UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 18, 2013 (November 14, 2013)
TIER REIT, Inc. | |||||||||
(Exact Name of Registrant as Specified in Its Charter) | |||||||||
Maryland | 000-51293 | 68-0509956 | |||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||
17300 Dallas Parkway, Suite 1010, Dallas, Texas 75248 | |||||||||
(Address of principal executive offices) | |||||||||
(Zip Code) | |||||||||
(972) 931-4300 | |||||||||
(Registrant’s telephone number, including area code) | |||||||||
None | |||||||||
(Former name or former address, if changed since last report) | |||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets.
On November 14, 2013, 10/120 South Riverside Property LLC and 10/120 South Riverside Fee LLC, both of which are indirect, wholly owned subsidiaries of TIER REIT, Inc. (which may be referred to herein as the “Registrant,” the “Company,” “we,” “our” or “us”), sold two 21-story office buildings containing approximately 1.4 million combined square feet located in Chicago, Illinois (the “10/120 S. Riverside Property”), to an unaffiliated buyer, SITQ US Investments Inc. The contract sales price for the 10/120 S. Riverside Property was $361.0 million, excluding transaction costs and certain closing pro-rations and adjustments. Proceeds from the sale of the 10/120 S. Riverside Property, after closing costs, were used to repay the $200.0 million outstanding balance on the term loan under our credit facility, as well as to repay the $125.0 million in outstanding mortgage loans on our One Financial Place property located in Chicago, Illinois.
Item 9.01 Financial Statements and Exhibits.
(b) Proforma financial information.
The following unaudited pro forma condensed consolidated balance sheet of the Company at September 30, 2013, illustrates the estimated effect of the disposition described in Item 2.01 above as if it had occurred on September 30, 2013. The unaudited pro forma condensed consolidated statements of continuing operations for the nine months ended September 30, 2013, and for the years ended December 31, 2012, 2011 and 2010 (the “Pro Forma Periods”), illustrate the estimated effect of the disposition described in Item 2.01 above as if it had occurred on January 1, 2010, as well as disposals of other properties that were disposed in 2013.
This pro forma condensed consolidated financial information is presented for informational purposes only and does not purport to be indicative of the Company’s financial results as if the transactions reflected herein had occurred on the date or been in effect during the periods indicated. This pro forma condensed consolidated financial information should not be viewed as indicative of the Company’s financial results in the future and should be read in conjunction with the Company’s financial statements as filed on Form 10-Q for the nine months ended September 30, 2013, and on Form 10-K for the year ended December 31, 2012, with the Securities and Exchange Commission.
In our opinion, all material adjustments necessary to reflect the effects of the above transactions have been made.
2
TIER RIET, Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
as of September 30, 2013
(in thousands, except share and per share amounts)
The following Unaudited Pro Forma Condensed Consolidated Balance Sheet is presented as if we had sold the 10/120 S. Riverside Property on September 30, 2013. This Unaudited Pro Forma Condensed Consolidated Balance Sheet should be read in conjunction with our Unaudited Pro Forma Condensed Consolidated Statements of Continuing Operations and the historical financial statements and notes thereto as filed in our quarterly report on Form 10-Q for the nine months ended September 30, 2013. This Unaudited Pro Forma Condensed Consolidated Balance Sheet is not necessarily indicative of what the actual financial position would have been had we completed the above transaction on September 30, 2013, nor does it purport to represent our future financial position.
