TIER REIT Provides Additional Update on Impact of Hurricane Harvey
August 31 2017 - 5:17PM
Business Wire
TIER REIT, Inc. (NYSE: TIER) announced an update today regarding
the impact of Hurricane Harvey on its properties located in
Houston. The Company's BriarLake Plaza and Loop Central properties
have not experienced any damage from the storm and are currently
open and fully operational, while the Company's Eldridge Place
property has been exposed to rising flood waters this past week in
the Energy Corridor and has experienced flood-related damage. While
the Company has yet to assess the extent of the damage, it has
comprehensive property, casualty, flood and business interruption
insurance, and full coverage of any losses at Eldridge Place is
anticipated subject to a nominal deductible.
“We continue to extend our thoughts and prayers to the people of
Houston,” stated Scott Fordham, President & Chief Executive
Officer of TIER REIT, Inc. “It will take time to fully understand
the scope of the crisis in the Houston area, but we remain
committed to helping in any way we can.”
About TIER REIT, Inc.
TIER REIT, Inc. is a publicly traded (NYSE:TIER), self-managed,
Dallas-based real estate investment trust focused on owning
quality, well-managed commercial office properties in dynamic
markets throughout the U.S. TIER REIT’s vision is to be the premier
owner and operator of best-in-class office properties in TIER1
submarkets, which are primarily higher density and amenity-rich
locations within select, high-growth metropolitan areas that offer
a walkable experience to various amenities. Our mission is to
provide unparalleled, TIER ONE Property Services to our tenants and
outsized total return through stock price appreciation and dividend
growth to our stockholders.
For additional information regarding TIER REIT, please visit
www.tierreit.com or call 972.483.2400.
Forward-Looking Statements
Certain statements made in this press release that are not based
on historical information are forward-looking statements, which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This press release
contains express or implied forward-looking statements for which no
assurance can be provided, including statements related to the
anticipated coverage of insurance. TIER REIT undertakes no
obligation to update or revise the information contained in this
press release, whether as a result of new information, future
events or circumstances, or otherwise. For additional disclosure
regarding these and other risks faced by the Company, see the
disclosure contained in our public filings with the Securities and
Exchange Commission, including, without limitation, our most recent
Annual Report on Form 10-K.
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version on businesswire.com: http://www.businesswire.com/news/home/20170831006412/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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