net income per share applicable to common stockholders (diluted) was -$0.09, compared to the average estimate of -$0.07 [1] Stock Performance - Piedmont Office shares have returned +5.9% over the past month, outperforming the Zacks S&P 500 composite's +1.5% change [2] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [2]