As Reported September 30, 2013 (a) | 10/120 S. Riverside Property Pro Forma Adjustments (b) | Pro Forma September 30, 2013 | |||||||||
Assets | |||||||||||
Real estate | |||||||||||
Land | $ | 317,677 | $ | — | $ | 317,677 | |||||
Buildings and improvements, net | 1,674,388 | — | 1,674,388 | ||||||||
Real estate under development | 35,907 | — | 35,907 | ||||||||
Total real estate | 2,027,972 | — | 2,027,972 | ||||||||
Cash and cash equivalents | 19,301 | 257,904 | 277,205 | ||||||||
Restricted cash | 60,342 | 8,526 | 68,868 | ||||||||
Accounts receivable, net | 93,574 | — | 93,574 | ||||||||
Prepaid expenses and other assets | 8,622 | — | 8,622 | ||||||||
Investments in unconsolidated entities | 44,722 | — | 44,722 | ||||||||
Deferred financing fees, net | 10,464 | (1,111 | ) | 9,353 | |||||||
Lease intangibles, net | 141,031 | — | 141,031 | ||||||||
Other intangible assets, net | 2,293 | — | 2,293 | ||||||||
Assets associated with real estate held for sale | 337,161 | (337,161 | ) | — | |||||||
Total assets | $ | 2,745,482 | $ | (71,842 | ) | $ | 2,673,640 | ||||
Liabilities and equity | |||||||||||
Liabilities | |||||||||||
Notes payable | $ | 1,812,125 | $ | (74,000 | ) | $ | 1,738,125 | ||||
Accounts payable | 4,363 | — | 4,363 | ||||||||
Payables to related parties | 1,645 | — | 1,645 | ||||||||
Acquired below-market leases, net | 26,407 | — | 26,407 | ||||||||
Accrued liabilities | 82,080 | — | 82,080 | ||||||||
Deferred tax liabilities | 1,411 | — | 1,411 | ||||||||
Other liabilities | 10,360 | 8,526 | 18,886 | ||||||||
Obligations associated with real estate held for sale | 29,570 | (29,570 | ) | — | |||||||
Total liabilities | 1,967,961 | (95,044 | ) | 1,872,917 | |||||||
Commitments and contingencies | |||||||||||
Series A Convertible Preferred Stock | 2,700 | — | 2,700 | ||||||||
Equity | |||||||||||
Preferred stock, $.0001 par value per share; 17,490,000 shares authorized, 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, 299,191,861 shares issued and outstanding | 30 | — | 30 | ||||||||
Additional paid-in capital | 2,646,528 | — | 2,646,528 | ||||||||
Cumulative distributions and net loss attributable to common stockholders | (1,872,043 | ) | 23,202 | (1,848,841 | ) | ||||||
Accumulated other comprehensive loss | (912 | ) | — | (912 | ) | ||||||
Stockholders’ equity | 773,603 | 23,202 | 796,805 | ||||||||
Noncontrolling interests | 1,218 | — | 1,218 | ||||||||
Total equity | 774,821 | 23,202 | 798,023 | ||||||||
Total liabilities and equity | $ | 2,745,482 | $ | (71,842 | ) | $ | 2,673,640 | ||||
See accompanying Unaudited Notes to Pro Forma Condensed Consolidated Financial Statements.
3
TIER REIT, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations
For the Nine Months Ended September 30, 2013
(in thousands, except per share amounts)
The following Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is presented as if we had sold the 10/120 S. Riverside Property on January 1, 2010. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations should be read in conjunction with the historical financial statements and notes thereto as filed in our quarterly report on Form 10-Q for the nine months ended September 30, 2013. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is not necessarily indicative of what the actual results of continuing operations would have been had we completed the above transaction on January 1, 2010, nor does it purport to represent our future operations.
