TIER REIT Announces Third Quarter 2016 Financial Results

TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate investment trust that specializes in owning and operating best-in-class office properties in select U.S. markets, today announced financial and operating results for the third quarter ended September 30, 2016.

Third Quarter 2016 Highlights
  • Reported a net loss of $0.02 per diluted common share for the third quarter 2016, as compared to a net loss of $0.28 per diluted common share for the third quarter 2015
  • Reported Funds from Operations (FFO), excluding certain items, for the third quarter 2016 of $0.38 per diluted common share, as compared to $0.42 per diluted common share for the third quarter 2015
  • Announced Same Store Cash NOI for the third quarter 2016 of $27.3 million, as compared to $26.9 million for the third quarter 2015, an increase of 1.4%
  • Sold Hurstbourne Business Center in Louisville, Kentucky, for $41.0 million, utilizing net proceeds to pay off debt

"We continue to execute on key components of our strategic plan, disposing of properties located outside of our target growth markets and utilizing proceeds to strengthen our balance sheet," stated Scott Fordham, Chief Executive Officer and President of TIER REIT. "This includes the recent sales of Hurstbourne Business Center in Louisville and FOUR40 in Chicago and the repayment of approximately $133 million of higher-rate mortgage debt during and subsequent to the third quarter."

"In addition, our Domain 8 development property, located in the premier live-work-play submarket of Austin, is now approximately 94% pre-leased to two high-quality, Fortune 200 companies," continued Mr. Fordham. "By early 2017, we expect to deliver Domain 8 and substantially complete the strengthening phase of our strategic plan. Through future asset sales, we will look to recycle capital into our target growth markets, provided we see a clear path to long-term value creation."

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