Truist Reaffirms Buy Rating on Piedmont (PDM) After Solid Q3 FFO Performance

Core Insights - Piedmont Office Realty Trust, Inc. (NYSE:PDM) is recognized as one of the top sustainability stocks to invest in, with a reaffirmed price target of $9 and a Buy rating from Truist Securities following its third-quarter earnings report [1]. Financial Performance - The company reported third-quarter funds from operations (FFO) of $0.35 per share, surpassing both Truist's estimate and the consensus projection of $0.34 [2]. - Piedmont adjusted its full-year 2025 guidance to an unchanged midpoint of $1.41 per share, while the projected fourth-quarter guidance midpoint remains at $0.35 per share, aligning with market expectations [2]. Future Projections - The core FFO projection for 2025 has been revised to a range of $1.40–$1.42 per diluted share, with expectations of mid-single-digit FFO growth in 2026–2027 due to increased leasing activity and ongoing renovations [3]. - The company anticipates approximately $75 million in future annual cash rent from executed leases, aiming for a lease rate of 89–90% by the end of the year [3]. Company Overview - Piedmont Office Realty Trust, Inc. is a real estate investment trust that specializes in owning, managing, developing, redeveloping, and operating Class A office properties in major Eastern U.S. office markets [4].