TIER REIT, Inc., a public, non-traded REIT, announced that its board of directors voted unanimously to pursue listing its common stock on a national securities exchange. The REIT has engaged J.P. Morgan Securities LLC to guide the process.
In a press release, the REIT explains, “The board believes that such a listing best positions the Company [the REIT] to maximize stockholder value over the long term by giving the Company access to additional capital for future growth.”
Investors, if a listing happens, would be able to sell shares providing liquidity not accessible for over two years.
TIER REIT ceased paying distributions on December 19, 2012 and also suspended its share redemption program at that time.
Formerly known as Behringer Harvard REIT I, Inc., TIER REIT owns a portfolio of commercial office properties throughout the United States. As of December 31, 2014, the REIT’s portfolio included interests in 37 properties in cities such as Atlanta, GA, Philadelphia, PA, Chicago, IL, Washington, D.C., and Houston, TX among others.
The REIT’s current estimated value per share is $4.48 as determined on October 30, 2014. TIER REIT’s valuation policy follows the Investment Program Association’s Practice Guideline 2013-01.
Properties owned as of October 30, 2014 were acquired for an aggregate purchase price of $3.4 billion and the REIT’s estimated value of its real estate assets was about $2.9 billion.
TIER REIT scheduled its fourth quarter conference call for this afternoon at 2pm EST.
Access is as follows:
Conference Call: 800.926.6502
Conference ID# 21755791