Net Income for First Quarter 2018 of $0.17
per Diluted Common Share
FFO, Excluding Certain Items, for First
Quarter 2018 of $0.40 per Diluted Common Share
3.8% Same Store Cash NOI Growth for First
Quarter 2018
Commences Development of Domain 12 in
Austin, Texas
Increases 2018 Outlook
TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate
investment trust that specializes in owning and operating
best-in-class office properties in select U.S. markets, today
announced financial and operating results for the quarter ended
March 31, 2018.
First Quarter 2018 Highlights
- Recognized net income of $0.17 per
diluted common share
- Reported Funds from Operations (FFO)
attributable to common stockholders of $0.20 per diluted common
share
- Reported FFO, Excluding Certain Items,
attributable to common stockholders of $0.40 per diluted common
share
- Recognized Same Store Cash NOI Growth
of 3.8% over first quarter 2017
- Increased occupancy by 30 basis points
to 89.4%
“We are pleased with our first quarter results,” stated Scott W.
Fordham, Chief Executive Officer of TIER REIT. “During the quarter,
we exited Baltimore with our sale of 500 East Pratt, we reduced our
presence in Houston with the sale of Loop Central, and we downsized
our portfolio in Fort Worth with the sale of Centreport Office
Center. The capital from these sales was then recycled into our
target submarkets, including our acquisition of Domain Point, which
represents a strategic 9.5 acre, two-building expansion of The
Domain in Austin, as well as the purchase of the remaining 50%
interest in Domain 8. Today, we own approximately 1.2 million
square feet of existing office space in The Domain, which
represents over 75% of the total competitive space, and it’s nearly
100% leased to some of today’s top employers and technology firms
with a weighted-average lease life approaching eight years.”
“We announced today that we are furthering The Domain’s status
as Austin’s second downtown with our recent commencement of Domain
12, a 320,000 square foot office building expected to deliver in
fourth quarter 2019,” continued Mr. Fordham. “With an office
micromarket that is short on supply, and a substantial prospective
tenant pipeline in excess of 1.3 million square feet, including
letters of intent for 170,000 square feet, we believe Domain 12
will continue The Domain’s success and be a key value creation
driver for TIER REIT and our stockholders.”
Mr. Fordham continued, “Domain 12 will be the newest and tallest
office tower within The Domain and adjacent to our Domain 11
development that topped out last month. Together, we expect these
Class AA office buildings to redefine the north Austin skyline and
elevate the standards of quality, beauty and sustainability within
The Domain.”
Mr. Fordham added, “With positive improvement expected in same
store NOI and year end occupancy, we have increased our 2018
guidance to a range between $1.49 and $1.54 per diluted share of
FFO, excluding certain items.”
First Quarter Financial Results
For the first quarter of 2018, net income attributable to common
stockholders was $8.4 million, or $0.17 per diluted common share,
as compared to net income of $98.2 million, or $2.04 per diluted
common share, for the first quarter of 2017.
For the first quarter of 2018, Nareit-defined FFO attributable
to common stockholders was $9.9 million, or $0.20 per diluted
common share, as compared to $18.3 million, or $0.38 per diluted
common share, for the first quarter of 2017.
For the first quarter of 2018, FFO attributable to common
stockholders, excluding certain items, was $19.5 million, or $0.40
per diluted common share, as compared to $19.5 million, or $0.41
per diluted common share, for the first quarter of 2017.
Property Results
Our occupancy at March 31, 2018, was 89.4%, an increase of
30 basis points from December 31, 2017.
During the first quarter of 2018, we leased 68,000 square feet,
which included 56,000 square feet of renewals, 1,000 square feet of
expansions, and 11,000 square feet of new leasing.
During the first quarter of 2018, we provided rent abatements of
approximately $3.9 million to tenants at One & Two Eldridge
Place and Three Eldridge Place (collectively known as the “Eldridge
Properties”), located in Houston, Texas, as a result of Hurricane
Harvey. These rent abatements were offset by approximately $3.3
million of business interruption insurance proceeds received during
the quarter and approximately $0.2 million of estimated saved
expenses. We anticipate we will receive remaining business
interruption insurance proceeds in subsequent quarters.
