This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Piedmont Office Realty Trust CEO Discusses Q2 2011 Results - Earnings Call Transcript

In addition, during this call, we’ll refer to non-GAAP financial measures such as funds from operations, core FFO, AFFO, and EBITDA. We encourage all of our listeners to review the more detailed discussion related to risk associated with forward-looking statements contained in the company’s filings with the SEC and the definitions and reconciliations of our non-GAAP measures contained in the supplemental financial information available on the company’s website.

I’ll review our financial results in detail after Don Miller, our CEO, discusses some of the quarter’s activities, including progress towards our strategic operating objectives. In addition, we’re joined today by Ray Owens, our EVP of Capital Markets; Laura Moon, our Chief Accounting Officer; Eddie Guilbert, our Vice President of Financial Strategies; and Bo Reddic, our EVP of Real Estate Operations, all of whom will provide additional perspective during the question-and-answer portion of the call.

I’ll now turn the call over to Don Miller.

Donald A. Miller

Good morning. Thanks for joining us everyone as we review our second quarter 2011 results. We are pleased with the company's progress this quarter and have several updates for you this morning.

We have had a busy quarter as we worked to lease up our vacancy and advance our strategic plan. We’ve had a strong balance sheet and a portfolio of high-quality well-located properties and we continued to execute on our disciplined approach to acquisitions and capital recycling.

Last evening, we reported core funds from operations of $0.38 on a per share basis, in line with our pervious guidance. Bobby will discuss our financial results in further detail later. However, I’d like to update you on our leasing and capital transaction accomplishments this quarter.

First, in adjusting our second quarter leasing activity, we had a strong quarter, signing almost 1.2 million square feet of office leases, including 439,000 square feet of new leasing and 741,000 square feet of renewals, achieving an 80% retention rate. Year-to-date we have signed over 2 million square feet of leases covering almost 10% of our portfolio.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs