RBC Capital Markets Initiates Piedmont Office Realty Trust (PDM) Coverage

RBC Capital Markets analysts Dave Rodgers and Michael Carroll initiated coverage of Piedmont Office Realty Trust, Inc (NYSE: PDM) with a rating of Outperform and a price target of $22 per share.

The analysts said that Piedmont Office Realty Trust, Inc offers solid returns in part because of its high 6.5% dividend, as well as through growth fueled by acquisitions of distressed properties.

The RBC Capital Markets analysts wrote, "Attractive to PDM and its investors should be the Company's solid diversification among its geography, tenants and industry exposures as well as one of the strongest balance sheets in the REIT sector."