Real Estate Activity
On January 4, 2018, we acquired a 96.5% initial economic
interest in Domain Point. We own a 90% interest in the entity that
owns Domain Point. Domain Point is located in Austin, Texas,
adjacent to our other Domain office properties and includes two
buildings with 240,000 rentable square feet (combined).
On February 13, 2018, we sold our 500 East Pratt property for a
contract sales price of $60.0 million. 500 East Pratt is located in
Baltimore, Maryland, and contains 280,000 rentable square feet.
On February 22, 2018, we sold our Centreport Office Center
property for a contract sales price of $12.7 million. Centreport
Office Center is located in Fort Worth, Texas, and contains 133,000
rentable square feet.
On March 27, 2018, we sold our Loop Central property for a
contract sales price of $73.0 million. Loop Central is located in
Houston, Texas, and contains 575,000 rentable square feet.
On March 30, 2018, we acquired the remaining 50% interest in our
Domain 8 property for a contract purchase price of $92.8 million,
which includes the assumption of $44.9 million of mortgage debt.
Domain 8 is located in Austin, Texas, and contains 291,000 rentable
square feet.
Subsequent to quarter end, we announced today that we have
commenced development of Domain 12, a 320,000 square foot office
building in Austin, Texas. We anticipate delivery by fourth quarter
2019, and will provide periodic leasing updates as construction
progresses.
Capital Markets Activity
On January 18, 2018, we amended our existing multi-bank
unsecured credit facility. The amendment provides for an increase
in total unsecured borrowings under the credit facility from $860
million to $900 million, with the ability to further increase total
borrowings by up to an additional $300 million in the aggregate
subject to certain requirements. The revolving line of credit was
increased to $325 million and the maturity date was extended from
December 2018 to January 2022, with the option to extend by one
additional year subject to certain conditions and our payment of an
extension fee. The amendment also extended the maturity date of the
$300 million term loan from December 2019 to January 2025, and had
no change to the June 2022 maturity date of the remaining $275
million term loan.
On February 7, 2018, our board of directors authorized a
distribution of $0.18 per share of common stock for the first
quarter of 2018, that was paid on March 29, 2018.
Subsequent to quarter end, on May 4, 2018, our board of
directors authorized a distribution of $0.18 per share of common
stock for the second quarter of 2018, payable on June 29, 2018.
2018 Outlook
We have revised our 2018 outlook to reflect management’s view of
current and future market conditions, including assumptions such as
acquisition and disposition activity, rental rates, occupancy
levels, operating and general and administrative expenses, weighted
average diluted shares outstanding, and interest rates.
Our original and revised 2018 outlook and assumptions are as
follows:
2018 Outlook Original
Revised Projected net loss per basic &
diluted common share ($0.15) - ($0.08)
($0.29) - ($0.24) Adjustments: Real estate
depreciation and amortization $1.92 $2.02 Gain on remeasurement of
investment in unconsolidated entities - ($0.23) Gain on sale of
depreciable real estate ($0.55) ($0.25)
Projected FFO per diluted common share $1.22 - $1.29
$1.25 - $1.30 Adjustments: Reversal of Fifth Third Center
default interest $0.05 $0.05 Loss on early extinguishment of
debt
1
$0.18
$0.19
Projected FFO, excluding certain items, per
diluted common share $1.45 - $1.52 $1.49 - $1.54
Assumptions used in 2018 outlook above: Dispositions
$145mm - $270mm $145mm - $270mm Strategic acquisitions $75mm -
$175mm $164mm Same store cash NOI growth 6.5% - 7.5% 7.5% - 8.5%
Same store NOI growth 0.5% - 1.5% 1.0% - 2.0% Straight line rent
and lease incentive revenue $5.5mm - $6.5mm $5.0mm - $6.0mm Above-
and below-market rent amortization $5.5mm - $6.5mm $5.5mm - $6.5mm
General & administrative expenses, excluding certain items
$21.0mm - $22.0mm $21.0mm - $22.0mm Year-end occupancy 88.5% -
90.5% 89.5% - 91.5% Weighted average shares of common stock
outstanding 48.5mm 48.5mm
1 Represents the loss from
write-off of deferred financing costs upon recast of our credit
facility on January 18, 2018
Supplemental Information
A copy of our supplemental information regarding our financial
results and operations for the quarter ended March 31, 2018,
is available on our Investor Relations website at
www.tierreit.com/ir, or by contacting our Investor Relations
department by email at ir@tierreit.com.
Upcoming Events
We are scheduled to participate in the annual REITweek investor
conference in New York from June 5 through June 7, 2018, sponsored
by the National Association of Real Estate Investment Trusts
(Nareit). Our Chief Executive Officer, Scott Fordham, and our
President and Chief Operating Officer, Dallas Lucas, will offer a
live-only presentation during the conference on Tuesday, June 5, at
2:15 p.m. Eastern time. A copy of our presentation materials will
be made available on the Investor Relations section of our website
prior to the conference.
Conference Call
A conference call will be held on Wednesday, May 9, 2018, at
11:00 a.m. Eastern time/10:00 a.m. Central time to discuss matters
pertaining to this release. Callers in the U.S. or Canada may join
the conference call by dialing 877.407.0789.
A live, listen-only webcast and subsequent replay will also be
available on our Investor Relations website at
www.tierreit.com/ir.
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. Our 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
This press release contains forward-looking statements within
the meaning of the federal securities laws relating to the business
and financial outlook of TIER REIT that are based on our current
expectations, estimates, forecasts and projections and are not
guarantees of future performance. These forward-looking statements
include discussion and analysis of the financial condition of us
and our subsidiaries, including our ability to rent space on
favorable terms, our ability to address debt maturities and fund
our capital requirements, our intentions to acquire, develop, and
sell certain properties, the value of our assets, our anticipated
capital expenditures, the amount and timing of any anticipated
future cash distributions to our stockholders, and other matters.
Words such as “may,” “will,” “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “outlook,” “would,”
“could,” “should,” “objectives,” “strategies,” “opportunities,”
“goals,” “position,” “future,” “vision,” “mission,” “strive,”
“project” and variations of these words and similar expressions are
intended to identify forward-looking statements.
Actual results may differ materially from those expressed in
these forward-looking statements, and you should not place undue
reliance on any such statements. Factors that could cause actual
results to vary materially from those expressed in forward-looking
statements include changes in real estate conditions and in the
capital markets, as well as the risk factors included in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2017,
and in our other filings with the Securities and Exchange
Commission. Forward-looking statements in this press release speak
only as of the date on which such statements were made and, except
as required by law, we undertake no obligation to update any such
statements that may become untrue because of subsequent events.
TIER REIT, Inc. Consolidated Balance
Sheets (in thousands, except share and per share
amounts) March 31,
December 31, 2018 2017
Assets Real estate Land $ 156,577 $ 139,951
Land held for development 45,059 45,059 Buildings and improvements,
net 1,177,433 1,061,418 Real estate under development 51,286
29,525
Total real estate 1,430,355
1,275,953 Cash and cash equivalents 10,183 13,800 Restricted cash
12,565 8,510 Accounts receivable, net 76,385 81,129 Prepaid
expenses and other assets 14,238 28,112 Investments in
unconsolidated entities 31,314 31,852 Deferred financing fees, net
3,426 1,387 Lease intangibles, net 110,533 87,047 Assets associated
with real estate held for sale — 53,348
Total assets $ 1,688,999 $ 1,581,138
Liabilities and equity Liabilities Notes
payable, net $ 890,533 $ 794,538 Accounts payable and accrued
liabilities 76,144 81,166 Acquired below-market leases, net 27,684
17,942 Other liabilities 7,078 7,567 Obligations associated with
real estate held for sale — 2,354
Total liabilities 1,001,439 903,567
Commitments and contingencies
Equity Preferred stock, $.0001 par value per share;
