Piedmont Office Realty Trust stock: dividend

Piedmont Office Realty Trust has paid no dividend in the last 12 months. The payout ratio and coverage therefore refer to the dividend paid in fiscal year 2025, not to a current payment.

The amounts for the last 12 months and paid in fiscal 2025 differ if the company has raised or cut its dividend since then.

For real estate investment trusts (REITs) what counts is funds from operations (FFO and AFFO). The P/E and the payout ratio of earnings say little here, because depreciation on properties depresses earnings. The ratio above is therefore based on free cash flow.

For real estate companies (REITs), depreciation on buildings depresses earnings even though buildings rarely lose value. The usual measure is therefore FFO (funds from operations), approximated here as earnings plus depreciation; gains and losses from property sales and impairments are not removed. Measured on earnings, the payout ratio, P/E and PEG therefore look higher than the earning power warrants. We only show FFO when depreciation is material and the figure is in line with operating cash flow, so not for REITs that carry their properties at market value: their earnings include the change in property values. For the fair value of US REITs, by contrast, FFO follows the industry rule from the filings with the SEC: gains on property sales are deducted there where the company reports them in the standard items.