Tier Reit: 4Q Earnings Snapshot
DALLAS (AP) _ Tier Reit Inc. (TIER) on Monday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $23.1 million, or 42 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 37 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $27.8 million, or 52 cents per share.
The real estate investment trust posted revenue of $55.6 million in the period.
For the year, the company reported funds from operations of $82.1 million, or $1.61 per share. Revenue was reported as $218.5 million.
Tier Reit expects full-year funds from operations in the range of $1.40 to $1.48 per share.
The company’s shares have climbed 20 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $24.82, a rise of 40 percent in the last 12 months.