17,500,000 shares authorized at March 31, 2018, and December 31,
2017, respectively, none outstanding — — Convertible stock, $.0001
par value per share; 1,000 shares authorized, none outstanding — —
Common stock, $.0001 par value per share; 382,499,000 shares
authorized, 47,655,669 and 47,623,324 shares issued and outstanding
at March 31, 2018, and December 31, 2017, respectively 5 5
Additional paid-in capital 2,610,288 2,609,540 Cumulative
distributions and net loss attributable to common stockholders
(1,936,561 ) (1,936,960 ) Accumulated other comprehensive income
10,479 4,218
Stockholders’
equity 684,211 676,803
Noncontrolling interests
3,349 768
Total equity 687,560
677,571
Total liabilities and equity $
1,688,999 $ 1,581,138
TIER REIT,
Inc. Consolidated Statements of Operations and Comprehensive
Income (in thousands, except share and per share
amounts) Three Months Ended
March 31, March 31, 2018
2017 Rental revenue $ 54,143
$ 56,363
Expenses Property operating expenses
13,155 14,690 Interest expense 8,109 8,780 Real estate taxes 8,754
8,560 Property management fees 85 60 General and administrative
5,503 5,707 Depreciation and amortization 24,616
24,529
Total expenses 60,222
62,326 Interest and other income 45 318 Loss on early
extinguishment of debt (8,988 ) (545 )
Loss before
income taxes, equity in operations of investments, and gains
(15,022 ) (6,190 ) Provision for income taxes (195 ) (244 ) Equity
in operations of investments 287 (256 )
Loss before gains (14,930 ) (6,690 ) Gain on
sale of assets 12,014 90,750 Gain on remeasurement of investment in
unconsolidated entities 11,242 14,168
Net income 8,326 98,228 Noncontrolling interests 64
(57 )
Net income attributable to common
stockholders $ 8,390 $ 98,171
Weighted average
common shares outstanding - basic 47,645,050 47,510,915
Weighted average common shares outstanding - diluted
48,299,882 47,806,069 Basic income per common share $ 0.18 $
2.05 Diluted income per common share $ 0.17 $ 2.04
Distributions declared per common share $ 0.18 $ 0.18
Comprehensive income: Net income $ 8,326 $ 98,228 Other
comprehensive income: unrealized income on interest rate
derivatives 5,438 2,069
Comprehensive income 13,764 100,297 Comprehensive (income)
loss attributable to noncontrolling interests 62
(58 )
Comprehensive income attributable to common
stockholders $ 13,826 $ 100,239
Calculations of FFO and FFO, excluding certain items (in
thousands, except per share amounts)
Three Months Ended March 31, March
31, 2018 2017 Net
income $ 8,326 $ 98,228 Noncontrolling interests 64
(57 ) Net income attributable to common stockholders 8,390
98,171
Adjustments:
Real estate depreciation and amortization from consolidated
properties 24,500 24,431 Real estate depreciation and amortization
from unconsolidated properties 391 566 Real estate depreciation and
amortization - noncontrolling interests (433 ) — Gain on sale of
depreciable real estate (12,014 ) (90,750 ) Gain on remeasurement
of investment in unconsolidated entities (11,242 ) (14,168 )
Noncontrolling interests 297 48 FFO
attributable to common stockholders 9,889 18,298 Severance
charges 19 — Interest rate hedge ineffectiveness expense (1) — 30
Loss on early extinguishment of debt 8,988 545 Default interest (2)
602 602 Noncontrolling interests (4 ) (1 ) FFO
attributable to common stockholders, excluding certain items $
19,494 $ 19,474 Weighted average common shares
outstanding - basic 47,645 47,511 Weighted average common shares
outstanding - diluted 48,300 47,806 Net income per common share -
diluted $ 0.17 $ 2.04 FFO per common share - diluted $ 0.20 $ 0.38
FFO, excluding certain items, per common share - diluted $ 0.40 $
0.41 ______________________ During the first quarter 2018, we
provided rent abatements of approximately $3.9 million to tenants
at the Eldridge Properties as a result of Hurricane Harvey. These
rent abatements were offset by approximately $3.3 million of
business interruption insurance proceeds received during the
quarter and approximately $0.2 million of estimated saved expenses.
