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Counting Down the Days for TIER to be Ticker Symbol on NYSE

As The DI Wire recently reported, it was only a matter of time before Dallas-based TIER REIT Inc., a publicly registered non-traded real estate investment trust formerly known as Behringer Harvard REIT I, would list its shares of common stock on the New York Stock Exchange. Now we know this will happen under the ticker symbol “TIER” on or about July 23, 2015, according to the company.

And according to Scott Fordham, CEO and president of TIER REIT, “the listing best positions us to maximize stockholder value over the long term by allowing us access to additional capital for future growth, as well as providing liquidity to our current stockholders, should they desire it.”

In connection with the listing, members of TIER REIT’s management team are scheduled to ring the NYSE opening bell on July 23, 2015 at 9:30 a.m. EDT at the NYSE to celebrate the first day of trading in TIER REIT’s shares.

In conjunction with the anticipated listing on the NYSE, the company also expects to commence a modified “Dutch auction” tender offer to purchase up to $50 million of its shares of common stock. In a modified Dutch auction tender offer, a company offers to repurchase its shares within a specified price range and selects the lowest price within the range that will allow it to repurchase the most shares (up to a specified dollar cap) from existing stockholders.

Also, as The DI Wire previously reported, in connection with the anticipated listing and tender offer, TIER REIT engaged J.P. Morgan Securities LLC as its lead capital markets advisor, Wells Fargo Securities LLC as a capital markets advisor, and Goodwin Procter LLP as its legal counsel.

TIER REIT Inc. is a self-managed, Dallas, Texas-based real estate investment trust that acquires, develops and operates a portfolio of office properties in select U.S. markets.