– Acquires Two Class A Communities, Adding 500 Units to the Portfolio –
– Places $68.1 Million of Long-Term Fixed-Rate Property Debt –
AVENTURA, Fla., Aug. 12, 2013 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) (the "Company"), a fully integrated owner and operator of high-quality apartment communities in targeted growth markets in the southeastern United States, and Texas, today announced consolidated results for the three and six months ended June 30, 2013."Our second quarter was marked by our initial public offering on May 13th and a number of acquisition and financing transactions occurring in and around the time of closing of our IPO. The current momentum we are building in our business as a new publicly traded company should result in added value as we move through the year," stated Michael Baumann, Chairman and Chief Executive Officer of Trade Street Residential. "Since completing our IPO in May, we have completed two acquisitions, improved our balance sheet, and lowered our cost of capital while adding depth and strength to our executive team. As we move ahead, we expect to continue executing on our strategy to increase our financial flexibility, as we source accretive opportunities to grow and enhance our portfolio performance in the future. Our near-term results do not fully reflect the progress and improvements we have made. As we reach the start of the coming year, the strong foundation we have established is expected to create significant value for all shareholders in 2014 and beyond." Operational and Financial Highlights Second Quarter 2013
- Reported Core FFO of $0.4 million, or $0.04 per share
- Same store net operating income, or same store NOI, increased 8.7% compared to the same period in the prior year. Same store revenue increased 4.3% and same store expenses increased 0.2%.
- Same store average occupancy was 95.9 % at quarter end, a gain of 220 basis points compared to the same period last year.
- Acquired two class A properties including a 244-unit apartment community in Charleston, South Carolina and a 256-unit apartment community in Durham, North Carolina.
- Raised $63.5 million of gross proceeds in an initial public offering.
- Repurchased noncontrolling interests in four property-owning subsidiaries for total consideration of $7.7 million, while eliminating punitive default interest payable to the holder of the noncontrolling interests.
- Obtained $68.1 million of long-term fixed rate secured debt, and repaid $40.1 million of 2013 debt maturities.