As Reported Nine Months Ended September 30, 2013 (a) | 10/120 S. Riverside Property Pro Forma Adjustments (b) | Pro Forma Nine Months Ended September 30, 2013 | |||||||||
Rental revenue | $ | 259,724 | $ | — | $ | 259,724 | |||||
Expenses | |||||||||||
Property operating expenses | 80,337 | — | 80,337 | ||||||||
Interest expense | 81,654 | (1,886 | ) | 79,768 | |||||||
Real estate taxes | 38,080 | — | 38,080 | ||||||||
Property management fees | 7,753 | — | 7,753 | ||||||||
General and administrative | 12,962 | — | 12,962 | ||||||||
Depreciation and amortization | 108,546 | — | 108,546 | ||||||||
Total expenses | 329,332 | (1,886 | ) | 327,446 | |||||||
Interest and other income | 774 | — | 774 | ||||||||
Loss from continuing operations before income taxes, equity in earnings of investments and gain on sale or transfer of assets | (68,834 | ) | 1,886 | (66,948 | ) | ||||||
Provision for income taxes | (414 | ) | — | (414 | ) | ||||||
Equity in earnings of investments | 68 | — | 68 | ||||||||
Loss from continuing operations before gain on sale or transfer of assets | (69,180 | ) | 1,886 | (67,294 | ) | ||||||
Gain on sale or transfer of assets | 16,102 | — | 16,102 | ||||||||
Net loss from continuing operations | (53,078 | ) | 1,886 | (51,192 | ) | ||||||
Noncontrolling interests in continuing operations | 76 | — | 76 | ||||||||
Net loss from continuing operations attributable to common stockholders | $ | (53,002 | ) | $ | 1,886 | $ | (51,116 | ) | |||
Basic and diluted weighted average common shares outstanding | 299,191,861 | 299,191,861 | 299,191,861 | ||||||||
Basic and diluted loss from continuing operations per common share | $ | (0.18 | ) | $ | 0.01 | $ | (0.17 | ) | |||
See accompanying Unaudited Notes to Pro Forma Condensed Consolidated Financial Statements.
4
TIER REIT, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations
For the Year Ended December 31, 2012
(in thousands, except per share amounts)
The following Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is presented as if we had sold the 10/120 S. Riverside Property, as well as the other properties that have been disposed in 2013, on January 1, 2010. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations should be read in conjunction with the historical financial statements and notes thereto as filed in our annual report on Form 10-K for the year ended December 31, 2012. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is not necessarily indicative of what the actual results of continuing operations would have been had we completed the above transactions on January 1, 2010, nor does it purport to represent our future operations.
As Reported Year Ended December 31, 2012 (a) | Prior Dispositions Pro Forma Adjustments (b) | 10/120 S. Riverside Property Pro Forma Adjustments (c) | Pro Forma Year Ended December 31, 2012 | ||||||||||||
Rental revenue | $ | 437,197 | $ | (41,166 | ) | $ | (43,502 | ) | $ | 352,529 | |||||
Expenses | |||||||||||||||
Property operating expenses | 134,107 | (17,231 | ) | (10,606 | ) | 106,270 | |||||||||
Interest expense | 129,076 | (10,531 | ) | (4,889 | ) | 113,656 | |||||||||
Real estate taxes | 62,516 | (4,900 | ) | (7,237 | ) | 50,379 | |||||||||
Property management fees | 12,788 | (1,107 | ) | (1,228 | ) | 10,453 | |||||||||
Asset management fees | 9,842 | (954 | ) | (938 | ) | 7,950 | |||||||||
Asset impairment losses | 97,323 | (12,788 | ) | — | 84,535 | ||||||||||
General and administrative | 15,480 | — | — | 15,480 | |||||||||||
Depreciation and amortization | 188,216 | (15,058 | ) | (20,020 | ) | 153,138 | |||||||||
Total expenses | 649,348 | (62,569 | ) | (44,918 | ) | 541,861 | |||||||||
Interest and other income | 940 | 12 | (11 | ) | 941 | ||||||||||
Gain on troubled debt restructuring | 201 | — | — | 201 | |||||||||||
Loss from continuing operations before income taxes, equity in earnings of investments and gain on sale or transfer of assets | (211,010 | ) | 21,415 | 1,405 | (188,190 | ) | |||||||||
Provision for income taxes | (62 | ) | 2 | — | (60 | ) | |||||||||
Equity in earnings of investments | 1,725 | — | — | 1,725 | |||||||||||
Loss from continuing operations before gain on sale or transfer of assets | (209,347 | ) | 21,417 | 1,405 | (186,525 | ) | |||||||||
Gain on sale or transfer of assets | 8,083 | — | — | 8,083 | |||||||||||
Net loss from continuing operations | (201,264 | ) | 21,417 | 1,405 | (178,442 | ) | |||||||||
Noncontrolling interests in continuing operations | 330 | (70 | ) | (2 | ) | 258 | |||||||||
Net loss from continuing operations attributable to common stockholders | $ | (200,934 | ) | $ | 21,347 | $ | 1,403 | $ | (178,184 | ) | |||||
Basic and diluted weighted average common shares outstanding | 298,372,324 | 298,372,324 | 298,372,324 | 298,372,324 | |||||||||||
Basic and diluted loss from continuing operations per common share | $ | (0.67 | ) | $ | 0.07 | $ | — | $ | (0.60 | ) | |||||
See accompanying Unaudited Notes to Pro Forma Condensed Consolidated Financial Statements.
