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Piedmont Office Realty Trust (PDM) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Piedmont Office Realty Trust (PDM)) (NYSE:PDM) is a real estate investment trust with ownership over commercial real estate properties that are under construction, newly constructed, or have operating histories. [1]
With the markets recovering, job growth is one of the last economic indicators to recover. The demand for office space, value of rental leases, and property values are dependent on this indicator. Furthermore, institutions and banks are reluctant to lend to borrowers, or they require higher rates of borrowing. Therefore, these market conditions affect Piedmont negatively, and it's revenues fell slightly in 2009. [1]
The company's initial public offering of stock traded on the NASDAQ exchange on 10 February 2010. The proposed offer price range was $16-$18 and traded below the low end at $14.50. The company offered 12 million shares and raised $174 million. [1]
At the year end 31 December 2009, the company had $604.88 million in total revenue, down 2.7% from $621.97 million in total revenue in 2008. The company reported a net income of $74.7 million, down 43% from a net income of $131.31 million. [1]
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