Piedmont
Here is the information I promised in an earlier post on the Piedmont REIT:

Data as of 2Q 2007

• FFO/Share (six months) $0.291

• Annualized FFO/Share $0.581
  

• Div Per Share (six months) $0.29

• Annualized Div Per Share $0.587

• Payout 99.01%

• Div Yield 6.99%

• Leo's Shares 19,568,641

• Leo's Ann Dividend $11,482,878.54

• Leo's Ownership % 4.07%

• Leos' Value at Adj. Par $164,180,897.99

• Adjusted Par Value $8.39

Leo's annual dividend will help ease the headache caused by Piedmont deferring its listing. The REIT returned approximately $1.61 per share in 2005 due to property sales, which is why the adjusted par value is $8.39 and not $10 per share. The yields are based on this adjusted share value. I need to find the REIT's FFO growth rate. I will have to investigate this along with the current FFO multiples for other REITs. A low growth rate would logically put the valuation at the low end of the multiple range.