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15	member 8/22/16 9:15PM Suburban Office Macro
Anyone care to make the case for owning TIER and its suburban/sunbelt office peers in an absolute sense? For example, if we go out 12-18 months, a stabilized TIER should be run-rating a bit under... login to read the rest 1 view available tags
13	member 7/16/16 11:20AM Re: Exec Incentives 12
thanks aar for the thoughts - not much to add to your comments i think i view it the same way one other point not sure if i made in the writeup - no staggered board,... login to read the rest 1 view available tags
12	member 7/15/16 12:19PM Exec Incentives
Thanks for the write-up: I am intrigued by a potential take-out and the stand-alone valuation I looked at exec comp and incentives so just thought i'd share if it adds anything to the discussion. Firstly, worth noting,... login to read the rest 4 view available tags
11	member 7/07/16 1:51PM Re: great write-up and some comments 9
thanks aa123 - i think beuna vista could be another really good monetization given the long term lease with disney and low cap rates in Los Angeles. makes perfect sense for them to sell it view available tags
10	member 7/07/16 1:49PM Re: Portfolio sale? 8
Just because of their actions- they have only sold properties, they are not looking to buy anything right now. They did a fairly sizeable buyback with the dutch tender. And also their commentary, they suggest... login to read the rest view available tags
9	member 7/05/16 1:02AM great write-up and some comments
Thanks madler for the idea and the great write-up. We agree with your thesis. We have spoken to management a number of times and agree with your views and the likely endgame. While they are... login to read the rest 2 view available tags
6	member 7/03/16 1:24AM Re: portfolio buyers? 5
I agree with everything you said, i just mentioned eqc more as an example of a company this portfolio would fit quite well into and who is also a likely acquiror of a portfolio at... login to read the rest view available tags
4	member 7/02/16 1:11AM Re: Positive Update Regarding Domain 8 Development 2
To add to this - one of the positive aspects is that having tenants like amazon and facebook attracts other high quality tenants - especially in the tech world - other tenants will want to... login to read the rest view available tags
3	member 7/01/16 4:24PM Re: a question on LQA NOI 1
Hi gman - Right now, management is focused entirely on existing non-strategic markets and paying down debt. Their net leverage target is 6-6.5x and they are around 7.2x after sale of Four40. By selling off assets and... login to read the rest view available tags
2	member 7/01/16 4:00PM Positive Update Regarding Domain 8 Development
We just came across a note from BMO that TIER's reportedly signed Amazon and Facebook as tenants for 86% of its 291k sf Domain 8 development (expected to be completed Q1 2017). Very positive news. BMO doesn't view available tags
1	member 7/01/16 2:29PM a question on LQA NOI
HI Madler- i like the idea and you have an overall excellent track record. We also own a position in RMR. No t sure if you have talked to management but was wondering what their... login to read the rest view available tags

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			2010	2011
Price:	12.00	EPS	$1.50	$1.50
Shares Out. (in M):	104	P/E	8.0x	8.0x
Market Cap (in $M):	1,250	P/FCF	12.0x	12.0x
Net Debt (in $M):	-308	EBIT	220	220
TEV (in $M):	942	TEV/EBIT	4.0x	3.6x

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