TIER REIT, Inc Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2015; Provides Earnings Guidance for the Year 2015
Aug 5 15
TIER REIT Inc. announced unaudited consolidated earnings results for the second quarter ended June 30, 2015. For the quarter, the company reported rental revenue of $70.038 million against $71.234 million a year ago. Loss from continuing operations before income taxes, equity in operations of investments, and gain on sale of assets was $50.424 million against $14.963 million a year ago. Loss from continuing operations before gain on sale of assets was $51.693 million against $14.109 million a year ago. Net loss was $1.173 million against $17.300 million a year ago. Net loss attributable to common stockholders was $1.151 million or $0.02 per basic and diluted share against $17.279 million or $0.35 per basic and diluted share a year ago. Net loss attributable to common stockholders from continuing operations was $7.096 million or $0.14 per basic and diluted share against $14.089 million or $0.28 per basic and diluted share a year ago. Negative funds from operations (FFO) attributable to common stockholders for the quarter ended June 30, 2015, was $18.051 million, or $0.36 per diluted share, as compared to funds from operations attributable to common stockholders of $19.066 million, or $0.38 per diluted share, for the quarter ended June 30, 2014. FFO attributable to common stockholders, excluding certain items (acquisition expenses, costs associated with listing the Company’s shares of common stock on the NYSE and related tender offer, loss on early extinguishment of debt, and fees paid to terminate third party property management and administrative services) for the quarter ended June 30, 2015, was $17.181 million, or $0.34 per diluted share, as compared to $19.066 million, or $0.38 per diluted share, for the quarter ended June 30, 2014. Negative funds available for distribution attributable to common stockholders were $1.176 million or $0.02 per diluted share against funds available for distribution attributable to common stockholders of $1.505 million or $0.03 per diluted share a year ago. Same store GAAP NOI was $31.463 million against $29.373 million a year ago. Same store cash NOI was $27.598 million against $27.572 million a year ago.
The company initiated its outlook for 2015 FFO attributable to common stockholders at $0.58 to $0.65 per share and its outlook for 2015 FFO attributable to common stockholders, excluding certain items, at $1.41 to $1.45 per share. This outlook reflects management’s view of current and future market conditions, including assumptions such as rental rates, occupancy levels, operating and general and administrative expenses, weighted average diluted shares outstanding, interest rates, and the pending dispositions of the Wanamaker Building (Philadelphia, Pennsylvania) and Fifth Third Center (Columbus, Ohio). Same store cash NOI growth, excluding lease termination fees expected in the range of 0.0% to 0.6%. Same Store GAAP NOI growth, excluding lease termination fees expected in the range of 2.0% to 3.0%.
TIER REIT, Inc Announces Acquisition of Various Assets Within The Domain
Aug 3 15
TIER REIT Inc. announced the acquisition of various assets within The Domain, a premier mixed-use development located in
Northwest Austin. The transaction included the acquisition of two Class A, creative-space office buildings totaling 332,000 square feet and a partnership interest in two additional Class A office buildings totaling 337,000 square feet, as well as fee simple ownership of various land parcels totaling over 24 acres for future office development. The Domain is a premier, high-density, mixed-use development encompassing office, Simon Property Group The Domain, a shopping center featuring more than 100 upscale and mainstream retail stores, local retail merchants, entertainment, hospitality and multifamily properties all situated in a beautiful park-like setting. The Domain is located at the geographic center of Austin and provides exceptional access to all areas of the city.
TIER REIT Seeks Acquisitions
Aug 3 15
The recent acquisition by TIER REIT, Inc (NYSE:TIER) will give it more opportunities to acquire and expand along with other current investment opportunities.