5
TIER REIT, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations
For the Year Ended December 31, 2011
(in thousands, except per share amounts)
The following Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is presented as if we had sold the 10/120 S. Riverside Property, as well as the other properties that have been disposed in 2013, on January 1, 2010. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations should be read in conjunction with the historical financial statements and notes thereto as filed in our annual report on Form 10-K for the year ended December 31, 2012. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is not necessarily indicative of what the actual results of continuing operations would have been had we completed the above transactions on January 1, 2010, nor does it purport to represent our future operations.
As Reported Year Ended December 31, 2011 (a) | Prior Dispositions Pro Forma Adjustments (b) | 10/120 S. Riverside Property Pro Forma Adjustments (c) | Pro Forma Year Ended December 31, 2011 | ||||||||||||
Rental revenue | $ | 454,007 | $ | (42,290 | ) | $ | (43,711 | ) | $ | 368,006 | |||||
Expenses | |||||||||||||||
Property operating expenses | 137,112 | (16,490 | ) | (10,656 | ) | 109,966 | |||||||||
Interest expense | 132,544 | (8,131 | ) | (12,928 | ) | 111,485 | |||||||||
Real estate taxes | 60,233 | (4,782 | ) | (7,350 | ) | 48,101 | |||||||||
Property management fees | 13,230 | (1,152 | ) | (1,163 | ) | 10,915 | |||||||||
Asset management fees | 17,787 | (1,633 | ) | (1,633 | ) | 14,521 | |||||||||
Asset impairment losses | 33,257 | (5,888 | ) | — | 27,369 | ||||||||||
General and administrative | 10,828 | — | — | 10,828 | |||||||||||
Depreciation and amortization | 201,896 | (16,966 | ) | (19,793 | ) | 165,137 | |||||||||
Total expenses | 606,887 | (55,042 | ) | (53,523 | ) | 498,322 | |||||||||
Interest and other income | 1,073 | 11 | (6 | ) | 1,078 | ||||||||||
Gain on troubled debt restructuring | 1,008 | — | — | 1,008 | |||||||||||
Loss from continuing operations before income taxes, equity in losses of investments and gain on sale or transfer of assets | (150,799 | ) | 12,763 | 9,806 | (128,230 | ) | |||||||||
Benefit from income taxes | 614 | 1 | — | 615 | |||||||||||
Equity in losses of investments | (2,302 | ) | — | — | (2,302 | ) | |||||||||
Loss from continuing operations before gain on sale or transfer of assets | (152,487 | ) | 12,764 | 9,806 | (129,917 | ) | |||||||||
Gain on sale or transfer of assets | 1,385 | — | — | 1,385 | |||||||||||
Net loss from continuing operations | (151,102 | ) | 12,764 | 9,806 | (128,532 | ) | |||||||||
Noncontrolling interests in continuing operations | 380 | (55 | ) | (15 | ) | 310 | |||||||||
Net loss from continuing operations attributable to common stockholders | $ | (150,722 | ) | $ | 12,709 | $ | 9,791 | $ | (128,222 | ) | |||||
Basic and diluted weighted average common shares outstanding | 296,351,253 | 296,351,253 | 296,351,253 | 296,351,253 | |||||||||||
Basic and diluted loss from continuing operations per common share | $ | (0.51 | ) | $ | 0.04 | $ | 0.04 | $ | (0.43 | ) | |||||
See accompanying Unaudited Notes to Pro Forma Condensed Consolidated Financial Statements.
