TIER REIT Announces Sale of Lawson Commons

TIER REIT, Inc. (NYSE:TIER), a Dallas-based real estate investment trust, announced today that it completed the sale of Lawson Commons, a 436,000-square-foot office building located in St. Paul, Minnesota, for $68.4 million to a third party. The net proceeds from the sale were used to reduce borrowings outstanding on the company’s credit facility.

“This sale represents a continuation of our plan to exit non-strategic markets and reduce our overall leverage as we focus our efforts on our seven targeted high-growth markets,” said Scott Fordham, Chief Executive Officer and President of TIER REIT. “We are off to a good start toward achieving our 2016 goal of $200 million to $400 million of non-strategic asset dispositions.”

About TIER REIT, Inc.

TIER REIT, Inc. is a self-managed, Dallas-based real estate investment trust focused on maximizing total return to stockholders through the combination of stock appreciation and income derived from a sustainable distribution. TIER REIT’s investment strategy is to acquire, develop and operate a portfolio of best-in-class office properties in select U.S. markets that consistently lead the nation in both population and office-using employment growth. For additional information regarding TIER REIT, please visit www.tierreit.com or call 972.483.2400.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business and financial outlook of TIER REIT, Inc. that are based on current expectations, estimates, forecasts and projections and are not guarantees of future performance. Statements contained herein may be impacted by a number of risks and uncertainties, including the company’s ability to rent space on favorable terms, its ability to address debt maturities and fund its capital requirements, the value of its assets, its anticipated capital expenditures, and other matters. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this document, as well as other factors described in the Risk Factors section of TIER REIT, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015. Forward-looking statements in this press release speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160301007097/en/

TIER REIT, Inc.Scott McLaughlin, 972-483-2465smclaughlin@tierreit.com

Tier Reit Inc. (NYSE:TIER)
Historical Stock Chart
From May 2024 to Jun 2024