Revenue during the quarter dropped 19.39 percent to $54.08 million from $67.08 million in the previous year period.

Cost of revenue dropped 22.92 percent or $7.03 million during the quarter to $23.65 million. Gross margin for the quarter expanded 200 basis points over the previous year period to 56.27 percent.

Operating income for the quarter was $0.77 million, compared with an operating loss of $2.71 million in the previous year period.

For fiscal year 2017, TIER REIT, Inc. expects diluted earnings per share to be in the range of $1.56 to $1.66.

"We are pleased to have successfully accomplished our key 2016 objectives," stated Scott Fordham, chief executive officer and president of TIER REIT. "In particular, together with delivering strong financial results, we have now substantially completed the strengthening phase of our strategic plan, in which we solidified our balance sheet by lowering leverage and significantly increased financial flexibility through the transition of an extensive portion of our debt structure to unsecured."

Net receivables were at $71.46 million as on Dec. 31, 2016, down 6.26 percent or $4.77 million from year-ago.

Real estate investments stood at $76.81 million as on Dec. 31, 2016, down 13.69 percent or $12.19 million from year-ago.

Total assets declined 16.75 percent or $312.35 million to $1,552.54 million on Dec. 31, 2016. On the other hand, total liabilities were at $932.02 million as on Dec. 31, 2016, down 21.48 percent or $255.05 million from year-ago.

Debt comes down

Total debt was at $826.78 million as on Dec. 31, 2016, down 22.84 percent or $244.79 million from year-ago. Shareholders equity stood at $620.52 million as on Dec. 31, 2016, down 8.09 percent or $54.60 million from year-ago. As a result, debt to equity ratio went down 25 basis points to 1.33 percent in the quarter.