(PDM) Piedmont Office Realty Trust - Overview
Stock: Office, Class A, Sunbelt, Portfolio
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.77% |
| Yield on Cost 5y | 1.00% |
| Yield CAGR 5y | -37.89% |
| Payout Consistency | 79.0% |
| Payout Ratio | 167.8% |
| Risk 5d forecast | |
|---|---|
| Volatility | 32.2% |
| Relative Tail Risk | -3.28% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.23 |
| Alpha | -6.99 |
| Character TTM | |
|---|---|
| Beta | 0.885 |
| Beta Downside | 1.074 |
| Drawdowns 3y | |
|---|---|
| Max DD | 48.25% |
| CAGR/Max DD | 0.01 |
Description: PDM Piedmont Office Realty Trust January 21, 2026
Piedmont Office Realty Trust (NYSE: PDM) is a self-managed REIT that owns, develops, and operates roughly 16 million square feet of Class A office space concentrated in Sunbelt markets. The company emphasizes a hospitality-driven tenant experience to differentiate its properties and retain high-quality occupants.
Recent performance metrics (Q4 2024) show an occupancy rate of ~94.5%, an adjusted funds-from-operations (AFFO) growth of 6.2% year-over-year, and a leverage ratio of 5.1× net debt to EBITDA, indicating solid cash generation but moderate exposure to interest-rate risk.
Key drivers for Piedmont’s outlook include: (1) continued demand for premium office space in high-growth Sunbelt metros, where employment growth has averaged 2.3% YoY in 2023-24; (2) the macro-trend of hybrid work, which is pressuring overall office vacancy but favoring well-located, amenity-rich Class A assets; and (3) the Federal Reserve’s monetary policy, where higher rates increase borrowing costs and can compress cap rates, affecting valuation.
For a deeper dive into Piedmont’s valuation assumptions and scenario analysis, a quick look at ValueRay’s model may help you identify any hidden upside or downside risks.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: -70.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.01 > 0.02 and ΔFCF/TA -0.78 > 1.0 |
| NWC/Revenue: -3.70% < 20% (prev 14.66%; Δ -18.36% < -1%) |
| CFO/TA 0.04 > 3% & CFO 154.7m > Net Income -70.3m |
| Net Debt (2.22b) to EBITDA (289.6m): 7.66 < 3 |
| Current Ratio: 0.92 > 1.5 & < 3 |
| Outstanding Shares: last quarter (124.5m) vs 12m ago 0.41% < -2% |
| Gross Margin: 49.86% > 18% (prev 0.59%; Δ 4927 % > 0.5%) |
| Asset Turnover: 13.89% > 50% (prev 13.83%; Δ 0.06% > 0%) |
| Interest Coverage Ratio: 0.50 > 6 (EBITDA TTM 289.6m / Interest Expense TTM 127.2m) |
Altman Z'' -2.64
| A: -0.01 (Total Current Assets 225.5m - Total Current Liabilities 246.4m) / Total Assets 4.00b |
| B: -0.55 (Retained Earnings -2.18b / Total Assets 4.00b) |
| C: 0.02 (EBIT TTM 63.0m / Avg Total Assets 4.07b) |
| D: -0.89 (Book Value of Equity -2.19b / Total Liabilities 2.47b) |
| Altman-Z'' Score: -2.64 = D |
Beneish M -2.78
| DSRI: 1.12 (Receivables 217.3m/196.9m, Revenue 565.4m/572.4m) |
| GMI: 1.18 (GM 49.86% / 59.02%) |
| AQI: 1.09 (AQ_t 0.10 / AQ_t-1 0.09) |
| SGI: 0.99 (Revenue 565.4m / 572.4m) |
| TATA: -0.06 (NI -70.3m - CFO 154.7m) / TA 4.00b) |
| Beneish M-Score: -2.78 (Cap -4..+1) = A |
What is the price of PDM shares?
Over the past week, the price has changed by +5.23%, over one month by +4.73%, over three months by +7.13% and over the past year by +5.93%.
Is PDM a buy, sell or hold?
- StrongBuy: 1
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the PDM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 10 | 12.9% |
| Analysts Target Price | 10 | 12.9% |
| ValueRay Target Price | 9.5 | 7.2% |
PDM Fundamental Data Overview February 04, 2026
P/B = 0.6771
P/EG = 10.18
Revenue TTM = 565.4m USD
EBIT TTM = 63.0m USD
EBITDA TTM = 289.6m USD
Long Term Debt = 2.19b USD (from longTermDebt, last quarter)
Short Term Debt = 250.0m USD (from shortTermDebt, last fiscal year)
Debt = 2.22b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.22b USD (from netDebt column, last quarter)
Enterprise Value = 3.26b USD (1.04b + Debt 2.22b - CCE 2.99m)
Interest Coverage Ratio = 0.50 (Ebit TTM 63.0m / Interest Expense TTM 127.2m)
EV/FCF = -98.05x (Enterprise Value 3.26b / FCF TTM -33.3m)
FCF Yield = -1.02% (FCF TTM -33.3m / Enterprise Value 3.26b)
FCF Margin = -5.88% (FCF TTM -33.3m / Revenue TTM 565.4m)
Net Margin = -12.44% (Net Income TTM -70.3m / Revenue TTM 565.4m)
Gross Margin = 49.86% ((Revenue TTM 565.4m - Cost of Revenue TTM 283.4m) / Revenue TTM)
Gross Margin QoQ = 59.84% (prev 20.85%)
Tobins Q-Ratio = 0.81 (Enterprise Value 3.26b / Total Assets 4.00b)
Interest Expense / Debt = 1.44% (Interest Expense 32.0m / Debt 2.22b)
Taxrate = 21.0% (US default 21%)
NOPAT = 49.8m (EBIT 63.0m * (1 - 21.00%))
Current Ratio = 0.92 (Total Current Assets 225.5m / Total Current Liabilities 246.4m)
Debt / Equity = 1.45 (Debt 2.22b / totalStockholderEquity, last quarter 1.54b)
Debt / EBITDA = 7.66 (Net Debt 2.22b / EBITDA 289.6m)
Debt / FCF = -66.65 (negative FCF - burning cash) (Net Debt 2.22b / FCF TTM -33.3m)
Total Stockholder Equity = 1.56b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.73% (Net Income -70.3m / Total Assets 4.00b)
RoE = -4.52% (Net Income TTM -70.3m / Total Stockholder Equity 1.56b)
RoCE = 1.68% (EBIT 63.0m / Capital Employed (Equity 1.56b + L.T.Debt 2.19b))
RoIC = 1.33% (NOPAT 49.8m / Invested Capital 3.75b)
WACC = 3.71% (E(1.04b)/V(3.26b) * Re(9.18%) + D(2.22b)/V(3.26b) * Rd(1.44%) * (1-Tc(0.21)))
Discount Rate = 9.18% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.32%
Fair Price DCF = unknown (Cash Flow -33.3m)
EPS Correlation: -57.56 | EPS CAGR: -25.13% | SUE: 0.50 | # QB: 0
Revenue Correlation: 17.66 | Revenue CAGR: 0.19% | SUE: -0.03 | # QB: 0
EPS next Year (2026-12-31): EPS=-0.07 | Chg30d=-0.013 | Revisions Net=-1 | Growth EPS=+82.4% | Growth Revenue=+0.5%