6
TIER REIT, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations
For the Year Ended December 31, 2010
(in thousands, except per share amounts)
The following Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is presented as if we had sold the 10/120 S. Riverside Property, as well as the other properties that have been disposed in 2013, on January 1, 2010. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations should be read in conjunction with the historical financial statements and notes thereto as filed in our annual report on Form 10-K for the year ended December 31, 2012. This Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations is not necessarily indicative of what the actual results of continuing operations would have been had we completed the above transactions on January 1, 2010, nor does it purport to represent our future operations.
As Reported Year Ended December 31, 2010 (a) | Prior Dispositions Pro Forma Adjustments (b) | 10/120 S. Riverside Property Pro Forma Adjustments (c) | Pro Forma Year Ended December 31, 2010 | ||||||||||||
Rental revenue | $ | 462,223 | $ | (42,964 | ) | $ | (42,355 | ) | $ | 376,904 | |||||
Expenses | |||||||||||||||
Property operating expenses | 143,502 | (17,577 | ) | (10,814 | ) | 115,111 | |||||||||
Interest expense | 140,401 | (8,305 | ) | (14,598 | ) | 117,498 | |||||||||
Real estate taxes | 61,006 | (4,865 | ) | (5,907 | ) | 50,234 | |||||||||
Property management fees | 14,101 | (1,196 | ) | (1,230 | ) | 11,675 | |||||||||
Asset management fees | 16,470 | (1,470 | ) | (1,470 | ) | 13,530 | |||||||||
Asset impairment losses | 5,116 | — | — | 5,116 | |||||||||||
Goodwill impairment losses | 11,470 | — | — | 11,470 | |||||||||||
General and administrative | 9,988 | — | — | 9,988 | |||||||||||
Depreciation and amortization | 201,873 | (17,067 | ) | (19,972 | ) | 164,834 | |||||||||
Total expenses | 603,927 | (50,480 | ) | (53,991 | ) | 499,456 | |||||||||
Interest and other income | 1,467 | 9 | (14 | ) | 1,462 | ||||||||||
Gain on troubled debt restructuring | 9,091 | — | — | 9,091 | |||||||||||
Loss from continuing operations before income taxes and equity in earnings of investments | (131,146 | ) | 7,525 | 11,622 | (111,999 | ) | |||||||||
Provision for income taxes | (2,783 | ) | 3 | — | (2,780 | ) | |||||||||
Equity in earnings of investments | 954 | — | — | 954 | |||||||||||
Net loss from continuing operations | (132,975 | ) | 7,528 | 11,622 | (113,825 | ) | |||||||||
Noncontrolling interests in continuing operations | 586 | (136 | ) | (17 | ) | 433 | |||||||||
Net loss from continuing operations attributable to common stockholders | $ | (132,389 | ) | $ | 7,392 | $ | 11,605 | $ | (113,392 | ) | |||||
Basic and diluted weighted average common shares outstanding | 294,241,424 | 294,241,424 | 294,241,424 | 294,241,424 | |||||||||||
Basic and diluted loss from continuing operations per common share | $ | (0.45 | ) | $ | 0.02 | $ | 0.04 | $ | (0.39 | ) | |||||
See accompanying Unaudited Notes to Pro Forma Condensed Consolidated Financial Statements.
7
TIER REIT, Inc.
