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TIER REIT INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2019 10-Q, filed May 9, 2019. Its latest SEC filing is a 15-12B from Jun 27, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Owns and operates commercial office properties for business tenants in U.S. markets.

How Did They Make Money?

The company earns rent from office leases over their terms. Garage operators remit collected parking revenue monthly, and development fees are paid monthly as construction progresses.

revenue

Who Were Their Customers?

Office tenants occupy its properties under leases; parking revenue comes through garage management companies or tenant leases. It also manages development projects for entities in which it has an ownership interest.

Did Revenues Turn Into Profits?

No. It lost $5M in .

Net income,
−2% of revenue
▼ Now a loss vs ($84.3M, 39%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q1 FY2019, the three months to Mar 31, 2019
Revenue
▼ −7%
vs $54.1M in Q1 FY2018
Net income
▼ Now a loss
vs $8.4M in Q1 FY2018
  • Jun 14, 2019 Cousins completed its merger with TIER REIT TIER shareholders received Cousins shares, and TIER common stock was removed from NYSE trading.

Shrank. Revenue fell 24% in 4 years, from $288.1M in to $218.5M in , about 7% a year.

Development-funded portfolio focus The older report described acquiring, developing and redeveloping office properties and recycling mature-property sales into new investments. The latest report frames dispositions as a way to fund its build-to-core development program.

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