TIER REIT, Inc. (TIER) saw its loss narrow to $1.02 million, or $0.02 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $15.78 million, or $0.28 a share.
Revenue during the quarter dropped 19.34 percent to $56 million from $69.42 million in the previous year period.
Cost of revenue dropped 20.53 percent or $6.43 million during the quarter to $24.88 million. Gross margin for the quarter expanded 67 basis points over the previous year period to 55.58 percent.
"We continue to execute on key components of our strategic plan, disposing of properties located outside of our target growth markets and utilizing proceeds to strengthen our balance sheet," stated Scott Fordham, chief executive officer and president of TIER REIT. "This includes the recent sales of Hurstbourne Business Center in Louisville and FOUR40 in Chicago and the repayment of approximately $133 million of higher-rate mortgage debt during and subsequent to the third quarter."
Net receivables were at $67.10 million as on Sep. 30, 2016, down 10.31 percent or $7.72 million from year-ago. Accounts payable surged 4,363.37 percent or $64.45 million to $65.92 million on Sep. 30, 2016.
Real estate investments stood at $76.95 million as on Sep. 30, 2016, down 9.87 percent or $8.42 million from year-ago.
Total assets declined 17.63 percent or $336.07 million to $1,570.68 million on Sep. 30, 2016. On the other hand, total liabilities were at $951.70 million as on Sep. 30, 2016, down 21.78 percent or $264.94 million from year-ago.
Return on assets for the quarter stood at negative 0.75 percent as compared to a negative 0.18 percent for the previous year period. Return on equity for the quarter stood at negative 0.17 percent as compared to a negative 2.01 percent for the previous year period.
Debt comes down
Total debt was at $837.92 million as on Sep. 30, 2016, down 23.10 percent or $251.71 million from year-ago. Shareholders equity stood at $618.98 million as on Sep. 30, 2016, down 9.95 percent or $68.42 million from year-ago. As a result, debt to equity ratio went down 23 basis points to 1.35 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
