TIER REIT (TIER) Misses Q4 EPS by 4c, Revenues Beat; Offers FY19 EPS Mid-Point Guidance Below Consensus

TIER REIT (NYSE: TIER) reported Q4 EPS of ($0.10), $0.04 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $55.55 million versus the consensus estimate of $54.45 million.

• Recognized a net loss of $(0.52) per diluted common share for the fourth quarter and a net loss of $(0.10) per diluted common share for the full year 2018
• Reported Nareit-defined Funds from Operations (FFO) attributable to common stockholders of $0.37 per diluted common share for the fourth quarter and $1.94 per diluted common share for the full year 2018
• Reported FFO, Excluding Certain Items, attributable to common stockholders of $0.42 per diluted common share for the fourth quarter and $1.61 per diluted common share for the full year 2018

“We are pleased to report our fourth quarter and full year results,” stated Scott Fordham, Chief Executive Officer of TIER REIT. “We delivered our Domain 11 and Third + Shoal developments to tenants for build out last year, with both projects nearly 100% leased. We also commenced development of Domain 10, which is approximately 60% leased, including 145,000 square feet leased to an expanding Fortune 100 Domain tenant. With tenant demand for space within The Domain remaining strong, including a current pipeline of over 500,000 square feet of prospective tenants, we believe we have the opportunity to create additional value through development in 2019, with our Domain 9 development representing our next near-term project.”

“As a result of significant capital looking for high-quality properties in Austin,” continued Mr. Fordham, “our Third + Shoal joint venture has begun marketing the property for sale this week, potentially allowing us to capitalize on the value created.”

GUIDANCE:

TIER REIT sees FY2019 EPS of ($0.35)-($0.27), versus the consensus of ($0.28).

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

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