TIER REIT Inc. upgraded per-share guidance for funds from operations for the full year to a range of $1.29 to $1.33, up from a previous range of $1.25 to $1.30.
The S&P Global Market Intelligence consensus estimate for full-year 2018 FFO is $1.52 per share.
The office real estate investment trust received about $65.7 million in net proceeds from the sale of 2,841,551 shares under its at-the-market program during the second quarter.
The proceeds will provide additional financing for the company's development activities in Austin, Texas, including the start of development on the 300,000-square-foot Domain 10 office building in the fourth quarter.
Proceeds will also be used to pay down outstanding debt on the company's credit facility.