Piedmont Office Realty Trust cuts dividend by 40.5%

PDM cuts dividend in 2023

Piedmont Office Realty Trust (PDM)
has declared a $0.125 per share quarterly dividend, down 40.5% from the previous dividend of $0.25 quarterly. 

Piedmont Office Realty Trust, a real estate investment trust (REIT), announced today that due to increased interest expense its board of directors has declared a regular quarterly cash dividend of $0.125 per share, or $0.50 per share on an annualized basis, for the third quarter of 2023. The dividend will be paid on September 15, 2023 to stockholders of record as of the close of business on August 25, 2023. The dividend yield for PDM drops to 6.8% at a stock price of $7.35.

The twitter account 'dividend cut' first reported about this lower dividend by PDM (see tweet above). Another dividend cut came from BorgWarner last week.

Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. Its approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. The Company is a fully-integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by S&P Global Ratings (BBB) and Moody’s (Baa2). 

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