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Piedmont Unveils Q4 Leasing & Capital Market Activities
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Piedmont Office Realty Trust, Inc. (PDM - Free Report) recently declared that it has leased more than 2 million square feet in 2016, of which 400,000 square feet were executed in the fourth quarter alone. Further, the company disclosed the completion of four capital markets deals in the quarter.
A couple of notable fourth-quarter lease deals included a 96,909 -square-foot, 10 year lease extension through 2026 with Children`s Hospital Los Angeles at 800 North Brand Boulevard in Glendale, CA; and a 38,663 -square-foot, 5 year lease extension through 2022 with GreenSky Trade Credit, LLC at 5565 Glenridge Connector in Atlanta, GA.
Moreover, the company signed deals with reputed companies for properties at a number of locations including Denver, CO; Detroit, MI; Minneapolis; and Washington, D.C.
During the quarter, the company completed the acquisition of a Class A office building, spanning over an area of 314,714 square foot, for $49.6 million. The property is located at 750 W. John Carpenter Freeway in Irving, TX. Further, the REIT acquired Galleria 200, situated at 200 Galleria Parkway in Atlanta, GA for $69.6 million.
In the disposition front, the company completed the sale of a 7-story office building, covering an area of 196,380 square foot, at 10801-III N. MoPac Expressway in Austin, TX. The company also closed the sale of Atlanta, GA-based office building, 11695 Johns Creek Parkway.
Piedmont is engaged in acquisition, ownership, management and development of high-quality Class A office properties located across major U.S. markets. The continued transactional activity indicates its success in selling non-strategic assets and redeploying the proceeds into targeted submarkets.
Piedmont currently carries a Zacks Rank #3 (Hold). In the past 60 days period, the company’s 2016 estimates remained unchanged at $1.65 per share.
Shares of Piedmont outperformed the Zacks categorized REIT and Equity Trust - Other industry, in the past one year. During the same time span, shares of the company grew 21.3%, while the industry witnessed a gain of 16.4%.
FelCor Lodging Trust’s 2016 estimates remained unchanged at 89 cents per share, in the past 60 days.
The GEO Group’ 2016 estimates have moved up 1% to $2.94 per share, in the past 60 days.
Iron Mountain Incorporated’s 2016 estimates have remained unchanged at $1.87 per share, in the past 60 days.
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Piedmont Unveils Q4 Leasing & Capital Market Activities
Piedmont Office Realty Trust, Inc. (PDM - Free Report) recently declared that it has leased more than 2 million square feet in 2016, of which 400,000 square feet were executed in the fourth quarter alone. Further, the company disclosed the completion of four capital markets deals in the quarter.
A couple of notable fourth-quarter lease deals included a 96,909 -square-foot, 10 year lease extension through 2026 with Children`s Hospital Los Angeles at 800 North Brand Boulevard in Glendale, CA; and a 38,663 -square-foot, 5 year lease extension through 2022 with GreenSky Trade Credit, LLC at 5565 Glenridge Connector in Atlanta, GA.
Moreover, the company signed deals with reputed companies for properties at a number of locations including Denver, CO; Detroit, MI; Minneapolis; and Washington, D.C.
During the quarter, the company completed the acquisition of a Class A office building, spanning over an area of 314,714 square foot, for $49.6 million. The property is located at 750 W. John Carpenter Freeway in Irving, TX. Further, the REIT acquired Galleria 200, situated at 200 Galleria Parkway in Atlanta, GA for $69.6 million.
In the disposition front, the company completed the sale of a 7-story office building, covering an area of 196,380 square foot, at 10801-III N. MoPac Expressway in Austin, TX. The company also closed the sale of Atlanta, GA-based office building, 11695 Johns Creek Parkway.
Piedmont is engaged in acquisition, ownership, management and development of high-quality Class A office properties located across major U.S. markets. The continued transactional activity indicates its success in selling non-strategic assets and redeploying the proceeds into targeted submarkets.
Piedmont currently carries a Zacks Rank #3 (Hold). In the past 60 days period, the company’s 2016 estimates remained unchanged at $1.65 per share.
Shares of Piedmont outperformed the Zacks categorized REIT and Equity Trust - Other industry, in the past one year. During the same time span, shares of the company grew 21.3%, while the industry witnessed a gain of 16.4%.
Some better-ranked stocks in the real estate space include FelCor Lodging Trust Incorporated , The GEO Group, Inc. (GEO - Free Report) and Iron Mountain Incorporated (IRM - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FelCor Lodging Trust’s 2016 estimates remained unchanged at 89 cents per share, in the past 60 days.
The GEO Group’ 2016 estimates have moved up 1% to $2.94 per share, in the past 60 days.
Iron Mountain Incorporated’s 2016 estimates have remained unchanged at $1.87 per share, in the past 60 days.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>