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– Average Occupancy Increases 1.1% to 96.5% Compared to a Year Ago –– Average Portfolio Age Decreases 25% to 15 Years Sequentially –– Acquires Two Class A Communities In Core Southeast Market –
AVENTURA, Fla., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) (the "Company"), a fully integrated owner and operator of high-quality apartment communities located primarily in the southeastern United States, today announced consolidated results for the three and nine months ended September 30, 2013.
Operational and Financial Highlights for Third Quarter 2013
Reported Core FFO of $0.1 million, or $0.01 per share
Same store net operating income, or same store NOI, increased 16.2% compared to the same period in the prior year. Same store revenue increased 5.8% and same store expenses decreased 3.9%.
Same store average occupancy was 96.5% at quarter end, a gain of 110 basis points compared to the same period last year.
Same store average rent increased to $798 per unit, an increase of 2.7% compared to the same period last year.
Acquired two class A properties including a 274-unit apartment community in Charleston, South Carolina and a 208-unit apartment community in Charlotte, North Carolina.
"We are extremely pleased with the performance of our portfolio in the third quarter, with increased occupancy and higher rental rates, helping generate meaningful improvement in margins and cash flows," stated Michael Baumann, Chairman and Chief Executive Officer of Trade Street Residential. "We added two properties to our portfolio and continue to actively source accretive opportunities to expand our offering of luxury apartments. As we move into 2014, we expect to achieve improvements in our operating results and create significant value for all shareholders as we continue realizing the benefits of actions we have taken in the past year to strengthen our company."