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TIER REIT tightens FY'18 FFO-per-share guidance

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.