We anticipate we will receive remaining business interruption
insurance proceeds in subsequent quarters. (1) Interest rate
swaps are adjusted to fair value through other comprehensive
income. However, because our interest rate swaps do not have a
LIBOR floor while the hedged debt is subject to a LIBOR floor, the
portion of the change in fair value of our interest rate swaps
attributable to this mismatch is reclassified to interest rate
hedge ineffectiveness expense. We adopted new accounting guidance
on January 1, 2018, that eliminates the requirement to separately
measure and report hedge ineffectiveness expense. (2) We have a
non-recourse loan in default which subjects us to incur default
interest at a rate that is 500 basis points higher than the stated
interest rate. Although there can be no assurance, we anticipate
that when this property is sold or when ownership of this property
is conveyed to the lender, this default interest will be forgiven.
Same Store NOI and Same Store Cash NOI (in
thousands, except percentages)
Three Months Ended March 31, March 31,
2018 2017 Same Store Revenue:
Rental revenue (1) $ 43,212 $ 43,064 Less: Lease termination fees
(335 ) — 42,877 43,064
Same Store Expenses: Property operating expenses
(less tenant improvement demolition costs) 10,646 10,142 Real
estate taxes 7,455 7,359 Property management fees 26
9 Property Expenses 18,127
17,510 Same Store NOI $ 24,750 $ 25,554
Decrease in Same Store NOI (3.1 )% Same Store NOI $ 24,750 $
25,554 Less: Straight-line rent revenue adjustment (391 ) (1,993 )
Above- and below-market rent amortization (910 ) (975
) Same Store Cash NOI $ 23,449 $ 22,586
Increase in Same Store Cash NOI 3.8 % Reconciliation of net
income to Same Store NOI and Same Store Cash NOI Net income $ 8,326
$ 98,228 Adjustments: Interest expense 8,109 8,780 Tenant
improvement demolition costs 108 81 General and administrative
5,503 5,707 Depreciation and amortization 24,616 24,529 Interest
and other income (45 ) (318 ) Loss on early extinguishment of debt
8,988 545 Provision for income taxes 195 244 Equity in operations
of investments (287 ) 256 Gain on sale of assets (12,014 ) (90,750
) Gain on remeasurement of investment in unconsolidated entities
(11,242 ) (14,168 ) Net operating income of non-same store
properties (7,172 ) (7,580 ) Lease termination fees (335 )
— Same Store NOI 24,750 25,554 Straight-line rent
revenue adjustment (391 ) (1,993 ) Above- and below-market rent
amortization (910 ) (975 ) Same Store Cash NOI $
23,449 $ 22,586 Operating properties 15
Rentable square feet (% owned) 5,807 ______________ Excludes
certain operating properties that were not owned or not fully
operational during the entirety of the comparable periods. Our
Domain 2 and Domain 7 properties (two properties in which we
acquired full ownership in January 2017) are reflected above as
consolidated and at 100% in both periods. (1) Rent
abatements of approximately $3.9 million were provided to tenants
at the Eldridge Properties for the first quarter of 2018 as a
result of Hurricane Harvey. These rent abatements were offset by
approximately $3.3 million of business interruption insurance
proceeds received during the quarter and approximately $0.2 million
of estimated saved expenses. We anticipate we will receive
remaining business interruption insurance proceeds in subsequent
quarters.
Non-GAAP Financial Measures
We compute our financial results in accordance with accounting
principles generally accepted in the United States of America
(GAAP). Although Funds from Operations and Funds from Operations,
excluding certain items, are non-GAAP financial measures, we
believe that these calculations are helpful to stockholders and
potential investors and are widely recognized measures of real
estate investment trust performance. We have provided a
reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP measure in tables included in this press
release.
