Tier Reit: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}DALLAS (AP) _ Tier Reit Inc. (TIER) on Monday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $20.1 million, or 38 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 37 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $22.6 million, or 43 cents per share.
The real estate investment trust posted revenue of $54.8 million in the period.
{{#rendered}} {{/rendered}}Tier Reit expects full-year funds from operations in the range of $1.53 to $1.56 per share.
The company's shares have climbed 7.5 percent since the beginning of the year. The stock has risen 12 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on TIER at https://www.zacks.com/ap/TIER