Piedmont Office Realty Trust began trading this morning under the symbol PDM. Last night the REIT priced 12 million shares at $14.50 per share and raised $174 million. The REIT originally had planned to issue 18 million shares at an expected price of $16 to $18 per share. Piedmont, in early trading this morning, is approaching $15.50 per share, an increase of over 6%. Piedmont did a one for three reverse stock split before the listing and so $15.50 equates to an price of $5.17 per share based on the original share level. Investors have a basis of $8.38 without reflecting the reverse split, so the current price reflects a discount of 38%. The REIT has positive Fund From Operations (FFO). The yield based on this FFO and the current price approximates 8.5% and an FFO Multiple of 11.75.