Funds from Operations (FFO)
Historical cost accounting for real estate assets in accordance
with GAAP implicitly assumes that the value of real estate
diminishes predictably over time. Since real estate values have
historically risen or fallen with market conditions, many industry
investors and analysts have considered the presentation of
operating results for real estate companies that use historical
cost accounting alone to be insufficient for evaluating operating
performance. FFO is a non-GAAP financial measure that is widely
recognized as a measure of a REIT’s operating performance. We use
FFO as defined by the National Association of Real Estate
Investment Trusts (Nareit) which is net income (loss), computed in
accordance with GAAP, excluding gains (or losses) from sales of
property and impairments of depreciable real estate (including
impairments of investments in unconsolidated entities which
resulted from measurable decreases in the fair value of the
depreciable real estate held by the unconsolidated entity), plus
depreciation and amortization of real estate assets, and after
related adjustments for unconsolidated entities and noncontrolling
interests. The determination of whether impairment charges have
been incurred is based partly on anticipated operating performance
and hold periods. Estimated undiscounted cash flows from a
property, derived from estimated future net rental and lease
revenues, net proceeds on the sale of the property, and certain
other ancillary cash flows, are taken into account in determining
whether an impairment charge has been incurred. While impairment
charges for depreciable real estate are excluded from net income
(loss) in the calculation of FFO as described above, impairments
reflect a decline in the value of the applicable property that we
may not recover.
We believe that the use of FFO, together with the required GAAP
presentations, is helpful in understanding our operating
performance because it excludes real estate-related depreciation
and amortization, gains and losses from property dispositions, and
impairments of depreciable real estate assets, and as a result,
when compared period to period, reflects the impact on operations
from trends in occupancy rates, rental rates, operating costs,
development activities, general and administrative expenses, and
interest costs, which are not immediately apparent from net income.
Factors that impact FFO include fixed costs, yields on cash held in
accounts, income from portfolio properties and other portfolio
assets, interest rates on debt financing, and operating
expenses.
We also evaluate FFO, excluding certain items. The items
excluded relate to certain non-operating activities or certain
non-recurring activities that may create significant FFO volatility
and affect the comparability of FFO across periods. We believe it
is useful to evaluate FFO excluding these items because it provides
useful information in analyzing comparability between reporting
periods and in assessing the sustainability of our operating
performance.
FFO and FFO, excluding certain items, should not be considered
as alternatives to net income (loss), or as indicators of our
liquidity, nor are they indicative of funds available to fund our
cash needs, including our ability to make distributions.
Additionally, the exclusion of impairments limits the usefulness of
FFO and FFO, excluding certain items, as historical operating
performance measures since an impairment charge indicates that
operating performance has been permanently affected. FFO and FFO,
excluding certain items, are non-GAAP measurements and should be
reviewed in connection with other GAAP measurements. Our FFO and
FFO, excluding certain items, as presented may not be comparable to
amounts calculated by other REITs that do not define FFO in
accordance with the current Nareit definition, or interpret it
differently, or that identify and exclude different items related
to non-operating activities or certain non-recurring
activities.
Same Store NOI and Same Store Cash NOI
Same Store NOI is equal to rental revenue, less lease
termination fee income, property operating expenses (excluding
tenant improvement demolition costs), real estate taxes, and
property management expenses for our same store properties and is
considered a non-GAAP financial measure. Same Store Cash NOI is
equal to Same Store NOI less non-cash revenue items including
straight-line rent adjustments and the amortization of above- and
below-market rent. The same store properties include our operating
office properties not held for sale and owned and operated for the
entirety of both periods being compared and include our comparable
ownership percentage in each period for properties in which we own
an unconsolidated interest that is accounted for using the equity
method. We view Same Store NOI and Same Store Cash NOI as important
measures of the operating performance of our properties because
they allow us to compare operating results of properties owned and
operated for the entirety of both periods being compared and
therefore eliminate variations caused by acquisitions or
dispositions during such periods.
Same Store NOI and Same Store Cash NOI presented by us may not
be comparable to Same Store NOI or Same Store Cash NOI reported by
other REITs that do not define Same Store NOI or Same Store Cash
NOI exactly as we do. We believe that in order to facilitate a
clear understanding of our operating results, Same Store NOI and
Same Store Cash NOI should be examined in conjunction with net
income (loss) as presented in our consolidated financial statements
and notes thereto. Same Store NOI and Same Store Cash NOI should
not be considered as an indicator of our ability to make
distributions, as alternatives to net income (loss) as an
indication of our performance, or as a measure of cash flows or
liquidity.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180508006602/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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