TIER REIT (TIER) Reports Q3 EPS of $0.43, Revenues Beat; Lifts FY18 EPS Outlook

TIER REIT (NYSE: TIER) reported Q3 EPS of $0.43, versus ($0.16) reported last year. Revenue for the quarter came in at $54.83 million versus the consensus estimate of $54.15 million.

“We are pleased to report solid third quarter results driven by strong same store cash NOI growth and increased occupancy,” stated Scott W. Fordham, Chief Executive Officer of TIER REIT.

“Our development pipeline continues to draw significant interest from prospective tenants and investors alike,” stated Mr. Fordham. “We began delivering space to tenants at our Third + Shoal development in downtown Austin during the third quarter and delivered our Domain 11 development in northwest Austin to HomeAway in October. As we previously announced, our Domain 12 development is fully leased to a Fortune 100 corporation well in advance of our 4Q’19 anticipated delivery date, and we have seen strong leasing activity to date on our newly-commenced Domain 10 development.”

Mr. Fordham added, “We completed the disposition of Fifth Third Center in Columbus during the quarter, and also sold our MetroCenter property in October. While Nashville remains a target market for us, MetroCenter was located outside of our TIER1 submarkets and we believe the current investment appetite compelled a sale. Our year to date dispositions of $197 million, along with our recent equity raises, have had a meaningful impact on our leverage and further fund our high-yielding development efforts at The Domain.”

GUIDANCE:

TIER REIT sees FY2018 EPS of $0.39-$0.42.

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

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