TIER REIT (TIER) Tops Q2 EPS by 3c, Revenues Beat; Lifts FY18 Outlook

TIER REIT (NYSE: TIER) reported Q2 EPS of ($0.17), $0.03 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $53.99 million versus the consensus estimate of $52.73 million.

• Net Loss for Second Quarter 2018 of $0.17 per Diluted Common Share
• FFO, Excluding Certain Items, for Second Quarter 2018 of $0.40 per Diluted Common Share
• 11.2% Same Store Cash NOI Growth for Second Quarter 2018
• Increases 2018 Outlook

“We are pleased to announce our strong second quarter results, which were ahead of our expectations,” stated Scott W. Fordham, Chief Executive Officer of TIER REIT. “Tenant demand continues to grow, especially in Austin and at The Domain, where TIER controls over 75% of the competitive office space and substantially all of the available land for office development in the heart of The Domain’s premier amenities.”

Mr. Fordham continued, “We are now in leases for the entirety of our recently commenced Domain 12 development, which is a 320,000 square foot office tower expected to deliver fourth quarter 2019. Further, we have active letters of intent from prospective tenants totaling over 350,000 square feet for Domain 10, a fully designed and permitted 300,000 square foot office project. As a result, we expect to commence development of Domain 10 in the fourth quarter.”

“We’ve raised approximately $67 million of gross proceeds through our ATM Program to bolster our balance sheet,” added Mr. Fordham, “and together with our planned dispositions, we are well positioned to capitalize on our robust development pipeline.”

GUIDANCE:

TIER REIT sees FY2018 EPS of ($0.28)-($0.24), versus the consensus of ($0.36).

For earnings history and earnings-related data on TIER REIT (TIER) click here.

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