Unaudited Notes to Pro Forma Condensed Consolidated Financial Statements
Unaudited Pro Forma Condensed Consolidated Balance Sheet
a. | Reflects our historical condensed consolidated balance sheet as of September 30, 2013. |
b. | Reflects the proceeds from the sale, the minimum payment required under our credit facility to remove this property from the related collateral pool, the write-off of associated deferred financing fees, deferral of a portion of the gain on sale, and the elimination of the held for sale assets and obligations of the 10/120 S. Riverside Property, assuming the sale occurred on September 30, 2013. |
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations for the nine months ended September 30, 2013
a. Reflects our historical continuing operations for the nine months ended September 30, 2013.
b. | Reflects the pro forma adjustment to eliminate the historical interest expense assuming the borrowings under our credit facility were reduced based on removing this property from the related collateral pool. |
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations for the year ended December 31, 2012
a. | Reflects our historical continuing operations for the year ended December 31, 2012. |
b. | Reflects the combined pro forma adjustments to eliminate the historical operating results for the following properties disposed after January 1, 2013, (excluding any properties held for sale at December 31, 2012) assuming these disposals had occurred on January 1, 2010: |
Actual | ||
Property | Disposal Date | |
5 & 15 Wayside | March 22, 2013 | |
Riverview Tower | May 2, 2013 | |
Epic Center | May 13, 2013 | |
One Brittany Place | May 13, 2013 | |
Two Brittany Place | May 13, 2013 | |
Tice Building | August 30, 2013 | |
One Edgewater Plaza | August 30, 2013 | |
Energy Centre | September 12, 2013 | |
Ashford Perimeter | September 13, 2013 | |
c. | Reflects the pro forma adjustments to eliminate the historical operating results for the 10/120 S. Riverside Property assuming the sale occurred on January 1, 2010, and the pro forma adjustment to eliminate the historical interest expense assuming the borrowings under our credit facility were reduced based on removing this property from the related collateral pool. |
8
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations for the year ended December 31, 2011
a. | Reflects our historical continuing operations for the year ended December 31, 2011. |
b. | Reflects the combined pro forma adjustments to eliminate the historical operating results for the following properties disposed after January 1, 2013, (excluding any properties held for sale at December 31, 2012) assuming these disposals had occurred on January 1, 2010: |
Actual | ||
Property | Disposal Date | |
5 & 15 Wayside | March 22, 2013 | |
Riverview Tower | May 2, 2013 | |
Epic Center | May 13, 2013 | |
One Brittany Place | May 13, 2013 | |
Two Brittany Place | May 13, 2013 | |
Tice Building | August 30, 2013 | |
One Edgewater Plaza | August 30, 2013 | |
Energy Centre | September 12, 2013 | |
Ashford Perimeter | September 13, 2013 | |
c. | Reflects the pro forma adjustments to eliminate the historical operating results for the 10/120 S. Riverside Property assuming the sale occurred on January 1, 2010, the pro forma adjustment to eliminate the historical interest expense, assuming the previous debt associated with this property had been paid off, and the pro forma adjustment to eliminate the historical interest expense assuming the borrowings under our credit facility were reduced based on removing this property from the related collateral pool. |
Unaudited Pro Forma Condensed Consolidated Statement of Continuing Operations for the year ended December 31, 2010
a. | Reflects our historical continuing operations for the year ended December 31, 2010. |
b. | Reflects the combined pro forma adjustments to eliminate the historical operating results for the following properties disposed after January 1, 2013, (excluding any properties held for sale at December 31, 2012) assuming these disposals had occurred on January 1, 2010: |
Actual | ||
Property | Disposal Date | |
5 & 15 Wayside | March 22, 2013 | |
Riverview Tower | May 2, 2013 | |
Epic Center | May 13, 2013 | |
One Brittany Place | May 13, 2013 | |
Two Brittany Place | May 13, 2013 | |
Tice Building | August 30, 2013 | |
One Edgewater Plaza | August 30, 2013 | |
Energy Centre | September 12, 2013 | |
Ashford Perimeter | September 13, 2013 | |
c. | Reflects the pro forma adjustments to eliminate the historical operating results for the 10/120 S. Riverside Property assuming the sale occurred on January 1, 2010, and the pro forma adjustment to eliminate the historical interest expense assuming the previous debt associated with this property had been paid off. |
9
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TIER REIT, INC. | ||
Dated: November 18, 2013 | By: | /s/ James E. Sharp |
James E. Sharp | ||
Chief Accounting Officer | ||
10